Hallador Energy Co (HNRG) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Utilities · as of Sep 17, 2026
Hallador Energy Co (HNRG)
A forensic read on Hallador Energy Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.0
Distress distance
Clean
Earnings quality
5
Forensic signals
439.5
P / E (ttm)
26.2%
ROE
$684M
Market cap
0.00%
Dividend yield
16.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Hallador Energy Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.0, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+25.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +25.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 25% of net operating assets, against an accruals ratio of 25.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+8.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +29% over the last 3 years to FY2025 (+8.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~23%.
0.8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.8% of revenue and 30% of free cash flow in FY2025 — about $0.08 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 8.9% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$469.5M
Revenue Growth YoY+16.2%
Revenue CAGR (3yr)+9.1%
Net Margin8.9%
Free Cash Flow$11.9M
Return on Equity26.2%
Debt / Equity0.19x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Hallador Energy Co's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 17, 2026. Forensic signals flag probability, not certainty.
stopped
FY2020→FY2021
Shareholder returns — halted.Capital returns have STOPPED — $1M of buybacks + dividends in FY2020, but ~$0 in FY2021. A halt usually means the company is conserving cash.
suspended
FY2020→FY2021
Dividend — suspended.The dividend has been SUSPENDED — $1M paid in FY2020, then $0 in FY2021. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.