Hallador Energy Company (HNRG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-336.8%

-$25.10

vs $10.60 price

Levered DCF

$7.50

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.82

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.43×	-2×	6.55×	17.53×	-20.5×	-7.35×	-1.5×	20.28×
P/B	5.11×	4.34×	1.09×	1.49×	0.41×	0.24×	0.47×	0.6×
P/S	1.74×	1.12×	0.46×	0.88×	0.3×	0.18×	0.28×	0.52×
EV / EBITDA	8.19×	-3.16×	3.03×	5.54×	4.03×	4.22×	-16.49×	4.97×
Gross margin	18.6%	55.8%	52.2%	26.3%	19.7%	23.9%	6.6%	11.1%
Operating margin	13.0%	-53.9%	10.2%	8.4%	-2.4%	1.3%	1.8%	6.2%
Net margin	8.9%	-55.9%	7.1%	5.0%	-1.5%	-2.5%	-18.9%	2.6%
Current ratio	0.81×	0.69×	0.59×	0.58×	0.61×	0.89×	1.27×	1.64×
Debt / equity	0.24×	0.51×	0.35×	0.48×	0.59×	0.77×	0.91×	0.71×
Interest coverage	3.61×	-15.75×	4.74×	2.56×	-0.55×	0.23×	0.35×	1.11×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	2.8%	5.5%	3.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-19.9%	-8.3%	64.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.2%	-216.8%	16.7%	8.4%	-2.1%	-3.4%	-31.3%	3.0%
Return on invested capital	20.0%	-93.9%	13.6%	6.2%	-1.9%	0.6%	1.0%	3.7%
Return on assets	9.6%	-61.3%	7.6%	2.8%	-1.1%	-1.6%	-14.1%	1.5%
Free cash flow yield	1.5%	2.8%	-5.4%	0.0%	26.5%	71.2%	3.0%	10.8%
Earnings yield	5.1%	-50.0%	15.3%	5.7%	-5.0%	-13.9%	-66.6%	5.0%
Enterprise value	$846.4M	$498.1M	$384.6M	$415.9M	$180.5M	$174.9M	$254.7M	$318M
Net debt / EBITDA	0.28×	-0.29×	0.72×	1.28×	2.35×	3.14×	-10.67×	2.59×
Cash conversion cycle (days)	39	119	34	71	1	58	62	49