# Hallador Energy Company (HNRG)

> Source: Nexqual · https://nexqual.com/HNRG · data as of 2026-10-23 16:01 UTC · cite as "Nexqual, Hallador Energy Company (HNRG), nexqual.com/HNRG" · informational, not investment advice.

**Price:** USD 11.01 (-1.92% today) · US market open, as of October 23, 2026 at 16:01 UTC; quotes may be delayed. Prev close 11.22 · day 10.75–11.13 · 52w 10.73–24.7 · market cap $519M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $452M, net income -$912K (-0.2% margin), free cash flow -$50.5M (SEC filings).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $675K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -44.5% vs S&P 500 +14.8%; 5Y +240.7% vs S&P 500 +77.6%.
- Next earnings: 2026-11-09, EPS estimate USD 0.09, revenue estimate $118M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $248M | $362M | $635M | $404M | $469M | $452M |
| Gross profit | $48.8M | $95.4M | $161M | — | — | — |
| Operating income | -$6.0M | $30.4M | $65.0M | -$218M | $61.1M | $16.9M |
| Net income | -$3.8M | $18.1M | $44.8M | -$226M | $41.9M | -$912K |
| EPS (diluted) | -$0.12 | $0.55 | $1.25 | -$5.72 | $0.96 | — |
| Free cash flow | $19.9M | $149K | -$15.9M | $12.6M | $11.9M | -$50.5M |
| Gross margin | 19.7% | 26.3% | 25.4% | — | — | — |
| Operating margin | -2.4% | 8.4% | 10.2% | -54.0% | 13.0% | 3.7% |
| Net margin | -1.5% | 5.0% | 7.1% | -56.0% | 8.9% | -0.2% |
| Revenue growth | +1.4% | +46.2% | +75.4% | -36.3% | +16.2% | — |
| Cash + short-term investments | $2.5M | $3.0M | $2.8M | $7.2M | $10.1M | — |
| Total debt | $108M | $82.7M | $87.9M | $41.5M | $29.7M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.1x · EV/EBITDA 9.2x · EV/Sales 1.2x · P/B 2.7x · FCF yield -9.73% · Earnings yield -0.18% · Net debt $14.0M · EV $533M
P/E at fiscal year-ends: Dec 2025 19.7x, Dec 2023 7.3x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $675K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-14 | Sugg Barbara Ann | Director | 5,000 | $86K | 17.13 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-09 | Hudson Daniel Timothy | Director | 5,000 | $83K | 16.58 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-29 | Hudson Daniel Timothy | Director | 10,000 | $169K | 16.94 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-24…2026-06-25 | Hudson Daniel Timothy | Director | 5,000 | $87K | 17.3 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Wesley Charles Ray Iv | Director | 15,000 | $250K | 16.69 | Too little history (no open-market trades in 2023) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -44.5% | +240.7% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | -44.5% | +27.8% |
| Volatility (annualized) | 63.8% | 70.3% |
| Max drawdown | -53.8% (Nov 2025→Oct 2026) | -67.4% (Oct 2023→Apr 2024) |

## Peers (Utilities - Independent Power Producers)
TAC (TransAlta Corporation) USD 12.5 -0.08% · OKLO (Oklo Inc.) USD 26.42 -2.18% · TLN (Talen Energy Corporation) USD 327.26 -1.26% · NRG (NRG Energy, Inc.) USD 93.5 -0.94% · VST (Vistra Corp.) USD 140.86 +0.02% · CEG (Constellation Energy Corporatio) USD 255.91 +0.27%

## More
Full page: https://nexqual.com/HNRG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HNRG's own 10-K filed 2026-03-12 (https://www.sec.gov/Archives/edgar/data/788965/000110465926027174/hnrg-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Duke Energy CORP (DUK) | "Significant third-party customers in 2025 include Vectren Corporation, a wholly-owned subsidiary of CenterPoint Energy (NYSE: CNP), Orlando Utility Commission (OUC), and Duke Energy Corporation (NYSE: DUK)." |
| Partner | Cooperative Energy Services Power Marketing | "We contract with Alliance for Cooperative Energy Services Power Marketing, LLC ("ACES"), as our agent to manage our wholesale power market activities and risk management strategies related to electric operations." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electric Operations | $59.5M | 58.6% | -0.8% |
| Coal Operations | $40.6M | 40.0% | +6.4% |
| Total revenue | $101.5M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electric Sales | $59.5M | 58.6% | -0.8% |
| — Delivered Energy (part of Electric Sales) | $40.9M | 40.3% | -7.3% |
| — Accredited Energy Capacity (part of Electric Sales) | $18.6M | 18.3% | +17.4% |
| Coal Sales | $40.6M | 40.0% | +6.4% |
| Total revenue | $101.5M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 23.4%, 10.1% of revenue from unnamed direct customers (10-K, filed 2026-03-12).

## Company outlook (8-K filed 2026-08-10)

- "Gas Project Budget Reduced Below $800 Million ​ - Turtle Creek COD Expedited to the Second Half of 2028 - ​ - Contracted Forward Sales Reach $2.4 Billion at the Segment Level - ​ - Management to Host Conference Call Today at 5:00 p.m."
- "This progress moves us closer to a final investment decision on a 460 MW peaking project that would meaningfully expand and diversify our dispatchable generation platform."
- "With the scheduled outage behind us and the reliability investments in place, we believe Merom is positioned to run more reliably going forward, and we expect generation volumes to improve sequentially in the third quarter." ​ Turtle Creek Update ​ The project's interconnection application entered MISO's Expedited Resource Addition Study ("ERAS") process on June 2, 2026."
- "Certain contracted forward sales positions included above are subject to approval by the Indiana Utility Regulatory Commission, which the Company expects on or before November 15, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.09 | $0.31 | -70.7% | $118.1M | 3 |
| Next quarter (ends 2026-12-31) | $0.08 | $0.18 | -54.5% | $125.2M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.35 | $0.19 | -279.3% | $446.6M | 3 |
| Next fiscal year (ends 2027-12-31) | $0.22 | $1.11 | -80.4% | $475.9M | 3 |