Saturday 17 October 2026 Export HNRG’s income statement to Excel — free account

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.

11.71 1.00 −7.87%

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Market cap: $599.2M
P/E: 293×
Fwd P/E: 21.4×
Dividend yield: —
F-score: 7/9
Altman Z: 3.38
Beneish M: −2.91
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.28

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	1	—	—	—	—	—	3	2	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 23.77%

Capital & Financial Ratios $m

Market Cap 599.19

Revenue 452.23

Net Income (0.91)

Free Cash Flow (47.27)

Net Debt 8.31

Current Ratio 0.72

Debt/Equity 0.23

P/E ratio 292.75

Fwd P/E 21.40

P/S ratio 1.22

P/B ratio 2.90

Past 5Y EPS Growth —

This Y EPS Growth (145.83%)

Next Y EPS Growth 153.41%

Next Y revenue growth (4.87%)

Next 5Y EPS Growth (6.42%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 95.19%

10-year low 10-year high

P/S against its own 10 years 84.48%

10-year low 10-year high

P/B against its own 10 years 83.45%

10-year low 10-year high

EV/Sales against its own 10 years 59.27%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	0.04	0.04
2019	0.16	0.04 0.04 0.04 0.04
2018	0.16	0.04 0.04 0.04 0.04
2017	0.16	0.04 0.04 0.04 0.04
2016	0.16	0.04 0.04 0.04 0.04

special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	3.95	4.79	4.75	2.47	0.60	1.29	2.20	6.87	4.33	8.37	Analyst estimates 2026–2028 Powerpack
	High	10.40	9.87	7.98	6.00	3.00	4.58	11.57	15.79	14.00	24.70
People
People	Employees	742	742	848	915	690	805	980	936	615	633
	Revenue/emp, $m	0.38	0.37	0.35	0.35	0.35	0.31	0.37	0.68	0.66	0.74
Income, $m
Income, $m	Revenue	281	272	294	323	244	248	362	635	404	469
	Gross margin, %	31.51	30.00	26.64	23.37	23.86	19.71	26.35	49.44	51.87	50.84
	EBT	8	14	4	(82)	(9)	(4)	20	49	(236)	44
	EBT margin, %	3.01	5.11	1.21	(25.41)	(3.63)	(1.51)	5.49	7.76	(58.28)	9.31
	Net income	13	33	8	(60)	(6)	(4)	18	45	(226)	42
	Depreciation	38	40	46	51	42	43	31	(27)	(3)	(56)
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
	Earnings	0.42	1.08	0.25	(1.95)	(0.20)	(0.12)	0.57	1.35	(5.72)	0.98
	Cash flow	2.08	2.22	1.71	1.26	1.73	1.57	1.69	1.79	1.67	1.89
	Capex	(1.44)	(0.95)	(1.16)	(1.17)	(0.68)	(0.90)	(1.67)	(2.27)	(1.16)	(1.54)
	Free cash flow	0.64	1.27	0.55	0.09	1.05	0.67	0.03	(0.48)	0.51	0.35
	Book value	7.41	8.41	8.47	6.33	6.08	5.95	6.71	8.11	2.64	3.72
	Shares, m	29	30	30	30	30	31	32	33	40	43
Valuation, ×
Valuation, ×	P/E	22.44	5.82	20.35	0.00	0.00	0.00	17.50	6.77	0.00	19.43
	P/S	0.96	0.69	0.52	0.28	0.18	0.30	0.81	0.48	1.12	1.74
	P/B	1.24	0.75	0.60	0.47	0.24	0.41	1.36	1.14	4.34	5.11
	EV/Sales	1.71	1.35	1.06	0.77	0.71	0.72	1.07	0.65	1.21	1.87
	EV/FCF	25.70	9.71	18.79	87.88	5.46	8.67	481.23	(26.02)	24.51	58.09
Cash, $m
Cash, $m	Operating cash flow	61	66	52	38	53	48	54	59	66	81
	Capex	(42)	(28)	(35)	(35)	(21)	(28)	(53)	(75)	(46)	(66)
	Free cash flow	19	38	17	3	32	20	1	(16)	20	15
Balance, $m
Balance, $m	Working capital	34	13	33	18	(8)	(25)	(101)	(65)	(48)	(29)
	Total debt	234	199	181	174	142	108	102	115	50	31
	Net debt	212	179	159	160	130	102	95	108	38	16
	Shareholders’ equity	217	249	255	192	185	182	215	269	104	160
Returns, %
Returns, %	ROA	2.28	6.11	1.44	(12.53)	(1.51)	(1.02)	3.68	7.34	(47.17)	10.78
	ROIC	5.96	3.96	3.17	2.30	1.25	(1.42)	6.33	11.16	0.47	21.49
	ROE	5.76	13.75	2.95	(26.41)	(3.25)	(2.04)	9.11	18.52	(121.29)	31.71

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$97.4B	26.4×	20.9×	+23.00% (above 0%: growing)	−46.82% (below 0%: shrinking)	−116.62% (below 0%: shrinking)	46.39%	7.73%	Compare
VST Vistra Corp.	$51.7B	25.3×	15.3×	−5.48% (below 0%: shrinking)	−6.10% (below 0%: shrinking)	+401.69% (above 0%: growing)	34.60%	13.77%	Compare
NRG NRG Energy, Inc.	$21.6B	27.3×	14.9×	+10.99% (above 0%: growing)	n/m	+8,715.12% (above 0%: growing)	26.88%	13.05%	Compare
TLN Talen Energy Corporation	$16.7B	— (loss-making)	17.5×	+18.57% (above 0%: growing)	n/m	−176.92% (below 0%: shrinking)	49.40%	(9.64%)	Compare
OKLO Oklo Inc.	$5.6B	— (loss-making)	—	—	n/m	−632.29% (below 0%: shrinking)	40.41%	(6,048.76%)	Compare
KEN Kenon Holdings Ltd.	$3.3B	22.5×	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	$599.2M	293×	21.4×	−1.28% (below 0%: shrinking)	n/m	−3,158.67% (below 0%: shrinking)	33.82%	(12.05%)
DGXX Digi Power X Inc.	$284.8M	— (loss-making)	— (loss-making)	−18.28% (below 0%: shrinking)	n/m	−850.98% (below 0%: shrinking)	(83.34%)	(153.44%)	Compare
Median of peers	$16.7B	25.9×	15.3×	+14.78%	−6.10%	−176.92%	34.60%	7.73%

All 8 Utilities Independent Power Producers stocks →

Hallador Energy Company (HNRG) key facts

Strength: Hallador Energy Company’s revenue for fiscal 2025 (year ended December 2025) was $469.5 million, up 16.2% from fiscal 2024.
Hallador Energy Company (HNRG) is an Utilities Independent Power Producers company in the Utilities sector, listed on Nasdaq.
As of October 16, 2026, HNRG traded at $11.71, a market capitalization of $599.2 million.
Return on equity was 31.7% and debt-to-equity 0.23.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 3.38 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.