Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) Balance Sheet
HASI balance sheet, 2025
December 31, 2025 · U.S. dollars$8.19B assets = $5.53B liabilities + $2.66B equity
Both columns are drawn to the same scale: what HASI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HASI financial health
Descriptive bands, not a rating. Fiscal 2025.
HASI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.75B2016 | $8.19B2025 | +18.7%/yr | |
| Total liabilities | $1.17B2016 | $5.53B2025 | +18.8%/yr | |
| Shareholders’ equity | $574.3M2016 | $2.57B2025 | +18.1%/yr | |
| Cash & short-term investments | $29.4M2016 | $145.2M2025 | +19.4%/yr | |
| Total debt | $975.4M2016 | $5.08B2025 | +20.1%/yr | |
| Net cash (debt) | −$946.0M2016 | −$4.93B2025 | −$4.0B | |
| Working capital | $1.02B2016 | $3.82B2025 | +$2.8B | |
| Book value per share | $14.252016 | $18.632025 | +3.0%/yr | |
| Debt / equity | 1.702016 | 1.972025 | +0.27 | |
| Shares outstanding | 40.3M2016 | 138.2M2025 | +14.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HASI assets
HASI liabilities and equity
HASI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HASI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $145.2M | $129.8M | $62.6M | $155.7M | $226.2M | $286.2M | $6.2M | $21.4M | $57.3M | $29.4M |
| Cash & equivalents | $145.2M | $129.8M | $62.6M | $155.7M | $226.2M | $286.2M | $6.2M | $21.4M | $57.3M | $29.4M |
| Short-term investments | — | — | $22.0M | $1.87B | $210.4M | — | — | $169.8M | $151.2M | $1.0M |
| Receivables | $3.69B | $2.97B | $2.98B | $2.08B | $1.45B | $1.21B | $1.16B | $944.7M | $1.01B | $1.04B |
| Inventory | $76.3M | $9.8M | $111.0M | $2.04T | $1.91B | $1.69B | $1.39B | $1.05B | $1.07B | $1.07B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $3.84B | $3.10B | $3.05B | $2.23B | $1.67B | $1.50B | $1.17B | $1.00B | $1.07B | $1.04B |
| Property, plant & equipment (net) | $0 | $3.0M | $97.0M | $269.0M | $269.1M | $269.2M | $269.3M | $269.4M | $246.8M | $145.3M |
| Goodwill & intangible assets | $0 | $0 | $14.0M | $84.0M | $87.0M | $90.0M | $93.0M | $96.0M | $94.0M | $27.0M |
| Long-term investments | $4.42B | $3.87B | $3.19B | $2.06B | $1.99B | $1.94B | $697.1M | $836.4M | $882.5M | $1.58B |
| Other non-current assets | $0 | $108.2M | $203.1M | $119.2M | $132.2M | $0 | $162.1M | $0 | $0 | $0 |
| Total assets | $8.19B | $7.08B | $6.55B | $4.76B | $4.15B | $3.46B | $2.39B | $2.15B | $2.25B | $1.75B |
| Liabilities | ||||||||||
| Accounts payable | $380.7M | $275.6M | $66.3M | $120.1M | $88.9M | $59.9M | $53.5M | $36.5M | $25.6M | $25.2M |
| Short-term debt | $15.0M | $15.0M | $17.0M | $192,000 | $50.1M | $29.0M | $88,000 | $1.09B | $66.0M | $975.4M |
| Deferred revenue | — | — | −$49.3M | −$43.0M | −$33.0M | $30.9M | $53.5M | −$2.59B | — | −$2.15B |
| Total current liabilities | $15.0M | $275.6M | $17.0M | $120.1M | $88.9M | $59.9M | $53.5M | $34.5M | $24.5M | $25.2M |
| Long-term debt | $4.49B | $3.89B | $3.09B | $2.92B | $1.91B | $1.57B | $1.39B | $148.5M | $147.7M | $975.4M |
| Other long-term liabilities | $1.02B | $509.0M | $1.30B | $50.9M | $580.4M | $615.1M | $0 | $1.20B | $1.46B | $196.1M |
| Total liabilities | $5.53B | $4.68B | $4.41B | $3.10B | $2.58B | $2.25B | $1.45B | $1.35B | $1.61B | $1.17B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.3M | $1.2M | $1.1M | $908,000 | $853,000 | $765,000 | $663,000 | $605,000 | $517,000 | $465,000 |
| Retained earnings (deficit) | −$323.1M | −$297.5M | −$303.5M | −$285.5M | −$193.7M | −$204.1M | −$174.3M | −$163.2M | −$131.3M | −$92.2M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $47.1M | $40.1M | $13.2M | −$10.4M | $9.9M | $12.6M | $3.30B | −$1.7M | −$1.1M | −$1.39B |
| Minority interest | $83.0M | $68.3M | $49.4M | $35.5M | $21.8M | $6.9M | — | $3.4M | $3.6M | $3.7M |
| Total shareholders' equity | $2.57B | $2.34B | $2.14B | $1.63B | $1.54B | $1.20B | $939.9M | $801.1M | $639.2M | $574.3M |
| Key figures | ||||||||||
| Total debt | $5.08B | $4.40B | $4.23B | $2.98B | $2.49B | $2.19B | $1.39B | $1.24B | $1.43B | $975.4M |
| Net cash (debt) | −$4.93B | −$4.27B | −$4.17B | −$2.82B | −$2.27B | −$1.90B | −$1.39B | −$1.22B | −$1.37B | −$946.0M |
| Working capital | $3.82B | $2.83B | $3.03B | $2.11B | $1.58B | $1.44B | $1.11B | $969.6M | $1.04B | $1.02B |
| Tangible book value | $2.57B | $2.34B | $2.13B | $1.55B | $1.46B | $1.11B | $846.9M | $705.1M | $545.2M | $547.3M |
| Book value per share | $18.63 | $17.91 | $19.56 | $17.98 | $17.62 | $16.18 | $14.51 | $15.18 | $12.69 | $14.25 |
| Shares outstanding | 138.2M | 130.5M | 109.5M | 90.6M | 87.7M | 74.4M | 64.8M | 52.8M | 50.4M | 40.3M |
| Current ratio | 255.93 | 11.25 | 179.16 | 18.57 | 18.82 | 25.03 | 21.78 | 29.10 | 43.56 | 41.33 |
| Quick ratio | 255.93 | 11.25 | 179.16 | 18.57 | 18.82 | 25.03 | 21.78 | 27.99 | 43.56 | 42.49 |
| Debt / equity | 1.97 | 1.88 | 1.98 | 1.83 | 1.61 | 1.82 | 1.48 | 1.55 | 2.23 | 1.70 |
| Equity / assets | 31.4% | 33.0% | 32.7% | 34.2% | 37.2% | 34.8% | 39.4% | 37.2% | 28.4% | 32.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $249.9M | $151.5M | $145.2M | $301.8M | $86.5M | $67.4M | $129.8M | $44.1M | $145.7M | $61.4M | $62.6M | $155.5M |
| Cash & equivalents | $249.9M | $151.5M | $145.2M | $301.8M | $86.5M | $67.4M | $129.8M | $44.1M | $145.7M | $61.4M | $62.6M | $155.5M |
| Short-term investments | — | $75.9M | — | $78.05B | — | — | — | $44.0M | $47.0M | — | $22.0M | $182.8M |
| Receivables | $3.48B | $3.61B | $3.69B | $3.33B | $3.07B | $3.05B | $2.97B | $2.92B | $2.81B | $3.12B | $2.98B | $2.82B |
| Inventory | $74.9M | $75.9M | $76.3M | $78.1M | $15.9M | $3.0M | $0 | $0 | $0 | $0 | $0 | $3.06B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $249.9M | $3.77B | $3.84B | $3.63B | $3.16B | $3.12B | $3.03B | $2.97B | $2.95B | $3.18B | $3.05B | $2.97B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $3.0M | $3.0M | $0 | $3.0M | $3.0M | $97.0M | $97.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $14.0M | $14.0M |
| Long-term investments | $4.78B | $4.58B | $4.42B | $4.41B | $4.36B | $4.26B | $3.87B | $3.63B | $3.62B | $3.49B | $3.19B | $2.76B |
| Other non-current assets | $3.91B | $0 | $0 | $159.6M | $85.0M | $87.0M | $183.8M | $78.2M | $88.6M | $54.7M | $203.1M | $69.3M |
| Total assets | $8.94B | $8.20B | $8.19B | $8.20B | $7.60B | $7.48B | $7.08B | $6.67B | $6.66B | $6.73B | $6.55B | $5.91B |
| Liabilities | ||||||||||||
| Accounts payable | $390.3M | $282.0M | $380.7M | $329.1M | $292.1M | $282.6M | $275.6M | $218.8M | $222.3M | $203.8M | $66.3M | $150.6M |
| Short-term debt | $6.0M | $8.0M | $15.0M | — | $6.0M | — | — | — | $7.0M | $19.0M | $17.0M | $50.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | $113.3M | −$180.8M | −$49.3M | −$10.0M |
| Total current liabilities | $6.0M | $8.0M | $15.0M | $329.1M | $292.1M | $282.6M | $275.6M | $218.8M | $222.3M | $203.8M | $17.0M | $150.6M |
| Long-term debt | $5.42B | $5.00B | $4.49B | $3.97B | $3.96B | $3.89B | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $868.1M | $657.9M | $1.02B | $1.22B | $755.2M | $834.5M | $4.40B | $4.13B | $4.11B | $4.25B | $4.39B | $3.66B |
| Total liabilities | $6.29B | $5.67B | $5.53B | $5.52B | $5.01B | $5.01B | $4.68B | $4.35B | $4.34B | $4.45B | $4.41B | $3.81B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.3M | $1.3M | $1.3M | $1.3M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.1M | $1.1M | $1.1M |
| Retained earnings (deficit) | −$375.9M | −$449.9M | −$323.1M | −$215.5M | −$245.4M | −$291.9M | −$297.5M | −$318.1M | −$249.3M | −$227.8M | −$303.5M | −$348.9M |
| Accumulated other comprehensive income | $59.2M | $38.7M | $47.1M | $24.7M | $30.7M | $37.7M | $40.1M | $7.5M | $41.1M | $29.1M | $13.2M | $47.3M |
| Minority interest | $108.1M | $91.9M | $83.0M | $80.9M | $78.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.54B | $2.44B | $2.57B | $2.60B | $2.51B | $2.39B | $2.34B | $2.26B | $2.26B | $2.22B | $2.14B | $2.05B |
| Key figures | ||||||||||||
| Total debt | $5.90B | $5.35B | $5.08B | $5.19B | $4.72B | $4.72B | $4.40B | $4.13B | $4.11B | $4.25B | $4.23B | $3.66B |
| Net cash (debt) | −$5.65B | −$5.20B | −$4.93B | −$4.89B | −$4.63B | −$4.66B | −$4.27B | −$4.09B | −$3.97B | −$4.19B | −$4.17B | −$3.50B |
| Working capital | $243.9M | $3.76B | $3.82B | $3.30B | $2.86B | $2.84B | $2.75B | $2.75B | $2.73B | $2.98B | $3.03B | $2.82B |
| Tangible book value | $2.54B | $2.44B | $2.57B | $2.60B | $2.51B | $2.39B | $2.34B | $2.26B | $2.26B | $2.22B | $2.13B | $2.04B |
| Book value per share | $17.77 | $19.15 | $20.38 | $18.66 | $18.22 | $17.35 | $17.04 | $19.37 | $19.75 | $16.93 | $19.56 | $18.81 |
| Shares outstanding | 143.0M | 127.6M | 126.3M | 139.6M | 137.7M | 138.0M | 137.1M | 116.6M | 114.4M | 131.0M | 109.5M | 109.1M |
| Current ratio | 41.65 | 470.63 | 255.93 | 11.03 | 10.81 | 11.04 | 10.98 | 13.55 | 13.27 | 15.61 | 179.16 | 19.73 |
| Quick ratio | 621.27 | 470.63 | 255.93 | 11.03 | 10.81 | 11.04 | 11.25 | 13.55 | 13.27 | 15.61 | 179.16 | 19.73 |
| Debt / equity | 2.32 | 2.19 | 1.97 | 1.99 | 1.88 | 1.97 | 1.88 | 1.83 | 1.82 | 1.92 | 1.98 | 1.78 |
| Equity / assets | 28.4% | 29.8% | 31.4% | 31.8% | 33.0% | 32.0% | 33.0% | 33.8% | 33.9% | 33.0% | 32.7% | 34.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 13, 2026); data from EODHD.
HASI financial position
At the end of fiscal 2025 (December 31, 2025), HA Sustainable Infrastructure had total assets of $8.2 billion (up 15.6% from a year earlier), total liabilities of $5.5 billion and shareholders' equity of $2.6 billion. It held $145.2 million in cash and short-term investments against $5.1 billion of debt, net debt of $4.9 billion. Its current ratio was 255.93. In the latest quarter (ended June 30, 2026) total assets were $8.9 billion and equity $2.5 billion.
Related: HASI income statement, HASI cash flow statement, HASI key metrics. See the HASI stock overview for the latest quote and news.
HASI balance sheet FAQ
What are HA Sustainable Infrastructure's total assets?
HA Sustainable Infrastructure reported total assets of $8.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.1 billion a year earlier.
How much debt does HA Sustainable Infrastructure have?
HA Sustainable Infrastructure had $5.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.97.
How much cash does HA Sustainable Infrastructure have?
HA Sustainable Infrastructure held $145.2 million in cash and short-term investments at the end of fiscal 2025; with $5.1 billion of debt that is net debt of $4.9 billion.
What is HA Sustainable Infrastructure's book value?
HA Sustainable Infrastructure's shareholders' equity (book value) was $2.6 billion at the end of fiscal 2025, or $18.63 per share.
What is HA Sustainable Infrastructure's current ratio?
HA Sustainable Infrastructure had current assets of $3.8 billion and current liabilities of $15.0 million, a current ratio of 255.93 (it can cover its short-term obligations).