# Ameresco (AMRC.US)

Canonical: https://gigainvestors.com/s/AMRC

Analysis as of: 2026-10-16T07:26:29.828Z. Financial observations: FY2008–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $20.09 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.08×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.07×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: 4.3%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 18.6%

- Recent gross margin (lower of latest and 3-year median): 15.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.1%

- ROIC including acquisitions, ten-year median: -0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.6%

- FY2017: 8.1%

- FY2018: 10.4%

- FY2019: 5.4%

- FY2020: 5.8%

- FY2021: 8.8%

- FY2022: 7.9%

- FY2023: 3.6%

- FY2024: 4.3%

- FY2025: 4.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: -0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$263M

- Net income, five-year total: $329M

- Return on incremental invested capital: 5.2%

- Working capital / revenue, annual change: 2.5 pp

- Working capital / revenue, change between three-year averages: 18.3 pp

- Working capital / revenue, final three-year average: 27.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.78×

- FY2022: 1.00×

- FY2023: -6.78×

- FY2024: 1.00×

- FY2025: -1.05×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.1% vs 4.3%

- Per-share earnings: 0.26 to 1.07 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 1.9%

- Market cap gain: $1.3B

- Cumulative retained earnings: $502M

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.4%

- Per-share value change: $0.81

- Per-share value, starting three-year median: $0.26

- Per-share value, ending three-year median: $1.07

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.7%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $29M

- Cumulative net income, 10 years: $515M

- ROIC, first three-year median: 8.1%

- ROIC, last three-year median: 4.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.26

- FY2017: $0.82

- FY2018: $0.81

- FY2019: $0.93

- FY2020: $1.10

- FY2021: $1.35

- FY2022: $1.78

- FY2023: $1.17

- FY2024: $1.07

- FY2025: $0.82

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 2.7%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -1.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 8.8%

- FY2017: 17.7%

- FY2018: 7.8%

- FY2019: 17.5%

- FY2020: 8.9%

- FY2021: 10.9%

- FY2022: 15.1%

- FY2023: 3.6%

- FY2024: -1.5%

- FY2025: 2.7%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 78% since Nov 2021 · sales +4.8%

Story as of 2026-10-16T09:58:18.197Z; price observation 2026-10-15.

- 2025-06-02: Ameresco generates over $70M in cash proceeds from sale of RNG-related investment tax credits ([seekingalpha.com](https://seekingalpha.com/news/4454245-ameresco-generates-over-70m-in-cash-proceeds-from-sale-of-rng-related-investment-tax-credits?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-05: Ameresco signals $5.1B backlog milestone and forecasts continued margin improvement while expanding in Europe ([seekingalpha.com](https://seekingalpha.com/news/4478045-ameresco-signals-5_1b-backlog-milestone-and-forecasts-continued-margin-improvement-while?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-03: Ameresco skyrockets after Q2 revenue beat as backlog rises 32% to record ([seekingalpha.com](https://seekingalpha.com/news/4624192-ameresco-skyrockets-after-q2-revenue-beat-as-backlog-rises-32-to-record?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +4.8%; source https://www.sec.gov/Archives/edgar/data/1488139/000162828026013574/amrc_20251231x10-k.htm; observed 2026-03-03.

- FY2017: $717M 

- FY2018: $787M 

- FY2019: $867M 

- FY2020: $1.0B 

- FY2021: $1.2B 

- FY2022: $1.8B 

- FY2023: $1.4B 

- FY2024: $1.8B 

- FY2025: $1.9B 

- FY2026: $2.0B 

### Gross margin · FY2025

gross margin 15.7%; source https://www.sec.gov/Archives/edgar/data/1488139/000162828026013574/amrc_20251231x10-k.htm; observed 2026-03-03.

