Ameresco, Inc.
AMRCHIGH VELOCITYDEAL MODE DOMINANTAmeresco, Inc. reads as an High Velocity (composite 78/100); Consistent Strategic Buyer deploying $14M across 2 disclosed transactions, running flat vs the prior cycle · primary market E&C.
Lens
Disclosed M&A capital (2023–2025)
$14M
vs $15M in 2020–2022
Disclosed transactions
2
2/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
78
High Velocity dominates · Deal Mode Dominant
Ameresco (AMRC) is a public-company acquirer in engineering & construction with $95M of disclosed M&A spend across 25 acquisitions over 13 active years. Strategy mix is led by Geographic Expansion (44%), Bolt On (22%), Horizontal Consolidation (15%). Current capacity: $104M cash, $1.8B total debt, 7.2x net leverage (stressed). Stretched past the 5.0x HY threshold; equity issuance or asset sales likely required for any debt-funded acquisition. Disclosed median deal size sits at $4M.
- “strategic acquisitions of complementary businesses and assets”- 10-K FY2024
- “In 2013, our acquisition of Ennovate Corporation (“Ennovate”), in the first quarter increased our footprint and penetration in the Rocky Mountain area”- 10-K FY2013
- “Our acquisition of energy efficiency and demand side management consulting services provider Applied Energy Group, Inc., or AEG, expanded our service offerings to utility customers”- 10-K FY2011
- ▸Entry into adjacent geographies via platform acquisitions
- ▸Bolt-ons into existing geography for route density
- ▸Equity-funded or asset-light deals only — currently past HY 5.0x leverage.
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $88M disclosed buyer spend
- Filed within 18d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 18d
- 27 acquisition-history signals
- 126 8-Ks
Target Probability
Issuers showing target-side patterns from filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
Pressure Watch
Issuers facing activism, governance, or control pressure
Distress Watch
Issuers showing financial-distress filing patterns
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 126 8-Ks
- Filed within 18d
- 4 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $3.5B
- 10-Q 21d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $15M · Peak count: 10
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 1 | $5M | $5M | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | 1 | $9M | $9M | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | 1 | $15M | $15M | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On33%
- Geographic Expansion33%
- Horizontal Consolidation33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- bolt_on
- horizontal_consolidation
- tuck_in
- platform
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“Our acquisition of the energy consultancy and energy project management business of Energyexcel LLP in the third quarter of 2014 added to our local presence in the United Kingdom (“U.K.”) and to our commercial and industrial customer base.”
“our acquisition of energy management consulting companies The Energy Services Partnership Limited and ESP Response Limited (together “ESP”), in the second quarter added a local presence in the United Kingdom”
“Our acquisition of energy efficiency and demand side management consulting services provider Applied Energy Group, Inc., or AEG, expanded our service offerings to utility customers”
“In 2013, our acquisition of Ennovate Corporation (“Ennovate”), in the first quarter increased our footprint and penetration in the Rocky Mountain area”
“broaden our service offerings and expand our geographical reach”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
E&C
- Market spend (2023–2025)
- $50.9B
- Market spend (2020–2022)
- $33.3B
- Recent vs prior
- +53%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
AMRC trades at a -2.4-turn discount to the E&C peer median of 17.2×.
- EV / Revenue
- 1.8×
- Net debt / EBITDA
- 7.2×
- Peer median EV / EBITDA
- 17.2×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 45.0× | 6.3× | 23.1× | $4B | $2.2B | |
Sunrun Inc.RUN | 32.4× | 5.6× | 25.2× | $3.2B | N/A |
| 17.2× | 10.5× | 5.9× | $28.2B | $2.2B | |
Ameresco, Inc.AMRC | 14.9× | 1.8× | 7.2× | $2B | $14M |
| 9.5× | 7.0× | 4.9× | $6.4B | $1.5B | |
| 9.2× | 4.0× | -0.9× | $5.4B | $36M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in E&C. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)172026-03-03
- 10-Q (quarterly)492026-05-05
- 8-K (event)1262026-05-08
- Proxy / DEF 14A212026-04-23
- Activism (13D / DFAN / PREC)0N/A
Signals on file
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.