HDSN · HUDSON TECHNOLOGIES INC /NY
Hudson Technologies, Inc., through its subsidiary, Hudson Technologies Company, provides solutions to recurring problems within the refrigeration industry in the United States. The company offers refrigerant and industrial gas; refrigerant management services comprising primarily of reclamation of refrigerants, laboratory testing through its laboratory, and banking storage services; and RefrigerantSide Services comprising system decontamination to remove moisture, oils, and other contaminants intended to restore systems to designed capacity. It also provides diagnostic services for use in the prediction of potential problems in air conditioning, process cooling, and refrigeration systems; Chiller Chemistry, which integrates several fluid tests of an operating system and the corresponding laboratory results into an engineering report; Fluid Chemistry for use in identification of systems that require further examination; and SmartEnergy OPS, a system for measuring, modifying, and improving the efficiency of energy systems, including air conditioning and refrigeration systems, in industrial and commercial applications. In addition, the company provides a snapshot of a packaged chiller's operating efficiency and health through ChillSmart, a maintenance tool. Further, it is involved in the generation of carbon offset projects. The company serves commercial, industrial, and governmental customers, as well as refrigerant wholesalers, distributors, contractors, and refrigeration equipment manufacturers. Hudson Technologies, Inc. was founded in 1990 and is headquartered in Woodcliff Lake, New Jersey.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $6.04 |
| SO | 42.1M |
| Options | 2.6M |
| Warrants | 0.0M |
| FD SO | 44.7M |
| MC | $269.8M |
| Cash | $19.4M |
| Total debt | — |
| EV | $250.5M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.0x |
| EV / EBITDA | 12.7x |
| MC / Net Income | 18.9x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 84.8% |
| Insiders | 13.7% |
| # Institutions | 219 |
| Analysts | 4 |
| Consensus | — |
| Avg target | $8.50 |
| Short % float | 5.0% |
| Days to cover | 3.51 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-21. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-03 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-15; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 60.15 | 44.41 | 74.01 | 72.85 |
| Revenue YoY % | 8.7% | 28.2% | 19.5% | (3.2%) |
| Cost of Revenue | 48.30 | 40.87 | 50.34 | 50.04 |
| Gross Profit | 11.85 | 3.54 | 23.67 | 22.81 |
| Gross Profit YoY % | (1.8%) | (38.6%) | 48.5% | 1.1% |
| Gross Margin % | 19.7% | 8.0% | 32.0% | 31.3% |
| SG&A | 9.53 | 13.92 | 8.88 | 9.27 |
| Operating Expense | 10.38 | 14.75 | 9.71 | 10.09 |
| Operating Income | 1.46 | (11.21) | 13.97 | 12.72 |
| Operating Income YoY % | (52.4%) | (245.3%) | 100.3% | (0.6%) |
| Operating Margin % | 2.4% | (25.2%) | 18.9% | 17.5% |
| EBITDA | 2.35 | (10.62) | 14.57 | 13.45 |
| EBITDA Margin % | 3.9% | (23.9%) | 19.7% | 18.5% |
| Other Income / (Expense) | — | 0.51 | 2.39 | 0.65 |
| Pretax Income | 1.60 | (10.70) | 16.36 | 13.38 |
| Tax Provision | 1.27 | (2.06) | 3.99 | 3.21 |
| Net Income | 0.33 | (8.63) | 12.37 | 10.17 |
| Net Margin % | 0.5% | (19.4%) | 16.7% | 14.0% |
| Diluted EPS | $0.01 | -$0.19 | $0.27 | $0.23 |
| Basic EPS | $0.01 | -$0.20 | $0.28 | $0.23 |
| Diluted Avg Shares | 42.6 | — | 45.2 | 45.2 |
| Basic Avg Shares | 42.3 | — | 43.7 | 43.6 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 251.42 | 246.61 | 237.12 | 289.02 | 325.23 |
| Revenue YoY % | 1.9% | 4.0% | (18.0%) | (11.1%) | — |
| Cost of Revenue | 189.54 | 184.52 | 171.41 | 177.52 | 162.33 |
| Gross Profit | 61.88 | 62.10 | 65.71 | 111.51 | 162.89 |
| Gross Profit YoY % | (0.4%) | (5.5%) | (41.1%) | (31.5%) | — |
| Gross Margin % | 24.6% | 25.2% | 27.7% | 38.6% | 50.1% |
| SG&A | 41.60 | 40.24 | 33.02 | 30.54 | 28.59 |
| Operating Expense | 44.93 | 43.54 | 36.41 | 33.34 | 31.38 |
| Operating Income | 16.95 | 18.56 | 29.30 | 78.17 | 131.51 |
| Operating Income YoY % | (8.7%) | (36.7%) | (62.5%) | (40.6%) | — |
| Operating Margin % | 6.7% | 7.5% | 12.4% | 27.0% | 40.4% |
| EBITDA | 19.76 | 21.25 | 32.30 | 81.16 | 134.69 |
| EBITDA Margin % | 7.9% | 8.6% | 13.6% | 28.1% | 41.4% |
| Interest Expense | — | — | — | 8.35 | 14.33 |
| Other Income / (Expense) | 3.69 | 4.13 | 2.73 | — | — |
| Pretax Income | 20.64 | 22.69 | 32.03 | 69.82 | 117.18 |
| Tax Provision | 6.40 | 6.02 | 7.64 | 17.57 | 13.38 |
| Net Income | 14.24 | 16.67 | 24.39 | 52.25 | 103.80 |
| Net Margin % | 5.7% | 6.8% | 10.3% | 18.1% | 31.9% |
| Diluted EPS | $0.32 | $0.37 | $0.52 | $1.10 | $2.20 |
| Basic EPS | $0.32 | $0.38 | $0.54 | $1.15 | $2.31 |
| Diluted Avg Shares | 42.6 | 45.1 | 47.1 | 47.3 | 47.1 |
| Basic Avg Shares | 42.3 | 43.6 | 45.3 | 45.4 | 45.0 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 19.37 | 39.46 | 89.68 | 84.29 |
| Receivables | 33.48 | 17.10 | 25.37 | 35.88 |
| Inventory | 130.74 | 135.92 | 97.41 | 77.68 |
| Other Current Assets | 19.50 | 18.36 | 21.90 | 14.73 |
| Total Current Assets | 203.08 | 210.84 | 234.36 | 212.59 |
| Net PPE | 22.53 | 23.62 | 22.78 | 22.22 |
| Operating Lease ROU | 5.27 | 5.29 | 5.54 | 5.96 |
| Goodwill | 65.28 | 65.28 | 62.28 | 62.28 |
| Intangible Assets | 10.44 | 11.29 | 11.63 | 12.46 |
| Other Assets | 2.32 | 2.32 | 2.36 | 2.35 |
| Total Assets | 308.92 | 318.65 | 338.95 | 317.85 |
| Accounts Payable | 17.58 | 21.11 | — | — |
| Current Lease Liabilities | 2.11 | 2.06 | 2.05 | 2.02 |
| Other Current Liabilities | 40.44 | 41.43 | 61.98 | 52.78 |
| Total Current Liabilities | 60.13 | 64.60 | 64.03 | 54.80 |
| Long-term Lease Liabilities | 3.16 | 3.23 | 3.49 | 3.94 |
| Other Liabilities | 7.96 | 7.43 | 5.54 | 4.33 |
| Total Liabilities | 71.25 | 75.26 | 73.06 | 63.07 |
| Retained Earnings | 151.61 | 151.28 | 159.91 | 147.54 |
| Total Equity | 237.68 | 243.39 | 265.89 | 254.78 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 19.37 | 39.46 | 70.13 | 12.45 | 5.29 |
| Receivables | 33.48 | 17.10 | 13.63 | 25.17 | 20.87 |
| Inventory | 130.74 | 135.92 | 96.25 | 154.45 | 145.38 |
