Ameresco, Inc. (AMRC) stock analysis
Close on Nov 12, 2026Market cap $1.37BP/E 14.0Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed9 of 30 checks passed
Ameresco passes 9 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 5/6
- Growth
- 1/6
- Past performance
- 2/6
- Financial health
- 1/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 44.8% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $26.51 is below our fair value estimate of $48.01.
Earnings grew over 5 years
Net income grew 26.3% a year on average over the last five fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 22.0% a year over the last three fiscal years.
What to watch
Return on equity under 15%
Return on equity was 8.7% over the last twelve months and averaged 10.5% over five years; we look for 15% on both.
High debt
Debt is 161% of shareholders' equity, above the 40% we consider low.
Earnings growth not accelerating
Net income grew -23.1% over the last twelve months, against a 5-year average of 26.3% a year.
Elevated bankruptcy risk
The Altman Z-score is 0.64; above 3 is the safe zone and below 1.8 the distress zone.
Valuation5/6
P/E below its 5-year median
Ameresco's P/E of 14.3 is below its own 5-year median of 28.1.
P/E below the industry
Ameresco's P/E of 14.3 is below the Construction Special Trade Contractors median of 25.1.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Ameresco's price-to-book of 1.12 is below the Construction Special Trade Contractors median of 1.66.
Trading below fair value
The share price of $26.51 is below our fair value estimate of $48.01.
Margin of safety over 20%
The price is 44.8% below fair value, more than the 20% cushion we look for.
Growth1/6
Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing 10%+ a year
Diluted EPS grew 22.0% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -23.1% over the last twelve months, against a 5-year average of 26.3% a year.
Growth against the industry
Needs revenue for this year and last.
Guidance lowered
Ameresco lowered its FY 2026 Net Income Attributable to Non-Controlling Interest outlook on Aug 3, 2026.
Gross margin trend
This company does not report gross profit.
Past performance2/6
Return on equity under 15%
Return on equity was 8.7% over the last twelve months and averaged 10.5% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Ameresco's return on equity of 8.7% is above the Construction Special Trade Contractors median of -16.7%.
Earnings grew over 5 years
Net income grew 26.3% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health1/6
High debt
Debt is 161% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 77.3% five years ago to 161%.
Debt coverage
Needs operating cash flow.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.65 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is 0.64; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Ameresco has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$48.01
The share price is 45% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 26.6× | 28.1× | 25.1× | $49.25 | 80% |
| P/B | 1.8× | 2.0× | 1.7× | $43.02 | 20% |
| Earnings powerleft out, too far from the others | 13.1% cost of equity | – | – | $2.70 | – |
| Fair value | $48.01 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 28.1
- Construction Special Trade Contractors median 25.1
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $13.08M
- Value traded per 1% price move
- $3.79M
Downside
High risk
- Typical loss in a bad month
- 25.2%
- Volatility (annualized)
- 74%
- Sharpe ratio, 1 year
- -0.41
- Beta to the S&P 500 (5Y)
- 1.65
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Net income | +205.9% | +22.3% | +26.3% | +70.3% | |
| EPS, diluted | +201.9% | +22.0% | +24.0% | +66.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 11.7% | 15.2% | |
| Return on assets | 1.6% | 3.5% | 3.9% | |
| Current ratio | 1.19 | 1.28 | 1.53 | |
| Debt to equity | – | 0.77 | 1.48 | |
| Net debt to EBITDA | 2.30× | 2.53× | – | |
| Interest coverage | 3.4× | 5.3× | – | |
| Inventory turnover | 40.8× | 94.9× | – | |
| Capex to revenue | 0.4% | 0.2% | – | |
| Diluted shares | 46M | 49M | – |
Cash use needs five years of cash flow figures
Ameresco does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | 3.2% | 0.45× | 4.11× | 5.9% |
| FY2023 | 4.5% | 0.42× | 3.82× | 7.2% |
| FY2022 | 5.2% | 0.72× | 3.34× | 12.4% |
| FY2021 | 5.8% | 0.61× | 3.32× | 11.8% |
| FY2020 | 5.2% | 0.66× | 3.39× | 11.7% |
| FY2019 | 5.1% | 0.68× | 3.15× | 11.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$173.65M
- Cash generatingOperating cash flow above zero–
- Return on assets improvedROA up on the prior year1.5% → 4.2%
- Earnings backed by cashOperating cash flow above net income– vs $173.65M
- Less leverageLong-term debt to assets fell35.7% → 37.0%
- Better liquidityCurrent ratio rose1.46 → 1.53
- No dilutionShare count did not rise53M → –
- Gross margin improvedGross margin up on the prior year14.47% → –
- More efficientAsset turnover rose0.48 → –
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