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Ameresco, Inc.
NYSE: AMRC Industrials Infra 🔎 Screen
$1.1B
Market Cap
35.3
P/E
0.68
PEG
5.5%
ROCE
5.2%
ROE
1.61
D/E
6.4%
OPM
-51.5%
% from 52W High
18
α RS
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Currency-adjusted total returns for AMRC including FX impact
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About

Ameresco, Inc. engages in the provision of energy solutions in the United States, Canada, and Europe.

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📊 MIXED Ameresco: 14% revenue growth, $400M HASI JV for Neogenyx Fuels
Revenue & Profitability
Total revenue increased 14% year-over-year to $401 million. Net loss attributable to common shareholders was $18.3 million, with GAAP EPS loss of $0.35 and non-GAAP loss per share of $0.33. Adjusted EBITDA was $40.5 million. Awarded project backlog grew 20% to $2.8 billion, with $522 million in new awards during the quarter.
Outlook
Management sees strong demand across federal programs (energy efficiency, infrastructure modernization) and a robust pipeline for energy infrastructure projects, including data centers. Rising electricity prices are driving customers to invest in energy efficiency, and the company expects to be a main beneficiary of this trend for years to come.
Growth Drivers
Key growth levers include the federal business (ongoing upgrades and hardening critical facilities), energy infrastructure solutions for data centers (focus on behind-the-meter microgrids), and building efficiency upgrades spurred by spiking power costs. The Neogenyx Fuels joint venture with HASI will accelerate biogas development, aiming to increase plant construction from two per year to four per year.
Balance Sheet & CapEx
Expected capital expenditure for 2026 is $300 million to $350 million, mostly funded by energy asset debt, HASI's $400 million investment, tax equity, and tax credit sales. The company plans to place 100 MW to 120 MW of total energy assets in service, including two RNG plants.
Margins
Gross margin was 14.1%, impacted by project mix and adverse weather conditions at certain RNG sites. Operating expenses rose to $46 million due to investments in people and capabilities to support growth. Adjusted EBITDA of $40.5 million was in line with expectations. For Q2 2026, the company expects adjusted EBITDA of $58M-$62M and non-GAAP EPS of $0.18-$0.23.
Key Risks
Risks include adverse weather conditions impacting RNG and solar facilities (experienced in Q1), forward-looking statements subject to uncertainties, and the expected closing of the Neogenyx Fuels transaction. Management noted that FEOC concerns around tax equity have not materially affected the company's access to capital.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-03
Q2 2026 delivered record new awards, strong revenue growth, and major project wins, especially in data centers and energy assets. Backlog and margins improved, guidance was raised, and significant capital was secured to support long-term growth.
Q1 2026 Q1 2026 2026-05-04
Revenue grew 14% year-over-year to $401 million, driven by strong project execution and backlog growth. The $400 million HASI investment will fund the Neogenyx Fuels JV, supporting accelerated biofuels growth and strategic capital deployment.
Q4 2025 Q4 2025 2026-03-02
Record Q4 revenue and strong annual results were driven by robust backlog conversion, recurring revenue, and European growth. 2026 guidance calls for 9% revenue and 19% adjusted EBITDA growth, with continued investment and risk management amid industry tailwinds.
Q3 2025 Q3 2025 2025-11-03
Strong year-over-year growth was achieved across revenue, EBITDA, and project backlog, driven by surging demand for resilient energy infrastructure in data centers and industrials. Guidance for 2025 is reaffirmed, with long-term targets of 10% revenue and 20% EBITDA growth.
Q2 2025 Q2 2025 2025-08-04
Q2 saw 8% revenue and 24% adjusted EBITDA growth, with record backlog and expanding margins. European operations and energy asset revenues surged, while supply chain and regulatory risks are being actively managed. Guidance for 2025 is reaffirmed.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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