Ameresco
AMRCNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $27.62 Prior regular-session close from the quote source.
- $26.37–$28.61 Regular-session low and high so far today.
- 870.1K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $18.09–$37.14 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own AMRC if its turnkey energy-infrastructure model keeps winning projects and converts them into cash, not just construction revenue.
AMRC price history
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Investment thesis
What must happen next
Customers continue choosing Ameresco’s turnkey energy-infrastructure model because it bundles cost reduction, resilience, and decarbonization into executable projects rather than leaving buyers to coordinate vendors themselves.HoldingMateriality: High
GAAP annual revenue was $1.770 billion in FY2024, up from $1.375 billion in FY2023. If this holds, project demand can keep replenishing revenue; if it breaks, Ameresco loses the origination edge that feeds the whole model.
Watch: Public-sector and institutional customers shift toward in-house procurement or unbundled engineering/procurement/construction bids instead of turnkey energy services.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue was $1.770 billion in FY2024, up from $1.375 billion in FY2023.
Open source ↗Ameresco’s project-development and execution discipline must preserve economics despite competitive construction bidding, fixed-price risk, and equipment-cost volatility.HoldingMateriality: High
GAAP annual gross profit increased to $256.091 million in FY2024 from $246.429 million in FY2023. Owners benefit only if project wins carry acceptable margins; otherwise revenue growth consumes capacity without building per-share value.
Watch: Fixed-price project overruns, permitting delays, or equipment inflation force Ameresco to absorb costs it cannot pass through.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit increased to $256.091 million in FY2024 from $246.429 million in FY2023.
Open source ↗Ameresco’s long-cycle projects and energy assets must convert accounting earnings into operating cash as project milestones, customer collections, and asset monetization catch up with investment.HoldingMateriality: Medium
GAAP annual operating cash flow was positive $117.598 million in FY2024 after negative $69.991 million in FY2023. If cash conversion holds, Ameresco can fund growth more internally; if not, the business depends on external capital despite reported earnings.
Watch: Large projects require more upfront working capital because customers delay acceptance, interconnection, or milestone payments.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive $117.598 million in FY2024 after negative $69.991 million in FY2023.
Open source ↗Ameresco’s expanding energy-infrastructure asset base creates durable value only if those assets earn attractive returns rather than merely increasing capital intensity.HoldingMateriality: Medium
GAAP total assets increased to $4.537 billion at FY2025 year-end from $4.159 billion at FY2024 year-end. If assets generate recurring, high-return cash flows, the business deserves a better quality profile; if not, growth increases leverage and risk.
Watch: Owned energy assets underperform due to lower production, lower power prices, higher maintenance costs, or counterparty issues.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP total assets increased to $4.537 billion at FY2025 year-end from $4.159 billion at FY2024 year-end.
Open source ↗Ameresco’s direct sales and origination capability must keep generating qualified customer leads before the current project funnel burns off.HoldingMateriality: Medium
The profile states that Ameresco’s direct sales force develops and follows up on customer leads. The long-cycle model depends on replenishment; weakening origination would show up in awards before it shows up in revenue.
Watch: Key sales engineers or public-sector relationship managers leave for larger ESCO competitors or utilities.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The profile states that Ameresco’s direct sales force develops and follows up on customer leads.
Open source ↗
Full investment case & evidence
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Original research
Customers continue choosing Ameresco’s turnkey energy-infrastructure model because it bundles cost reduction, resilience, and decarbonization into executable projects rather than leaving buyers to coordinate vendors themselves. If this holds, project demand can keep replenishing revenue; if it breaks, Ameresco loses the origination edge that feeds the whole model.
Ameresco’s project-development and execution discipline must preserve economics despite competitive construction bidding, fixed-price risk, and equipment-cost volatility. Owners benefit only if project wins carry acceptable margins; otherwise revenue growth consumes capacity without building per-share value.
Ameresco’s long-cycle projects and energy assets must convert accounting earnings into operating cash as project milestones, customer collections, and asset monetization catch up with investment. If cash conversion holds, Ameresco can fund growth more internally; if not, the business depends on external capital despite reported earnings.
Ameresco’s expanding energy-infrastructure asset base creates durable value only if those assets earn attractive returns rather than merely increasing capital intensity. If assets generate recurring, high-return cash flows, the business deserves a better quality profile; if not, growth increases leverage and risk.
Ameresco’s direct sales and origination capability must keep generating qualified customer leads before the current project funnel burns off. The long-cycle model depends on replenishment; weakening origination would show up in awards before it shows up in revenue.
All standing thesis claims
Original report summary
its turnkey energy-infrastructure model keeps winning projects and converts them into cash, not just construction revenue.
Bull case and bear case
Bull case and bear case for Ameresco
Where the evidence on Ameresco stands: Holding on the latest evidence (Oct 18, 2026). Of its 5 thesis points, 5 holding.
Bull case: what the evidence supports
Customers continue choosing Ameresco’s turnkey energy-infrastructure model because it bundles cost reduction, resilience, and decarbonization into executable projects rather than leaving buyers to coordinate vendors themselves.
Ameresco’s project-development and execution discipline must preserve economics despite competitive construction bidding, fixed-price risk, and equipment-cost volatility.
Ameresco’s long-cycle projects and energy assets must convert accounting earnings into operating cash as project milestones, customer collections, and asset monetization catch up with investment.
Ameresco’s expanding energy-infrastructure asset base creates durable value only if those assets earn attractive returns rather than merely increasing capital intensity.
Ameresco’s direct sales and origination capability must keep generating qualified customer leads before the current project funnel burns off.
Bear case: what would count against it
Public-sector and institutional customers shift toward in-house procurement or unbundled engineering/procurement/construction bids instead of turnkey energy services.
Fixed-price project overruns, permitting delays, or equipment inflation force Ameresco to absorb costs it cannot pass through.
Large projects require more upfront working capital because customers delay acceptance, interconnection, or milestone payments.
Thesis-Break Engine
What has broken in Ameresco’s thesis
Each break OptimistFi flagged on Ameresco, dated — with what has historically followed the same kind of break across the market, not a forecast for Ameresco.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Ameresco filed an SEC 8-K on 2026-09-10: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Ameresco filed an SEC 8-K on 2026-08-19: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Ameresco filed an SEC 8-K on 2026-08-03: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Public-sector and institutional customers shift toward in-house procurement or unbundled engineering/procurement/construction bids instead of turnkey energy services.
- Fixed-price project overruns, permitting delays, or equipment inflation force Ameresco to absorb costs it cannot pass through.
- Large projects require more upfront working capital because customers delay acceptance, interconnection, or milestone payments.
- Owned energy assets underperform due to lower production, lower power prices, higher maintenance costs, or counterparty issues.
- Key sales engineers or public-sector relationship managers leave for larger ESCO competitors or utilities.
AMRC news
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Financial statements
AMRC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
AMRC: quick answers
- Have members of Congress traded AMRC?
- 16 trades in AMRC have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed AMRC trade