Recent News
June 1, 2026 — Hallador announced an Asset Purchase Agreement to acquire ~460 MW of Siemens gas turbines and related equipment for $350 million, plus an estimated $100 million for transport, refurbishment and logistics. June 5, 2026 — Hallador reported selection by the U.S. Department of Energy for negotiations on an approximately $27.2 million award. June 2, 2026 — the company hosted a conference call updating its natural gas generation project timeline and next steps.
Technical Analysis
ADX at 8.69 indicates no established trend; this lack of trend implies price action depends on event-driven catalysts such as turbine delivery, refurbishment progress, and contract milestones.
DI+ registers 16.10 and shows a decreasing trend, which reads as a bearish directional development; DI- registers 17.73 and shows a peak-and-reversal, which reads as a bullish directional development. The opposing DI signals suggest short-term directional disagreement that favors range-bound trading until one side asserts dominance.
MACD sits at 0.08, the MACD signal at -0.06, and the MACD trend shows increasing momentum; the MACD crossing above its signal line constitutes a bullish momentum signal that supports a near-term upside bias if sustained.
MRO reads 4.92 and trends higher; the positive MRO indicates price currently sits above the model target and therefore carries a mean-reversion bias that could check upside strength following short rallies.
RSI at 48.03 displays a dip-and-reversal pattern and sits near neutral; that pattern indicates a recovery from recent weakness but not yet a momentum expansion into overbought territory.
Price sits at $16.24, above the 20-day average ($15.98) and 12-day EMA ($16.02, dip-and-reversal), but below the 200-day average ($17.87). Price trades near the 1x Bollinger upper band ($16.42), implying limited immediate upside without fresh momentum. Volume of 613,501 runs below 10/50/200-day averages, suggesting moves lack high participation and therefore may remain tentative until volume confirms direction.
Fundamental Analysis
Revenue totaled $101,807,000 with operating cash flow of $20,496,000 and free cash flow of $12,815,000 (free-cash-flow yield 1.598%). Net income stood at $-9,321,000 and operating income at $-5,852,000, producing an EBIT of $-6,129,000 and an EBIT margin of -6.02% (EBIT margin QoQ change: -209.06%; YoY change: -153.70%). The negative EBIT and margins reflect current operating drag even as cash generation remains positive.
EPS actual equaled $-0.32 versus an estimate of $-0.10, an EPS surprise of -220.0% and an EPS difference of $-0.22. Forward EPS equals $0.1958 producing a forward PE of 61.71x; trailing PE shows a negative value at -89.56x. Book value per share equals $4.36 and price-to-book sits at 3.90x, which lies above the industry peer mean of 2.0331x and the industry peer median of 2.06426x.
Gross margin equals 42.07%, slightly above the industry peer mean of 41.021%. The company carries low leverage: total debt $6,206,000 against total assets $448,632,000 (debt-to-assets 1.383%), well below the industry peer mean of 39.084% for debt-to-assets. Debt-to-EBITDA equals 1.36x, indicating manageable coverage relative to earnings before interest, taxes, depreciation and amortization.
Liquidity metrics show cash and short-term investments of $36,778,000, a current ratio of 0.80 and a quick ratio of 0.295; the current ratio falls below the industry peer mean of 1.20088 while cash provides a buffer for near-term capital needs. Inventory days run long at 191 days while receivables turnover of 8.80 signals efficient collection.
Revenue growth reads flat to slightly negative: overall revenue growth -0.134%, QoQ change -99.56%, YoY change -100.54%. Free cash flow growth shows declines (free-cash-growth YoY -29.88%). Operating and earnings trends show QoQ improvements on some return metrics (ROA and ROE QoQ increases) but negative absolute returns: return on assets -2.176% and return on equity -4.534%.
WMDST values the stock as under-valued based on the present mix of low leverage, positive operating cash flow, and project-driven upside potential, tempered by negative EBIT, EPS shortfalls, compressed margins QoQ/YoY, and ongoing capital spending for gas-project execution.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-08-10 |
| NEXT REPORT DATE: | 2026-11-09 |
| CASH FLOW | Begin Period Cash Flow | $ 15.4 M |
| Operating Cash Flow | $ 20.5 M | |
| Capital Expenditures | $ -7.68 M | |
| Change In Working Capital | $ 51.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 28.0 M | |
| End Period Cash Flow | $ 43.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 101.8 M | |
| Forward Revenue | $ -25.20 M | |
| COSTS | ||
| Cost Of Revenue | $ 59.0 M | |
| Depreciation | $ 10.7 M | |
| Depreciation and Amortization | $ 10.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 107.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 42.8 M | |
| EBITDA | $ 4.6 M | |
| EBIT | $ -6.13 M | |
| Operating Income | $ -5.85 M | |
| Interest Income | $ 147.0 K | |
| Interest Expense | $ 3.7 M | |
| Net Interest Income | $ -3.82 M | |
| Income Before Tax | $ -9.82 M | |
| Tax Provision | $ -504.00 K | |
| Tax Rate | 5.13 % | |
| Net Income | $ -9.32 M | |
| Net Income From Continuing Operations | $ -9.32 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.10 | |
| EPS Actual | $ -0.32 | |
| EPS Difference | $ -0.22 | |
| EPS Surprise | -220.0 % | |
| Forward EPS | $ 0.20 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 448.6 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 205.6 M | |
| Total Current Assets | $ 151.1 M | |
| Cash and Short-Term Investments | $ 36.8 M | |
| Cash | $ 36.8 M | |
| Net Receivables | $ 9.2 M | |
| Inventory | $ 95.1 M | |
| Long-Term Investments | $ 7.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 19.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 190.0 M | |
| Net Debt | — | |
| Total Debt | $ 6.2 M | |
| Total Liabilities | $ 243.1 M | |
| EQUITY | ||
| Total Equity | $ 205.6 M | |
| Retained Earnings | $ -52.89 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 4.36 | |
| Shares Outstanding | 47.132 M | |
| Revenue Per-Share | $ 2.16 | |
| VALUATION | Market Capitalization | $ 802.0 M |
| Enterprise Value | $ 771.5 M | |
| Enterprise Multiple | 169.03 | |
| Enterprise Multiple QoQ | 233.564 % | |
| Enterprise Multiple YoY | 723.525 % | |
| Enterprise Multiple IPRWA | high: 186.596 HNRG: 169.03 median: 30.147 mean: 28.232 low: -234.841 |
|
| EV/R | 7.578 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.182 | |
| Asset To Liability | 1.846 | |
| Debt To Capital | 0.029 | |
| Debt To Assets | 0.014 | |
| Debt To Assets QoQ | -85.314 % | |
| Debt To Assets YoY | -85.514 % | |
| Debt To Assets IPRWA | high: 0.831 median: 0.48 mean: 0.391 HNRG: 0.014 low: 0.0 |
|
| Debt To Equity | 0.03 | |
| Debt To Equity QoQ | -87.443 % | |
| Debt To Equity YoY | -90.037 % | |
| Debt To Equity IPRWA | high: 3.348 median: 1.505 mean: 1.225 HNRG: 0.03 low: -2.33 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.901 | |
| Price To Book QoQ | -25.997 % | |
| Price To Book YoY | -18.235 % | |
| Price To Book IPRWA | high: 10.555 HNRG: 3.901 median: 2.064 mean: 2.033 low: -1.858 |
|
| Price To Earnings (P/E) | -89.561 | |
| Price To Earnings QoQ | -95.343 % | |
| Price To Earnings YoY | -267.847 % | |
| Price To Earnings IPRWA | high: 202.32 mean: 54.515 median: 53.619 low: -49.343 HNRG: -89.561 |
|
| PE/G Ratio | 0.045 | |
| Price To Sales (P/S) | 7.878 | |
| Price To Sales QoQ | -4.691 % | |
| Price To Sales YoY | 68.596 % | |
| Price To Sales IPRWA | high: 77.712 mean: 8.618 HNRG: 7.878 median: 7.479 low: 0.049 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 61.706 | |
| Forward PE/G | -0.031 | |
| Forward P/S | -20.816 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1554.618 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.238 | |
| Asset Turnover Ratio QoQ | -4.699 % | |
| Asset Turnover Ratio YoY | -25.82 % | |
| Asset Turnover Ratio IPRWA | high: 0.282 HNRG: 0.238 mean: 0.112 median: 0.1 low: 0.001 |
|
| Receivables Turnover | 8.799 | |
| Receivables Turnover Ratio QoQ | 67.235 % | |
| Receivables Turnover Ratio YoY | 4.657 % | |
