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Hallador Energy Company

HNRG Utilities Utilities Independent Power Producers

Hallador Energy Company’s revenue for fiscal 2025 (year ended December 2025) was $469.5 million, up 16.2% from fiscal 2024.

Revenue
−1.28%
EPS
−268.4%
Free cash flow
−3,158.7%
Total debt
−10.3%

Quarter to June 2026, against a year earlier

9.37 0.24 −2.50%
Market cap
$441.3M
P/E
234×
Fwd P/E
−14.2×
Dividend yield
—
F-score
7/9
Altman Z
3.38
Beneish M
−2.91
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.03
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — 3 2 — — — —
Sell — — — — — — — — — — — —
Insider Ownership 23.77%

Capital & Financial Ratios $m

Size
Market Cap 441.26
Revenue ttm 452.23
Net income ttm (0.91)
Free cash flow ttm (47.27)
Net debt Q 8.31
Valuation
P/E 234.25 (above 35: high)
Forward P/E (14.20) (negative: loss-making)
Price / sales 0.98
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.32
Financial health
Current ratio Q 0.72 (below 1: weak)
Debt / equity Q 0.23 (at or below 0.5: strong)
Interest coverage Q (3.24)
Growth
Revenue growth Q −1.28% (below 0%: shrinking)
Operating income growth Q −200.32% (below 0%: shrinking)
EPS, this year −138.02% (below 0%: weak)
EPS, next year A +164.38% (at or above 15%: strong)
Revenue, next year A −4.87% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −6.42% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.1×; over the ten years it ranged from 0.4× in 2024 to 2.0× in 2025.
P/E against its own 10 years 94.35%
10-year low 10-year high
P/S against its own 10 years 79.43%
10-year low 10-year high
P/B against its own 10 years 83.02%
10-year low 10-year high
EV/Sales against its own 10 years 43.20%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–23
−100.0%/yr
  1. 0.16 ’16
  2. 0.16 ’17 +0
  3. 0.16 ’18 +0
  4. 0.16 ’19 +0
  5. 0.04 ’20 −75
  6. 0.00 ’21 −100
  7. 0.00 ’22
  8. 0.00 ’23
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7 12 15 35
Receivables 20 15 14 14
Inventory 62 76 88 99
Other 2 — — —
93 105 123 150
2023 2024 2025 Q'26
Payables 63 44 42 65
ST’ Debt 24 4 — 4
Other 66 98 103 136
158 153 153 209

Compound Annual Growth %

10y 5y 3y
Sales 3.28% 13.96% 9.05%
Cash Flow (1.53%) 9.06% 14.42%
Earnings 7.84% 0.00% 32.24%
Book Value (2.54%) (2.91%) (9.41%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.12 Actual −0.32

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.06 0.55 Beat by 0.49
Q4 FY25 −0.01 −0.01 Met by 0.00
Q1 FY26 −0.16 −0.20 Miss by 0.04
Q2 FY26 −0.12 −0.32 Miss by 0.20
Q3 FY26 0.07 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.20) (0.32) — — —
’25 0.23 0.19 0.55 (0.01) 0.96
’24 (0.05) (0.27) 0.04 (5.45) (5.72)
’23 0.61 0.47 0.44 (0.27) 1.25
’22 (0.33) (0.11) 0.05 0.83 0.55
’21 (0.03) (0.10) 0.26 (0.25) (0.12)
’20 (0.12) 0.01 0.06 (0.15) (0.20)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 102 102 — — —
’25 118 103 147 102 469
’24 112 94 105 94 404
’23 188 161 166 120 635
’22 59 66 85 152 362
’21 47 56 80 66 248
’20 62 51 65 66 244
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 20 (24) — — —
’25 38 11 23 8 81
’24 16 24 (13) 39 66
’23 26 18 35 (20) 59
’22 3 (3) 14 40 54
’21 3 10 24 11 48
’20 16 1 17 18 53
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13 (50) — — —
’25 27 (2) 6 (17) 15
’24 2 13 (24) 29 20
’23 13 1 17 (47) (16)
’22 (6) (16) (2) 24 1
’21 (3) 5 17 1 20
’20 10 (3) 13 12 32
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 281 272 294 323 244 248 362 635 404 469 452 +5.8% 447 476 533 +4.3%
Gross margin, % 31.51 30.00 26.64 23.37 23.86 19.71 26.35 49.44 51.87 50.84 43.61 +19.3 pt
EBT 8 14 4 (82) (9) (4) 20 49 (236) 44 (1) +20.0%
EBT margin, % 3.01 5.11 1.21 (25.41) (3.63) (1.51) 5.49 7.76 (58.28) 9.31 (0.17) +6.3 pt
Net income 13 33 8 (60) (6) (4) 18 45 (226) 42 (1) +14.4%
Per share, $
Per share, $ Revenue 9.62 9.16 9.76 10.69 8.02 8.09 11.30 19.16 10.23 10.94 9.59 +1.4%
Earnings 0.42 1.08 0.25 (1.95) (0.20) (0.12) 0.57 1.35 (5.72) 0.98 0.04 +9.9%
Cash flow 2.08 2.22 1.71 1.26 1.73 1.57 1.69 1.79 1.67 1.89 0.59 (1.1%)
Capex (1.44) (0.95) (1.16) (1.17) (0.68) (0.90) (1.67) (2.27) (1.16) (1.54) (1.60) +0.7%
Free cash flow 0.64 1.27 0.55 0.09 1.05 0.67 0.03 (0.48) 0.51 0.35 (1.00) (6.5%)
Book value 7.41 8.41 8.47 6.33 6.08 5.95 6.71 8.11 2.64 3.72 4.04 (7.4%)
Shares, m 29 30 30 30 30 31 32 33 40 43 45 +4.4%
Valuation, ×
Valuation, × P/E 22.44 5.82 20.35 0.00 0.00 0.00 17.50 6.77 0.00 19.43 234.25 9.2
P/S 0.96 0.69 0.52 0.28 0.18 0.30 0.81 0.48 1.12 1.74 0.98 0.7
P/B 1.24 0.75 0.60 0.47 0.24 0.41 1.36 1.14 4.34 5.11 2.32 1.6
EV/Sales 1.71 1.35 1.06 0.77 0.71 0.72 1.07 0.65 1.21 1.87 1.00 1.1
EV/FCF 25.70 9.71 18.79 87.88 5.46 8.67 481.23 (26.02) 24.51 58.09 (9.52) 69.4
Cash, $m
Cash, $m Operating cash flow 61 66 52 38 53 48 54 59 66 81 28 +3.2%
Capex (42) (28) (35) (35) (21) (28) (53) (75) (46) (66) (75) +5.1%
Free cash flow 19 38 17 3 32 20 1 (16) 20 15 (47) (2.4%)
Balance, $m
Balance, $m Working capital 34 13 33 18 (8) (25) (101) (65) (48) (29) (59) n/m
Net debt 212 179 159 160 130 102 95 108 38 16 8 (25.1%)
Shareholders’ equity 217 249 255 192 185 182 215 269 104 160 190 (3.3%)
Returns, %
Returns, % ROA 2.28 6.11 1.44 (12.53) (1.51) (1.02) 3.68 7.34 (47.17) 10.78 (0.21) +8.5 pt
ROIC 5.96 3.96 3.17 2.30 1.25 (1.42) 6.33 11.16 0.47 21.49 5.09 +15.5 pt
ROE 5.76 13.75 2.95 (26.41) (3.25) (2.04) 9.11 18.52 (121.29) 31.71 (0.58) +26.0 pt
People
People Employees 742 742 848 915 690 805 980 936 615 633 — (1.7%)
Revenue/emp, $m 0.38 0.37 0.35 0.35 0.35 0.31 0.37 0.68 0.66 0.74 — +7.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Hallador Energy Company vs peers in Utilities Independent Power Producers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CEG Constellation Energy Corporation $84.9B 23.4× 21.3× +23.00% (above 0%: growing) −46.82% (below 0%: shrinking) −116.62% (below 0%: shrinking) 46.39% 7.73% Compare
VST Vistra Corp. $37.9B 19.0× 14.9× −5.48% (below 0%: shrinking) −6.10% (below 0%: shrinking) +401.69% (above 0%: growing) 34.60% 13.77% Compare
NRG NRG Energy, Inc. $16.9B 21.4× 11.9× +10.99% (above 0%: growing) n/m +8,715.12% (above 0%: growing) 26.88% 13.05% Compare
TLN Talen Energy Corporation $13.8B — (loss-making) 21.5× +63.42% (above 0%: growing) −35.89% (below 0%: shrinking) −38.44% (below 0%: shrinking) 50.26% 19.22% Compare
OKLO Oklo Inc. $3.6B — (loss-making) — — n/m −632.29% (below 0%: shrinking) 40.41% (6,048.76%) Compare
KEN Kenon Holdings Ltd. $3.0B 25.7× 5.7× +93.37% (above 0%: growing) +750.00% (above 0%: growing) −3,783.33% (below 0%: shrinking) 22.16% 15.04% Compare
HNRG Hallador Energy Company $441.3M 234× — (loss-making) −1.28% (below 0%: shrinking) n/m −3,158.67% (below 0%: shrinking) 33.82% (12.05%)
DGXX Digi Power X Inc. $193.9M — (loss-making) — (loss-making) −18.28% (below 0%: shrinking) n/m −850.98% (below 0%: shrinking) (83.34%) (153.44%) Compare
ONEN ONE Nuclear Energy Inc. $183.0M — — — — — — — Compare
Median of peers $8.7B 22.4× 14.9× +17.00% −20.99% −116.62% 34.60% 13.05%

All 9 Utilities Independent Power Producers stocks →

Pay and ownership Proxy statement filed 15 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.44m 3.20m 190.59
2024 2.82m 4.55m 114.61
2023 997.80k 721.35k 88.49

Ownership

Directors and executive officers, together 17.43%
Lubar & Co. 11.57%
David J. Lubar 11.57%
BlackRock, Inc. 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Hallador Energy Company (HNRG) Latest News

26 Oct

Impact 3 · · GlobeNewswire

14 Oct

Impact 4 · · Rigzone.com

8 Oct

Impact 4 · · Investing.com
Impact 4 · · InvestorsHub
Impact 4 · · Bloomberg
Impact 4 · · Business Wire

22 Sep

Impact 4 ·

17 Sep

Impact 4 ·
Impact 4 ·

17 Aug

Impact 4 · · The Motley Fool transcript

11 Aug

Impact 4 · transcript
Impact 3 · · Moby

10 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·

8 Jun

Impact 4 · · Insider Monkey

5 Jun

Impact 4 · · Stocktwits
Impact 4 · · GlobeNewswire

2 Jun

Impact 4 · · power-technology.com

1 Jun

Impact 4 · · GlobeNewswire

15 May

Impact 3 · · Simply Wall St.

7 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby transcript

6 May

Impact 5 · · GlobeNewswire
Impact 3 · · MarketBeat
Impact 3 · · Zacks

12 Apr

Impact 3 · · Insider Monkey

25 Mar

Impact 4 · · GlobeNewswire

14 Mar

Impact 4 · · The Motley Fool transcript

13 Mar

Impact 4 · · Moby

12 Mar

Impact 4 ·
stockrow.com/HNRG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com