Hallador Energy Co key statistics and ratios

In fiscal 2025, Hallador Energy Co had return on equity of 31.7%, an operating margin of 13.0%, debt equal to 18.8% of equity and a current ratio of 0.81. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Hallador Energy Co: financial ratios, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	—	—	—	26.6%	23.4%	23.9%	19.7%	26.3%	25.4%	—	—	—
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%
Return on equity	17.7%	24.9%	14.7%	13.0%	5.5%	10.1%	5.9%	14.2%	3.0%	−26.8%	−3.3%	−1.9%	8.4%	18.5%	−121.3%	31.7%	−0.5%
Return on assets	12.0%	17.1%	10.3%	9.2%	2.4%	3.6%	2.3%	6.3%	1.5%	−12.7%	−1.5%	−1.0%	3.7%	7.3%	−47.2%	10.8%	−0.2%
Asset turnover	0.69	0.75	0.61	0.63	0.57	0.61	0.53	0.52	0.57	0.69	0.60	0.67	0.74	1.04	0.84	1.21	1.03
Current ratio	1.35	1.48	3.16	3.88	1.69	1.31	1.70	1.25	1.64	1.27	0.89	0.61	0.58	0.59	0.69	0.81	0.72
Debt to equity	13.8%	10.9%	7.0%	8.8%	161.3%	132.6%	123.3%	94.3%	83.9%	107.9%	74.3%	52.0%	39.6%	34.1%	42.2%	18.8%	23.6%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	—	—	0.2x	n/m	2.8x	4.7x	n/m	3.6x	1.0x
Effective tax rate	38.9%	36.9%	30.9%	24.2%	4.5%	27.0%	−47.5%	—	—	—	—	—	8.8%	9.1%	—	4.2%	—
SG&A as % of revenue	4.3%	4.5%	5.3%	5.0%	5.0%	3.7%	3.7%	5.5%	4.0%	4.0%	4.7%	6.0%	4.5%	4.1%	6.6%	5.6%	5.8%
Capital spending as % of revenue	26.9%	21.0%	18.5%	−0.8%	—	—	—	—	—	11.0%	8.5%	11.3%	14.9%	11.9%	13.2%	14.7%	17.3%
Free cash flow ÷ net income	48.4%	77.4%	45.5%	127.0%	—	—	—	—	—	—	—	—	0.8%	−35.6%	—	28.5%	—
Dividends ÷ net income	13.1%	9.8%	98.2%	15.5%	47.0%	23.8%	38.4%	14.8%	64.8%	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	27.1%	12.6%	215.8%	12.2%	—	—	—	—	—	183.2%	3.9%	0.0%	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Hallador Energy Co: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	4.5%	−234.0%	11.8%	11.5%	19.8%	6.1%	−5.6%	−12.5%
Net margin	1.5%	−231.1%	8.5%	8.0%	16.3%	−0.2%	−9.2%	−15.0%
Free-cash-flow margin	−23.3%	27.0%	22.7%	−1.6%	2.5%	−16.5%	12.6%	−49.4%
Current ratio	0.58	0.69	0.60	0.67	0.66	0.81	0.80	0.72
Debt to equity	21.0%	39.8%	18.2%	35.3%	58.4%	18.6%	—	22.6%
SG&A as % of revenue	6.2%	6.8%	5.8%	7.3%	3.2%	7.0%	6.7%	7.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Hallador Energy Co's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Hallador Energy Co.