Ameresco, Inc.

AMRCActive

CIK 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

Indexed share-price performance

AMRC versus available Renewables, RNG & Sustainability Infrastructure peers and SPY.

-34%

AMRC

+35%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

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

Active years

Named deals

Avg / active year

5.7

Acq. cash outflow ($MM)

N/A

Banker read

01AMRC reads as a programmatic acquirer: 74 disclosed acquisitions across 13 active years, or 5.7 per active year. The chart shows activity in 11 of the last 12 visible years.
02In the last three years, the file shows 3 acquisitions versus 14 in the prior three; recent activity has cooled versus the prior three-year period.
03Spend changes the read: $88.2MM of disclosed spend is concentrated in lumpy years, with FY21 the largest year at $14.9MM. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

AMRC count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

3 / 14

Last three years is down 79% vs prior three.

Peak count year

FY19

10 disclosed acquisitions in the peak visible year.

Recent spend

$28.7MM

is up 293% vs prior three; peak FY21 at $14.9MM.

Named evidence

9 rows

12% selected source-cited transaction coverage.

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.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.16 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Mar 3, 2026	Annual M&A 10-K	warning (1 warn)	1	$4.6MM	N/A	SEC filing
FY2024	Feb 28, 2025	Annual M&A 10-K	accepted	N/A	N/A	$13.4MM	SEC filing
FY2023	Feb 29, 2024	Annual M&A 10-K	accepted	1	$9.2MM	$13.4MM	SEC filing
FY2022	Feb 28, 2023	Annual M&A 10-K	accepted	0	N/A	N/A	SEC filing
FY2021	Mar 1, 2022	Annual M&A 10-K	accepted	1	$14.9MM	$21.2MM	SEC filing
FY2020	Mar 2, 2021	Annual M&A 10-K	accepted	0	N/A	N/A	SEC filing
FY2019	Mar 4, 2020	Annual M&A 10-K	accepted	10	$1.3MM	$1.3MM	SEC filing
FY2018	Mar 8, 2019	Annual M&A 10-K	accepted	2	$3.6MM	$4.6MM	SEC filing
FY2017	Mar 7, 2018	Annual M&A 10-K	accepted	2	$2.4MM	$2.4MM	SEC filing
FY2016	Mar 3, 2017	Annual M&A 10-K	accepted	1	$3.6MM	$3.6MM	SEC filing
FY2015	Mar 4, 2016	Annual M&A 10-K	accepted	N/A	N/A	$13.9MM	SEC filing
FY2014	Mar 6, 2015	Annual M&A 10-K	accepted	1	$13.9MM	$13.9MM	SEC filing
FY2013	Mar 17, 2014	Annual M&A 10-K	accepted	2	$9.8MM	$15.0MM	SEC filing
FY2012	Mar 18, 2013	Annual M&A 10-K	accepted	1	$4.0MM	$4.5MM	SEC filing
FY2011	Mar 15, 2012	Annual M&A 10-K	accepted	3	$0.7MM	$66.5MM	SEC filing
FY2010	Mar 31, 2011	Annual M&A 10-K	quarantined (1 issue)	1	$6.3MM	$6.3MM	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.7 rows+

Filing date	Form	Targets / topics	Support	Source
Mar 3, 2026	10-K	Divestiture of wholly-owned subsidiary	FinancialsAnnual M&ANamed deals	SEC filing
Feb 28, 2025	10-K	Enerqos Energy Solutions S.r.l.	Annual M&ANamed deals	SEC filing
Feb 28, 2023	10-K	Juice Technologies, Inc. (d/b/a Plug Smart)	Annual M&ANamed deals	SEC filing
Mar 1, 2022	10-K	Juice Technologies, Inc.	Annual M&ANamed deals	SEC filing
Mar 17, 2014	10-K	Ameresco Southwest (then known as APS Energy Services, Inc.)	Annual M&ANamed deals	SEC filing
Mar 15, 2012	10-K	Ameresco Southwest (then known as APS Energy Services, Inc.); Energy and Power Solutions, Inc.	Annual M&ANamed deals	SEC filing
Mar 31, 2011	10-K	Quantum Engineering and Development, Inc.; Byrne Engineering, Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
Mar 3, 2026	10-K	N/A	10-K	FinancialsAnnual M&ANamed dealsRecent SEC	SEC filing
May 8, 2026	8-K/A	9.01	8-K/A	Recent SEC	SEC filing
May 5, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
May 4, 2026	8-K	1.01,2.02,3.02,7.01,9.01	8-K	Recent SEC	SEC filing
May 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Apr 23, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Apr 23, 2026	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing
Mar 31, 2026	8-K	1.01,2.03,5.02,7.01,9.01	8-K	Recent SEC	SEC filing
Mar 2, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Mar 1, 2026	10-K	N/A	Annual report from SEC company index	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Divestiture of wholly-owned subsidiary

10-K - Mar 3, 2026

Medium

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,…

SEC source

Ameresco Southwest (then known as APS Energy Services, Inc.)

10-K - Mar 17, 2014

Medium

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…

SEC source

Ameresco Southwest

10-K - Mar 15, 2012

Medium

SEC source

Plug Smart acquisition

10-K - Feb 28, 2023

Medium

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…

SEC source

Plug Smart

10-K - Mar 1, 2022

Medium

SEC source

Enerqos Energy Solutions S.r.l.

10-K - Feb 28, 2025

Medium

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...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive