HALLADOR ENERGY CO HNRG
Hallador Energy Company ("Hallador" or the "Company") is a vertically integrated, independent power producer ("IPP") and fuel company with operations primarily in Indiana. The Company operates across multiple stages of the energy value chain, from accredited capacity and energy to coal. The Company's electric operations are located within the Midcontinent Independent System Operator's ("MISO") footprint. Our operations comprise Hallador Power Company, LLC ("Hallador Power") that provides accredited capacity and energy to utilities and other energy market participants through its MISO interconnection, and Sunrise Coal, LLC ("Sunrise") that mines bituminous coal in Indiana to serve various power plants in the Midwest and Southeast United States.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $469.5M | $404.2M | $634.9M | $362.0M | $247.7M | $242.1M | $317.4M | $293.6M | $271.6M | $281.4M |
| Cost of revenue | — | — | $473.4M | $266.6M | $198.8M | $186.0M | $247.9M | $215.4M | — | — |
| Gross profit | — | — | $161.5M | $95.4M | $48.8M | $56.1M | $69.6M | $78.2M | — | — |
| SG&A | $26.2M | $26.5M | $26.2M | $16.4M | $14.8M | $11.6M | $12.8M | $11.8M | $15.0M | $10.5M |
| Total operating expenses | $408.4M | $622.5M | $569.9M | $30.4M | -$6.0M | $241.1M | $405.7M | $290.0M | $257.8M | $273.0M |
| Operating income | $61.1M | -$218.4M | $65.0M | $30.4M | -$6.0M | $3.1M | — | — | — | — |
| Interest expense | $16.9M | $13.8M | $13.7M | $11.0M | $8.0M | $13.0M | $16.0M | $16.3M | $12.4M | $14.8M |
| Pre-tax income | $43.7M | -$235.5M | $49.3M | $19.9M | -$3.7M | -$8.9M | -$82.2M | $3.5M | $13.9M | $8.5M |
| Income tax | $1.8M | $9.4M | $4.5M | $1.8M | $26.0K | $2.7M | $22.3M | $4.1M | $19.2M | $4.0M |
| Net income | $41.9M | -$226.1M | $44.8M | $18.1M | -$3.8M | -$6.2M | -$59.9M | $7.6M | $33.1M | $12.5M |
| EPS, basic | 0.98 | -5.72 | 1.35 | 0.57 | -0.12 | — | — | — | — | — |
| EPS, diluted | 0.96 | -5.72 | 1.25 | 0.55 | -0.12 | -0.20 | -1.95 | 0.25 | 1.08 | 0.42 |
| Shares, diluted (wtd. avg.) | $43.4M | $39.5M | $36.8M | $33.6M | $30.6M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.1M | $7.2M | $2.8M | $3.0M | $2.5M | $8.0M | $8.8M | $15.5M | $16.3M | $12.6M |
| Short-term investments | — | — | — | — | — | — | — | $1.8M | $1.9M | $1.8M |
| Receivables | $14.0M | $15.4M | $19.9M | $29.9M | $13.6M | $14.4M | $25.6M | $18.4M | $16.8M | $22.3M |
| Total current assets | $123.4M | $104.9M | $92.8M | $138.5M | $39.2M | $63.3M | $82.4M | $85.0M | $67.7M | $82.8M |
| Property, plant and equipment | $277.8M | $257.7M | $488.6M | $480.5M | $302.8M | $309.4M | $329.7M | — | — | — |
| Total assets | $408.1M | $369.1M | $589.8M | $630.6M | $354.0M | $384.1M | $425.6M | $515.5M | $518.2M | $531.3M |
| Accounts payable | $41.8M | $44.3M | $62.9M | $83.0M | $41.5M | $31.4M | $31.8M | $26.4M | $21.1M | $19.9M |
| Short-term debt | $0 | $4.1M | $24.4M | $33.0M | $23.1M | $34.3M | $33.0M | $27.6M | $35.0M | $30.6M |
| Total current liabilities | $152.6M | $152.9M | $157.6M | $239.6M | $64.6M | $71.2M | $64.8M | $51.8M | $54.3M | $48.7M |
| Long-term debt | $29.7M | $37.4M | $63.5M | $49.7M | $84.7M | $97.3M | $140.6M | $160.9M | $167.0M | $208.0M |
| Total liabilities | $248.2M | $264.8M | $321.2M | $415.5M | $167.7M | $194.9M | $230.1M | $256.6M | $268.9M | $314.4M |
| Retained earnings | -$43.6M | -$85.4M | $140.7M | $95.9M | $77.8M | $81.6M | $89.0M | $153.8M | $150.2M | $122.1M |
| Total equity | $159.8M | $104.3M | $268.6M | $215.0M | $182.2M | $185.3M | $191.5M | $254.9M | $249.3M | $216.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $81.1M | $65.9M | $59.4M | $54.2M | $48.0M | $52.6M | $38.2M | $51.6M | $65.8M | $60.9M |
| Depreciation and amortisation | $41.2M | $65.6M | $67.2M | $46.9M | $40.0M | $39.6M | $48.6M | $44.2M | $38.5M | $35.6M |
| Stock-based compensation | $3.5M | $4.5M | $3.6M | $1.3M | $1.0M | $1.2M | $1.8M | $3.2M | $7.3M | $2.5M |
| Capital expenditure | $69.2M | $53.4M | $75.4M | $54.0M | $28.1M | $20.7M | $35.5M | — | — | — |
| Investing cash flow | -$66.5M | -$46.5M | -$75.3M | -$53.4M | -$27.5M | -$18.2M | -$30.2M | -$26.0M | -$22.3M | -$49.3M |
| Financing cash flow | -$11.4M | -$14.4M | $16.6M | -$207.0K | -$26.7M | -$35.6M | -$14.8M | -$21.8M | -$39.8M | -$17.7M |
| Dividends paid | — | — | — | — | $0 | $1.2M | $5.0M | $4.9M | $4.9M | $4.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-043867.
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