A Business at a Glance
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HALLADOR ENERGY CO
HNRG
$665M
Mkt Cap
$15.24
-5.05%
HALLADOR ENERGY CO (HNRG) has a 5-year average return on invested capital (ROIC) of -6.5%. This is below average and may indicate limited pricing power.
HALLADOR ENERGY CO (HNRG) has a market capitalization of $718M. It is classified as a small-cap stock.
HALLADOR ENERGY CO (HNRG) does not currently pay a regular dividend.
HALLADOR ENERGY CO (HNRG) operates in the Electric Services industry, within the Utilities sector.
HALLADOR ENERGY CO (HNRG) reported annual revenue of $469 million in its most recent fiscal year, based on SEC EDGAR filings.
HALLADOR ENERGY CO (HNRG) has a net profit margin of 8.9%. This is a modest margin.
HALLADOR ENERGY CO (HNRG) generated $12 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ITEM 1. BUSINESS. Hallador Energy Company (“Hallador” or the “Company”) is a vertically integrated, independent power producer (“IPP”) and fuel company with operations primarily in Indiana. The Company operates across multiple stages of the energy value chain, from accredited capacity and energy to coal. The Company’s electric operations are located within the Midcontinent Independent System Operator’s ("MISO") footprint. Our operations comprise Hallador Power Company, LLC (“Hallador Power”) that provides accredited capacity and energy to utilities and other energy market participants through its MISO interconnection, and Sunrise Coal, LLC (“Sunrise”) that mines bituminous coal in Indiana to serve various power plants in the Midwest and Southeast United States. Our business is organized based on the services and products we provide in two segments: (i) Electric Operations and (ii) Coal Operations.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 453M | 469M | 404M | 635M | 362M | 248M |
| Net Income | 23M | 42M | -226M | 45M | 18M | -3.7M |
| EPS | $0.54 | $0.96 | $-5.72 | $1.25 | $0.55 | $-0.12 |
| Free Cash Flow | -2.0M | 12M | 13M | -16M | 149K | 20M |
| ROIC | 22.1% | 36.7% | -95.5% | 18.2% | 9.5% | -1.4% |
| Gross Margin | - | 31.0% | 84.4% | 22.5% | 22.3% | 14.4% |
| Debt/Equity | 0.03 | 0.19 | 0.40 | 0.33 | 0.38 | 0.59 |
| Dividends/Share | $0.00 | - | - | - | - | $0.00 |
| Operating Income | 41M | 61M | -218M | 65M | 30M | -6.0M |
| Operating Margin | 9.1% | 13.0% | -54.0% | 10.2% | 8.4% | -2.4% |
| ROE | 11.0% | 31.7% | -121.3% | 18.5% | 9.1% | -2.0% |
| Shares Outstanding | 47M | 44M | 40M | 36M | 33M | 31M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 241M | 340M | 281M | 272M | 294M | 323M | 244M | 248M | 362M | 635M | 404M | 469M | 453M |
| Gross Margin | 26.3% | 29.9% | 25.3% | 29.7% | 22.2% | 18.4% | 18.5% | 14.4% | 22.3% | 22.5% | 84.4% | 31.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 12M | 13M | 11M | 15M | 12M | 13M | 12M | 15M | 16M | 26M | 27M | 26M | 26M |
| EBIT | 11M | 28M | 8.5M | 14M | 1.5M | 3.0M | 3.1M | -6.0M | 30M | 65M | -218M | 61M | 41M |
| Op. Margin | 4.4% | 8.1% | 3.0% | 5.1% | 0.5% | 0.9% | 1.3% | -2.4% | 8.4% | 10.2% | -54.0% | 13.0% | 9.1% |
| Net Income | 9.8M | 20M | 12M | 32M | 7.4M | -59M | -6.1M | -3.7M | 18M | 45M | -226M | 42M | 23M |
| Net Margin | 4.1% | 5.8% | 4.3% | 11.8% | 2.5% | -18.2% | -2.5% | -1.5% | 5.0% | 7.1% | -56.0% | 8.9% | 5.0% |
| Non-Recurring | 0 | 0 | 16M | -45K | 239K | 78M | 1.8M | 1.6M | 0 | 0 | 215M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 2.1% | 3.5% | 1.3% | 2.2% | 1.8% | 0.6% | 0.8% | -1.4% | 9.5% | 18.2% | -95.5% | 36.7% | 22.1% |
| ROE | 5.3% | 9.9% | 5.8% | 13.7% | 2.9% | -26.4% | -3.3% | -2.0% | 9.1% | 18.5% | -121.3% | 31.7% | 11.0% |
| ROA | 2.3% | 3.5% | 2.3% | 6.1% | 1.4% | -12.5% | -1.5% | -1.0% | 3.7% | 7.3% | -47.2% | 10.8% | 5.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 56M | 95M | 61M | 66M | 52M | 38M | 53M | 48M | 54M | 59M | 66M | 81M | 63M |
| Free Cash Flow | 55M | 94M | 59M | 58M | 52M | 2.7M | 32M | 20M | 149K | -16M | 13M | 12M | -2.0M |
| Owner Earnings | 23M | 48M | 23M | 20M | 4.2M | -12M | 12M | 7.0M | 6.0M | -11M | -4.1M | 36M | 23M |
| CapEx | 748K | 804K | 1.6M | 7.6M | 0 | 36M | 21M | 28M | 54M | 75M | 53M | 69M | 65M |
| Maint. CapEx | 29M | 44M | 36M | 38M | 44M | 49M | 40M | 40M | 47M | 67M | 66M | 41M | 37M |
| Growth CapEx | 0 | 0 | 0 | 0 | N/A | 0 | 0 | 0 | 7.1M | 8.1M | 0 | 28M | 28M |
| D&A | 29M | 44M | 36M | 38M | 44M | 49M | 40M | 40M | 47M | 67M | 66M | 41M | 37M |
| CapEx/OCF | 1.3% | 0.8% | 2.7% | 11.6% | 9.4% | 92.9% | 39.3% | 58.5% | 99.7% | 126.8% | 80.9% | N/A | 103.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 4.8M | 4.8M | 4.8M | 4.9M | 4.9M | 5.0M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 1.9% | 2.2% | 3.1% | 2.5% | 2.7% | 3.7% | 4.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 3.2M | 3.1M | 2.5M | 7.3M | 3.2M | 1.8M | 1.2M | 1.0M | 1.3M | 3.6M | 4.5M | 3.5M | 3.6M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 1.9M | 418K | 2.1M | 6.0M | 673K | 330K | 330K |
| Balance Sheet | |||||||||||||
| Net Debt | 576M | 452M | 432M | 353M | 327M | 304M | 124M | 105M | 80M | 86M | 35M | 20M | -31M |
| Cash & Equiv. | 13M | 16M | 9.8M | 12M | 16M | 8.8M | 8.0M | 2.5M | 3.0M | 2.8M | 7.2M | 10M | 37M |
| Long-Term Debt | 284M | 223M | 208M | 167M | 161M | 141M | 97M | 85M | 50M | 63M | 37M | 30M | 617K |
| Debt/Equity | 3.11 | 2.27 | 2.05 | 1.48 | 1.35 | 1.64 | 0.71 | 0.59 | 0.38 | 0.33 | 0.40 | 0.19 | 0.03 |
| Interest Coverage | 1.2 | 1.8 | 0.6 | 1.1 | 0.1 | 0.2 | 0.2 | -0.8 | 2.8 | 4.7 | -15.8 | 3.6 | 2.4 |
| Equity | 190M | 207M | 217M | 249M | 255M | 192M | 185M | 182M | 215M | 269M | 104M | 160M | 206M |
| Total Assets | 580M | 540M | 531M | 518M | 515M | 426M | 384M | 354M | 631M | 590M | 369M | 408M | 449M |
| Total Liabilities | 390M | 334M | 314M | 269M | 257M | 230M | 195M | 168M | 416M | 321M | 265M | 248M | 243M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 99M | 114M | 122M | 150M | 154M | 89M | 82M | 78M | 96M | 141M | -85M | -44M | -53M |
| Working Capital | 34M | 16M | 34M | 13M | 33M | 18M | -7.9M | -25M | -101M | -65M | -48M | -29M | -39M |
| Current Assets | 84M | 67M | 83M | 68M | 85M | 82M | 63M | 39M | 139M | 93M | 105M | 123M | 151M |
| Current Liabilities | 50M | 51M | 49M | 54M | 52M | 65M | 71M | 65M | 240M | 158M | 153M | 153M | 190M |
| Per Share Data | |||||||||||||
| EPS | 0.34 | 0.68 | 0.42 | 1.08 | 0.25 | -1.95 | -0.20 | -0.12 | 0.55 | 1.25 | -5.72 | 0.96 | 0.54 |
| Owner EPS | 0.81 | 1.64 | 0.79 | 0.67 | 0.14 | -0.40 | 0.38 | 0.23 | 0.18 | -0.32 | -0.10 | 0.83 | 0.48 |
| Book Value | 6.56 | 7.15 | 7.46 | 8.40 | 8.57 | 6.34 | 6.05 | 5.88 | 6.53 | 7.50 | 2.64 | 3.66 | 4.36 |
| Cash Flow/Share | 1.93 | 3.27 | 2.10 | 2.22 | 1.73 | 1.27 | 1.72 | 1.55 | 1.65 | 1.66 | 1.67 | 1.86 | 1.26 |
| Dividends/Share | 0.17 | 0.17 | 0.17 | 0.16 | 0.17 | 0.16 | 0.04 | 0.00 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 29.0M | 28.9M | 29.1M | 29.7M | 29.7M | 30.2M | 30.6M | 31.0M | 32.9M | 35.8M | 39.5M | 43.6M | 47.1M |
| Valuation | |||||||||||||
| P/E Ratio | 28.8 | 6.1 | 19.6 | 5.4 | 19.1 | N/A | N/A | N/A | 18.0 | 7.2 | N/A | N/A | 28.0 |
| P/FCF | 5.1 | 1.3 | 4.0 | 3.0 | 2.8 | 31.7 | 1.0 | 3.7 | N/A | N/A | 35.0 | N/A | N/A |
| EV/EBIT | 16.3 | 7.4 | 18.8 | 12.6 | 14.3 | 36.4 | 39.7 | N/A | 12.3 | 5.9 | N/A | N/A | 16.6 |
| Price/Book | 1.5 | 0.6 | 1.1 | 0.7 | 0.6 | 0.5 | 0.2 | 0.4 | 1.5 | 1.2 | 4.2 | N/A | 3.5 |
| Price/Sales | N/A | N/A | N/A | 0.7 | 0.6 | 0.4 | 0.1 | 0.3 | 0.5 | 0.6 | 0.8 | N/A | 1.6 |
| FCF Yield | 18.7% | 76.6% | 24.2% | 32.4% | 35.5% | 3.1% | 94.9% | 26.4% | 0.0% | -5.0% | 2.9% | N/A | -0.3% |
| Market Cap | 294M | 123M | 245M | 179M | 145M | 87M | 34M | 75M | 326M | 321M | 440M | 0 | 718M |
| Avg. Price | 8.80 | 7.69 | 5.35 | 6.49 | 6.05 | 4.46 | 1.00 | 2.37 | 5.57 | 10.05 | 8.05 | 0.00 | 15.24 |
| Year-End Price | 9.79 | 4.14 | 8.23 | 5.85 | 4.77 | 2.84 | 1.08 | 2.41 | 9.91 | 8.95 | 11.14 | 0.00 | 15.24 |
HALLADOR ENERGY CO passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 12.4x vs a median of 3.7x. The company's 5-year average gross margin is 34.9%. At current prices, the estimated annualized return to fair value is +1.5%.
HALLADOR ENERGY CO (HNRG) has a debt-to-equity ratio of 0.19. This indicates a conservatively financed balance sheet.
HALLADOR ENERGY CO (HNRG) reported earnings per share (EPS) of $0.96 in its most recent fiscal year.
HALLADOR ENERGY CO (HNRG) has a return on equity (ROE) of 31.7%. This indicates the company generates strong returns for shareholders.
HALLADOR ENERGY CO (HNRG) has a 5-year average gross margin of 34.9%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for HALLADOR ENERGY CO (HNRG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HALLADOR ENERGY CO (HNRG) has a book value per share of $3.66, based on its most recent annual SEC filing.
No recent press releases.