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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). 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 $91.6M, roughly 1.3× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -46.8%, a 41.0% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs 7.2%). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
HASI vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $91.6M |
| Net Profit | $-53.8M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | -57.4% | -1.0% |
| Net Margin | -46.8% | -5.9% |
| Revenue YoY | 13.3% | 7.2% |
| Net Profit YoY | -176.7% | -95.8% |
| EPS (diluted) | $-0.38 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $103.1M | $89.8M | ||
| Q2 25 | $85.7M | $88.6M | ||
| Q1 25 | $96.9M | $87.9M | ||
| Q4 24 | $101.3M | $85.4M | ||
| Q3 24 | $82.0M | $87.6M | ||
| Q2 24 | $94.5M | $85.8M | ||
| Q1 24 | $105.8M | $69.2M |
| Q4 25 | $-53.8M | $-5.4M | ||
| Q3 25 | $83.3M | $-9.4M | ||
| Q2 25 | $98.4M | $-9.0M | ||
| Q1 25 | $56.6M | $-9.1M | ||
| Q4 24 | $70.1M | $-2.7M | ||
| Q3 24 | $-19.6M | $-5.3M | ||
| Q2 24 | $26.5M | $-12.9M | ||
| Q1 24 | $123.0M | $214.7M |
| Q4 25 | -57.4% | -1.0% | ||
| Q3 25 | — | -8.0% | ||
| Q2 25 | — | -10.3% | ||
| Q1 25 | 84.7% | -6.9% | ||
| Q4 24 | 90.9% | -6.7% | ||
| Q3 24 | -32.1% | -4.8% | ||
| Q2 24 | 39.5% | -18.5% | ||
| Q1 24 | — | -4.0% |
| Q4 25 | -46.8% | -5.9% | ||
| Q3 25 | 80.8% | -10.5% | ||
| Q2 25 | 114.9% | -10.2% | ||
| Q1 25 | 58.4% | -10.4% | ||
| Q4 24 | 69.2% | -3.2% | ||
| Q3 24 | -23.9% | -6.0% | ||
| Q2 24 | 28.1% | -15.0% | ||
| Q1 24 | 116.3% | 310.0% |
| Q4 25 | $-0.38 | $-0.13 | ||
| Q3 25 | $0.61 | $-0.20 | ||
| Q2 25 | $0.74 | $-0.19 | ||
| Q1 25 | $0.44 | $-0.19 | ||
| Q4 24 | $0.58 | $-0.34 | ||
| Q3 24 | $-0.17 | $-0.13 | ||
| Q2 24 | $0.23 | $-0.24 | ||
| Q1 24 | $0.98 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $2.7B | $880.8M |
| Total Assets | $8.2B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $27.3M | ||
| Q3 25 | $301.8M | $22.6M | ||
| Q2 25 | $86.5M | $29.1M | ||
| Q1 25 | $67.4M | $87.5M | ||
| Q4 24 | $129.8M | $46.3M | ||
| Q3 24 | $44.1M | $43.1M | ||
| Q2 24 | $145.7M | $43.8M | ||
| Q1 24 | $61.4M | $389.7M |
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $2.7B | $880.8M | ||
| Q3 25 | $2.7B | $892.7M | ||
| Q2 25 | $2.6B | $902.0M | ||
| Q1 25 | $2.5B | $910.5M | ||
| Q4 24 | $2.4B | $918.6M | ||
| Q3 24 | $2.3B | $925.4M | ||
| Q2 24 | $2.3B | $933.1M | ||
| Q1 24 | $2.3B | $871.6M |
| Q4 25 | $8.2B | $1.9B | ||
| Q3 25 | $8.2B | $1.9B | ||
| Q2 25 | $7.6B | $1.8B | ||
| Q1 25 | $7.5B | $1.8B | ||
| Q4 24 | $7.1B | $1.7B | ||
| Q3 24 | $6.7B | $1.7B | ||
| Q2 24 | $6.7B | $1.7B | ||
| Q1 24 | $6.7B | $1.4B |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | — | $-78.6M |
| FCF MarginFCF / Revenue | — | -85.8% |
| Capex IntensityCapex / Revenue | — | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $28.8M | ||
| Q3 25 | $-121.8M | $30.7M | ||
| Q2 25 | $79.6M | $20.9M | ||
| Q1 25 | $-37.1M | $20.5M | ||
| Q4 24 | $5.9M | $20.6M | ||
| Q3 24 | $21.9M | $24.3M | ||
| Q2 24 | $-24.8M | $2.5M | ||
| Q1 24 | $20.9M | $15.2M |
| Q4 25 | — | $-78.6M | ||
| Q3 25 | — | $-51.4M | ||
| Q2 25 | — | $-65.3M | ||
| Q1 25 | — | $-62.7M | ||
| Q4 24 | — | $-72.0M | ||
| Q3 24 | — | $-51.3M | ||
| Q2 24 | — | $-78.3M | ||
| Q1 24 | — | $-54.9M |
| Q4 25 | — | -85.8% | ||
| Q3 25 | — | -57.2% | ||
| Q2 25 | — | -73.7% | ||
| Q1 25 | — | -71.3% | ||
| Q4 24 | — | -84.3% | ||
| Q3 24 | — | -58.5% | ||
| Q2 24 | — | -91.3% | ||
| Q1 24 | — | -79.3% |
| Q4 25 | — | 117.2% | ||
| Q3 25 | — | 91.4% | ||
| Q2 25 | — | 97.3% | ||
| Q1 25 | — | 94.7% | ||
| Q4 24 | — | 108.4% | ||
| Q3 24 | — | 86.2% | ||
| Q2 24 | — | 94.2% | ||
| Q1 24 | — | 101.2% |
| 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× | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
