HA Sustainable Infrastructure Capital, Inc. logo HASI - HA Sustainable Infrastructure Capital, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 16
HOLD 2
SELL 0
STRONG
SELL
0
| PRICE TARGET: $46.00 DETAILS
HIGH: $52.00
LOW: $38.00
MEDIAN: $47.00
CONSENSUS: $46.00
UPSIDE: 13.27%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4
Revenue
Revenue 124.2 114.8 227.6 243.4 184.9 187.2 58.6 121.4 264.4 200.1 92.6 76.6 91.5 31.1 90.7 43.2 106.0 110.6 41.7 81.1 106.2 64.3 65.1 48.0 57.4 84.4 44.8 38.9 37.6 41.4 47.1 46.7 25.6 30.0 33.3 36.7 28.0 23.3 20.3 22.9 20.8 16.1 15.2 13.2 13.6 12.7 11.7 11.2 9.2 9.1 7.4 4.9 3.0 5.2 12.4 (0.0) 3.9 4.8
Cost of Revenue 0 0.4 71.5 79.7 64.7 61.6 59.4 59.5 61.9 50.6 43.3 39.9 37.2 30.5 29.6 28.8 26.7 26.3 27.3 40.5 27.6 26.3 26.1 21.7 18.1 17.4 16.6 14.9 15.4 19.4 19.7 19.0 18.7 18.7 17.6 15.4 13.8 12.3 10.6 11.0 11.3 7.4 6.7 6.1 6.1 5.5 4.0 3.7 3.5 2.9 2.6 2.1 2.3 2.4 0 0.1 2.2 2.9
Gross Profit 124.2 114.4 156.1 163.6 120.3 125.6 (0.8) 61.9 202.5 149.5 49.3 36.7 54.3 0.5 61.1 14.4 79.4 84.3 14.3 40.7 78.6 38.0 39.0 26.3 39.3 67.0 28.3 24.0 22.2 21.9 27.4 27.7 6.9 11.2 15.7 21.3 14.2 11.0 9.7 11.9 9.5 8.6 8.5 7.1 7.5 7.2 7.8 7.5 5.6 6.2 4.8 2.9 0.7 2.8 12.4 (0.1) 1.7 1.9
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 10,166 0 6.3 6.5 9.4 8.9 7.0 8.0 9.1 6.5 6.7 10.1 8.0 7.2 8.2 7.4 7.1 5.1 5.0 5.0 4.9 3.7 3.9 3.9 3.4 3.9 3.7 3.7 3.3 4.1 3.6 3.8 2.8 3.1 2.4 3.1 2.2 2.2 2.0 2.3 1.8 1.7 2.0 1.6 1.5 2.9 1.4 2.5 1.2 1.1 0.9 1.2 0.7 0.6 1.9 0.9 0.5 0.6
Other Expenses (10,116.4) 33.6 30.4 19.2 28.8 24.6 18.5 16.6 22.7 15.2 26.1 14.7 20.3 19.9 10.5 30.3 15.6 10.7 13.7 13.3 15.7 15.0 11.5 11.8 9.5 7.5 15.2 6.7 7.4 7.7 6.3 6.3 5.3 4.0 5.3 5.7 4.7 4.4 4.3 5.8 4.4 4.6 4.3 4.0 3.9 2.7 3.1 2.9 1.6 13.0 2.0 7.4 1.3 1.3 10.5 1.2 1.5 1.2
Operating Expenses 49.6 33.6 36.7 25.7 38.2 33.5 25.4 24.6 31.8 21.6 32.8 24.8 28.3 27.2 18.6 37.7 22.7 15.8 18.7 18.3 20.6 18.7 15.4 15.7 13.0 11.4 19.0 10.4 10.8 11.8 9.9 10.2 8.1 7.0 7.7 8.8 6.9 6.5 6.3 8.1 6.2 6.3 6.4 5.6 5.4 5.6 4.5 5.5 2.8 14.0 2.9 8.6 1.9 1.8 12.4 2.1 1.9 1.8
Operating Income
Operating Income 74.7 80.9 119.4 138.0 82.1 92.1 (26.3) 37.3 170.7 127.9 16.5 11.9 26.0 (26.6) 42.5 (23.3) 56.7 68.5 (4.3) 22.4 58.0 19.4 23.6 10.7 26.3 55.6 9.3 13.6 11.4 10.1 17.5 17.5 (1.2) 4.2 8.0 12.5 7.3 4.5 3.4 3.8 3.2 2.3 2.2 1.6 2.1 1.7 3.2 2.0 2.9 (7.8) 1.9 (5.8) (1.2) 0.9 0 (2.2) (0.3) 0.1
Interest Expense 81.1 76.5 71.5 79.7 64.7 61.6 59.4 59.5 61.9 50.6 43.3 39.9 37.2 30.5 29.6 28.8 26.7 26.3 27.3 40.5 27.6 26.3 26.1 21.7 18.1 17.4 16.6 14.9 15.4 19.4 19.7 19.0 18.7 18.7 17.6 15.4 13.8 12.3 10.6 11.0 11.3 7.4 6.7 6.1 6.1 5.5 4.0 3.7 3.5 2.9 2.6 2.1 2.3 2.4 0.1 0.1 2.2 2.9
