olivLaw · US equity research
Ameresco, Inc. AMRC
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
Ameresco is an energy infrastructure solutions provider in North America and Europe that reduces customer costs, improves resilience and supports decarbonization through efficiency projects, owned renewable assets and O&M services. The timing matters because data center power demand has driven a sharp rise in its project portfolio, with total backlog at a record level of 6.73 billion USD at June 30, 2026.
At the close of 04 Nov 2026, Ameresco, Inc. (AMRC) stock was 21.25 USD (−4.62% on the day), with P/E 19.9 on diluted EPS of 1.07 USD over the last 12 months, beta 1.89, 52-week range 18.32–37.44 USD. Latest reported quarter (Q2 2026): revenue of 515.5 m USD (+9.1% YoY), net income of 9.7 m USD (−24.5% YoY), diluted EPS 0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.7
- neutral
- Bollinger (20, 2)
- 18.08 – 22.25
- in the upper half of the band · %B 0.76 · band width 20.7%
- SMA 50 / 200
- 21.53 / 26.35
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.50
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.1% | −1.1% | −0.0 pp | — |
| 3 months | −17.2% | −0.5% | −16.7 pp | — |
| 6 months | −32.6% | +4.4% | −37.0 pp | — |
| Year to date | −27.4% | +12.3% | −39.8 pp | — |
| 1 year | −41.4% | +13.5% | −55.0 pp | −55.4% |
| 3 years | −28.7% | +76.4% | −105.1 pp | −8.3% |
| 5 years | −78.2% | +63.7% | −141.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 438.0 m | 500.9 m | 532.7 m | 352.8 m | 472.3 m | 526.0 m | 401.5 m | 515.5 m |
| Cost of revenue | 372.8 m | 423.7 m | 465.9 m | 300.9 m | 398.9 m | 441.7 m | 345.0 m | 424.2 m |
| Gross profit | 65.2 m | 77.1 m | 66.8 m | 51.9 m | 73.4 m | 84.3 m | 56.5 m | 91.3 m |
| SG&A | 44.2 m | 42.1 m | 47.8 m | 38.5 m | 45.7 m | 43.4 m | 46.3 m | 47.6 m |
| Operating income | 21.0 m | 35.2 m | 44.6 m | 13.7 m | 27.8 m | 42.4 m | 10.2 m | 44.2 m |
| Depreciation & amortisation | 20.4 m | 23.5 m | 26.5 m | 23.9 m | 25.2 m | 27.2 m | 29.3 m | 30.1 m |
| Pre-tax income | 5.2 m | 13.7 m | 21.2 m | -4.4 m | 12.6 m | 18.2 m | -17.6 m | 20.0 m |
| Income tax | 0 | -3.3 m | -16.7 m | 1.2 m | -2.9 m | -3.7 m | -3.2 m | 137.0 k |
| Net income | 5.0 m | 17.6 m | 37.1 m | -5.5 m | 12.9 m | 18.5 m | -18.3 m | 9.7 m |
| Diluted EPS | 0.09 | 0.33 | 0.70 ≈ | -0.10 | 0.24 | 0.35 | -0.35 | 0.18 |
| Operating cash flow | 53.3 m ≈ | 25.1 m ≈ | 18.4 m | -28.3 m | -26.9 m ≈ | 17.7 m ≈ | 35.4 m | -107.2 m ≈ |
| Capex | 1.1 m ≈ | 987.0 k ≈ | 1.2 m | 422.0 k | 147.0 k ≈ | -352.0 k ≈ | 542.0 k | 862.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 28 percentile of its own 36-quarter history (min 10.4, median 26.2, max 60.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 717.2 m | 787.1 m | 866.9 m | 1.0 bn | 1.2 bn | 1.8 bn | 1.4 bn | 1.8 bn |
| Revenue YoY | +10.1% | +9.8% | +10.1% | +19.1% | +17.8% | +50.1% | −24.7% | +28.8% |
| Net income | 37.5 m | 38.0 m | 44.4 m | 54.1 m | 70.5 m | 94.9 m | 62.5 m | 56.8 m |
| Net income YoY | +211.6% | +1.3% | +17.0% | +21.6% | +30.4% | +34.7% | −34.2% | −9.1% |
| Diluted EPS | 0.82 | 0.81 | 0.93 | 1.10 | 1.35 | 1.78 | 1.17 | 1.07 |
| Diluted EPS YoY | +215.4% | −1.2% | +14.8% | +18.3% | +22.7% | +31.9% | −34.3% | −8.5% |
| net % | 5.2% | 4.8% | 5.1% | 5.2% | 5.8% | 5.2% | 4.5% | 3.2% |
