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Hallador Energy (HNRG) USD

At a glance: strengths & risks
✓Revenue growing (+16%)✓Margins improving (-38%→22%)✓Low leverage (0.3x EBITDA)✗Pricier than own history (EV/EBITDA 11.9 vs avg 6.1)

Sector: Coal

Geography: United States

COMM_HNRG

Price chart

15.64 USDDay -1.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
15.64 USD · -1.51%
Market cap
685 mln USD

Growth

Δ revenue y/y
-1.3%
Δ EBITDA y/y
-116.4%

Multiples

P/E (LTM)
16.4x
3y avg: 14.3x
P/B (FY)
4.3x
P/E (ann.)
<0
EV/EBITDA (LTM)
11.9x
3y avg: 6.1x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
—
FCF yield (LTM)
-6.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-93.5%
↓ details

Liquidity

Daily turnover (listing)
24.6 mln USD

Shares: yahoo_fundamentals_timeseries/HNRG

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK101.5
y/y -1.3%
-12.7
y/y -206.6%
9.8
y/y 76.7%
-2.9
y/y -116.4%
-15.2
y/y -284.7%
-23.9-26.3468.0
y/y 14.3%
190.3
y/y 55.8%
-30.8%8.0Link
2026-03-31Q1 2026 (3M)OK101.8
y/y -13.5%
-5.7
y/y -140.7%
10.6
y/y -29.2%
5.0
y/y -82.8%
-9.3
y/y -193.4%
20.5-7.7448.6
y/y 22.5%
205.6
y/y 78.2%
-20.4%-31.2Link
2025-12-31Q4 2025 (3M)OK102.0
y/y 9.0%
6.3
y/y 102.9%
11.6
y/y -49.1%
17.8
y/y 109.1%
-0.2
y/y 99.9%
8.2-24.9408.1
y/y 10.5%
159.8
y/y 53.3%
27.4%29.0Link
2025-09-30Q3 2025 (3M)OK146.8
y/y 39.6%
29.1
y/y 516.7%
9.1
y/y -33.9%
38.2
y/y 105.9%
23.9
y/y 1436.9%
23.2-19.5409.5
y/y -29.4%
146.2
y/y -54.1%
23.7%40.6Link
2025-06-30Q2 2025 (3M)OK102.9
y/y 9.7%
11.9
y/y —
5.5
y/y -59.4%
17.4
y/y 173.6%
8.2
y/y —
11.4-13.0409.5
y/y -31.2%
122.2
y/y -61.4%
27.8%41.1Link
2025-03-31Q1 2025 (3M)OK117.7
y/y 5.5%
13.9
y/y 407.7%
15.0
y/y -3.0%
28.9
y/y 58.7%
10.0
y/y —
38.4-11.7366.1
y/y -37.5%
115.3
y/y -59.4%
36.3%21.1Link
2024-12-31Q4 2024 (3M)OK93.6
y/y -21.7%
-218.6
y/y -2028.5%
22.7
y/y 43.3%
-195.9
y/y -3617.5%
-215.8
y/y -2005.7%
38.9-13.8369.1
y/y -37.4%
104.3
y/y -61.2%
-106.9%50.6Link
2024-09-30Q3 2024 (3M)OK105.2
y/y -36.6%
4.7
y/y -80.2%
13.8
y/y -14.7%
18.5
y/y -53.7%
1.6
y/y -90.3%
-12.9-11.6579.7
y/y -0.9%
318.8
y/y 17.3%
0.7%79.3Link
2024-06-30Q2 2024 (3M)OK93.8
y/y -41.8%
-7.3
y/y -132.8%
13.6
y/y -20.5%
6.4
y/y -83.9%
-10.2
y/y -160.3%
23.5-13.2595.2
y/y -0.8%
316.2
y/y 24.0%
-13.6%42.4Link
2024-03-31Q1 2024 (3M)OK111.6
y/y -40.8%
2.7
y/y -90.7%
15.4
y/y -14.1%
18.2
y/y -61.5%
-1.7
y/y -107.7%
16.4-14.9585.4
y/y -5.1%
283.9
y/y 19.7%
-2.5%87.5Link
2023-12-31Q4 2023 (3M)OK119.6
y/y —
-10.3
y/y —
15.8
y/y —
5.6
y/y —
-10.2
y/y —
-20.1-26.6589.8
y/y —
268.6
y/y —
16.6%97.9Link
2023-09-30Q3 2023 (3M)OK165.8
y/y —
23.8
y/y —
16.2
y/y —
40.0
y/y —
16.1
y/y —
35.3-18.1585.2
y/y —
271.7
y/y —
8.1%55.1Link
2023-06-30Q2 2023 (3M)OK161.2
y/y —
22.2
y/y —
17.2
y/y —
39.4
y/y —
16.9
y/y —
18.1-17.1599.9
y/y —
254.9
y/y —
27.5%70.0Link
2023-03-31Q1 2023 (3M)OK188.3
y/y —
29.2
y/y —
18.0
y/y —
47.2
y/y —
22.1
y/y —
26.1-13.5616.6
y/y —
237.2
y/y —
—69.9Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)4
Long-term debt (incl. LT leases)39
− Cash & equivalents35
Net debt8

