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Companies / Financials / HA Sustainable Infrastructure Capital, Inc.
HASI

HA Sustainable Infrastructure Capital, Inc.

FinancialsHolding & Investment
Ticker HASIANNAPOLIS, MDFiscal year ends DecemberBook value per share $17.77Diluted shares 143.0M

HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI) invests in and manages sustainable infrastructure assets that support the energy transition, primarily through income-generating investments backed by long-term recurring cash flows. It partners with project developers, owners and operators, utilities, energy… From the company’s description.

In fiscal 2025, HA Sustainable Infrastructure Capital, Inc. reported revenue of $400.50M, up 4.4% from fiscal 2024, and net income of $188.24M. Its operating margin was 66.2%, and operations generated $167.32M in cash. Over the twelve months to Jun 30, 2026, revenue was $462.89M.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$400.50MFY2025
+4.4% year over year
Last 12 mo $462.89M
66.22%FY2025
+59.5 percentage points
Last 12 mo 68.65%
$188.24MFY2025
−7.6% year over year
Last 12 mo $88.30M
7.17%FY2025
−1.4 percentage points
Last 12 mo 3.39%
Cash & financing
$167.32MFY2025
+2759.1% year over year
Last 12 mo $208.53M
$167.32MFY2025
+2759.1% year over year
Last 12 mo $208.53M
2.00FY2025
Was 1.88× a year earlier
Last 12 mo 2.32
138.2MFY2025
+5.9% year over year
Last 12 mo 143.0M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What HA Sustainable Infrastructure Capital, Inc. does

In the company’s own words

HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI) invests in and manages sustainable infrastructure assets that support the energy transition, primarily through income-generating investments backed by long-term recurring cash flows. It partners with project developers, owners and operators, utilities, energy service companies and other clients, investing through debt, equity, joint ventures, real estate, receivables and securities. Its activities span three markets: Behind-the-Meter projects such as distributed solar, storage and energy efficiency; Grid-Connected utility-scale solar, wind and battery storage; and Fuels, Transport, and Nature projects including renewable natural gas, fleet decarbonization and ecological restoration. At December 31, 2025, its $7.6 billion retained portfolio comprised more than 700 investments, with 52% in Behind-the-Meter, 34% in Grid-Connected and 14% in Fuels, Transport, and Nature assets. Its managed assets totaled approximately $16.1 billion that year, including co-investment structures and securitization trusts. The company was historically organized as a real estate investment trust through 2023 and became a C corporation in 2024. Its website is www.hasi.com.

Company details
Sector
Financials
Industry (SIC)
Holding & Investment
Headquarters
ANNAPOLIS, MD
Fiscal year end
December
CIK
1561894
SIC
6799

Financial performance, year by year

Fiscal 2013–2025 · USD
$-60.19M$82.47M$225.13M$367.79M$510.44M2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns HA Sustainable Infrastructure Capital, Inc. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

276
funds hold it
0 of 35
superinvestors hold it
$2.28B
held by funds, at market
44.6%
of shares held by funds
8
bond issues held by funds

Largest fund holders · HA Sustainable Infrastructure Capital, Inc.’s weight in each

iShares Core S&P Small-Cap ETF
IJR · iShares Trust
0.27%of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%of fund net assets
—of fund net assets
iShares Russell 2000 ETF
IWM · iShares Trust
0.16%of fund net assets
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.06%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

HA Sustainable Infrastructure Capital, Inc.’s bonds, as funds hold them

Funds report holding 8 issues of HA Sustainable Infrastructure Capital, Inc.’s debt, $1.37B at market value — what funds hold, not the company’s total debt. Weighted-average coupon 6.73%, maturing 2026 to 2056.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do HA Sustainable Infrastructure Capital, Inc. and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of HA Sustainable Infrastructure Capital, Inc.'s earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in HA Sustainable Infrastructure Capital, Inc.'s last four quarterly filings that the numbers alone won't show?”
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