| Free cash flow | -138.4 m | -57.1 m | -203.0 m | -104.8 m | -177.2 m | -343.6 m | -75.7 m | 113.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 108.5 m USD
- Financial debt
- 149.4 m USD
- Net debt
- 40.8 m USD
- Equity
- 1.0 bn USD
- Total assets
- 4.2 bn USD
- Debt / equity
- 0.14x
- Current ratio
- 1.46x
- ROE
- 5.8%
- ROA
- 1.4%
- FCF margin
- 6.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 866.9 m | 1.0 bn | 1.2 bn | 1.8 bn | 1.4 bn | 1.8 bn | SEC (XBRL)· 28 Feb 2025verified |
| Cost of revenue | 698.8 m | 844.7 m | 985.3 m | 1.5 bn | 1.1 bn | 1.5 bn | SEC (XBRL)· 28 Feb 2025verified |
| Gross profit | 168.1 m | 187.5 m | 230.4 m | 290.8 m | 246.4 m | 256.1 m | SEC (XBRL)· 28 Feb 2025verified |
| SG&A | 116.5 m | 116.1 m | 132.9 m | 159.5 m | 162.1 m | 173.8 m | SEC (XBRL)· 28 Feb 2025verified |
| Operating income | 51.6 m | 71.5 m | 95.4 m | 133.0 m | 82.2 m | 108.7 m | SEC (XBRL)· 28 Feb 2025verified |
| Depreciation & amortisation | 37.7 m | 40.1 m | 44.8 m | 54.3 m | 65.9 m | 89.2 m | SEC (XBRL)· 28 Feb 2025verified |
| EBITDA | 89.3 m ≈ | 111.6 m ≈ | 140.2 m ≈ | 187.3 m ≈ | 148.1 m ≈ | 198.0 m ≈ | SEC (XBRL)· 28 Feb 2025derived |
| Interest expense | 13.2 m | 13.4 m | 14.6 m | 17.8 m | 26.9 m | — | SEC (XBRL)· 29 Feb 2024verified |
| Pre-tax income | 36.6 m | 56.4 m | 78.1 m | 105.7 m | 38.3 m | 33.9 m | SEC (XBRL)· 28 Feb 2025verified |
| Income tax | -3.7 m | -494.0 k | -2.0 m | 7.2 m | -25.6 m | -20.0 m | SEC (XBRL)· 28 Feb 2025verified |
| Net income | 44.4 m | 54.1 m | 70.5 m | 94.9 m | 62.5 m | 56.8 m | SEC (XBRL)· 28 Feb 2025verified |
| Diluted EPS | 0.93 | 1.10 | 1.35 | 1.78 | 1.17 | 1.07 | SEC (XBRL)· 28 Feb 2025verified |
| Weighted average diluted shares | 47.8 m | 49.0 m | 52.3 m | 53.3 m | 53.2 m | 53.1 m | SEC (XBRL)· 28 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 33.2 m | 66.4 m | 50.5 m | 115.5 m | 79.3 m | 108.5 m | SEC (XBRL)· 28 Feb 2025verified |
| Inventories | 9.2 m | 8.6 m | 8.8 m | 14.2 m | 13.6 m | 11.6 m | SEC (XBRL)· 28 Feb 2025verified |
| Current assets | 425.2 m | 490.7 m | 638.6 m | 1.0 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 28 Feb 2025verified |
| Property, plant & equipment, net | 10.1 m | 9.0 m | 13.1 m | 15.7 m | 17.4 m | 11.0 m | SEC (XBRL)· 28 Feb 2025verified |
| Goodwill | 58.4 m | 58.7 m | 71.2 m | 70.6 m | 75.6 m | 66.3 m | SEC (XBRL)· 28 Feb 2025verified |
| Intangibles (excl. goodwill) | 1.6 m | 927.0 k | 7.0 m | 4.7 m | 6.8 m | 8.8 m | SEC (XBRL)· 28 Feb 2025verified |
| Total assets | 1.4 bn | 1.8 bn | 2.2 bn | 2.9 bn | 3.7 bn | 4.2 bn | SEC (XBRL)· 28 Feb 2025verified |
| Accounts payable | 202.4 m | 230.9 m | 309.0 m | 349.1 m | 402.8 m | 529.3 m | SEC (XBRL)· 28 Feb 2025verified |
| Short-term debt | 70.0 m | 69.4 m | 78.9 m | 331.5 m | 322.2 m | 149.4 m | SEC (XBRL)· 28 Feb 2025verified |
| Long-term debt | 266.2 m | — | — | — | — | — | SEC (XBRL)· 04 Mar 2020verified |
| Current liabilities | 336.6 m | 383.1 m | 474.2 m | 812.1 m | 901.5 m | 889.0 m | SEC (XBRL)· 28 Feb 2025verified |
| Equity | 428.9 m | 492.8 m | 704.3 m | 873.0 m | 925.9 m | 1.0 bn | SEC (XBRL)· 28 Feb 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -196.3 m | -102.6 m | -172.3 m | -338.3 m | -70.0 m | 117.6 m | SEC (XBRL)· 28 Feb 2025verified |
| Capex | 6.7 m | 2.2 m | 4.9 m | 5.3 m | 5.7 m | 4.3 m | SEC (XBRL)· 28 Feb 2025verified |
| Free cash flow | -203.0 m ≈ | -104.8 m ≈ | -177.2 m ≈ | -343.6 m ≈ | -75.7 m ≈ | 113.3 m ≈ | SEC (XBRL)· 28 Feb 2025derived |
| Investing cash flow | -142.2 m | -181.0 m | -205.3 m | -328.4 m | -566.9 m | -386.6 m | SEC (XBRL)· 28 Feb 2025verified |
| Financing cash flow | 317.4 m | 305.2 m | 365.5 m | 730.2 m | 640.8 m | 313.9 m | SEC (XBRL)· 28 Feb 2025verified |
| Share repurchases | 144.0 k | 6.0 k | 0 | 0 | — | — | SEC (XBRL)· 28 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.5% | 86 (vs peers) | 19% |
| Net margin · Quality | 3.3% | 78 (vs peers) | 12% |
| FCF conversion · Quality | -32.6% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 13.3% | 100 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | -7.5% | 0 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | 0.1x | 100 (on a fixed band) | 19% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 73 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet92/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ameresco, Inc. (AMRC). Latest full fiscal year: 2024; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.8 bn USD in 2024; YoY growth 28.8%; net margin 3.3%; ROE 5.5%; net debt/EBITDA 0.1x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 8.5%
- Net margin: 3.3%
- Revenue CAGR 3Y: 13.3%
- Net debt / EBITDA: 0.1x
- Current ratio: 1.7x
What contradicts it
- FCF conversion: -32.6%
- EPS CAGR 3Y: -7.5%
Not assessed (insufficient data or a ratio without meaning): Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Construction - Special Trade Contractors (SIC 1700) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AGXArgan Inc | 4.1 bn | 23.0 | 39.8% | 15.1% | +8.1% | −26% / +523% |
| BBUCBrookfield Business Corporation | 2.7 bn | — | 2.4% | 1.4% | −32.4% | −11% / +70% |
| RUNSunrun Inc. | 2.1 bn | 4.4 | 16.2% | 14.0% | +45.1% | −57% / −32% |
| LMBLimbach Holdings, Inc. | 681.6 m | 22.7 | 16.0% | 4.2% | +24.7% | −18% / +52% |
| BBCPConcrete Pumping Holdings, Inc. | 510.5 m | 59.8 | 3.9% | 2.4% | −7.7% | +61% / +36% |
| PHOEPhoenix Asia Holdings Limited | 401.7 m | — | -25.9% | -16.7% | −2.2% | +32% / unavailable |
| MTRXMatrix Service Company | 258.3 m | — | -1.8% | -0.3% | +13.6% | −22% / −8% |
| MSGYMasonglory Limited | 66.8 m | 7.0 | -135.4% | -34.0% | +1.0% | −82% / unavailable |
| SPWRSunpower Inc. | 50.5 m | — | — | -3.8% | +175.9% | −86% / −79% |
| FGLFounder Group Limited | 24.7 m | — | -31.9% | -5.6% | unavailable | −100% / unavailable |
| SMXTSolarMax Technology, Inc. | 19.5 m | — | — | -7.9% | +295.8% | −63% / unavailable |
| PMAMing Shing Group Holdings Limited | 16.9 m | — | — | -39.4% | −56.8% | −23% / unavailable |
| WXMWF International Limited | 14.4 m | — | -71.9% | -24.5% | −13.7% | −62% / unavailable |
| CETXCemtrex, Inc. | 1.7 m | — | -152.4% | -38.4% | +14.4% | −97% / −100% |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −41% / −29% |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −54% / unavailable |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
1- and 3-year price returns: for AMRC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ameresco is an energy infrastructure solutions provider in North America and Europe that reduces customer costs, improves resilience and supports decarbonization through efficiency projects, owned renewable assets and O&M services. The timing matters because data center power demand has driven a sharp rise in its project portfolio, with total backlog at a record level of 6.73 billion USD at June 30, 2026 3.
SWOT
Strengths
- The company has a large and growing backlog, including a record level of awards in the second quarter of 2026 3. It has a broad presence in North America and Europe and a diversified service portfolio.
- Recurring revenue from O&M and owned energy assets is growing, offering visibility over long periods 3.
- Experience with behind the meter solutions for data centers positions the company as a trusted partner for large, complex projects 3.
Weaknesses
- A major share of revenue depends on government customers, which exposes the company to budget delays and contract termination clauses 1.
- Sales cycles are long and variable, and costs are committed before revenue is collected, which can pressure cash flow 13.
- Liabilities under the SCE agreement, including possible liquidated damages for delays, remain in dispute and could affect results 1.
Opportunities
- Data center demand could expand the backlog significantly, since the company has added several such projects and has further opportunities in its pipeline 3.
- If Ameresco grows its portfolio of owned energy assets, it could earn additional recurring revenue 3.
- Rapid growth in Europe suggests further geographic expansion could be possible if demand continues 1.
Threats
- Changes to tax credit legislation could reduce the appeal of solar and storage offerings if FEOC requirements are not met 2.
- Tariffs and supply chain disruptions could raise costs and delay projects 2.
- If Ameresco fails to reach agreement with SCE, it could be required to pay significant liquidated damages 1.
Risks
- Dependence on government customershigh
Government customers make up most revenue, and budget decisions or administrative shutdowns could delay contracts or lead to termination 1.
- SCE disputehigh
Delays on the SCE storage projects could lead to liquidated damages, and the dispute remains open 1.
- Tax credit policymedium
Changes to tax credits could reduce eligibility for incentives and affect demand for solar and storage solutions 2.
- Supply chain and costsmedium
Tariffs and disruptions can raise equipment and logistics costs, and projects may exceed cost estimates 21.
- Leverage and asset financingmedium
Debt tied to energy assets is significant, and financing on favorable terms could become harder if conditions worsen 3.
Investment thesis
What would need to be true (bull case)
- Total backlog rose year over year and reached a record level, providing visibility for coming years 3.
- Growth in O&M and energy asset revenue could improve margins over the long term if this pattern continues 3.
- The Neogenyx partnership with HASI could provide capital to grow the portfolio without overly burdening the balance sheet 2.
What would break the thesis
- Operating cash flow was negative in the second quarter of 2026, which could limit internal funding of growth 3.
- Most revenue depends on governments, and budget delays could quickly affect contract timing 1.
- Part of the expected earnings growth for 2026 depends on tax benefits, which could make results more volatile 3.
