At a glance
Hannon Armstrong Sustainable Infrastructure Capital Inc is worth $4.73B, about 26 times its fiscal 2025 earnings. Revenue grew 4.4% to $400.5M in fiscal 2025, with 46.1% kept as profit; over 5 years it has grown 16.5% a year. It pays a 4.64% dividend yield, raised every year for at least 4 years, and returned $807.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.2% over the past year with dividends reinvested and −4.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.0% in the 2020 crash (S&P 500: 33.7%) and 49.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 43 months after the lows.
The business in plain English
HA Sustainable Infrastructure Capital (HASI), formerly Hannon Armstrong, is a specialist investor in clean energy and climate projects. It supplies capital to U.S. clean energy developers, project owners, utilities and energy service companies. Most of the money goes into assets that produce income from steady, long-term cash flows. Over 30 years through 2025, it closed more than 1,300 investments with more than 150 clients.
It makes money in five main ways. It earns interest on loans and receivables and takes a share of profits from projects it partly owns. It books gains from securitizations, where it packages assets and transfers them to institutional investors for cash. It also collects management fees on assets held by partners or securitization trusts, plus income from the slices of securitized assets it keeps. It pays for its investments with bonds, bank loans, new shares and short-term commercial paper.
The 10-K does not split revenue by business line. It does break down the $7.6 billion portfolio held on its balance sheet as of December 31, 2025. About 52% is behind-the-meter, meaning equipment on the customer's side of the power meter, such as home and business solar, storage and energy efficiency. About 34% is grid-connected: utility-scale solar, onshore wind and large batteries. The other 14% is fuels, transport and nature, which covers renewable natural gas, fleet decarbonization and ecological restoration. Counting assets held by partners and trusts, managed assets totaled about $16.1 billion. Revenue was $400.5 million in 2025.
Price history
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HASI +33.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $120.8M, up 41% from a year earlier, and net income was $128.6M (+30.7%).
- For fiscal 2025, revenue was $400.5M (+4.4% year over year; +16.5% a year from FY2020 to FY2025) with a 46.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.5% good |
|---|---|
| Return on equity (FY2025) | 6.9% weak |
| Return on assets (FY2025) | 2.3% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $186.9M | $82.4M | — |
| FY2021 | $213.2M | $126.6M | — |
| FY2022 | $239.7M | $41.5M | — |
| FY2023 | $319.9M | $148.8M | — |
| FY2024 | $383.6M | $200.0M | — |
| FY2025 | $400.5M | $184.5M | — |
Valuation snapshot
| Market value | $4.73B |
|---|---|
| P/E ratio | 26.1 |
| Dividend yield | 4.64% |
Rank among 1514 US companies
Market value at each year end
Hannon Armstrong Sustainable Infrastructure Capital’s market value went from $822.5M at the end of 2016 to $4.73B on Oct 28, 2026, about 5.8 times as much; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.73B | +19.0% |
| 2025 | $3.98B | +24.8% |
| 2024 | $3.19B | +3.8% |
| 2023 | $3.07B | +19.0% |
| 2022 | $2.58B | -42.7% |
| 2021 | $4.50B | -5.9% |
| 2020 | $4.78B | +126.2% |
| 2019 | $2.11B | +105.3% |
| 2018 | $1.03B | -19.4% |
| 2017 | $1.28B | +55.2% |
| 2016 | $822.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HASI price data to Oct 28, 2026 | +21.3% | +33.2% | +37.3% | -4.6% | +10.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.3% |
| 2025 | +24.0% |
| 2024 | +3.1% |
| 2023 | +1.9% |
| 2022 | -43.0% |
| 2021 | -14.1% |
| 2020 | +106.0% |
| 2019 | +77.2% |
| 2018 | -15.4% |
| 2017 | +36.3% |
| 2016 | +6.7% |
| 2015 | +40.8% |
| 2014 | +8.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.3% over that stretch · deepest drop along the way 58%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.9% over that stretch · deepest drop along the way 49.9%, back to its old high 42.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (22 read): 0 open-market purchases and 2 sales ($5.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 17, 2026 | Jeffrey Eckel Director | sell | $4.9M |
| Feb 17, 2026 | Jeffrey Eckel Director | sell | $370K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.6% | Jun 30, 2025 |
| Wellington Management Group LLP | 7.8% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.07% | Mar 31, 2026 |
| Vanguard Capital Management | 5.2% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 5.2% | Dec 31, 2025 |
| FMR LLC | 4.4% | Sep 30, 2025 |
ETFs with the most weight in HASI
| ACES ALPS Clean Energy ETF | 4.39% |
| TAN Invesco Solar ETF | 4.35% |
| RNWZ TrueShares Eagle Global Renewable Energy Income ETF | 2.55% |
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 2.3% |
| NXTE AXS Green Alpha ETF | 2.25% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 2.02% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.95% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.9% |
What could go wrong
- Government support for clean energy could shrink. Many projects HASI funds depend on government incentives, tax rules and regulations at the federal, state and local level. Less support or new rules could reduce demand for its capital and hurt existing investments.
