undamentalytics Newsletter
Sign in

Hallador Energy Co (HNRG) stock

Add to watchlist

Add holding +

NASDAQ: HNRG Nasdaq Independent Power Producers & Energy Traders Next results ~November 9, 2026

D Fundamentals grade

Hallador Energy Co is a US-listed company in the independent power producers & energy traders industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($0.80) was left out of our combined valuation (it is 0.07x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($0.80) was left out of our combined valuation (it is 0.07x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Hallador Energy Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 0 selling11 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds86 adding, 89 cuttingOf 45 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Hallador Energy files

Where Hallador Energy Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $452m, up 7.9% on a year earlier, slower than the 10.6% growth a quarter earlier. Free-cash-flow margin fell to -11.2% from 6.1% a year earlier. Operating margin widened to 3.7% from -44.9%. The diluted share count is up 5.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 7 financial-health checks.

Our model value for Hallador Energy is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Hallador Energy Co's trailing-twelve-month revenue grew 7.9% year on year, with a free-cash-flow margin of -11.2%. Where it stands out: long-term debt as % of assets of 8.4% ranks 1 of 5 independent power producers & energy traders companies we cover. Where it lags: free-cash-flow margin of -11.2% ranks 5 of 5 independent power producers & energy traders companies we cover.

Our discounted-cash-flow model values the business at ~$0.8 per share in the base case (~$0.5–$1.2 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net income rising while operating cash flow falls: TTM net income grew 99.5% while operating cash flow fell 63.1% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 48.6 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -11.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 5.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 64% and a beta of 1.7 against the S&P 500.
  • Growth easing. The growth rate is 2.7 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 5.8 points on a year ago.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
-$0.32 against an average estimate of -$0.10: missed by 231.0%
Revenue
$102m, down 1.3% on a year earlier
Share reaction
+6.0% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Guidance given
total project cost $800m (Turtle Creek Gas project); total project cost per kW 1700 (Turtle Creek Gas project)
Next report
November 9, 2026; average EPS estimate $0.09

Hallador Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.5%
  • 1 week-3.5%
  • 1 month-21.4%
  • This year-44.3%
  • 1 year-51.0%
  • 5 years+240.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$452M
Operating margin
3.7%
Net margin
-0.2%
EPS (TTM, diluted)
$-0.02

Growth

Revenue growth
+7.9%
Change in growth rate
−2.7 pts
Share count change
+5.3%

Cash

Free cash flow (TTM)
-$50.5M
FCF margin
-11.2%
Stock pay % of revenue
1.0%

Earnings

Last results
August 10, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Agreement
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Hallador Energy Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($0.80) was left out of our combined valuation (it is 0.07x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Hallador Energy Co's free cash flow after stock-based pay ( $2.9M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Hallador Energy Co as an utility or power producer, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$0.8 ~$0.5–$1.2 Left out: out of range vs price (0.08x)
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.3 ~$3.3–$4.2 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hallador Energy Co with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$3.99$8.19$5.61$4.79$2.90$1.47$2.46$9.99$8.84$11.45$19.04$10.60
Market value$116m$240m$166m$144m$88m$45m$75m$336m$326m$452m$827m$479m
+ Net debt (− = net cash)$258m$258m$223m$198m$198m$130m$109m$82m$89m$37m$20m$16m
Enterprise value$374m$497m$389m$342m$286m$174m$185m$418m$414m$489m$847m$495m
Multiples
Price / sales 0.3x0.9x0.6x0.5x0.3x0.2x0.3x0.9x0.5x1.1x1.8x1.1x
Price / earnings 5.8x19.2x5.0x18.9x———18.6x7.3x—19.7x—
Price / free cash flow ————32.4x1.4x3.8xn/m—36.0x69.4x—
EV / EBITDA —————4.1x5.4x5.4x3.1x—8.3x8.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Hallador Energy's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.6% of total assets over 6 years.

  • Pricing power 7 / 20

    Gross margin has been a median 24.4%, moving by 4.5 percentage points (standard deviation) across 6 years.

