HA Sustainable Infrastructure Capital, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HA Sustainable Infrastructure Capital, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	81.2	106	139	142	187	213	240	320	384	401
General and administrative	8.29	11.2	15.1	14.7	14.8	19.9	29.9	31.3	32.9	30.7
Interest expense	45.2	65.5	76.9	64.2	92.2	122	116	171	242	292
Interest income	1.82	5.08	6.64
Pre-tax income	14.9	31.9	43.9	90	80	145	49.3	182	274	273
Income tax	0.14	0.89	2.14	8.1	-2.78	17.2	7.38	31.6	70.2	85.2
Net income to minority interests	0.1	0.18	0.22	0.36	0.34	0.77	0.41	1.92	3.59	3.69
Net income	14.7	30.9	41.6	81.6	82.4	127	41.5	149	200	185
EPS, basic	0.32	0.57	0.75	1.25	1.13	1.57	0.47	1.45	1.72	1.49
EPS, diluted	0.32	0.57	0.75	1.24	1.10	1.51	0.47	1.42	1.62	1.41
Shares, basic (weighted)	40.3	50.4	52.8	63.9	72.4	80	87.5	102	116	123
Shares, diluted (weighted)	40.3	50.4	52.8	64.8	74.4	87.7	90.6	109	131	138

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29.4	57.3	21.4	6.21	286	226	156	62.6	130	110
Intangible assets	27	94	96	93	90	87	84	14
Total assets	1,746	2,250	2,155	2,387	3,459	4,148	4,760	6,552	7,080	8,188
Short-term debt					0	50.1	0.19	30.2	100	225
Total liabilities	1,172	1,607	1,350	1,447	2,249	2,582	3,095	4,411	4,675	5,530
Total debt	692	1,211	835	700	593	430	433
Paid-in capital	664	771	965	1,102	1,394	1,728	1,924	2,382	2,593	2,850
Retained earnings	-92.2	-131	-163	-170	-204	-194	-285	-304	-297	-323
Other comprehensive income	-1.39	-1.07	-1.68	3.3	12.6	9.9	-10.4	13.2	40.1	47.1
Minority interests	3.73	3.6	3.42	3.43	6.85	21.8	35.5	49.4	68.3	83
Total equity	574	643	805	940	1,210	1,567	1,665	2,142	2,405	2,658
Total liabilities and equity	1,746	2,250	2,155	2,387	3,459	4,148	4,760	6,552	7,080	8,188
Shares outstanding	46.5	51.7	60.5	66.3	76.5	85.3	90.8	112	119	128

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.8	31	41.8	81.9	82.8	127	41.9	151	204	188
Depreciation and amortization	7.66	3.55	4.53	3.59	3.58	3.8	3.99	3.13	1	0.78
Stock-based compensation	10.1	11.3	10.1	14.2	16.8	17	20.1	19.8	25.6	29.9
Deferred income tax								32	70	85
Change in payables	3.31	-0.33	6.88	5.18	8.02	11.3	18.2	48.5	101	104
Cash from operations	56.9	11.7	58.8	29.5	73.3	13.3	0.23	99.7	5.85	167
Purchases of investments		-22.1	-25.3	-45.8	-40.2	-4.83	-2.33	-14.4	-10.5
Sales and maturities of investments	1.77	3.73	5.25	6.63	2.42	0.41	0
Cash from investing	-191	-298	50.8	-201	-832	-703	-592	-1,993	-131	-856
Stock issued	177	96.9	187	138	298	201	189	492	204	237
Dividends paid	-49.5	-68.2	-71	-86.4	-99.9	-114	-132	-160	-192	-210
Cash from financing	114	345	-168	219	962	631	517	1,792	200	684
Net change in cash	-20.1	59	-58.8	47.2	204	-59.3	-75.1	-101	75.1	-4.93
Interest paid	37.9	48.9	72.1	48.1	75.9	108	98.7	138	193	252

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $36.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	29.7%	Pre-tax income / revenue.
Net margin	18.6%	Net income / revenue.
Operating cash flow margin	45.0%	Cash from operations / revenue.
Effective tax rate	35.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.0%	Net income / average total assets.
Stock-based pay / revenue	7.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-7.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	64.4%	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	17.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-13.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	44.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2,759.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	799.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.8%	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	18.8%	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	5.9%	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	15.1%	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	13.2%	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
Liabilities / assets	70.4%	Total liabilities / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.05x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.60	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.
Revenue per share	$3.24	Revenue / diluted weighted shares.
Operating cash flow per share	$1.46	Cash from operations / diluted weighted shares.
Cash per share	$1.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	255.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.68B	Share price x shares outstanding.
Enterprise value	$4.43B	Market cap + total debt - cash - short-term investments.
P/E	54.4x	Market cap / net income. Only when net income is positive.
P/S	10.1x	Market cap / revenue.
P/OCF	22.5x	Market cap / cash from operations, when positive.
EV/Sales	9.58x	Enterprise value / revenue.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.23x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was HA Sustainable Infrastructure Capital, Inc.'s revenue in fiscal 2025?

HA Sustainable Infrastructure Capital, Inc. reported revenue of $400.5M for fiscal 2025, 4.4% higher than the year before.

Was HA Sustainable Infrastructure Capital, Inc. profitable in fiscal 2025?

Yes. Net income was $184.5M, a net margin of 46.1%.

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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