Net debt / LTM EBITDA: 0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-200-10001002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-60-40-20020402024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-50-2502550752024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.94x of reported net profit; after capex, 0.01x. Loss years (2021, 2024) are left out of the ratio.
year20212022202320242025
cash flow / profit—2.99x1.33x—1.94x
accruals, % of assets-14.6%-5.7%-2.5%-79.1%-9.6%
net debt / EBITDA 0.3x · EBIT covers interest 3.6x · capex 1.1x of depreciation · share count +9.1% a year
● Diluted share count grew 9.1% a year.
Regulated utilities and networks run on long-dated debt against a tariff-set asset base; the leverage bar is set higher for them here.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Thermal Coal

Proved reserves
34.50 mln tons
2024
Reserve life (R/P)
2.8 yrs
reserves ÷ annual output
Annual production
12.38 mln tons
2023

Production, mln tons

10.79202112.382023

Proved reserves

YearReserves, mln tons
202434.50
202360.70
202266.30
202171.40
202081.30

Production

YearProduction, mln tonsper day, mln tons
20241.21 * (3M)
−28.3%		0.01
202312.380.03
20229.64 * (9M)
+0.2%		0.04
202110.790.03
20207.55 * (6M)0.04

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Steam coal US

Current 49spot vs LTM -0%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -93.5% → +0.0 pp 1d

Main driver: Steam coal US -0% vs LTM; revenue ×1.00 vs costs ×1.04; EBITDA 58→41; at 2.8× EV/EBITDA → -93%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Steam coal US (rev)+100%49.4949.6151.11-0%+3%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue452
LTM EBITDA58
LTM cash costs (revenue − EBITDA)394
2 · Revenue projection
Revenue multiplier — spot×0.998 (-0%)
= Spot revenue451
Revenue multiplier — 3y price×1.030 (+3%)
= 3-year-price revenue466
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs410
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs410
4 · EBITDA projection (revenue − costs)
= Spot EBITDA41
= 3-year-price EBITDA56
Conservative EBITDA = min(spot, avg)41
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.8x
Target EV = EV/EBITDA × conservative EBITDA117
Net debt14
Target market cap = EV − net debt103
Current market cap685

Upside = target market cap ÷ current − 1 = -93.5%

Life of mine: 5 yrs — before haircut -85.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +16% vs -36% the year before — a +52.5 pp move. 3-year CAGR +9%.
revenue growth by year: 2023 +75% · 2024 -36% · 2025 +16%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.6x · target 75th pct (3y) 2.8x · LTM avg 6.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Hallador Energy (HNRG) — from primary filings.

Hallador Energy Company operates as an independent power producer and fuel company, generating electricity at its coal-fired power plant and selling wholesale energy, while also mining and processing coal at its mining complex.

Frequently asked questions

What is Hallador Energy (HNRG)'s P/E ratio?
Hallador Energy (HNRG) trades at a P/E of 16.4x (price to trailing 12-month earnings).
What is Hallador Energy (HNRG)'s EV/EBITDA?
Hallador Energy (HNRG) trades at 11.9x EV/EBITDA.
What is Hallador Energy (HNRG)'s P/B ratio?
Hallador Energy (HNRG) trades at a P/B of 4.3x.
What is Hallador Energy (HNRG)'s return on equity (ROE)?
Hallador Energy (HNRG)'s ROE is -30.8%.
What is Hallador Energy (HNRG)'s market capitalization?
Hallador Energy (HNRG)'s market cap is 685 mln USD.

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