Tearsheet

Hudson Technologies (HDSN)

Market Price (4/19/2026): $6.35 | Market Cap: $273.1 Mil
Sector: Materials | Industry: Specialty Chemicals

Hudson Technologies (HDSN)

Market Price (4/19/2026): $6.35
Market Cap: $273.1 Mil
Sector: Materials
Industry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40%

Low stock price volatility
Vol 12M is 48%

Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Electrification of Everything, and Sustainable & Green Buildings. Themes include Advanced Recycling Technologies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -77%, 3Y Excs Rtn is -98%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.4%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3%

Key risks
HDSN key risks include [1] depressed gross margins from refrigerant price volatility and high inventory levels and [2] revenue declines resulting from significant customer concentration, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40%
3	Low stock price volatility Vol 12M is 48%
4	Megatrend and thematic drivers Megatrends include Circular Economy & Recycling, Electrification of Everything, and Sustainable & Green Buildings. Themes include Advanced Recycling Technologies, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -77%, 3Y Excs Rtn is -98%
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.4%
7	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3%
8	Key risks HDSN key risks include [1] depressed gross margins from refrigerant price volatility and high inventory levels and [2] revenue declines resulting from significant customer concentration, Show more.

Valuation, Metrics & Events

	4/19/26	2025	2024	2023	2022
Share Price CYE	$6.35	$6.85	$5.58	$13.49	$10.12
Market Cap CYE ($ Mil)	273.1	294.6	250.3	613.8	457.0
Total Debt ($ Mil)	5.3	5.3	6.9	6.7	50.7
Total Cash ($ Mil)	39.5	39.5	70.1	12.4	5.3
Enterprise Value ($ Mil)	238.9	299.9	257.2	620.5	507.7
Valuation Ratios
P/S TTM	1.1	1.2	1.1	2.1	1.4
P/EBIT TTM	14.7	15.9	9.3	7.9	3.5
P/E TTM	16.4	17.7	10.3	11.7	4.4
P/FCF TTM	-33.2	-35.9	2.9	11.2	7.7
Sector Ratios
P/S TTM (Sector)	2.0	1.6	1.4	1.4	1.1
P/EBIT TTM (Sector)	5.7	5.4	6.1	6.7	5.2
P/E TTM (Sector)	-0.5	-0.5	3.6	7.1	5.0
P/FCF TTM (Sector)	5.2	5.1	4.1	5.3	2.1

	4/19/26	2025	2024
Share Price CYE	$6.35	$6.85	$5.58
Market Cap CYE ($ Mil)	273.1	294.6	250.3
Total Debt ($ Mil)	5.3	5.3	6.9
Total Cash ($ Mil)	39.5	39.5	70.1
Enterprise Value ($ Mil)	238.9	299.9	257.2
Valuation Ratios
P/S TTM	1.1	1.2	1.1
P/EBIT TTM	14.7	15.9	9.3
P/E TTM	16.4	17.7	10.3
P/FCF TTM	-33.2	-35.9	2.9
Sector Ratios
P/S TTM (Sector)	2.0	1.6	1.4
P/EBIT TTM (Sector)	5.7	5.4	6.1
P/E TTM (Sector)	-0.5	-0.5	3.6
P/FCF TTM (Sector)	5.2	5.1	4.1

	HDSN	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.2
Rev Chg Q	28.2%	7.5%
Rev Chg LTM	4.0%	6.8%
Rev Chg 3Y Avg	-8.4%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	7.5%	18.6%
CFO/Rev LTM	-1.3%	20.6%
Net Inc Mgn	6.8%	12.8%
VALUATION	MODERATE
P/S	1.1	3.3
P/CFO	-86.4	15.8
P/FCF	-33.2	20.6
P/E	16.4	24.5
STABILITY	VERY GOOD
Debt/Equity	0.02	0.20
Cash/Assets	0.12	0.07

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Metric	Value	Date	Source
Refrigerant Reclamation Volume Growth	19% increase	12312024	Link
Refrigerant Sales Volume Growth	18% year-over-year increase	9302025	Link
Nationwide HFC Inventory Level Change	18% decline	12312024	Link
Cylinders Handled Annually	>300,000	6302025	Link
U.S. Defense Logistics Agency Contract Value (Base Period)	$210,000,000	1152025	Link

Upcoming
5/06/2026	Earnings Release	Rev: $57 Mil (E) EPS: $0.05 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Hudson Technologies (HDSN) stock has lost about 5% since 12/31/2025 because of the following key factors:

1. Q4 2025 Earnings Miss and Significant Costs: Hudson Technologies reported a net loss of $8.6 million, or $0.20 per diluted share, for Q4 2025, significantly missing analysts' consensus estimate of -$0.09 EPS. This underperformance was primarily due to $4.2 million in inventory-related costs and $4 million in executive severance expenses.

2. Operational Inefficiencies from New ERP System: The company's implementation of a new ERP system on February 1, 2026, is expected to cause startup inefficiencies, leading to a negative impact on Q1 2026 revenues. Hudson Technologies anticipates only low-to-mid single-digit revenue growth for Q1 2026 compared to Q1 2025 due to this transition.

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Stock Movement Drivers

Fundamental Drivers

The -7.4% change in HDSN stock from 12/31/2025 to 4/18/2026 was primarily driven by a -29.6% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4182026	Change
Stock Price ($)	6.85	6.34	-7.4%
Change Contribution By:
Total Revenues ($ Mil)	237	247	4.1%
Net Income Margin (%)	9.6%	6.8%	-29.6%
P/E Multiple	13.2	16.4	24.4%
Shares Outstanding (Mil)	44	43	1.5%
Cumulative Contribution			-7.4%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/18/2026

	Return	Correlation
HDSN	-7.4%
Market (SPY)	-5.4%	50.6%
Sector (XLB)	14.4%	55.5%

Fundamental Drivers

The -36.2% change in HDSN stock from 9/30/2025 to 4/18/2026 was primarily driven by a -31.4% change in the company's P/E Multiple.

(LTM values as of)	9302025	4182026	Change
Stock Price ($)	9.93	6.34	-36.2%
Change Contribution By:
Total Revenues ($ Mil)	225	247	9.7%
Net Income Margin (%)	8.1%	6.8%	-16.4%
P/E Multiple	23.8	16.4	-31.4%
Shares Outstanding (Mil)	44	43	1.5%
Cumulative Contribution			-36.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/18/2026

	Return	Correlation
HDSN	-36.2%
Market (SPY)	-2.9%	37.8%
Sector (XLB)	16.4%	42.7%

Fundamental Drivers

The 2.8% change in HDSN stock from 3/31/2025 to 4/18/2026 was primarily driven by a 44.1% change in the company's P/E Multiple.

