HNRG · Hallador Energy Co - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · HNRG

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$469.47M	$404.39M	$634.48M	$361.99M	$247.67M	$245.29M
Cost of Revenue	-	-	$473.39M	$266.61M	$198.84M	$185.96M
Gross Profit	-	-	$161.09M	$95.38M	$48.83M	$59.34M
R&D	-	-	-	-	-	-
SG&A	$26.23M	$26.53M	$26.16M	$16.42M	$14.83M	$11.59M
Total Operating Expenses	$408.41M	$622.55M	$65.01M	($6.04M)	$253.71M	$254.17M
D&A	$41.22M	$65.63M	$67.21M	$46.88M	$39.97M	$39.64M
Operating Income	$61.06M	($218.16M)	$65.01M	$30.43M	$3.10M	($8.88M)
Interest Expense	$16.90M	$13.85M	$13.71M	$11.01M	$8.05M	$13.03M
Income Tax	$1.83M	($9.40M)	$4.46M	$1.76M	$26.0K	($2.66M)
Net Income	$41.87M	($226.14M)	$44.79M	$18.11M	($3.75M)	($6.22M)
EPS - Basic	$0.98	($5.72)	$1.35	($0.12)	-	-
EPS - Diluted	$0.96	($5.72)	$1.25	($0.12)	-	-

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$10.07M	$7.23M	$2.84M	$3.01M	$2.55M	$8.04M
Accounts Receivable	$13.99M	$15.44M	$19.94M	$29.89M	$13.58M	$14.41M
Inventory	-	-	-	-	-	-
Accounts Payable	-	-	-	-	-	-
Current Assets	$123.39M	$104.86M	$91.27M	$138.52M	$39.24M	$63.33M
Total Assets	$408.05M	$369.12M	$589.78M	$630.55M	$353.98M	$384.13M
Current Liabilities	$152.60M	$152.90M	$157.59M	$239.60M	$64.63M	$71.21M
Long-term Debt	$29.68M	$37.39M	$63.45M	$49.71M	$84.67M	$97.31M
Total Liabilities	$248.22M	$264.83M	$321.19M	$415.53M	$167.75M	$194.87M
Stockholders' Equity	$159.83M	$104.28M	$268.59M	$215.02M	$182.24M	$185.26M
Retained Earnings	($43.57M)	($85.44M)	$140.70M	$95.91M	$77.80M	$81.56M

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$81.13M	$65.93M	$59.41M	$54.17M	$47.97M	$52.58M
Investing Cash Flow	($66.55M)	($46.47M)	($75.29M)	($53.37M)	($27.52M)	($18.19M)
Financing Cash Flow	($11.37M)	($14.43M)	$16.57M	($207.0K)	($26.69M)	($35.63M)
CapEx	$69.22M	$53.37M	$75.35M	$54.02M	$28.05M	$20.69M
Free Cash Flow	$11.92M	$12.57M	($15.94M)	$149.0K	$19.92M	$31.89M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	25.4%	26.3%	19.7%	24.2%
Operating margin	13.0%	-53.9%	10.2%	8.4%	1.3%	-3.6%
EBITDA margin	21.8%	-37.7%	20.8%	21.4%	17.4%	12.5%
Net margin	8.9%	-55.9%	7.1%	5.0%	-1.5%	-2.5%
Free cash flow margin	2.5%	3.1%	-2.5%	0.0%	8.0%	13.0%
FCF / Net income	0.28	-0.06	-0.36	0.01	-5.31	-5.13
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	5.6%	6.6%	4.1%	4.5%	6.0%	4.7%
Effective tax rate	4.2%	-	9.1%	8.8%	-	-
Return on assets	10.3%	-61.3%	7.6%	2.9%	-1.1%	-1.6%
Return on equity	26.2%	-216.8%	16.7%	8.4%	-2.1%	-3.4%
Return on invested capital	30.9%	-121.6%	17.8%	10.5%	0.9%	-2.5%
Liquidity
Current ratio	0.81	0.69	0.58	0.58	0.61	0.89
Quick ratio	0.81	0.69	0.58	0.58	0.61	0.89
Cash ratio	0.07	0.05	0.02	0.01	0.04	0.11
Leverage
Debt / Equity	0.19	0.36	0.24	0.23	0.46	0.53
Debt / Assets	0.07	0.10	0.11	0.08	0.24	0.25
Debt / EBITDA	0.29	-	0.48	0.64	1.97	3.16
Interest coverage	3.6x	-15.8x	4.7x	2.8x	0.4x	-0.7x
Equity multiplier	2.55	3.54	2.20	2.93	1.94	2.07
Liabilities / Assets	0.61	0.72	0.54	0.66	0.47	0.51
Efficiency
Asset turnover	1.15	1.10	1.08	0.57	0.70	0.64
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	11d	14d	11d	30d	20d	21d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	19.8x	-	7.1x	-	-	-
P / B	5.2x	4.3x	1.2x	1.4x	-	-
P / S	1.8x	1.1x	0.5x	0.8x	-	-
EV / EBITDA	8.3x	-	2.9x	4.6x	-	-
Growth
Revenue growth (YoY)	16.1%	-36.3%	75.3%	46.2%	1.0%	-16.4%
Revenue CAGR (3y)	9.1%	17.8%	37.3%	7.2%	-5.5%	-3.3%
Revenue CAGR (5y)	13.9%	6.6%	16.7%	5.9%	-2.5%	-6.3%
Gross profit growth (YoY)	-	-	68.9%	95.4%	-17.7%	-24.1%
Operating income growth (YoY)	-	-	113.6%	882.2%	-	89.2%
Net income growth (YoY)	-	-	147.4%	-	39.6%	89.6%
EPS growth (YoY)	-	-	-	-	-	-
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	-5.2%	-	-	-99.3%	-37.5%	-
FCF CAGR (5y)	-17.9%	-	-	-	-	-
Book value growth (YoY)	53.3%	-61.2%	24.9%	18.0%	-1.6%	-3.3%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$158.99M total

Electric Operations$110.01M · 69.2%

Coal Operations$48.98M · 30.8%

Product / service

$770.13M total

Electric Sales$310.74M · 40.3%

Delivered Energy$252.64M · 32.8%

Coal Sales$148.66M · 19.3%

Accredited Energy Capacity$58.09M · 7.5%

Geographic

$148.66M total

IN$83.35M · 56.1%

Florida North Carolina And Georgia$65.30M · 43.9%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.74

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

7/9

Strong

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✓Current ratio improved
✗No share dilution
-Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Electric Services

Company	Revenue (last FY)	Net margin	ROE
ETR	$12.95B	13.6%	10.4%
SO	$29.55B	14.9%	12.2%
AEP	$21.88B	16.4%	11.5%
NRG	$30.71B	2.8%	51.4%
PPL	$9.17B	12.9%	7.9%

Comparing HALLADOR ENERGY CO against the 5 most active filers in the same SIC group.

Dividends

$0.00/share trailing 12 months

Ex-date	Per share
Jan 30, 2020	$0.0400
Oct 30, 2019	$0.0400
Jul 30, 2019	$0.0400
Apr 29, 2019	$0.0400
Jan 30, 2019	$0.0400
Oct 30, 2018	$0.0400
Jul 30, 2018	$0.0400
Apr 27, 2018	$0.0400
Jan 30, 2018	$0.0400
Oct 30, 2017	$0.0400
Jul 27, 2017	$0.0400
Apr 26, 2017	$0.0400
Jan 27, 2017	$0.0400
Oct 27, 2016	$0.0400
Jul 27, 2016	$0.0400
Apr 27, 2016	$0.0400
Jan 27, 2016	$0.0400
Oct 28, 2015	$0.0400
Jul 29, 2015	$0.0400
Apr 28, 2015	$0.0400
Jan 28, 2015	$0.0400
Oct 29, 2014	$0.0400
Jul 29, 2014	$0.0400
Apr 28, 2014	$0.0400