HA Sustainable Infrastructure Capital, Inc. Financial Ratios — HASI

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	-172.96	53.19	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-5.74	1.87	-2.6	1.22	0.64	0.91	1.54	1.89	3.59	2.82	3.33	0.93	2.63	2.93	2.42
Return on Capital (%)	- -	2.19	- -	2	1.07	1.66	2.8	3.47	7.03	- -	5.83	1.63	4.37	4.81	3.98
Return on Invested Capital (%)	- -	2.66	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	39.23	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	34.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	41.87	39.04	464.25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-256.63	24.7	-90.29	34.23	25.32	35.41	50.82	51.89	63.61	56.05	66.32	31.71	62.92	70.37	66.9
Profit Margin (%)	-256.63	24.7	-73.29	33.57	24.72	34.83	49.13	49.1	57.64	57.76	58.1	26.69	51.35	51.41	45.15
Net Income to Common Margin (%)	-256.63	24.7	-73.29	33.57	24.72	34.83	49.13	49.1	57.64	57.76	58.1	26.69	51.35	51.41	45.15
Effective Tax Rate (%)	- -	- -	- -	0.27	1.45	0.95	2.77	4.88	8.99	- -	11.87	14.97	17.34	25.64	31.17
Dvd Payout Ratio (%)	- -	- -	-48.13	139.58	389.53	332.98	218.6	168.95	105.02	120.17	88.6	312.38	104.66	92.79	109.3
Sustainable Growth Rate (%)	-172.96	53.19	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	155	205	337	635	911	975	1,428	1,242	1,393	2,189	2,493	2,975	4,247	4,400	5,149
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	155	205	337	635	911	975	1,428	1,242	1,393	2,189	2,493	2,975	4,247	4,400	5,149
Total Debt/EBITDA	- -	33.9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	30.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	39.02	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	35.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	21.05	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	20.29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	18.29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.32	3.66	-2.4	-2.45	-3.56	-5.26	-5.81	-7.55	-7.08	-5.88	-4.65	-5.98	-4.62	-4.19	-3.93
Long-Term Debt/Equity (%)	952.22	1,069.21	223.76	231.7	210.86	169.84	222.23	154.35	148.21	180.88	159.14	178.72	198.33	182.93	193.74
Long-Term Debt/Capital (%)	96.4	96.01	102.93	103.25	105.61	109.92	109.77	114.7	113.5	109.86	107.37	109.14	106.34	105.47	104.86
Long-Term Debt/Total Assets (%)	88.82	88.14	58.98	62.95	62	55.87	63.48	57.63	58.35	63.28	60.1	62.5	64.82	62.14	62.89
Total Debt/Equity (%)	952.22	1,069.21	223.76	231.7	210.86	169.84	222.23	154.35	148.21	180.88	159.14	178.72	198.33	182.93	193.74
Total Debt/Capital (%)	96.4	96.01	102.93	103.25	105.61	109.92	109.77	114.7	113.5	109.86	107.37	109.14	106.34	105.47	104.86
Total Debt/Total Assets (%)	88.82	88.14	58.98	62.95	62	55.87	63.48	57.63	58.35	63.28	60.1	62.5	64.82	62.14	62.89
Net Debt to Equity	-10.03	959.89	-21.14	-21.24	-9.87	-5.12	-8.91	-2.66	-0.66	-23.65	-14.44	-9.35	-2.92	-5.4	-4.15
Net Debt/Capital (%)	-1.03	95.58	-10.77	-10.45	-5.2	-3.43	-4.6	-2.02	-0.51	-16.78	-10.79	-6.06	-1.59	-3.21	-2.3
EBITDA	- -	6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	2.49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	2.49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	25.72	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	2.31	-2.55	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.32	3.66	-2.4	-2.45	-3.56	-5.26	-5.81	-7.55	-7.08	-5.88	-4.65	-5.98	-4.62	-4.19	-3.93
Long-Term Debt/Equity (%)	952.22	1,069.21	223.76	231.7	210.86	169.84	222.23	154.35	148.21	180.88	159.14	178.72	198.33	182.93	193.74
Long-Term Debt/Capital (%)	96.4	96.01	102.93	103.25	105.61	109.92	109.77	114.7	113.5	109.86	107.37	109.14	106.34	105.47	104.86
Long-Term Debt/Total Assets (%)	88.82	88.14	58.98	62.95	62	55.87	63.48	57.63	58.35	63.28	60.1	62.5	64.82	62.14	62.89
Total Debt/Equity (%)	952.22	1,069.21	223.76	231.7	210.86	169.84	222.23	154.35	148.21	180.88	159.14	178.72	198.33	182.93	193.74
Total Debt/Capital (%)	96.4	96.01	102.93	103.25	105.61	109.92	109.77	114.7	113.5	109.86	107.37	109.14	106.34	105.47	104.86
Total Debt/Total Assets (%)	88.82	88.14	58.98	62.95	62	55.87	63.48	57.63	58.35	63.28	60.1	62.5	64.82	62.14	62.89
CFO/Total Liabilities	0.97	4.56	-2.56	0.7	1.78	4.85	0.73	4.35	2.04	3.26	0.52	0.01	2.26	0.13	3.03
CFO/CapEx	29.46	44.87	-165.42	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.06	0.26	0.3	0.23	0.31	0.34	0.4	0.38	0.81	1.18	0.97	0.44	0.36	0.39	0.41