What to watch
- Conversion of data center awards into contracted backlogQ3 2026
- Outcome of negotiations with SCE on liquidated damages2026
- Effect of the new accounting policy for transferable tax creditsQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ameresco presents itself as an energy infrastructure solutions provider that combines efficiency projects, infrastructure upgrades and the development, construction and operation of distributed energy resources 1. It uses budget-neutral contracts such as ESPCs and PPAs to reduce the financial barriers to projects 1. From 2026 its structure rests on two pillars: Power Infrastructure and Buildings & Public Infrastructure 2. The company has sourced about 7.0 billion USD in project financing and delivered energy solutions worth 18.1 billion USD since inception 1.
Customers include federal, state and local governments, utilities, data centers, educational and healthcare institutions, housing authorities and commercial and industrial clients in North America and Europe 1. The company operated 227 small-scale renewable plants with a combined capacity of 838 MWe and had 853 MWe of assets in development and construction 1. Long-term O&M contracts add recurring revenue 1.
Segments
Market context
The company describes the energy efficiency and renewable energy market as growing, and its plans assume rising penetration 1. Electricity demand, rising utility rates and grid instability are cited as forces driving demand for energy infrastructure 21.
The company sees rising demand from data centers, where behind the meter power solutions are becoming a preferred route for projects without grid access 3. Higher demand, however, could intensify competition and raise execution risk on larger, more complex projects 1.
Trends
- Federal policy and tax creditsmixed
The OBBB law changed clean energy tax credits, imposing new deadlines for solar-only projects and domestic content and FEOC compliance requirements. If Ameresco cannot meet these requirements, its eligibility for incentives could decline 2.
- Data center demandtailwind
In the second quarter of 2026 the company added new awards of 1.8 billion USD, largely for data center projects, which visibly expanded its backlog over the medium term 3.
- Supply chains and tariffsheadwind
Tariffs, trade restrictions and geopolitical tensions have raised costs for equipment such as electrical components, steel, aluminum and BESS systems, and these difficulties could persist 2.
- Seasonality and government delaysmixed
Revenues are typically higher in the third and fourth quarters and lower in the first, and the government shutdown from October to November 2025 delayed converting awards into contracts 1. Extreme weather could make this pattern harder to predict 1.
Competitive position
The submitted sources do not name direct competitors, but they note that growing demand may attract more rivals and that larger projects require stronger execution capacity 1. Competition appears to come from U.S. and European construction and energy service firms.
- U.S. energy service and construction firms
The sources do not identify specific competitors; the company notes only that growing demand may attract more rivals in energy project markets 1.
- European energy efficiency firms
The sources do not name them; the growth in Europe suggests local players are active in the same market 1.
- Renewable energy developers
The sources do not identify them; they appear as alternatives for solar and storage projects where demand depends on federal incentives 2.
- BESS storage equipment suppliers
The sources do not name them; supply of storage equipment is affected by tariffs and sourcing, which could shift competitive positions 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Ameresco’s (AMRC) Data Center Boom Masks A Cash Flow ProblemYahoo Finance — News · 15 Sept 2026 · EN
- Ameresco Insiders Bought About $1.9 Million After the Stock Fell. Are They Signaling an AI-Power Rebound?Yahoo Finance — News · 03 Sept 2026 · EN
- Ameresco Director Joseph Sutton Buys 9,700 Shares for $202,400. What Should Investors Do?Yahoo Finance — News · 29 Aug 2026 · EN
- Ameresco CEO Sakellaris Buys 5,000 Shares for $113,300. Is This a Sign Renewable Energy Projects are Taking Off?Yahoo Finance — News · 29 Aug 2026 · EN
- Ameresco CEO Sakellaris Buys 10,000 Shares Amid Stock Decline. Is His Confidence a Signal You Can Profit?Yahoo Finance — News · 27 Aug 2026 · EN
SEC filings
- Current report10 Sept 2026Departure or appointment of officers
- Current report19 Aug 2026Departure or appointment of officers
- Current report19 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report27 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report08 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report12 May 2026Material agreement · Acquisition or disposition of assets · Financial statements and exhibits
- Current report (amendment)08 May 2026Financial statements and exhibits
- Quarterly report05 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ameresco, Inc. · 03 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ameresco, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ameresco, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.