Interest Income 82.7 83.5 69.0 67.4 73.4 75.1 73.2 62.9 73.6 68.0 59.9 52.6 46.5 36.8 38.7 36.2 33.0 30.5 26.2 25.0 25.1 24.5 23.5 23.6 23.9 21.9 19.3 17.3 17.7 29.3 16.8 14.3 14.4 15.1 16.7 15.0 15.1 12.5 12.5 13.1 11.9 11.2 10.4 8.6 8.7 7.6 7.1 6.4 5.9 6.1 5.2 3.4 0 0 2.9 2.9 0 0
Profitability
EBITDA (23.4) 11.5 119.6 138.2 82.2 92.4 (26.1) 37.5 171.1 128.3 17.4 12.9 27.0 (25.6) 43.5 (22.4) 57.7 69.5 (3.4) 23.3 58.9 20.3 24.5 11.5 27.2 56.5 10.2 14.3 12.6 13.9 18.8 18.7 (0.1) 7.8 11.4 15.8 10.0 6.8 5.2 5.6 5.0 3.5 3.3 2.4 2.9 1.6 3.9 2.6 3.4 (7.7) 2.0 (5.6) (1.0) 1.1 0 (2.1) (0.0) 0.3
EBIT (23.4) 11.3 119.4 138.0 82.1 92.1 (26.3) 37.3 170.7 127.9 16.5 11.9 26.0 (26.6) 42.5 (23.3) 56.7 68.5 (4.3) 22.4 58.0 19.4 23.6 10.7 26.3 55.6 9.3 13.6 11.4 10.1 17.5 17.5 (1.2) 4.2 8.0 12.5 7.3 4.5 3.4 3.8 3.2 2.3 2.2 1.6 2.1 1.7 3.2 2.0 2.9 (7.8) 1.9 (5.8) (1.2) 0.9 (0.1) (2.2) (0.3) 0.1
Income Before Tax (104.5) (66.0) 119.4 138.0 82.1 92.1 (26.3) 37.3 170.7 127.9 16.5 11.9 26.0 (26.6) 42.5 (23.3) 56.7 68.5 (4.3) 22.4 58.0 19.4 23.6 10.7 26.3 55.6 9.3 13.6 11.4 10.1 17.5 17.5 (1.2) 4.2 8.0 12.5 7.3 4.5 3.4 3.8 3.2 2.3 2.2 1.6 2.1 1.7 3.2 2.0 2.9 (7.8) 1.9 (5.8) (1.2) 0.9 6.2 (2.2) (0.3) 0.1
Income Tax Expense (30.8) (11.3) 34.5 38.2 23.9 20.8 (7.1) 10.3 46.2 36.9 (5.1) (1.6) 1.4 (6.4) 7.6 (4.8) 11.0 5.6 (1.2) 6.0 6.8 (5.6) 2.3 (1.4) 1.9 9.4 0.1 0.8 (2.3) 1.0 0.9 0.2 0.0 0.8 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 (0.0) 0.2 0.6 (0.8) 0.1 (0.3) 0 0 0 0 0 0 0 0
Net Income (72.0) (53.8) 83.3 98.4 56.6 70.1 (19.6) 26.5 123.0 89.8 21.4 13.5 24.1 (19.9) 34.5 (18.4) 45.3 62.4 (2.8) 16.0 51.0 24.9 21.2 12.0 24.3 46.1 9.1 12.7 13.6 9.1 16.5 17.3 (1.2) 3.4 7.9 12.3 7.2 4.4 3.3 3.7 3.2 2.2 2.1 1.5 2.1 1.5 2.6 2.8 2.8 (7.3) 1.8 (5.0) (1.2) 0.9 6.2 (2.2) (0.3) 0.1
Per Share Data
EPS (Basic) -0.57 -0.43 0.66 0.80 0.47 0.59 -0.17 0.23 1.08 0.80 0.20 0.14 0.26 -0.23 0.39 -0.21 0.53 0.73 -0.04 0.20 0.65 0.33 0.28 0.16 0.36 0.70 0.14 0.20 0.22 0.16 0.30 0.32 -0.03 0.06 0.14 0.23 0.14 0.09 0.07 0.09 0.07 0.05 0.06 0.04 0.07 0.05 0.11 0.13 0.17 -0.48 0.11 -0.32 -0.08 0.06 0.41 -0.15 -0.02 0.01
EPS (Diluted) -0.57 -0.43 0.61 0.74 0.44 0.51 -0.17 0.23 0.98 0.74 0.20 0.14 0.26 -0.23 0.38 -0.21 0.51 0.71 -0.04 0.20 0.61 0.32 0.28 0.16 0.35 0.66 0.13 0.19 0.21 0.16 0.30 0.32 -0.03 0.06 0.14 0.23 0.14 0.09 0.07 0.09 0.07 0.05 0.06 0.04 0.07 0.05 0.11 0.13 0.17 -0.46 0.11 -0.32 -0.08 0.06 0.41 -0.15 -0.02 0.01
Shares Outstanding 127.6 126.3 124.6 121.5 119.4 118.6 116.6 114.3 112.6 111.3 107.7 97.0 91.1 89.6 87.7 87.0 85.6 84.7 79.3 78.4 77.5 75.4 74.0 72.9 67.2 65.2 64.9 63.8 61.7 54.6 52.7 52.1 51.7 51.7 51.7 50.6 47.5 44.4 42.0 37.7 37.0 35.8 36.4 37.0 26.4 24.9 21.8 20.0 15.9 15.8 15.8 15.4 15.1 15.1 15.1 15.1 15.1 15.1
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Current Assets
Cash & Cash Equivalents 151.5 145.2 301.8 86.5 67.4 129.8 44.1 145.7 61.4 62.6 155.5 126.9 142.5 155.7 272.8 279.5 133.3 226.2 413.3 583.2 232.3 286.2 881.5 541.8 173.0 6.2 186.2 37.9 62.1 21.4 34.4 41.8 47.1 57.3 90.8 41.7 16.3 29.4 73.0 19.3 26.6
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9.9 7.6 0 0 0 0 0 0 0 0 0
Net Receivables 3,613.5 3,693.7 3,328.7 3,069.5 3,053.7 2,971.4 2,921.9 2,805.2 3,118.2 3,109.2 2,816 2,236.0 2,077.4 2,075.2 1,631.5 1,630.4 1,502.4 1,446.2 1,351.2 1,166.5 1,146.3 1,213.9 1,099.4 1,099.0 1,132.5 1,159.6 974.6 850.9 917.5 944.7 1,097.4 998.2 1,001.5 1,012.0 1,062.1 1,140.4 1,012.5 1,042.2 872.9 846.3 860.8
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 0 0 0 0 0 (75.6) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9.9 7.6 (47.1) 0 0 0 0 0 25.4 (804.0) (818.8)
Total Current Assets 3,765.0 3,838.9 3,630.6 3,156.0 3,121.1 3,025.6 2,965.9 2,950.9 3,179.7 3,171.8 2,971.5 2,362.9 2,219.9 2,231.0 1,904.3 1,909.9 1,635.8 1,672.4 1,764.4 1,749.8 1,378.7 1,500.2 1,980.9 1,640.8 1,305.5 1,165.8 860,880 932.8 1,023.6 1,004.1 1,272.7 1,177.6 1,001.5 1,069.3 1,152.8 1,182.1 1,028.9 1,071.7 988.8 19.3 26.6
Non-Current Assets
Property, Plant & Equipment 0 0 0 0 3.0 3.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 269.4 0 0 0 0 0 0 0 145.3 134.8 0 0
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 94 95 96 96 96 96 93 94 88 76 76 27 30.9 30.7 31.0
Long-Term Investments 4,329.6 4,192.2 4,135.4 4,083.0 3,993.1 3,612.4 3,353.2 3,371.4 3,263.4 2,966.3 2,563.9 2,299.0 2,249.7 1,869.7 1,921.5 1,935.5 1,871.2 1,759.7 1,468.3 1,489.1 1,386.3 1,279.7 718.8 556.5 581.9 498.6 562.5 582.6 636.6 640.8 596.7 614.8 642.2 673.8 670.7 677.3 574.0 421.4 374.3 382.2 340.9
Other Non-Current Assets 107.7 156.8 438.0 357.2 358.9 439.3 353.4 336.5 284.9 414.3 372.7 713.4 670.3 659.5 672.1 673.7 714.8 716.3 708.2 696.6 666.6 679.3 644.8 639.7 637.0 722.8 1,622.7 417 430.7 (1,006.2) 329.7 329.6 308.2 1,482.3 1,552.0 1,535.2 1,393.2 30.6 27.3 1,063.2 1,105.0
Total Non-Current Assets 4,437.3 4,349.0 4,573.4 4,440.2 4,354.9 4,054.7 3,706.6 3,707.9 3,548.3 3,380.6 2,936.6 3,012.4 2,920.0 2,529.2 2,593.6 2,609.1 2,586.0 2,476.0 2,176.5 2,185.8 2,052.8 1,958.9 1,363.6 1,196.1 1,219.0 1,221.5 2,279.2 1,094.6 1,163.2 1,150.8 1,022.4 1,040.4 1,043.5 2,250.2 2,310.7 2,288.5 2,043.2 624.2 567.3 1,476.1 1,477.0
Total Assets 8,202.4 8,188.0 8,204.0 7,596.2 7,476.0 7,080.2 6,672.5 6,658.7 6,727.9 6,552.4 5,908.1 5,375.2 5,139.9 4,760.1 4,497.9 4,519.0 4,221.7 4,148.3 3,940.9 3,935.5 3,431.5 3,459.1 3,344.5 2,836.9 2,524.5 2,387.3 2,279.2 2,027.4 2,186.9 2,154.9 2,295.1 2,218.0 2,220.7 2,250.2 2,310.7 2,288.5 2,043.2 1,745.9 1,556.2 1,476.1 1,477.0
Current Liabilities
Account Payables 0 0 329.1 292.1 282.6 275.6 218.8 222.3 203.8 163.3 150.6 114.4 121.0 120.1 118.7 105.2 90.9 88.9 77.4 75.8 68.3 59.9 56.8 52.1 48.7 54.4 39.9 38.3 33.3 36.5 32.8 24.8 26.5 25.6 33.2 37.6 35.5 25.2 28.0 26.2 22.9
Short-Term Debt 8 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12 74 123 0 14 43 54 66 24 37 101.5 0 0 0 16
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (12) (74) (78) 0 13 (2) 26 (66) (24) 11 0 0 0 (6.6) (16)
Total Current Liabilities 8 15 329.1 292.1 282.6 275.6 218.8 222.3 203.8 163.3 150.6 114.4 121.0 120.1 118.7 105.2 90.9 88.9 77.4 75.8 68.3 59.9 56.8 52.1 48.7 54.4 39.9 38.3 33.3 34.5 32.8 24.8 26.5 24.5 31.9 37.6 35.5 25.2 21.8 26.2 22.9
Non-Current Liabilities
Long-Term Debt 5,338.5 5,061.4 5,189.0 4,715.5 4,722.6 4,399.5 4,130.6 4,113.3 4,250.8 4,247.4 3,657.7 3,266.9 3,360.1 2,975.3 2,728.2 2,822.3 2,516.8 2,492.9 2,390.1 2,537.2 2,051.9 2,189.0 2,189.9 1,716.9 1,439.3 1,393.0 1,355.7 1,098.6 1,245.2 1,241.8 1,532.2 1,449.2 1,430.7 1,428.4 1,356.5 1,315.3 1,094.8 975.4 972.9 876.2 956.0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 321.0 453.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.1 44.1 21.4 74.1 56.5 56.7 56.5 179.0 196.8 224.4 174.6 170.9 64.3 78.1 62.5
Total Non-Current Liabilities 5,659.5 5,515.1 5,189.0 4,715.5 4,722.6 4,399.5 4,130.6 4,113.3 4,250.8 4,247.4 3,657.7 3,266.9 3,360.1 2,975.3 2,728.2 2,822.3 2,516.8 2,492.9 2,390.1 2,537.2 2,051.9 2,189.0 2,189.9 1,716.9 1,439.3 1,393.0 1,356.8 1,142.7 1,266.5 1,315.9 1,588.7 1,505.8 1,487.2 1,607.4 1,553.4 1,539.7 1,269.4 1,146.3 1,037.2 954.3 1,018.5
Total Liabilities 5,667.5 5,530.1 5,518.1 5,007.5 5,005.2 4,675.2 4,349.4 4,335.6 4,454.5 4,410.7 3,808.2 3,381.3 3,481.1 3,095.4 2,846.9 2,927.5 2,607.7 2,581.8 2,467.5 2,613.0 2,120.2 2,248.9 2,246.8 1,769.0 1,487.9 1,447.4 1,396.6 1,142.7 1,344.8 1,350.4 1,648.5 1,571.6 1,593.8 1,607.4 1,656.0 1,625.3 1,406.4 1,171.5 1,059.0 973.9 1,053.3
Stockholders' Equity
