Ameresco, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ameresco, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	631	651	717	787	867	1,032	1,216	1,824	1,375	1,770
Cost of revenue	514	517	573	614	699	845	985	1,534	1,128	1,514
Gross profit	117	134	144	174	168	188	230	291	246	256
Selling, general and administrative				115	117	116	133	159	162	174
General and administrative	110	111	108	115	117
Operating income	7.06	23.8	36.6	59.1	51.6	71.5	95.4	133	82.2	109
Interest expense	5.25	7.08	9.08	15.3	13.2	13.4	14.6	17.8	26.9
Other non-operating income	-6.77	-7.41	-7.87	-16.7	-15.1	-15.1	-17.3	-27.3	-43.9	-74.8
Pre-tax income	0.29	16.4	28.7	42.4	36.6	56.4	78.1	106	38.3	33.9
Income tax	4.98	4.37	-4.79	4.81	-3.75	-0.49	-2.05	7.17	-25.6	-20
Net income to minority interests	-5.53	-0.04	-3.98	-0.41	-4.14	2.87	9.73	3.62	1.43	-2.82
Net income	0.84	12	37.5	38	44.4	54.1	70.5	94.9	62.5	56.8
EBITDA	28.6	46.5	60.5	88.2	89.3	112	140	187	148	198
EPS, basic	0.02	0.26	0.82	0.83	0.95	1.13	1.38	1.83	1.20	1.08
EPS, diluted	0.02	0.26	0.82	0.81	0.93	1.10	1.35	1.78	1.17	1.07
Shares, basic (weighted)	46.5	46.4	45.5	45.7	46.6	47.7	50.9	51.8	52.1	52.4
Shares, diluted (weighted)	47.7	46.5	45.7	46.8	47.8	49	52.3	53.3	53.2	53.1

Balance sheet

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	21.6	20.6	24.3	61.4	33.2	66.4	50.5	116	79.3	109
Inventory	13.2	12.1	8.14	7.77	9.24	8.58	8.81	14.2	13.6	11.6
Other current assets	11.7	11.7	14	11.6	29.4	26.9	25.4	38.6	123	146
Total current assets	264	226	287	311	425	491	639	1,001	1,128	1,301
Property, plant and equipment	5.33	5.02	5.3	6.99	10.1	8.98	13.1	15.7	17.4	11
Lease right-of-use assets				0	32.8	39.2	42	38.2	58.6	80.1
Goodwill	59.1	58	56.1	58.3	58.4	58.7	71.2	70.6	75.6	66.3
Intangible assets	6.77	3.93	2.44	2	1.61	0.93	6.96	4.69	6.81	8.81
Other non-current assets	18.4	26.3	27.6	29.4	11.8	15.3	22.8	38.6	89.7	89.9
Total assets	723	797	984	1,162	1,374	1,754	2,225	2,877	3,714	4,159
Accounts payable	115	127	136	134	202	231	309	349	403	529
Accrued liabilities	22	22.8	23.3	35.9	31.4	41.7	43.3	89.2	109	107
Deferred revenue			19.9	24.4	26.6	34	35.9	34.8	52.9	91.7
Short-term debt	13.4	19.3	22.4	26.9	70	69.4	78.9	331	322	149
Total current liabilities	180	191	202	223	337	383	474	812	901	889
Long-term debt	100	141	173	219	266	312	377	569	1,170	1,484
Lease liabilities				0	29.1	35.3	35.1	31.7	42.3	59.5
Other non-current liabilities	18.9	15.2	18.8	29.2	29.6	37.7	43.2	49.5	82.7	114
Total liabilities	436	503	647	785	945	1,261	1,521	2,004	2,788	3,113
Total debt	119	165	202	254	343	69.4	78.9	331	322	149
Paid-in capital	110	113	116	125	134	145	284	306	321	378
Retained earnings	182	194	236	270	314	368	439	534	596	653
Treasury stock	0	-6.39	-9.8	-11.6	-11.8	-11.8	-11.8	-11.8	-11.8	-11.8
Other comprehensive income	-5.23	-6.59	-5.63	-5.95	-7.51	-9.29	-6.67	-4.05	-3.05	-5.87
Shareholders' equity	290			377	429	493	704	824	902	1,013
Minority interests	0						0	49	23.9	31.9
Total equity	287	294	337	377	429	493	704	873	926	1,045
Total liabilities and equity	723	797	984	1,162	1,374	1,754	2,225	2,877	3,714	4,159

Cash flow statement

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	-4.68	12	33.5	37.6	40.3	56.9	80.2	98.5	63.9	53.9
Depreciation and amortization	21.5	22.8	23.9	29.1	37.7	40.1	44.8	54.3	65.9	89.2
Stock-based compensation	1.77	1.46	1.29	1.26	1.62	1.93	8.72	15	10.3	14.1
Deferred income tax	3.71	2.87	-4.57	5.5	-4.33	2.25	-3.89	5.96	-27.3	-24.5
Change in receivables	-4.47	-12	1.87	9.77	-8.5	-24.2	-16	3.48	52.6	-96.9
Change in inventory	-4.33	1.12	3.97	0.37	-1.47	0.66	-0.23	-5.41	0.58	2.08
Change in payables	26.3	-2.8	19.7	2.94	43.5	29	83.5	36.2	53.2	144
Cash from operations	-49.5	-52.6	-136	-53.2	-196	-103	-172	-338	-70	118
Capital expenditures	-1.34	-2.81	-2.85	-3.94	-6.67	-2.21	-4.9	-5.3	-5.71	-4.29
Acquisitions	0	-3.58	-2.41	-3.59	-1.29	0	-14.9	0	-9.18	0
Cash from investing	-51.8	-79.6	-88	-133	-142	-181	-205	-328	-567	-387
Debt issued	17.7	38	48.5	88.1	43.9	116	186	468	843
Debt repaid	-12.4	-14	-54.2	-36.4	-28.4	-73.6	-98.2	-162	-303
Stock issued	1.15	1.05	1.98	6.7	0	0	120	0	0	0.94
Share buybacks	0	-6.39	-3.41	-1.84	-0.14	-0.01	0	0
Cash from financing	101	134	230	225	317	305	365	730	641	314
Exchange rate effect	-1.46	-0.42	0.65	-0.3	0.45	0	0.31	-0.75	-0.08	-0.2
Net change in cash	-2.12	1.47	7.28	37.8	-20.7	21.6	-11.8	62.8	3.79	44.7
Free cash flow	-50.9	-55.4	-138	-57.1	-203	-105	-177	-344	-75.7	113
Interest paid	5.54	7.22	11.7	15.6	17.5	20.1	18.8	33	80.3	110
Income taxes paid	1.44	3.48	5.78	2.26	3.9	1.47	2.67	7.28	3.83	4.46

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $21.48 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	14.5%	Gross profit / revenue.
Operating margin	6.1%	Operating income / revenue.
EBITDA margin	11.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.9%	Pre-tax income / revenue.
Net margin	3.2%	Net income / revenue.
FCF margin	6.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.6%	Cash from operations / revenue.
Effective tax rate	-58.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	7.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	5.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	32.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	33.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-8.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.46x	Current assets / current liabilities.
Quick ratio	0.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.15x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.6%	Total debt / total assets.
Liabilities / assets	74.9%	Total liabilities / total assets.
Net debt	$40.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.21x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$412.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$938.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	124x	Revenue / average property, plant and equipment.
Inventory turnover	120x	Cost of revenue / average inventory.
Days inventory	3 days	365 x average inventory / cost of revenue.
Days payables	112 days	365 x average accounts payable / cost of revenue.
FCF conversion	199.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.08	Net income per basic share, as reported (split-adjusted).
Revenue per share	$33.31	Revenue / diluted weighted shares.
FCF per share	$2.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.21	Cash from operations / diluted weighted shares.
Book value per share	$19.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.65	Tangible book value / shares outstanding.
Cash per share	$2.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.14B	Share price x shares outstanding.
Enterprise value	$1.18B	Market cap + total debt - cash - short-term investments.
P/E	20.1x	Market cap / net income. Only when net income is positive.
P/S	0.64x	Market cap / revenue.
P/B	1.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.22x	Market cap / tangible book value, when positive.
P/FCF	10.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.69x	Market cap / cash from operations, when positive.
EV/Sales	0.67x	Enterprise value / revenue.
EV/EBIT	10.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.96x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.9%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).

What was Ameresco, Inc.'s revenue in fiscal 2024?

Ameresco, Inc. reported revenue of $1.77B for fiscal 2024, 28.8% higher than the year before.

Was Ameresco, Inc. profitable in fiscal 2024?

Yes. Net income was $56.8M, a net margin of 3.2%.

How much free cash flow did Ameresco, Inc. generate in fiscal 2024?

Cash from operations of $117.6M minus capital expenditures of $4.3M left free cash flow of $113.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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