Ameresco
AMRCActiveCIK 1488139 · Renewables, RNG & Sustainability Infrastructure
Ameresco, Inc. is a public company in Engineering & Construction, tracked in the renewables, rng, circularity, and sustainability infrastructure sub-sector, with $2.0B TTM revenue and $238M TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, AMRC filings, SEC EDGAR
$1,586
Market cap ($MM)
$3,532
Enterprise value ($MM)
$1,981
Revenue · LTM ($MM)
$238
EBITDA · LTM ($MM)
12%
EBITDA margin
1.8x
EV / revenue
14.9x
EV / EBITDA
7.2x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01AMRC is a scaled public consolidator in Renewables & RNG, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is NEE, CWEN, BEP, BEPC, ORA, AMPS.
Balance sheet & capacity
Indicative capacity read: 7.2x net debt / EBITDA with EBITDA of $238MM.
$104
Cash & equiv. ($MM)
$1,825
Total debt ($MM)
$1,721
Net debt ($MM)
7.2x
Net debt / EBITDA
Valuation
Where it trades against its peer set
AMRC versus the scaled public Renewables, RNG & Sustainability Infrastructure comparables.
EV / EBITDA distribution · peer set
AMRC 14.9x
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Ameresco, Inc. | AMRC | $1,981 | $238 | 12% | $1,586 | $3,532 | 1.8x | 14.9x | 7.2x |
| Nextera Energy, Inc. | NEE | $28,187 | $17,220 | 61% | $194,145 | $296,550 | 10.5x | 17.2x | 5.9x |
| Clearway Energy, Inc. | CWEN | $1,485 | $878 | 59% | $7,841 | $17,458 | 11.8x | 19.9x | 9.3x |
| Brookfield Renewable Partners L.p. | BEP | $6,369 | $4,686 | 74% | $10,413 | $44,706 | 7.0x | 9.5x | 4.9x |
| Ormat Technologies, Inc. | ORA | $1,164 | $398 | 34% | $7,477 | $10,126 | 8.7x | 25.4x | -1.4x |
| Altus Power, Inc. | AMPS | $196 | $142 | 72% | $801 | $1,078 | 5.5x | 7.6x | NM |
| First Solar, Inc. | FSLR | $5,419 | $2,348 | 43% | $23,634 | $21,697 | 4.0x | 9.2x | -0.9x |
| Sunrun Inc. | RUN | $3,175 | $544 | 17% | $3,485 | $17,656 | 5.6x | 32.4x | 25.2x |
| Renewables, RNG & Sustainability Infrastructure median | $2,578 | $711 | 51% | $7,659 | $17,557 | 6.3x | 16.0x | 5.4x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
AMRC's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
74
Active years
13
Named deals
9
Avg / active year
5.7
Acq. cash outflow ($MM)
N/A
Annual acquisition count
named acquisitionAMRC cadence shown by annual acquisition count because verified spend is N/A.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Dec 31, 2024 | Divestiture of wholly-owned subsidiary | Renewables, RNG, circularity, and sustainability infrastructure | $60 | On October 23, 2024, Ameresco’s board of directors approved the divestiture of a wholly-owned subsidiary (“the sub”). On December 31, 2024, we completed the sale of our entire i... | 10-K† |
| Aug 1, 2011 | Ameresco Southwest (then known as APS Energy Services, Inc.) | Renewables, RNG, circularity, and sustainability infrastructure | $50 | In August 2011, the Company acquired Ameresco Southwest (then known as APS Energy Services, Inc.) from Pinnacle West Capital Corporation. The Company made a cash payment of $50,... | 10-K† |
| Aug 1, 2011 | Ameresco Southwest (then known as APS Energy Services, Inc.) | Renewables, RNG, circularity, and sustainability infrastructure | $50 | In August 2011, the Company acquired Ameresco Southwest (then known as APS Energy Services, Inc.) from Pinnacle West Capital Corporation. The Company made a cash payment of $50,... | 10-K† |
| Dec 1, 2021 | Juice Technologies, Inc. (d/b/a Plug Smart) | Renewables, RNG, circularity, and sustainability infrastructure | $21 | In November 2021, we entered into a stock purchase agreement to acquire all of the stock of Juice Technologies, Inc. (d/b/a Plug Smart), an Ohio-based energy services company th... | 10-K† |
| Dec 1, 2021 | Juice Technologies, Inc. | Renewables, RNG, circularity, and sustainability infrastructure | $21 | In November 2021, we entered into a stock purchase agreement to acquire all of the stock of Juice Technologies, Inc. (d/b/a Plug Smart), an Ohio-based energy services company th... | 10-K† |
| Mar 30, 2023 | Enerqos Energy Solutions S.r.l. | Renewables, RNG, circularity, and sustainability infrastructure | $13 | On February 24, 2023, we signed a definitive purchase and sale agreement to acquire Enerqos, a renewable energy and energy efficiency company headquartered in Milan, Italy. The... | 10-K† |
| Aug 24, 2010 | Quantum Engineering and Development, Inc. | Renewables, RNG, circularity, and sustainability infrastructure | $6 | On August 24, 2010, the Company entered into a stock purchase agreement with Quantum Engineering and Development, Inc. (“Quantum”). The Company made a cash payment of $6,314,065... | 10-K† |
| Dec 1, 2011 | Energy and Power Solutions, Inc. | Renewables, RNG, circularity, and sustainability infrastructure | $4 | In December 2011, the Company's wholly owned subsidiary Ameresco Intelligent Systems, LLC ("AIS") acquired xChange Point® and energy projects businesses, including automated dem... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 15 SEC-backed facts across 7 cited filings.
Strategy
In management's own words
The acquisition thesis as management frames it in its filings and why each line matters.
| Theme | Excerpt | Why it matters | Source |
|---|---|---|---|
| Management language | N/A | N/A until a source excerpt is available. | N/A |
Excerpts drawn from SEC filings; the right-hand read turns each into a coverage talking point.
Evidence
Source ledger
Every figure above traces to a dated SEC filing.
| Claim | Excerpt | Source type | Filing date | Evidence | Source |
|---|---|---|---|---|---|
| Divestiture of wholly-owned subsidiary | On October 23, 2024, Ameresco’s board of directors approved the divestiture of a wholly-owned subsidiary (“the sub”). On December 31, 2024, we completed the sale of our entire interest in the sub to an unrelated party,… | 10-K | Mar 3, 2026 | Medium | SEC source |
| Ameresco Southwest (then known as APS Energy Services, Inc.) | In August 2011, the Company acquired Ameresco Southwest (then known as APS Energy Services, Inc.) from Pinnacle West Capital Corporation. The Company made a cash payment of $50,057,113 to acquire all of the outstanding… | 10-K | Mar 17, 2014 | Medium | SEC source |
| Ameresco Southwest | In August 2011, the Company acquired Ameresco Southwest (then known as APS Energy Services, Inc.) from Pinnacle West Capital Corporation. The Company made a cash payment of $50,057,113 to acquire all of the outstanding… | 10-K | Mar 15, 2012 | Medium | SEC source |
| Plug Smart acquisition | In November 2021, we entered into a stock purchase agreement to acquire all of the stock of Juice Technologies, Inc. (d/b/a Plug Smart), an Ohio-based energy services company that specializes in the development and impl… | 10-K | Feb 28, 2023 | Medium | SEC source |
| Plug Smart | In November 2021, we entered into a stock purchase agreement to acquire all of the stock of Juice Technologies, Inc. (d/b/a Plug Smart), an Ohio-based energy services company that specializes in the development and impl… | 10-K | Mar 1, 2022 | Medium | SEC source |
| Enerqos Energy Solutions S.r.l. | On February 24, 2023, we signed a definitive purchase and sale agreement to acquire Enerqos, a renewable energy and energy efficiency company headquartered in Milan, Italy. The acquisition closed o... | 10-K | Feb 28, 2025 | Medium | SEC source |