Ha Sustainable Infrastructure Capital, Inc. (HASI) intrinsic value & 10-year financials
Ha Sustainable Infrastructure Capital, Inc. (HASI) has a Graham intrinsic value of $46.83 per share. At $36.42 on Oct 17, 2026, the stock trades 22% below that value. Over the last 10 fiscal years revenue grew 19.4% a year to $400.5M, with an average return on invested capital of 4.9%.
- Graham intrinsic value
- $46.83
- Share price (Oct 17, 2026)
- $36.42
- Price vs Graham value
- 22% below
- Market cap
- $5.0B
- Revenue (FY2025)
- $400.5M
- Revenue growth (10-yr CAGR)
- 19.4%
- ROIC (10-yr avg)
- 4.9%
- Free cash flow (FY2025)
- —
HASI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $400.5M | $184.5M | $1.41 | — | — | 7.2% |
| FY2024 | $383.6M | $200.0M | $1.62 | — | — | 8.9% |
| FY2023 | $319.9M | $148.8M | $1.42 | — | — | 7.3% |
| FY2022 | $239.7M | $41.5M | $0.47 | — | — | 2.2% |
| FY2021 | $213.2M | $126.6M | $1.51 | — | — | 7.6% |
| FY2020 | $186.9M | $82.4M | $1.10 | — | — | 5.2% |
| FY2019 | $141.6M | $81.6M | $1.24 | — | — | 5.0% |
| FY2018 | $137.8M | $41.6M | $0.75 | — | — | 2.4% |
| FY2017 | $105.6M | $30.9M | $0.57 | — | — | 2.0% |
| FY2016 | $81.2M | $14.7M | $0.32 | — | — | 1.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HA Sustainable Infrastructure Capital, Inc. is a consistent compounder, expanding top-line revenue at 19.4% annually over the past decade.
HA Sustainable Infrastructure Capital, Inc. has historically struggled to out-earn its cost of capital, averaging just 4.9% ROIC.
HA Sustainable Infrastructure Capital, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HA Sustainable Infrastructure Capital, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $46.83 per share.