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Companies / Utilities / Hallador Energy Company
HNRG

Hallador Energy Company

UtilitiesElectric, Gas & Water
Ticker HNRGTERRE HAUTE, INFiscal year ends DecemberBook value per share $4.06Diluted shares 46.8M

Hallador Energy Company (Nasdaq: HNRG) is a vertically integrated independent power producer and fuel company operating primarily in Indiana. Its Electric Operations segment owns and operates the 1,080-megawatt Merom coal-fired power plant, selling accredited capacity and wholesale energy to utilities, cooperatives,… From the company’s description.

Over the twelve months to Jun 30, 2026, Hallador Energy Company reported revenue of $454.78M, up 7.1% from a year earlier, and a net loss of $0.91M. Its operating margin was 3.7%, and operations generated $27.96M in cash. In fiscal 2025, it reported revenue of $469.47M, up 16.1% from fiscal 2024, and net income of $41.87M.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$469.47MFY2025
+16.1% year over year
Last 12 mo $454.78M
13.01%FY2025
+67 percentage points
Last 12 mo 3.72%
$41.87MFY2025
+118.5% year over year
Last 12 mo $-0.91M
26.20%FY2025
+28.5 percentage points
Last 12 mo -0.48%
Cash & financing
$81.13MFY2025
+23.1% year over year
Last 12 mo $27.96M
$11.92MFY2025
−5.2% year over year
Last 12 mo $-50.46M
0.24FY2025
Was 0.55× a year earlier
Last 12 mo 0.25
43.4MFY2025
+9.9% year over year
Last 12 mo 46.8M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Hallador Energy Company does

In the company’s own words

Hallador Energy Company (Nasdaq: HNRG) is a vertically integrated independent power producer and fuel company operating primarily in Indiana. Its Electric Operations segment owns and operates the 1,080-megawatt Merom coal-fired power plant, selling accredited capacity and wholesale energy to utilities, cooperatives, and other energy market participants through contracts and MISO markets. Its Coal Operations segment, conducted through Sunrise Coal, mines Illinois Basin bituminous coal for power plants in the Midwest and Southeast United States. Hallador also holds 50% interests in Sunrise Energy and Oaktown Gas. The company’s operations connect coal mining with electricity generation, with Sunrise’s Oaktown Mining Complex located about 20 miles from Merom. Hallador’s two reportable segments are Electric Operations and Coal Operations; the provided business description does not state their respective revenue shares. In fiscal 2025, Merom’s generating capacity was 1,080 megawatts. Its website is www.halladorenergy.com.

Company details
Sector
Utilities
Industry (SIC)
Electric, Gas & Water
Headquarters
TERRE HAUTE, IN
Fiscal year end
December
CIK
788965
SIC
4911

Financial performance, year by year

Fiscal 2011–2025 · USD
$-312.20M$-54.01M$204.17M$462.36M$720.54M201120122013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Hallador Energy Company — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

169
funds hold it
0 of 35
superinvestors hold it
$202.64M
held by funds, at market
24.6%
of shares held by funds

Largest fund holders · Hallador Energy Company’s weight in each

Aegis Value Fund
AVALX · Aegis Funds
2.70%of fund net assets
Avantis U.S. Small Cap Value ETF
AVUV · American Century ETF Trust
—of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.00%of fund net assets
iShares Russell 2000 ETF
IWM · iShares Trust
0.02%of fund net assets
DWS Small Cap Core Fund
SZCAX · DEUTSCHE DWS INVESTMENT TRUST
0.97%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

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