Hallador Energy Co. (HNRG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.1	-$0.32	-220.0%	—	$101.5M	—
Q1 26	-$0.11	-$0.19	-72.7%	—	$101.8M	—
Q4 25	-$0.02	$0.01	+150.0%	—	$101.9M	—
Q3 25	$0.06	$0.55	+816.7%	—	$146.8M	—
Q2 25	-$0.15	$0.19	+226.7%	—	$102.9M	—
Q1 25	-$0.16	$0.25	+256.3%	—	$117.8M	—
Q4 24	-$0.13	-$0.15	-15.4%	—	$94.2M	—
Q3 24	-$0.1	$0.04	+140.0%	—	$105M	—
Q2 24	-$0.08	-$0.22	-175.0%	—	$90.9M	—
Q1 24	-$0.18	-$0.05	+72.2%	—	$109.7M	—
Q4 23	$0.29	-$0.28	-196.6%	—	$119.2M	—
Q3 23	$0.51	$0.44	-13.7%	—	$165.8M	—
Q2 23	$0.31	$0.47	+51.6%	—	$161.2M	—
Q1 23	$0.16	$0.61	+281.2%	—	$188.3M	—
Q4 22	$0.2	$0.93	+365.0%	—	$152.1M	—
Q3 22	—	$0.05	—	—	$85.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.98	—	—	$469.5M	—
FY24	—	-$5.72	—	—	$404.4M	—
FY23	—	$1.35	—	—	$634.5M	—
FY22	—	$0.57	—	—	$362M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$278.9M	$268.2M	$291.8M	$317.4M	$244.2M	$247.7M	$362M	$634.5M	$404.4M	$469.5M
YoY change	-17.8%	-3.84%	+8.79%	+8.79%	-23.1%	+1.4%	+46.2%	+75.3%	-36.3%	+16.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	278.9M	268.2M	291.8M	317.4M	244.2M	247.7M	362M	634.5M	404.4M	469.5M
Cost of revenue	192.8M	190.2M	215.4M	247.9M	186M	198.8M	266.6M	473.4M	178.6M	214M
Gross profit	86.1M	78.1M	76.4M	69.6M	58.3M	48.8M	95.4M	161.1M	225.8M	255.5M
Gross margin	30.9%	29.1%	26.2%	21.9%	23.9%	19.7%	26.3%	25.4%	55.8%	54.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	10.5M	15M	11.8M	12.8M	11.6M	14.8M	16.4M	26.2M	142.7M	136.9M
Operating expenses	13.2M	16.7M	14.2M	15.3M	13.7M	13.3M	18.1M	28.9M	160.5M	155.7M
Operating income	37.4M	22.9M	18.1M	5.7M	4.9M	-4.5M	30.4M	65M	-320K	58.6M
Operating margin	13.4%	8.52%	6.19%	1.78%	2%	-1.8%	8.41%	10.2%	-0.08%	12.5%
Non-operating income, net	-14M	3.4M	1.8M	-71.9M	-813K	11.8M	1.3M	-2M	-221.4M	1.4M
Pretax income	8.5M	13.9M	3.5M	-82.2M	-8.9M	-3.7M	19.9M	49.3M	-235.5M	43.7M
Income tax	-4M	-19.2M	-4.1M	-22.3M	-2.7M	26K	1.8M	4.5M	-9.4M	1.8M
Net income	12.5M	33.1M	7.6M	-59.9M	-6.2M	-3.8M	18.1M	44.8M	-226.1M	41.9M
Net margin	4.49%	12.3%	2.61%	-18.9%	-2.55%	-1.52%	5%	7.06%	-55.9%	8.92%
EBITDA	73.7M	63.1M	63.5M	56.7M	43.3M	33.3M	74.1M	128.4M	62.8M	97.9M
EPS	0.42	1.08	0.25	-1.95	-0.2	-0.12	0.57	1.35	-5.72	0.98
Diluted EPS	0.42	1.08	0.25	-1.95	-0.2	-0.12	0.55	1.25	-5.72	0.96

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	165.8M	119.2M	109.7M	90.9M	105M	94.2M	117.8M	102.9M	146.8M	101.9M	101.8M	101.5M
Cost of revenue	76.9M	105.4M	85.1M	46.4M	49.6M	32.5M	50.4M	46.2M	73.6M	43.8M	59M	63.2M
Gross profit	88.9M	13.8M	24.6M	44.6M	55.4M	61.7M	67.3M	56.7M	73.2M	58.2M	42.8M	38.3M
Gross margin	53.6%	11.6%	22.4%	49%	52.7%	65.5%	57.2%	55.1%	49.9%	57.1%	42.1%	37.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	43.7M	7.6M	5.9M	34.4M	33.2M	34M	33.9M	34.3M	32.3M	36.4M	34.2M	36.4M
Operating expenses	48.8M	8.2M	6.4M	38.2M	36.8M	39.5M	38.5M	34.3M	32.3M	36.4M	34.2M	41M
Operating income	23.8M	-10.3M	2.7M	-7.3M	4.7M	-479K	13.9M	11.8M	26.7M	6.1M	-5.9M	-12.6M
Operating margin	14.4%	-8.62%	2.49%	-8.01%	4.49%	-0.51%	11.8%	11.5%	18.2%	5.99%	-5.75%	-12.5%
Non-operating income, net	-1.7M	-227K	-1.1M	-2.2M	-234K	-217.8M	-215K	252K	2.1M	-692K	-150K	-259K
Pretax income	19.1M	-13.7M	-2.3M	-13.2M	1.8M	-221.8M	10M	8.2M	23.9M	1.6M	-9.8M	-16.4M
Income tax	3M	-3.5M	-610K	-3M	232K	-6M	0	0	0	1.8M	-504K	-1.2M
Net income	16.1M	-10.2M	-1.7M	-10.2M	1.6M	-215.8M	10M	8.2M	23.9M	-240K	-9.3M	-15.2M
Net margin	9.7%	-8.6%	-1.55%	-11.2%	1.48%	-229%	8.47%	8.02%	16.3%	-0.24%	-9.16%	-15%
EBITDA	39.3M	4.9M	17.5M	5.7M	17.9M	21.7M	28.2M	17M	35M	17.7M	4.6M	-3M
EPS	0.49	—	-0.05	-0.27	0.04	—	0.23	0.19	0.56	—	-0.2	-0.32
Diluted EPS	0.44	—	-0.05	-0.27	0.04	—	0.23	0.19	0.55	—	-0.2	-0.32

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	266M	180.6M	152.5M	89.9M	44.8M	75.3M	320.1M	292.9M	—	817.4M	678.4M
Enterprise value	480.8M	363.7M	315.7M	254.4M	178.3M	180.5M	418.8M	409M	—	845.8M	697.1M
Shares outstanding	29.3M	29.7M	30.1M	30.3M	30.4M	30.6M	32M	33.1M	39.5M	42.9M	42.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	21.3	5.46	20	—	—	—	17.7	6.54	—	19.5	719.5
P/S	0.95	0.67	0.52	0.28	0.18	0.3	0.88	0.46	—	1.74	1.49
P/B	1.23	0.72	0.59	0.46	0.24	0.4	1.49	1.09	—	5.11	3.56
EV/EBITDA	6.52	5.77	4.97	4.49	4.12	5.42	5.65	3.18	—	8.64	12.1
EV/Sales	1.72	1.36	1.08	0.8	0.73	0.73	1.16	0.64	—	1.8	1.53
Earnings yield	4.7%	18.3%	5%	—	—	—	5.66%	15.3%	—	5.12%	0.14%
FCF yield	7.04%	20.6%	10.8%	3.02%	71.2%	26.5%	0.05%	-5.44%	—	1.46%	-0.75%
PEG	—	—	—	—	—	—	—	—	—	—	-2.68

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	30.9%	29.1%	26.2%	21.9%	23.9%	19.7%	26.3%	25.4%	55.8%	54.4%	37.7%
Operating margin	13.4%	8.52%	6.19%	1.78%	2%	-1.8%	8.41%	10.2%	-0.08%	12.5%	-12.5%
Net margin	4.49%	12.3%	2.61%	-18.9%	-2.55%	-1.52%	5%	7.06%	-55.9%	8.92%	-0.2%
ROE	5.77%	13.3%	2.94%	-30.6%	-3.29%	-2.02%	8.42%	16.7%	-216.8%	26.2%	-0.58%
ROA	2.35%	6.38%	1.48%	-14.1%	-1.62%	-1.06%	2.87%	7.59%	-61.3%	10.3%	2.06%
ROIC	8.65%	5.29%	4.28%	1.57%	1.52%	-1.53%	8.84%	15.4%	-0.21%	29.8%	6.86%
Return on tangible assets	2.35%	6.38%	1.48%	-14.1%	-1.62%	-1.06%	2.87%	7.59%	-61.3%	10.3%	-0.19%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.7	1.25	1.64	1.27	0.89	0.61	0.58	0.58	0.69	0.81	0.72
Quick ratio	1.28	0.83	1.06	0.65	0.42	0.33	0.25	0.19	0.19	0.23	0.24
Debt / equity	1.08	0.8	0.7	0.89	0.75	0.58	0.47	0.44	0.55	0.24	0.25
Debt / assets	0.44	0.38	0.35	0.41	0.37	0.3	0.16	0.2	0.15	0.09	0.1
Net debt / EBITDA	2.92	2.9	2.57	2.9	3.08	3.16	1.33	0.9	0.79	0.29	0.34
Interest coverage	1.57	2.12	1.22	-4.14	0.17	0.56	3.4	5.7	-18.5	3.93	0.95
Effective tax rate	0%	0%	0%	0%	0%	0%	8.84%	9.06%	0%	4.19%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.53	9.04	9.7	10.5	8.02	8.09	11.3	19.1	10.2	10.9	10.1
EPS (basic)	0.42	1.08	0.25	-1.95	-0.2	-0.12	0.57	1.35	-5.72	0.98	0.98
EPS (diluted)	0.42	1.08	0.25	-1.95	-0.2	-0.12	0.55	1.25	-5.72	0.96	0.02
Book value per share	7.41	8.41	8.61	6.46	6.22	6.08	6.71	8.11	2.64	3.72	4.04
FCF per share	0.64	1.25	0.55	0.09	1.05	0.65	0	-0.48	0.32	0.28	-1.07
Cash per share	0.64	0.54	0.59	0.3	0.26	0.08	0.09	0.09	0.18	0.23	0.61
Capex per share	0.76	0.02	0	0.1	0	0.02	0.02	0	0.11	1.61	1.66

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.02%	0.19%	0.03%	0.97%	0.02%	0.21%	0.18%	0.01%	1.05%	14.7%	17.3%
Capex / operating cash flow	63.8%	0.77%	0.15%	-7.11%	0.11%	0.81%	1.06%	0.11%	-2.76%	85.3%	280.5%
Payout ratio	38.4%	14.8%	64.8%	-8.3%	-19.9%	0%	—	—	—	—	0%
Dividend yield	1.8%	2.71%	3.24%	5.53%	2.76%	0%	—	—	—	—	1.11%

Yield

1.11%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.04

ex-dividend Jan 30, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jan 30, 2020	$0.04
Oct 30, 2019	$0.04
Jul 30, 2019	$0.04
Apr 29, 2019	$0.04
Jan 30, 2019	$0.04
Oct 30, 2018	$0.04
Jul 30, 2018	$0.04
Apr 27, 2018	$0.04

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$165.8M	$119.2M	$109.7M	$90.9M	$105M	$94.2M	$117.8M	$102.9M	$146.8M	$101.9M	$101.8M	$101.5M
YoY change	+94.8%	-21.6%	-41.8%	-43.6%	-36.6%	-20.9%	+7.4%	+13.2%	+39.8%	+8.2%	-13.6%	-1.35%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	18.9M	15.9M	17.8M	9M	8M	2.5M	3M	2.8M	7.2M	10.1M
Receivables	22.3M	16.8M	18.4M	25.6M	14.4M	13.6M	29.9M	19.9M	15.4M	14M
Inventory	20.2M	22.8M	30.2M	40.1M	33.6M	17.7M	78.1M	62M	75.8M	88.4M
Total current assets	82.8M	67.7M	85M	82.4M	63.3M	39.2M	138.5M	91.3M	104.9M	123.4M
Property, plant & equipment	-43.3M	-73.7M	-224.7M	-220.8M	-252.2M	-268.4M	-193.8M	-207.1M	-264.6M	-245.6M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	531.3M	518.2M	515.5M	425.6M	384.1M	354M	630.6M	589.8M	369.1M	408.1M
Accounts payable	4.8M	4M	11.9M	16.1M	14.8M	27.8M	62.3M	43.6M	24.3M	12.6M
Short-term debt	28.8M	33.2M	25.4M	33M	39.8M	23.1M	33M	28.4M	11M	7.4M
Total current liabilities	48.7M	54.3M	51.8M	64.8M	71.2M	64.6M	239.6M	157.6M	152.9M	152.6M
Long-term debt	204.9M	165.8M	155.7M	140.6M	101.8M	84.7M	68.7M	90.6M	46.1M	31M
Total liabilities	314.4M	268.9M	256.6M	230.1M	194.9M	167.7M	415.5M	321.2M	264.8M	248.2M
Shareholders' equity	216.9M	249.3M	258.9M	195.5M	189.3M	186.2M	215M	268.6M	104.3M	159.8M
Total debt	233.7M	198.9M	181M	173.6M	141.6M	107.8M	101.7M	119M	57.1M	38.4M
Net debt	224M	186.5M	165.5M	164.8M	133.6M	105.2M	98.7M	116.1M	49.9M	28.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.6M	2.8M	1.6M	6.4M	3.8M	7.2M	6.9M	9.2M	12.7M	10.1M	36.8M	29M
Receivables	20.7M	19.9M	14.2M	19.1M	11.9M	15.4M	12.6M	18.7M	24.8M	14M	9.2M	14.4M
Inventory	60.8M	62M	70M	72.1M	70.7M	75.8M	76.5M	86.3M	72M	88.4M	95.1M	99.2M
Total current assets	92.3M	91.3M	93.3M	103.9M	99.8M	104.9M	107.1M	139.9M	136.5M	123.4M	151.1M	150M
Property, plant & equipment	-358.9M	-207.1M	-217.1M	-214.1M	-224.8M	-264.6M	-277.3M	-280.4M	-287.9M	-245.6M	-255.8M	-241.3M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	585.2M	589.8M	585.4M	595.2M	579.7M	369.1M	366.1M	409.5M	409.5M	408.1M	448.6M	468M
Accounts payable	52.5M	43.6M	28.9M	29.2M	23.4M	24.3M	26M	31.4M	23.3M	12.6M	19.8M	31.6M
Short-term debt	21.2M	28.4M	34.4M	24.1M	30.3M	11M	24M	24.4M	50.1M	7.4M	5.6M	8.2M
Total current liabilities	171.6M	157.6M	164.4M	195.5M	171.6M	152.9M	177.1M	209.3M	207.3M	152.6M	190M	208.7M
Long-term debt	55.5M	90.6M	70M	35.4M	52.2M	46.1M	10.9M	31.1M	3.1M	31M	617K	39.5M
Total liabilities	313.5M	321.2M	301.6M	279M	260.9M	264.8M	250.7M	287.4M	263.3M	248.2M	243.1M	277.7M
Shareholders' equity	271.7M	268.6M	283.9M	316.2M	318.8M	104.3M	115.3M	122.2M	146.2M	159.8M	205.6M	190.3M
Total debt	76.7M	119M	104.4M	59.6M	82.5M	57.1M	35M	55.4M	53.2M	38.4M	6.2M	47.7M
Net debt	74.1M	116.1M	102.8M	53.1M	78.7M	49.9M	28.1M	46.2M	40.6M	28.4M	-30.6M	18.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	12.5M	33.1M	7.6M	-59.9M	-6.2M	-3.8M	18.1M	44.8M	-226.1M	41.9M
Depreciation & amortization	35.6M	38.5M	44.2M	48.6M	39.6M	40M	46.9M	67.2M	65.6M	41.2M
Stock-based compensation	2.5M	7.3M	3.2M	1.8M	1.2M	1M	1.3M	3.6M	4.5M	3.5M
Change in working capital	-14M	685K	-3.7M	-15.5M	13.9M	27.2M	11.8M	-26.9M	79.9M	80.3M
Operating cash flow	35M	65.8M	52.2M	-43.4M	50.1M	65M	61.5M	55.2M	-153.5M	81.1M
Capital expenditure	-22.4M	506K	77K	3.1M	56K	525K	655K	62K	4.2M	-69.2M
Investing cash flow	-29.5M	12.1M	9.1M	5.3M	2.5M	525K	655K	62K	6.9M	-69.7M
Dividends paid	-4.8M	-4.9M	-4.9M	-5M	-1.2M	0	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-17.7M	-39.8M	-21.8M	-14.8M	-35.6M	-26.7M	-207K	16.6M	-14.4M	-11.4M
Net change in cash	-12.2M	38.1M	39.5M	-52.9M	17M	38.8M	62M	71.8M	-161M	61K
Free cash flow	18.7M	37.1M	16.5M	2.7M	31.9M	19.9M	149K	-15.9M	12.6M	11.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	23.9M	-240K	-9.3M	-15.2M
Depreciation & amortization	16.2M	15.8M	15.4M	13.6M	13.8M	22.7M	15M	5.5M	9.1M	11.6M	10.7M	10.1M
Stock-based compensation	—	—	—	—	—	—	—	—	585K	1.4M	1.1M	1.4M
Change in working capital	—	—	—	—	—	—	—	—	8.3M	10.1M	46.6M	4M
Operating cash flow	16.2M	15.8M	15.4M	13.6M	13.8M	22.7M	15M	5.5M	23.2M	8.2M	20.5M	-23.9M
Capital expenditure	—	—	—	—	—	—	—	—	-19.5M	-24.9M	-7.7M	-26.3M
Investing cash flow	—	—	—	—	—	—	—	—	-19.6M	-25M	-7.7M	-26.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	-3.2M	-3.5M	15M	41.7M
Net change in cash	16.2M	15.8M	15.4M	13.6M	13.8M	22.7M	15M	5.5M	383K	-20.4M	27.8M	-8.4M
Free cash flow	—	—	—	—	—	—	—	—	3.7M	-16.8M	12.8M	-50.1M

Hallador Energy Co. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement