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HA Sustainable Infrastructure Capital (HASI) shares are in focus after the company reported fourth quarter and full year 2025 results that topped revenue expectations and modestly beat non GAAP profit per share estimates.
See our latest analysis for HA Sustainable Infrastructure Capital.
The earnings beat and record 2025 investment activity have coincided with a sharp swing in sentiment. A 24.76% year to date share price return and a 49.91% 1 year total shareholder return suggest momentum has picked up after a weaker 5 year total shareholder return of 18.09%.
If this kind of climate focused story has your attention, it could be worth checking our screener of 25 power grid technology and infrastructure stocks as a starting point for other grid and infrastructure names benefiting from similar themes.
With HA Sustainable Infrastructure Capital now up nearly 50% over the past year and trading only about 5.6% below the average analyst price target, despite an implied intrinsic discount of roughly 13.7%, is there still an entry point here, or is the market already baking in years of future growth?
On Simply Wall St’s numbers, HA Sustainable Infrastructure Capital trades on a P/E of 27.4x, which sits well above both its industry and fair value benchmarks.
The P/E ratio compares the current share price to earnings per share and, for a diversified financial name like HASI, it signals how much investors are paying today for each dollar of current earnings.
Here, the stock is described as expensive relative to the estimated fair P/E of 16.5x. This suggests the market is paying a premium to the level that the SWS fair ratio model points to as a possible anchor level over time. That premium is also clear against the wider US diversified financial industry, where the average P/E sits at 15.3x. This means HASI is priced at a much richer earnings multiple than many peers despite also being framed as good value versus a smaller peer set on a 30.3x average.
Explore the SWS fair ratio for HA Sustainable Infrastructure Capital
Result: Price-to-earnings of 27.4x (OVERVALUED)
However, there are still risks here, including the relatively rich 27.4x P/E and the recent rebrand, which could leave sentiment sensitive to any disappointment.
Find out about the key risks to this HA Sustainable Infrastructure Capital narrative.
While the 27.4x P/E paints HASI as expensive, our DCF model tells a different story. With the shares at $39.70 and the future cash flow value estimate at $45.98, HASI screens as undervalued. So is the market overpaying on earnings, or underpricing long term cash flows?
