Hallador Energy (HNRG)
Market Price (6/25/2026): $18.06 | Market Cap: $840.1 MilSector: Utilities | Industry: Independent Power Producers & Energy Traders
Hallador Energy (HNRG)
Market Price (6/25/2026): $18.06Market Cap: $840.1 MilSector: UtilitiesIndustry: Independent Power Producers & Energy Traders
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include Domestic Coal Supply. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 21x, P/EPrice/Earnings or Price/(Net Income) is 36x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%, Rev Chg QQuarterly Revenue Change % is -14% Key risksHNRG key risks include [1] its heavy revenue dependence on the coal-fired Merom Generating Station, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include Domestic Coal Supply. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 21x, P/EPrice/Earnings or Price/(Net Income) is 36x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%, Rev Chg QQuarterly Revenue Change % is -14% |
| Key risksHNRG key risks include [1] its heavy revenue dependence on the coal-fired Merom Generating Station, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 6/23/2026
Hallador Energy (HNRG) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Fiscal Q1 2026 Earnings Miss and Operational Challenges. Hallador Energy reported a significant earnings miss for fiscal Q1 2026 (ended March 31, 2026) on May 5/6, 2026. The company posted an earnings per share (EPS) of -$0.20, missing analysts' consensus estimates of -$0.12 by 66.67% or -$0.16 by $0.04. Additionally, quarterly revenue came in at $101.8 million, falling short of the consensus estimate of $102.28 million or $104.1 million. This resulted in a net loss of $9.3 million, a considerable decline from a net income of $10 million in fiscal Q1 2025, and Adjusted EBITDA decreased 71.5% to $5.5 million. These results were primarily attributed to operational challenges and availability constraints at the Merom Generating Station, which reduced electricity generation and subsequently lowered electric sales. The stock experienced an immediate dip of 1.3% in aftermarket trading following the announcement.
2. Announcement of a Significant Long-Term Capacity Agreement. Counterbalancing the negative earnings news, Hallador Energy announced, subsequent to the fiscal first quarter, a 12-year capacity agreement with a utility subsidiary. This agreement is projected to generate over $1 billion in contracted revenue between 2028 and 2040, effectively nearly doubling the company's forward sales book. The agreement focuses solely on capacity, allowing Hallador Energy flexibility in optimizing future energy sales. While subject to regulatory approval, anticipated in the second half of 2026, this strategic move significantly enhances the company's long-term revenue visibility and stability.
Show more
Hallador Energy (HNRG) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Fiscal Q1 2026 Earnings Miss and Operational Challenges. Hallador Energy reported a significant earnings miss for fiscal Q1 2026 (ended March 31, 2026) on May 5/6, 2026. The company posted an earnings per share (EPS) of -$0.20, missing analysts' consensus estimates of -$0.12 by 66.67% or -$0.16 by $0.04. Additionally, quarterly revenue came in at $101.8 million, falling short of the consensus estimate of $102.28 million or $104.1 million. This resulted in a net loss of $9.3 million, a considerable decline from a net income of $10 million in fiscal Q1 2025, and Adjusted EBITDA decreased 71.5% to $5.5 million. These results were primarily attributed to operational challenges and availability constraints at the Merom Generating Station, which reduced electricity generation and subsequently lowered electric sales. The stock experienced an immediate dip of 1.3% in aftermarket trading following the announcement.
2. Announcement of a Significant Long-Term Capacity Agreement. Counterbalancing the negative earnings news, Hallador Energy announced, subsequent to the fiscal first quarter, a 12-year capacity agreement with a utility subsidiary. This agreement is projected to generate over $1 billion in contracted revenue between 2028 and 2040, effectively nearly doubling the company's forward sales book. The agreement focuses solely on capacity, allowing Hallador Energy flexibility in optimizing future energy sales. While subject to regulatory approval, anticipated in the second half of 2026, this strategic move significantly enhances the company's long-term revenue visibility and stability.
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Updated on 6/23/2026
Hallador Energy (HNRG) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Fiscal Q1 2026 Earnings Miss and Operational Challenges. Hallador Energy reported a significant earnings miss for fiscal Q1 2026 (ended March 31, 2026) on May 5/6, 2026. The company posted an earnings per share (EPS) of -$0.20, missing analysts' consensus estimates of -$0.12 by 66.67% or -$0.16 by $0.04. Additionally, quarterly revenue came in at $101.8 million, falling short of the consensus estimate of $102.28 million or $104.1 million. This resulted in a net loss of $9.3 million, a considerable decline from a net income of $10 million in fiscal Q1 2025, and Adjusted EBITDA decreased 71.5% to $5.5 million. These results were primarily attributed to operational challenges and availability constraints at the Merom Generating Station, which reduced electricity generation and subsequently lowered electric sales. The stock experienced an immediate dip of 1.3% in aftermarket trading following the announcement.
2. Announcement of a Significant Long-Term Capacity Agreement. Counterbalancing the negative earnings news, Hallador Energy announced, subsequent to the fiscal first quarter, a 12-year capacity agreement with a utility subsidiary. This agreement is projected to generate over $1 billion in contracted revenue between 2028 and 2040, effectively nearly doubling the company's forward sales book. The agreement focuses solely on capacity, allowing Hallador Energy flexibility in optimizing future energy sales. While subject to regulatory approval, anticipated in the second half of 2026, this strategic move significantly enhances the company's long-term revenue visibility and stability.
3. Strengthened Financial Position. During the fiscal first quarter of 2026, Hallador Energy substantially improved its financial structure. The company reported no outstanding bank debt as of March 31, 2026, a significant reduction from $29.7 million at December 31, 2025. Concurrently, total liquidity increased to $97.5 million by March 31, 2026, up from $38.8 million at December 31, 2025, following the establishment of a new credit facility. This strengthened financial position provides enhanced flexibility and reduces financial risk for the company.
4. Mixed Trends in the Coal Market and Accelerating Energy Transition. The broader coal market presented a mixed outlook during the period. Global coal prices showed "firm momentum" in fiscal Q1 2026, supported by tightening supply conditions, growth in export demand, and increased freight costs, leading to elevated prices quarter-over-quarter. The U.S. Coal Price Index specifically increased by 3.24% in fiscal Q1 2026 due to domestic supply constraints and strong export activity. However, this short-term support is tempered by forecasts from the U.S. Energy Information Administration (EIA) anticipating decreases in U.S. coal production across all regions through at least December 2027, with a projected 2% drop in total coal production for 2026. Furthermore, the ongoing energy transition is impacting coal consumption, with electricity generation increasingly shifting towards renewable sources, including a forecast 19% increase in utility-scale solar generation and a 10% rise in wind generation for summer 2026 compared to the previous summer. This interplay of short-term market resilience and long-term decarbonization trends contributed to the stock's steady performance as investors weighed these opposing forces.
Show less
Hallador Energy (HNRG) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Fiscal Q1 2026 Earnings Miss and Operational Challenges. Hallador Energy reported a significant earnings miss for fiscal Q1 2026 (ended March 31, 2026) on May 5/6, 2026. The company posted an earnings per share (EPS) of -$0.20, missing analysts' consensus estimates of -$0.12 by 66.67% or -$0.16 by $0.04. Additionally, quarterly revenue came in at $101.8 million, falling short of the consensus estimate of $102.28 million or $104.1 million. This resulted in a net loss of $9.3 million, a considerable decline from a net income of $10 million in fiscal Q1 2025, and Adjusted EBITDA decreased 71.5% to $5.5 million. These results were primarily attributed to operational challenges and availability constraints at the Merom Generating Station, which reduced electricity generation and subsequently lowered electric sales. The stock experienced an immediate dip of 1.3% in aftermarket trading following the announcement.
2. Announcement of a Significant Long-Term Capacity Agreement. Counterbalancing the negative earnings news, Hallador Energy announced, subsequent to the fiscal first quarter, a 12-year capacity agreement with a utility subsidiary. This agreement is projected to generate over $1 billion in contracted revenue between 2028 and 2040, effectively nearly doubling the company's forward sales book. The agreement focuses solely on capacity, allowing Hallador Energy flexibility in optimizing future energy sales. While subject to regulatory approval, anticipated in the second half of 2026, this strategic move significantly enhances the company's long-term revenue visibility and stability.
3. Strengthened Financial Position. During the fiscal first quarter of 2026, Hallador Energy substantially improved its financial structure. The company reported no outstanding bank debt as of March 31, 2026, a significant reduction from $29.7 million at December 31, 2025. Concurrently, total liquidity increased to $97.5 million by March 31, 2026, up from $38.8 million at December 31, 2025, following the establishment of a new credit facility. This strengthened financial position provides enhanced flexibility and reduces financial risk for the company.
4. Mixed Trends in the Coal Market and Accelerating Energy Transition. The broader coal market presented a mixed outlook during the period. Global coal prices showed "firm momentum" in fiscal Q1 2026, supported by tightening supply conditions, growth in export demand, and increased freight costs, leading to elevated prices quarter-over-quarter. The U.S. Coal Price Index specifically increased by 3.24% in fiscal Q1 2026 due to domestic supply constraints and strong export activity. However, this short-term support is tempered by forecasts from the U.S. Energy Information Administration (EIA) anticipating decreases in U.S. coal production across all regions through at least December 2027, with a projected 2% drop in total coal production for 2026. Furthermore, the ongoing energy transition is impacting coal consumption, with electricity generation increasingly shifting towards renewable sources, including a forecast 19% increase in utility-scale solar generation and a 10% rise in wind generation for summer 2026 compared to the previous summer. This interplay of short-term market resilience and long-term decarbonization trends contributed to the stock's steady performance as investors weighed these opposing forces.
