Hallador Energy Co. (HNRG) intrinsic value & 10-year financials
Hallador Energy Co. (HNRG) has a Graham intrinsic value of $31.89 per share. At $11.71 on Oct 17, 2026, the stock trades 63% below that value. Over the last 10 fiscal years revenue grew 5.8% a year to $469.5M, with an average return on invested capital of -2.4%.
- Graham intrinsic value
- $31.89
- Share price (Oct 17, 2026)
- $11.71
- Price vs Graham value
- 63% below
- Market cap
- $508.6M
- Revenue (FY2025)
- $469.5M
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- -2.4%
- Free cash flow (FY2025)
- $11.9M
HNRG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $469.5M | $41.9M | $0.96 | $11.9M | 13.0% | 35.5% |
| FY2024 | $404.4M | -$226.1M | -$5.72 | $12.6M | -53.9% | -82.1% |
| FY2023 | $634.5M | $44.8M | $1.25 | -$15.9M | 10.2% | 18.0% |
| FY2022 | $362.0M | $18.1M | $0.55 | $149.0K | 8.4% | 9.5% |
| FY2021 | $243.9M | -$3.8M | -$0.12 | $19.9M | -2.5% | -2.0% |
| FY2020 | $242.1M | -$6.2M | — | $31.9M | 1.3% | 0.7% |
| FY2019 | $323.5M | -$59.9M | — | $2.7M | — | -15.2% |
| FY2018 | $293.6M | $7.6M | — | $16.5M | — | 1.8% |
| FY2017 | $271.6M | $33.1M | — | $32.9M | — | 7.5% |
| FY2016 | $281.4M | $12.5M | — | $41.1M | — | 2.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HALLADOR ENERGY CO has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
HALLADOR ENERGY CO has historically struggled to out-earn its cost of capital, averaging just -2.4% ROIC.
HALLADOR ENERGY CO has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HALLADOR ENERGY CO is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.89 per share.