📊 HASI Key Takeaways
Is HASI a Good Investment? Thesis Analysis
HASI demonstrates operational excellence with exceptional profit margins (68.3% operating, 46.1% net) and strong free cash flow generation (41.8% FCF margin), supported by conservative leverage (0.06x debt/equity). However, critical concerns include inadequate interest coverage (0.9x), poor capital returns (6.9% ROE, 2.3% ROA), and shareholder dilution offsetting earnings growth, indicating inefficient capital deployment relative to the asset base.
HASI delivers strong operating and net margins with healthy free cash flow generation, indicating resilient core profitability. However, modest growth, sub-1x interest coverage, and declining EPS point to earnings quality and balance sheet pressures that warrant a neutral stance until coverage and per‑share metrics improve.
Why Buy HASI? Key Strengths
- Exceptional operating margins (68.3%) and net margins (46.1%) indicate strong pricing power and cost management
- Robust free cash flow generation ($167.3M) with 41.8% FCF margin demonstrates cash conversion excellence
- Conservative balance sheet with minimal leverage (0.06x debt/equity ratio) provides financial flexibility
- High operating (68.3%) and net (46.1%) margins
- Solid free cash flow with 41.8% FCF margin
- Large asset base with low reported debt/equity (0.06x)
HASI Investment Risks to Consider
- Interest coverage ratio of 0.9x indicates operating income insufficient to cover interest expense, creating debt service vulnerability
- Severely depressed returns on capital (ROE 6.9%, ROA 2.3%) despite high margins reveal inefficient asset deployment
- Dilution erosion evident as EPS declined 13.0% YoY despite net income growth, reflecting shareholder value deterioration
- Interest coverage at 0.9x signals thin cushion for debt service
- EPS down 13% YoY, indicating dilution or weaker per-share performance
- Middling ROE (6.9%) and modest 4.4% revenue growth
Key Metrics to Watch
- Interest coverage ratio trend - must improve above 1.5x to indicate sustainable debt service
- Return on equity - should target 10%+ to justify the capital-intensive business model
- Free cash flow per share - monitor for continued dilution patterns and shareholder returns
- Interest coverage
- EPS growth
HASI Financial Metrics
💡 AI Analyst Insight
The 41.8% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments. The current ratio below 1.0x warrants monitoring of short-term liquidity.
HASI Profitability Ratios
HASI vs Default Sector
How HA Sustainable Infrastructure Capital, Inc. compares to Default sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is HASI Overvalued or Undervalued?
Based on fundamental analysis, HA Sustainable Infrastructure Capital, Inc. has mixed fundamental signals relative to the Default sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
HASI Balance Sheet & Liquidity
HASI 5-Year Financial Trend & Growth Analysis
5-Year Trend Summary: HA Sustainable Infrastructure Capital, Inc.'s revenue has grown significantly by 88% over the 5-year period, indicating strong business expansion. The most recent EPS of $1.42 reflects profitable operations.
HASI Growth Metrics (YoY)
HASI Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $82.0M | -$19.6M | $-0.17 |
| Q2 2025 | $85.7M | $26.5M | $0.23 |
| Q1 2025 | $96.9M | $56.6M | $0.44 |
| Q3 2024 | $82.0M | -$19.6M | $-0.17 |
| Q2 2024 | $74.3M | $13.5M | $0.14 |
| Q1 2024 | $69.1M | $24.1M | $0.26 |
| Q3 2023 | $60.2M | $21.4M | $0.20 |
| Q2 2023 | $62.8M | $13.5M | $0.14 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
HASI Capital Allocation
HASI SEC 10-K & 10-Q Filing Analysis
Access official SEC EDGAR filings for HA Sustainable Infrastructure Capital, Inc. (CIK: 0001561894)
📋 Recent SEC Filings
❓ Frequently Asked Questions about HASI
What is the AI rating for HASI?
HA Sustainable Infrastructure Capital, Inc. (HASI) has a Combined AI Rating of HOLD from Claude (HOLD) and ChatGPT (HOLD) with 60% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are HASI's key strengths?
Claude: Exceptional operating margins (68.3%) and net margins (46.1%) indicate strong pricing power and cost management. Robust free cash flow generation ($167.3M) with 41.8% FCF margin demonstrates cash conversion excellence. ChatGPT: High operating (68.3%) and net (46.1%) margins. Solid free cash flow with 41.8% FCF margin.
What are the risks of investing in HASI?
Claude: Interest coverage ratio of 0.9x indicates operating income insufficient to cover interest expense, creating debt service vulnerability. Severely depressed returns on capital (ROE 6.9%, ROA 2.3%) despite high margins reveal inefficient asset deployment. ChatGPT: Interest coverage at 0.9x signals thin cushion for debt service. EPS down 13% YoY, indicating dilution or weaker per-share performance.
What is HASI's revenue and growth?
HA Sustainable Infrastructure Capital, Inc. reported revenue of $400.5M.
Does HASI pay dividends?
HA Sustainable Infrastructure Capital, Inc. pays dividends, with $209.8M distributed to shareholders in the trailing twelve months.
Where can I find HASI SEC filings?
Official SEC filings for HA Sustainable Infrastructure Capital, Inc. (CIK: 0001561894) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is HASI's EPS?
HA Sustainable Infrastructure Capital, Inc. has a diluted EPS of $1.41.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is HASI a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, HA Sustainable Infrastructure Capital, Inc. has a HOLD rating with 60% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is HASI stock overvalued or undervalued?
Valuation metrics for HASI: ROE of 6.9% (sector avg: 15%), net margin of 46.1% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
Should I buy HASI stock in 2026?
Our dual AI analysis gives HA Sustainable Infrastructure Capital, Inc. a combined HOLD rating for 2026. Revenue is data pending, with profitability above sector average. Always conduct your own research.
What is HASI's free cash flow?
HA Sustainable Infrastructure Capital, Inc.'s operating cash flow is $167.3M, with capital expenditures of $21.0K. FCF margin is 41.8%.
How does HASI compare to other Default stocks?
Vs Default sector averages: Net margin 46.1% (avg: 12%), ROE 6.9% (avg: 15%), current ratio N/A (avg: 1.8).