Common Stock 1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.1 0.9 0.9 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4
Retained Earnings (449.9) (323.1) (215.5) (245.4) (291.9) (297.5) (318.1) (249.3) (227.8) (303.5) (348.9) (326.4) (297.7) (285.5) (231.4) (232.6) (181.3) (193.7) (225.9) (193.5) (182.0) (204.1) (202.9) (198.7) (185.8) (169.8) (193.1) (180.2) (171.0) (163.2) (151.8) (150.6) (150.1) (131.3) (117.1) (107.3) (102.1) (92.2) (80.9) (71.2) (61.2)
Accumulated Other Comprehensive Income 38.7 47.1 24.7 30.7 37.7 40.1 7.5 41.1 29.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (1.7) 0 0 0 (1.1) (1.0) (0.6) 0.1 (1.4) (4.3) (6.8) (5.1)
Total Stockholders' Equity 2,442.9 2,574.9 2,605.0 2,510.2 2,393.4 2,336.8 2,258.3 2,260.4 2,217.5 2,092.3 2,052.9 1,949.9 1,617.3 1,629.2 1,616.2 1,558.0 1,591.2 1,544.7 1,454.4 1,305.7 1,302.6 1,203.3 1,092.0 1,062.6 1,032.2 936.5 879.4 881.5 838.6 801.1 643.1 642.9 623.5 639.2 651.1 659.6 633.1 570.6 493.4 498.4 419.8
Total Liabilities & Equity 8,202.4 8,188.0 8,204.0 7,596.2 7,476.0 7,080.2 6,672.5 6,658.7 6,727.9 6,552.4 5,908.1 5,375.2 5,139.9 4,760.1 4,497.9 4,519.0 4,221.7 4,148.3 3,940.9 3,935.5 3,431.5 3,459.1 3,344.5 2,836.9 2,524.5 2,387.3 2,279.2 2,027.4 2,186.9 2,154.9 2,295.1 2,218.0 2,220.7 2,250.2 2,310.7 2,288.5 2,043.2 1,745.9 1,556.2 1,476.1 1,477.0
Debt Metrics
Total Debt 5,346.5 5,076.4 5,189.0 4,715.5 4,722.6 4,399.5 4,130.6 4,113.3 4,250.8 4,247.4 3,657.7 3,266.9 3,360.1 2,975.3 2,728.2 2,822.3 2,516.8 2,492.9 2,390.1 2,537.2 2,051.9 2,189.0 2,189.9 1,716.9 1,439.3 1,393.0 1,355.7 1,098.6 1,245.2 1,241.8 1,532.2 1,449.2 1,430.7 1,428.4 1,397.0 1,314.3 1,196.3 975.4 966.7 876.2 967.9
Net Debt 5,195.0 4,931.2 4,887.2 4,628.9 4,655.2 4,269.8 4,086.5 3,967.6 4,189.4 4,184.8 3,502.2 3,140.0 3,217.6 2,819.6 2,455.4 2,542.8 2,383.5 2,266.7 1,976.8 1,954.0 1,819.6 1,902.7 1,308.4 1,175.0 1,266.2 1,386.8 1,169.5 1,060.7 1,183.1 1,220.4 1,497.8 1,407.3 1,383.6 1,371.2 1,307.5 1,273.6 1,180.0 946.0 899.9 856.9 945.4
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income (72.6) (53.6) 84.9 99.8 58.2 71.3 (19.2) 26.9 124.5 91.0 21.6 13.5 24.6 (20.2) 34.9 (18.5) 45.7 62.8 (3.1) 16.4 51.2 25.0 21.3 12.1 24.4 46.2 9.2 12.8 13.7 9.1 16.6 17.4 (1.2) 3.4 8.0 12.4 7.2 4.4 3.3 3.8 3.2
Depreciation & Amortization 0 0.2 0.2 0.3 0.2 0.3 0.2 0.2 0.3 0.4 0.9 0.9 0.9 1.1 1.0 0.9 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.7 1.1 3.8 1.2 1.2 1.1 3.6 3.5 3.3 2.7 2.3 1.8 1.8 1.8
