Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) Key Metrics
HASI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.68B
- Enterprise value
- $9.83B
- P/E (TTM)
- 56.0 10-yr median 31.2
- Forward P/E
- 11.1
- PEG ratio
- 1.11
- Price / sales
- 36.8 10-yr median 9.6
- Price / book
- 1.8 10-yr median 1.6
- EV / EBITDA
- 5.8 10-yr median 46.7
- Dividend yield
- 4.67% $1.70 a year
- Beta
- 1.42
HASI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHASI valuation Price multiples at each fiscal year-end price.
HASI returns How much profit the business earns on the capital it uses.
HASI per-share figures Results divided by the shares outstanding at year-end.
HASI financial health Debt, liquidity and how easily interest is covered.
HASI efficiency & capital use Working capital cycle and where the cash goes.
HASI valuation history
HASI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HASI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HASI cash returned to shareholders
HASI price vs earnings per share
HASI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.34B | $3.50B | $3.02B | $2.63B | $4.66B | $4.72B | $2.08B | $1.01B | $1.21B | $765.1M |
| Enterprise value | $9.27B | $7.77B | $7.19B | $5.45B | $6.92B | $6.62B | $3.47B | $2.23B | $2.58B | $1.71B |
| P/E ratio | 23.5 | 17.5 | 20.3 | 63.3 | 36.8 | 57.2 | 25.6 | 24.2 | 39.3 | 52.2 |
| Price / sales | 10.8 | 5.5 | 6.6 | 9.7 | 13.7 | 20.1 | 10.1 | 6.2 | 9.4 | 8.8 |
| Price / book | 1.7 | 1.5 | 1.4 | 1.6 | 3.0 | 3.9 | 2.2 | 1.3 | 1.9 | 1.3 |
| Price / free cash flow | 26.0 | 598.3 | 30.3 | — | 349.9 | 64.4 | 70.7 | 17.1 | 103.4 | 13.5 |
| Price / operating cash flow | 26.0 | 598.3 | 30.3 | — | 349.9 | 64.4 | 70.7 | 17.1 | 103.4 | 13.5 |
| EV / sales | 23.2 | 12.3 | 15.6 | 20.1 | 20.4 | 28.2 | 16.9 | 13.8 | 20.1 | 19.6 |
| EV / EBITDA | — | 28.3 | 38.8 | 102.2 | 46.7 | 79.2 | 37.1 | 45.9 | 72.8 | 75.9 |
| EV / free cash flow | 55.4 | — | 72.1 | — | 520.2 | 90.3 | 117.7 | 37.9 | 220.4 | 30.1 |
| Earnings yield | 4.2% | 5.7% | 4.9% | 1.6% | 2.7% | 1.7% | 3.9% | 4.1% | 2.5% | 1.9% |
| Free cash flow yield | 3.9% | 0.2% | 3.3% | 0.0% | 0.3% | 1.6% | 1.4% | 5.8% | 1.0% | 7.4% |
| Dividend yield | 4.8% | 5.5% | 5.3% | 5.0% | 2.4% | 2.1% | 4.1% | 7.1% | 5.6% | 6.5% |
| Shareholder yield (dividends + buybacks) | 5.0% | 5.5% | 5.3% | 5.0% | 2.4% | 2.1% | 4.1% | 7.4% | 5.6% | 6.5% |
| Share price at fiscal year-end | $31.43 | $26.83 | $27.58 | $28.98 | $53.12 | $63.43 | $32.18 | $19.05 | $24.06 | $18.99 |
| Per share | ||||||||||
| Revenue per share | $2.90 | $4.84 | $4.21 | $2.99 | $3.87 | $3.16 | $3.18 | $3.06 | $2.55 | $2.17 |
| Earnings per share | $1.34 | $1.53 | $1.36 | $0.46 | $1.44 | $1.11 | $1.26 | $0.79 | $0.61 | $0.36 |
| Operating cash flow per share | $1.21 | $0.04 | $0.91 | $0.00 | $0.15 | $0.99 | $0.46 | $1.11 | $0.23 | $1.41 |
| Free cash flow per share | $1.21 | $0.04 | $0.91 | $0.00 | $0.15 | $0.99 | $0.46 | $1.11 | $0.23 | $1.41 |
| Cash per share | $1.05 | $0.99 | $0.57 | $1.72 | $2.58 | $3.85 | $0.10 | $0.41 | $1.14 | $0.73 |
| Book value per share | $18.63 | $17.91 | $19.56 | $17.98 | $17.62 | $16.18 | $14.51 | $15.18 | $12.69 | $14.25 |
| Tangible book value per share | $18.63 | $17.91 | $19.44 | $17.05 | $16.63 | $14.97 | $13.08 | $13.36 | $10.83 | $13.58 |
| Dividends per share | $1.52 | $1.47 | $1.46 | $1.46 | $1.29 | $1.34 | $1.33 | $1.34 | $1.35 | $1.23 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.52 | $3.40 | $0.44 |
| Debt per share | $36.74 | $33.71 | $38.66 | $32.84 | $28.43 | $29.43 | $21.51 | $23.53 | $28.36 | $24.21 |
| Shares outstanding | 138.2M | 130.5M | 109.5M | 90.6M | 87.7M | 74.4M | 64.8M | 52.8M | 50.4M | 40.3M |
| Change in shares outstanding | +5.9% | +19.2% | +20.8% | +3.4% | +17.9% | +14.8% | +22.7% | +4.8% | +25.0% | +31.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.5% | 8.9% | 7.9% | 2.6% | 9.2% | 7.7% | 9.4% | 5.8% | 5.1% | 2.9% |
| Return on invested capital (ROIC) | −0.3% | 3.2% | 2.8% | 1.0% | 3.7% | 2.9% | 3.8% | 2.1% | 1.8% | 1.0% |
| Return on assets (ROA) | 2.4% | 2.9% | 2.6% | 0.9% | 3.3% | 2.8% | 3.6% | 1.9% | 1.5% | 0.9% |
| Return on tangible assets | 2.3% | 2.8% | 2.3% | 0.9% | 3.1% | 2.4% | 3.6% | 2.0% | 1.4% | 0.9% |
| Free cash flow margin | 41.8% | 0.9% | 21.6% | 0.1% | 3.9% | 31.2% | 14.3% | 36.4% | 9.1% | 65.1% |
| Income quality (OCF / net income) | 0.91 | 0.03 | 0.67 | 0.01 | 0.11 | 0.89 | 0.36 | 1.41 | 0.38 | 3.88 |
| Financial health | ||||||||||
| Total debt | $5.08B | $4.40B | $4.23B | $2.98B | $2.49B | $2.19B | $1.39B | $1.24B | $1.43B | $975.4M |
| Cash & short-term investments | $145.2M | $129.8M | $62.6M | $155.7M | $226.2M | $286.2M | $6.2M | $21.4M | $57.3M | $29.4M |
| Net debt | $4.93B | $4.27B | $4.17B | $2.82B | $2.27B | $1.90B | $1.39B | $1.22B | $1.37B | $946.0M |
| Debt / equity | 1.97 | 1.88 | 1.98 | 1.83 | 1.61 | 1.82 | 1.48 | 1.55 | 2.23 | 1.70 |
| Debt / assets | 0.62 | 0.62 | 0.65 | 0.63 | 0.60 | 0.63 | 0.58 | 0.58 | 0.63 | 0.56 |
| Net debt / EBITDA | — | 15.54 | 22.48 | 52.91 | 15.28 | 22.77 | 14.82 | 25.18 | 38.66 | 41.94 |
| Current ratio | 255.93 | 11.25 | 179.16 | 18.57 | 18.82 | 25.03 | 21.78 | 29.10 | 43.56 | 41.33 |
| Quick ratio | 250.84 | 11.22 | 172.63 | — | −2.65 | −3.14 | −4.20 | −1.45 | −0.15 | −1.19 |
| Interest coverage | -0.1 | 1.1 | 1.1 | 0.4 | 1.2 | 0.9 | 1.4 | 0.6 | 0.5 | 0.3 |
| Working capital | $3.82B | $2.83B | $3.03B | $2.11B | $1.58B | $1.44B | $1.11B | $969.6M | $1.04B | $1.02B |
| Invested capital | $7.51B | $6.61B | $6.31B | $4.45B | $3.81B | $3.11B | $2.33B | $2.02B | $2.01B | $1.52B |
| Tangible asset value | $2.66B | $2.41B | $2.13B | $1.58B | $1.48B | $1.12B | $846.9M | $708.5M | $548.8M | $547.3M |
| Net current asset value | −$1.69B | −$1.57B | −$1.36B | −$864.4M | −$909.4M | −$748.8M | −$281.5M | −$346.3M | −$538.1M | −$129.3M |
| Graham number | $23.66 | $24.85 | $24.46 | $13.61 | $23.92 | $20.08 | $20.28 | $16.40 | $13.23 | $10.80 |
| Graham net-net per share | −$18.65 | −$17.72 | −$18.77 | $11,260.58 | −$3.62 | −$2.80 | $1.91 | −$1.77 | −$5.06 | $4.36 |
| Capital allocation | ||||||||||
| Dividends paid | $209.8M | $192.3M | $159.8M | $132.2M | $113.5M | $99.9M | $86.4M | $71.0M | $68.2M | $49.5M |
| Share buybacks (net) | $8.4M | — | $1.5M | $0 | $0 | $0 | $0 | $3.1M | $0 | $0 |
| Dividend payout ratio | 113.7% | 96.1% | 107.4% | 318.5% | 89.7% | 121.2% | 105.9% | 170.7% | 221.1% | 337.7% |
| Dividends + buybacks / free cash flow | 130.4% | — | 161.8% | — | 852.9% | 136.3% | 293.0% | 125.9% | 582.4% | 87.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 17.1% | 133.3% | 20.3% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 46.9% | 1,459.3% | 31.1% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.09 | 48.16 | 2.31 |
| Stock-based compensation / revenue | — | 3.7% | 4.0% | 7.4% | 5,019.9% | 7,149.1% | 6,882.0% | 6.2% | 8.8% | 11.5% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 30.7% | 5.2% | 20.8% | 34.5% | 21.5% | 6.3% | 7.1% | 10.3% | 8.7% | 9.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 3,037.1 | 1,720.9 | 2,003.2 | 2,371.2 | 1,429.6 | 1,844.3 | 1,866.4 | 2,210.3 | 2,922.6 | 3,943.5 |
| Days of inventory on hand | 53.7 | 91.0 | 2,180,831.7 | 3,230,103.8 | 5,392.6 | 6,096.3 | 6,946.1 | 5,050.2 | 5,979.8 | 3,728.2 |
| Days payables outstanding | 409.6 | 257.5 | 198.9 | 330.0 | 223.1 | 224.7 | 255.8 | 147.6 | 141.8 | 173.8 |
| Cash conversion cycle (days) | 2,681.2 | 1,554.4 | 2,182,636.0 | 3,232,145.0 | 6,599.0 | 7,715.9 | 8,556.7 | 7,112.9 | 8,760.6 | 7,497.9 |
| Receivables turnover | 0.12 | 0.21 | 0.18 | 0.15 | 0.26 | 0.20 | 0.20 | 0.17 | 0.12 | 0.09 |
| Payables turnover | 0.89 | 1.42 | 1.83 | 1.11 | 1.64 | 1.62 | 1.43 | 2.47 | 2.57 | 2.10 |
| Inventory turnover | 6.79 | 4.01 | 0.00 | 0.00 | 0.07 | 0.06 | 0.05 | 0.07 | 0.06 | 0.10 |
| Asset turnover | 0.05 | 0.09 | 0.08 | 0.06 | 0.09 | 0.08 | 0.09 | 0.07 | 0.06 | 0.05 |
| Average receivables | $3.33B | $2.98B | $2.53B | $1.76B | $1.33B | $1.19B | $1.05B | $978.3M | $1.03B | $943.3M |
| Average payables | $328.2M | $171.0M | $93.2M | $104.5M | $74.4M | $56.7M | $45.0M | $31.1M | $25.4M | $21.5M |
| Average inventory | $43.0M | $60.4M | $1.02T | $1.02T | $1.80B | $1.54B | $1.22B | $1.06B | $1.07B | $462.1M |
| Intangibles / total assets | 0.0% | 0.0% | 0.2% | 1.8% | 2.1% | 2.6% | 3.9% | 4.5% | 4.2% | 1.5% |
Computed from HASI's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HASI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), HA Sustainable Infrastructure traded at 23.5 times earnings, against a 10-year median of 31.2. Based on the latest twelve months, the trailing P/E is 56.0 and the forward P/E is 11.1. HA Sustainable Infrastructure earned a return on equity of 7.5% and a return on invested capital of −0.3% in fiscal 2025. It ended the year with $5.1 billion of debt and $145.2 million in cash and short-term investments, net debt of $4.9 billion. It returned $218.2 million to shareholders: $209.8 million in dividends and $8.4 million in share buybacks, 130% of free cash flow. The share count rose 243.0% from 40.3M to 138.2M over 9 years.
See the HASI income statement, the HASI chart for price history, or the HASI stock overview for the latest quote and news.
HASI key metrics FAQ
What is HA Sustainable Infrastructure's P/E ratio?
HA Sustainable Infrastructure's trailing P/E ratio is 56.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.1. At the end of fiscal 2025 it was 23.5, compared with a 10-year median of 31.2.
What is HA Sustainable Infrastructure's return on equity?
HA Sustainable Infrastructure's return on equity (ROE) was 7.5% in fiscal 2025: net income of $184.5 million on average shareholders' equity of $2.5 billion.
What is HA Sustainable Infrastructure's ROIC?
HA Sustainable Infrastructure's return on invested capital was −0.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does HA Sustainable Infrastructure have?
HA Sustainable Infrastructure had total debt of $5.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.97.
What is HA Sustainable Infrastructure's dividend yield?
HA Sustainable Infrastructure's forward dividend yield is 4.67%. HA Sustainable Infrastructure paid $209.8 million in dividends in fiscal 2025 ($1.52 per share), a payout ratio of 113.7%.
Does HA Sustainable Infrastructure buy back its shares?
Yes. HA Sustainable Infrastructure spent $8.4 million on net share repurchases in fiscal 2025 Shares outstanding changed +5.9% over the year, to 138.2M..
What is HA Sustainable Infrastructure's free cash flow yield?
HA Sustainable Infrastructure generated $167.3 million of free cash flow in fiscal 2025, a free cash flow yield of 3.9% on its market value at year-end ($4.3 billion).
What is HA Sustainable Infrastructure's current ratio?
HA Sustainable Infrastructure's current ratio was 255.93 at the end of fiscal 2025: current assets were 255.93 times current liabilities.