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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and HA Sustainable Infrastructure Capital, Inc. (HASI). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $114.8M, roughly 1.2× HA Sustainable Infrastructure Capital, Inc.). Emerald Holding, Inc. runs the higher net margin — -22.8% vs -46.8%, a 24.1% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 13.3%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
EEX vs HASI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $114.8M |
| Net Profit | $-30.2M | $-53.8M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | -57.4% |
| Net Margin | -22.8% | -46.8% |
| Revenue YoY | 24.3% | 13.3% |
| Net Profit YoY | -692.2% | -176.7% |
| EPS (diluted) | $-0.15 | $-0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $132.7M | $114.8M | ||
| Q3 25 | $77.5M | $103.1M | ||
| Q2 25 | $105.5M | $85.7M | ||
| Q1 25 | $147.7M | $96.9M | ||
| Q4 24 | $106.8M | $101.3M | ||
| Q3 24 | $72.6M | $82.0M | ||
| Q2 24 | $86.0M | $94.5M | ||
| Q1 24 | $133.4M | $105.8M |
| Q4 25 | $-30.2M | $-53.8M | ||
| Q3 25 | $-14.4M | $83.3M | ||
| Q2 25 | $-1.4M | $98.4M | ||
| Q1 25 | $15.3M | $56.6M | ||
| Q4 24 | $5.1M | $70.1M | ||
| Q3 24 | $-11.1M | $-19.6M | ||
| Q2 24 | $-2.8M | $26.5M | ||
| Q1 24 | $11.0M | $123.0M |
| Q4 25 | -11.8% | -57.4% | ||
| Q3 25 | -10.1% | — | ||
| Q2 25 | 9.7% | — | ||
| Q1 25 | 24.2% | 84.7% | ||
| Q4 24 | 19.5% | 90.9% | ||
| Q3 24 | -6.5% | -32.1% | ||
| Q2 24 | 7.4% | 39.5% | ||
| Q1 24 | 18.2% | — |
| Q4 25 | -22.8% | -46.8% | ||
| Q3 25 | -18.6% | 80.8% | ||
| Q2 25 | -1.3% | 114.9% | ||
| Q1 25 | 10.4% | 58.4% | ||
| Q4 24 | 4.8% | 69.2% | ||
| Q3 24 | -15.3% | -23.9% | ||
| Q2 24 | -3.3% | 28.1% | ||
| Q1 24 | 8.2% | 116.3% |
| Q4 25 | $-0.15 | $-0.38 | ||
| Q3 25 | $-0.07 | $0.61 | ||
| Q2 25 | $-0.01 | $0.74 | ||
| Q1 25 | $0.08 | $0.44 | ||
| Q4 24 | $0.01 | $0.58 | ||
| Q3 24 | $-0.05 | $-0.17 | ||
| Q2 24 | $-0.03 | $0.23 | ||
| Q1 24 | $0.00 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $100.9M | $110.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $338.8M | $2.7B |
| Total Assets | $1.2B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $110.2M | ||
| Q3 25 | $95.4M | $301.8M | ||
| Q2 25 | $156.4M | $86.5M | ||
| Q1 25 | $276.8M | $67.4M | ||
| Q4 24 | $194.8M | $129.8M | ||
| Q3 24 | $188.9M | $44.1M | ||
| Q2 24 | $193.2M | $145.7M | ||
| Q1 24 | $186.8M | $61.4M |
| Q4 25 | $338.8M | $2.7B | ||
| Q3 25 | $369.5M | $2.7B | ||
| Q2 25 | $389.4M | $2.6B | ||
| Q1 25 | $392.1M | $2.5B | ||
| Q4 24 | $385.9M | $2.4B | ||
| Q3 24 | $391.1M | $2.3B | ||
| Q2 24 | $407.6M | $2.3B | ||
| Q1 24 | $-90.7M | $2.3B |
| Q4 25 | $1.2B | $8.2B | ||
| Q3 25 | $1.2B | $8.2B | ||
| Q2 25 | $1.2B | $7.6B | ||
| Q1 25 | $1.2B | $7.5B | ||
| Q4 24 | $1.0B | $7.1B | ||
| Q3 24 | $1.1B | $6.7B | ||
| Q2 24 | $1.1B | $6.7B | ||
| Q1 24 | $1.1B | $6.7B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $12.3M | $167.3M |
| Free Cash FlowOCF − Capex | $11.7M | — |
| FCF MarginFCF / Revenue | 8.8% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $167.3M | ||
| Q3 25 | $1.8M | $-121.8M | ||
| Q2 25 | $15.9M | $79.6M | ||
| Q1 25 | $12.6M | $-37.1M | ||
| Q4 24 | $20.6M | $5.9M | ||
| Q3 24 | $9.1M | $21.9M | ||
| Q2 24 | $9.8M | $-24.8M | ||
| Q1 24 | $7.3M | $20.9M |
| Q4 25 | $11.7M | — | ||
| Q3 25 | $1.5M | — | ||
| Q2 25 | $15.8M | — | ||
| Q1 25 | $12.4M | — | ||
| Q4 24 | $19.9M | — | ||
| Q3 24 | $9.0M | — | ||
| Q2 24 | $9.6M | — | ||
| Q1 24 | $7.0M | — |
| Q4 25 | 8.8% | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 8.4% | — | ||
| Q4 24 | 18.6% | — | ||
| Q3 24 | 12.4% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.46× | ||
| Q2 25 | — | 0.81× | ||
| Q1 25 | 0.82× | -0.66× | ||
| Q4 24 | 4.04× | 0.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.94× | ||
| Q1 24 | 0.66× | 0.17× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
HASI
Segment breakdown not available.
