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. In the quarter to June 2026, revenue fell 1.28%, EPS fell 268.4%, free cash flow fell 3,158.7% and total debt fell 10.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Hallador Energy Company (HNRG) Altman Z-score
Hallador Energy Company's Altman Z-score for fiscal 2025 is 3.38, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.38 | 1.73 |
| FY2024 | 1.65 | (0.55) |
| FY2023 | 2.20 | 0.98 |
| FY2022 | 1.22 | 0.10 |
| FY2021 | 1.12 | 0.03 |
| FY2020 | 1.10 | (0.34) |
| FY2019 | 1.43 | (0.12) |
| FY2018 | 1.55 | 0.01 |
| FY2017 | 1.54 | (0.15) |
| FY2016 | 1.69 | 0.22 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.07) | — | −0.09 | |
| Retained earnings / total assets | (0.11) | — | −0.15 | |
| EBIT / total assets | 0.15 | — | 0.49 | |
| Market value of equity / total liabilities | 3.29 | — | 1.98 | |
| Sales / total assets | 1.15 | — | 1.15 | |
| Altman Z-score | Safe zone | 3.38 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.85 | ||
Z and Z″ put Hallador Energy Company in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DGXX Digi Power X Inc. compare | 5.7× |
| HNRG Hallador Energy Company | 3.4× |
| CEG Constellation Energy Corporation compare | 2.4× |
| NRG NRG Energy, Inc. compare | 2.2× |
| KEN Kenon Holdings Ltd. compare | 1.8× |
| VST Vistra Corp. compare | 1.4× |
| TLN Talen Energy Corporation compare | 1.2× |
| OKLO Oklo Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets