Ameresco, Inc. is a US-listed company in the construction & engineering industry. Its financial year ends in December.
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Ameresco, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to September 2025 was $1.88bn, up 12.2% on a year earlier, slower than the 22.9% growth a quarter earlier.
Our model value for Ameresco is under review, so past values are not shown until it is resolved.
Source: 10-Q filed November 4, 2025 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Ameresco, Inc.'s trailing-twelve-month revenue grew 12.2% year on year, with a free-cash-flow margin of -1.1%.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 12.2% (-10.6pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Ameresco, Inc.'s latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
Weak moat
How hard Ameresco's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 2.4% of total assets over 10 years.
Gross margin has been a median 19.0%, moving by 2.4 percentage points (standard deviation) across 10 years.
Operating margin has been a median 6.6%; its worst year was 2.0%.
Free cash flow was positive in 1 of 10 years, at a median -11.4% of revenue.
The diluted share count rose 9.5% over five years; stock-based pay has been a median 0.3% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 9, 2026, after the close. Analysts expect revenue of $573m and EPS of $0.57 (range $0.49 to $0.65) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.23 | +36% | $2.1bn | +10% |
| Next | $1.65 | +34% | $2.3bn | +8% |
Next year's EPS estimate has moved −0.6% in 90 days, across 11 analysts.
The consensus EPS forecast for the current fiscal year is +13.2% on 90 days ago. In the last 30 days, 9 analysts raised Ameresco, Inc.'s forecast and 2 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $1.08 | $1.66 |
| 60 days ago | $1.22 | $1.65 |
| 30 days ago | $1.22 | $1.65 |
| 7 days ago | $1.23 | $1.65 |
| Now | $1.23 | $1.65 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.20 | $0.20 | +0.1% |
| Mar 2026 | −$0.29 | −$0.33 | −13.6% |
| Dec 2025 | $0.36 | $0.39 | +9.2% |
| Sept 2025 | $0.30 | $0.35 | +16.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −47.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.9bn | $1.9bn | +1.4% |
| Net margin | 3.3% | 3.3% | +0.2% |
| P/E multiple | 33.8x | 17.7x | −47.7% |
| Share count | 53m | 53m | −0.2% |
Biggest factor: p/e multiple.
Last 3 years −29.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.4bn | $1.9bn | +37.4% |
| Net margin | 3.9% | 3.3% | −13.1% |
| P/E multiple | 30.0x | 17.7x | −41.0% |
| Share count | 53m | 53m | −0.1% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| AMRC | +56% | −30% | −45% | −26% | +25% | −28% |
