HNRG Hallador Energy Company - Common Stock
$15.80
Price · Aug 19, 2026
Fundamentals as of Aug 10, 2026
52W Range
$14–$25
19% of range
Analyst Rating
BUY
10 analysts
Price Target
$28
+79% upside
P/E (TTM)
16.5
ROE
29.7%
Net Profit Margin
8.9%
HNRG Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.80
Market Cap
$692M
P/E (TTM)
16.5
EPS (TTM)
$0.96
Revenue (TTM)
$469M
Div Yield
—
ROE
29.7%
Debt/Equity
0.2
52W Range
$14 – $25
HNRG Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$469M
2023-12-31
→
2025-12-31
EPS
$0.96
2023-12-31
→
2025-12-31
Free Cash Flow
$12M
2023-12-31
→
2025-12-31
Margins
8.9%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HNRG
Peer Median
P/E (TTM)
16.5
30.8
P/S (TTM)
1.5
2.4
P/B
4.3
8.0
EV / EBITDA
7.0
—
Price / FCF
58.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HNRG
Peer Median
Operating Margin
13.0%
—
Net Profit Margin
8.9%
5.2%
ROA
10.8%
2.5%
ROE
29.7%
16.6%
ROIC
30.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HNRG
Peer Median
Debt / Equity
0.2
—
Current Ratio
0.8
0.8
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HNRG
Peer Median
Revenue YoY
16.2%
—
Revenue CAGR 3Y
9.0%
—
Revenue CAGR 5Y
14.0%
—
EPS YoY
127.3%
—
Net Income YoY
147.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HNRG
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Jan. 30, 2020 | $0.0400 |
| Oct. 30, 2019 | $0.0400 |
| July 30, 2019 | $0.0400 |
| April 29, 2019 | $0.0400 |
| Jan. 30, 2019 | $0.0400 |
| Oct. 30, 2018 | $0.0400 |
| July 30, 2018 | $0.0400 |
| April 27, 2018 | $0.0400 |
| Jan. 30, 2018 | $0.0400 |
| Oct. 30, 2017 | $0.0400 |
| July 27, 2017 | $0.0400 |
| April 26, 2017 | $0.0400 |
| Jan. 27, 2017 | $0.0400 |
| Oct. 27, 2016 | $0.0400 |
| July 27, 2016 | $0.0400 |
| April 27, 2016 | $0.0400 |
| Jan. 27, 2016 | $0.0400 |
| Oct. 28, 2015 | $0.0400 |
| July 29, 2015 | $0.0400 |
| April 28, 2015 | $0.0400 |
HNRG Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 2 20.0%
- Buy 7 70.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
3 analysts · 2026-08-15
Median
$28.00
Mean
$28.33
← Below all targets
$15.80
Low
$28.00
High
$29.00
Median target
$28.00
+77.2%
Mean target
$28.33
+79.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.16%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.32 | $-0.07 | -0.25% |
| March 31, 2026 | $-0.20 | $-0.13 | -0.07% |
| Dec. 31, 2025 | $-0.01 | $-0.02 | 0.01% |
| Sept. 30, 2025 | $0.55 | $0.08 | 0.47% |
| June 30, 2025 | $0.23 | $-0.16 | 0.39% |
| March 31, 2025 | $0.24 | $-0.16 | 0.40% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HNRG | $834M | 19.8 | 16.2% | 8.9% | 29.7% | — |
| VST | $54.54B | 74.0 | 3.0% | 5.3% | 17.7% | — |
| TLN | $17.13B | -78.3 | 22.0% | -8.5% | -17.7% | — |
| AES | $10.21B | 11.4 | -0.37% | 7.4% | 23.6% | 18.1% |
| FISN | — | — | — | — | -234.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $469M | $404M | $635M | $362M | $248M | $244M | $323M | $294M | $272M | $281M | $340M | $241M | |
