Hallador Energy Company (HNRG)
NASDAQ:HNRG
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Hallador Energy Company
(NASDAQ:HNRG)
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Rating:55Neutral
Price Target:
$16.50
▲(2.61% Upside)
Action:ReiteratedDate:03/17/26
The score is held back primarily by volatile fundamentals (sharp TTM revenue decline and inconsistent profitability) and weak technicals (price below key moving averages with negative MACD). These are partially offset by improved solvency and cash generation (no reported debt, positive TTM cash flow) and a constructive earnings-call backdrop citing stronger FY2025 results and enhanced liquidity, though near-term outage and execution risks remain.
Positive Factors
Balance Sheet Strength
Zero reported TTM debt materially lowers financial leverage and interest obligations, giving Hallador durable flexibility to fund working capital, maintenance and strategic initiatives (ERA deposits, reserve equipment) without immediate refinancing pressure. This supports resilience through commodity cycles and execution phases.
Negative Factors
Revenue & Earnings Volatility
Severe top-line swings and swing from prior profitable years to a large loss indicate fragile demand or concentration risks; uneven margins hinder consistent cash returns and make multi-year planning and capital allocation more uncertain, pressuring the firm's ability to reliably compound equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Zero reported TTM debt materially lowers financial leverage and interest obligations, giving Hallador durable flexibility to fund working capital, maintenance and strategic initiatives (ERA deposits, reserve equipment) without immediate refinancing pressure. This supports resilience through commodity cycles and execution phases.
Read all positive factors
Hallador Energy Company (HNRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$756.14M
Dividend YieldN/A
Average Volume (3M)874.58K
Price to Earnings (P/E)19.5
Beta (1Y)1.59
Revenue Growth7.60%
EPS Growth-591.73%
CountryUS
Employees615
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)-0.01
Shares Outstanding47,023,495
10 Day Avg. Volume1,205,936
30 Day Avg. Volume874,583
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)5.11
Price to Sales (P/S)1.74
P/FCF Ratio68.58
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue1.67
Enterprise Value/Gross Profit9.00
Enterprise Value/Ebitda7.60
Forecast
1Y Price Target
$26.88Price Target Upside67.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.54
Revenue Forecast (FY)$458.05M
Hallador Energy Company Business Overview & Revenue Model
Company Description
Hallador Energy Company, through its subsidiaries, engages in the production of steam coal in the State of Indiana for the electric power generation industry. The company owns the Oaktown Mine 1 and Oaktown Mine 2 underground mines in Oaktown, Ind...
How the Company Makes Money
Hallador Energy Company primarily makes money by selling thermal coal produced from its mining operations to customers (typically utilities or power producers) under coal supply arrangements. Revenue is recognized from coal deliveries, with pricin...
Hallador Energy Company Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The call communicated strong full-year financial improvements (16% revenue growth, ~3x Adjusted EBITDA, net income of $41.9M, and 23% higher operating cash flow) and clear strategic progress (ERA award, $14M deposit, $1.3B forward sales book, equity raise and new $120M credit facility). These positives were tempered by operational outages at the Merum plant that reduced near-term availability and lowered quarterly cash flow, a year-over-year decline in the reported forward energy & capacity position, and execution risks tied to the expedited ERA expansion. On balance, the company appears well positioned financially and strategically, but near-term reliability and project execution remain key risks to watch.Positive Updates
Strong Full-Year Top-Line Growth
Total revenue for fiscal 2025 increased 16% year-over-year to $469,500,000, driven primarily by a 19% increase in electric sales to $310,700,000 and an 8% increase in coal sales to $148,700,000.
Negative Updates
Operational Reliability Issues at Merum Reduced Availability
Equipment failures in Q4 2025 and Q1 2026 reduced unit availability and generation, causing lower dispatch during higher-priced periods. A major planned maintenance outage (60 days, half the plant) begins in May to address these issues; company now expects consolidated 2026 results to be similar to 2025 due to the availability impacts.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Top-Line Growth
Total revenue for fiscal 2025 increased 16% year-over-year to $469,500,000, driven primarily by a 19% increase in electric sales to $310,700,000 and an 8% increase in coal sales to $148,700,000.
Read all positive updates
Company Guidance
Hallador guided that consolidated 2026 results are expected to be similar to 2025 due to reduced unit availability (Q4 2025/Q1 2026 outages) and a planned major maintenance outage beginning in May (60 days, half the plant down) to restore reliability ahead of summer peaks; FY2025 provides the baseline of $469,500,000 total revenue, $41,900,000 net income, approximately $56,000,000 Adjusted EBITDA, $81,100,000 operating cash flow, $310,700,000 electric sales and $148,700,000 coal sales, with full-year CapEx of $69,200,000 (including the ~$14,000,000 refundable ERA deposit) and Q4 consolidated revenue of $102,400,000 (Q4 electric $71,600,000, coal $29,100,000), Q4 Adjusted EBITDA $8,400,000 and Q4 operating cash flow $8,100,000; management expects 2026 CapEx to be modestly higher than 2025 excluding any ARRIS/ARRIS (ERA) development, notes progress on the ERA award (one of 50 slots) and funding to support up to 515 MW of potential natural gas capacity, expects MISO to complete the ERA study in Q3 2026 and, if successful, targets commercial online around 2029, and points to a forward energy/capacity sales position of $540,000,000 (total forward sales book ~ $1,300,000,000 including ~$23,500,000 third‑party forward coal) and strengthened liquidity from a ~$57,500,000 gross equity raise (Jan 2026), ~$14,000,000 ATM proceeds (2025) and a new $120,000,000 three‑year senior secured credit facility ($75,000,000 revolver, $45,000,000 delayed draw, $25,000,000 accordion).Hallador Energy Company Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 469.47M | 404.39M | 634.88M | 361.99M | 247.67M |
| Gross Profit | 87.28M | 225.80M | 331.63M | 95.38M | 48.83M |
| EBITDA | 103.34M | -157.81M | 126.95M | 75.01M | 44.76M |
| Net Income | 41.87M | -226.14M | 44.79M | 18.11M | -3.75M |
Balance Sheet | |||||
| Total Assets | 437.46M | 369.12M | 589.78M | 654.08M | 353.98M |
| Cash, Cash Equivalents and Short-Term Investments | 10.07M | 7.23M | 2.84M | 6.43M | 2.55M |
| Total Debt | 39.07M | 53.05M | 94.54M | 102.20M | 107.77M |
| Total Liabilities | 277.63M | 264.83M | 321.19M | 439.05M | 167.75M |
| Stockholders Equity | 159.83M | 104.28M | 268.59M | 215.02M | 182.24M |
Cash Flow | |||||
| Free Cash Flow | 11.92M | 12.57M | -15.94M | 149.00K | 19.92M |
| Operating Cash Flow | 81.13M | 65.93M | 59.41M | 54.17M | 47.97M |
| Investing Cash Flow | -66.55M | -46.47M | -75.29M | -53.37M | -27.52M |
| Financing Cash Flow | -11.37M | -14.43M | 16.57M | -207.00K | -26.69M |
Hallador Energy Company Technical Analysis
Negative
16.08
Price Trends
18.21
Negative
19.13
Negative
18.52
Negative
Market Momentum
-0.63
Positive
41.57
Neutral
12.12
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HNRG, the sentiment is Negative. The current price of 16.08 is below the 20-day moving average (MA) of 17.09, below the 50-day MA of 18.21, and below the 200-day MA of 18.52, indicating a bearish trend. The MACD of -0.63 indicates Positive momentum. The RSI at 41.57 is Neutral, neither overbought nor oversold. The STOCH value of 12.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HNRG.
Hallador Energy Company Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.62B | 10.38 | 22.94% | 4.05% | -14.79% | -17.10% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $384.57M | -23.70 | 4.19% | 2.02% | 25.35% | ― | |
59 Neutral | $543.55M | -13.93 | -6.66% | 6.72% | -6.44% | -24.68% | |
55 Neutral | $756.14M | 19.52 | 30.81% | ― | 7.60% | -591.73% | |
53 Neutral | $245.37M | -12.93 | 43.51% | ― | -76.24% | -8.61% | |
50 Neutral | $1.00B | -18.74 | -12.01% | 2.83% | -16.99% | -184.02% |
* Energy Sector Average
HNRG
Hallador Energy Company
16.08
5.72
55.21%
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67.41%
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122.00
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40.98%
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6.42
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-17.59%
METC
Ramaco Resources
15.80
9.51
151.15%
AREC
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2.42
1.99
462.79%
Hallador Energy Company Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Hallador Energy Secures New Credit Facility, Refinances Debt
Positive
Mar 11, 2026
On March 5, 2026, Hallador Energy closed a new $120 million senior secured credit agreement maturing in 2029, comprising a $75 million revolving credit facility and a $45 million delayed draw term loan, with sub-facilities for letters of credit an...
Business Operations and StrategyExecutive/Board Changes
Hallador Energy Expands Board and Elevates Operational Leadership
Positive
Mar 9, 2026
On March 6, 2026, Hallador Energy Company expanded its board of directors to seven members with the appointment of independent director Daniel Hudson, who will serve until the company’s 2026 annual meeting and receive compensation under an e...
Business Operations and StrategyPrivate Placements and Financing
Hallador Energy Completes Underwritten Equity Offering for Expansion
Positive
Jan 15, 2026
Hallador Energy Company terminated its at-the-market equity program with B. Riley Securities effective January 18, 2026, ending its ability to sell additional shares under that arrangement without incurring any termination penalties. Instead, the ...
Business Operations and StrategyExecutive/Board Changes
Hallador Energy Adds Independent Director After Board Resignation
Positive
Jan 6, 2026
On December 30, 2025, Hallador Energy said long-time director David Hardie, who had served on its board since 1989, would resign effective January 1, 2026, without any disagreement over the company’s operations or policies, and on January 2,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.