| Industry peers (median) | +38% | −8% | +46% | +48% | +30% | +0% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| AMRC | 75% | 50% | 58% | 42% | 58% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| AMRC | −43% | −50% | −66% | −43% | −69% | −50% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 91% from November 5, 2021 to April 21, 2025. Getting back needed a 1026% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 3, 2026 | +32.6% | +3.3% | +20.0% | +7.3% |
| May 4, 2026 | −1.9% | +0.4% | −2.5% | +6.3% |
| March 2, 2026 | −8.4% | −0.8% | −13.9% | −16.3% |
| November 3, 2025 | −8.2% | −1.0% | −9.1% | −11.5% |
| August 4, 2025 | +56.8% | +1.0% | +23.4% | +61.6% |
| May 5, 2025 | +8.3% | −1.4% | +21.3% | +23.6% |
| February 27, 2025 | −35.3% | −0.1% | −49.1% | −32.3% |
| November 7, 2024 | −17.6% | +1.2% | −16.7% | −15.5% |
| August 5, 2024 | +4.8% | −2.0% | −2.7% | +6.9% |
| May 7, 2024 | +18.7% | +0.1% | +32.1% | +56.5% |
| February 28, 2024 | +3.0% | +0.2% | −3.5% | +18.6% |
| November 6, 2023 | −24.0% | +0.5% | −24.5% | +1.4% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $1.8B |
| FY23 Q1 | $1.6B |
| FY23 Q2 | $1.4B |
| FY23 Q3 | $1.3B |
| FY23 Q4 | $1.4B |
| FY24 Q1 | $1.4B |
| FY24 Q2 | $1.5B |
| FY24 Q3 | $1.7B |
| FY24 Q4 | $1.8B |
| FY25 Q1 | $1.8B |
| FY25 Q2 | $1.9B |
| FY25 Q3 | $1.9B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY22 Q4 | 50.1% |
| FY23 Q1 | 12.8% |
| FY23 Q2 | -21.2% |
| FY23 Q3 | -33.7% |
| FY23 Q4 | -24.7% |
| FY24 Q1 | -13.5% |
| FY24 Q2 | 10.3% |
| FY24 Q3 | 32.7% |
| FY24 Q4 | 28.8% |
| FY25 Q1 | 30.1% |
| FY25 Q2 | 22.9% |
| FY25 Q3 | 12.2% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | 7.3% |
| FY23 Q1 | 7.0% |
| FY23 Q2 | 6.4% |
| FY23 Q3 | 5.6% |
| FY23 Q4 | 6.0% |
| FY24 Q1 | 5.8% |
| FY24 Q2 | 5.6% |
| FY24 Q3 | 5.8% |
| FY24 Q4 | 6.1% |
| FY25 Q1 | 6.3% |
| FY25 Q2 | 6.5% |
| FY25 Q3 | 6.8% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q4 | -18.8% |
| FY23 Q1 | -0.6% |
| FY23 Q2 | -5.1% |
| FY23 Q3 | -8.8% |
| FY23 Q4 | -5.5% |
| FY24 Q1 | -8.1% |
| FY24 Q2 | 2.2% |
| FY24 Q3 | 3.9% |
| FY24 Q4 | 6.4% |
| FY25 Q1 | 3.5% |
| FY25 Q2 | -0.8% |
| FY25 Q3 | -1.1% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | LTM Sept 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 429 | 618 | 728 | 631 | 574 | 593 | 631 | 651 | 717 | 787 | 867 | 1,032 | 1,216 | 1,824 | 1,375 | 1,770 | 1,884 |
| Gross profit | 80 | 111 | 135 | 128 | 103 | 117 | 117 | 134 | 144 | 174 | 168 | 188 | 230 | 291 | 246 | 256 | 276 |
| EBITDA | — | 57 | 65 | 48 | 10 | 34 | 29 | 47 | 61 | 88 | 89 | 112 | 140 | 187 | 148 | 198 | 231 |
| Operating income | 25 | 46 | 51 | 29 | 7 | 13 | 7 | 24 | 37 | 59 | 52 | 71 | 95 | 133 | 82 | 109 | 128 |
