Ameresco, Inc. (AMRC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1095.4%

-$210.82

vs $21.18 price

Levered DCF

-$374.14

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.07

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.87×	21.74×	26.39×	31.22×	59.01×	46.23×	18.42×	16.99×
P/B	1.43×	1.21×	1.83×	3.59×	5.88×	5.06×	1.9×	1.71×
P/S	0.8×	0.69×	1.2×	1.62×	3.41×	2.41×	0.94×	0.82×
EV / EBITDA	14.41×	14.66×	20.75×	19.85×	32.33×	28.3×	15.26×	9.25×
Gross margin	15.7%	14.5%	17.9%	15.9%	18.9%	18.2%	19.4%	22.1%
Operating margin	6.7%	6.1%	6.0%	7.3%	7.9%	6.9%	6.0%	7.5%
Net margin	2.3%	3.2%	4.5%	5.2%	5.8%	5.2%	5.1%	4.8%
Current ratio	1.51×	1.46×	1.25×	1.23×	1.35×	1.28×	1.26×	1.4×
Debt / equity	1.8×	1.68×	1.72×	1.14×	0.71×	1.77×	1.45×	0.65×
Interest coverage	1.46×	1.52×	1.78×	4.34×	5.55×	3.95×	3.21×	3.93×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	5.6%	6.9%	11.5%	10.0%	11.0%	10.4%	10.1%
Return on invested capital	3.5%	3.2%	2.6%	5.2%	5.2%	4.9%	4.6%	5.4%
Return on assets	1.0%	1.4%	1.7%	3.3%	3.2%	3.1%	3.2%	3.3%
Free cash flow yield	-28.3%	-26.1%	-37.7%	-22.5%	-8.6%	-11.5%	-41.3%	-28.4%
Earnings yield	2.9%	4.6%	3.8%	3.2%	1.7%	2.2%	5.5%	5.9%
Enterprise value	$3.4B	$2.8B	$3.1B	$3.8B	$4.6B	$3.3B	$1.4B	$829.4M
Net debt / EBITDA	7.9×	8.28×	9.77×	4.31×	3.15×	6.92×	6.41×	2.06×
Cash conversion cycle (days)	71	70	94	80	44	25	32	14