(LTM values as of)	3312025	4182026	Change
Stock Price ($)	6.17	6.34	2.8%
Change Contribution By:
Total Revenues ($ Mil)	237	247	4.0%
Net Income Margin (%)	10.3%	6.8%	-34.3%
P/E Multiple	11.3	16.4	44.1%
Shares Outstanding (Mil)	45	43	4.3%
Cumulative Contribution			2.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/18/2026

	Return	Correlation
HDSN	2.8%
Market (SPY)	16.3%	41.9%
Sector (XLB)	22.5%	42.6%

Fundamental Drivers

The -27.4% change in HDSN stock from 3/31/2023 to 4/18/2026 was primarily driven by a -78.8% change in the company's Net Income Margin (%).

(LTM values as of)	3312023	4182026	Change
Stock Price ($)	8.73	6.34	-27.4%
Change Contribution By:
Total Revenues ($ Mil)	325	247	-24.2%
Net Income Margin (%)	31.9%	6.8%	-78.8%
P/E Multiple	3.8	16.4	330.8%
Shares Outstanding (Mil)	45	43	5.0%
Cumulative Contribution			-27.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/18/2026

	Return	Correlation
HDSN	-27.4%
Market (SPY)	63.3%	28.1%
Sector (XLB)	35.8%	32.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
HDSN Return	307%	128%	33%	-59%	23%	-10%	468%
Peers Return	41%	-40%	6%	21%	11%	2%	23%
S&P 500 Return	27%	-19%	24%	23%	16%	3%	87%
Monthly Win Rates [3]
HDSN Win Rate	92%	58%	50%	17%	67%	50%
Peers Win Rate	62%	35%	47%	48%	42%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
HDSN Max Drawdown	-4%	-24%	-25%	-61%	-6%	-16%
Peers Max Drawdown	-4%	-55%	-29%	-32%	-23%	-12%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FUL, GEVO, LOOP, FSI, SHW.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/17/2026 (YTD)

How Low Can It Go

Unique Key	Event	HDSN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-38.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	62.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	42 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-42.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	72.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	84 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-96.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	2945.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	998 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-74.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	288.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,250 days	1,480 days

Compare to FUL, GEVO, LOOP, FSI, SHW

In The Past

Hudson Technologies's stock fell -38.4% during the 2022 Inflation Shock from a high on 8/25/2022. A -38.4% loss requires a 62.4% gain to breakeven.

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About Hudson Technologies (HDSN)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Hudson Technologies, Inc. a refrigerant services company, provides solutions to recurring problems within the refrigeration industry primarily in the United States. The company's products and services include refrigerant and industrial gas sales; refrigerant management services consisting primarily of reclamation of refrigerants, re-usable cylinder refurbishment, and hydrostatic testing services; and RefrigerantSide services comprising system decontamination to remove moisture, oils, and other contaminants. It also offers SmartEnergy OPS service, a web-based real time continuous monitoring service for facility's refrigeration systems and other energy systems applications; and Chiller Chemistry and Chill Smart services. In addition, the company participates in the generation of carbon offset projects. It serves commercial, industrial, and governmental customers, as well as refrigerant wholesalers, distributors, contractors, and refrigeration equipment manufacturers. Hudson Technologies, Inc. was incorporated in 1991 and is headquartered in Woodcliff Lake, New Jersey.

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Here are 1-2 brief analogies to describe Hudson Technologies (HDSN):

Waste Management for refrigerants: Hudson Technologies reclaims, recycles, and manages refrigerants throughout their lifecycle, much like Waste Management handles various types of industrial waste.
Ecolab for industrial refrigeration systems: Hudson Technologies provides specialized services like system decontamination, chemistry, and real-time monitoring to optimize the performance and efficiency of complex industrial refrigeration systems, similar to how Ecolab offers specialized solutions for industrial processes.

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Refrigerant and Industrial Gas Sales: Sells refrigerants and industrial gases.
Refrigerant Management Services: Provides refrigerant reclamation, re-usable cylinder refurbishment, and hydrostatic testing.
RefrigerantSide Services: Offers system decontamination to remove moisture, oils, and other contaminants from refrigeration systems.
SmartEnergy OPS Service: A web-based service for real-time continuous monitoring of refrigeration and other energy systems.
Chiller Chemistry and Chill Smart Services: Provides specialized services for chiller chemistry and smart chiller optimization.
Carbon Offset Projects: Participates in the generation of carbon offset projects.

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Hudson Technologies (HDSN) primarily serves other companies and organizations within the refrigeration industry.

Based on the provided information, Hudson Technologies' major customer categories include:

Commercial customers
Industrial customers
Governmental customers
Refrigerant wholesalers
Distributors
Contractors
Refrigeration equipment manufacturers

The provided background information does not specify the names of individual major customer companies or their public symbols.

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Ken Gaglione, Chairman of the Board, President & Chief Executive Officer

Ken Gaglione was appointed Chairman of the Board, President, and Chief Executive Officer in November 2025. He previously served as Vice President – Operations for Hudson Technologies from September 2020 to December 2023. Following this, he consulted for a European private equity firm, evaluating opportunities in the refrigerant and HVAC industry, and also advised Hudson Technologies. Prior to joining Hudson, Mr. Gaglione held several leadership roles at Honeywell International, including Global Marketing Director for aftermarket refrigerants. His earlier career also included marketing and product leadership positions at Rohm and Haas' Electronic Materials division and Ciba-Geigy's Photopolymers division.

Brian Bertaux, Chief Financial Officer

Brian Bertaux has served as Chief Financial Officer since August 2024. He brings 20 years of experience from Trex, an NYSE-traded company, where he held various positions, including Senior Director, Finance and Strategy, and interim President, Trex Commercial Products. Before joining Hudson, Mr. Bertaux was Chief Financial Officer of Brown Haven Homes from 2023 to 2024. He also worked as a consultant and then as Vice President – Finance for vonDrehle Corporation until its sale in December 2022.

Kathleen L. Houghton, Senior Vice President of Sales and Marketing

Kathleen L. Houghton joined Hudson Technologies in 2014 as Director of Marketing. She was appointed to her current role as Senior Vice President of Sales and Marketing in 2023 and became an executive officer in 2020. Ms. Houghton has over 30 years of experience in industrial manufacturing, including 16 years with Kidde-Fenwal/United Technologies, and leadership roles at C & M Corporation and Safety Hi-Tech USA.

Robert Stoody, Senior Vice President of Operations

Robert Stoody joined Hudson in January 2015 through an acquisition. He has more than 20 years of experience in managing the supply of compressed industrial and specialty gases, refrigerants, cylinders, and related products. Mr. Stoody was named an executive officer of the Company in 2026, and previously served as Vice President of the Military & Gases Division.

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Key Risks to Hudson Technologies (HDSN)

Hudson Technologies (HDSN) faces several key risks that could impact its business performance, primarily stemming from the inherent nature of the refrigerant industry and its operational dependencies.

Volatility in Refrigerant Pricing and Supply/Demand Dynamics: Hudson Technologies' financial performance is highly sensitive to the fluctuating prices of refrigerants, which are commodity-driven by supply and demand dynamics. Recent trends indicate that HFC (hydrofluorocarbon) pricing growth may be stalling, and the supply in the market remains plentiful relative to demand. This has led to margin compression, with the company's gross margin declining in 2024 and expected to remain in line with 2025 levels in the near term, absent significant price appreciation. The company's business model is concentrated on the price of specific gases, making it particularly vulnerable to these market fluctuations.
Regulatory Delays and Changes: The anticipated demand and pricing tailwinds from environmental regulations such as the AIM Act and the A2L transition are crucial for Hudson Technologies' long-term growth. However, these regulatory catalysts are proving to be delayed longer than initially expected. While these regulations are intended to phase down HFC production and consumption, thereby increasing the value of reclaimed refrigerants, delays in their full implementation or unexpected changes can significantly impact the company's projected opportunities and strategic positioning. The company's reliance on stable regulatory environments is a notable risk.
Customer Concentration and Contract Uncertainty: A significant portion of Hudson Technologies' revenue is generated from a single customer, the U.S. Defense Logistics Agency (DLA), which accounts for over 10% of the company's total revenue. This concentration creates a vulnerability due to the "lumpy" nature of the relationship and potential contract uncertainties. Recently, a competitor filed a bid protest challenging a DLA contract award to Hudson Technologies, leading the DLA to rescind the award for review. This introduces considerable execution risk and potential for revenue disruption.

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The addressable markets for Hudson Technologies' main products and services are identified as follows:


    Industrial Gas Sales: The U.S. industrial gases market size was valued at approximately $29.7 billion in 2024.
    Refrigerant Sales: The U.S. refrigerant market is projected to reach an estimated value of $11.98 billion by 2032.
    Refrigerant Management Services (Reclamation): The global refrigerant recycling service market size was estimated to be worth $3.78 billion in 2024 and is projected to reach $5.65 billion by 2035. North America is expected to generate the highest demand in this market.

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Expected Revenue Growth Drivers for Hudson Technologies (HDSN) over the Next 2-3 Years

Hudson Technologies (HDSN) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends. One significant driver is the **continued increase in sales volume and expansion of market share**. The company has demonstrated strong sales volume growth, with a 28% increase in the fourth quarter of 2025, primarily driven by improved inventory levels and successful engagement with contractor partners. Management views this strong sales volume execution as a promising indicator of demand for 2026. Secondly, **strategic acquisitions** are anticipated to fuel growth. Hudson Technologies completed the acquisition of Refrigerants Inc. in the fourth quarter of 2025, which is expected to enhance access to recovered refrigerants and strengthen its distribution network in the Western U.S.. The company has also indicated a strategic focus on pursuing additional acquisitions to bolster its market positioning. A third key driver is the **growth in refrigerant reclamation volume**, which is aligned with environmental regulations and sustainability initiatives. Hudson Technologies achieved an 18% increase in reclamation volume for the second consecutive year in 2025. This continued growth in reclamation is considered a core long-term driver, benefiting from upcoming EPA consumption reductions and increasing demand for sustainable refrigerant solutions under the AIM Act. Furthermore, the **expansion of proactive commercial HVAC services** represents a growth opportunity. The company's strategic emphasis includes developing proactive commercial HVAC services, specifically highlighting chiller performance monitoring. This focus on value-added services beyond traditional refrigerant sales is expected to contribute to revenue diversification and growth. Finally, the **anticipated rise in HFO aftermarket demand** is poised to become a material revenue driver. While 2026 is viewed as a transitional year, HFO (hydrofluoroolefin) aftermarket demand is projected to increase significantly starting in 2027. This shift in refrigerant types presents a long-term growth pathway for Hudson Technologies as the industry progresses toward lower Global Warming Potential (GWP) alternatives.

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Share Repurchases

Hudson Technologies repurchased $20 million of common stock during 2025.
The company has authorized an additional $20 million for share repurchases in 2026.
In the fourth quarter of 2025, $14 million of common stock was repurchased.

Outbound Investments

In December 2025, Hudson Technologies acquired Refrigerants Inc., an EPA-certified reclaimer and refrigerant distributor, for an initial purchase price of $2.5 million to expand its recovery network and geographic footprint, particularly in the western U.S.
The company acquired USA Refrigerants in 2024 to strengthen its capabilities and geographic reach related to securing recovered refrigerants.

Capital Expenditures

Hudson Tech invested $2.1 million in capital expenditures during the third quarter of 2025.
For the 12 months ending in Q4 2025, capital expenditures amounted to $5.05 million.
The company's capital allocation strategy includes investing in organic growth opportunities such as infrastructure, inventory (including restocking inventory in Q4 2025), and technology (such as the new ERP system implemented in Q1 2026).

Interactive Breakdown

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Better Bets vs. Hudson Technologies (HDSN)

INDUSTRY: Specialty Chemicals

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FUL (-2.2% | 1.0x)

H.B. Fuller

CLMT (-3.9% | 0.7x)

Calumet

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HDSN: -8.4% | 14.7x)

PPG (0.6% | 11.9x)

PPG Industries

EMN (-5.9% | 8.8x)

Eastman Chemical

CE (0.0% | 8.8x)

Celanese

AXTA (1.6% | 8.7x)

Axalta Coating Systems

NEU (-0.4% | 10.9x)

NewMarket

Higher Rev Chg LTM (Value for HDSN: 4.0%)

LWLG (147.7%)

Lightwave Logic

ECVT (18.7%)

Ecovyst

PRM (16.4%)

Perimeter Solutions

BCPC (8.8%)

Balchem

RPM (5.7%)

RPM International

Higher Rev Chg 3Y Avg (Value for HDSN: -8.4%)

ECL (4.3%)

Ecolab

SHW (2.1%)

Sherwin-Williams

PPG (0.6%)

PPG Industries

IFF (-4.3%)

International Flavors & Fragrances

ALB (-5.7%)

Albemarle

Higher Op Mgn LTM (Value for HDSN: 7.5%)

ECL (18.0%)

Ecolab

SHW (16.1%)

Sherwin-Williams

PPG (13.7%)

PPG Industries

DD (12.2%)

DuPont de Nemours

IFF (7.7%)

International Flavors & Fragrances

Higher CFO/Rev LTM (Value for HDSN: -1.3%)

ALB (24.9%)

Albemarle

ECL (18.4%)

Ecolab

SHW (14.6%)

Sherwin-Williams

PPG (12.2%)

PPG Industries

LYB (7.5%)

LyondellBasell Industries

Higher FCF/Rev LTM (Value for HDSN: -3.3%)

ALB (13.5%)

Albemarle

ECL (11.8%)

Ecolab

SHW (11.3%)

Sherwin-Williams

PPG (7.3%)

PPG Industries

LYB (1.3%)

LyondellBasell Industries

Higher Total Yield (Value for HDSN: 6.1%)

PPG (8.5%)

PPG Industries

NEU (8.0%)

NewMarket

EMN (7.9%)

Eastman Chemical

SCL (7.0%)

Stepan

IOSP (6.2%)

Innospec

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for HDSN: -8.4% | 1.1x)

SW (55.1% | 0.7x)

Smurfit WestRock

IP (9.2% | 0.8x)

International Paper

CCK (-1.4% | 1.0x)

Crown

EMN (-5.9% | 1.0x)

Eastman Chemical

CMC (-2.6% | 0.9x)

Commercial Metals

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HDSN: -8.4% | 14.7x)

NEM (26.2% | 11.5x)

Newmont

B (16.0% | 9.0x)

Barrick Mining

AU (36.1% | 13.0x)

Anglogold Ashanti

KGC (27.0% | 13.1x)

Kinross Gold

PPG (0.6% | 11.9x)

PPG Industries

Higher Rev Chg LTM (Value for HDSN: 4.0%)

AEM (43.7%)

Agnico Eagle Mines

B (31.2%)

Barrick Mining

NEM (21.3%)

Newmont

SCCO (17.4%)

Southern Copper

CRH (5.3%)

CRH

Higher Rev Chg 3Y Avg (Value for HDSN: -8.4%)

AEM (28.1%)

Agnico Eagle Mines

NEM (26.2%)

Newmont

SCCO (10.5%)

Southern Copper

FCX (4.5%)

Freeport-McMoRan

LIN (0.6%)

Linde

Higher Op Mgn LTM (Value for HDSN: 7.5%)

AEM (53.0%)

Agnico Eagle Mines

SCCO (52.2%)

Southern Copper

NEM (48.6%)

Newmont

LIN (27.2%)

Linde

FCX (25.1%)

Freeport-McMoRan

Higher CFO/Rev LTM (Value for HDSN: -1.3%)

AEM (57.2%)

Agnico Eagle Mines

NEM (45.6%)

Newmont

SCCO (35.4%)

Southern Copper

LIN (30.5%)

Linde

FCX (21.6%)

Freeport-McMoRan

Higher FCF/Rev LTM (Value for HDSN: -3.3%)

AEM (35.8%)

Agnico Eagle Mines

NEM (32.2%)

Newmont

SCCO (25.5%)

Southern Copper

LIN (15.0%)

Linde

FCX (4.3%)

Freeport-McMoRan

Higher Total Yield (Value for HDSN: 6.1%)

NTR (9.8%)

Nutrien

PPG (8.5%)

PPG Industries

AU (8.1%)

Anglogold Ashanti

B (8.1%)

Barrick Mining

NEM (6.4%)

Newmont

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HDSN: -8.4% | 1.1x)

UNH (11.4% | 0.7x)

UnitedHealth

CMCSA (0.6% | 0.9x)

Comcast

MCK (13.3% | 0.3x)

McKesson

CVS (7.7% | 0.2x)

CVS Health

FDX (-1.4% | 1.0x)

FedEx

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HDSN: -8.4% | 14.7x)

MRK (3.2% | 13.4x)

Merck

TMUS (3.6% | 11.8x)

T-Mobile US

VZ (0.3% | 6.7x)

Verizon Communications

DIS (4.3% | 13.9x)

Walt Disney

T (1.3% | 7.5x)

AT&T

Higher Rev Chg LTM (Value for HDSN: 4.0%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for HDSN: -8.4%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for HDSN: 7.5%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for HDSN: -1.3%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for HDSN: -3.3%)

NVDA (44.8%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

AMZN (1.1%)

Amazon.com

Higher Total Yield (Value for HDSN: 6.1%)

BAC (7.7%)

Bank of America

XOM (7.4%)

Exxon Mobil

JNJ (6.9%)

Johnson & Johnson

JPM (6.7%)

JPMorgan Chase

BRK-B (6.5%)

Berkshire Hathaway

Best Bets in Materials

What You Pay

P/EBIT (Value for HDSN: 14.7x)

RGLD (35.8x)

Royal Gold

SCCO (23.0x)

Southern Copper

USLM (25.3x)

United States Lime & Minerals

CF (7.4x)

CF Industries

NEU (9.9x)

NewMarket

NEM (11.0x)

Newmont

EXP (10.8x)

Eagle Materials

B (7.9x)

Barrick Mining

CBT (6.4x)

Cabot

SON (5.7x)

Sonoco Products

P/E (Value for HDSN: 16.4x)

RGLD (46.3x)

Royal Gold

SCCO (37.9x)

Southern Copper

USLM (29.7x)

United States Lime & Minerals

CF (12.1x)

CF Industries

NEU (14.2x)

NewMarket

NEM (17.9x)

Newmont

EXP (14.9x)

Eagle Materials

B (14.6x)

Barrick Mining

CBT (12.6x)

Cabot

SON (5.7x)

Sonoco Products

What You Get

Rev Chg 3Y Avg (Value for HDSN: -8.4%)

RGLD (20.8%)

Royal Gold

SCCO (10.5%)

Southern Copper

USLM (16.5%)

United States Lime & Minerals

CF (-10.6%)

CF Industries

NEU (-0.4%)

NewMarket

NEM (26.2%)

Newmont

EXP (3.3%)

Eagle Materials

B (16.0%)

Barrick Mining

CBT (-5.7%)

Cabot

SON (10.7%)

Sonoco Products

Rev Chg LTM (Value for HDSN: 4.0%)

RGLD (43.2%)

Royal Gold

SCCO (17.4%)

Southern Copper

USLM (17.3%)

United States Lime & Minerals

CF (19.3%)

CF Industries

NEU (-2.2%)

NewMarket

NEM (21.3%)

Newmont

EXP (1.4%)

Eagle Materials

B (31.2%)

Barrick Mining

CBT (-9.6%)

Cabot

SON (41.7%)

Sonoco Products

Rev Chg Q (Value for HDSN: 28.2%)

RGLD (85.3%)

Royal Gold

SCCO (39.0%)

Southern Copper

USLM (9.8%)

United States Lime & Minerals

CF (22.8%)

CF Industries

NEU (-2.9%)

NewMarket

NEM (20.6%)

Newmont

EXP (-0.4%)

Eagle Materials

B (64.5%)

Barrick Mining

CBT (-11.1%)

Cabot

SON (29.7%)

Sonoco Products

FCF/Rev 3Y Avg (Value for HDSN: 17.4%)

RGLD (27.8%)

Royal Gold

SCCO (27.0%)

Southern Copper

USLM (26.4%)

United States Lime & Minerals

CF (23.5%)

CF Industries

NEU (18.1%)

NewMarket

NEM (16.3%)

Newmont

EXP (15.1%)

Eagle Materials

B (12.9%)

Barrick Mining

CBT (10.7%)

Cabot

SON (7.5%)

Sonoco Products

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Hudson Technologies Earnings Notes	12/16/2025
2	With Hudson Technologies Stock Sliding, Have You Assessed The Risk?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to HDSN.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
AXTA_3272026_Dip_Buyer_FCFYield	03272026	AXTA	Axalta Coating Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-0.6%
IFF_3272026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03272026	IFF	International Flavors & Fragrances	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	2.2%	2.2%	-0.1%
IP_3132026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03132026	IP	International Paper	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-4.2%	-4.2%	-9.4%
ARIS_3062026_Dip_Buyer_FCFYield	03062026	ARIS	Aris Mining	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.9%	-3.9%	-16.7%
EMN_3062026_Dip_Buyer_FCFYield	03062026	EMN	Eastman Chemical	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	9.8%	9.8%	-6.0%

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MSTR	Strategy	49.0	11.8%	9.6%
KMTS	Kestra Medical Technologies	1.3	11.8%	-14.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BMI	Badger Meter	3.4	-24.1%	-33.6%
PBF	PBF Energy	4.3	-12.8%	38.1%
DK	Delek US	2.2	-12.3%	26.4%
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DOW	Dow	25.6	-10.8%	54.1%
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CVI	CVR Energy	3.0	-10.4%	15.7%
PARR	Par Pacific	2.8	-10.0%	63.1%
NFLX	Netflix	411.5	-9.7%	3.8%
CF	CF Industries	17.6	-9.6%	46.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVNS	Avanos Medical	1.1	73.6%	119.2%
CAR	Avis Budget	17.4	64.7%	284.9%
IONQ	IonQ	16.0	60.1%	2.7%
RVMD	Revolution Medicines	28.9	54.1%	86.6%
QBTS	D-Wave Quantum	7.7	52.2%	-17.1%
NN	NextNav	3.1	49.4%	37.2%
HIMS	Hims & Hers Health	6.5	48.3%	-11.2%
TSHA	Taysha Gene Therapies	2.3	43.2%	16.9%
BAND	Bandwidth	0.7	42.6%	48.9%
SYRE	Spyre Therapeutics	5.4	42.3%	122.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.2	-54.4%	-77.7%
IIIN	Insteel Industries	0.5	-28.0%	-17.1%
BMI	Badger Meter	3.4	-25.6%	-33.6%
SENEA	Seneca Foods	1.0	-16.2%	26.8%
HPK	HighPeak Energy	0.7	-15.7%	12.8%
REPX	Riley Exploration Permian	0.7	-15.4%	28.6%
LCID	Lucid	2.4	-14.9%	-30.9%
KMX	CarMax	6.0	-12.5%	5.8%
WINA	Winmark	1.4	-12.3%	-3.6%
ALLO	Allogene Therapeutics	0.5	-12.1%	74.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CAR	Avis Budget	17.4	386.5%	284.9%
SATL	Satellogic	0.9	134.1%	270.6%
AEHR	Aehr Test Systems	2.5	131.0%	315.4%
APLS	Apellis Pharmaceuticals	5.2	128.6%	62.8%
CBIO	Crescent Biopharma	0.6	105.6%	79.4%
KOD	Kodiak Sciences	2.4	103.4%	60.6%
FBYD	Falcons Beyond Global	0.5	103.1%	-9.6%
YSS	York Space Systems	4.5	96.3%	6.3%
FLY	Firefly Aerospace	7.0	88.5%	95.4%
LWLG	Lightwave Logic	1.7	88.0%	287.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PIPR	Piper Sandler Cos	6.1	-69.4%	8.7%
REPL	Replimune	0.2	-67.9%	-77.7%
VRDN	Viridian Therapeutics	1.4	-46.6%	-52.4%
MAZE	Maze Therapeutics	1.3	-42.0%	-32.2%
BUR	Burford Capital	1.1	-39.7%	-44.4%
WVE	WAVE Life Sciences	1.4	-37.1%	-55.9%
TE	T1 Energy	0.8	-31.4%	-24.7%
BTU	Peabody Energy	3.1	-29.3%	-13.4%
CSIQ	Canadian Solar	0.9	-28.7%	-44.5%
LCID	Lucid	2.4	-26.6%	-30.9%

Peer Comparisons

Peers to compare with:

Financials

	HDSN	FUL	GEVO	LOOP	FSI	SHW	Median
Name	Hudson T.	H.B. Ful.	Gevo	Loop Ind.	Flexible.	Sherwin-.
Mkt Price	6.34	64.43	1.70	1.33	6.29	345.55	6.31
Mkt Cap	0.3	3.5	0.4	0.1	0.1	85.1	0.3
Rev LTM	247	3,456	161	11	39	23,574	204
Op Inc LTM	19	383	-19	-0	4	3,797	11
FCF LTM	-8	145	-44	-1	-1	2,654	-1
FCF 3Y Avg	44	175	-89	-15	0	2,457	22
CFO LTM	-3	312	-13	-1	4	3,452	1
CFO 3Y Avg	49	312	-42	-12	5	3,376	27

Growth & Margins

	HDSN	FUL	GEVO	LOOP	FSI	SHW	Median
Name	Hudson T.	H.B. Ful.	Gevo	Loop Ind.	Flexible.	Sherwin-.
Rev Chg LTM	4.0%	-2.6%	849.3%	8,746.0%	0.7%	2.1%	3.0%
Rev Chg 3Y Avg	-8.4%	-2.2%	737.2%	2,908.7%	-5.3%	2.1%	-0.1%
Rev Chg Q	28.2%	-2.3%	695.6%	65.4%	-0.5%	5.6%	16.9%
QoQ Delta Rev Chg LTM	4.1%	-0.5%	32.8%	0.3%	-0.1%	1.3%	0.8%
Op Inc Chg LTM	-36.7%	11.4%	78.0%	98.1%	-35.2%	0.9%	6.2%
Op Inc Chg 3Y Avg	-46.6%	3.2%	22.5%	53.6%	-9.7%	8.5%	5.9%
Op Mgn LTM	7.5%	11.1%	-11.7%	-3.2%	9.3%	16.1%	8.4%
Op Mgn 3Y Avg	15.6%	10.6%	-331.8%	-10,811.9%	10.9%	16.0%	10.7%
QoQ Delta Op Mgn LTM	-3.7%	0.2%	11.6%	10.2%	-1.9%	0.3%	0.2%
CFO/Rev LTM	-1.3%	9.0%	-8.3%	-7.7%	9.8%	14.6%	3.9%
CFO/Rev 3Y Avg	19.2%	8.9%	-220.0%	-10,000.7%	13.4%	14.5%	11.2%
FCF/Rev LTM	-3.3%	4.2%	-27.1%	-9.5%	-1.5%	11.3%	-2.4%
FCF/Rev 3Y Avg	17.4%	5.0%	-445.9%	-11,892.8%	1.0%	10.6%	3.0%

Valuation

	HDSN	FUL	GEVO	LOOP	FSI	SHW	Median
Name	Hudson T.	H.B. Ful.	Gevo	Loop Ind.	Flexible.	Sherwin-.
Mkt Cap	0.3	3.5	0.4	0.1	0.1	85.1	0.3
P/S	1.1	1.0	2.5	5.7	2.1	3.6	2.3
P/Op Inc	14.7	9.2	-21.3	-181.2	22.3	22.4	11.9
P/EBIT	14.7	9.8	-26.6	-36.0	20.6	22.4	12.3
P/E	16.4	22.1	-11.9	-23.6	101.5	33.1	19.2
P/CFO	-86.2	11.3	-29.9	-74.5	21.1	24.7	-9.3
Total Yield	6.1%	5.6%	-8.4%	-4.2%	1.0%	3.9%	2.5%
Dividend Yield	0.0%	1.1%	0.0%	0.0%	0.0%	0.9%	0.0%
FCF Yield 3Y Avg	13.6%	4.6%	-25.2%	-15.9%	1.6%	3.0%	2.3%
D/E	0.0	0.6	0.4	0.0	0.1	0.2	0.1
Net D/E	-0.1	0.6	0.2	-0.0	0.0	0.1	0.1

Returns

	HDSN	FUL	GEVO	LOOP	FSI	SHW	Median
Name	Hudson T.	H.B. Ful.	Gevo	Loop Ind.	Flexible.	Sherwin-.
1M Rtn	7.1%	28.1%	-27.4%	2.3%	15.2%	11.3%	9.2%
3M Rtn	-15.2%	6.8%	-15.4%	15.7%	1.9%	-3.2%	-0.6%
6M Rtn	-27.5%	9.9%	-31.2%	-17.4%	-30.1%	5.0%	-22.4%
12M Rtn	15.9%	21.9%	41.7%	19.8%	70.3%	4.6%	20.9%
3Y Rtn	-22.4%	-0.9%	40.5%	-53.8%	121.2%	51.9%	19.8%
1M Excs Rtn	-1.4%	16.2%	-33.7%	-9.0%	5.6%	3.1%	0.9%
3M Excs Rtn	-17.2%	-0.8%	-18.5%	15.1%	4.9%	-5.4%	-3.1%
6M Excs Rtn	-38.0%	2.8%	-41.2%	-37.5%	-38.0%	-2.5%	-37.8%
12M Excs Rtn	-19.4%	-9.8%	19.7%	-5.4%	37.3%	-28.6%	-7.6%
3Y Excs Rtn	-97.6%	-73.8%	-33.7%	-131.2%	37.6%	-17.0%	-53.7%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	3/16/2026	3/16/2026	3/12/2025	3/14/2024	3/14/2023	3/24/2022	3/12/2021
Key Financials
Total Revenue	247	247	237	289	325	193	148
EBITDA	25	25	36	84	137	51	13
Operating Income	19	19	29	78	132	42	6
Net Income	17	17	24	52	104	32	-5
EPS	0.37	0.38	0.54	1.15	2.31	0.74	-0.12
Growth Rates
Total Revenue Growth	4.0%	4.0%	-18.0%	-11.1%	68.7%	30.6%	-8.9%
EBITDA Growth	-26.6%	-31.2%	-57.5%	-38.9%	169.8%	291.0%	1651.7%
Operating Income Growth	-36.7%	-36.7%	-62.5%	-40.6%	210.9%	616.5%	137.4%
Net Income Growth	-31.7%	-31.7%	-53.3%	-49.7%	221.8%	719.4%	79.9%
Margins
EBITDA Margin	10.0%	10.0%	15.1%	29.0%	42.3%	26.4%	8.8%
Operating Income Margin	7.5%	7.5%	12.4%	27.0%	40.4%	21.9%	4.0%
Net Income Margin	6.8%	6.8%	10.3%	18.1%	31.9%	16.7%	-3.5%
Cash & Debt
Total Cash	39	39	70	12	5	3	1
Total Debt	5	5	7	7	51	100	94
Net Debt / (Cash)	-34	-34	-63	-6	45	97	93
Cash Flows
Net Cash from Operations	-3	-3	92	59	63	-1	12
Free Cash from Operations	-8	-8	87	55	59	-3	10
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	20	20	8	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	3/16/2026	11/7/2025	8/1/2025	5/9/2025	3/12/2025	11/8/2024	8/9/2024	5/8/2024	3/14/2024	11/7/2023	8/8/2023	5/9/2023
Key Financials Quarterly
Total Revenue	44	74	73	55	35	62	75	65	45	76	90	77
Ebitda	-10	15	14	5	-4	9	14	14	6	25	29	24
Operating Income	-11	14	13	3	-3	7	13	13	5	23	28	23
Net Income	-9	12	10	3	-3	8	10	10	4	14	19	16
EPS	-0.20	0.28	0.23	0.06	-0.06	0.17	0.21	0.21	0.09	0.30	0.42	0.34
Key Financials TTM
Total Revenue TTM	247	237	225	227	237	247	262	277	289	292	305	318
Ebitda TTM	25	31	24	24	33	43	59	74	84	86	99	122
Operating Income TTM	19	27	20	20	29	37	53	68	78	81	94	116
Net Income TTM	17	23	18	18	24	31	37	46	52	53	69	90
Growth Rates Quarterly
Total Revenue Growth	28.2%	19.5%	-3.2%	-15.2%	-22.8%	-19.0%	-16.8%	-15.5%	-5.5%	-14.5%	-13.0%	-8.5%
EBITDA Growth	-161.0%	79.1%	-0.7%	-67.1%	-160.4%	-65.0%	-50.6%	-41.0%	-27.2%	-35.0%	-43.2%	-39.6%
Operating Income Growth	-245.3%	100.3%	-0.6%	-75.9%	-168.5%	-69.8%	-53.7%	-43.6%	-33.3%	-36.3%	-44.5%	-40.8%
Net Income Growth	-236.6%	58.5%	6.1%	-71.2%	-165.0%	-42.5%	-50.0%	-38.4%	-22.3%	-53.7%	-51.8%	-47.5%
Margins Quarterly
EBITDA Margin	-22.0%	20.8%	19.6%	8.4%	-10.8%	13.9%	19.1%	21.8%	13.9%	32.1%	32.2%	31.2%
Operating Income Margin	-25.2%	18.9%	17.5%	5.6%	-9.4%	11.3%	17.0%	19.6%	10.6%	30.2%	30.6%	29.3%
Net Income Margin	-19.4%	16.7%	14.0%	5.0%	-7.4%	12.6%	12.7%	14.7%	8.8%	17.8%	21.2%	20.1%
Cash & Debt
Total Cash	39	90	84	81	70	56	31	11	12	4	11	12
Total Debt	5	6	6	6	7	5	6	6	7	10	35	46
Net Debt / (Cash)	-34	-84	-78	-75	-63	-51	-25	-4	-6	6	24	34
Cash Flows Quarterly
FCF from Operations	-33	9	6	14	21	30	42	-1	15	22	11	11
Cash Flows TTM
FCF from Operations TTM	-3	50	72	107	92	86	78	47	59	46	50	68
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	14	1	3	2	6	3	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-62.5%	193.6%	133.9%	26.7%	-25.5%	34.8%	41.0%	34.0%	14.8%	53.7%	57.9%	44.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	23.5%	90.1%	51.5%	42.8%	46.5%	44.8%	42.8%	44.8%	51.9%	49.0%	53.2%	64.0%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Product and related sales	230	282	319	188	143
RefrigerantSide ® Services	7	7	6	5	4
Total	237	289	325	193	148

Price Behavior

Price Behavior

Market Price	$6.34
Market Cap ($ Bil)	0.3
First Trading Date	11/02/1994
Distance from 52W High	-39.3%
	50 Days	200 Days
DMA Price	$6.49	$7.94
DMA Trend	down	down
Distance from DMA	-2.3%	-20.1%
	3M	1YR
Volatility	40.2%	47.8%
Downside Capture	0.75	0.78
Upside Capture	110.68	132.87
Correlation (SPY)	43.7%	37.3%

HDSN Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.34	1.40	1.43	1.45	1.08	0.88
Up Beta	-1.34	0.76	1.09	0.77	0.84	0.64
Down Beta	0.08	1.60	1.68	1.77	1.11	1.28
Up Capture	232%	141%	144%	90%	140%	38%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	7	19	29	58	118	347
Down Capture	207%	151%	136%	168%	126%	99%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	14	22	29	63	127	387

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HDSN
HDSN	12.0%	48.0%	0.39	-
Sector ETF (XLB)	30.4%	16.7%	1.42	37.6%
Equity (SPY)	21.1%	12.9%	1.32	39.3%
Gold (GLD)	50.9%	27.5%	1.49	2.6%
Commodities (DBC)	25.2%	16.2%	1.40	4.4%
Real Estate (VNQ)	17.5%	13.7%	0.93	22.2%
Bitcoin (BTCUSD)	-7.8%	42.6%	-0.08	23.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HDSN
HDSN	25.4%	58.4%	0.62	-
Sector ETF (XLB)	7.3%	18.9%	0.28	34.2%
Equity (SPY)	10.8%	17.1%	0.49	32.0%
Gold (GLD)	22.6%	17.8%	1.04	-0.1%
Commodities (DBC)	11.6%	18.8%	0.51	8.2%
Real Estate (VNQ)	4.4%	18.8%	0.14	23.6%
Bitcoin (BTCUSD)	5.2%	56.5%	0.31	10.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HDSN
HDSN	7.0%	78.3%	0.42	-
Sector ETF (XLB)	11.0%	20.6%	0.48	17.2%
Equity (SPY)	14.0%	17.9%	0.67	17.4%
Gold (GLD)	14.3%	15.9%	0.75	-0.1%
Commodities (DBC)	8.5%	17.6%	0.40	5.1%
Real Estate (VNQ)	5.6%	20.7%	0.24	13.2%
Bitcoin (BTCUSD)	68.4%	66.9%	1.07	4.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	1.3 Mil
Short Interest: % Change Since 3152026	0.5%
Average Daily Volume	0.4 Mil
Days-to-Cover Short Interest	3.4 days
Basic Shares Quantity	43.0 Mil
Short % of Basic Shares	3.1%

