HA Sustainable Infrastructure Capital, Inc. (HASI) 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

-104.5%

-$1.72

vs $38.03 price

Levered DCF

-$25.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.48

Distress zone

Rating

Overall 2 / 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	21.09×	15.6×	19.02×	61.66×	33.83×	56.13×	25.74×	25.4×
P/B	1.5×	1.33×	1.34×	1.56×	2.75×	3.82×	2.2×	1.26×
P/S	9.65×	4.91×	6.1×	9.36×	12.51×	19.55×	10×	6.22×
EV / EBITDA	-333.14×	26.82×	37.7×	100.5×	43.94×	77.72×	36.79×	45.92×
Gross margin	27.0%	61.6%	62.9%	57.4%	64.2%	60.8%	68.8%	52.4%
Operating margin	-6.8%	43.4%	39.6%	18.2%	42.6%	34.1%	43.7%	27.2%
Net margin	46.1%	31.7%	32.3%	15.3%	37.3%	35.1%	39.6%	25.7%
Current ratio	255.93×	11.25×	19.42×	18.57×	18.82×	25.03×	21.45×	29.1×
Debt / equity	1.97×	1.88×	2.03×	1.83×	1.61×	1.82×	1.49×	1.55×
Interest coverage	-0.09×	1.13×	1.07×	0.43×	1.19×	0.87×	1.4×	0.57×
Dividend yield	5.4%	6.2%	5.7%	5.2%	2.7%	2.2%	4.2%	7.1%
Payout ratio	113.7%	96.1%	107.4%	318.5%	89.7%	121.2%	105.9%	170.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	8.6%	7.1%	2.5%	8.2%	6.8%	8.7%	5.2%
Return on invested capital	-0.2%	3.0%	2.4%	0.9%	3.1%	2.4%	3.5%	1.3%
Return on assets	2.3%	2.8%	2.3%	0.9%	3.1%	2.4%	3.4%	1.9%
Free cash flow yield	4.3%	0.2%	3.5%	0.0%	0.3%	1.6%	1.4%	5.8%
Earnings yield	4.8%	6.5%	5.3%	1.6%	3.0%	1.8%	4.0%	4.1%
Enterprise value	$8.8B	$7.4B	$7B	$5.4B	$6.5B	$6.5B	$3.4B	$2.2B
Net debt / EBITDA	-186.76×	15.54×	22.56×	52.91×	15.28×	22.77×	14.81×	25.18×
Cash conversion cycle (days)	3,366	1,302	2,114	2,415	1,288	1,649	1,748	1,961