HASI
Invests in sustainable infrastructure through balance-sheet, securitization, and co-investment capital.
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Profile
Invests across U.S. distributed energy, utility-scale renewables and storage, renewable natural gas, fleet decarbonization, and ecological restoration. Returns come from long-term project cash flows, securitizations, retained interests, and fees on co-investment vehicles, with capital-market access and policy incentives shaping the model.
Invests in U.S. sustainable infrastructure using equity, joint ventures, receivables, securities, and renewable-energy land interests. The portfolio spans Behind the Meter projects including distributed solar, storage, and energy efficiency; Grid-Connected utility-scale solar, wind, and battery storage; and Fuels, Transport, and Nature investments in renewable natural gas, fleet decarbonization, and ecological restoration.
Targets income-producing real assets backed by long-term recurring cash flows. Combines financial structuring with programmatic developer relationships to source, underwrite, and manage investments, earning portfolio interest and equity income, securitization gains and retained interests, plus origination and management fees from co-investment vehicles.
Operates primarily in U.S. energy-transition markets and funds investments with debt, equity, securitizations, and partner capital. Results depend on client origination, project counterparties and performance, capital-market access, borrowing costs, energy prices, government policy and tax incentives, and continued exemption from investment-company registration.
Company facts
Key statistics
Year to date +25.7% · Average volume (30d) 904.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 18, 2026 | Morgan Stanley | Reiterate | Overweight | $57 | $60 |
| Aug 7, 2026 | Robert W. Baird | Target | $48 | $51 | |
| May 27, 2026 | Morgan Stanley | Reiterate | Overweight | $47 | $57 |
| May 8, 2026 | UBS | Reiterate | Buy | $36 | $50 |
| May 8, 2026 | Oppenheimer | Target | $50 | $52 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.73 | $0.75 | +2.6% | $112.0M | $120.8M | +7.9% | +6.38% |
| May 7, 2026Q1 FY26 | $0.68 | $0.77 | +13.2% | $112.2M | $124.2M | +10.7% | −3.34% |
| Feb 12, 2026Q4 FY25 | $0.66 | $0.67 | +1.5% | $105.9M | $114.8M | +8.4% | +10.80% |
| Nov 6, 2025Q3 FY25 | $0.69 | $0.80 | +15.9% | $28.7M | $227.6M | +692.1% | +12.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $96.9M | $85.7M | $103.1M | $114.8M | $124.2M | $120.8M | |
| Gross profit | $32.3M | $5.9M | $31.6M | $38.3M | $25.0M | $33.3M | |
| Operating income | −$5.9M | −$19.7M | −$5.2M | $3.6M | −$25.3M | $9.8M | |
| Net income | $56.6M | $98.4M | $83.3M | −$53.8M | −$72.0M | $128.6M | |
| Diluted EPS | $0.44 | $0.74 | $0.61 | −$0.43 | −$0.57 | $0.92 | |
| Gross margin | 33.3% | 6.9% | 30.6% | 33.4% | 20.1% | 27.6% | |
| Operating margin | -6.1% | -23.0% | -5.0% | 3.1% | -20.3% | 8.1% |
Fiscal years (4-quarter sums)FY21 $339.6M · FY22 $271.0M · FY23 $460.8M · FY24 $631.5M · FY25 $400.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $249.9M · Total debt $5.90B · Total assets $8.94B · Shareholders' equity $2.54B
Dividends
Raised for 11 straight years — most recently to $0.425 from $0.42 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 2, 2026 | Jul 2 | Jul 10 | $0.425 | |
| Apr 2, 2026 | Apr 2 | Apr 17 | $0.425 | raised from $0.42 |
| Dec 29, 2025 | Dec 29 | Jan 9 | $0.42 | |
| Oct 3, 2025 | Oct 3 | Oct 17 | $0.42 | |
| Jul 2, 2025 | Jul 2 | Jul 11 | $0.42 | |
| Apr 4, 2025 | Apr 4 | Apr 18 | $0.42 | raised from $0.415 |
| Dec 30, 2024 | Dec 30 | Jan 10 | $0.415 | |
| Oct 4, 2024 | Oct 4 | Oct 18 | $0.415 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 127.80M · Float 125.49M · 98.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 21.36M | 16.71% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 9.78M | 7.65% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 7.91M | 6.19% | 13F | Aug 13, 2026 |
| T. Rowe Price Investment Management, Inc. | 6.67M | 5.22% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 5.77M | 4.52% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 17, 2026 | Jeffrey Eckel | director | −134,398 | $39.23 |
Peers
- Brookfield Renewable Partners
Scale renewable platform across power, storage, and transition assets
- Clearway Energy
Contracted clean-energy owner across U.S. wind, solar, and storage
- XPLR Infrastructure
Contracted U.S. clean-energy asset owner with stable cash flows
- NextEra Energy
Large clean-power developer and owner competing for projects and capital
- Blackstone
Infrastructure and energy-transition credit at far larger scale
- Apollo Global Management
Clean-transition credit platform for infrastructure and renewables
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| HASI | $40.00 | −0.02% | $5.11B | 75.5 | 12.9 | 11.0 | +41.0% |
| Brookfield Renewable Partners | $32.20 | +1.42% | $9.71B | 69.0 | — | 1.5 | +1.1% |
| Clearway Energy | $32.00 | +0.69% | $6.53B | 41.8 | — | 4.1 | +22.7% |
| XPLR Infrastructure | $11.72 | −0.09% | $1.10B | 17.5 | 19.8 | 0.9 | +6.5% |
| NextEra Energy | $81.84 | +0.02% | $170.72B | 18.3 | 19.9 | 5.9 | +12.5% |
| Blackstone | $142.86 | +0.35% | $171.97B | 31.6 | 22.2 | 10.7 | +2.4% |
| Apollo Global Management | $135.48 | +0.35% | $77.78B | 30.2 | 13.8 | 2.2 | +63.7% |
| Median | 30.9 | 19.9 | 3.2 | +9.5% |