Estados financieros detallados de HA Sustainable Infrastructure Capital, Inc. (HASI): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
HA Sustainable Infrastructure Capital, Inc. registró ingresos de $400.5M en el último ejercicio fiscal, con un CAGR de 5 años del 11.3%. El beneficio neto alcanzó $184.5M, con un CAGR a 5 años del 17.5%.
Márgenes de los últimos 12 meses: margen bruto 27.7%, margen operativo -3.7%, margen neto 18.6%. El flujo de caja libre creció a un CAGR del 18.0% en 5 años.
Al precio actual de $36.40, HASI cotiza a un P/E de 55.15 y un ROE del 3.39%. La capitalización bursátil es de $4.7B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $87.3M | $128.3M | $161.6M | $205.8M | $234.9M | $339.6M | $271.0M | $460.8M | $631.5M | $400.5M |
| Coste de Ventas | $45.2M | $65.5M | $76.9M | $64.2M | $92.2M | $121.7M | $115.6M | $171.0M | $242.4M | $292.4M |
| Beneficio Bruto | $42.1M | $62.8M | $84.7M | $141.5M | $142.7M | $217.9M | $155.5M | $289.8M | $389.1M | $108.1M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $8.3M | $11.2M | $15.1M | $14.7M | $14.8M | $19.9M | $29.9M | $31.3M | $32.9M | $123.1M |
| Gastos Operativos | $27.2M | $30.9M | $40.7M | $51.5M | $62.7M | $73.4M | $106.2M | $107.5M | $115.3M | $135.3M |
| Beneficio Operativo | $14.9M | $31.9M | $43.9M | $90.0M | $80.0M | $144.5M | $49.3M | $182.4M | $273.8M | -$27.2M |
| EBITDA | $22.6M | $35.5M | $48.5M | $93.6M | $83.6M | $148.3M | $53.3M | $185.5M | $274.8M | -$26.4M |
| Gastos por Intereses | $45.2M | $65.5M | $76.9M | $64.2M | $92.2M | $121.7M | $115.6M | $171.0M | $242.4M | $292.4M |
| Beneficio Antes de Impuestos | $14.9M | $31.9M | $43.9M | $90.0M | $80.0M | $144.5M | $49.3M | $182.4M | $273.8M | $273.5M |
| Impuestos | $141000 | $885000 | $2.1M | $8.1M | -$2.8M | $17.2M | $7.4M | $31.6M | $70.2M | $85.2M |
| Beneficio Neto | $14.7M | $30.9M | $41.6M | $81.6M | $82.4M | $126.6M | $41.5M | $148.8M | $200.0M | $184.5M |
| BPA | $0.32 | $0.57 | $0.75 | $1.25 | $1.13 | $1.57 | $0.47 | $1.45 | $1.72 | $1.49 |
| BPA Diluido | $0.32 | $0.57 | $0.75 | $1.24 | $1.10 | $1.51 | $0.45 | $1.42 | $1.62 | $1.41 |
| Acciones en Circulación (Diluidas) | $40.3M | $50.4M | $52.8M | $64.8M | $74.4M | $87.7M | $90.6M | $109.5M | $130.5M | $138.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $103.1M | $114.8M | $124.2M | $120.8M |
| Beneficio Bruto | $31.6M | $38.3M | $25.0M | $33.3M |
| Beneficio Operativo | -$5.2M | $3.6M | -$25.3M | $9.8M |
| EBITDA | -$5.0M | $3.8M | -$25.1M | $10.0M |
| Beneficio Neto | $83.3M | -$53.8M | -$72.0M | $128.6M |
| BPA | $0.66 | $-0.43 | $-0.57 | $1.00 |