Returns Analyses

	Title
0	With Hudson Technologies Stock Sliding, Have You Assessed The Risk?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/4/2026	-10.6%	-16.5%	-17.7%
11/3/2025	-6.3%	-22.8%	-15.8%
7/30/2025	12.9%	18.8%	23.6%
3/6/2025	3.4%	6.1%	-2.9%
11/4/2024	-22.0%	-24.5%	-20.4%
8/6/2024	6.8%	6.6%	6.9%
3/6/2024	-18.5%	-20.8%	-25.5%
11/1/2023	-2.8%	-6.2%	-0.1%
...
SUMMARY STATS
# Positive	6	10	8
# Negative	12	8	10
Median Positive	13.8%	13.1%	26.3%
Median Negative	-7.6%	-16.7%	-14.1%
Max Positive	34.9%	47.7%	57.8%
Max Negative	-22.0%	-24.5%	-25.5%

	Forward Returns
3/4/2026	-10.6%	-16.5%	-17.7%
11/3/2025	-6.3%	-22.8%	-15.8%
7/30/2025	12.9%	18.8%	23.6%
3/6/2025	3.4%	6.1%	-2.9%
11/4/2024	-22.0%	-24.5%	-20.4%
8/6/2024	6.8%	6.6%	6.9%
3/6/2024	-18.5%	-20.8%	-25.5%
11/1/2023	-2.8%	-6.2%	-0.1%
8/2/2023	26.5%	20.5%	39.7%
3/8/2023	-9.0%	-16.8%	-17.3%
11/2/2022	14.8%	14.1%	29.0%
8/3/2022	-5.6%	5.9%	-12.5%
3/8/2022	34.9%	47.7%	57.8%
11/3/2021	-1.4%	18.0%	3.8%
8/4/2021	-11.0%	-8.2%	-6.2%
3/3/2021	-11.8%	-6.5%	8.5%
11/5/2020	-0.9%	12.0%	42.6%
8/5/2020	-0.9%	9.5%	-3.4%
SUMMARY STATS
# Positive	6	10	8
# Negative	12	8	10
Median Positive	13.8%	13.1%	26.3%
Median Negative	-7.6%	-16.7%	-14.1%
Max Positive	34.9%	47.7%	57.8%
Max Negative	-22.0%	-24.5%	-25.5%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	03/16/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/01/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	03/12/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	03/14/2024	10-K
09/30/2023	11/07/2023	10-Q
06/30/2023	08/08/2023	10-Q
03/31/2023	05/09/2023	10-Q
12/31/2022	03/14/2023	10-K
09/30/2022	11/08/2022	10-Q
06/30/2022	08/08/2022	10-Q
03/31/2022	05/10/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/4/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Revenue Growth	1.0%	3.0%	5.0%			Higher New
2026 Share Repurchases		20.00 Mil				Higher New

Prior: Q3 2025 Earnings Reported 11/5/2025

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Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Coleman, Brian F		Direct	Sell	12082025	7.40	484,616	3,588,097	14,395,686	Form
2	Abbatecola, Vincent P		Direct	Buy	11182025	6.79	3,500	23,748	1,151,740	Form

HDSN Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

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Diversification Alternatives

How Is The Market Pricing HDSN?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What HDSN Makes & Who Pays

TTM figures based on

HDSN Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Hudson Technologies (HDSN)

Market Price (4/19/2026): $6.35 | Market Cap: $273.1 MilSector: Materials | Industry: Specialty Chemicals

Hudson Technologies (HDSN)

Market Price (4/19/2026): $6.35Market Cap: $273.1 MilSector: MaterialsIndustry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Hudson Technologies (HDSN)

Key Risks to Hudson Technologies (HDSN)

Expected Revenue Growth Drivers for Hudson Technologies (HDSN) over the Next 2-3 Years

Interactive Breakdown

Better Bets vs. Hudson Technologies (HDSN)

INDUSTRY: Specialty Chemicals

Higher Rev Chg 3Y Avg | Lower P/S (Values for HDSN: -8.4% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HDSN: -8.4% | 14.7x)

Higher Rev Chg LTM (Value for HDSN: 4.0%)

Higher Rev Chg 3Y Avg (Value for HDSN: -8.4%)

Higher Op Mgn LTM (Value for HDSN: 7.5%)

Higher CFO/Rev LTM (Value for HDSN: -1.3%)

Higher FCF/Rev LTM (Value for HDSN: -3.3%)

Higher Total Yield (Value for HDSN: 6.1%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for HDSN: -8.4% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HDSN: -8.4% | 14.7x)

Higher Rev Chg LTM (Value for HDSN: 4.0%)

Higher Rev Chg 3Y Avg (Value for HDSN: -8.4%)

Higher Op Mgn LTM (Value for HDSN: 7.5%)

Higher CFO/Rev LTM (Value for HDSN: -1.3%)

Higher FCF/Rev LTM (Value for HDSN: -3.3%)

Higher Total Yield (Value for HDSN: 6.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HDSN: -8.4% | 1.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HDSN: -8.4% | 14.7x)

Higher Rev Chg LTM (Value for HDSN: 4.0%)

Higher Rev Chg 3Y Avg (Value for HDSN: -8.4%)

Higher Op Mgn LTM (Value for HDSN: 7.5%)

Higher CFO/Rev LTM (Value for HDSN: -1.3%)

Higher FCF/Rev LTM (Value for HDSN: -3.3%)

Higher Total Yield (Value for HDSN: 6.1%)

Best Bets in Materials

P/EBIT (Value for HDSN: 14.7x)

P/E (Value for HDSN: 16.4x)

Rev Chg 3Y Avg (Value for HDSN: -8.4%)

Rev Chg LTM (Value for HDSN: 4.0%)

Rev Chg Q (Value for HDSN: 28.2%)

FCF/Rev 3Y Avg (Value for HDSN: 17.4%)

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Valuation

Market Price (4/19/2026): $6.35 | Market Cap: $273.1 Mil
Sector: Materials | Industry: Specialty Chemicals

Market Price (4/19/2026): $6.35
Market Cap: $273.1 Mil
Sector: Materials
Industry: Specialty Chemicals