Stock-Based Compensation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (104.6) (12.7) (131.8) 34.9 (36.0) (6.9) (10.5) (30.6) 41.4 32.9 (4.2) 1.3 26.0 (83.7) 78.9 (20.6) (34.7) (13.7) 12.7 12.5 (23.1) 2.1 (4.5) 7.2 (18.7) 10.0 1.6 2.8 (9.3) 13.0 4.2 0 2.4 (4.9) (0.9) 2.9 (0.7) 4.4 37.1 (0.1) 8.2
Other Non-Cash Items 199.0 320.0 (75.1) (55.4) (59.5) (77.0) 51.4 (21.3) (145.4) (116.9) 8.3 1.1 (2.7) 39.1 (23.9) 43.3 (43.9) (58.5) 13.3 (13.9) (47.1) (6.6) (5.4) 7.8 5.0 (59.2) (0.6) 0.7 (2.1) 3.1 (6.7) (9.4) 3.1 (11.9) (2.7) (10.2) (4.0) (5.3) (1.3) (5.3) (3.3)
Operating Cash Flow 21.8 253.8 (121.8) 79.6 (37.1) (12.2) 21.9 (24.8) 20.9 7.3 26.6 16.9 48.8 (63.7) 90.9 5.1 (31.9) (8.4) 23.9 16.0 (18.2) 21.4 12.3 27.9 11.7 (2.1) 11.1 17.0 3.5 29.0 15.3 9.2 5.3 (9.7) 7.8 8.4 5.2 5.8 40.9 0.2 9.9
Investing Activities
Capital Expenditure 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Acquisitions 0 0 300.0 0 0 (168.9) 168.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (299.2) (106.0) (405.9) 241.2 (247.7) (196.4) (210.7) 127.4 (127.4) (286.1) (584.8) (80.1) (362.8) 10.5 (7.1) (60.2) (78.7) (246.4) (18.8) (84.1) (69.5) (580.3) (178.1) (10.8) (157.5) (127.7) (24.7) (28.6) (29.1) (89.4) (16.2) (2.9) (13.5) (75.7) (19.4) (117.8) (107.8) (52.0) (6.0) (19.6) (14.5)
Sales/Maturities of Investments 0 0 0 0 0 (9,809.1) 9,706.1 0 115.8 0 93.1 51.6 30.4 0 0 7.0 1.7 0.4 0.3 7.9 8.6 12.7 0.3 15.8 45.2 123.8 39.2 64.3 9.3 28.9 15.5 (0.1) 9.4 18.5 6.0 1.2 0.0 12.1 (56.9) 62.9 9.3
Other Investing Activities 108.8 (246.0) (20.9) (301.7) (76.0) 9,989.2 (9,795.4) 127.7 (58.3) (287.5) (239.1) (211.2) (116.3) (348.8) 8.7 (106.9) (18.5) (69.2) (171.2) (27.4) (34.1) (125.9) 25.7 54.4 66.8 (197.9) (104.1) 27.8 46.4 149.3 (77.7) 17.5 29.9 30.4 31.0 49.6 (114.1) (85.7) 5.3 (20.0) (38.8)
Investing Cash Flow (190.3) (352.0) (126.8) (60.5) (323.7) (185.3) (131.1) 255.2 (69.9) (573.6) (730.8) (239.7) (448.7) (338.2) 1.7 (160.1) (95.5) (315.2) (189.6) (103.6) (95.0) (693.4) (152.2) 59.4 (45.5) (201.7) (89.6) 63.6 26.6 88.8 (78.4) 14.5 25.8 (26.7) 17.6 (67.0) (221.8) (125.7) (57.6) 23.3 (44.0)
Financing Activities
Net Debt Issuance 257.6 (76.8) 467.2 15.4 321.2 261.1 (1.6) (116.7) 30.3 596.4 564.3 (84.7) 401.9 257.0 (108.6) 317.0 19.4 566.9 (23.7) 490.2 (7.9) (7.3) 479.5 270.1 54.1 63.4 260.0 (122.1) 3.3 (295.4) 81.8 15.4 2.2 42.8 84.6 117.3 222.0 11.2 96.5 (99.1) 56.0
Stock Repurchased 0 (8.4) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid (56.8) (54.1) (53.2) (52.0) (50.4) (50.1) (48.9) (48.2) (45.1) (44.7) (43.0) (37.0) (35.1) (33.9) (33.4) (33.1) (31.8) (30.2) (27.8) (27.8) (27.7) (25.6) (25.3) (24.7) (24.4) (22.2) (22.2) (21.6) (20.5) (17.9) (17.8) (17.7) (17.6) (17.6) (17.6) (17.2) (15.8) (13.1) (13.1) (11.8) (11.6)
Other Financing Activities (26.4) 14.5 (17.8) (35.5) (23.2) 54.2 (40.7) (33.0) 35.7 (107.3) 93.2 (2.3) (1.8) (5.2) (5.6) (7.9) (6.1) (450.1) (2.0) (18.2) (11.4) (0.2) (8.1) (7.2) (17.0) (1.6) (12.6) (11.1) (12.4) (14.0) (14.1) (43.1) (17.4) (28.6) (38.4) (49.3) (33.7) (14.8) (13.1) (23.1) (26.3)
Financing Cash Flow 174.4 (75.3) 463.5 1.1 294.3 289.0 6.5 (146.3) 51.3 471.8 721.9 210.3 388.2 279.8 (98.5) 304.0 31.5 135.8 (4.9) 444.0 55.9 76.8 475.4 282.4 127.5 81.4 225.2 (104.5) 16.8 (155.4) 49.9 (30.1) (32.8) (4.9) 28.5 81.3 240.2 69.4 70.0 (42.4) 18.1
Cash Position
Net Change in Cash 6.3 (173.5) 214.9 20.2 (66.5) 91.5 (102.7) 84.0 2.2 (94.5) 17.8 (12.4) (11.8) (122.2) (6.0) 149.0 (95.9) (187.7) (170.6) 356.3 (57.3) (595.2) 335.5 369.7 93.7 (122.4) 146.7 (23.9) 46.8 (37.6) (13.2) (6.4) (1.6) (41.3) 53.9 22.8 23.7 (13.8) 53.3 (18.9) (16.0)
Cash at Beginning 145.2 318.7 103.8 83.6 150.2 58.6 161.3 77.3 75.1 169.5 151.8 164.2 176.0 298.2 304.2 155.2 251.1 438.8 609.4 253.0 310.3 905.6 570.0 200.3 106.6 229.0 82.3 106.1 59.4 96.9 110.1 116.6 118.2 159.5 105.6 82.8 59.1 73.0 44.4 63.2 79.2
Cash at End 151.5 145.2 318.7 103.8 83.6 150.2 58.6 161.3 77.3 75.1 169.5 151.8 164.2 176.0 298.2 304.2 155.2 251.1 438.8 609.4 253.0 310.3 905.6 570.0 200.3 106.6 229.0 82.3 106.1 59.4 96.9 110.1 116.6 118.2 159.5 105.6 82.8 59.1 97.7 44.4 63.2
Free Cash Flow 21.8 253.8 (121.8) 79.6 (37.1) (12.2) 21.9 (24.8) 20.9 7.3 26.6 16.9 48.8 (63.7) 90.9 5.1 (31.9) (8.4) 23.9 16.0 (18.2) 21.4 12.3 27.9 11.7 (2.1) 11.1 17.0 3.5 29.0 15.3 9.2 5.3 (9.7) 7.8 8.4 5.2 5.8 40.9 0.2 9.9
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4
Income Statement
Revenue 124.2 114.8 227.6 243.4 184.9 187.2 58.6 121.4 264.4 200.1 92.6 76.6 91.5 31.1 90.7 43.2 106.0 110.6 41.7 81.1 106.2 64.3 65.1 48.0 57.4 84.4 44.8 38.9 37.6 41.4 47.1 46.7 25.6 30.0 33.3 36.7 28.0 23.3 20.3 22.9 20.8 16.1 15.2 13.2 13.6 12.7 11.7 11.2 9.2 9.1 7.4 4.9 3.0 5.2 12.4 (0.0) 3.9 4.8
Gross Profit 124.2 114.4 156.1 163.6 120.3 125.6 (0.8) 61.9 202.5 149.5 49.3 36.7 54.3 0.5 61.1 14.4 79.4 84.3 14.3 40.7 78.6 38.0 39.0 26.3 39.3 67.0 28.3 24.0 22.2 21.9 27.4 27.7 6.9 11.2 15.7 21.3 14.2 11.0 9.7 11.9 9.5 8.6 8.5 7.1 7.5 7.2 7.8 7.5 5.6 6.2 4.8 2.9 0.7 2.8 12.4 (0.1) 1.7 1.9
Operating Income 74.7 80.9 119.4 138.0 82.1 92.1 (26.3) 37.3 170.7 127.9 16.5 11.9 26.0 (26.6) 42.5 (23.3) 56.7 68.5 (4.3) 22.4 58.0 19.4 23.6 10.7 26.3 55.6 9.3 13.6 11.4 10.1 17.5 17.5 (1.2) 4.2 8.0 12.5 7.3 4.5 3.4 3.8 3.2 2.3 2.2 1.6 2.1 1.7 3.2 2.0 2.9 (7.8) 1.9 (5.8) (1.2) 0.9 0 (2.2) (0.3) 0.1
