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Canaccord Genuity's George Gianarikas raised their price target on Ameresco (NYSE: AMRC) by 13.6% from $44 to $50 on 2026/03/03. The analyst maintained their Strong Buy rating on the stock.

Ameresco reported its Q4 and FY 2025 earnings.

Raising their price target, Gianarikas called the quarter's results "healthy" and management's guidance "beefy."

The analyst detailed that management guided FY 2026 growth of 9% and 19% at the midpoint for revenue and EBITDA, respectively.

Also emphasized, Gianarikas told readers, was the scale of inbound data center interest, with management flagging that they are "getting more requests than we can handle, affirming the outsized demand for resilient, onsite power solutions."

Earnings Report

Ameresco reported:

For Q4 2025:

• EPS of $0.39, which beat the Zacks Consensus Estimate of $0.32 but missed Q4 2024's $0.88.
• Revenue of $581.03M, which beat the Zacks Consensus Estimate by 4.92% and Q4 2024's $532.67M.

For FY 2025:

• EPS of $0.90, down from FY 2024's $1.20.
• Revenue of $1.93B, up from FY 2024's $1.77B.

For FY 2026, management guided:

• EPS of $1.10 to $1.35.
• Revenue of $2B to $2.2B.

CEO George Sakellaris commented: “Strong fourth quarter results capped an excellent year for Ameresco in which we successfully navigated a dynamic business environment and reached the mid to high ends of our annual revenue and profit guidance ranges.

"We achieved record quarterly revenue during the fourth quarter driven by our continued focus on project execution, together with the benefits of recurring revenue from our long-term Energy Asset and O&M businesses.

"The market for our energy infrastructure and building efficiency solutions remained robust in the fourth quarter, driving a 13% increase in awarded backlog compared to last year and signaling strong continued customer demand for our solutions.

"Total project backlog increased 5% to over $5 billion at year-end.

"Additionally, we placed 87 MWe into operation, including our 9th RNG facility, a large military solar plus storage installation, and the Nucor BESS system.

"The Nucor asset highlights the increasing need for our solutions from energy-intensive heavy industries, a large and growing opportunity for us.

"We also continued to selectively add additional assets into our development and construction pipeline during the quarter.

"Our project backlog, together with our recurring Energy Asset and O&M businesses, gives us over $10 billion in long-term revenue visibility, supporting our confidence in the Company’s future growth prospects.

"Ameresco’s diversified mix of building efficiency and energy infrastructure Project and Energy Asset solutions continues to address key issues facing our customers, notably increased energy costs, rapidly growing energy demand, and the need for energy to be highly resilient to power mission-critical operations.

"Our decades of experience and our track record of successful execution have strengthened our competitive position, making us a go-to solutions provider.”