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HA Sustainable Infrastructure Capital

HASI
55
Asset Management · Financial Services
Also trades as: 0J2Z.L GBP 0.36 (-0.96%)
Price
$36.54
+0.06 (+0.16%)
Market Cap
$4.70B
Exchange
New York Stock Exchange
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Mixed
7/20
Cash Flow
Strong
7/10
Stability
Good
6/10
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Good
3/5

55 of 100 counted points = Winston Score 55.

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Share count rising — dilution

+57.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 87.7M (2021) → 138.2M (2025)

§Winston Score History

The full picture

HA Sustainable Infrastructure Capital (HASI) is a specialty finance company that lends money to clean energy and sustainable infrastructure projects. Its customers include solar farms, wind projects, energy efficiency upgrades, and other environmentally focused assets across the United States. HASI acts as a lender and investor rather than building or operating these projects itself.

The company makes money by earning interest and returns on the loans and equity investments it makes in clean energy assets, similar to how a bank earns interest on loans. It operates primarily in the U.S. and manages a portfolio of roughly $12 billion in assets, giving it meaningful scale in the sustainable infrastructure lending space. HASI's growth depends heavily on continued demand for clean energy financing, but rising interest rates are a key risk because they increase the company's borrowing costs and can compress the profit margin between what it earns on investments and what it pays to fund them.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+25.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$5.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

HA Sustainable Infrastructure Capital grew revenue 140870% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
0.0%
Thin — 0.0% gross margin
Profit after running costs
Operating Margin
71.5%
Excellent — 71.5% operating margin
Return on the money invested
ROCE
1022.0%
Exceptional — 1022.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
>+1,000%
Fast-growing sales (>+1,000% YoY)
Profit growth
EPS YoY
-60.9%
Earnings shrinking (-60.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
1526%
Turns 1526% of profit into real cash
Spare cash per sale
FCF Margin
0.2%
Thin free cash flow (0.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
2.32
Heavy debt load (2.32)
Covers its interest
Interest Cover
244.49x
Comfortably covers interest (244.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
55.4x
Expensive — P/E 55.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+45.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (55.4 → 10.2)

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Dividends

Dividend
Dividend Yield
4.67%
Healthy income — 4.67% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+1.2%
Dividend flat
Payout Ratio
255%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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