# Hallador Energy Company (HNRG)

**Exchange:** NASDAQ  
**Sector:** Energy  
**Market cap:** $697M  
**Price:** $16.05 (+1.55%)

> Hallador Energy Company is a vertically integrated independent power producer that combines coal production with electric power generation. Headquartered in Terre Haute, Indiana, the company operates through two core segments: Coal Operations via Sunrise Coal, LLC, which produces and supplies bituminous coal from underground and surface mines in the Illinois Basin to fuel its own facilities and third-party customers; and Electric Operations via Hallador Power Company, LLC, which generates electricity and capacity at the approximately one-gigawatt Merom Generating Station. This structure ensures a reliable fuel supply chain for power output while serving the electric power generation industry. Hallador Energy Company plays a key role in the energy sector by providing dispatchable power and coal resources, supporting capacity needs in regional grids through contracted electric sales, capacity payments, and coal deliveries. Its operations bridge mining and power production, emphasizing the linkage between fuel sourcing and energy delivery in the utilities market.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $469M | — | $61M | $42M | $0.96 |
| 2024 | $404M | — | -$218M | -$226M | $-5.72 |
| 2023 | $635M | $161M | $65M | $45M | $1.25 |
| 2022 | $362M | $95M | $30M | $18M | $0.55 |
| 2021 | $244M | $45M | -$6M | -$4M | $-0.12 |
| 2020 | $242M | $56M | $3M | -$6M | — |
| 2019 | $317M | $70M | — | -$60M | — |
| 2018 | $294M | $78M | — | $8M | — |
| 2017 | $272M | — | — | $33M | — |
| 2016 | $281M | — | — | $13M | — |
| 2015 | $340M | — | — | $20M | — |
| 2014 | $241M | — | — | $10M | $0.34 |
| 2013 | $154M | — | — | $22M | $0.78 |
| 2012 | $141M | — | — | $24M | $0.83 |
| 2011 | $157M | — | — | $36M | $1.25 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $408M | $248M | $160M | $10M | $30M |
| 2024 | $369M | $265M | $104M | $7M | $41M |
| 2023 | $590M | $321M | $269M | $3M | $88M |
| 2022 | $631M | $416M | $215M | $3M | $83M |
| 2021 | $354M | $168M | $215M | $3M | $108M |
| 2020 | $384M | $195M | $185M | $8M | $132M |
| 2019 | $426M | $230M | $192M | $9M | $174M |
| 2018 | $515M | $257M | $255M | $16M | $188M |
| 2017 | $518M | $269M | $249M | $12M | $202M |
| 2016 | $531M | $314M | $217M | $10M | $239M |
| 2015 | $540M | $334M | $207M | $16M | $249M |
| 2014 | $580M | $390M | $190M | $13M | — |
| 2013 | $259M | $77M | $182M | $16M | — |
| 2012 | $229M | $67M | $162M | $22M | — |
| 2011 | $232M | $71M | $161M | $38M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $81M | $69M | $12M |
| 2024 | $66M | $53M | $13M |
| 2023 | $59M | $75M | -$16M |
| 2022 | $54M | $54M | $149,000 |
| 2021 | $48M | $28M | $20M |
| 2020 | $53M | $21M | $32M |
| 2019 | $38M | $36M | $3M |
| 2018 | $52M | — | — |
| 2017 | $66M | — | — |
| 2016 | $61M | — | — |
| 2015 | $95M | — | — |
| 2014 | $56M | — | — |
| 2013 | $27M | — | — |
| 2012 | $37M | — | — |
| 2011 | $61M | $33M | $28M |

Source: [CompaniesByCap](https://companiesbycap.com/company/HNRG)