  • Durability 0 / 20

    Operating margin has been a median 3.7%; its worst year was -44.9%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 5 of 8 years, at a median 3.9% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 48.1% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026. Analysts expect revenue of $118m and EPS of $0.09 (range −$0.07 to $0.21) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.35 −135% $447m −5%
Next $0.22 +163% $476m +7%

Next year's EPS estimate has moved −80.4% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −279.3% on 90 days ago. In the last 30 days, 0 analysts raised Hallador Energy Co's forecast and 1 cut it.

Consensus EPS forecast Hallador Energy Co, last 90 days
−$0.50 $0.00 $0.50 $1.00 $1.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.19 Current fiscal year, 60 days ago: $0.19 Current fiscal year, 30 days ago: −$0.23 Current fiscal year, 7 days ago: −$0.23 Current fiscal year, Now: −$0.35 −$0.35 Next fiscal year, 90 days ago: $1.11 Next fiscal year, 60 days ago: $1.11 Next fiscal year, 30 days ago: $0.66 Next fiscal year, 7 days ago: $0.66 Next fiscal year, Now: $0.22 $0.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.19$1.11
60 days ago $0.19$1.11
30 days ago −$0.23$0.66
7 days ago −$0.23$0.66
Now −$0.35$0.22

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.10 −$0.32 −231.0%
Mar 2026 −$0.11 −$0.19 −71.6%
Dec 2025 −$0.02 $0.01 +136.4%
Sept 2025 $0.06 $0.55 +768.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 10, 2026
  • total project cost · Turtle Creek Gas Turtle Creek Gas project — Lowered
    “As the equipment, restoration and construction scopes become more defined, the project economics have become even more compelling, and we now expect total project cost to be below $800 million, or approximately $1,700/kW - which we believe is a significant cost advantage relative to competing new-build capacity - while moving forward our targeted commercial operation timeframe to the second half of 2028, a timeline we believe is materially ahead of comparable projects.” source
  • total project cost per kW · Turtle Creek Gas Turtle Creek Gas project about 1,700 Lowered
    “As the equipment, restoration and construction scopes become more defined, the project economics have become even more compelling, and we now expect total project cost to be below $800 million, or approximately $1,700/kW - which we believe is a significant cost advantage relative to competing new-build capacity - while moving forward our targeted commercial operation timeframe to the second half of 2028, a timeline we believe is materially ahead of comparable projects.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Hallador Energy Co's revenue by +2.8% next year and +4.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.0%, weight 60%) and the company's own record (+4.0%, weight 40%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202633
  2. Sep 202633
  3. Aug 202633
  4. Jul 202633

Counts of recommendations published by analysts covering Hallador Energy Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.4%
of tradable shares
Days to cover
4.57
at average volume
Short interest, 1 month
+14%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
9.0%
of shares
Employees
633
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −51.0%

$21.63 on October 31, 2025 to $10.60

ThenNowEffect
Revenue (last 12 months) $419m $452m +7.9%
P/S multiple 2.2x 1.1x −52.2%
Share count 43m 45m −5.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −22.9%

$13.74 on November 3, 2023 to $10.60

ThenNowEffect
Revenue (last 12 months) $587m $452m −22.9%
P/S multiple 0.9x 1.1x +23.6%
Share count 37m 45m −19.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HNRG+67%+306%−12%+30%+66%−44%
Industry peers (median)————+18%−11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HNRG67%67%42%42%50%18%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HNRG−49%−32%−43%−52%−36%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 93% from November 9, 2016 to September 23, 2020. Getting back needed a 1368% gain, reached on November 23, 2022, 791 days after the low.