| Cost of Revenue | · | · | $473M | $267M | $199M | $186M | $248M | $215M | · | · | · | · | |
| SG&A Expense | $26M | $27M | $26M | $16M | $15M | $12M | $13M | $12M | $15M | $11M | $13M | $12M | |
| Operating Expenses | $408M | $623M | $570M | $30M | $-6M | $241M | $406M | $290M | $258M | $273M | $313M | $230M | |
| Operating Income | $61M | $-218M | $65M | $30M | $-6M | $3M | · | · | · | · | · | · | |
| Interest Expense | $17M | $14M | $14M | $11M | $8M | $13M | $16M | $16M | $12M | $15M | $16M | $9M | |
| Interest Income | $602.0K | $235.0K | · | · | · | · | · | · | · | · | · | · | |
| Other Non-op | · | · | · | · | · | · | · | · | · | · | · | $2M | |
| Pretax Income | $44M | $-236M | $49M | $20M | $-4M | $-9M | $-82M | $4M | $14M | $8M | $28M | $11M | |
| Income Tax | $2M | $-9M | $4M | $2M | $26.0K | $-3M | $-22M | $-4M | $-19M | $-4M | $7M | $482.0K | |
| Net Income | $42M | $-226M | $45M | $18M | $-4M | $-6M | $-60M | $8M | $33M | $13M | $20M | $10M | |
| EPS (Basic) | $0.98 | $-5.72 | $1.35 | $0.57 | $-0.12 | · | · | · | · | · | · | $0.34 | |
| EPS (Diluted) | $0.96 | $-5.72 | $1.25 | $0.55 | $-0.12 | · | · | · | · | · | · | $0.34 | |
| Shares (Basic) | 42,932,000 | 39,504,000 | 33,133,000 | 32,043,000 | 30,614,000 | · | · | · | · | · | · | 28,776,000 | |
| Shares (Diluted) | 43,432,000 | 39,504,000 | 36,827,000 | 33,649,000 | 30,614,000 | · | · | · | · | · | · | 28,776,000 | |
| EBITDA | $102M | $-153M | $132M | · | $34M | $40M | · | $44M | $38M | $36M | $44M | $29M |
Balance Sheet 27
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10M | $7M | $3M | $3M | $3M | $8M | $9M | $16M | $12M | $10M | $16M | $13M | |
| Short-term Investments | · | · | · | · | · | · | · | $2M | $2M | $2M | $1M | $2M | |
| Receivables | $14M | $15M | $20M | $30M | $14M | $14M | $26M | $18M | $17M | $22M | $17M | $27M | |
| Prepaid Expense | $6M | $1M | $2M | $5M | $2M | $3M | $2M | $11M | $5M | $10M | $1M | · | |
| Other Current Assets | · | · | · | · | · | · | · | · | · | · | $1M | $2M | |
| Current Assets | $123M | $105M | $93M | $139M | $39M | $63M | $82M | $85M | $68M | $83M | $67M | $84M | |
| PP&E (Net) | $278M | $258M | $489M | $480M | $303M | $309M | $330M | · | · | · | · | · | |
| PP&E (Gross) | $646M | $606M | $824M | $790M | $571M | $562M | $550M | $365M | $361M | $340M | $348M | $322M | |
| Accum. Depreciation | $368M | $348M | $335M | $309M | $268M | $252M | $221M | $225M | $203M | $170M | $150M | $107M | |
| Other Non-current Assets | $4M | $4M | $6M | $8M | $8M | $8M | $10M | $14M | $15M | $14M | $11M | $19M | |
| Total Assets | $408M | $369M | $590M | $631M | $354M | $384M | $426M | $515M | $518M | $531M | $540M | $580M | |
| Accounts Payable | $13M | $44M | $63M | $83M | $42M | $31M | $32M | $26M | $21M | $20M | $26M | $28M | |
| Short-term Debt | · | · | · | · | $0 | $5M | $0 | · | · | · | · | · | |
| Current Liabilities | $153M | $153M | $158M | $240M | $65M | $71M | $65M | $52M | $54M | $49M | $51M | $50M | |