| Other Current Assets | 19.50 | 18.36 | 15.50 | 12.93 | 5.29 |
| Total Current Assets | 203.08 | 210.84 | 195.51 | 205.00 | 176.83 |
| Net PPE | 22.53 | 23.62 | 21.55 | 19.38 | 20.57 |
| Operating Lease ROU | 5.27 | 5.29 | 6.88 | 6.59 | 7.34 |
| Goodwill | 65.28 | 65.28 | 62.28 | 47.80 | 47.80 |
| Intangible Assets | 10.44 | 11.29 | 14.10 | 14.77 | 17.56 |
| Other Assets | 2.32 | 2.32 | 2.33 | 3.14 | 2.39 |
| Total Assets | 308.92 | 318.65 | 302.65 | 296.67 | 272.49 |
| Accounts Payable | 17.58 | 21.11 | 8.69 | — | — |
| Current Debt | — | — | — | — | 4.25 |
| Current Lease Liabilities | 2.11 | 2.06 | 1.96 | 1.90 | 1.66 |
| Other Current Liabilities | 40.44 | 41.43 | 37.16 | 56.65 | 46.71 |
| Total Current Liabilities | 60.13 | 64.60 | 47.81 | 58.55 | 52.63 |
| Long-term Debt | — | — | — | — | 38.98 |
| Long-term Lease Liabilities | 3.16 | 3.23 | 4.92 | 4.79 | 5.76 |
| Other Liabilities | 7.96 | 7.43 | 4.08 | 4.56 | — |
| Total Liabilities | 71.25 | 75.26 | 56.80 | 67.90 | 97.62 |
| Retained Earnings | 151.61 | 151.28 | 134.62 | 110.23 | 57.98 |
| Total Equity | 237.68 | 243.39 | 245.85 | 228.77 | 174.88 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | 0.33 | (8.63) | 12.37 | 10.17 |
| D&A | 0.89 | 0.59 | 0.60 | 0.73 |
| Stock-Based Comp | 0.17 | 0.47 | 0.09 | 0.49 |
| Δ Working Cap & Other | (14.19) | (24.97) | (4.26) | (4.98) |
| Operating Cash Flow | (12.80) | (32.54) | 8.81 | 6.41 |
| CapEx | (1.07) | (1.11) | (2.07) | (0.46) |
| Other Investing | — | (2.24) | — | — |
| Investing Cash Flow | (1.07) | (3.35) | (2.07) | (0.46) |
| Stock Issuance | — | 0.00 | — | — |
| Stock Buyback | (2.49) | (14.19) | (1.30) | (2.70) |
| Other Financing | (3.72) | — | — | — |
| Financing Cash Flow | (6.21) | (14.34) | (1.36) | (2.70) |
| Free Cash Flow | (13.88) | (33.65) | 6.75 | 5.95 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 14.24 | 16.67 | 24.39 | 52.25 | 103.80 |
| D&A | 2.81 | 2.69 | 3.00 | 2.99 | 3.18 |
| Stock-Based Comp | 1.23 | 1.10 | 0.84 | 2.31 | 0.92 |
| Δ Working Cap & Other | (48.40) | (23.62) | 63.58 | 1.00 | (45.09) |
| Operating Cash Flow | (30.12) | (3.16) | 91.81 | 58.55 | 62.81 |
| CapEx | (4.71) | (5.05) | (5.30) | (3.58) | (3.66) |
| Other Investing | (2.24) | (2.24) | (20.67) | — | — |
| Investing Cash Flow | (6.95) | (7.29) | (25.97) | (3.58) | (3.66) |
| Debt Issuance | — | — | — | — | 100.00 |
| Debt Repayment | — | — | — | (47.16) | (148.05) |
| Stock Issuance | — | 0.05 | — | 0.04 | 0.18 |
| Stock Buyback | (20.68) | (20.01) | (8.15) | — | — |
| Other Financing | (3.92) | — | — | (0.69) | (9.48) |
| Financing Cash Flow | (24.61) | (20.23) | (8.15) | (47.82) | (57.35) |
| Free Cash Flow | (34.84) | (8.21) | 86.51 | 54.97 | 59.16 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 3.38 | 3.26 | 3.66 | 3.88 |
| Quick Ratio | 1.20 | 1.16 | 2.14 | 2.46 |
| Debt / Equity | 0.30 | 0.31 | 0.27 | 0.25 |
| EBITDA Margin % | 3.9% | (23.9%) | 19.7% | 18.5% |
| Working Capital | 142.96 | 146.24 | 170.33 | 157.78 |
| Net Debt | — | — | — | — |
| ROE % | 0.1% | (3.5%) | 4.7% | 4.0% |
| ROA % | 0.1% | (2.7%) | 3.7% | 3.2% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 3.38 | 3.26 | 4.09 | 3.50 | 3.36 |
| Quick Ratio | 1.20 | 1.16 | 2.08 | 0.86 | 0.60 |
| Debt / Equity | 0.30 | 0.31 | 0.23 | 0.30 | 0.56 |
| EBITDA Margin % | 7.9% | 8.6% | 13.6% | 28.1% | 41.4% |
| Working Capital | 142.96 | 146.24 | 147.70 | 146.44 | 124.21 |
| Net Debt | — | — | — | — | 33.69 |
| ROE % | 6.0% | 6.8% | 9.9% | 22.8% | 59.4% |
| ROA % | 4.6% | 5.2% | 8.1% | 17.6% | 38.1% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-07-31 | Hartree Partners, LP | 10% Owner | 2026-07-29 | P | 52,104 | $5.99 | $312,103 |
| 2026-07-22 | Hartree Partners, LP | 10% Owner | 2026-07-21 | P | 47,708 | $5.99 | $285,742 |
| 2026-07-22 | Hartree Partners, LP | 10% Owner | 2026-07-20 | P | 17,842 | $5.99 | $106,859 |
| 2026-07-08 | Hartree Partners, LP | 10% Owner | 2026-07-07 | P | 600 | $5.99 | $3,594 |
| 2026-07-08 | Hartree Partners, LP | 10% Owner | 2026-07-06 | P | 4,634 | $5.99 | $27,758 |
| 2026-07-02 | Hartree Partners, LP | 10% Owner | 2026-07-02 | P | 271,302 | $5.97 | $1,619,212 |
| 2026-07-02 | Hartree Partners, LP | 10% Owner | 2026-07-01 | P | 288,111 | $5.88 | $1,695,101 |
| 2026-07-02 | Hartree Partners, LP | 10% Owner | 2026-06-30 | P | 204,789 | $5.68 | $1,162,894 |
| 2026-06-22 | Sheriff Alan | Director | 2026-06-17 | A | 3,219 | — | $0 |
| 2026-06-22 | Sheriff Alan | Director | 2026-06-17 | A | 15,360 | — | $0 |
| 2026-06-22 | Prouty Eric A | Director | 2026-06-17 | A | 4,440 | — | $0 |
| 2026-06-22 | Prouty Eric A | Director | 2026-06-17 | A | 21,186 | — | $0 |
| 2026-06-22 | Parrillo Richard | Director | 2026-06-17 | A | 31,780 | — | $0 |
| 2026-06-22 | Mansy Loan Nguyen | Director | 2026-06-17 | A | 8,881 | — | $0 |
| 2026-06-22 | Mansy Loan Nguyen | Director | 2026-06-17 | A | 21,186 | — | $0 |
| 2026-06-22 | Bulgarino Nicole E | Director | 2026-06-17 | A | 31,780 | — | $0 |
| 2026-06-22 | Feeler Jeffrey R | Director | 2026-06-17 | A | 3,219 | — | $0 |
| 2026-06-22 | Feeler Jeffrey R | Director | 2026-06-17 | A | 15,360 | — | $0 |
| 2026-05-21 | Bertaux Brian J. | Officer (Chief Financial Officer) | 2026-05-19 | P | 2,000 | $4.87 | $9,740 |
| 2026-05-21 | Parrillo Richard | Director | 2026-05-13 | P | 10,000 | $4.83 | $48,257 |
| 2026-05-15 | Mansy Loan Nguyen | Director | 2026-05-14 | P | 3,600 | $4.96 | $17,856 |
| 2026-05-15 | Mansy Loan Nguyen | Director | 2026-05-14 | P | 1,400 | $4.97 | $6,958 |
| 2026-05-15 | Parrillo Richard | Director | 2026-05-14 | P | 3,600 | $4.96 | $17,856 |
| 2026-05-15 | Parrillo Richard | Director | 2026-05-14 | P | 1,400 | $4.97 | $6,958 |
| 2026-05-15 | Bulgarino Nicole E | Director | 2026-05-14 | P | 550 | $4.84 | $2,665 |
| 2026-05-15 | Feeler Jeffrey R | Director | 2026-05-14 | P | 5,100 | $4.92 | $25,092 |
| 2026-05-15 | Prouty Eric A | Director | 2026-05-13 | P | 5,000 | $4.84 | $24,200 |
| 2026-05-15 | Sheriff Alan | Director | 2026-05-13 | P | 5,200 | $4.88 | $25,350 |
| 2026-05-15 | Gaglione Kenneth | Director, Officer (President and CEO) | 2026-05-13 | P | 5,000 | $4.89 | $24,475 |
| 2026-04-14 | Sheriff Alan | Director | 2026-04-10 | A | 4,065 | — | $0 |
| 2026-04-14 | Feeler Jeffrey R | Director | 2026-04-10 | A | 4,065 | — | $0 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | M | 120,000 | $0.75 | $90,000 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | F | (44,873) | $7.10 | -$318,598 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | M | 47,619 | $1.60 | $76,190 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | F | (21,797) | $7.10 | -$154,759 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | M | 50,888 | $3.81 | $193,883 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | F | (34,382) | $7.10 | -$244,112 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | M | (120,000) | — | $-0 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | M | (47,619) | — | $-0 |
| 2026-01-12 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2026-01-08 | M | (50,888) | — | $-0 |
| 2025-12-15 | COLEMAN BRIAN F | Other (Former Director) | 2025-12-05 | S | (484,616) | $7.40 | -$3,588,097 |
| 2025-12-09 | COLEMAN BRIAN F | Director | 2025-12-05 | S | (484,616) | $7.40 | -$3,588,097 |
| 2025-11-25 | Gaglione Kenneth | Director, Officer (President and CEO) | 2025-11-24 | A | 216,309 | — | $0 |
| 2025-11-18 | ABBATECOLA VINCENT P | Director | 2025-11-17 | P | 3,500 | $6.79 | $23,748 |
| 2025-09-26 | ABBATECOLA VINCENT P | Director | 2025-09-24 | M | 4,744 | $7.35 | $34,868 |
| 2025-09-26 | ABBATECOLA VINCENT P | Director | 2025-09-24 | F | (3,519) | $9.91 | -$34,873 |
| 2025-09-26 | ABBATECOLA VINCENT P | Director | 2025-09-24 | M | (4,744) | — | $-0 |
| 2025-08-01 | Prouty Eric A | Director | 2025-07-31 | M | 4,744 | $7.35 | $34,868 |
| 2025-08-01 | Prouty Eric A | Director | 2025-07-31 | F | (3,713) | $9.39 | -$34,865 |
| 2025-08-01 | Prouty Eric A | Director | 2025-07-31 | M | (4,744) | — | $-0 |
| 2025-06-20 | Bulgarino Nicole E | Director | 2025-06-18 | A | 3,182 | — | $0 |
| 2025-06-20 | Bulgarino Nicole E | Director | 2025-06-18 | A | 13,698 | — | $0 |
| 2025-06-20 | Mansy Loan Nguyen | Director | 2025-06-18 | A | 6,365 | — | $0 |
| 2025-06-20 | Mansy Loan Nguyen | Director | 2025-06-18 | A | 13,698 | — | $0 |
| 2025-06-20 | ABBATECOLA VINCENT P | Director | 2025-06-18 | A | 3,182 | — | $0 |
| 2025-06-20 | ABBATECOLA VINCENT P | Director | 2025-06-18 | A | 13,698 | — | $0 |
| 2025-06-20 | Parrillo Richard | Director | 2025-06-18 | A | 3,182 | — | $0 |
| 2025-06-20 | Parrillo Richard | Director | 2025-06-18 | A | 13,698 | — | $0 |
| 2025-06-20 | Prouty Eric A | Director | 2025-06-18 | A | 3,182 | — | $0 |
| 2025-06-20 | Prouty Eric A | Director | 2025-06-18 | A | 13,698 | — | $0 |
| 2025-03-17 | Bertaux Brian J. | Officer (VP and CFO) | 2025-03-13 | A | 55,109 | — | $0 |
| 2025-03-17 | COLEMAN BRIAN F | Director, Officer (President, CEO) | 2025-03-13 | A | 140,813 | — | $0 |
| 2025-03-17 | Houghton Kathleen | Director, Officer (Sr. VP-Sales and Marketing) | 2025-03-13 | A | 72,477 | — | $0 |
| 2024-11-12 | ABBATECOLA VINCENT P | Director | 2024-11-07 | P | 2,500 | $5.98 | $14,948 |