- Net metering cuts could hurt solar repayments. Net metering gives solar owners bill credits for power they send to the grid. Some states have limited or changed it. Smaller credits could leave customers less able or willing to pay for systems HASI finances.
- Cheaper fossil fuels could reduce demand. If natural gas, coal or oil gets cheaper, renewable and energy-efficiency projects look less attractive. That could slow HASI's new business, lower power prices for projects and hurt the value of its existing portfolio.
- Borrowers and project partners could default. HASI depends on payments from project sponsors, energy service companies and, indirectly, residential customers. Late payments, defaults or foreclosures could cause losses, and other creditors may rank ahead of HASI.
- Higher interest rates can squeeze profits. Rising rates can lower the value of HASI's loans and other assets and raise its borrowing costs. Its debt may come due before its assets do, so it may have to refinance at higher rates.
- Borrowed money magnifies losses in bad times. HASI uses borrowed money, which can lift returns but deepens losses when conditions turn bad. Its board can raise the leverage limit without shareholder approval, and loan covenants restrict some activities.
Recent events
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed
For income and retirement investors
HASI's dividend yield was 4.64% as of October 28, 2026. Dividends per share rose for four straight fiscal years, to about $1.52 in 2025, though growth averaged about 2.5% a year over five years. In 2025, dividends paid equaled about 114% of net income, so the payout exceeded reported earnings. The company made no share repurchases from 2021 through 2025. Its share count grew about 52% between November 2021 and August 2026. HASI gave up its real estate investment trust (REIT) status in 2024, so it no longer has to pay out most of its taxable income.
The stock has fallen hard in downturns. It dropped 58% in the 2020 COVID crash but regained its peak within about five months. In the 2022 bear market it fell 49.9% and did not recover until May 2026, about 43 months later. Its deepest decline in roughly 13.5 years of price history was 76.8%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does HASI make money?
HASI makes money by investing in clean energy and other sustainable infrastructure projects. Its income comes from interest, its share of profits from equity stakes, gains from selling assets into securitizations (pools sold to institutional investors), management fees, and leftover income from securitized assets it keeps a piece of. As of December 31, 2025, its $7.6 billion balance-sheet portfolio was about 52% behind-the-meter projects (on the customer's side of the utility meter, such as residential solar), 34% grid-connected projects like utility-scale solar and wind, and 14% fuels, transport and nature.
Is HASI still a REIT?
No. HASI was taxed as a real estate investment trust (REIT) from 2013 through 2023. REITs generally avoid corporate income tax by paying out most of their taxable income as dividends. In December 2023, the board approved dropping REIT status effective January 1, 2024, and HASI has been taxed as a regular C corporation since then. That frees it from REIT payout rules. The company warns that if it failed to qualify as a REIT in earlier years, it could owe federal, state and local taxes.
Does HASI raise its dividend every year?
Not every year, but it raised its regular dividend in each of the four fiscal years from 2022 through 2025. Dividends per share dipped from $1.34 in fiscal 2020 to $1.29 in fiscal 2021, then climbed to $1.52 in fiscal 2025, growth of about 2.5% a year over five years. In fiscal 2025, dividends paid equaled about 114% of net income, meaning HASI paid out more than it earned under standard accounting rules. The company says it cannot guarantee future dividends.
Is HASI stock volatile?
Yes. In full calendar years through 2025, price returns ranged from a gain of about 106% in 2020 to a loss of about 43% in 2022. In the COVID crash, the stock fell 58% between February 21 and March 18, 2020, then recovered in about 4.7 months. In the 2022 bear market, it fell 49.9% from January 3 to October 12, 2022, and took about 42.7 months to regain its earlier peak. That matters for anyone who may need to sell during a slump.
What are the biggest risks of investing in HASI?
Policy changes, interest rates and debt are among the biggest risks HASI describes. Its business depends partly on government policies and support, and some projects rely on net metering (bill credits for solar power sent back to the grid); cutbacks could hurt repayment. Rising rates can lower the value of its assets and squeeze profits, partly because its borrowings may come due sooner than its investments. It also uses leverage (borrowed money), which can magnify losses, and depends on project sponsors paying what they owe.