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

- -

Cash Conversion Cycle

- -

Inventory to Cash Days

- -

Inventories

- -

Raw Materials

- -

Work In Process

- -

Finished Goods

- -

Other Inventory

- -

Enterprise Value (USD)

MCP API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	219	294	582	765	1,212	1,005	2,057	4,592	4,249	2,536	2,809	3,100	3,865
- Cash & Cash Equivalents	2	21	32	58	43	29	57	21	6	286	226	156	63	130	110
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	4	5	4	4	4	3	3	7	22	36	49	68	83
+ Total Debt	155	205	337	635	911	975	1,428	1,242	1,393	2,189	2,493	2,975	4,247	4,400	5,149
Enterprise Value	153	184	529	875	1,454	1,715	2,586	2,229	3,447	6,501	6,538	5,391	7,043	7,438	8,987
Total Capital	161	213	327	615	863	887	1,301	1,083	1,227	1,992	2,322	2,726	3,994	4,172	4,911
Total Debt/Capital (%)	96.4	96.01	102.93	103.25	105.61	109.92	109.77	114.7	113.5	109.86	107.37	109.14	106.34	105.47	104.86
Total Debt / EV	1.01	1.11	0.64	0.73	0.63	0.57	0.55	0.56	0.4	0.34	0.38	0.55	0.6	0.59	0.57
EV/Sales	78.57	11.94	37.05	30.59	45.17	40.76	41.18	26.32	24.36	45.56	30.01	34.67	24.3	19.12	21.99
EV/EBITDA	- -	30.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	35.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	100.16	18.35	- -	170.88	78.54	30.16	220.74	37.92	116.89	88.71	491.23	23,438.51	70.65	1,271.06	53.71
EV/Free Cash Flow to Firm	96.87	17.96	- -	170.88	78.54	30.16	220.74	37.92	116.89	88.71	491.23	23,438.51	70.65	1,271.06	53.71
Diluted Market Cap	- -	- -	219	294	582	765	1,212	1,005	2,084	4,717	4,657	2,626	3,019	3,501	4,343
Diluted Enterprise Value	153	184	529	875	1,454	1,715	2,586	2,229	3,475	6,627	6,946	5,481	7,253	7,839	9,465
EV per Share	10.14	12.16	33.64	42.38	47.28	42.56	51.36	42.24	53.93	89.81	81.73	61.61	69.15	64.37	73.08
TTM Sales	2	15	14	29	32	42	63	85	142	143	218	155	290	389	409
TTM EBITDA	- -	6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	2	10	-11	5	19	57	12	59	29	73	13	- -	100	6	167
TTM Free Cash Flow to Firm	2	10	-11	5	19	57	12	59	29	73	13	- -	100	6	167