| Net income | 20 | 28 | 33 | 18 | 2 | 10 | 1 | 12 | 37 | 38 | 44 | 54 | 70 | 95 | 62 | 57 | 63 |
| Diluted EPS | $0.61 | $0.66 | $0.75 | $0.40 | $0.05 | $0.22 | $0.02 | $0.26 | $0.82 | $0.81 | $0.93 | $1.10 | $1.35 | $1.78 | $1.17 | $1.07 | $1.19 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | +44.3% | +17.8% | −13.3% | −9.0% | +3.3% | +6.3% | +3.2% | +10.1% | +9.8% | +10.1% | +19.1% | +17.8% | +50.1% | −24.7% | +28.8% | +12.2% |
| EBITDA | — | — | +12.7% | −25.8% | −79.8% | — | −16.1% | +62.8% | +30.0% | +45.9% | +1.2% | +25.0% | +25.6% | +33.6% | −20.9% | +33.6% | +28.0% |
| Operating income | — | +81.8% | +10.2% | −43.5% | −76.9% | — | −46.3% | — | +53.9% | +61.5% | −12.7% | +38.5% | +33.5% | +39.4% | −38.2% | +32.3% | +30.8% |
| Net income | — | +38.2% | +21.4% | −45.1% | −86.9% | — | — | — | — | +1.3% | +17.0% | +21.6% | +30.4% | +34.7% | −34.2% | −9.1% | +18.0% |
| Diluted EPS | — | +8.2% | +13.6% | −46.7% | −87.5% | — | — | — | — | −1.2% | +14.8% | +18.3% | +22.7% | +31.9% | −34.3% | −8.5% | +17.5% |
| Margins | |||||||||||||||||
| Gross margin | 18.6% | 17.9% | 18.5% | 20.3% | 18.0% | 19.7% | 18.6% | 20.6% | 20.1% | 22.1% | 19.4% | 18.2% | 18.9% | 15.9% | 17.9% | 14.5% | 14.7% |
| EBITDA margin | — | 9.3% | 8.9% | 7.6% | 1.7% | 5.7% | 4.5% | 7.1% | 8.4% | 11.2% | 10.3% | 10.8% | 11.5% | 10.3% | 10.8% | 11.2% | 12.3% |
| Operating margin | 5.9% | 7.4% | 7.0% | 4.5% | 1.2% | 2.2% | 1.1% | 3.7% | 5.1% | 7.5% | 6.0% | 6.9% | 7.9% | 7.3% | 6.0% | 6.1% | 6.8% |
| Net margin | 4.6% | 4.5% | 4.6% | 2.9% | 0.4% | 1.8% | 0.1% | 1.8% | 5.2% | 4.8% | 5.1% | 5.2% | 5.8% | 5.2% | 4.5% | 3.2% | 3.3% |
| Free-cash-flow margin | 10.2% | 2.9% | −15.4% | 5.9% | −10.9% | −0.1% | −8.1% | −8.5% | −19.3% | −7.3% | −23.4% | −10.2% | −14.6% | −18.8% | −5.5% | 6.4% | −1.1% |
| Cash flow | |||||||||||||||||
| Cash from operations | 45 | 21 | −109 | 42 | −61 | 1 | −50 | −53 | −136 | −53 | −196 | −103 | −172 | −338 | −70 | 118 | −19 |
| Capital spending | 2 | 3 | 3 | 5 | 2 | 2 | 1 | 3 | 3 | 4 | 7 | 2 | 5 | 5 | 6 | 4 | 1 |
| Free cash flow | 43 | 18 | −112 | 37 | −63 | −0 | −51 | −55 | −138 | −57 | −203 | −105 | −177 | −344 | −76 | 113 | −21 |
| Stock-based pay | 3 | 2 | 3 | 3 | 3 | 2 | 2 | 1 | 1 | 1 | 2 | 2 | 9 | 15 | 10 | 14 | 14 |
| Free cash flow after stock pay | 40 | 16 | −115 | 34 | −66 | −3 | −53 | −57 | −140 | −58 | −205 | −107 | −186 | −359 | −86 | 99 | −35 |
| Balance sheet | |||||||||||||||||
| Cash | 48 | 45 | 26 | 63 | 17 | 24 | 22 | 21 | 24 | 61 | 33 | 66 | 50 | 116 | 79 | 109 | 95 |
| Total debt | 0 | 207 | 208 | 122 | 116 | 102 | 119 | 165 | 202 | 254 | 343 | 381 | 456 | 900 | 1,492 | 1,633 | 1,884 |
| Net debt (negative = net cash) | −48 | 162 | 182 | 58 | 99 | 79 | 98 | 145 | 178 | 192 | 310 | 315 | 406 | 785 | 1,413 | 1,525 | 1,789 |
| Diluted shares | 33m | 42m | 45m | 46m | 47m | 47m | 48m | 46m | 46m | 47m | 48m | 49m | 52m | 53m | 53m | 53m | 53m |
| Returned to shareholders | |||||||||||||||||
| Buybacks | 1 | 1 | 0 | 0 | — | 0 | 0 | 6 | 3 | 2 | 0 | 0 | 0 | 0 | — | — | — |
| Total returned | 1 | 1 | 0 | 0 | — | 0 | 0 | 6 | 3 | 2 | 0 | 0 | 0 | 0 | — | — | — |
| Quarter | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 438 | 501 | 533 | 353 | 472 | 526 | 401 | 515 |
| Gross profit | 65 | 77 | 67 | 52 | 73 | 84 | 56 | 91 |
| EBITDA | 41 | 59 | 71 | 38 | 53 | 70 | 40 | 74 |
| Operating income | 21 | 35 | 45 | 14 | 28 | 42 | 10 | 44 |
| Net income | 5 | 18 | 37 | −5 | 13 | 19 | −18 | 10 |
| Diluted EPS | $0.09 | $0.33 | $0.70 | −$0.10 | $0.24 | $0.35 | −$0.35 | $0.18 |
| Growth (year on year) | ||||||||
| Revenue | +33.9% | +49.4% | +20.7% | +18.2% | +7.8% | +5.0% | +13.8% | +9.1% |
| EBITDA | +24.5% | +54.1% | +32.0% | +40.3% | +28.2% | +18.7% | +5.0% | +40.2% |
| Operating income | +18.9% | +64.1% | +31.0% | +71.3% | +32.6% | +20.5% | −25.2% | +59.0% |
| Net income | — | −17.2% | +9.9% | — | — | +5.3% | — | −24.5% |
| Diluted EPS | — | −17.5% | +11.1% | — | — | +6.1% | — | −25.0% |
| Margins | ||||||||
| Gross margin | 14.9% | 15.4% | 12.5% | 14.7% | 15.5% | 16.0% | 14.1% | 17.7% |
| EBITDA margin | 9.4% | 11.7% | 13.4% | 10.7% | 11.2% | 13.2% | 9.8% | 14.4% |
| Operating margin | 4.8% | 7.0% | 8.4% | 3.9% | 5.9% | 8.1% | 2.6% | 8.6% |
| Net margin | 1.1% | 3.5% | 7.0% | −1.6% | 2.7% | 3.5% | −4.6% | 1.9% |
| Free-cash-flow margin | 11.9% | 4.8% | 3.2% | −8.1% | −5.7% | 3.4% | 8.7% | −21.0% |
| Cash flow | ||||||||
| Cash from operations | 53 | 25 | 18 | −28 | −27 | 18 | 35 | −107 |
| Capital spending | 1 | 1 | 1 | 0 | 0 | −0 | 1 | 1 |
| Free cash flow | 52 | 24 | 17 | −29 | −27 | 18 | 35 | −108 |
| Stock-based pay | 4 | 4 | 4 | 3 | 4 | 4 | 4 | 3 |
| Free cash flow after stock pay | 49 | 20 | 13 | −32 | −31 | 14 | 31 | −111 |
| Last 12 months unless stated | AMRC | VATE | AGX | CTRI | ROAD | ORN | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.9bn | $1.5bn | $1.2bn | $3.4bn | $3.5bn | $928m | $1.7bn |
| Revenue growth, last 12 months | 12.2% | 52.4% | 29.0% | 25.2% | 41.9% | 11.0% | 20.7% |
| Revenue growth, 3-year average | −0.4% | −0.1% | 35.1% | — | 32.9% | 9.5% | 10.7% |
| Revenue growth, latest quarter | 9.1% | 74.2% | 61.5% | 32.9% | 28.2% | 13.8% | 25.5% |
| Gross margin | 14.7% | 15.9% | 20.9% | 7.8% | 15.8% | 11.8% | 13.0% |
| Operating margin | 6.8% | 4.3% | 15.4% | 2.7% | 8.6% | 1.2% | 4.2% |
| Operating margin, 3-year average | 6.1% | 3.4% | 11.5% | 0.4% | 7.3% | 1.2% | 5.9% |
| Net margin | 3.3% | −1.5% | 15.1% | 0.9% | 4.1% | 0.6% | 2.0% |
| Cash from operations / revenue | −1.0% | 9.3% | 46.7% | 2.2% | 10.1% | 0.3% | 4.0% |
| Free-cash-flow margin | −1.1% | 9.3% | 45.9% | −0.4% | 5.0% | −4.1% | 1.8% |
| Free-cash-flow margin, 3-year average | −2.0% | 5.6% | 28.3% | 1.5% | 5.4% | −0.1% | 5.5% |
| Stock pay / revenue | 0.7% | 0.1% | 0.7% | 0.3% | 1.1% | 0.7% | 0.7% |
| Change in share count | 0.4% | 0.6% | 0.5% | 9.0% | 2.7% | 2.2% | 0.7% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Wellington Management Group LLP | $93.1M | 3.4M | 9.5% | ▼ 4.7% |
| Blackrock, Inc. | $73.2M | 2.7M | 7.5% | ▲ 7.9% |
| Grantham, Mayo, Van Otterloo & Co. LLC | $56.1M | 2.0M | 5.7% | ▼ 8.9% |
| Dimensional Fund Advisors LP | $44.2M | 1.6M | 4.5% | ▲ 11.2% |
| State Street Corp | $44.2M | 1.6M | 4.5% | ▲ 20.4% |
| First Eagle Investment Management, LLC | $41.3M | 1.5M | 4.2% | ▲ 169.8% |
| Millennium Management LLC | $41M | 1.5M | 4.2% | ▲ 489.4% |
| Vanguard Capital Management LLC | $39.5M | 1.4M | 4.0% | ▲ 5.3% |
| D. E. Shaw & Co., Inc. | $34.7M | 1.3M | 3.5% | ▼ 1.1% |
| DNB Asset Management As | $28.3M | 1.0M | 2.9% | ▲ 13.7% |
| Royce & Associates LP | $27.5M | 998K | 2.8% | ▼ 20.1% |
| Vanguard Portfolio Management LLC | $25.2M | 914K | 2.6% | ▲ 8.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ameresco, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Maltezos Louis P Co-President | September 15, 2026 | Sell pre-set plan | 592 | $22.46 | $13,296 |
| Chiplock Mark EVP, CFO & CAO | September 15, 2026 | Sell pre-set plan | 476 | $22.46 | $10,691 |
| Sakellaris George P Chief Executive Officer | August 28, 2026 | Buy | 3,000 | $22.13 | $66,390 |
| Sakellaris George P Chief Executive Officer | August 27, 2026 | Buy | 4,000 | $22.84 | $91,360 |
| Sakellaris George P Chief Executive Officer | August 26, 2026 | Buy | 1,000 | $21.92 | $21,920 |
| Sakellaris George P Chief Executive Officer | August 25, 2026 | Buy | 4,062 | $22.03 | $89,486 |
| Sakellaris George P Chief Executive Officer | August 25, 2026 | Buy | 938 | $21.60 | $20,261 |
| Sakellaris George P Chief Executive Officer | August 24, 2026 | Buy | 5,000 | $20.91 | $104,550 |
| Sutton Joseph W. Director | August 24, 2026 | Buy | 9,700 | $20.87 | $202,439 |
| Miller Jennifer L Director | August 24, 2026 | Buy | 2,000 | $20.96 | $41,920 |
| Cox Brian C Director | August 21, 2026 | Buy | 4,625 | $21.64 | $100,085 |
| Sakellaris George P Chief Executive Officer | August 11, 2026 | Buy | 1,000 | $25.90 | $25,900 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Ameresco, Inc. disclosed in the last 12 months; 16 earlier trades on record.
Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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