Share count
138Mpeak FY2025
← All companies ← HAS Manual HAYW → ← FINV Mortgage & Specialty Finance ONIT →
HASI, HA Sustainable Infrastructure Capital, Inc.
We have long-standing, programmatic relationships with some of the leading U.S. clean energy project developers, owners and operators, utilities, and energy service companies, which provide recurring, investment and fee-generating opportunities, while also enabling scale benefits and operational and transactional efficiencies.
The mix of our Portfolio is expected to vary over time, as we seek to manage the diversity of our Portfolio by, among other factors, project type, project operator, type of investment, type of technology, transaction size, geography, obligor, and maturity.
The fourth such quality is our multi-decade experience in investing in our target end markets, and the unique technology, policy, taxes, incentives and investment structures that characterize such markets.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$401M
+4.4% YoY · 16% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $124M +28.1% vs yr-ago qtr
Net income ($74M) yr-ago $58M
Net margin −59.4% yr-ago 60.0%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share have compounded about 5% a year across the record. Debt is 42% of assets, moderate for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $81M | $106M | $139M | $142M | $187M | $213M | $240M | $320M | $384M | $401M | $428M | RevenueRevenue |
| $15M | $31M | $42M | $82M | $82M | $127M | $42M | $149M | $200M | $185M | $56M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $22M | $34M | $46M | $85M | $86M | $62M | ($12M) | $83M | $121M | $120M | ($12M) | Funds from operationsFFO |
| Balance sheet | |||||||||||
| 222% | 198% | 154% | 101% | 116% | 183% | — | 192% | 159% | 174% | — | Dividend payout (FFO)Payout |
| $1.7B | $2.3B | $2.2B | $2.4B | $3.5B | $4.1B | $4.8B | $6.6B | $7.1B | $8.2B | $8.2B | Total assetsAssets |
| 40% | 54% | 39% | 29% | 37% | 42% | 37% | 35% | 44% | 42% | 42% | Debt / assetsDebt/assets |
| $692M | $1.2B | $835M | $700M | $1.3B | $1.8B | $1.8B | $2.3B | $3.1B | $3.5B | $3.4B | Total debtDebt |
| $663M | $1.2B | $814M | $694M | $997M | $1.5B | $1.6B | $2.3B | $3.0B | $3.4B | $3.3B | Net debt / (cash)Net debt |
| 1.3× | 1.5× | 1.6× | 2.4× | 1.9× | 2.2× | 1.4× | 2.1× | 2.1× | 1.9× | 1.3× | Interest coverageInt. cov. |
| $574M | $643M | $805M | $940M | $1.2B | $1.6B | $1.7B | $2.1B | $2.4B | $2.7B | $2.5B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 40.3M | 50.4M | 52.8M | 64.8M | 74.4M | 87.7M | 90.6M | 109M | 131M | 138M | 128M | Shares out (diluted)Shares |
| $0.55 | $0.68 | $0.87 | $1.31 | $1.16 | $0.71 | $-0.13 | $0.76 | $0.92 | $0.87 | $-0.10 | FFO / shareFFO/sh |
| $1.23 | $1.35 | $1.34 | $1.33 | $1.34 | $1.29 | $1.46 | $1.46 | $1.47 | $1.52 | $1.69 | Dividends / shareDiv/sh |
| $14.25 | $12.76 | $15.24 | $14.51 | $16.27 | $17.87 | $18.37 | $19.56 | $18.43 | $19.23 | $19.87 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +4.1%/yr | +2.9%/yr |
| EPS | +15.6%/yr | +3.8%/yr |
| Dividends / share | +2.4%/yr | +2.5%/yr |
| Book value / share | +3.4%/yr | +3.4%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$401Mlow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- about $0.87 per shareNet income $185M + depreciation $780K − gains on sale $65M
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Not covered by FFODividends $210M ÷ FFO $120MIndustry peers: median 43%
What this means
A REIT must distribute most of its taxable income, so a high payout is normal and the question is whether FFO covers it. Above 100%, the trust is funding the dividend with debt or asset sales, and a cut usually follows.
Is it sound?
- Debt / assets 42%ModerateTotal debt $3.5B ÷ assets $8.2BIndustry peers: median 49%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Thin(operating income + depreciation) ÷ interest $292MIndustry peers: median 3.7×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“Artificial intelligence could increase competitive, operational, legal and regulatory risks to our business in ways that we cannot predict.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|---|
| 2021 | — | $9.2M | $4.4M | $127M |
| 2022 | — | $8.0M | −$977k | $42M |
| 2023 | Mr. Lipson | $8.2M | $7.4M | $149M |
| 2023 | — | $6.1M | $5.1M | $149M |
| 2024 | Mr. Lipson | $8.4M | $8.4M | $200M |
| 2025 | Mr. Lipson | $9.6M | $12.6M | $185M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.
- Insider ownership2.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$30M
The slice of the business handed to employees in shares this year, 7% of revenue, equal to 5% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Credit & receivables, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Specialty REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| OUTOUTFRONT Media Inc. | $1.8B | 16% | 5.1% | 70% | 48% |
| HHHHoward Hughes Holdings Inc. | $1.5B | 19% | 2.9% | — | 55% |
| TPLTexas Pacific Land | $798M | 67% | 37.5% | 28% | — |
| EPREPR Properties | $718M | 53% | 5.7% | 80% | 49% |
| JOESt. Joe Company (The) | $513M | 33% | 7.0% | 21% | 26% |
| RYNRayonier Inc. REIT | $484M | 28% | 8.1% | 56% | 37% |
| HASIHA Sustainable Infrastructure Capital, Inc. | $401M | 31% | 1.5% | 174% | 39% |
| SAFESafehold Inc. New Common Stock | $386M | 20% | 1.7% | 30% | 63% |
| Group median | — | 30% | 5.4% | 56% | 48% |
The price
What a price has to assume.
What the price implies
reverse-DCFA reit / real estate isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Cite: Owner Scorecard, "HA Sustainable Infrastructure Capital, Inc. (HASI), the owner's record," https://ownerscorecard.com/c/HASI, data as of 2026-07-09.
Manual order: ← HAS its page in the Manual HAYW →
Industry order: ← FINV the Mortgage & Specialty Finance chapter ONIT →