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	09/30/2011	09/30/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	-20.53	57.38	31.43	13.46	103.41	17.1	70.68	64.37	349.92	11,416.78	30.29	598.32	25.96
EV/EBIT	- -	35.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	153	184	529	875	1,454	1,715	2,586	2,229	3,447	6,501	6,538	5,391	7,043	7,438	8,987
Low Price	- -	- -	10.67	12.61	13.61	15.69	18.02	17.33	18.92	15.01	44.69	21.56	13.22	21.77	21.98
EV/Sales	78.57	11.94	37.05	30.59	45.17	40.76	41.18	26.32	24.36	45.56	30.01	34.67	24.3	19.12	21.99
EV/EBITDA	- -	30.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	30.6	73.13	52.22	39.27	24.18	25.22	55.71	33.57	61.1	18.87	15.5	20.94
Price/Earnings Average	- -	- -	-17.86	30.01	70.04	56.17	36.21	25.85	21.11	32.43	35.85	79.45	17.71	17.02	18.89
Price/Earnings High	- -	- -	-21.26	32.49	83.18	69.32	41.26	30.76	25.79	58.28	45.77	115.31	27.15	21.12	23.01
Price/Earnings Low	- -	- -	-16.03	27.11	52.61	43.15	29.41	22	14.83	13.18	28.24	45.46	9.05	12.58	14.65
Price/Book Value	- -	- -	-16.01	-11.88	-11.12	-8.34	-9.27	-6.18	-12.16	-22.58	-22.03	-8.91	-9.29	-10.46	-12.01
Price/Book Value Average	- -	- -	-13.63	-11.65	-10.65	-8.97	-8.55	-6.61	-10.18	-13.14	-23.53	-11.59	-8.71	-11.49	-10.83
Price/Book Value High	- -	- -	-16.23	-12.62	-12.65	-11.07	-9.74	-7.87	-12.44	-23.62	-30.04	-16.82	-13.36	-14.26	-13.2
Price/Book Value Low	- -	- -	-12.24	-10.53	-8	-6.89	-6.94	-5.63	-7.15	-5.34	-18.54	-6.63	-4.45	-8.49	-8.4
Price/Tangible Book Value	- -	- -	1.46	1.17	1.44	1.33	1.89	1.25	2.19	3.79	2.71	1.52	1.31	1.29	1.45
Price/Tangible Book Value Average	- -	- -	1.24	1.15	1.38	1.43	1.74	1.34	1.83	2.21	2.9	1.98	1.23	1.42	1.31
Price/Tangible Book Value High	- -	- -	1.48	1.24	1.63	1.77	1.98	1.59	2.24	3.97	3.7	2.87	1.89	1.76	1.6
Price/Tangible Book Value Low	- -	- -	1.11	1.04	1.03	1.1	1.41	1.14	1.29	0.9	2.28	1.13	0.63	1.05	1.02
Price/Sales	- -	- -	15.37	10.27	18.08	18.19	19.29	11.87	14.53	32.18	19.5	16.31	9.69	7.97	9.46
Price/Sales Average	- -	- -	13.09	10.07	17.31	19.57	17.79	12.69	12.17	18.73	20.83	21.21	9.09	8.75	8.53
Price/Sales High	- -	- -	15.58	10.91	20.56	24.15	20.27	15.1	14.86	33.66	26.59	30.78	13.94	10.86	10.39
Price/Sales Low	- -	- -	11.75	9.1	13	15.03	14.45	10.8	8.55	7.61	16.41	12.13	4.65	6.46	6.61
Price/Cash Flow	- -	- -	-20.41	57.38	31.43	13.46	103.41	17.1	69.75	62.66	319.27	11,025.1	28.18	529.76	23.1
Price/Cash Flow Average	- -	- -	-17.37	56.28	30.1	14.48	95.35	18.28	58.4	36.47	340.95	14,336.22	26.44	581.91	20.84
Price/Cash Flow High	- -	- -	-20.68	60.93	35.75	17.87	108.66	21.75	71.33	65.54	435.28	20,806.17	40.53	721.88	25.38
Price/Cash Flow Low	- -	- -	-15.6	50.85	22.61	11.12	77.45	15.56	41.01	14.83	268.61	8,202.25	13.51	429.85	16.15
Price/Free Cash Flow Average	- -	- -	-17.47	56.28	30.1	14.48	95.35	18.28	59.18	37.47	373.68	14,845.52	28.42	657.22	23.41
Price/Free Cash Flow High	- -	- -	-20.81	60.93	35.75	17.87	108.66	21.75	72.29	67.34	477.06	21,545.32	43.56	815.3	28.52
Price/Free Cash Flow Low	- -	- -	-15.69	50.85	22.61	11.12	77.45	15.56	41.56	15.23	294.39	8,493.64	14.52	485.48	18.15
EV/Sales Average	78.57	11.94	34.76	30.39	44.41	42.14	39.68	27.14	21.99	32.11	31.33	39.57	23.7	19.9	21.06
EV/Sales High	78.57	11.94	37.26	31.22	47.66	46.72	42.16	29.55	24.69	47.04	37.09	49.14	28.55	22.01	22.92
EV/Sales Low	78.57	11.94	33.42	29.42	40.1	37.6	36.34	25.25	18.37	21	26.91	30.5	19.25	17.61	19.14
EV/EBITDA Average	- -	30.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	30.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	30.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	35.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	35.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	35.03	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	13.96	14.23	18.92	18.99	24.06	19.05	32.18	63.43	53.12	28.98	27.58	26.83	31.43
High Price	- -	- -	14.15	15.11	21.52	25.21	25.28	24.23	32.91	66.35	72.42	54.69	39.67	36.56	34.53
Enterprise Value Average	153	184	496	870	1,430	1,773	2,492	2,298	3,112	4,582	6,826	6,152	6,870	7,743	8,609
Enterprise Value High	153	184	532	894	1,534	1,965	2,648	2,503	3,494	6,712	8,082	7,641	8,274	8,563	9,369
Enterprise Value Low	153	184	477	842	1,291	1,582	2,282	2,138	2,600	2,996	5,863	4,742	5,581	6,854	7,825

