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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($142.9M vs $114.8M, roughly 1.2× HA Sustainable Infrastructure Capital, Inc.). Piedmont Realty Trust, Inc. runs the higher net margin — -30.3% vs -46.8%, a 16.6% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -0.3%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% CAGR vs -0.6%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
HASI vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $142.9M |
| Net Profit | $-53.8M | $-43.2M |
| Gross Margin | — | — |
| Operating Margin | -57.4% | — |
| Net Margin | -46.8% | -30.3% |
| Revenue YoY | 13.3% | -0.3% |
| Net Profit YoY | -176.7% | -44.3% |
| EPS (diluted) | $-0.38 | $-0.34 |
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 | $142.9M | ||
| Q3 25 | $103.1M | $139.2M | ||
| Q2 25 | $85.7M | $140.3M | ||
| Q1 25 | $96.9M | $142.7M | ||
| Q4 24 | $101.3M | $143.2M | ||
| Q3 24 | $82.0M | $139.3M | ||
| Q2 24 | $94.5M | $143.3M | ||
| Q1 24 | $105.8M | $144.5M |
| Q4 25 | $-53.8M | $-43.2M | ||
| Q3 25 | $83.3M | $-13.5M | ||
| Q2 25 | $98.4M | $-16.8M | ||
| Q1 25 | $56.6M | $-10.1M | ||
| Q4 24 | $70.1M | $-30.0M | ||
| Q3 24 | $-19.6M | $-11.5M | ||
| Q2 24 | $26.5M | $-9.8M | ||
| Q1 24 | $123.0M | $-27.8M |
| Q4 25 | -57.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 84.7% | — | ||
| Q4 24 | 90.9% | — | ||
| Q3 24 | -32.1% | — | ||
| Q2 24 | 39.5% | — | ||
| Q1 24 | — | — |
| Q4 25 | -46.8% | -30.3% | ||
| Q3 25 | 80.8% | -9.7% | ||
| Q2 25 | 114.9% | -12.0% | ||
| Q1 25 | 58.4% | -7.1% | ||
| Q4 24 | 69.2% | -20.9% | ||
| Q3 24 | -23.9% | -8.3% | ||
| Q2 24 | 28.1% | -6.8% | ||
| Q1 24 | 116.3% | -19.2% |
| Q4 25 | $-0.38 | $-0.34 | ||
| Q3 25 | $0.61 | $-0.11 | ||
| Q2 25 | $0.74 | $-0.14 | ||
| Q1 25 | $0.44 | $-0.08 | ||
| Q4 24 | $0.58 | $-0.25 | ||
| Q3 24 | $-0.17 | $-0.09 | ||
| Q2 24 | $0.23 | $-0.08 | ||
| Q1 24 | $0.98 | $-0.22 |
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 | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $2.7B | $1.5B |
| Total Assets | $8.2B | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $731.0K | ||
| Q3 25 | $301.8M | $3.0M | ||
| Q2 25 | $86.5M | $3.3M | ||
| Q1 25 | $67.4M | $2.9M | ||
| Q4 24 | $129.8M | $109.6M | ||
| Q3 24 | $44.1M | $133.6M | ||
| Q2 24 | $145.7M | $138.5M | ||
| Q1 24 | $61.4M | $3.5M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | $2.7B | $1.5B | ||
| Q3 25 | $2.7B | $1.5B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.4B | $1.6B | ||
| Q3 24 | $2.3B | $1.6B | ||
| Q2 24 | $2.3B | $1.7B | ||
| Q1 24 | $2.3B | $1.7B |
| Q4 25 | $8.2B | $4.0B | ||
| Q3 25 | $8.2B | $4.0B | ||
| Q2 25 | $7.6B | $4.0B | ||
| Q1 25 | $7.5B | $4.0B | ||
| Q4 24 | $7.1B | $4.1B | ||
| Q3 24 | $6.7B | $4.1B | ||
| Q2 24 | $6.7B | $4.2B | ||
| Q1 24 | $6.7B | $4.0B |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.23× |
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 | $140.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $140.6M | ||
| Q3 25 | $-121.8M | $35.8M | ||
| Q2 25 | $79.6M | $50.1M | ||
| Q1 25 | $-37.1M | $3.7M | ||
| Q4 24 | $5.9M | $198.1M | ||
| Q3 24 | $21.9M | $42.9M | ||
| Q2 24 | $-24.8M | $66.8M | ||
| Q1 24 | $20.9M | $23.4M |
| Q4 25 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | — | ||
| Q1 24 | 0.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