| BPA Diluido | $0.61 | $-0.43 | $-0.57 | $0.92 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $29.4M | $57.3M | $21.4M | $6.2M | $286.2M | $226.2M | $155.7M | $62.6M | $129.8M | $145.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.04B | $1.01B | $944.7M | $1.16B | $1.21B | $1.45B | $2.08B | $3.11B | $2.97B | $3.69B |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.07B | $1.07B | $1.00B | $1.17B | $1.50B | $1.67B | $2.23B | $3.17B | $3.10B | $3.84B |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $27.0M | $94.0M | $96.0M | 0 | 0 | $87.0M | $84.0M | $14.0M | 0 | 0 |
| Activos Totales | $1.75B | $2.25B | $2.15B | $2.39B | $3.46B | $4.15B | $4.76B | $6.55B | $7.08B | $8.19B |
| Cuentas por Pagar | $25.2M | $25.6M | $36.5M | $54.4M | $59.9M | $88.9M | $120.1M | $163.3M | $275.6M | 0 |
| Deuda a Corto | 0 | $66.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $15.0M |
| Pasivos Corrientes | $25.2M | $24.5M | $34.5M | $54.4M | $59.9M | $88.9M | $120.1M | $163.3M | $275.6M | $15.0M |
| Deuda a Largo | $975.4M | $1.43B | $1.24B | $1.39B | $2.19B | $2.49B | $2.98B | $4.25B | $4.40B | $5.06B |
| Pasivos Totales | $1.17B | $1.61B | $1.35B | $1.45B | $2.25B | $2.58B | $3.10B | $4.41B | $4.68B | $5.53B |
| Reservas | -$92.2M | -$131.3M | -$163.2M | -$169.8M | -$204.1M | -$193.7M | -$285.5M | -$303.5M | -$297.5M | -$323.1M |
| Patrimonio Neto | $570.6M | $639.2M | $801.1M | $936.5M | $1.20B | $1.54B | $1.63B | $2.09B | $2.34B | $2.57B |
| Deuda Total | $975.4M | $1.43B | $1.24B | $1.39B | $2.19B | $2.49B | $2.98B | $4.25B | $4.40B | $5.08B |
| Deuda Neta | $946.0M | $1.37B | $1.22B | $1.39B | $1.90B | $2.27B | $2.82B | $4.18B | $4.27B | $4.93B |
| Capital Circulante | $1.05B | $1.04B | $969.6M | $1.11B | $1.44B | $1.58B | $2.11B | $3.01B | $2.83B | $3.82B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $301.8M | $145.2M | $151.5M | $249.9M |
| Activos Totales | $8.20B | $8.19B | $8.20B | $8.94B |
| Pasivos Totales | $5.52B | $5.53B | $5.67B | $6.29B |
| Patrimonio Neto | $2.60B | $2.57B | $2.44B | $2.54B |
| Deuda Total | $5.19B | $5.08B | $5.35B | $5.90B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $14.8M | $31.0M | $41.8M | $81.9M | $82.8M | $127.3M | $41.9M | $150.8M | $203.6M | $188.2M |
| Amortizaciones | $7.7M | $3.5M | $4.5M | $3.6M | $3.6M | $3.8M | $4.0M | $3.1M | $1.0M | $780000 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $49.5M | -$3.7M | $19.6M | -$12.5M | -$16.3M | -$11.6M | -$60.2M | $55.9M | -$6.5M | $12.2M |
| Flujo de Caja Operativo | $56.9M | $11.7M | $58.8M | $29.5M | $73.3M | $13.3M | $230000 | $99.7M | $5.9M | $167.3M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$447.9M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$49.5M | -$68.2M | -$71.0M | -$86.4M | -$99.9M | -$113.5M | -$132.2M | -$159.8M | -$192.3M | -$209.8M |
| Flujo de Caja Libre | $56.9M | $11.7M | $58.8M | $29.5M | $73.3M | $13.3M | $230000 | $99.7M | $5.9M | $167.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$121.8M | $246.7M | $15.6M | $68.0M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$121.8M | $246.7M | $15.6M | $68.0M |
| Dividendos Pagados | -$53.2M | -$54.1M | -$56.8M | -$55.8M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +46.9% | +25.9% | +27.4% | +14.2% | +44.6% | -20.2% | +70.0% | +37.0% | -36.6% |
| Crecimiento Beneficio Neto (anual) | | +110.6% | +34.7% | +96.2% | +1.0% | +53.6% | -67.2% | +258.6% | +34.4% | -7.7% |
| Crecimiento BPA (anual) | | +78.1% | +31.6% | +66.7% | -9.6% | +38.9% | -70.1% | +208.5% | +18.6% | -13.4% |
| Cambio en Acciones (anual) | | +25.0% | +4.8% | +22.7% | +14.8% | +17.9% | +3.4% | +20.8% | +19.2% | +5.9% |
| Crecimiento FCF (anual) | | -79.4% | +401.8% | -49.8% | +148.5% | -81.8% | -98.3% | +43243.0% | -94.1% | +2759.1% |
| Margen Bruto | 48.2% | 49.0% | 52.4% | 68.8% | 60.8% | 64.2% | 57.4% | 62.9% | 61.6% | 27.0% |
| Margen Operativo | 17.1% | 24.9% | 27.2% | 43.7% | 34.1% | 42.6% | 18.2% | 39.6% | 43.4% | -6.8% |
| Margen EBITDA | 25.8% | 27.7% | 30.0% | 45.5% | 35.6% | 43.7% | 19.7% | 40.3% | 43.5% | -6.6% |
| Margen Neto | 16.8% | 24.1% | 25.7% | 39.6% | 35.1% | 37.3% | 15.3% | 32.3% | 31.7% | 46.1% |
| Margen FCF | 65.1% | 9.1% | 36.4% | 14.3% | 31.2% | 3.9% | 0.1% | 21.6% | 0.9% | 41.8% |
| Tasa Impositiva Efectiva | 0.9% | 2.8% | 4.9% | 9.0% | -3.5% | 11.9% | 15.0% | 17.3% | 25.6% | 31.2% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.41 | $0.23 | $1.11 | $0.46 | $0.99 | $0.15 | $0.00 | $0.91 | $0.04 | $1.21 |
| Dividendo por Acción | $1.23 | $1.35 | $1.34 | $1.33 | $1.34 | $1.29 | $1.46 | $1.46 | $1.47 | $1.52 |
| Acciones en Circulación (Básicas) | $40.3M | $50.4M | $52.8M | $63.9M | $72.4M | $80.0M | $87.5M | $101.8M | $115.5M | $123.0M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 3.39% |
| Rentabilidad sobre capital invertido | -0.12% |
| Rentabilidad sobre activos | 0.96% |
| Margen bruto | 27.69% |
| Margen operativo | -3.67% |
| Margen neto | 18.61% |
Salud financiera
| Deuda / Patrimonio | 2.32 |
| Ratio corriente | 41.65 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 59.34 | 42.21 | 25.40 | 25.74 | 56.13 | 33.83 | 61.66 | 19.02 | 15.60 | 21.09 |
| P/VC | 1.34 | 1.90 | 1.26 | 2.20 | 3.82 | 2.75 | 1.56 | 1.34 | 1.33 | 1.50 |
| P/V | 8.76 | 9.45 | 6.22 | 10.00 | 19.55 | 12.51 | 9.36 | 6.10 | 4.91 | 9.65 |
| Margen Bruto | 48.2% | 49.0% | 52.4% | 68.8% | 60.8% | 64.2% | 57.4% | 62.9% | 61.6% | 27.0% |
| Margen Operativo | 17.1% | 24.9% | 27.2% | 43.7% | 34.1% | 42.6% | 18.2% | 39.6% | 43.4% | -6.8% |
| Margen Neto | 16.8% | 24.1% | 25.7% | 39.6% | 35.1% | 37.3% | 15.3% | 32.3% | 31.7% | 46.1% |