Shares Outstanding	15	15	16	26	37	46	52	61	66	76	85	91	112	119	128
Diluted Weighted Avg Shares	15	15	16	21	31	40	50	53	65	74	88	91	109	131	138
Basic Weighted Avg Shares	15	15	16	21	31	40	50	53	64	72	80	88	102	116	123
Revenue per Share	0.13	1.02	0.91	1.39	1.05	1.04	1.25	1.6	2.21	1.97	2.72	1.78	2.85	3.37	3.32
EBITDA per Share	- -	0.4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	0.35	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-0.33	0.25	-0.67	0.47	0.26	0.36	0.61	0.79	1.28	1.14	1.58	0.47	1.46	1.73	1.5
Basic EPS from Cont Ops	-0.33	0.25	-0.8	0.47	0.26	0.37	0.62	0.79	1.28	1.14	1.59	0.48	1.48	1.76	1.53
Diluted EPS, GAAP	-0.33	0.25	-0.67	0.47	0.26	0.36	0.61	0.79	1.26	1.11	1.44	0.46	1.36	1.53	1.34
Diluted EPS from Cont Ops	-0.33	0.25	-0.8	0.47	0.26	0.37	0.62	0.79	1.26	1.11	1.45	0.46	1.38	1.56	1.36
Dividend per Share	- -	- -	0.45	0.67	1.03	1.23	1.35	1.34	1.35	1.38	1.42	1.51	1.57	1.66	1.71
Cash Flow per Share	0.1	0.64	-0.68	0.25	0.6	1.41	0.23	1.11	0.46	1.01	0.17	- -	0.98	0.05	1.36
Free Cash Flow per Basic Share	0.1	0.63	-0.69	0.25	0.6	1.41	0.23	1.11	0.46	1.01	0.17	- -	0.98	0.05	1.36
Cash & Equivalents per Share	0.11	1.38	2.03	2.82	1.39	0.73	1.14	0.41	0.1	3.95	2.83	1.78	0.61	1.12	0.9
Book Value per Share	0.38	0.56	-0.87	-1.2	-1.7	-2.28	-2.6	-3.08	-2.65	-2.81	-2.41	-3.25	-2.97	-2.56	-2.62
Tangible Book Value per Share	0.67	0.88	9.58	12.15	13.17	14.25	12.76	15.24	14.71	16.72	19.58	19.03	21.03	20.81	21.61

HA Sustainable Infrastructure Capital, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)