| Capital Leases | $534.0K | $565.0K | $654.0K | · | · | · | $800.0K | · | · | · | · | · | |
| Deferred Tax | $2M | · | $9M | $5M | $3M | $3M | $5M | $26M | $29M | $45M | $49M | $42M | |
| Other Non-current Liabilities | $2M | $2M | $2M | $1M | $2M | $3M | $4M | $8M | $7M | $2M | $2M | $2M | |
| Total Liabilities | $248M | $265M | $321M | $416M | $168M | $195M | $230M | $257M | $269M | $314M | $334M | $390M | |
| Long-term Debt | $30M | $41M | $88M | $83M | $108M | $132M | $174M | $188M | $202M | $239M | $249M | · | |
| Total Debt | $30M | $41M | $88M | · | $108M | $137M | · | $188M | $202M | $239M | $26M | $22M | |
| Common Stock | $438.0K | $426.0K | $341.0K | $330.0K | $308.0K | $306.0K | $304.0K | $302.0K | $299.0K | $294.0K | $292.0K | $289.0K | |
| Paid-in Capital | $203M | $189M | $128M | $119M | $104M | $103M | $102M | $101M | $98M | $94M | $92M | $90M | |
| Retained Earnings | $-44M | $-85M | $141M | $96M | $78M | $82M | $89M | $154M | $150M | $122M | $114M | $99M | |
| AOCI | · | · | · | · | · | · | · | · | $915.0K | $728.0K | $-88.0K | $365.0K | |
| Stockholders' Equity | $160M | $104M | $269M | $215M | $215M | $185M | $192M | $255M | $249M | $217M | $207M | $190M | |
| Liabilities + Equity | $408M | $369M | $590M | $631M | $354M | $384M | $426M | $515M | $518M | $531M | $540M | $580M | |
| Shares Outstanding | 43,817,000 | 42,621,000 | 34,052,000 | 32,983,000 | 30,785,000 | 30,610,000 | 30,420,000 | 30,245,000 | 29,955,000 | 29,413,000 | 29,251,000 | 28,962,000 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $41M | $66M | $67M | $47M | $40M | $40M | $49M | $44M | $38M | $36M | $44M | $29M | |
| Stock-based Comp | $4M | $4M | $4M | $1M | $1M | $1M | $2M | $3M | $7M | $3M | $3M | $3M | |
| Deferred Tax | $2M | $-9M | $5M | $2M | $26.0K | $-2M | $-22M | $-2M | $-16M | $-4M | $7M | $-2M | |
| Other Non-cash | $-7M | $231M | $-61M | · | $11M | $20M | · | $-1M | $-823.0K | $14M | $20M | $15M | |
| Operating Cash Flow | $81M | $66M | $59M | $54M | $48M | $53M | $38M | $52M | $66M | $61M | $95M | $56M | |
| CapEx | $69M | $53M | $75M | $54M | $28M | $21M | $36M | · | · | · | · | · | |
| Investing Cash Flow | $-67M | $-46M | $-75M | $-53M | $-28M | $-18M | $-30M | $-26M | $-22M | $-49M | $-31M | $-337M | |
| Stock Issued | $14M | $35M | $7M | $0 | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $14M | $35M | $7M | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | · | · | · | · | $0 | $1M | $5M | $5M | $5M | $5M | $5M | $5M | |
| Financing Cash Flow | $-11M | $-14M | $17M | $-207.0K | $-27M | $-36M | $-15M | $-22M | $-40M | $-18M | $-62M | $279M | |
| Net Change in Cash | $3M | $5M | $697.0K | $597.0K | $-6M | $-1M | $-7M | $4M | $4M | $-6M | $2M | $-3M | |
| Free Cash Flow | $12M | $13M | $-16M | · | $20M | $32M | · | · | · | · | · | · | |
| Levered FCF | $-4M | $-730.0K | $-28M | · | $12M | $23M | · | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 13.0% | -53.9% | 10.2% | · | -2.4% | · | · | · | · | · | · | · | |
| Net Margin | 8.9% | -55.9% | 7.1% | · | -1.5% | -2.5% | · | 2.6% | 12.2% | 4.4% | 5.9% | 4.2% | |
| Pretax Margin | 9.3% | -58.2% | 7.8% | · | -1.5% | -3.6% | · | 1.2% | 5.1% | 3.0% | 8.1% | 4.4% | |
| EBITDA Margin | 21.8% | -37.7% | 20.8% | · | 13.7% | 16.2% | · | 15.0% | 14.2% | 12.6% | 12.9% | 12.1% | |
| ROA | 10.8% | -47.7% | 7.6% | · | -1.0% | -1.5% | · | 1.5% | 6.3% | 2.3% | 3.6% | 2.4% | |
| ROE | 29.7% | -106.9% | 16.6% | · | -2.0% | -3.3% | · | 3.0% | 14.2% | 5.9% | 10.2% | 5.5% | |
| ROIC | 30.9% | -143.7% | 16.6% | · | -2.1% | · | · | · | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.7 | 0.6 | · | 0.6 | 0.9 | · | 1.6 | 1.3 | 1.7 | 1.3 | 1.7 | |
| Quick Ratio | 0.2 | 0.1 | 0.1 | · | 0.2 | 0.3 | · | 0.7 | 0.6 | 0.7 | 0.6 | 0.8 | |
| Debt / Equity | 0.2 | 0.4 | 0.3 | · | 0.6 | 0.7 | · | 0.7 | 0.8 | 1.1 | 0.1 | 0.1 | |
| LT Debt / Equity | 0.2 | 0.4 | 0.2 | · | 0.5 | 0.5 | · | 0.6 | 0.7 | 1.0 | · | · | |
| Interest Coverage | 3.6 | -15.8 | 4.7 | · | -0.8 | · | · | · | · | · | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.2 | 0.9 | 1.1 | · | 0.7 | 0.6 | · | 0.6 | 0.5 | 0.5 | 0.6 | 0.6 | |
| Receivables Turnover | 31.9 | 29.6 | 25.5 | · | 17.7 | 12.3 | · | 16.7 | 13.9 | 14.4 | 15.5 | 12.7 |
Growth Rates 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 16.2% | -36.3% | 75.4% | 46.2% | 1.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.0% | 17.7% | 37.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | 127.3% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 20.4% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | 147.4% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 32.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $469M | $404M | $635M | $362M | $248M | $244M | $323M | $294M | $272M | $281M | $340M | $241M | |
| Net Income TTM | $42M | $-226M | $45M | $18M | $-4M | $-6M | $-60M | $8M | $33M | $13M | $20M | $10M | |
| Market Cap | $834M | $488M | $301M | · | $76M | $45M | · | $153M | $182M | $267M | $133M | $319M | |
| Enterprise Value | $854M | $522M | $386M | · | $181M | $174M | · | $324M | $370M | $494M | $142M | $326M | |
| P/E | 19.8 | -2.0 | 7.1 | 18.2 | -20.5 | 7.7 | 15.6 | 26.7 | 32.1 | 47.8 | 24.0 | 32.4 | |
| P/S | 1.8 | 1.2 | 0.5 | · | 0.3 | 0.2 | · | 0.5 | 0.7 | 0.9 | 0.4 | 1.3 | |
| P/B | 5.2 | 4.7 | 1.1 | · | 0.4 | 0.2 | · | 0.6 | 0.7 | 1.2 | 0.6 | 1.7 | |
| P / Tangible Book | 5.2 | 4.7 | 1.1 | 1.5 | 0.4 | 0.2 | · | · | · | · | · | · | |
| P / Cash Flow | 10.3 | 7.4 | 5.1 | · | 1.6 | 0.9 | · | 3.0 | 3.0 | 4.4 | 1.4 | 5.7 | |
| P / FCF | 70.0 | 38.8 | -18.9 | · | 3.8 | 1.4 | · | · | · | · | · | · | |
| EV / EBITDA | 8.3 | -3.4 | 2.9 | · | 5.3 | 4.4 | · | 7.3 | 9.6 | 13.9 | 3.2 | 11.1 | |
| EV / FCF | 71.6 | 41.6 | -24.2 | · | 9.1 | 5.5 | · | · | · | · | · | · | |
| EV / Revenue | 1.8 | 1.3 | 0.6 | · | 0.7 | 0.7 | · | 1.1 | 1.4 | 1.8 | 0.4 | 1.4 | |
| Dividend Yield | · | · | · | · | 0.00% | 2.8% | · | 3.2% | 2.7% | 1.8% | 3.6% | 1.5% | |
| Earnings Yield | 5.0% | -50.0% | 14.1% | 5.5% | -4.9% | 12.9% | 6.4% | 3.8% | 3.1% | 2.1% | 4.2% | 3.1% | |
| Payout Ratio | · | · | · | · | 0.00% | -19.9% | · | 64.8% | 14.8% | 38.4% | 23.8% | 46.9% | |
| Annual Payout | · | · | · | · | $0 | $1M | $5M | $5M | $5M | $5M | $5M | $5M |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $102M | $102M | $102M | $147M | $103M | $118M | $94M | $105M | $94M | $112M | $120M | $166M | $161M | $188M | $152M | $85M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | $85M | · | $119M | $115M | $134M | $96M | $65M | |
| SG&A Expense | $8M | $7M | $7M | $5M | $8M | $7M | $6M | $6M | $8M | $6M | $8M | $6M | $6M | $7M | $6M | $4M | |
| Operating Expenses | $114M | $107M | $96M | $118M | $91M | $104M | $312M | $100M | $101M | $109M | $260M | $142M | $139M | $29M | $35M | $5M | |
| Operating Income | $-13M | $-6M | $6M | $29M | $12M | $14M | $-219M | $5M | $-7M | $3M | $-10M | $24M | $22M | $29M | $35M | $5M | |
| Interest Expense | $4M | $4M | $4M | $5M | $4M | $4M | $3M | $3M | $4M | $4M | $3M | $3M | $4M | $4M | $4M | $3M | |
| Interest Income | $279.0K | $147.0K | · | · | $64.0K | $63.0K | · | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $325.0K | · | · | · | $-683.0K | · | · | · | · | · | · | · | · | · | · | · | |
| Pretax Income | $-16M | $-10M | $2M | $24M | $8M | $10M | $-222M | $2M | $-13M | $-2M | $-14M | $19M | $18M | $25M | $31M | $2M | |
| Income Tax | $-1M | $-504.0K | · | · | · | · | $-6M | $232.0K | $-3M | $-610.0K | $-3M | $3M | $2M | $3M | $916.0K | $596.0K | |
| Net Income | $-15M | $-9M | $-240.0K | $24M | $8M | $10M | $-216M | $2M | $-10M | $-2M | $-10M | $16M | $17M | $22M | $30M | $2M | |
| EPS (Basic) | $-0.32 | $-0.20 | $0.00 | $0.56 | $0.19 | $0.23 | $-5.44 | $0.04 | $-0.27 | $-0.05 | $-0.32 | $0.49 | $0.51 | $0.67 | $0.96 | $0.05 | |
| EPS (Diluted) | $-0.32 | $-0.20 | $-0.01 | $0.55 | $0.19 | $0.23 | $-5.44 | $0.04 | $-0.27 | $-0.05 | $-0.27 | $0.44 | $0.47 | $0.61 | $0.94 | $0.05 | |
| Shares (Basic) | 47,133,000 | 46,519,000 | -85,313,000 | 43,007,000 | 42,619,000 | 42,619,000 | -75,789,000 | 42,598,000 | 37,879,000 | 34,816,000 | -66,127,000 | 33,140,000 | 33,137,000 | 32,983,000 | -62,534,000 | 32,983,000 | |
| Shares (Diluted) | 47,133,000 | 46,519,000 | -86,512,000 | 43,434,000 | 43,048,000 | 43,462,000 | -76,209,000 | 43,018,000 | 37,879,000 | 34,816,000 | -73,469,000 | 36,848,000 | 36,708,000 | 36,740,000 | -61,213,000 | 33,268,000 | |
| EBITDA | $-3M | $5M | · | $38M | $17M | $29M | · | $19M | $6M | $18M | · | $40M | $39M | $47M | · | $17M |
Balance Sheet 24
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $29M | $37M | $10M | $13M | $9M | $7M | $7M | $4M | $6M | $2M | $3M | $3M | $2M | $2M | $3M | $7M | |
| Receivables | $14M | $9M | $14M | $25M | $19M | $13M | $15M | $12M | $19M | $14M | $20M | $21M | $21M | $33M | $30M | $17M | |
| