Hallador Energy Company

HNRG

Coal · Energy

Price

$15.98

-0.07 (-0.44%)

Market Cap

$753.1M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+41.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 30.6M (2021) → 43.4M (2025)

Hallador Energy Company, through its subsidiaries, engages in the production of steam coal in the State of Indiana for the electric power generation industry. The company owns the Oaktown Mine 1 and Oaktown Mine 2 underground mines in Oaktown, Indiana; and Ace in the Hole mine located near Clay City, Indiana. It is also involved in gas exploration activities in Indiana. Hallador Energy Company was founded in 1949 and is headquartered in Terre Haute, Indiana.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-15.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-187.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

23.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$43M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Hallador Energy Company's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

-0.6%

Thin — -0.6% gross margin

Operating Margin

-7.5%

Losing money on operations — -7.5%

ROCE

-3.5%

Weak — -3.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+10.0%

Steady sales growth (10.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

280%

Turns 280% of profit into real cash

FCF Margin

-0.4%

Burning cash (-0.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

2.31x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

29.4x

Growth-priced — P/E 29.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+19.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (29.4 → 10.2)

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Dividends

Not applicable for this business.

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