HA Sustainable Infrastructure Capital, Inc. (HASI) Stock

HA Sustainable Infrastructure Capital, Inc. (HASI) is a Financials stock trading at $39.85 (as of 2026-09-02), with a market capitalization of $5.12B and a trailing P/E of 59.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

HA Sustainable Infrastructure Capital, Inc. invests in climate-related solutions and provides capital to assets developed by other companies operating in areas such as energy efficiency, renewable energy, and sustainable infrastructure. Its focus covers solution categories including behind-the-meter, grid-connected, fuels, transport, and nature.

Understand HA Sustainable Infrastructure Capital, Inc.: how it makes money

HA Sustainable Infrastructure Capital is a BDC that deploys capital into climate solutions (behind-the-meter, grid-connected, fuels, transport, and nature assets) and collects interest and rental income on those holdings. The investment case hinges on the yield spread between the 9.2% portfolio return and the cost of funded capital, with a $6.5B pipeline feeding years of future deployment.

Profit is the spread between the 9.2% yield earned on roughly $7.6B of deployed climate assets and the cost of borrowing; with operating margin at 156%, management overhead is a small fixed slice, so nearly every incremental dollar deployed flows to net income.

Business quality (Strong): High-quality, asset-backed income engine with a low-overhead structure, but the 59x P/E prices in flawless execution and leaves little cushion for a yield compression or deployment stall.

Valuation: At 59× earnings, HASI trades 65% above the Trading average (36×).

Bull case

Revenue Scaling With Deployment: Quarterly revenue grew 41% YoY to $100M, and the twelve-month investment pipeline stands at $6.5B, giving multi-year runway to expand the on-balance-sheet book and drive further income growth.
New Yield Exceeds Blended: The weighted average yield on new portfolio investments is 10.5%, well above the 9.2% end-of-period portfolio yield, meaning each dollar of new deployment structurally lifts the blended return over time.

Bear case

Rich Valuation vs Peers: At a P/E of 58.9x, HASI trades 65% above the 35.7x trading-industry average, embedding an assumption of sustained yield expansion with no margin for a rate-driven compression in asset values.
Ethin Equity Return Profile: Return on equity is just 3.0% despite a 9.2% portfolio yield, indicating the current leverage structure is not yet converting asset income into a compelling shareholder yield and raises questions about capital-structure optimization.

Valuation — source: SEC EDGAR (first-party)
Price	$39.85
Market Cap	$5.12B
P/E Ratio	59.4
EV / EBITDA	35.0
Price / Book	1.93
Price / Sales	11.06
DCF Value (model)	$22.13
DCF Upside vs Price	-44.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$400.50M
Net Margin	46.1%
Revenue Growth (YoY)	41.0%
EPS Growth (YoY)	25.0%

Valuation vs Sector & Industry
Stock P/E	59.4
Sector P/E (Financials)	14.9
Industry P/E (Trading)	34.2
vs Sector	298.5%
vs Industry	73.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($739.01M)
Institutional Holders Tracked	10
Congressional Trades (recent)	4

Company
Sector	Financials
Industry	Trading
CEO	Nathaniel J. Rose
Employees	153
Country	US
IPO Date	2013-04-18

Related Companies (Trading; 8 comparable financial firms)

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.