| Receivables Turnover Ratio IPRWA | HNRG: 8.799 high: 7.021 mean: 2.602 median: 2.552 low: 0.51 |
|
| Inventory Turnover | 0.643 | |
| Inventory Turnover Ratio QoQ | 17.863 % | |
| Inventory Turnover Ratio YoY | -2.952 % | |
| Inventory Turnover Ratio IPRWA | high: 28.671 mean: 7.05 median: 5.705 HNRG: 0.643 low: 0.137 |
|
| Days Sales Outstanding (DSO) | 10.371 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 167.859 | |
| Cash Conversion Cycle Days QoQ | 77.568 % | |
| Cash Conversion Cycle Days YoY | 9.056 % | |
| Cash Conversion Cycle Days IPRWA | HNRG: 167.859 high: 141.82 median: -19.358 mean: -20.745 low: -84.281 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.614 | |
| CapEx To Revenue | -0.075 | |
| CapEx To Depreciation | -0.718 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 205.6 M | |
| Net Invested Capital | $ 205.6 M | |
| Invested Capital | $ 205.6 M | |
| Net Tangible Assets | $ 205.6 M | |
| Net Working Capital | $ -38.94 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.194 | |
| Current Ratio | 0.795 | |
| Current Ratio QoQ | -1.666 % | |
| Current Ratio YoY | 31.496 % | |
| Current Ratio IPRWA | high: 11.719 mean: 1.201 median: 0.809 HNRG: 0.795 low: 0.019 |
|
| Quick Ratio | 0.295 | |
| Quick Ratio QoQ | 28.585 % | |
| Quick Ratio YoY | 70.656 % | |
| Quick Ratio IPRWA | high: 5.084 mean: 1.066 median: 0.73 HNRG: 0.295 low: 0.061 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.36 | |
| Cost Of Debt | 15.712 % | |
| Interest Coverage Ratio | -1.658 | |
| Interest Coverage Ratio QoQ | -218.882 % | |
| Interest Coverage Ratio YoY | -140.512 % | |
| Interest Coverage Ratio IPRWA | high: 39.712 mean: 8.939 median: 3.229 HNRG: -1.658 low: -29.033 |
|
| Operating Cash Flow Ratio | 0.036 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 33.797 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.945 % | |
| Revenue Growth | -0.134 % | |
| Revenue Growth QoQ | -99.562 % | |
| Revenue Growth YoY | -100.536 % | |
| Revenue Growth IPRWA | high: 72.732 % median: 18.709 % mean: 17.848 % HNRG: -0.134 % low: -77.547 % |
|
| Earnings Growth | -2000.0 % | |
| Earnings Growth QoQ | 1864.289 % | |
| Earnings Growth YoY | 669.231 % | |
| Earnings Growth IPRWA | high: 350.0 % mean: 25.314 % median: 13.235 % low: -145.0 % HNRG: -2000.0 % |
|
| MARGINS | ||
| Gross Margin | 42.065 % | |
| Gross Margin QoQ | -26.304 % | |
| Gross Margin YoY | -26.431 % | |
| Gross Margin IPRWA | high: 83.151 % median: 44.112 % HNRG: 42.065 % mean: 41.021 % low: -5.303 % |
|
| EBIT Margin | -6.02 % | |
| EBIT Margin QoQ | -209.058 % | |
| EBIT Margin YoY | -153.697 % | |
| EBIT Margin IPRWA | high: 91.389 % mean: 27.278 % median: 16.044 % HNRG: -6.02 % low: -130.769 % |
|
| Return On Sales (ROS) | -5.748 % | |
| Return On Sales QoQ | -195.912 % | |
| Return On Sales YoY | -151.271 % | |
| Return On Sales IPRWA | high: 91.389 % median: 29.66 % mean: 29.496 % HNRG: -5.748 % low: -40.585 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 12.8 M | |
| Free Cash Flow Yield | 1.598 % | |
| Free Cash Flow Yield QoQ | -180.221 % | |
| Free Cash Flow Yield YoY | -67.092 % | |
| Free Cash Flow Yield IPRWA | high: 9.921 % median: 1.885 % HNRG: 1.598 % mean: 1.521 % low: -16.26 % |
|
| Free Cash Growth | -176.362 % | |
| Free Cash Growth QoQ | -68.459 % | |
| Free Cash Growth YoY | -2988.339 % | |
| Free Cash Growth IPRWA | high: 415.69 % median: -21.618 % mean: -88.464 % HNRG: -176.362 % low: -749.778 % |
|
| Free Cash To Net Income | -1.375 | |
| Cash Flow Margin | 6.644 % | |
| Cash Flow To Earnings | -0.726 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -2.176 % | |
| Return On Assets QoQ | 3588.136 % | |
| Return On Assets YoY | -180.147 % | |
| Return On Assets IPRWA | high: 13.756 % mean: 1.441 % median: 0.869 % HNRG: -2.176 % low: -13.451 % |
|
| Return On Capital Employed (ROCE) | -2.37 % | |
| Return On Equity (ROE) | -0.045 | |
| Return On Equity QoQ | 2922.667 % | |
| Return On Equity YoY | -152.41 % | |
| Return On Equity IPRWA | high: 0.237 median: 0.036 mean: 0.035 HNRG: -0.045 low: -0.293 |
|
| DuPont ROE | -5.102 % | |
| Return On Invested Capital (ROIC) | -2.828 % | |
| Return On Invested Capital QoQ | -220.546 % | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | high: 10.952 % mean: 2.517 % median: 2.075 % HNRG: -2.828 % low: -19.571 % |
|