Net Income (72.0) (53.8) 83.3 98.4 56.6 70.1 (19.6) 26.5 123.0 89.8 21.4 13.5 24.1 (19.9) 34.5 (18.4) 45.3 62.4 (2.8) 16.0 51.0 24.9 21.2 12.0 24.3 46.1 9.1 12.7 13.6 9.1 16.5 17.3 (1.2) 3.4 7.9 12.3 7.2 4.4 3.3 3.7 3.2 2.2 2.1 1.5 2.1 1.5 2.6 2.8 2.8 (7.3) 1.8 (5.0) (1.2) 0.9 6.2 (2.2) (0.3) 0.1
EPS (Diluted) -0.57 -0.43 0.61 0.74 0.44 0.51 -0.17 0.23 0.98 0.74 0.20 0.14 0.26 -0.23 0.38 -0.21 0.51 0.71 -0.04 0.20 0.61 0.32 0.28 0.16 0.35 0.66 0.13 0.19 0.21 0.16 0.30 0.32 -0.03 0.06 0.14 0.23 0.14 0.09 0.07 0.09 0.07 0.05 0.06 0.04 0.07 0.05 0.11 0.13 0.17 -0.46 0.11 -0.32 -0.08 0.06 0.41 -0.15 -0.02 0.01
Balance Sheet
Cash & Equivalents 151.5 145.2 301.8 86.5 67.4 129.8 44.1 145.7 61.4 62.6 155.5 126.9 142.5 155.7 272.8 279.5 133.3 226.2 413.3 583.2 232.3 286.2 881.5 541.8 173.0 6.2 186.2 37.9 62.1 21.4 34.4 41.8 47.1 57.3 90.8 41.7 16.3 29.4 73.0 19.3 26.6
Total Assets 8,202.4 8,188.0 8,204.0 7,596.2 7,476.0 7,080.2 6,672.5 6,658.7 6,727.9 6,552.4 5,908.1 5,375.2 5,139.9 4,760.1 4,497.9 4,519.0 4,221.7 4,148.3 3,940.9 3,935.5 3,431.5 3,459.1 3,344.5 2,836.9 2,524.5 2,387.3 2,279.2 2,027.4 2,186.9 2,154.9 2,295.1 2,218.0 2,220.7 2,250.2 2,310.7 2,288.5 2,043.2 1,745.9 1,556.2 1,476.1 1,477.0
Total Debt 5,346.5 5,076.4 5,189.0 4,715.5 4,722.6 4,399.5 4,130.6 4,113.3 4,250.8 4,247.4 3,657.7 3,266.9 3,360.1 2,975.3 2,728.2 2,822.3 2,516.8 2,492.9 2,390.1 2,537.2 2,051.9 2,189.0 2,189.9 1,716.9 1,439.3 1,393.0 1,355.7 1,098.6 1,245.2 1,241.8 1,532.2 1,449.2 1,430.7 1,428.4 1,397.0 1,314.3 1,196.3 975.4 966.7 876.2 967.9
Stockholders' Equity 2,442.9 2,574.9 2,605.0 2,510.2 2,393.4 2,336.8 2,258.3 2,260.4 2,217.5 2,092.3 2,052.9 1,949.9 1,617.3 1,629.2 1,616.2 1,558.0 1,591.2 1,544.7 1,454.4 1,305.7 1,302.6 1,203.3 1,092.0 1,062.6 1,032.2 936.5 879.4 881.5 838.6 801.1 643.1 642.9 623.5 639.2 651.1 659.6 633.1 570.6 493.4 498.4 419.8
Cash Flow
Operating Cash Flow 21.8 253.8 (121.8) 79.6 (37.1) (12.2) 21.9 (24.8) 20.9 7.3 26.6 16.9 48.8 (63.7) 90.9 5.1 (31.9) (8.4) 23.9 16.0 (18.2) 21.4 12.3 27.9 11.7 (2.1) 11.1 17.0 3.5 29.0 15.3 9.2 5.3 (9.7) 7.8 8.4 5.2 5.8 40.9 0.2 9.9
Capital Expenditure 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free Cash Flow 21.8 253.8 (121.8) 79.6 (37.1) (12.2) 21.9 (24.8) 20.9 7.3 26.6 16.9 48.8 (63.7) 90.9 5.1 (31.9) (8.4) 23.9 16.0 (18.2) 21.4 12.3 27.9 11.7 (2.1) 11.1 17.0 3.5 29.0 15.3 9.2 5.3 (9.7) 7.8 8.4 5.2 5.8 40.9 0.2 9.9