HA Sustainable Infrastructure Capital, Inc.
HASI · Investors, NEC · 128.4M shares · +14%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$19M (gross $366K, SBC $20M)
Reference price $39.22 · est. market cap ~$5.0B — last insider sale, 2026-02-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74HA Sustainable Infrastructure Capital — climate-infrastructure investor/financier.
Strengths
- Net margin 46% (92nd pct), strong operating cash margin (88th)
- Recurring, contracted clean-energy/efficiency cash flows
Risks
- Rate-sensitive, externally levered investment model
- Renewable-policy and counterparty exposure
Notable findings
- Restatement• we have a Clawback Policy that provides for the possible recoupment of performance or incentive-based compensation in the event of an accounting restatement due to material noncompliance by us with 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +14%/yr over 4y (dilution)
- Strong balance sheetStrong balance sheet — $110M cash & investments
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$5M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Net margin
46.1%
Return on assets
2.3%
Revenue growth (QoQ)
8.2%
Net-income growth
-7.7%
Cash & investments
$110M
Stock comp / revenue
7.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | Whicher Michelle | Tax withheld | 961 | $41.19 |
| 2026-03-05 | Viral Amin A | Tax withheld | 679 | $36.43 |
| 2026-03-05 | Whicher Michelle | Tax withheld | 2.2K | $36.43 |
| 2026-02-17 | Eckel Jeffrey | Sell | 125K | $39.22 |
| 2026-02-17 | Eckel Jeffrey | Sell | 9.4K | $39.34 |
| 2025-05-15 | Whicher Michelle | Tax withheld | 629 | $28.35 |
| 2025-03-24 | Brenner Teresa | Gift | 2.0K | — |
| 2025-03-05 | Viral Amin A | Tax withheld | 679 | $28.53 |
| 2025-03-05 | Whicher Michelle | Tax withheld | 669 | $28.53 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-06-15 | Other | filing ↗ |
| 2026-06-05 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-27 | Exec/director change | filing ↗ |
| 2026-03-03 | Other | filing ↗ |
| 2026-03-02 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-02-27 | Material agreementDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-24 | 0001104659-26-078275 ↗ |
| 8-K | 2026-06-15 | 2026-06-15 | 0001104659-26-073802 ↗ |
| 8-K | 2026-06-05 | 2026-06-05 | 0001561894-26-000119 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001561894-26-000074 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001561894-26-000072 ↗ |
| 8-K | 2026-03-27 | 2026-03-25 | 0001193125-26-129174 ↗ |
| 10-K/A | 2026-03-26 | 2025-12-31 | 0001561894-26-000046 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001193125-26-088365 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001193125-26-085517 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001193125-26-082873 ↗ |
| 8-K | 2026-02-23 | 2026-02-18 | 0001193125-26-064334 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0001193125-26-056130 ↗ |