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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $114.8M, roughly 1.6× HA Sustainable Infrastructure Capital, Inc.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -46.8%, a 53.4% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 13.3%). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 4.2%).
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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
HASI vs LMB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $186.9M |
| Net Profit | $-53.8M | $12.3M |
| Gross Margin | — | 25.7% |
| Operating Margin | -57.4% | 9.4% |
| Net Margin | -46.8% | 6.6% |
| Revenue YoY | 13.3% | 30.1% |
| Net Profit YoY | -176.7% | 25.0% |
| EPS (diluted) | $-0.38 | $1.01 |
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 | $114.8M | $186.9M | ||
| Q3 25 | $103.1M | $184.6M | ||
| Q2 25 | $85.7M | $142.2M | ||
| Q1 25 | $96.9M | $133.1M | ||
| Q4 24 | $101.3M | $143.7M | ||
| Q3 24 | $82.0M | $133.9M | ||
| Q2 24 | $94.5M | $122.2M | ||
| Q1 24 | $105.8M | $119.0M |
| Q4 25 | $-53.8M | $12.3M | ||
| Q3 25 | $83.3M | $8.8M | ||
| Q2 25 | $98.4M | $7.8M | ||
| Q1 25 | $56.6M | $10.2M | ||
| Q4 24 | $70.1M | $9.8M | ||
| Q3 24 | $-19.6M | $7.5M | ||
| Q2 24 | $26.5M | $6.0M | ||
| Q1 24 | $123.0M | $7.6M |
| Q4 25 | — | 25.7% | ||
| Q3 25 | — | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | — | 30.3% | ||
| Q3 24 | — | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | -57.4% | 9.4% | ||
| Q3 25 | — | 7.2% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | 84.7% | 5.9% | ||
| Q4 24 | 90.9% | 9.1% | ||
| Q3 24 | -32.1% | 8.1% | ||
| Q2 24 | 39.5% | 6.7% | ||
| Q1 24 | — | 5.5% |
| Q4 25 | -46.8% | 6.6% | ||
| Q3 25 | 80.8% | 4.8% | ||
| Q2 25 | 114.9% | 5.5% | ||
| Q1 25 | 58.4% | 7.7% | ||
| Q4 24 | 69.2% | 6.9% | ||
| Q3 24 | -23.9% | 5.6% | ||
| Q2 24 | 28.1% | 4.9% | ||
| Q1 24 | 116.3% | 6.4% |
| Q4 25 | $-0.38 | $1.01 | ||
| Q3 25 | $0.61 | $0.73 | ||
| Q2 25 | $0.74 | $0.64 | ||
| Q1 25 | $0.44 | $0.85 | ||
| Q4 24 | $0.58 | $0.81 | ||
| Q3 24 | $-0.17 | $0.62 | ||
| Q2 24 | $0.23 | $0.50 | ||
| Q1 24 | $0.98 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $110.2M | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $2.7B | $195.7M |
| Total Assets | $8.2B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $11.3M | ||
| Q3 25 | $301.8M | $9.8M | ||
| Q2 25 | $86.5M | $38.9M | ||
| Q1 25 | $67.4M | $38.1M | ||
| Q4 24 | $129.8M | $44.9M | ||
| Q3 24 | $44.1M | $51.2M | ||
| Q2 24 | $145.7M | $59.5M | ||
| Q1 24 | $61.4M | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $2.7B | $195.7M | ||
| Q3 25 | $2.7B | $181.6M | ||
| Q2 25 | $2.6B | $170.5M | ||
| Q1 25 | $2.5B | $161.1M | ||
| Q4 24 | $2.4B | $153.5M | ||
| Q3 24 | $2.3B | $142.2M | ||
| Q2 24 | $2.3B | $133.0M | ||
| Q1 24 | $2.3B | $125.5M |
| Q4 25 | $8.2B | $381.1M | ||
| Q3 25 | $8.2B | $409.1M | ||
| Q2 25 | $7.6B | $343.0M | ||
| Q1 25 | $7.5B | $336.4M | ||
| Q4 24 | $7.1B | $352.1M | ||
| Q3 24 | $6.7B | $324.4M | ||
| Q2 24 | $6.7B | $303.9M | ||
| Q1 24 | $6.7B | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $167.3M | $28.1M |
| Free Cash FlowOCF − Capex | — | $27.9M |
| FCF MarginFCF / Revenue | — | 14.9% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $28.1M | ||
| Q3 25 | $-121.8M | $13.3M | ||
| Q2 25 | $79.6M | $2.0M | ||
| Q1 25 | $-37.1M | $2.2M | ||
| Q4 24 | $5.9M | $19.3M | ||
| Q3 24 | $21.9M | $4.9M | ||
| Q2 24 | $-24.8M | $16.5M | ||
| Q1 24 | $20.9M | $-3.9M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | — | $12.8M | ||
| Q2 25 | — | $1.2M | ||
| Q1 25 | — | $11.0K | ||
| Q4 24 | — | $18.0M | ||
| Q3 24 | — | $4.6M | ||
| Q2 24 | — | $13.2M | ||
| Q1 24 | — | $-6.5M |
| Q4 25 | — | 14.9% | ||
| Q3 25 | — | 7.0% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | -5.5% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 2.1% |
| Q4 25 | — | 2.29× | ||
| Q3 25 | -1.46× | 1.52× | ||
| Q2 25 | 0.81× | 0.26× | ||
| Q1 25 | -0.66× | 0.22× | ||
| Q4 24 | 0.08× | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | -0.94× | 2.77× | ||
| Q1 24 | 0.17× | -0.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
