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.
Follow HNRG
Hallador Energy Company (HNRG) Beneish M-score
Hallador Energy Company's Beneish M-score for fiscal 2025 is −2.91; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.91 | 3.45 |
| FY2024 | −6.36 | (2.68) |
| FY2023 | −3.68 | (1.61) |
| FY2022 | −2.08 | 1.00 |
| FY2021 | −3.08 | 0.64 |
| FY2020 | −3.72 | (0.36) |
| FY2019 | −3.36 | (0.53) |
| FY2018 | −2.83 | 0.06 |
| FY2017 | −2.89 | (0.01) |
| FY2016 | −2.88 | 0.40 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.78 | — | 0.72 | |
| Gross margin index | 1.02 | — | 0.54 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 1.16 | — | 1.04 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.83 | — | −0.14 | |
| Total accruals to total assets | (0.10) | — | −0.45 | |
| Leverage index | 0.83 | — | −0.27 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.91 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HNRG Hallador Energy Company | −2.9× |
| VST Vistra Corp. compare | −2.5× |
| TLN Talen Energy Corporation compare | −2.5× |
| NRG NRG Energy, Inc. compare | −2.5× |
| CEG Constellation Energy Corporation compare | −2.4× |
| KEN Kenon Holdings Ltd. compare | −2.0× |
| DGXX Digi Power X Inc. compare | — |
| OKLO Oklo Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI