Hallador Energy Company — Earnings Quality Grade F
HNRG · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 11 days, change -3 days YoY
AR growth -9.4% vs revenue growth 16.2%
Revenue 16.2%, CFFO 23.1%. Cash follows revenue
Expense Quality
Inventory 16.6% vs COGS 19.8%. Normal
CapEx growth 29.7% vs revenue 16.2%. Normal
SG&A/Gross Profit = 53.6%. Normal
Gross margin 54.4%, change -1.4pp. Stable
Cash Flow Quality
CFFO/NI = 1.94. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -9.6%. Low accruals
Cash $0.0B covers only 26% of debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.4x. Healthy
Other assets -84.4% vs revenue 16.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.92 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25