Recent News
On December 16, 2025 Hallador announced completion of its Expedited Resource Addition Study (ERAS) application and deposits of roughly $13 million to pursue up to 515 MW of natural gas generation adjacent to the Merom site. Prior coverage on November 12, 2025 highlighted an upgrade in Hallador’s stock ratings driven by strong earnings and sales acceleration. Earlier items in 2025 described continuing negotiations tied to a data-center power supply agreement that includes staged payments to Hallador Power.
Technical Analysis
ADX at 18.36 indicates no trend; with directional signals diverging, conviction for a sustained directional move remains limited despite short-term directionality.
DI+ shows a peak-and-reversal pattern while DI‑ displays an increasing trend; both factors present a bearish directional bias and suggest sellers regained control after a prior bullish phase.
MACD registers -0.17 with a decreasing trend and sits below its 0.02 signal line; that combination indicates bearish momentum and the absence of a bullish MACD crossover.
MRO at 12.6 (positive) signals price sitting above the model target, implying potential downward pressure on price toward the valuation benchmark embedded in the oscillator.
RSI at 51.61 and decreasing signals fading short-term momentum from neutral territory, which aligns with the DI and MACD bearish bias for the next few weeks.
Price sits beneath the 20-day and 50-day averages (20.41 and 20.48) while remaining above the 200-day average (17.13); the 12-day EMA shows a peak-and-reversal, reinforcing short-term weakness against longer-term support. SuperTrend upper boundary near 21.06 and the 20-day average create a resistance band above current price.
Bollinger bands place the close inside the 1x standard-deviation band (lower 18.59 / upper 22.24), indicating price remains range-bound but biased lower given other momentum indicators. Volume recently exceeded short- and medium-term averages, indicating heightened participation during the latest directional shift. A high 42-day beta (2.99) increases sensitivity to market moves and elevates swing risk.
Fundamental Analysis
Revenue totaled $146,846,000 with YoY revenue growth of 174.89% and a QoQ change of -4.38%. Gross profit reached $73,238,000, producing a gross margin of 49.87% and an operating margin of 18.20%.
EBIT posted $28,232,000 and EBITDA $37,374,000, with an EBIT margin of 19.23%. That EBIT margin sits slightly below the industry peer mean of 22.80% and near the industry peer median of 19.54%, reflecting margin performance comparable to typical peers while trailing the sector mean.
Net income from continuing operations equaled $23,884,000. Reported EPS came in at $0.55 versus an estimate of $0.06, producing a $0.49 beat and an EPS surprise of roughly +816.7%.
Return on equity measured 16.34% and return on assets 5.83%, both above the industry peer mean values provided, indicating efficient capital returns relative to peers. Operating cash flow reached $23,195,000 and free cash flow totaled $3,655,000, yielding a free-cash-flow yield near 0.44% and a cash-flow-to-earnings ratio around 97%.
Liquidity metrics show a current ratio of 0.66 and quick ratio of 0.31, reflecting constrained short-term liquidity versus typical coverage levels. Total debt approximates $53,233,000 with debt-to-EBITDA about 1.42x and debt-to-equity roughly 36.41%, levels compatible with the company’s interest coverage ratio near 6.49x.
Valuation multiples present mixed signals: a trailing P/E around 34.8 sits below the industry peer mean provided, while price-to-book at 5.63 sits above the industry peer mean of 1.69; forward P/E near 256 shows a stretched forward valuation relative to expectations. The current enterprise multiple stands near 23.09. The current valuation as determined by WMDST values the stock as over-valued, reflecting the premium in book and forward multiples against measured free-cash-flow yield and short-term liquidity constraints.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-10 |
| NEXT REPORT DATE: | 2026-02-09 |
| CASH FLOW | Begin Period Cash Flow | $ 32.4 M |
| Operating Cash Flow | $ 23.2 M | |
| Capital Expenditures | $ -19.54 M | |
| Change In Working Capital | $ 5.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 3.1 M | |
| End Period Cash Flow | $ 35.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 146.8 M | |
| Forward Revenue | $ 10.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 73.6 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 120.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 73.2 M | |
| EBITDA | $ 37.4 M | |
| EBIT | $ 28.2 M | |
| Operating Income | $ 26.7 M | |
| Interest Income | $ -579.00 K | |
| Interest Expense | $ 4.3 M | |
| Net Interest Income | $ -4.93 M | |
| Income Before Tax | $ 23.9 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ 23.9 M | |
| Net Income From Continuing Operations | $ 23.9 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.06 | |
| EPS Actual | $ 0.55 | |
| EPS Difference | $ 0.49 | |
| EPS Surprise | 816.667 % | |
| Forward EPS | $ 0.16 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 409.5 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 146.2 M | |
| Total Current Assets | $ 136.5 M | |
| Cash and Short-Term Investments | $ 12.7 M | |
| Cash | $ 12.7 M | |
| Net Receivables | $ 24.8 M | |
| Inventory | $ 72.0 M | |
| Long-Term Investments | $ 4.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 23.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 207.3 M | |
| Net Debt | — | |
| Total Debt | $ 53.2 M | |
| Total Liabilities | $ 263.3 M | |
| EQUITY | ||
| Total Equity | $ 146.2 M | |
| Retained Earnings | $ -43.33 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.40 | |
| Shares Outstanding | 42.978 M | |
| Revenue Per-Share | $ 3.42 | |
| VALUATION | Market Capitalization | $ 822.5 M |
| Enterprise Value | $ 863.0 M | |
| Enterprise Multiple | 23.092 | |
| Enterprise Multiple QoQ | -47.503 % | |
| Enterprise Multiple YoY | 2.023 % | |
| Enterprise Multiple IPRWA | high: 117.351 mean: 33.379 median: 31.748 HNRG: 23.092 low: -53.099 |
|
| EV/R | 5.877 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.801 | |
| Asset To Liability | 1.555 | |
| Debt To Capital | 0.267 | |
| Debt To Assets | 0.13 | |
| Debt To Assets QoQ | -3.931 % | |
| Debt To Assets YoY | 148.395 % | |
| Debt To Assets IPRWA | high: 1.103 median: 0.478 mean: 0.378 HNRG: 0.13 low: 0.0 |
|
| Debt To Equity | 0.364 | |
| Debt To Equity QoQ | -19.738 % | |
| Debt To Equity YoY | 282.58 % | |
| Debt To Equity IPRWA | high: 3.437 median: 1.332 mean: 1.076 HNRG: 0.364 low: -1.16 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.626 | |
| Price To Book QoQ | -2.564 % | |
| Price To Book YoY | 374.322 % | |
| Price To Book IPRWA | high: 10.075 HNRG: 5.626 median: 1.772 mean: 1.694 low: -1.391 |
|
| Price To Earnings (P/E) | 34.794 | |
| Price To Earnings QoQ | -59.448 % | |
| Price To Earnings YoY | -84.321 % | |
| Price To Earnings IPRWA | high: 234.317 mean: 73.757 median: 59.659 HNRG: 34.794 low: -68.228 |
|
| PE/G Ratio | 0.184 | |
| Price To Sales (P/S) | 5.601 | |
| Price To Sales QoQ | -18.297 % | |
| Price To Sales YoY | 55.59 % | |
| Price To Sales IPRWA | high: 92.108 mean: 9.009 median: 7.065 HNRG: 5.601 low: 0.045 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 256.285 | |
| Forward PE/G | 1.353 | |
| Forward P/S | 184.447 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.384 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.359 | |
| Asset Turnover Ratio QoQ | 35.166 % | |
| Asset Turnover Ratio YoY | 100.554 % | |
| Asset Turnover Ratio IPRWA | HNRG: 0.359 high: 0.323 median: 0.102 mean: 0.099 low: 0.002 |
|
| Receivables Turnover | 6.751 | |
| Receivables Turnover Ratio QoQ | 2.762 % | |
| Receivables Turnover Ratio YoY | -0.368 % | |
| Receivables Turnover Ratio IPRWA | high: 7.807 HNRG: 6.751 mean: 2.64 median: 2.276 low: 1.077 |
|
| Inventory Turnover | 0.93 | |
| Inventory Turnover Ratio QoQ | 63.837 % | |
| Inventory Turnover Ratio YoY | 33.717 % | |
| Inventory Turnover Ratio IPRWA | high: 19.661 mean: 6.758 median: 5.958 HNRG: 0.93 low: 0.169 |
|
| Days Sales Outstanding (DSO) | 13.517 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 115.869 | |
| Cash Conversion Cycle Days QoQ | 6.133 % | |
| Cash Conversion Cycle Days YoY | 13.307 % | |
| Cash Conversion Cycle Days IPRWA | HNRG: 115.869 high: 94.279 mean: -5.294 median: -5.879 low: -100.341 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.074 | |
| CapEx To Revenue | -0.133 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 146.2 M | |
| Net Invested Capital | $ 146.2 M | |
| Invested Capital | $ 146.2 M | |
| Net Tangible Assets | $ 146.2 M | |
| Net Working Capital | $ -70.80 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.061 | |
| Current Ratio | 0.659 | |
| Current Ratio QoQ | -1.481 % | |
| Current Ratio YoY | 13.235 % | |
| Current Ratio IPRWA | high: 10.921 mean: 1.225 median: 0.904 HNRG: 0.659 low: 0.045 |
|
| Quick Ratio | 0.311 | |
| Quick Ratio QoQ | 21.633 % | |
| Quick Ratio YoY | 83.819 % | |
| Quick Ratio IPRWA | high: 4.866 mean: 1.125 median: 0.752 HNRG: 0.311 low: 0.031 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.424 | |
| Cost Of Debt | 7.786 % | |
| Interest Coverage Ratio | 6.493 | |
| Interest Coverage Ratio QoQ | 85.348 % | |
| Interest Coverage Ratio YoY | 262.263 % | |
| Interest Coverage Ratio IPRWA | high: 62.137 mean: 7.22 HNRG: 6.493 median: 3.677 low: -45.403 |
|
| Operating Cash Flow Ratio | 0.112 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 54.045 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.013 % | |
| Revenue Growth | 42.723 % | |
| Revenue Growth QoQ | -437.785 % | |
| Revenue Growth YoY | 174.887 % | |
| Revenue Growth IPRWA | HNRG: 42.723 % high: 40.741 % mean: 2.646 % median: -0.814 % low: -41.594 % |
|
| Earnings Growth | 189.474 % | |
| Earnings Growth QoQ | -1189.495 % | |
| Earnings Growth YoY | -265.025 % | |
| Earnings Growth IPRWA | HNRG: 189.474 % high: 155.0 % mean: -2.406 % median: -12.5 % low: -178.947 % |
|
| MARGINS | ||
| Gross Margin | 49.874 % | |
| Gross Margin QoQ | -9.496 % | |
| Gross Margin YoY | -5.432 % | |
| Gross Margin IPRWA | high: 81.109 % HNRG: 49.874 % mean: 35.738 % median: 32.475 % low: -14.902 % |
|
| EBIT Margin | 19.226 % | |
| EBIT Margin QoQ | 71.37 % | |
| EBIT Margin YoY | 399.896 % | |
| EBIT Margin IPRWA | high: 96.372 % mean: 22.801 % median: 19.539 % HNRG: 19.226 % low: -72.549 % |
|
| Return On Sales (ROS) | 18.199 % | |
| Return On Sales QoQ | 58.486 % | |
| Return On Sales YoY | 373.193 % | |
| Return On Sales IPRWA | high: 96.372 % mean: 21.862 % HNRG: 18.199 % median: 18.161 % low: -22.163 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 3.7 M | |
| Free Cash Flow Yield | 0.444 % | |
| Free Cash Flow Yield QoQ | -286.555 % | |
| Free Cash Flow Yield YoY | -106.861 % | |
| Free Cash Flow Yield IPRWA | high: 13.628 % median: 1.779 % mean: 1.426 % HNRG: 0.444 % low: -13.048 % |
|
| Free Cash Growth | -317.56 % | |
| Free Cash Growth QoQ | 198.779 % | |
| Free Cash Growth YoY | -5.589 % | |
| Free Cash Growth IPRWA | high: 505.858 % mean: 44.447 % median: 5.67 % HNRG: -317.56 % low: -432.653 % |
|
| Free Cash To Net Income | 0.153 | |
| Cash Flow Margin | 16.35 % | |
| Cash Flow To Earnings | 0.971 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | 5.833 % | |
| Return On Assets QoQ | 174.236 % | |
| Return On Assets YoY | 2101.132 % | |
| Return On Assets IPRWA | high: 9.378 % HNRG: 5.833 % mean: 1.286 % median: 0.831 % low: -8.304 % |
|
| Return On Capital Employed (ROCE) | 13.968 % | |
| Return On Equity (ROE) | 0.163 | |
| Return On Equity QoQ | 141.973 % | |
| Return On Equity YoY | 3254.825 % | |
| Return On Equity IPRWA | HNRG: 0.163 high: 0.143 mean: 0.024 median: 0.024 low: -0.141 |
|
| DuPont ROE | 17.802 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |