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Asset management · Financial Services · Fiscal year ends Dec 31
HA Sustainable Infrastructure Capital reported revenue of $401M in the fiscal year ended Dec 2025, up 4.4% from the year before. Net income was $185M.
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 213 | 240 | 320 | 384 | 401 |
| Interest expense | 122 | 116 | 171 | 242 | 292 |
| Pre-tax income | 145 | 49.3 | 182 | 274 | 273 |
| Income tax | 17.2 | 7.4 | 31.6 | 70.2 | 85.2 |
| Net income | 127 | 41.5 | 149 | 200 | 185 |
| Diluted EPS | 1.51 | 0.47 | 1.42 | 1.62 | 1.41 |
| Diluted shares | 87.7 | 90.6 | 109 | 131 | 138 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 226 | 156 | 62.6 | 130 | 110 |
| Total assets | 4,148 | 4,760 | 6,552 | 7,080 | 8,188 |
| Short-term debt | 50.1 | 0.2 | 30.2 | 100 | 225 |
| Long-term debt | 430 | 433 | – | – | – |
| Total liabilities | 2,582 | 3,095 | 4,411 | 4,675 | 5,530 |
| Shareholders' equity | 1,567 | 1,665 | 2,142 | 2,405 | 2,658 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 13.3 | 0.2 | 99.7 | 5.9 | 167 |
| Depreciation & amortisation | 3.8 | 4.0 | 3.1 | 1.0 | 0.8 |
| Stock-based compensation | 17.0 | 20.1 | 19.8 | 25.6 | 29.9 |
| Dividends paid | 114 | 132 | 160 | 192 | 210 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.5% | 33.4% | 19.9% | 4.4% |
| EPS growth (YoY) | – | −68.9% | 202.1% | 14.1% | −13.0% |
| Net margin | 59.4% | 17.3% | 46.5% | 52.1% | 46.1% |
| Return on equityBlank when equity is negative | 8.1% | 2.5% | 6.9% | 8.3% | 6.9% |
| Cash conversion (CFO ÷ net income) | 0.11x | 0.01x | 0.67x | 0.03x | 0.91x |
| Debt ÷ equity | 0.31x | 0.26x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 254 | 277 | – | – | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.