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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $71.1M, roughly 1.6× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -46.8%, a 48.9% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -1.8%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% CAGR vs -4.7%).
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.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
HASI vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $71.1M |
| Net Profit | $-53.8M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | -57.4% | 13.1% |
| Net Margin | -46.8% | 2.0% |
| Revenue YoY | 13.3% | -1.8% |
| Net Profit YoY | -176.7% | -75.2% |
| EPS (diluted) | $-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 | $114.8M | $71.1M | ||
| Q3 25 | $103.1M | $73.2M | ||
| Q2 25 | $85.7M | $72.8M | ||
| Q1 25 | $96.9M | $74.5M | ||
| Q4 24 | $101.3M | $72.5M | ||
| Q3 24 | $82.0M | $78.5M | ||
| Q2 24 | $94.5M | $78.5M | ||
| Q1 24 | $105.8M | $78.3M |
| Q4 25 | $-53.8M | $1.4M | ||
| Q3 25 | $83.3M | $4.0M | ||
| Q2 25 | $98.4M | $4.7M | ||
| Q1 25 | $56.6M | $-2.0M | ||
| Q4 24 | $70.1M | $5.8M | ||
| Q3 24 | $-19.6M | $966.0K | ||
| Q2 24 | $26.5M | $3.7M | ||
| Q1 24 | $123.0M | $-3.4M |
| Q4 25 | -57.4% | 13.1% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | 84.7% | 7.2% | ||
| Q4 24 | 90.9% | 5.9% | ||
| Q3 24 | -32.1% | 19.4% | ||
| Q2 24 | 39.5% | 20.6% | ||
| Q1 24 | — | 5.8% |
| Q4 25 | -46.8% | 2.0% | ||
| Q3 25 | 80.8% | 5.4% | ||
| Q2 25 | 114.9% | 6.4% | ||
| Q1 25 | 58.4% | -2.6% | ||
| Q4 24 | 69.2% | 8.0% | ||
| Q3 24 | -23.9% | 1.2% | ||
| Q2 24 | 28.1% | 4.7% | ||
| Q1 24 | 116.3% | -4.3% |
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $0.61 | — | ||
| Q2 25 | $0.74 | — | ||
| Q1 25 | $0.44 | — | ||
| Q4 24 | $0.58 | — | ||
| Q3 24 | $-0.17 | — | ||
| Q2 24 | $0.23 | — | ||
| Q1 24 | $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 | $110.2M | $118.7M |
| Total DebtLower is stronger | — | $432.2M |
| Stockholders' EquityBook value | $2.7B | $452.4M |
| Total Assets | $8.2B | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $118.7M | ||
| Q3 25 | $301.8M | $107.5M | ||
| Q2 25 | $86.5M | $94.3M | ||
| Q1 25 | $67.4M | $89.1M | ||
| Q4 24 | $129.8M | $96.6M | ||
| Q3 24 | $44.1M | $83.8M | ||
| Q2 24 | $145.7M | $66.1M | ||
| Q1 24 | $61.4M | $82.1M |
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
| Q4 25 | $2.7B | $452.4M | ||
| Q3 25 | $2.7B | $448.1M | ||
| Q2 25 | $2.6B | $442.4M | ||
| Q1 25 | $2.5B | $433.5M | ||
| Q4 24 | $2.4B | $429.5M | ||
| Q3 24 | $2.3B | $423.1M | ||
| Q2 24 | $2.3B | $418.4M | ||
| Q1 24 | $2.3B | $412.0M |
| Q4 25 | $8.2B | $582.5M | ||
| Q3 25 | $8.2B | $582.2M | ||
| Q2 25 | $7.6B | $574.8M | ||
| Q1 25 | $7.5B | $571.4M | ||
| Q4 24 | $7.1B | $581.6M | ||
| Q3 24 | $6.7B | $578.6M | ||
| Q2 24 | $6.7B | $571.4M | ||
| Q1 24 | $6.7B | $566.7M |
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | — | $33.5M |
| FCF MarginFCF / Revenue | — | 47.1% |
| Capex IntensityCapex / Revenue | — | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $40.9M | ||
| Q3 25 | $-121.8M | $17.7M | ||
| Q2 25 | $79.6M | $4.6M | ||
| Q1 25 | $-37.1M | $5.7M | ||
| Q4 24 | $5.9M | $59.7M | ||
| Q3 24 | $21.9M | $17.6M | ||
| Q2 24 | $-24.8M | $15.9M | ||
| Q1 24 | $20.9M | $9.4M |
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.3% |
| Q4 25 | — | 28.39× | ||
| Q3 25 | -1.46× | 4.45× | ||
| Q2 25 | 0.81× | 0.97× | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | -0.94× | 4.29× | ||
| 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.
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
