Is Ameresco, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Ameresco, Inc. has moved from attractive to very expensive, indicating a shift towards overvaluation. The company appears overvalued based on its current metrics, with a P/E ratio of 12, an EV to EBITDA of 13.20, and a PEG ratio of 0.58. In comparison to peers, Sterling Infrastructure, Inc. has a P/E of 28.27, while IES Holdings, Inc. shows an EV to EBITDA of 18.65, both suggesting that Ameresco's valuation is significantly higher relative to its industry counterparts.
Despite recent strong performance, with a year-to-date return of 70.06% compared to the S&P 500's 13.30%, the valuation metrics indicate that Ameresco is priced at a premium that may not be sustainable. The company's ROCE stands at a low 3.42%, further supporting the conclusion that it is overvalued in the current market context.