Price behaviour

52-week range
$10.60 – $23.81
From 52-week high
−55.5%
vs 50-day average
−24.9%
vs 200-day average
−35.7%
Volatility (1 year)
64%
Beta vs S&P 500
1.72

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±13.3%
After a week
7 up, 5 down
typical move ±15.1%
After a month
6 up, 6 down
typical move ±20.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 +6.0% −0.3% +9.7% +11.9%
May 6, 2026 +6.9% +1.1% +10.0% −5.7%
March 12, 2026 −9.6% −2.1% −11.2% −19.9%
November 10, 2025 +21.0% +1.8% +2.9% +12.0%
August 11, 2025 −13.9% +0.9% −23.8% −16.4%
May 12, 2025 +20.4% +4.0% +24.0% +5.7%
March 17, 2025 +7.6% −0.3% +18.5% +18.7%
November 12, 2024 +19.3% −0.3% +17.1% +12.6%
August 7, 2024 −17.7% +1.6% −8.6% −14.5%
May 7, 2024 +12.4% +0.1% +18.6% +72.9%
March 14, 2024 −16.4% −0.9% −30.8% −41.9%
November 7, 2023 −8.7% +0.4% −6.1% −12.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Hallador Energy Co in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Hallador Energy Co
$400M $500M $600M $700M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $667.4M Revenue (TTM), FY23 Q4: $634.9M Revenue (TTM), FY24 Q1: $558.1M Revenue (TTM), FY24 Q2: $490.7M Revenue (TTM), FY24 Q3: $430.1M Revenue (TTM), FY24 Q4: $403.9M Revenue (TTM), FY25 Q1: $410.1M Revenue (TTM), FY25 Q2: $419.1M Revenue (TTM), FY25 Q3: $460.8M Revenue (TTM), FY25 Q4: $469.3M Revenue (TTM), FY26 Q1: $453.4M Revenue (TTM), FY26 Q2: $452.1M $452.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $667.4M
FY23 Q4 $634.9M
FY24 Q1 $558.1M
FY24 Q2 $490.7M
FY24 Q3 $430.1M
FY24 Q4 $403.9M
FY25 Q1 $410.1M
FY25 Q2 $419.1M
FY25 Q3 $460.8M
FY25 Q4 $469.3M
FY26 Q1 $453.4M
FY26 Q2 $452.1M
Revenue growth, TTM YoY Hallador Energy Co
-50% 0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 142.3% Revenue growth, TTM YoY, FY23 Q4: 75.4% Revenue growth, TTM YoY, FY24 Q1: 13.6% Revenue growth, TTM YoY, FY24 Q2: -16.4% Revenue growth, TTM YoY, FY24 Q3: -35.5% Revenue growth, TTM YoY, FY24 Q4: -36.4% Revenue growth, TTM YoY, FY25 Q1: -26.5% Revenue growth, TTM YoY, FY25 Q2: -14.6% Revenue growth, TTM YoY, FY25 Q3: 7.1% Revenue growth, TTM YoY, FY25 Q4: 16.2% Revenue growth, TTM YoY, FY26 Q1: 10.6% Revenue growth, TTM YoY, FY26 Q2: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 142.3%
FY23 Q4 75.4%
FY24 Q1 13.6%
FY24 Q2 -16.4%
FY24 Q3 -35.5%
FY24 Q4 -36.4%
FY25 Q1 -26.5%
FY25 Q2 -14.6%
FY25 Q3 7.1%
FY25 Q4 16.2%
FY26 Q1 10.6%
FY26 Q2 7.9%
Operating margin (TTM) Hallador Energy Co
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 16.5% Operating margin (TTM), FY23 Q4: 10.2% Operating margin (TTM), FY24 Q1: 6.9% Operating margin (TTM), FY24 Q2: 1.8% Operating margin (TTM), FY24 Q3: -2.4% Operating margin (TTM), FY24 Q4: -54.1% Operating margin (TTM), FY25 Q1: -50.5% Operating margin (TTM), FY25 Q2: -44.9% Operating margin (TTM), FY25 Q3: -35.6% Operating margin (TTM), FY25 Q4: 13.0% Operating margin (TTM), FY26 Q1: 9.1% Operating margin (TTM), FY26 Q2: 3.7% 3.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 16.5%
FY23 Q4 10.2%
FY24 Q1 6.9%
FY24 Q2 1.8%
FY24 Q3 -2.4%
FY24 Q4 -54.1%
FY25 Q1 -50.5%
FY25 Q2 -44.9%
FY25 Q3 -35.6%
FY25 Q4 13.0%
FY26 Q1 9.1%
FY26 Q2 3.7%
FCF margin (TTM) Hallador Energy Co
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 8.3% FCF margin (TTM), FY23 Q4: -2.5% FCF margin (TTM), FY24 Q1: -4.9% FCF margin (TTM), FY24 Q2: -3.6% FCF margin (TTM), FY24 Q3: -13.8% FCF margin (TTM), FY24 Q4: 3.1% FCF margin (TTM), FY25 Q1: 9.2% FCF margin (TTM), FY25 Q2: 6.1% FCF margin (TTM), FY25 Q3: 11.7% FCF margin (TTM), FY25 Q4: 2.5% FCF margin (TTM), FY26 Q1: -0.4% FCF margin (TTM), FY26 Q2: -11.2% -11.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 8.3%
FY23 Q4 -2.5%
FY24 Q1 -4.9%
FY24 Q2 -3.6%
FY24 Q3 -13.8%
FY24 Q4 3.1%
FY25 Q1 9.2%
FY25 Q2 6.1%
FY25 Q3 11.7%
FY25 Q4 2.5%
FY26 Q1 -0.4%
FY26 Q2 -11.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Hallador Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $469M
  2. Selling, general and admin $26.2M · 5.6%
  3. Other operating costs $382M · 81.4%
  4. Operating income $61.1M · 13.0%
  5. Interest and other $17.4M · 3.7%
  6. Net income $41.9M · 8.9%

