Recent News
On May 6, 2026, Hallador announced a 12‑year capacity agreement valued at over $1 billion and released first‑quarter 2026 financial and operating results; the company also reported a forward sales book of roughly $1.2 billion as of March 31, 2026. On March 25, 2026, Hallador signed a three‑year capacity agreement at record pricing for its accredited capacity for planning years 2026–2028. On March 5–10, 2026, Hallador closed $120 million in senior secured credit facilities consisting of a $75 million revolver and a $45 million delayed draw term loan.
Technical Analysis
Directional indicators show ADX at 30.94, indicating a strong trend environment; DI+ exhibits a peak‑and‑reversal pattern, a bearish directional signal, while DI‑ is decreasing, which acts as a counter‑bullish sign—on balance the DI+ reversal suggests near‑term downside pressure relative to recent momentum.
MACD sits at 0.64 with the MACD line above the 0.33 signal line, which indicates a recent bullish crossover; however, the MACD trend shows a peak‑and‑reversal, signaling weakening momentum and a risk that the bullish crossover may fade.
MRO reads 27.52 and trends higher, indicating price currently sits above the model target and that mean‑reversion pressure may develop if other momentum indicators soften.
RSI at 51.08 occupies neutral territory but shows a peak‑and‑reversal pattern; that pattern implies waning upside breadth rather than oversold or overbought extremes, which supports a cautious near‑term bias.
Price sits at $18.15, below the 200‑day average of $18.64 but above the 50‑day average of $16.89; the 12‑day EMA shows a peak‑and‑reversal as well, placing the recent price action inside the 1‑standard‑deviation Bollinger band range ($15.67–$19.65) and suggesting limited immediate directional room without renewed momentum.
Volume at 804,917 trails the 10‑day average of 1,458,802 and the 50‑day average of 1,085,916, indicating lower participation during the latest session and weakening conviction behind recent moves.
Fundamental Analysis
Revenue totaled $101,944,000 with gross profit of $58,189,000, producing a gross margin of 57.08% and operating margin of 5.99%; EBIT reached $5,627,000 and EBITDA $17,188,000, reflecting positive core operating cash generation though net income recorded a loss of $240,000 for the period.
EPS actual showed a loss of $0.19 versus an estimate of a $0.11 loss, an EPS surprise of -72.73%. WMDST notes the operating margin contracted QoQ by -71.29% and YoY by -102.38%, while earnings growth registers large declines QoQ and YoY (earnings growth QoQ -153.737% and YoY -78.565%), indicating material sequential volatility in profitability.
Liquidity measures show cash of $10,070,000, a current ratio of 0.81 and a quick ratio of 0.23, signaling tight near‑term liquidity coverage relative to current obligations; free cash flow stood at -$16,782,000 with a free cash flow yield of -1.99% and a cash conversion ratio of -3.49, underscoring negative free cash generation this period.
Leverage and coverage: total debt $38,427,000 produces net debt of $19,608,000 and a debt‑to‑EBITDA of 2.24x; interest coverage registers 1.39, which indicates limited cushion against interest expense even as recent financing added $120 million in secured credit capacity to the balance sheet.
Valuation and multiples: price‑to‑book at 5.27 sits above the industry peer mean and median (industry peer mean ~1.90; median ~1.89) but below the industry peer high; enterprise multiple measures at 50.67 and EV/ revenue (EVR) at 8.54. WMDST values the stock as under‑valued based on the firm’s forward sales backlog, contract wins and the firm’s near‑term cash flow profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-05-06 |
| NEXT REPORT DATE: | 2026-08-05 |
| CASH FLOW | Begin Period Cash Flow | $ 35.5 M |
| Operating Cash Flow | $ 8.2 M | |
| Capital Expenditures | $ -24.94 M | |
| Change In Working Capital | $ 6.7 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -20.11 M | |
| End Period Cash Flow | $ 15.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 101.9 M | |
| Forward Revenue | $ -1.39 B | |
| COSTS | ||
| Cost Of Revenue | $ 43.8 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 95.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 58.2 M | |
| EBITDA | $ 17.2 M | |
| EBIT | $ 5.6 M | |
| Operating Income | $ 6.1 M | |
| Interest Income | $ 209.0 K | |
| Interest Expense | $ 4.0 M | |
| Net Interest Income | $ -3.83 M | |
| Income Before Tax | $ 1.6 M | |
| Tax Provision | $ 1.8 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -240.00 K | |
| Net Income From Continuing Operations | $ -240.00 K | |
| EARNINGS | ||
| EPS Estimate | $ -0.11 | |
| EPS Actual | $ -0.19 | |
| EPS Difference | $ -0.08 | |
| EPS Surprise | -72.727 % | |
| Forward EPS | $ 0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 408.1 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 159.8 M | |
| Total Current Assets | $ 123.4 M | |
| Cash and Short-Term Investments | $ 10.1 M | |
| Cash | $ 10.1 M | |
| Net Receivables | $ 14.0 M | |
| Inventory | $ 88.4 M | |
| Long-Term Investments | $ 7.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 12.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 152.6 M | |
| Net Debt | $ 19.6 M | |
| Total Debt | $ 38.4 M | |
| Total Liabilities | $ 248.2 M | |
| EQUITY | ||
| Total Equity | $ 159.8 M | |
| Retained Earnings | $ -43.57 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.65 | |
| Shares Outstanding | 43.817 M | |
| Revenue Per-Share | $ 2.33 | |
| VALUATION | Market Capitalization | $ 842.6 M |
| Enterprise Value | $ 871.0 M | |
| Enterprise Multiple | 50.674 | |
| Enterprise Multiple QoQ | 119.445 % | |
| Enterprise Multiple YoY | -2074.942 % | |
| Enterprise Multiple IPRWA | high: 120.838 HNRG: 50.674 median: 33.757 mean: 31.276 low: -32.323 |
|
| EV/R | 8.544 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.553 | |
| Asset To Liability | 1.644 | |
| Debt To Capital | 0.194 | |
| Debt To Assets | 0.094 | |
| Debt To Assets QoQ | -27.567 % | |
| Debt To Assets YoY | -39.178 % | |
| Debt To Assets IPRWA | high: 0.83 median: 0.482 mean: 0.391 HNRG: 0.094 low: 0.0 |
|
| Debt To Equity | 0.24 | |
| Debt To Equity QoQ | -33.976 % | |
| Debt To Equity YoY | -56.129 % | |
| Debt To Equity IPRWA | high: 2.57 median: 1.459 mean: 1.233 HNRG: 0.24 low: -1.244 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.272 | |
| Price To Book QoQ | -6.295 % | |
| Price To Book YoY | 21.285 % | |
| Price To Book IPRWA | high: 7.242 HNRG: 5.272 mean: 1.902 median: 1.895 low: -0.398 |
|
| Price To Earnings (P/E) | -1923.055 | |
| Price To Earnings QoQ | -5626.921 % | |
| Price To Earnings YoY | 2610.748 % | |
| Price To Earnings IPRWA | high: 139.381 median: 54.782 mean: 54.159 low: -98.062 HNRG: -1923.055 |
|
| PE/G Ratio | 18.887 | |
| Price To Sales (P/S) | 8.266 | |
| Price To Sales QoQ | 47.577 % | |
| Price To Sales YoY | 71.802 % | |
| Price To Sales IPRWA | high: 65.219 mean: 8.658 HNRG: 8.266 median: 8.165 low: 0.04 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 84.55 | |
| Forward PE/G | -0.83 | |
| Forward P/S | -0.773 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.619 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.249 | |
| Asset Turnover Ratio QoQ | -30.454 % | |
| Asset Turnover Ratio YoY | 25.579 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 HNRG: 0.249 mean: 0.1 median: 0.083 low: 0.0 |
|
| Receivables Turnover | 5.261 | |
| Receivables Turnover Ratio QoQ | -22.063 % | |
| Receivables Turnover Ratio YoY | -23.648 % | |
| Receivables Turnover Ratio IPRWA | high: 7.418 HNRG: 5.261 mean: 2.542 median: 2.393 low: 0.153 |
|
| Inventory Turnover | 0.546 | |
| Inventory Turnover Ratio QoQ | -41.321 % | |
| Inventory Turnover Ratio YoY | 22.942 % | |
| Inventory Turnover Ratio IPRWA | high: 22.495 mean: 6.571 median: 6.528 HNRG: 0.546 low: 0.238 |
|
| Days Sales Outstanding (DSO) | 17.343 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 94.532 | |
| Cash Conversion Cycle Days QoQ | -18.415 % | |
| Cash Conversion Cycle Days YoY | -9.141 % | |
| Cash Conversion Cycle Days IPRWA | HNRG: 94.532 high: 91.409 median: -14.3 mean: -15.533 low: -98.67 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -3.489 | |
| CapEx To Revenue | -0.245 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 189.5 M | |
| Net Invested Capital | $ 189.5 M | |
| Invested Capital | $ 189.5 M | |
| Net Tangible Assets | $ 159.8 M | |
| Net Working Capital | $ -29.21 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.066 | |
| Current Ratio | 0.809 | |
| Current Ratio QoQ | 22.779 % | |
| Current Ratio YoY | 17.902 % | |
| Current Ratio IPRWA | high: 12.339 mean: 1.239 HNRG: 0.809 median: 0.763 low: 0.06 |
|
| Quick Ratio | 0.229 | |
| Quick Ratio QoQ | -26.316 % | |
| Quick Ratio YoY | 20.641 % | |
| Quick Ratio IPRWA | high: 9.206 mean: 1.082 median: 0.678 HNRG: 0.229 low: 0.041 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.236 | |
| Cost Of Debt | 6.954 % | |
| Interest Coverage Ratio | 1.395 | |
| Interest Coverage Ratio QoQ | -78.517 % | |
| Interest Coverage Ratio YoY | -101.906 % | |
| Interest Coverage Ratio IPRWA | high: 29.944 mean: 6.184 median: 3.764 HNRG: 1.395 low: -26.844 |
|
| Operating Cash Flow Ratio | 0.053 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 22.231 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.344 % | |
| Revenue Growth | -30.578 % | |
| Revenue Growth QoQ | -171.573 % | |
| Revenue Growth YoY | 196.73 % | |
| Revenue Growth IPRWA | high: 64.987 % median: 13.596 % mean: 13.426 % HNRG: -30.578 % low: -46.866 % |
|
| Earnings Growth | -101.818 % | |
| Earnings Growth QoQ | -153.737 % | |
| Earnings Growth YoY | -78.565 % | |
| Earnings Growth IPRWA | high: 319.231 % mean: 59.279 % median: 27.273 % HNRG: -101.818 % low: -130.556 % |
|
| MARGINS | ||
| Gross Margin | 57.079 % | |
| Gross Margin QoQ | 14.446 % | |
| Gross Margin YoY | -12.846 % | |
| Gross Margin IPRWA | high: 79.215 % HNRG: 57.079 % mean: 39.836 % median: 37.417 % low: -22.31 % |
|
| EBIT Margin | 5.52 % | |
| EBIT Margin QoQ | -71.289 % | |
| EBIT Margin YoY | -102.377 % | |
| EBIT Margin IPRWA | high: 119.389 % mean: 27.731 % median: 21.372 % HNRG: 5.52 % low: -130.344 % |
|
| Return On Sales (ROS) | 5.993 % | |
| Return On Sales QoQ | -67.07 % | |
| Return On Sales YoY | -102.58 % | |
| Return On Sales IPRWA | high: 95.267 % mean: 26.155 % median: 25.237 % HNRG: 5.993 % low: -81.621 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -16.78 M | |
| Free Cash Flow Yield | -1.992 % | |
| Free Cash Flow Yield QoQ | -548.649 % | |
| Free Cash Flow Yield YoY | -135.847 % | |
| Free Cash Flow Yield IPRWA | high: 8.36 % median: 1.194 % mean: 1.056 % HNRG: -1.992 % low: -10.288 % |
|
| Free Cash Growth | -559.152 % | |
| Free Cash Growth QoQ | 76.078 % | |
| Free Cash Growth YoY | 175.522 % | |
| Free Cash Growth IPRWA | high: 164.816 % median: -33.909 % mean: -37.09 % low: -301.227 % HNRG: -559.152 % |
|
| Free Cash To Net Income | 69.925 | |
| Cash Flow Margin | -16.209 % | |
| Cash Flow To Earnings | -33.983 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.059 % | |
| Return On Assets QoQ | -101.011 % | |
| Return On Assets YoY | -99.87 % | |
| Return On Assets IPRWA | high: 7.511 % mean: 1.643 % median: 1.348 % HNRG: -0.059 % low: -7.017 % |
|
| Return On Capital Employed (ROCE) | 2.203 % | |
| Return On Equity (ROE) | -0.002 | |
| Return On Equity QoQ | -100.918 % | |
| Return On Equity YoY | -99.928 % | |
| Return On Equity IPRWA | high: 0.19 median: 0.037 mean: 0.033 HNRG: -0.002 low: -0.151 |
|
| DuPont ROE | -0.157 % | |
| Return On Invested Capital (ROIC) | 2.346 % | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | -100.55 % | |
| Return On Invested Capital IPRWA | high: 14.536 % mean: 2.484 % HNRG: 2.346 % median: 2.059 % low: -14.634 % |
|