HALLADOR ENERGY CO
HNRG · Electric Services · 47.1M shares · +9%/yr ↑ dilution · EDGAR filings ↗
Reference price $17.70 · est. market cap ~$834M — last insider purchase, 2026-06-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72Coal/power producer with exceptional top-decile returns but weak margins and a sharp earnings decline.
Strengths
- Top-decile ROE (26%, 97th pct), ROA (10.3%, 98th pct) and ROIC (25.5%, 100th pct)
- Very low leverage (D/E 0.19), positive FCF (82.6th pct) and strong revenue growth (16%, 80th pct)
Risks
- Net income fell (-119%, 7.7th pct); below-median net (40th), operating (25.8th) and OCF (16.1th) margins
- Structurally declining coal exposure and small cash balance (18.6th pct)
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
13.0%
Net margin
8.9%
Return on equity
26.2%
Return on assets
10.3%
ROIC
25.5%
Revenue growth (QoQ)
-0.1%
Debt / equity
0.2×
Net debt / EBITDA
0.2×
Interest coverage
3.6×
Current ratio
0.8×
Free cash flow
$12M
EBITDA
$102M
Tangible book value
$160M
Cash & investments
$10M
Stock comp / revenue
0.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-25 | Hudson Daniel Timothy | Buy | 2.0K | $17.70 |
| 2026-06-24 | Hudson Daniel Timothy | Buy | 3.0K | $17.04 |
| 2026-06-23 | Telesz Todd E | Option exercise | 8.2K | $17.73 |
| 2026-06-23 | Telesz Todd E | Tax withheld | 2.6K | $17.73 |
| 2026-06-16 | Wesley Charles Ray IV | Buy | 15K | $16.69 |
| 2026-03-31 | Lovell Heath Aaron | Option exercise | 41K | $16.28 |
| 2026-01-14 | Wesley Charles Ray IV | Other | 56K | $18.00 |
| 2026-01-14 | Gray Zarrell Thomas | Other | 14K | $18.00 |
| 2025-12-31 | HARDIE DAVID C | Grant | 1.9K | $19.29 |
| 2025-12-30 | LUBAR DAVID J | Grant | 2.9K | $19.29 |
| 2025-12-30 | Wesley Charles Ray IV | Grant | 2.6K | $19.29 |
| 2025-12-30 | Gray Zarrell Thomas | Grant | 2.6K | $19.29 |
| 2025-12-17 | Wesley Charles Ray IV | Buy | 20K | $17.83 |
| 2025-11-21 | Wesley Charles Ray IV | Buy | 13K | $19.28 |
| 2025-10-01 | HARDIE DAVID C | Sell | 75K | $19.76 |
| 2025-10-01 | HARDIE DAVID C | Sell | 25K | $19.76 |
| 2025-09-30 | HARDIE DAVID C | Sell | 75K | $19.53 |
| 2025-09-30 | HARDIE DAVID C | Sell | 25K | $19.53 |
| 2025-09-29 | HARDIE DAVID C | Sell | 18K | $19.65 |
| 2025-09-29 | HARDIE DAVID C | Sell | 55K | $19.65 |
| 2025-09-26 | HARDIE DAVID C | Sell | 58K | $19.18 |
| 2025-09-26 | HARDIE DAVID C | Sell | 19K | $19.18 |
| 2025-09-25 | HARDIE DAVID C | Sell | 8.7K | $19.82 |
| 2025-09-25 | HARDIE DAVID C | Sell | 26K | $19.82 |
| 2025-09-23 | HARDIE DAVID C | Sell | 6.6K | $19.08 |
| 2025-09-23 | HARDIE DAVID C | Sell | 2.2K | $19.08 |
| 2025-09-22 | HARDIE DAVID C | Sell | 57K | $19.25 |
| 2025-09-22 | HARDIE DAVID C | Sell | 19K | $19.25 |
| 2025-08-19 | Wesley Charles Ray IV | Buy | 20K | $15.27 |
| 2025-05-19 | HARDIE DAVID C | Sell | 67K | $19.05 |
| 2025-05-19 | HARDIE DAVID C | Sell | 30K | $19.05 |
| 2025-04-10 | Gray Zarrell Thomas | Buy | 9.0K | $13.60 |
| 2025-04-07 | Wesley Charles Ray IV | Buy | 10K | $10.40 |
| 2025-03-31 | Bilsland Brent K | Tax withheld | 46K | $16.28 |
| 2025-03-31 | Lovell Heath Aaron | Tax withheld | 18K | $16.28 |
| 2025-03-31 | Hargrave Marjorie Anne | Option exercise | 30K | $12.28 |
| 2025-03-31 | Bilsland Brent K | Tax withheld | 56K | $12.28 |
| 2025-03-31 | Lovell Heath Aaron | Tax withheld | 37K | $12.28 |
| 2025-03-31 | Lovell Heath Aaron | Option exercise | 99K | $12.28 |
| 2025-03-31 | Lovell Heath Aaron | Tax withheld | 35K | $12.28 |
| 2025-03-31 | Bilsland Brent K | Option exercise | 194K | $12.28 |
| 2025-03-31 | Bilsland Brent K | Tax withheld | 53K | $12.28 |
| 2025-03-31 | Bilsland Brent K | Option exercise | 105K | $16.28 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-06-11 | Exec/director changeExhibits | filing ↗ |
| 2026-06-05 | Reg FDExhibits | filing ↗ |
| 2026-06-03 | 1.04 | filing ↗ |
| 2026-06-02 | Material agreementReg FDExhibits | filing ↗ |
| 2026-05-29 | Shareholder vote | filing ↗ |
| 2026-05-06 | Exec/director changeOther | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-25 | 0000788965-26-000006 ↗ |
| 8-K | 2026-06-11 | 2026-06-08 | 0000788965-26-000004 ↗ |
| 8-K | 2026-06-05 | 2026-06-04 | 0000788965-26-000002 ↗ |
| 8-K | 2026-06-03 | 2026-05-28 | 0001104659-26-070122 ↗ |
| 8-K | 2026-06-02 | 2026-05-30 | 0001104659-26-069138 ↗ |
| 8-K | 2026-05-29 | 2026-05-27 | 0001104659-26-068374 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001104659-26-056375 ↗ |
| 8-K | 2026-05-06 | 2026-05-01 | 0001104659-26-056354 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001104659-26-056345 ↗ |
| 8-K | 2026-04-15 | 2026-04-09 | 0001104659-26-043845 ↗ |
| 8-K | 2026-03-27 | 2026-03-25 | 0001104659-26-036234 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001104659-26-027176 ↗ |