Bedrijfsoverzicht
Ameresco, Inc. is a provider of comprehensive energy solutions operating primarily within the United States, Canada, and Europe. The company functions through specific segments including North America Regions, U.S. Federal, Renewable Fuels, Europe, and All Other, focusing on energy efficiency, infrastructure upgrades, energy security, and resiliency initiatives. It operates within the Industrials sector, specifically the Engineering & Construction industry, which typically involves significant capital expenditure and long-term project execution for clients seeking to modernize their facilities. The company holds a market capitalization of $1.40B and generates annual revenue of $1.93B, employing a workforce of 1601 individuals. These valuation and revenue figures indicate that Ameresco has established itself as a substantial entity in the energy infrastructure space, though its market cap relative to its revenue suggests a valuation that is not excessively inflated compared to pure-play software or technology peers. The scale of operations, supported by over one and a half thousand employees, reflects a mature business model capable of managing complex, multi-jurisdictional projects across federal and commercial sectors.
Financiële gezondheid
Ameresco reported a trailing twelve-month revenue of $1.93B, with a corresponding net income of $44.18M and an EBITDA of $230.25M. The substantial gap between the $1.93B revenue and the $44.18M net income reveals a cost structure where operating expenses, including cost of goods sold, administrative costs, and likely high levels of depreciation or amortization, consume approximately 97.7% of total revenue before interest and taxes are considered. The free cash flow stands at $-335,935,264, indicating a significant cash outflow over the trailing twelve months. This negative free cash flow suggests that the company is currently investing heavily in capital expenditures, working capital, or project execution that exceeds its operating cash generation, which impacts immediate financial flexibility but may be necessary for business expansion or maintaining infrastructure contracts. The gross margin is 15.7%, while the operating margin is 7.5% and the profit margin is 2.3%. These margin levels indicate a business model that relies on volume and operational efficiency to drive profitability, as the profit margin is less than 3% of sales, typical for labor-intensive engineering and construction firms. In terms of balance sheet leverage, the company holds $71.78M in cash against $2.44B in debt, resulting in a debt-to-equity ratio of 217.39. This high debt-to-equity ratio indicates a significantly leveraged balance sheet, suggesting the company relies heavily on borrowed funds to finance its operations or acquisitions. The current ratio is 1.51, which indicates that the company possesses sufficient current assets to cover its short-term liabilities with a margin of safety of over 50%. Return on Equity is 5.2% and Return on Assets is 1.8%, metrics that reveal management effectiveness is currently challenged by the high debt load and low profit margins, as the return generated on shareholder equity and total assets remains relatively modest.
Waarderingsbeoordeling
The trailing twelve-month P/E ratio is 31.81, whereas the forward P/E is 16.10. The significant difference between these two metrics implies that the market expects earnings growth in the future, as investors are pricing in a much lower multiple for expected future earnings compared to current actual earnings. The price-to-book ratio is 1.29, indicating that the company's market value is slightly above its book value, suggesting a moderate market premium for its intangible assets and future growth potential. The price-to-sales ratio is 0.72, and the EV/EBITDA is 16.56; these alternative valuation metrics suggest that the company is valued at less than one dollar of market capitalization for every dollar of revenue, which is a relatively conservative metric for an engineering firm, while the EV/EBITDA reflects the capital-intensive nature of the business. The stock has traded between a 52-week low of $8.49 and a 52-week high of $44.93. Without the current price explicitly provided in the facts, the valuation assessment relies on the range, but typically such a wide spread indicates high volatility, and any current trading price below the $44.93 high would represent a discount relative to the recent peak. The beta is 2.61, which means the stock is expected to be approximately 2.6 times more volatile than the broader market. This high beta indicates that Ameresco's share price will likely experience larger swings than the general index, making it a high-risk, high-potential-reward asset for portfolios seeking exposure to industrial volatility.
Growth & Income
Revenue growth year-over-year is 9.1%, while earnings growth year-over-year is -51.7%. Earnings are currently growing much slower than revenue, in fact, they are contracting sharply, which implies that the company is facing significant headwinds such as margin compression, one-time costs, or a shift in the mix of its project portfolio that affects profitability more than top-line growth. As a non-dividend payer, the company has a dividend yield of N/A and a payout ratio of 0.0%. This means the company does not distribute a portion of its earnings to shareholders as dividends, and instead reinvests all available earnings back into the business to fund operations, capital projects, or debt management. The overall growth and income profile is characterized by strong top-line expansion in revenue coupled with a severe contraction in earnings and a complete absence of dividend income. This profile suggests the company is in a transition phase where profitability is being sacrificed or is under pressure to secure future growth opportunities in the energy efficiency and infrastructure sectors.