- FY2016: 20.6% 

- FY2017: 20.1% 

- FY2018: 22.1% 

- FY2019: 19.4% 

- FY2020: 18.2% 

- FY2021: 18.9% 

- FY2022: 15.9% 

- FY2023: 17.9% 

- FY2024: 14.5% 

- FY2025: 15.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in engineering & construction; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1488139/000162828026013574/amrc_20251231x10-k.htm (filed 2026-03-03); FY2025: revenue 1932126000; grossProfit 304013000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); AMRC.US: Ameresco, Inc. engages in the provision of energy solutions in the United States, Canada, and Europe. The company operates through North America Regions, U.S. Federal, Renewable Fuels, Europe, and All Other segments. It offers energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability, and renewable energy solutions for businesses and organizations. The company also designs, develops, engineers, and installs projects that reduce the energy, as well as operations and maintenance (O&M) costs of its customers' facilities; and projects primarily include various measures customized for the facility and designed to enhance the efficiency of building systems, such as heating, ventilation, cooling, and lighting systems. In addition, it offers renewable energy solutions and services, such as the development and construction of small-scale plants that the company owns or develops for customers that produce electricity, gas, heat, or cooling from renewable sources of energy and O&M services; and sells electricity, processed renewable gas fuel, and heat or cooling produced from renewable sources of energy. Further, the company provides photovoltaic (PV) solar energy products and systems, as well as provides consulting, and enterprise energy management services. It serves the federal, state and local governments, utilities, data centers, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Ameresco, Inc. was incorporated in 2000 and is headquartered in Framingham, Massachusetts.

### Why customers stay

Margins ranged from 14.5% to 17.9% during 2023–25; it earns 5.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2023: grossProfit / revenue = 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2024: grossProfit / revenue = 14.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1488139/000162828026013574/amrc_20251231x10-k.htm (filed 2026-03-03); FY2025: grossProfit / revenue = 15.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); 10-year return on capital observations [[2016,0.046398883997489704],[2017,0.08097646264676264],[2018,0.10411179020897883],[2019,0.0537386656786765],[2020,0.05762205367871589],[2021,0.08834959905053388],[2022,0.07868719783643895],[2023,0.03582068483565739],[2024,0.04278465992205162],[2025,0.04456368273217524]]; median 0.055680359678696195. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2017: growth capex 28487079.95278302; upkeep 60627920.04721698; owner earnings 2356079.9527830184. Growth capex / owner earnings = 12.090879988658228.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2020: growth capex 101434892.40046747; upkeep 81322107.59953253; owner earnings 14770892.40046747. Growth capex / owner earnings = 6.867214901467785.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2021: growth capex 121740677.08625704; upkeep 62034322.91374296; owner earnings 55000677.08625704. Growth capex / owner earnings = 2.213439607213058.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2022: growth capex 273621000; upkeep 54278000; owner earnings 94926000. Growth capex / owner earnings = 2.8824663422034007.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2024: growth capex 351269000; upkeep 87077000; owner earnings 56757000. Growth capex / owner earnings = 6.188998713815036.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,7417000],[2020,9875000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); AMRC.US SharesStats.PercentInsiders = 8.976 percentage points; cache date 2026-10-15.

### What could break it

Other than the U.S. federal government, no customers represented 10% or more of our revenues during this period.

- Source: https://www.sec.gov/Archives/edgar/data/1488139/000162828026013574/amrc_20251231x10-k.htm (filed 2026-03-03); For the year ended December 31, 2025, our largest 20 customers accounted for approximately 57.2% of our total revenues. Other than the U.S. federal government, no customers represented 10% or more of our revenues during this period. See “Provisions in our government contracts may harm our business, financial condition and operating results” in Item 1A, Risk Factors for a discussion of special considerations applicable to government contracting.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); Closing price 20.09 USD; reporting-to-trading FX 1; FY2025 annual sales per share 35.80995273839311; price multiple 0.5610172162685042. FY2025 cash earnings/share -0.8585866518763874. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $4.80 per share

- 2016-11: $5.95 per share

- 2016-12: $5.50 per share

- 2017-01: $5.20 per share

- 2017-02: $5.05 per share

- 2017-03: $6.55 per share

- 2017-04: $6.45 per share

- 2017-05: $6.90 per share

- 2017-06: $7.70 per share

- 2017-07: $6.55 per share

- 2017-08: $7.25 per share

- 2017-09: $7.80 per share

- 2017-10: $7.70 per share

- 2017-11: $8.50 per share

- 2017-12: $8.60 per share

- 2018-01: $8.70 per share

- 2018-02: $8.15 per share

- 2018-03: $13.00 per share

- 2018-04: $11.85 per share

- 2018-05: $11.95 per share

- 2018-06: $12.00 per share

- 2018-07: $13.40 per share

- 2018-08: $14.35 per share

- 2018-09: $13.65 per share

- 2018-10: $16.37 per share

- 2018-11: $15.72 per share

- 2018-12: $14.10 per share

- 2019-01: $14.93 per share

- 2019-02: $16.37 per share

- 2019-03: $16.18 per share

- 2019-04: $15.06 per share

- 2019-05: $14.50 per share

- 2019-06: $14.73 per share

- 2019-07: $14.25 per share

- 2019-08: $14.40 per share

- 2019-09: $16.07 per share

- 2019-10: $14.74 per share

- 2019-11: $16.35 per share

- 2019-12: $17.50 per share

- 2020-01: $19.19 per share

- 2020-02: $22.54 per share

- 2020-03: $17.03 per share

- 2020-04: $18.06 per share

- 2020-05: $21.46 per share

- 2020-06: $27.78 per share

- 2020-07: $27.68 per share

- 2020-08: $34.14 per share

- 2020-09: $33.40 per share

- 2020-10: $38.39 per share

- 2020-11: $44.55 per share

- 2020-12: $52.24 per share

- 2021-01: $56.09 per share

- 2021-02: $57.12 per share

- 2021-03: $48.63 per share

- 2021-04: $52.79 per share

- 2021-05: $53.76 per share

- 2021-06: $62.72 per share

- 2021-07: $68.53 per share

- 2021-08: $69.15 per share

- 2021-09: $58.43 per share

- 2021-10: $82.13 per share

- 2021-11: $90.33 per share

- 2021-12: $81.44 per share

- 2022-01: $50.61 per share

- 2022-02: $64.25 per share

- 2022-03: $79.50 per share

- 2022-04: $50.44 per share

- 2022-05: $58.72 per share

- 2022-06: $45.56 per share

- 2022-07: $57.22 per share

- 2022-08: $68.85 per share

- 2022-09: $66.48 per share

- 2022-10: $60.48 per share

- 2022-11: $65.52 per share

- 2022-12: $57.14 per share

- 2023-01: $64.47 per share

- 2023-02: $43.95 per share

- 2023-03: $49.22 per share

- 2023-04: $41.60 per share

- 2023-05: $43.08 per share

- 2023-06: $48.63 per share

- 2023-07: $58.21 per share

- 2023-08: $43.49 per share

- 2023-09: $38.56 per share

- 2023-10: $26.15 per share

- 2023-11: $29.96 per share

- 2023-12: $31.67 per share

- 2024-01: $20.43 per share

- 2024-02: $20.96 per share

- 2024-03: $24.13 per share

- 2024-04: $20.93 per share

- 2024-05: $36.52 per share

- 2024-06: $28.81 per share

- 2024-07: $31.57 per share

- 2024-08: $30.45 per share

- 2024-09: $37.94 per share

- 2024-10: $30.77 per share

- 2024-11: $28.17 per share

- 2024-12: $23.48 per share

- 2025-01: $22.63 per share

- 2025-02: $11.80 per share

- 2025-03: $12.08 per share

- 2025-04: $10.63 per share

- 2025-05: $13.78 per share

- 2025-06: $15.19 per share

- 2025-07: $16.92 per share

- 2025-08: $25.43 per share

- 2025-09: $33.58 per share

- 2025-10: $39.52 per share

- 2025-11: $34.71 per share

- 2025-12: $29.29 per share

- 2026-01: $31.34 per share

- 2026-02: $30.46 per share

- 2026-03: $25.50 per share

- 2026-04: $29.59 per share

- 2026-05: $35.98 per share

- 2026-06: $27.60 per share

- 2026-07: $21.07 per share

- 2026-08: $22.12 per share

- 2026-09: $20.71 per share

- 2026-10: $20.09 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1488139/000162828026013574/amrc_20251231x10-k.htm); period 2025-12-31, filed 2026-03-03.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.