Hallador Energy Company (HNRG) Stock

Hallador Energy Company (HNRG) is a Utilities stock trading at $15.39 (as of 2026-08-21), with a market capitalization of $725.54M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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.

Understand Hallador Energy Company: how it makes money

Hallador Energy produces steam coal from underground mines in Indiana for the electric power generation industry, and it also does gas exploration in Indiana, with revenue supported by contracted coal and energy-related sales commitments.

The profit engine is the combination of mine-level cost per ton and the value of forward, contracted coal and energy capacity sales commitments (visibility through 2029), which largely determines how much of production economics can be locked in versus left exposed to market shifts.

Business quality (Weak): Contract visibility looks central to the model (forward and contracted sales commitments through 2029), but the latest quarter shows an operating loss, so execution and unit economics matter.

Valuation: At 33× earnings, HNRG trades 50% above the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Contract-backed visibility: The company tracks a Contracted Sales Book and Forward Energy Capacity and Coal Sales Commitments through 2029, which indicates a portion of future sales is committed.
Multiple Indiana mine assets supporting production continuity: Hallador Energy owns Oaktown Mine 1, Oaktown Mine 2, and the Ace in the Hole mine, which supports its steam coal production base for electric power generation customers.

Bear case

Latest quarter operating pressure: Operating margin was -5.6% in the latest reported period, which suggests costs and/or revenue realization did not cover operating expenses.
Unit cost sensitivity: The company reports Mining Costs per Ton, so changes in cost performance can directly pressure results even if contracted volumes exist.
Exposure to the electric power generation market: Because steam coal is produced for the electric power generation industry, shifts in generation economics or demand can affect coal sales outcomes.

Valuation — source: SEC EDGAR (first-party)
Price	$15.39
Market Cap	$725.54M
EV / EBITDA	12.6
Price / Book	3.81
Price / Sales	1.60
FCF Yield	-7.0%
DCF Value (model)	$36.75
DCF Upside vs Price	138.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$469.47M
Net Margin	8.9%
Revenue Growth (YoY)	-1.3%
EPS Growth (YoY)	-268.4%
FCF Growth (YoY)	2885.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.16 (safe)

Valuation vs Sector & Industry
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Lubar & Co., Inc ($88.76M)
Institutional Holders Tracked	10

Company
Sector	Utilities
Industry	Utilities
CEO	Brent K. Bilsland
Employees	615
Country	US
IPO Date	1994-04-06

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.