Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026

Ameresco, Inc. (AMRC)

A forensic read on Ameresco, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

1.8

Distress distance

Clean

Earnings quality

Forensic signals

47.9

P / E (ttm)

5.6%

ROE

$1.3B

Market cap

28.8%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Ameresco, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.8, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

-1.36×

FY2022–FY2024

Cash conversion. Over FY2022–FY2024, operating cash flow was -1.36× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.

3.0%

FY2024

Return on invested capital. Return on invested capital is 3.0% in the latest fiscal year and slipping from 5% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

+0.6%/yr

FY2021–FY2024

Share count. Diluted share count changed +2% over the last 3 years to FY2024 (+0.6%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

$2M

FY2023–FY2023

Goodwill impairments. Took $2M of goodwill writedowns across 1 year (FY2023 ($2M)) — about 3% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

-42%

FY2022→FY2023

Dividend — cut. The payout was CUT ~42% in FY2023 (from FY2022). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$1.77B

Revenue Growth YoY+28.8%

Revenue CAGR (3yr)+13.3%

Net Margin3.2%

Free Cash Flow$113.3M

Return on Equity5.6%

Debt / Equity1.61x

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ameresco, Inc.'s actual 10-K/10-Q/8-K filings?

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.