Start here if you're new
what it is
It builds and runs energy-saving and renewable power projects for cities, schools, and companies.
how it gets paid
Last year Ameresco made $1.8B in revenue.
what just happened
Ameresco's latest quarter put $1.4B of revenue on the board, with EPS at $0.49 and gross margin at 15.5%.
At a glance
C++ balance sheet — some cracks in the foundation
60/100 earnings predictability — reasonably predictable
41.1x trailing p/e — you're paying up for this one
3.7% return on capital — nothing to write home about
$1.07 fy2024 eps est
xvary composite: 39/100 — weak
What they do
It builds and runs energy-saving and renewable power projects for cities, schools, and companies.
Ameresco wins by doing the whole job: design, engineering, and installation. That means your building does not juggle three vendors and hope they cooperate. In March 2026 slides, recurring revenue drove 64% of operating profit, so the boring contracts pay more than the flashy builds.
How they make money
$1.8B
annual revenue
total revenue
$1.8B
n/a
The products that matter
develops financed efficiency projects
Energy Savings Performance Contracts
$1.8B backlog
These contracts let customers pay from future energy savings instead of paying cash upfront. That's how Ameresco wins complex projects and why backlog matters so much here.
backlog driver
owns and operates energy assets
Owned Energy Assets
121 MW placed in service in 2025
Ameresco placed 121 megawatts into service in 2025, and this owned-asset base now drives 64% of EBITDA on a recurring basis. This is where the business stops being only a builder and starts collecting ongoing cash flow.
recurring EBITDA
services installed energy systems
Operations & Maintenance
$62.9M latest-quarter revenue
This segment produced $62.9M in the latest quarter. It's smaller than project work, but it gives you revenue that does not depend on winning a new build every quarter.
stability layer
Key numbers
41.1x
trailing p/e
Price to earnings means what you pay for profit. At 41.1x, you are paying a lot for a business earning 3.7% on capital.
$1.8B
annual sales
That is the size of the business. It is enough to matter, but not enough to hide a $1.8B debt stack.
10.0%
operating margin
Operating margin means profit left after running the business. Ameresco keeps 10 cents of each sales dollar.
$1.8B
debt load
Long-term debt is 58% of capital. You do not want project delays with that much borrowed money.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $1.8B (58% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for AMRC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Ameresco's latest quarter put $1.4B of revenue on the board, with EPS at $0.49 and gross margin at 15.5%.
Revenue was up 157% vs. prior year, and EPS rose 40%. has FY2024 revenue at $2B, while EDGAR and Yahoo both show $1.8B of trailing revenue, so the sales base is not as big as the forward growth headline suggests.
$1.4B
revenue
$0.49
eps
15.5%
gross margin
the number that mattered
Revenue hit $1.4B. That number matters because it was 157% above last year and still sits inside a business with a 10.0% operating margin.
source: company earnings report, 2026
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What could go wrong
Ameresco's risk profile is unusually specific: the same company asking you to trust $1.8B of future work already carries $1.8B of long-term debt. If execution slips, those two numbers stop looking balanced and start looking awkward.
high
backlog conversion risk
The $1.8B backlog matters only if projects move on schedule and convert into revenue. Delays, cost overruns, or contract timing issues would make the $2.1B 2026 target harder to hit.
If revenue slips while the stock still trades at 41.1x earnings, the multiple does the punishing for you.
med
debt load and funding pressure
Ameresco carries $1.8B of long-term debt, equal to 58% of capital. This model needs financing to build and own assets, so tighter credit or weaker project returns would hit equity value quickly.
The owned-asset story gets less attractive fast if capital gets more expensive.
med
thin margin problem
Net margin was 2.3%. That means small mistakes matter more here than they would in a higher-margin business. A cost overrun, delayed close, or lower-yield asset puts real pressure on earnings.
The stock is priced for cleaner economics than the current bottom line shows.
Here's what would change the story quickly: a guide-down below $2.1B of revenue, a miss on the $283M adjusted EBITDA plan, or backlog that stops converting while debt stays high. At that point, the transition thesis weakens.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Scheduled for May 4, 2026. You want evidence that the company is tracking toward the $2.1B revenue and $283M adjusted EBITDA plan.
execution
backlog conversion speed
The $1.8B backlog is the bridge from story to numbers. If conversion slips, valuation support weakens fast.
margin
profit per revenue dollar
The key question is simple: does the 2.3% net margin move higher as owned assets contribute more. If not, growth alone will not save the multiple.
balance sheet
debt versus owned-asset growth
121 MW went into service in 2025. You want new assets to improve recurring profit faster than debt and funding pressure grow.
Analyst rankings
earnings predictability
60 / 100
Good enough to model, but not clean enough to trust quarter-to-quarter. In human-speak: expect some lumpiness.
price stability
5 / 100
This is not a sleepy utility-style stock. In human-speak, the market changes its mind here with enthusiasm.
source: institutional data
Institutional activity
institutional ownership data for AMRC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$33
current price
n/a
target midpoint · n/a from current
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