HA Sustainable Infrastructure Capital, Inc (HASI) Fair Value & Analysis
Financial Services · US · Market cap $4.8B
HA Sustainable Infrastructure Capital, Inc
HASI · US
Fair value as of: Jul 12, 2026
From 2 valuation models · updated 29 days ago
Share price +8.8% over the past month.
Below-average quality, and screening another 40% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($30.69). The favourable scenario is already priced in.
- Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.
How to read this chart
60‑month range $12.36 – $49.90 · fair‑value band $18.41 – $30.69 · the $40.68 price screens above the $24.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.
Analysis
HA Sustainable Infrastructure Capital, Inc (HASI) currently trades at $40.68, while our model-based Fair Value estimate is $24.55, implying the stock looks roughly 39.7% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, HA Sustainable Infrastructure Capital, Inc generated revenue of $87.9M at a net margin of 63.7%. Revenue declined 28.3% year over year. It earns a return on equity of 2.3%. Net debt stands at $4.9B. Fundamentals as of Jul 12, 2026
Our scenario range runs from $18.41 (bear case) to $30.69 (bull case); at $40.68, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 74% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -40%, HASI screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 2 models by family
Widest divergence: Multiples ($17.13) versus Asset-Based ($13.50). Highest evidence: P/B Multiple (55).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 68
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
HA Sustainable Infrastructure Capital, Inc., through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. The company's portfolio includes equity investments, receivables, and debt securities.
Full company description
HA Sustainable Infrastructure Capital, Inc., through its subsidiaries, engages in the investment in energy efficiency, renewable energy, and other sustainable infrastructure markets in the United States. The company's portfolio includes equity investments, receivables, and debt securities. It invests in climate solutions, including Behind-the-Meter that distributes energy projects which reduce energy cost or usage that distributes energy projects which reduce energy; Grid-Connected, a renewable energy projects that deploy cleaner energy sources, such as solar, solar-plus-storage, and wind, to generate cleaner, lower cost energy; and Fuels, Transport, and Nature, a range of infrastructure assets that are designed to reduce emissions and/or provide environmental benefits in projects beyond the power grid, such as transportation and fuels, including renewable natural gas (RNG) plants, transportation fleet enhancements, and ecological restoration, and other projects. The company was formerly known as Hannon Armstrong Sustainable Infrastructure Capital, Inc. and changed its name to HA Sustainable Infrastructure Capital, Inc. in June 2024. HA Sustainable Infrastructure Capital, Inc. was founded in 1981 and is headquartered in Annapolis, Maryland.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
HA Sustainable Infrastructure Capital, Inc reported revenue of $401M in FY2025 versus $340M in FY2021, a compound +4.2%/yr. Reported net income was $185M in FY2025, compounding +9.9%/yr from FY2021.
HASI screens 40% overvalued. Compare with Fondul Proprietatea SA →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- HASI Gains as Q2 Earnings Beat on Y/Y Revenue Growth, Raises Outlook
- HA Sustainable Infrastructure Capital (HASI) Tops Q2 Earnings and Revenue Estimates
- HA Sustainable Infrastructure Capital (NYSE:HASI) Reports Strong Q2 CY2026
- HASI Announces Second Quarter 2026 Results and Raises Guidance on 24% Y/Y Adjusted EPS Growth YTD and Adjusted ROE Above 15%
Peer Group
Asset Management · 973 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Asset Management median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 46/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Fondul Proprietatea SA FP | $0.0420 | $0.0800 | +90% |
| BlackRock, Inc BLK | $1,136 | $465.75 | -59% |
| Blackstone Inc BX | $124.56 | $16.35 | -87% |
| Investor AB INVEB | kr 423.70 | kr 847.40 | +100% |
| Brookfield Corporation BN | C$62.45 | C$10.12 | -84% |
| KKR & Co KKR | $100.94 | $44.88 | -56% |
| AB Industrivärden INDUA | kr 532.50 | kr 1,065 | +100% |
| Jio Financial Services Limited JIOFIN | ₹242.98 | ₹40.19 | -83% |
| Hedef Holding HEDEF | 267.25 TRY | 320.98 TRY | +20% |
| Bajaj Holdings BAJAJHLDNG | ₹10,398 | ₹9,202 | -12% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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