Pulling SEC filings + quote and writing the call…

HALLADOR ENERGY CO
Next earnings Aug 10, 2026 (after close) · consensus $-0.12 EPS, $94.6M rev
Coal-to-power pivot is working — FY2025 earnings snapped back to $41.9M — but lumpy history and depleting mines cap conviction.
Sources: SEC EDGAR (CIK 0000788965, latest 10-Q filed 2026-05-06) · analysis by claude-code · as of 6/25/2026, 2:53:28 PM.
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Hallador is a small Illinois Basin coal miner repositioning around its Merom power plant, and FY2025 shows the turnaround working: revenue rebounded 16.2% to $469M, operating income more than doubled to $61.1M (13.0% margin), and net income flipped from a -$226M loss in FY2024 to +$41.9M, driving diluted EPS to $0.96 and a 26.2% ROE. Operating cash flow of $81.1M comfortably covered $69.2M of capex, long-term debt was trimmed 20.6% to $29.7M, and equity grew 53.3% to $160M. At $17.98 the stock trades at 18.7x trailing EPS and 1.8x sales — not screamingly cheap given the cyclicality, but reasonable if 2025 earnings power is repeatable.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $248M | $362M | $635M | $404M | $469M |
| Gross profit | — | — | — | — | — |
| Operating income | -$6.04M | $30.4M | $65.0M | -$218M | $61.1M |
| Net income | -$3.75M | $18.1M | $44.8M | -$226M | $41.9M |
| Diluted EPS | -$0.12 | $0.55 | $1.25 | -$5.72 | $0.96 |
| Net margin | -1.5% | 5.0% | 7.1% | -56.0% | 8.9% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Officer/director change disclosed; exhibit attached — leadership transition signaled.
Reg FD disclosure with exhibit — likely investor presentation or update shared.
Item 1.04 mine safety disclosure — pattern/imminent danger notice, regulatory risk.
Entered material definitive agreement with Reg FD — new contract/coal supply deal.
Annual meeting vote results filed — routine governance disclosure.
Q1'26 10-Q filed; continues FY25 turnaround momentum after return to profitability.
Proxy statement for 2026 annual meeting — routine governance filing.
FY25 rev $469M (+16%), NI $41.9M vs -$226M; debt down, equity +53%.
1047 tracked peers · median
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Last 90 days: 3 open-market buys · 0 sales
| 2026-06-25 | Hudson Daniel Timothy Director | Buy | 2.00K @ $17.70 | $35.4K |
| 2026-06-24 | Hudson Daniel Timothy Director | Buy | 3.00K @ $17.04 | $51.1K |
| 2026-06-23 | Telesz Todd E Chief Financial Officer | Exercise | 8.22K @ $17.73 | $146K |
| 2026-06-23 | Telesz Todd E Chief Financial Officer | Tax | 2.61K @ $17.73 | $46.3K |
| 2026-06-16 | Wesley Charles Ray IV Director | Buy | 15.0K @ $16.69 | $250K |