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Stock Movement Drivers
Fundamental Drivers
The -2.6% change in HNRG stock from 2/28/2026 to 6/24/2026 was primarily driven by a -7.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.18 | 17.70 | -2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 461 | 453 | -1.6% |
| P/S Multiple | 1.7 | 1.8 | 7.0% |
| Shares Outstanding (Mil) | 43 | 47 | -7.5% |
| Cumulative Contribution | -2.6% |
Market Drivers
2/28/2026 to 6/24/2026| Return | Correlation | |
|---|---|---|
| HNRG | -2.6% | |
| Market (SPY) | 7.2% | 27.4% |
| Sector (XLU) | -3.9% | 2.8% |
Fundamental Drivers
The -13.2% change in HNRG stock from 11/30/2025 to 6/24/2026 was primarily driven by a -7.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.39 | 17.70 | -13.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 461 | 453 | -1.6% |
| P/S Multiple | 1.9 | 1.8 | -4.6% |
| Shares Outstanding (Mil) | 43 | 47 | -7.5% |
| Cumulative Contribution | -13.2% |
Market Drivers
11/30/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| HNRG | -13.2% | |
| Market (SPY) | 7.9% | 29.5% |
| Sector (XLU) | 2.0% | 7.3% |
Fundamental Drivers
The 2.6% change in HNRG stock from 5/31/2025 to 6/24/2026 was primarily driven by a 10.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.25 | 17.70 | 2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 410 | 453 | 10.6% |
| P/S Multiple | 1.8 | 1.8 | 1.3% |
| Shares Outstanding (Mil) | 43 | 47 | -8.4% |
| Cumulative Contribution | 2.6% |
Market Drivers
5/31/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| HNRG | 2.6% | |
| Market (SPY) | 25.8% | 27.0% |
| Sector (XLU) | 14.3% | 10.2% |
Fundamental Drivers
The 127.2% change in HNRG stock from 5/31/2023 to 6/24/2026 was primarily driven by a 614.0% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.79 | 17.70 | 127.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 491 | 453 | -7.7% |
| Net Income Margin (%) | 10.2% | 5.0% | -51.4% |
| P/E Multiple | 5.1 | 36.5 | 614.0% |
| Shares Outstanding (Mil) | 33 | 47 | -29.1% |
| Cumulative Contribution | 127.2% |
Market Drivers
5/31/2023 to 6/24/2026| Return | Correlation | |
|---|---|---|
| HNRG | 127.2% | |
| Market (SPY) | 82.4% | 30.1% |
| Sector (XLU) | 53.8% | 18.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HNRG Return | 67% | 306% | -12% | 30% | 66% | -7% | 1106% |
| Peers Return | 123% | 70% | 38% | 64% | 39% | -6% | 1015% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| HNRG Win Rate | 67% | 67% | 42% | 42% | 50% | 17% | |
| Peers Win Rate | 63% | 55% | 62% | 53% | 65% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HNRG Max Drawdown | -49% | -32% | -43% | -52% | -36% | -28% | |
| Peers Max Drawdown | -37% | -33% | -22% | -29% | -37% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BTU, CNR, NC, VST, NRG.
[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 6/24/2026 (YTD)
How Low Can It Go
| Event | HNRG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.0% | -18.8% |
| % Gain to Breakeven | 31.5% | 23.1% |
| Time to Breakeven | 7 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -29.9% | -7.8% |
| % Gain to Breakeven | 42.8% | 8.5% |
| Time to Breakeven | 49 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.6% | -6.7% |
| % Gain to Breakeven | 13.1% | 7.1% |
| Time to Breakeven | 2 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.2% | -24.5% |
| % Gain to Breakeven | 11.3% | 32.4% |
| Time to Breakeven | 17 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.8% | -33.7% |
| % Gain to Breakeven | 95.4% | 50.9% |
| Time to Breakeven | 252 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.0% | -19.2% |
| % Gain to Breakeven | 31.6% | 23.8% |
| Time to Breakeven | 1263 days | 105 days |
In The Past
Hallador Energy's stock fell -24.0% during the 2025 US Tariff Shock. Such a loss loss requires a 31.5% gain to breakeven.
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| Event | HNRG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.0% | -18.8% |
| % Gain to Breakeven | 31.5% | 23.1% |
| Time to Breakeven | 7 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -29.9% | -7.8% |
| % Gain to Breakeven | 42.8% | 8.5% |
| Time to Breakeven | 49 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.8% | -33.7% |
| % Gain to Breakeven | 95.4% | 50.9% |
| Time to Breakeven | 252 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.0% | -19.2% |
| % Gain to Breakeven | 31.6% | 23.8% |
| Time to Breakeven | 1263 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -47.0% | -12.2% |
| % Gain to Breakeven | 88.6% | 13.9% |
| Time to Breakeven | 251 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -69.2% | -6.8% |
| % Gain to Breakeven | 224.7% | 7.3% |
| Time to Breakeven | 2779 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -28.6% | -53.4% |
| % Gain to Breakeven | 40.0% | 114.4% |
| Time to Breakeven | 20 days | 1085 days |
In The Past
Hallador Energy's stock fell -24.0% during the 2025 US Tariff Shock. Such a loss loss requires a 31.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Hallador Energy (HNRG)
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Hallador Energy Company (HNRG) is primarily engaged in the production of steam coal. The company operates underground mines in Indiana, specifically Oaktown Mine 1, Oaktown Mine 2, and the Ace in the Hole mine. These operations are focused on extracting coal, which is a key energy source.
The main product offered by Hallador Energy is steam coal, which serves as a fuel for the electric power generation industry. Consequently, the company's primary customers are power plants and utilities that rely on coal to produce electricity. Hallador Energy also has a smaller segment involved in gas exploration activities within Indiana.
```AI Analysis | Feedback
Here are 1-3 brief analogies for Hallador Energy (HNRG):
- Like a regional version of Peabody Energy (BTU), focused on mining steam coal in Indiana for electricity generation.
- An upstream energy producer, similar to how a company like EOG Resources (EOG) extracts oil and gas, but Hallador focuses on mining coal in Indiana to power electric plants.
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- Steam Coal: Hallador Energy produces steam coal in Indiana, primarily for the electric power generation industry.
- Gas Exploration: The company is also involved in activities to explore for natural gas in Indiana.
AI Analysis | Feedback
Hallador Energy Company primarily sells steam coal to electric power generation companies. Its major customers are:
- Duke Energy Indiana, LLC (a subsidiary of Duke Energy Corporation, symbol: DUK)
- Hoosier Energy Rural Electric Cooperative, Inc.
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Hallador Energy Company
Brent Bilsland, Chairman, President, and Chief Executive Officer
Brent Bilsland is a visionary leader with two decades of experience in the energy sector. He was a founding investor of Sunrise Coal in 2004, which Hallador acquired in 2006. He served as President of Sunrise before advancing to President and Director at Hallador, becoming CEO in 2014 and Chairman in 2018. Before joining Hallador, he co-founded Knapper Corporation. He holds leadership positions in industry associations such as the Reliable Energy Association and the National Mining Association, and serves on the board of America's Power.
Todd Telesz, Chief Financial Officer
Todd Telesz was appointed Chief Financial Officer of Hallador Energy, effective June 23, 2025. Prior to his role at Hallador, he served as CFO of Tri-State Generation and Transmission Association, Inc. since 2024. From 2021 to 2023, he was the Chief Executive Officer of Basin Electric Power Cooperative. Additionally, he spent 14 years (2007-2021) as Senior Vice President in the Power, Energy, and Utilities division at CoBank, ACB.
Heath Lovell, Chief Operating Officer
Heath Lovell was promoted to Chief Operating Officer effective March 6, 2026. He also continues to serve as President of Hallador Power Company, LLC, a position he has held since 2022, and as President of Sunrise Coal, LLC since 2024. Before joining Hallador, Lovell was Vice President at Alliance Coal, LLC, where he oversaw operations in Illinois, Indiana, and Kentucky. He is a past president of the Indiana Coal Council, Kentucky Coal Association, and West Virginia Coal Association.
Brent Bilsland, Chairman, President, and Chief Executive Officer
Brent Bilsland is a visionary leader with two decades of experience in the energy sector. He was a founding investor of Sunrise Coal in 2004, which Hallador acquired in 2006. He served as President of Sunrise before advancing to President and Director at Hallador, becoming CEO in 2014 and Chairman in 2018. Before joining Hallador, he co-founded Knapper Corporation. He holds leadership positions in industry associations such as the Reliable Energy Association and the National Mining Association, and serves on the board of America's Power.
Todd Telesz, Chief Financial Officer
Todd Telesz was appointed Chief Financial Officer of Hallador Energy, effective June 23, 2025. Prior to his role at Hallador, he served as CFO of Tri-State Generation and Transmission Association, Inc. since 2024. From 2021 to 2023, he was the Chief Executive Officer of Basin Electric Power Cooperative. Additionally, he spent 14 years (2007-2021) as Senior Vice President in the Power, Energy, and Utilities division at CoBank, ACB.
Heath Lovell, Chief Operating Officer
Heath Lovell was promoted to Chief Operating Officer effective March 6, 2026. He also continues to serve as President of Hallador Power Company, LLC, a position he has held since 2022, and as President of Sunrise Coal, LLC since 2024. Before joining Hallador, Lovell was Vice President at Alliance Coal, LLC, where he oversaw operations in Illinois, Indiana, and Kentucky. He is a past president of the Indiana Coal Council, Kentucky Coal Association, and West Virginia Coal Association.
AI Analysis | Feedback
Hallador Energy (HNRG) faces several key risks to its business, primarily stemming from its core operations in the coal and electric power generation industry.
The most significant key risks are:
1. Dependence on Coal Operations and Evolving Regulatory/ESG Landscape: Hallador Energy's revenue remains predominantly reliant on its coal operations, despite some diversification efforts. This dependence exposes the company to substantial risks from the global shift towards renewable energy sources and potential adverse regulatory changes, such as stricter emissions standards or new policies favoring renewable energy over coal. Additionally, increasing pressure from environmental, social, and governance (ESG) factors by activists, financial institutions, and investors could materially affect the company's operations, access to financing, and share value.
2. Operational Challenges at Merom Power Plant: The company has experienced ongoing operational challenges at its Merom Power Plant, including reduced unit availability and planned outages. These issues are expected to continue into the near term and limit operating capacity, consequently impacting Hallador Energy's consolidated financial results and reliability.
3. Market Volatility and Competition: Hallador Energy operates within the energy sector, which is characterized by intense competition and significant price volatility for commodities such as electricity, coal, and natural gas. While the company utilizes forward contracts to manage some of this risk, fluctuations in market prices can still materially impact its financial performance, revenues, and profitability.
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The accelerating transition of the electric power generation industry towards renewable energy sources, such as solar and wind power, increasingly supported by advancements in battery storage technology, poses a clear emerging threat to Hallador Energy's core business of producing steam coal. This shift, driven by falling renewable energy costs, environmental regulations, and consumer/investor preference for decarbonization, directly reduces the long-term demand for coal-fired power generation.
AI Analysis | Feedback
Hallador Energy's primary product is steam coal for the electric power generation industry in Indiana. The addressable market for this product in Indiana can be estimated based on the state's coal consumption for electricity generation.
In 2024, Indiana consumed approximately 26 million tons of coal, with the majority used for electric power generation. Based on a U.S. average price of $153.34 per short ton in Q1 2024, the estimated annual market size for steam coal used in Indiana's electric power generation industry is approximately $3.99 billion.
Hallador Energy also engages in gas exploration activities in Indiana. However, a specific monetary market size for gas exploration activities within Indiana is not readily available. While data exists for Indiana's natural gas production in terms of volume, and the overall U.S. natural gas market size is substantial, an addressable market size in monetary terms directly attributable to gas exploration activities in Indiana cannot be precisely determined from the available information.
Therefore, for the addressable market size of Hallador Energy's gas exploration activities, the output is null.
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Hallador Energy (HNRG) is positioned for future revenue growth over the next two to three years, driven by several strategic initiatives and market dynamics:
- Expansion of Power Generation Capacity through Natural Gas: Hallador Energy has secured an Expedited Resource Addition Study (ERAS) slot for a proposed 515 MW natural gas generation project at its Merom site. This project, which involves a $14 million deposit and targets completion by the third quarter of 2029, represents a nearly 50% increase in the company's power generation capabilities and is expected to be a significant driver of future power sales.
- Increased Electric Sales Driven by Market Demand and Favorable Pricing: In 2025, the company experienced a 19% increase in electric sales, primarily due to expanding demand and stable pricing within the MISO (Midcontinent Independent System Operator) market. Hallador has noted improving power market conditions and is receiving competitive offers for its accredited capacity for over a decade in length, indicating continued strong demand for its electricity generation.
- Securing Long-Term Energy and Capacity Sales Contracts: Hallador Energy has established a robust forward sales position, with approximately $1.3 billion in total forward energy, capacity, and coal sales commitments extending through 2029. Of this, $866.9 million is contracted third-party revenue, providing significant revenue visibility and certainty that supports future growth.
- Optimized Third-Party Coal Sales: While electric sales are the primary revenue driver, the company's Sunrise Coal operations contribute to revenue through both internal fuel supply for the Merom generating station and opportunistic sales to third-party coal markets. Coal sales increased by 8% in 2025, driven by third-party shipments, highlighting the benefit of its integrated platform.
- Enhanced Operational Reliability of Merom Generating Station: To address operational challenges experienced in late 2025 and early 2026, Hallador plans a 60-day maintenance outage at its Merom Power Plant starting in May 2026. This extensive work is aimed at replacing and upgrading equipment to improve unit reliability and availability, which is critical for maximizing consistent electric generation and realizing the full revenue potential from electric sales.
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Share Repurchases
- No significant share repurchase activities by Hallador Energy (HNRG) have been reported in the last 3-5 years based on available information.
Share Issuance
- In January 2026, Hallador Energy completed a public offering of approximately 3.2 million shares of common stock at $18.00 per share, generating roughly $57.5 million in gross proceeds. The net proceeds are intended for general corporate purposes, including funding initial financial commitments for a planned natural gas generating facility.
- During Q4 2025, the company raised approximately $14 million through an At-The-Market (ATM) program by issuing over 697,000 shares.
- In December 2025, Hallador filed a prospectus supplement to its existing shelf registration statement to raise up to $50 million of common stock under its ATM program, to prepare for ERAS project development efforts.
Inbound Investments
- In January 2025, Hallador Power Company, LLC, a wholly-owned subsidiary, entered into a Conversion Transaction Commitment Agreement with a global data center developer, which includes cumulative payments of up to $5 million to Hallador Power Company, LLC. This agreement aims to support energy and capacity delivery to a potential data center development in Indiana.
Outbound Investments
- In 2022, Hallador Energy acquired Hoosier Energy's 1-Gigawatt Merom Generating Station in Sullivan County, Indiana, assuming certain decommissioning costs and environmental responsibilities. This acquisition included a 3.5-year power purchase agreement.
Capital Expenditures
- Hallador Energy's full-year capital expenditures for 2025 totaled $69.2 million, which included approximately $14 million deposited with MISO for the Expedited Resource Addition Study (ERAS) expansion at the Merom Generating Station.
- Capital expenditures for Q4 2025 were $24.9 million.
- The company projects capital expenditures in 2026 to modestly increase compared to 2025 (excluding ERAS development), driven by CapEx deferred from 2025 into 2026 and continued investment in the ELG project.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Hallador Energy Stock Pre-Market (-5.9%): Proposed $50M Stock Offering | 01/14/2026 | |
| Hallador Energy Earnings Notes | 12/16/2025 | |
| With Hallador Energy Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 66.31 |
| Mkt Cap | 3.5 |
| Rev LTM | 4,065 |
| Op Inc LTM | 1 |
| FCF LTM | -8 |
| FCF 3Y Avg | 204 |
| CFO LTM | 389 |
| CFO 3Y Avg | 522 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 3.4% |
| Rev Chg Q | 5.2% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | -28.6% |
| Op Inc Chg 3Y Avg | -15.5% |
| Op Mgn LTM | 0.7% |
| Op Mgn 3Y Avg | 6.5% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 13.3% |
| CFO/Rev 3Y Avg | 16.1% |
| FCF/Rev LTM | -0.8% |
| FCF/Rev 3Y Avg | 3.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric Operations | 314 | 263 | 268 | 66 | |
| Coal Operations | 226 | 205 | 436 | 293 | 246 |
| Corporate and Other and Eliminations | -71 | -63 | -69 | 2 | 1 |
| Total | 469 | 404 | 635 | 362 | 248 |
| $ Mil | 2023 | 2022 | 2021 |
|---|---|---|---|
| Coal Operations | 64 | 4 | 2 |
| Electric Operations | 13 | 32 | |
| Corporate and Other and Eliminations | -11 | -5 | -8 |
| Total | 65 | 30 | -6 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric Operations | 257 | 220 | 208 | 267 | |
| Coal Operations | 149 | 145 | 376 | 376 | 346 |
| Corporate and Other and Eliminations | 3 | 4 | 5 | -12 | 8 |
| Total | 408 | 369 | 590 | 631 | 354 |
Price Behavior
Price Behavior
| Market Price | $17.70 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 01/20/1997 | |
| Distance from 52W High | -25.7% | |
| 50 Days | 200 Days | |
| DMA Price | $17.43 | $18.73 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 1.5% | -5.5% |
| 3M | 1YR | |
| Volatility | 63.4% | 62.1% |
| Downside Capture | 228.65 | 161.28 |
| Upside Capture | 142.14 | 144.39 |
| Correlation (SPY) | 33.2% | 28.0% |
HNRG Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.95 | 1.19 | 0.53 | 1.08 | 1.12 | 1.30 |
| Up Beta | 3.27 | 0.09 | -1.27 | -0.23 | 0.48 | 1.20 |
| Down Beta | 7.44 | 4.30 | 1.18 | 1.48 | 1.55 | 1.49 |
| Up Capture | 302% | 136% | 101% | 128% | 110% | 244% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 21 | 31 | 60 | 129 | 386 |
| Down Capture | 25% | 193% | 124% | 160% | 124% | 106% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 20 | 31 | 63 | 119 | 356 |
[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 HNRG | |
|---|---|---|---|---|
| HNRG | 13.9% | 62.0% | 0.45 | - |
| Sector ETF (XLU) | 14.6% | 14.7% | 0.71 | 10.4% |
| Equity (SPY) | 23.3% | 12.5% | 1.40 | 28.4% |
| Gold (GLD) | 17.7% | 27.7% | 0.57 | 15.9% |
| Commodities (DBC) | 18.2% | 18.6% | 0.76 | 13.3% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.56 | -0.0% |
| Bitcoin (BTCUSD) | -40.6% | 42.4% | -1.11 | 15.9% |
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 HNRG | |
|---|---|---|---|---|
| HNRG | 44.2% | 71.8% | 0.82 | - |
| Sector ETF (XLU) | 10.1% | 17.3% | 0.44 | 15.6% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 25.7% |
| Gold (GLD) | 16.4% | 18.3% | 0.73 | 12.8% |
| Commodities (DBC) | 6.9% | 19.5% | 0.26 | 26.9% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 14.3% |
| Bitcoin (BTCUSD) | 10.4% | 54.1% | 0.39 | 14.0% |
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 HNRG | |
|---|---|---|---|---|
| HNRG | 16.0% | 69.8% | 0.52 | - |
| Sector ETF (XLU) | 9.4% | 19.3% | 0.42 | 12.8% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 26.5% |
| Gold (GLD) | 11.5% | 16.1% | 0.59 | 10.2% |
| Commodities (DBC) | 5.7% | 18.0% | 0.24 | 25.8% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 17.8% |
| Bitcoin (BTCUSD) | 57.2% | 66.5% | 0.97 | 11.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 1.7% | 4.7% | -10.2% |
| 3/12/2026 | -11.5% | -13.0% | -21.6% |
| 11/10/2025 | 19.0% | 1.2% | 13.9% |
| 8/11/2025 | -6.9% | -17.5% | -9.5% |
| 5/12/2025 | 21.4% | 25.0% | 6.6% |
| 3/17/2025 | 4.1% | 14.7% | 14.9% |
| 11/12/2024 | 25.6% | 23.3% | 18.7% |
| 8/7/2024 | 5.3% | 16.9% | 9.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 15 |
| # Negative | 6 | 8 | 8 |
| Median Positive | 4.1% | 9.7% | 14.5% |
| Median Negative | -8.7% | -11.0% | -10.2% |
| Max Positive | 25.6% | 30.7% | 61.2% |
| Max Negative | -12.2% | -25.9% | -37.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 1.7% | 4.7% | -10.2% |
| 3/12/2026 | -11.5% | -13.0% | -21.6% |
| 11/10/2025 | 19.0% | 1.2% | 13.9% |
| 8/11/2025 | -6.9% | -17.5% | -9.5% |
| 5/12/2025 | 21.4% | 25.0% | 6.6% |
| 3/17/2025 | 4.1% | 14.7% | 14.9% |
| 11/12/2024 | 25.6% | 23.3% | 18.7% |
| 8/7/2024 | 5.3% | 16.9% | 9.4% |
| 5/7/2024 | 4.8% | 10.6% | 61.2% |
| 3/14/2024 | -10.4% | -25.9% | -37.8% |
| 11/7/2023 | -12.2% | -9.0% | -10.2% |
| 8/8/2023 | 1.3% | 3.1% | 9.1% |
| 5/9/2023 | 3.3% | 2.6% | -9.3% |
| 3/17/2023 | 3.9% | 3.9% | 14.9% |
| 11/15/2022 | 3.4% | 9.7% | 17.2% |
| 8/16/2022 | 1.2% | 10.4% | -9.5% |
| 3/29/2022 | -0.6% | -0.3% | 25.3% |
| 11/9/2021 | -3.3% | -14.2% | -13.1% |
| 8/10/2021 | 4.3% | -4.3% | 3.9% |
| 5/4/2021 | 13.1% | 4.9% | 34.1% |
| 3/9/2021 | 4.1% | 0.0% | 14.5% |
| 11/3/2020 | 2.5% | -7.4% | 13.5% |
| 8/3/2020 | 22.8% | 30.7% | 9.8% |
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 15 |
| # Negative | 6 | 8 | 8 |
| Median Positive | 4.1% | 9.7% | 14.5% |
| Median Negative | -8.7% | -11.0% | -10.2% |
| Max Positive | 25.6% | 30.7% | 61.2% |
| Max Negative | -12.2% | -25.9% | -37.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/17/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/17/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/23/2022 | 10-Q |
| 12/31/2021 | 03/28/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 03/09/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/09/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
| 06/30/2019 | 08/05/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Contracted Revenue | 1.00 Bil | 703.0% | Raised | Guidance: 124.53 Mil for 2028 | |||
Prior: Q4 2025 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 389.54 Mil | 1.1% | Raised | Guidance: 385.46 Mil for 2026 | |||
| 2027 Revenue | 335.54 Mil | 8.0% | Raised | Guidance: 310.55 Mil for 2027 | |||
| 2028 Revenue | 124.53 Mil | 0 | Affirmed | Guidance: 124.53 Mil for 2028 | |||
| 2029 Revenue | 17.33 Mil | 0 | Affirmed | Guidance: 17.33 Mil for 2029 | |||
Insider Activity
Updated 6/25/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hudson, Daniel Timothy | Direct | Buy | 6252026 | 17.70 | 2,000 | 35,400 | 88,500 | Form | |
| 2 | Hudson, Daniel Timothy | Direct | Buy | 6252026 | 17.04 | 3,000 | 51,120 | 51,120 | Form | |
| 3 | Wesley, Charles Ray IV | the Charles R. Wesley IV Revocable Trust | Buy | 6172026 | 16.69 | 15,000 | 250,314 | 5,648,235 | Form | |
| 4 | Wesley, Charles Ray IV | the Charles R. Wesley IV Revocable Trust | Buy | 12192025 | 17.83 | 20,000 | 356,576 | 4,776,585 | Form | |
| 5 | Wesley, Charles Ray IV | the Charles R. Wesley IV Revocable Trust | Buy | 11212025 | 19.28 | 13,000 | 250,665 | 4,780,253 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hudson, Daniel Timothy | Direct | Buy | 6252026 | 17.70 | 2,000 | 35,400 | 88,500 | Form | |
| 2 | Hudson, Daniel Timothy | Direct | Buy | 6252026 | 17.04 | 3,000 | 51,120 | 51,120 | Form | |
| 3 | Wesley, Charles Ray IV | the Charles R. Wesley IV Revocable Trust | Buy | 6172026 | 16.69 | 15,000 | 250,314 | 5,648,235 | Form | |
| 4 | Wesley, Charles Ray IV | the Charles R. Wesley IV Revocable Trust | Buy | 12192025 | 17.83 | 20,000 | 356,576 | 4,776,585 | Form | |
| 5 | Wesley, Charles Ray IV | the Charles R. Wesley IV Revocable Trust | Buy | 11212025 | 19.28 | 13,000 | 250,665 | 4,780,253 | Form | |
| 6 | Hardie, David C | Hallador Alternative Assets Fund LLC | Sell | 10032025 | 19.76 | 75,000 | 1,481,970 | 31,317,563 | Form | |
| 7 | Hardie, David C | David Hardie Separate Property Trust | Sell | 10032025 | 19.76 | 25,000 | 493,990 | 416,374 | Form | |
| 8 | Hardie, David C | Hallador Alternative Assets Fund LLC | Sell | 10012025 | 19.53 | 75,000 | 1,464,638 | 32,415,923 | Form | |
| 9 | Hardie, David C | David Hardie Separate Property Trust | Sell | 10012025 | 19.53 | 25,000 | 488,212 | 899,717 | Form | |
| 10 | Hardie, David C | Hallador Alternative Assets Fund LLC | Sell | 10012025 | 19.65 | 55,337 | 1,087,284 | 34,088,579 | Form | |
| 11 | Hardie, David C | David Hardie Separate Property Trust | Sell | 10012025 | 19.65 | 18,446 | 362,434 | 1,396,451 | Form | |
| 12 | Hardie, David C | Hallador Alternative Assets Fund LLC | Sell | 9292025 | 19.18 | 58,401 | 1,120,219 | 34,339,987 | Form | |
| 13 | Hardie, David C | David Hardie Separate Property Trust | Sell | 9292025 | 19.18 | 19,467 | 373,406 | 1,717,090 | Form | |
| 14 | Hardie, David C | Hallador Alternative Assets Fund LLC | Sell | 9292025 | 19.82 | 26,236 | 519,914 | 36,634,664 | Form | |
| 15 | Hardie, David C | David Hardie Separate Property Trust | Sell | 9292025 | 19.82 | 8,746 | 173,318 | 2,159,734 | Form | |
| 16 | Hardie, David C | Hallador Alternative Assets Fund LLC | Sell | 9242025 | 19.08 | 6,577 | 125,519 | 35,781,586 | Form | |
| 17 | Hardie, David C | David Hardie Separate Property Trust | Sell | 9242025 | 19.08 | 2,193 | 41,852 | 2,246,837 | Form | |
| 18 | Hardie, David C | Hallador Alternative Assets Fund LLC | Sell | 9242025 | 19.25 | 57,494 | 1,107,024 | 36,227,145 | Form | |
| 19 | Hardie, David C | David Hardie Separate Property Trust | Sell | 9242025 | 19.25 | 19,165 | 369,014 | 2,309,089 | Form | |
| 20 | Wesley, Charles Ray IV | the Charles R. Wesley IV Revocable Trust | Buy | 8192025 | 15.27 | 20,000 | 305,404 | 3,587,184 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Independent Power Producers & Energy Traders Resources |
| S&P Global Commodity Insights |
| Energy Risk |
| Power Finance & Risk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/24/2026