Shares of revenue. Source: Hallador Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 129 157 141 154 241 340 281 272 294 323 244 248 362 635 404 469 452
Gross profit — — — — — — — — 78 76 58 49 95 161 — — —
EBITDA — — — — — — — — — — 43 34 77 132 −153 102 58
Operating income — — — — — — — — — — 3 −6 30 65 −218 61 17
Net income 22 36 24 22 10 20 13 33 8 −60 −6 −4 18 45 −226 42 −1
Diluted EPS $0.78 $1.25 $0.83 $0.78 $0.34 $0.68 $0.42 $1.08 $0.25 −$1.95 −$0.20 −$0.12 $0.55 $1.25 −$5.72 $0.96 −$0.02
Growth (year on year)
Revenue — +21.8% −10.2% +8.9% +56.7% +41.0% −17.2% −3.5% +8.1% +10.2% −24.5% +1.4% +46.2% +75.4% −36.3% +16.2% +7.9%
EBITDA — — — — — — — — — — — −20.6% +127.8% +71.0% −215.5% — —
Operating income — — — — — — — — — — — — — +113.6% −435.9% — —
Net income — +60.0% −33.5% −5.8% −54.4% +97.0% −37.9% +164.4% −77.0% −885.4% — — — +147.4% −604.9% — —
Diluted EPS — +60.3% −33.6% −6.0% −56.4% +100.0% −38.2% +157.1% −76.9% −880.0% — — — +127.3% −557.6% — —
Margins
Gross margin — — — — — — — — 26.6% 23.4% 23.9% 19.7% 26.3% 25.4% — — —
EBITDA margin — — — — — — — — — — 17.5% 13.7% 21.4% 20.8% −37.8% 21.8% 12.9%
Operating margin — — — — — — — — — — 1.3% −2.4% 8.4% 10.2% −54.0% 13.0% 3.7%
Net margin 17.3% 22.8% 16.8% 14.6% 4.2% 5.9% 4.4% 12.2% 2.6% −18.5% −2.5% −1.5% 5.0% 7.1% −56.0% 8.9% −0.2%
Free-cash-flow margin 8.4% 17.6% 7.7% 18.5% — — — — — 0.8% 13.1% 8.0% 0.0% −2.5% 3.1% 2.5% −11.2%
Cash flow
Cash from operations 46 61 37 27 56 95 61 66 52 38 53 48 54 59 66 81 28
Capital spending 35 33 26 −1 — — — — — 36 21 28 54 75 53 69 78
Free cash flow 11 28 11 28 — — — — — 3 32 20 0 −16 13 12 −50
Stock-based pay 2 2 3 2 3 3 3 7 3 2 1 1 1 4 4 4 5
Free cash flow after stock pay 9 25 8 26 — — — — — 1 31 19 −1 −19 8 8 −55
Balance sheet
Cash 10 38 22 16 13 16 10 12 16 9 8 3 3 3 7 10 29
Total debt 18 18 11 16 306 274 267 235 214 207 138 112 85 92 44 30 45
Net debt (negative = net cash) 7 −20 −10 −0 293 258 258 223 198 198 130 109 82 89 37 20 16
Diluted shares 29m 29m 29m 29m 29m 29m 29m 30m 30m 30m 30m 31m 34m 37m 40m 43m 45m
Returned to shareholders
Dividends 3 4 23 3 5 5 5 5 5 5 1 0 — — — — —
Total returned 3 4 23 3 5 5 5 5 5 5 1 0 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $468m
Short-term assets $150mLonger-term assets $318m
What it owes, and who funded it · $468m
Short-term liabilities $209mLonger-term liabilities $69mShareholders' equity $190m
  • Short-term assets cover short-term liabilities $150m of assets due within a year against $209m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $150m short-term assets against $69m of longer-dated liabilities.
  • More cash than debt $29m of cash against $43m of debt.
  • Debt below 40% of shareholders' equity Debt is 23% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 39% to 23% over five years.
  • A year's operating cash flow covers at least 20% of debt $28m of operating cash flow against $43m of debt.
  • Operating profit covers interest at least five times over Operating income of $17m against $17m of interest.

From Hallador Energy Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+5.3%
year over year
Sales & admin spending
5.8%
of revenue
Days sales outstanding
12 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in independent power producers & energy traders
Last 12 months unless stated HNRG KEN TAC TLN NRG Median
Revenue, last 12 months $452m $872m $1.7bn $3.4bn $33.1bn $1.7bn
Revenue growth, last 12 months 7.9% 16.1% −17.1% 60.8% 12.8% 12.8%
Revenue growth, 3-year average −8.3% — — −8.5% 2.9% −8.3%
Revenue growth, latest quarter −1.3% — — 18.6% 11.0% 11.0%
Gross margin 23.9% 16.8% 59.0% — 25.9% 24.9%
Operating margin 3.7% 7.2% 5.8% 2.6% 6.1% 5.8%
Operating margin, 3-year average −13.1% 7.8% 1.0% 5.5% 7.7% 5.5%
Net margin −0.2% 7.6% −5.7% −5.4% 2.6% −0.2%
Cash from operations / revenue 6.2% 32.5% 26.9% 23.2% 4.7% 23.2%
Free-cash-flow margin −11.2% 19.2% 16.0% 16.5% 1.1% 16.0%
Free-cash-flow margin, 3-year average −2.9% 21.4% 15.0% 11.5% 3.9% 11.5%
Stock pay / revenue 1.0% 5.0% — 16.5% 0.4% 3.0%
Change in share count 5.3% −1.1% −1.7% −8.5% −0.2% −1.1%

Median of all 5 companies we cover in independent power producers & energy traders. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

5 independent power producers & energy traders companies
Measure Company Peer median Rank
Revenue growth Growth 7.9% 12.8% 4 of 5
Change in growth rate Growth -2.7pp -0.7pp 4 of 5
Operating margin Profitability 3.7% 5.8% 4 of 5
Net margin Profitability -0.2% -0.2% 3 of 5
Free-cash-flow margin Cash generation -11.2% 16.0% 5 of 5
Long-term debt as % of assets Balance sheet 8.4% 39.5% 1 of 5
Change in share count Balance sheet 5.3% -1.1% 5 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Electric Operations $311M ▲ 18.8%
Coal Operations $149M ▲ 8.2%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Electric Sales $311M ▲ 18.8%
Delivered Energy $253M ▲ 24.2%
Coal Sales $149M ▲ 8.2%
Accredited Energy Capacity $58.1M 0.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Hallador Energy Co's 10-K filed March 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$629M
Institutions reporting
172
Shares held vs prior quarter
▲ 5.8%
Positions opened / closed
27 / 37

