HNRG · HALLADOR ENERGY CO

Hallador Energy Company, through its subsidiaries, operates as an independent power producer and fuel company in the United States. It operates in two segments, Electric Operations and Coal Operations. The company owns and operates the Meron power plant, a 1,080 megawatts coal-fired power generating station that consists of two steam turbine generators and sells accredited capacity to utilities and other energy market participants. It also sells wholesale energy to utilities, generation and transmission cooperatives, and other energy market participants. In addition, the company operates the Oaktown mining complex, a coal mining and processing operation located in Knox and Sullivan counties, Indiana, and Crawford and Lawrence counties, Illinois. Hallador Energy Company was founded in 1949 and is based in Terre Haute, Indiana.

Cap structure and valuation

Cap structure
SP	$16.26
SO	47.1M
Options	0.0M
Warrants	0.0M
FD SO	47.1M
MC	$766.6M

Cash	$36.8M
Total debt	$5.6M
EV	$735.4M

TTM Multiples
EV / Revenue	1.6x
EV / EBITDA	9.4x
MC / Net Income	34.0x
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	73.3%
Insiders	12.4%
# Institutions	241
Analysts	3
Consensus	Strong Buy
Avg target	$30.33

Short % float	8.3%
Days to cover	3.88

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-04. 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 2026-07-13 — 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 2026-06-29; 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	101.81	101.94	146.85	102.89
Revenue YoY %	(13.6%)	8.2%	39.8%	9.7%
Gross Profit	1.21	13.32	33.83	19.37
Gross Profit YoY %	(94.2%)	—	202.5%	3646.8%
Gross Margin %	1.2%	13.1%	23.0%	18.8%

SG&A	6.86	7.13	4.77	7.50

Operating Income	(5.65)	6.19	29.06	11.87
Operating Income YoY %	(140.5%)	102.8%	516.7%	262.9%
Operating Margin %	(5.6%)	6.1%	19.8%	11.5%
EBITDA	4.96	17.75	38.20	17.41
EBITDA Margin %	4.9%	17.4%	26.0%	16.9%

Interest Expense	3.97	4.43	4.93	3.82
Other Income / (Expense)	—	(2.00)	—	—
Pretax Income	(9.82)	(0.24)	23.88	8.25
Tax Provision	(0.50)	—	—	—
Net Income	(9.32)	(0.24)	23.88	8.25
Net Margin %	(9.2%)	(0.2%)	16.3%	8.0%

Diluted EPS	-$0.20	-$0.01	$0.55	$0.19
Basic EPS	-$0.20	$0.00	$0.56	$0.19
Diluted Avg Shares	46.5	—	43.4	43.0
Basic Avg Shares	46.5	—	43.0	42.6

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	453.49	469.47	404.39	634.88	361.99
Revenue YoY %	(3.4%)	16.1%	(36.3%)	75.4%	—
Cost of Revenue	—	—	—	473.39	266.61
Gross Profit	67.73	87.28	—	161.49	95.38
Gross Profit YoY %	(22.4%)	—	—	69.3%	—
Gross Margin %	14.9%	18.6%	—	25.4%	26.3%

SG&A	26.26	26.23	26.53	26.16	16.42
Operating Expense	—	—	—	96.48	64.95

Operating Income	41.47	61.06	(218.16)	65.01	30.43
Operating Income YoY %	(32.1%)	128.0%	(435.6%)	113.6%	—
Operating Margin %	9.1%	13.0%	(53.9%)	10.2%	8.4%
EBITDA	78.32	102.28	(152.53)	132.22	77.31
EBITDA Margin %	17.3%	21.8%	(37.7%)	20.8%	21.4%

Interest Expense	17.14	16.90	13.85	13.71	11.01
Other Income / (Expense)	(2.26)	—	(3.54)	(2.04)	4.39
Pretax Income	22.07	43.70	(235.54)	49.26	23.81
Tax Provision	—	1.83	(9.40)	4.46	1.76
Net Income	22.57	41.87	(226.14)	44.79	22.05
Net Income to Common	22.57	41.87	(226.14)	44.79	18.11
Net Margin %	5.0%	8.9%	(55.9%)	7.1%	6.1%

Diluted EPS	$0.53	$0.96	-$5.72	$1.25	$0.55
Basic EPS	$0.55	$0.98	-$5.72	$1.35	$0.57
Diluted Avg Shares	46.5	43.4	39.5	36.8	33.6
Basic Avg Shares	46.5	42.9	39.5	33.1	32.0

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	36.78	10.07	12.66	9.23
Receivables	9.15	13.99	24.76	18.74
Other Current Assets	105.17	99.33	99.12	111.90
Total Current Assets	151.10	123.39	136.55	139.87

Net PPE	284.83	277.78	265.98	262.68
Operating Lease ROU	2.31	0.65	—	—
Long-term Investments	2.53	2.65	2.71	2.89
Other Assets	7.85	3.60	4.22	4.07
Total Assets	448.63	408.05	409.46	409.51

Accounts Payable	19.82	12.59	—	—
Current Debt	—	0.00	42.70	17.14
Current Lease Liabilities	0.61	0.11	—	—
Other Current Liabilities	169.62	139.90	164.65	192.12
Total Current Liabilities	190.05	152.60	207.35	209.25
Long-term Debt	—	29.68	42.70	26.00
Long-term Lease Liabilities	—	0.53	—	—
Other Liabilities	53.01	65.41	13.23	52.10
Total Liabilities	243.06	248.22	263.27	287.36

Retained Earnings	(52.89)	(43.57)	(43.33)	(67.21)
Total Equity	205.57	159.83	146.19	122.15

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	36.78	10.07	7.23	2.84	3.01
Receivables	9.15	13.99	15.44	19.94	29.89
Other Current Assets	105.17	99.33	82.19	70.03	105.62
Total Current Assets	151.10	123.39	104.86	92.81	138.52

Net PPE	284.83	277.78	257.70	488.63	480.46
Operating Lease ROU	2.31	0.65	0.66	0.71	—
Long-term Investments	2.53	2.65	2.61	2.81	3.99
Other Assets	7.85	3.60	3.29	4.81	7.58
Total Assets	448.63	408.05	369.12	589.78	630.55

Accounts Payable	19.82	12.59	—	—	—
Current Debt	—	0.00	4.09	24.44	33.03
Current Lease Liabilities	0.61	0.11	0.10	0.06	—
Other Current Liabilities	169.62	139.90	148.71	133.10	206.57
Total Current Liabilities	190.05	152.60	152.90	157.59	239.60
Long-term Debt	—	29.68	37.39	63.45	49.71
Long-term Lease Liabilities	—	0.53	0.56	0.65	—
Other Liabilities	53.01	65.41	73.97	99.49	126.22
Total Liabilities	243.06	248.22	264.83	321.19	415.53
Mezzanine Equity	—	—	—	0.00	0.00

Retained Earnings	(52.89)	(43.57)	(85.44)	140.70	95.91
Total Equity	205.57	159.83	104.28	268.59	215.02

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(9.32)	(0.24)	23.88	8.25
D&A	10.61	11.56	9.14	5.54
Stock-Based Comp	1.14	1.39	0.58	0.47
Δ Working Cap & Other	18.08	(4.55)	(10.42)	(2.90)
Operating Cash Flow	20.50	8.16	23.20	11.36

CapEx	(7.68)	(24.94)	(19.54)	(13.04)
Other Investing	—	—	2.66	—
Investing Cash Flow	(7.48)	(24.77)	(16.88)	(13.22)

Other Financing	14.97	(3.50)	(3.20)	18.02
Financing Cash Flow	14.97	(3.50)	(3.20)	18.02

Free Cash Flow	12.81	(16.78)	3.65	(1.68)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	22.57	41.87	(226.14)	44.79	22.05
D&A	36.85	41.22	65.63	67.21	46.88
Stock-Based Comp	3.58	3.53	4.45	3.55	1.27
Δ Working Cap & Other	0.21	(5.49)	221.99	(56.14)	(16.03)
Operating Cash Flow	63.21	81.13	65.93	59.41	54.17

CapEx	(65.20)	(69.22)	(53.37)	(75.35)	(54.02)
Other Investing	2.85	2.67	6.90	—	0.66
Investing Cash Flow	(62.35)	(66.55)	(46.47)	(75.29)	(53.37)

Stock Issuance	—	13.51	34.52	7.32	0.00
Other Financing	26.30	(24.88)	(48.95)	9.26	—
Financing Cash Flow	26.30	(11.37)	(14.43)	16.57	(0.21)

Free Cash Flow	(1.99)	11.92	12.57	(15.94)	0.15

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	0.80	0.81	0.66	0.67
Quick Ratio	—	—	—	—
Debt / Equity	1.18	1.55	1.80	2.35
EBITDA Margin %	4.9%	17.4%	26.0%	16.9%
Working Capital	(38.94)	(29.21)	(70.80)	(69.38)
Net Debt	—	19.61	30.04	16.77
ROE %	(4.5%)	(0.2%)	16.3%	6.8%
ROA %	(2.1%)	(0.1%)	5.8%	2.0%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	0.80	0.81	0.69	0.59	0.58
Quick Ratio	—	—	—	—	—
Debt / Equity	1.18	1.55	2.54	1.20	1.93
EBITDA Margin %	17.3%	21.8%	(37.7%)	20.8%	21.4%
Working Capital	(38.94)	(29.21)	(48.05)	(64.78)	(101.08)
Net Debt	—	19.61	30.16	60.61	46.70
ROE %	11.0%	26.2%	(216.8%)	16.7%	10.3%
ROA %	5.0%	10.3%	(61.3%)	7.6%	3.5%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-06-30	Hudson Daniel Timothy	Director	2026-06-29	P	5,000	$16.90	$84,500
2026-06-30	Hudson Daniel Timothy	Director	2026-06-29	P	5,000	$16.98	$84,900
2026-06-25	Hudson Daniel Timothy	Director	2026-06-25	P	2,000	$17.70	$35,400
2026-06-25	Hudson Daniel Timothy	Director	2026-06-24	P	3,000	$17.04	$51,120
2026-06-25	Telesz Todd E	Officer (Chief Financial Officer)	2026-06-23	M	8,219	$17.73	$145,723
2026-06-25	Telesz Todd E	Officer (Chief Financial Officer)	2026-06-23	F	(2,610)	$17.73	-$46,275
2026-06-25	Telesz Todd E	Officer (Chief Financial Officer)	2026-06-23	M	(8,219)	—	$-0
2026-06-17	Wesley Charles Ray IV	Director	2026-06-16	P	15,000	$16.69	$250,314
2026-06-01	LUBAR DAVID J	Director, 10% Owner	2026-05-28	A	6,316	—	$0
2026-06-01	Wesley Charles Ray IV	Director	2026-05-28	A	6,047	—	$0
2026-06-01	Gray Zarrell Thomas	Director	2026-05-28	A	6,047	—	$0
2026-06-01	Sugg Barbara Ann	Director	2026-05-28	A	5,375	—	$0
2026-06-01	Hudson Daniel Timothy	Director	2026-05-28	A	4,927	—	$0
2026-04-16	Bilsland Brent K	Director, Officer (President and CEO)	2026-04-15	A	69,808	—	$0
2026-04-16	Telesz Todd E	Officer (Chief Financial Officer)	2026-04-15	A	15,998	—	$0
2026-04-16	Lovell Heath Aaron	Officer (Chief Operating Officer)	2026-04-15	A	23,270	—	$0
2026-04-02	Lovell Heath Aaron	Officer (Chief Operating Officer)	2026-03-31	M	40,864	$16.28	$665,266
2026-04-02	Bilsland Brent K	Director, Officer (President and CEO)	2026-03-31	M	(105,079)	—	$-0
2026-04-02	Lovell Heath Aaron	Officer (Chief Operating Officer)	2025-03-31	F	(18,103)	$16.28	-$294,717
2026-04-02	Lovell Heath Aaron	Officer (Chief Operating Officer)	2025-03-31	M	(40,864)	—	$-0
2026-04-02	Bilsland Brent K	Director, Officer (President and CEO)	2025-03-31	M	105,079	$16.28	$1,710,686
2026-04-02	Bilsland Brent K	Director, Officer (President and CEO)	2025-03-31	F	(45,972)	$16.28	-$748,424
2026-03-11	Van Deman Eric Matthew	Officer (Chief Accounting Officer)	2026-03-10	A	9,973	—	$0
2026-01-16	Gray Zarrell Thomas	Director	2026-01-14	J	13,888	$18.00	$249,984
2026-01-16	Wesley Charles Ray IV	Director	2026-01-14	J	55,555	$18.00	$999,990
2026-01-02	HARDIE DAVID C	Director	2025-12-31	A	1,944	$19.29	$37,500
2026-01-02	Wesley Charles Ray IV	Director	2025-12-30	A	2,592	$19.29	$50,000
2025-12-31	LUBAR DAVID J	Director, 10% Owner	2025-12-30	A	2,851	$19.29	$54,996
2025-12-31	Gray Zarrell Thomas	Director	2025-12-30	A	2,592	$19.29	$50,000
2025-12-19	Wesley Charles Ray IV	Director	2025-12-17	P	20,000	$17.83	$356,576
2025-11-21	Wesley Charles Ray IV	Director	2025-11-21	P	13,000	$19.28	$250,665
2025-10-03	HARDIE DAVID C	Director	2025-10-01	S	(75,000)	$19.76	-$1,481,970
2025-10-03	HARDIE DAVID C	Director	2025-10-01	S	(25,000)	$19.76	-$493,990
2025-10-01	HARDIE DAVID C	Director	2025-09-30	S	(75,000)	$19.53	-$1,464,638
2025-10-01	HARDIE DAVID C	Director	2025-09-30	S	(25,000)	$19.53	-$488,212
2025-10-01	HARDIE DAVID C	Director	2025-09-29	S	(55,337)	$19.65	-$1,087,284
2025-10-01	HARDIE DAVID C	Director	2025-09-29	S	(18,446)	$19.65	-$362,434
2025-09-30	Telesz Todd E	Officer (Chief Financial Officer)	2025-09-26	A	24,907	—	$0
2025-09-29	HARDIE DAVID C	Director	2025-09-26	S	(58,401)	$19.18	-$1,120,219
2025-09-29	HARDIE DAVID C	Director	2025-09-26	S	(19,467)	$19.18	-$373,406
2025-09-29	HARDIE DAVID C	Director	2025-09-25	S	(26,236)	$19.82	-$519,914
2025-09-29	HARDIE DAVID C	Director	2025-09-25	S	(8,746)	$19.82	-$173,318
2025-09-24	HARDIE DAVID C	Director	2025-09-23	S	(6,577)	$19.08	-$125,519
2025-09-24	HARDIE DAVID C	Director	2025-09-23	S	(2,193)	$19.08	-$41,852
2025-09-24	HARDIE DAVID C	Director	2025-09-22	S	(57,494)	$19.25	-$1,107,024
2025-09-24	HARDIE DAVID C	Director	2025-09-22	S	(19,165)	$19.25	-$369,014
2025-08-19	Wesley Charles Ray IV	Director	2025-08-19	P	20,000	$15.27	$305,404
2025-05-21	HARDIE DAVID C	Director	2025-05-19	S	(67,457)	$19.05	-$1,284,934
2025-05-21	HARDIE DAVID C	Director	2025-05-19	S	(30,380)	$19.05	-$578,684
2025-04-11	Gray Zarrell Thomas	Director	2025-04-10	P	9,000	$13.60	$122,400
2025-04-11	Bilsland Brent K	Director, Officer (President and CEO)	2025-03-31	F	(55,849)	$12.28	-$685,826
2025-04-11	Lovell Heath Aaron	Officer (President-Hallador Power)	2025-03-31	F	(36,915)	$12.28	-$453,316
2025-04-09	Wesley Charles Ray IV	Director	2025-04-07	P	10,000	$10.40	$103,978
2025-04-02	Lovell Heath Aaron	Officer (President-Hallador Power)	2025-03-31	M	98,835	$12.28	$1,213,694
2025-04-02	Lovell Heath Aaron	Officer (President-Hallador Power)	2025-03-31	F	(35,482)	$12.28	-$435,719
2025-04-02	Lovell Heath Aaron	Officer (President-Hallador Power)	2025-03-31	M	(57,971)	—	$-0
2025-04-02	Lovell Heath Aaron	Officer (President-Hallador Power)	2025-03-31	M	(40,864)	—	$-0
2025-04-02	Bilsland Brent K	Director, Officer (President and CEO)	2025-03-31	M	194,258	$12.28	$2,385,488
2025-04-02	Bilsland Brent K	Director, Officer (President and CEO)	2025-03-31	F	(53,032)	$12.28	-$651,233
2025-04-02	Bilsland Brent K	Director, Officer (President and CEO)	2025-03-31	M	(89,179)	—	$-0
2025-04-02	Bilsland Brent K	Director, Officer (President and CEO)	2025-03-31	M	(105,079)	—	$-0
2025-04-02	Hargrave Marjorie Anne	Officer (Chief Financial Officer)	2025-03-31	M	30,267	$12.28	$371,679
2025-04-02	Hargrave Marjorie Anne	Officer (Chief Financial Officer)	2025-03-31	M	(6,916)	—	$-0
2025-04-02	Hargrave Marjorie Anne	Officer (Chief Financial Officer)	2025-03-31	M	(23,351)	—	$-0
2024-12-18	Wesley Charles Ray IV	Director	2024-12-17	J	1,562	$12.01	$18,760
2024-12-10	HARDIE DAVID C	Director	2024-12-10	S	(16,282)	$13.10	-$213,253
2024-12-10	HARDIE DAVID C	Director	2024-12-09	S	(18,775)	$13.02	-$244,509
2024-12-10	HARDIE DAVID C	Director	2024-12-06	S	(2,553)	$13.01	-$33,222
2024-11-26	HARDIE DAVID C	Director	2024-11-25	S	(12,390)	$13.21	-$163,643
2024-11-26	HARDIE DAVID C	Director	2024-11-22	S	(33,308)	$13.05	-$434,749
2024-11-22	HARDIE DAVID C	Director	2024-11-21	S	(1,799)	$13.05	-$23,481
2024-11-22	HARDIE DAVID C	Director	2024-11-20	S	(14,893)	$13.02	-$193,834
2024-11-20	HARDIE DAVID C	Director	2024-11-19	S	(388)	$12.91	-$5,011
2024-11-20	HARDIE DAVID C	Director	2024-11-18	S	(23,604)	$13.11	-$309,463
2024-11-20	HARDIE DAVID C	Director	2024-11-15	S	(44,699)	$12.88	-$575,875
2024-10-08	Wesley Charles Ray IV	Director	2024-10-07	J	19,050	$6.89	$131,254
2024-09-17	Wesley Charles Ray IV	Director	2024-09-06	P	25,000	$5.97	$149,265
2024-09-06	Hargrave Marjorie Anne	Officer (Chief Financial Officer)	2024-09-06	A	70,053	—	$0
2024-09-06	Bilsland Brent K	Director, Officer (President and CEO)	2024-09-06	A	315,236	—	$0
2024-09-06	Lovell Heath Aaron	Officer (President-Hallador Power)	2024-09-06	A	122,592	—	$0
2024-09-03	LUBAR DAVID J	Director, 10% Owner	2024-08-31	J	(271,763)	—	$-0
2024-09-03	LUBAR DAVID J	Director, 10% Owner	2024-08-31	J	271,763	—	$0
2024-08-30	Gray Zarrell Thomas	Director	2024-08-29	P	2,000	$6.50	$13,000
2024-08-30	Gray Zarrell Thomas	Director	2024-06-26	P	1,000	$7.00	$7,000
2024-08-30	Gray Zarrell Thomas	Director	2024-06-12	P	1,000	$7.75	$7,750
2024-08-28	Gray Zarrell Thomas	Director	2024-08-26	P	5,000	$6.39	$31,947
2024-08-28	Gray Zarrell Thomas	Director	2024-08-26	P	5,000	$6.43	$32,157
2024-08-28	Gray Zarrell Thomas	Director	2024-08-26	P	4,000	$6.22	$24,880
2024-08-26	Gray Zarrell Thomas	Director	2024-08-22	P	5,000	$5.75	$28,750
2024-08-26	Gray Zarrell Thomas	Director	2024-08-15	P	5,000	$6.05	$30,250
2024-08-26	Gray Zarrell Thomas	Director	2024-08-12	P	5,000	$5.60	$28,000
2024-08-26	Gray Zarrell Thomas	Director	2024-08-12	P	5,000	$5.40	$27,000
2024-08-19	Wesley Charles Ray IV	Director	2024-08-16	P	5,000	$5.76	$28,825
2024-07-23	HARDIE DAVID C	Director	2024-06-28	C	190,000	—	$0
2024-07-23	HARDIE DAVID C	Director	2024-06-28	C	(190,000)	—	$-0