AMRC
Ameresco, Inc.
AMRC's fundamentals are mixed: revenue grew 10%, but earnings per share fell 37%. At 34x earnings, it's trading in line with its usual 32x. Analysts expect strong earnings growth, though they disagree widely on how much.
AMRC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Weak | |
| Weak |
AMRC's revenue and profitability are currently stable, but its cash flow and balance sheet are weak.
AMRC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $25.89 | — |
| Cheap | 23x | $17.56 | -32% |
| Fair | 32x | $24.21 | -6.5% |
| Current | 34x | $25.89 | — |
| Expensive | 46x | $34.96 | +35% |
Historical ranges are pointers, not guarantees.
AMRC's PE is in its fair range at 34x. If earnings grow as analysts expect, today's price would be 14x next year's earnings, in its cheap range.
AMRC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for AMRC, with profitability improving. However, they disagree widely on these estimates.
AMRC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.80 | +137% |
| Q3 2026 | $0.76 | -37% |
| Q2 2026 | $0.52 | -56% |
| Q1 2026 | $0.58 | -44% |
| Q4 2025 | $0.83 | -22% |
| Q3 2025 | $1.20 | +21% |
| Q2 2025 | $1.18 | +11% |
| Q1 2025 | $1.03 | -5.5% |
| Q4 2024 | $1.07 | -8.5% |
AMRC's earnings per share have fallen from their peak: $0.76 over the past year, against $1.98 in late 2022.
AMRC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $580.3M | +10% |
| Q2 2026 | $515.5M | +9.1% |
| Q1 2026 | $401.5M | +14% |
| Q4 2025 | $581M | +9.1% |
| Q3 2025 | $526M | +5% |
| Q2 2025 | $472.3M | +7.8% |
| Q1 2025 | $352.8M | +18% |
| Q4 2024 | $532.7M | +21% |
AMRC's revenue has grown year over year for 12 quarters in a row: $580M last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +2.5 points |
| Q2 2026 | 8.6% | +2.7 points |
| Q1 2026 | 2.5% | -1.3 points |
| Q4 2025 | 8% | -0.4 points |
| Q3 2025 | 8.1% | +1 points |
| Q2 2025 | 5.9% | +1.1 points |
| Q1 2025 | 3.9% | +1.2 points |
| Q4 2024 | 8.4% | +0.7 points |
AMRC's operating margin was 11% last quarter, up 2.5 points from the same quarter a year ago, near the top of its range since 2019.
AMRC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$9.5M | -153% |
| Q2 2026 | -$108.1M | -$81.1M |
| Q1 2026 | $34.9M | +$63.6M |
| Q4 2025 | -$98.7M | -676% |
| Q3 2025 | $18.1M | -25% |
| Q2 2025 | -$27M | -152% |
| Q1 2025 | -$28.7M | -245% |
| Q4 2024 | $17.1M | +$47.8M |
AMRC has burned cash in most quarters: −$181M over the past year, against −$21M the year before.
AMRC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -160K shares |
| 1 year | +0.6% | +305K shares |
| 3 years | +0.7% | +375K shares |
| 5 years | +1.6% | +836K shares |
| Available history | +12% | +5.6M shares |
AMRC has 54M diluted shares, up 0.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
AMRC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.9x | High |
| Q2 2026 | 7.2x | High |
| Q1 2026 | 8.1x | High |
| Q4 2025 | 8.1x | High |
| Q3 2025 | 7.7x | High |
| Q2 2025 | 7.9x | High |
| Q1 2025 | 7.9x | High |
| Q4 2024 | 7.7x | High |
AMRC's net debt is about 6.9 years of its operating earnings (EBITDA), down from 7.7 years a year ago.
AMRC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.2 | Neutral |
| Stochastic | 37.7 | Neutral |
AMRC's weekly RSI is 54 (neutral) and its Stochastic is 38 (neutral).
AMRC PE vs Industrials Sector
| Metric | AMRC | Sector median | Relative |
|---|---|---|---|
| PE | 34x | 24x | 42% above |
| PE % | 57 | 58 | 1 pt below |
AMRC is trading at 34x earnings, a 42% premium to the Industrials sector's median of 24x.
AMRC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.3 | 22% above |
| 20 week MA | $22.7 | 14% above |
| 50 week MA | $26.9 | 3.8% below |
| 100 week MA | $24.3 | 6.5% above |
| 200 week MA | $29.9 | 13% below |
AMRC's trend is mixed: it's above three of its five weekly moving averages, and 13% below its 200-week average.
AMRC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.5 | $49.4 | +183% |
| 2021 | $49.4 | $77.9 | +58% |
| 2022 | $77.9 | $56.3 | -28% |
| 2023 | $56.3 | $31.7 | -44% |
| 2024 | $31.7 | $23.2 | -27% |
| 2025 | $23.2 | $30.2 | +30% |
| 2026 YTD | $30.2 | $25.9 | -14% |
AMRC's yearly returns have swung widely, from +183% in 2020 to −44% in 2023. It's down 14% so far in 2026.