HNRGHALLADOR ENERGY CO

Electric Services

Revenue: $469M; 16% YoY
Operating margin: 13.0%; 124% YoY
EBITDA: $102M; 167% YoY
Market cap: $529M
Employees: 633; $742K revenue each
Net debt / EBITDA: 0.1×; $14M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$1M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
194% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$742K · 22nd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$529M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$244M	$362M	$635M	$404M	$469M	16%
Operating income	−$6M	$30M	$65M	−$218M	$61M	128%
Net income	−$4M	$18M	$45M	−$226M	$42M	119%
Operating cash flow	$48M	$54M	$59M	$66M	$81M	23%
Capex	$28M	$54M	$75M	$53M	$69M	30%
Stock-based comp	$1M	$1M	$4M	$4M	$4M	21%
Dividends	$0	—	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 27, 2026	Hallador Alternative Assets Fund, LLC	SCHEDULE 13D/A	9.6%	Passive
Sep 3, 2024	Lubar Equity Fund, LLC	SC 13D/A	12.8%	Passive
Jul 23, 2024	Hallador Alternative Assets Fund, LLC	SC 13D/A	5.6%	Passive
Apr 2, 2024	Lubar Equity Fund, LLC	SC 13D/A	15.1%	Passive
Apr 2, 2024	Lubar Equity Fund, LLC	SC 13D/A	15.1%	Passive
Feb 29, 2024	Hallador Alternative Assets Fund, LLC	SC 13D/A	6.1%	Passive
Feb 27, 2024	Lubar & Co., Inc	SC 13D/A	11.5%	Passive
Apr 20, 2023	Hallador Alternative Assets Fund, LLC	SC 13D/A	6.0%	Passive
Jul 20, 2022	Hallador Alternative Assets Fund, LLC	SC 13D/A	6.1%	Passive
Jun 22, 2022	Lubar Equity Fund, LLC	SC 13D/A	12.3%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 11
Open-market sells, 12 mo: $0 · 0
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$1M	$3M	191	—
FY2024	$3M	$5M	115	—
FY2023	$998K	$721K	88	—