Top buyers and sellers, Q2 2026: 86 institutions bought and 89 sold ; the biggest buyer was Highland Peak Capital, LLC (+947K shares) and the biggest seller Apis Capital Advisors, LLC (−639K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Lubar & Co., Inc $94.8M 5.5M 15.1% 0.0%
Blackrock, Inc. $49.6M 2.9M 7.9% ▲ 19.1%
Point72 Asset Management, L.P. $36.9M 2.1M 5.9% ▲ 11.6%
Aegis Financial Corp $31.5M 1.8M 5.0% ▼ 0.1%
Orbis Allan Gray Ltd $29.5M 1.7M 4.7% ▼ 3.6%
Vanguard Capital Management LLC $26.6M 1.5M 4.2% ▲ 3.1%
American Century Companies Inc $26.4M 1.5M 4.2% ▲ 9.8%
Dimensional Fund Advisors LP $18.1M 1.0M 2.9% ▲ 2.0%
Geode Capital Management, LLC $17.1M 980K 2.7% ▼ 1.0%
Highland Peak Capital, LLC $16.5M 947K 2.6% New
Dayah Capital LLC $15.4M 887K 2.5% ▲ 36.9%
State Street Corp $13.6M 780K 2.2% ▲ 10.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hallador Energy Co's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $1.3M 11 trades by 3 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $1.3M net buying
Insider Date Trade Shares Price Value
Sugg Barbara Ann Director July 14, 2026 Buy 3,700 $17.13 $63,381
Sugg Barbara Ann Director July 14, 2026 Buy 1,300 $17.13 $22,269
Hudson Daniel Timothy Director July 9, 2026 Buy 2,500 $16.60 $41,500
Hudson Daniel Timothy Director July 9, 2026 Buy 2,500 $16.57 $41,425
Hudson Daniel Timothy Director June 29, 2026 Buy 5,000 $16.90 $84,500
Hudson Daniel Timothy Director June 29, 2026 Buy 5,000 $16.98 $84,900
Hudson Daniel Timothy Director June 25, 2026 Buy 2,000 $17.70 $35,400
Hudson Daniel Timothy Director June 24, 2026 Buy 3,000 $17.04 $51,120
Wesley Charles Ray Iv Director June 16, 2026 Buy 15,000 $16.69 $250,350
Wesley Charles Ray Iv Director December 17, 2025 Buy 20,000 $17.83 $356,600
Wesley Charles Ray Iv Director November 21, 2025 Buy 13,000 $19.28 $250,640

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 6, 2026
  • March 12, 2026
  • November 10, 2025
  • August 11, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Hallador Energy Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Hallador Energy Co in brief

What does Hallador Energy Co do?
Hallador Energy Co is a US-listed company in the independent power producers & energy traders industry. Its financial year ends in December.
What is Hallador Energy Co's stock ticker?
Hallador Energy Co trades under the ticker HNRG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Hallador Energy Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Hallador Energy Co reported revenue of $452M, 7.9% higher than a year earlier, according to its SEC filings.
What is Hallador Energy Co's free cash flow?
Hallador Energy Co's free-cash-flow margin is -11.2% of revenue over the trailing twelve months, ranking 5 of the 5 independent power producers & energy traders companies we cover.
Who are Hallador Energy Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Lubar & Co., Inc, Blackrock, Inc. and Point72 Asset Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Hallador Energy Co's market cap?
On November 2, 2026, Hallador Energy Co's market capitalisation was about $479M and net debt of $16M. Market figures come from third-party market data and may be delayed.
How much debt does Hallador Energy Co have?
Hallador Energy Co's debt-to-equity ratio is 22.6%, from its latest balance sheet (39.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Hallador Energy Co's competitors?
In our Independent Power Producers & Energy Traders peer group, the companies closest to Hallador Energy Co are Kenon Holdings Ltd., Transalta Corp, Talen Energy Corp and NRG Energy. The side-by-side comparison below sets their revenue, margins and growth against Hallador Energy Co's.
Are insiders buying or selling Hallador Energy Co stock?
Over the last 12 months, Hallador Energy Co's directors and officers reported 11 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Hallador Energy Co's next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hallador Energy Co announces its own schedule.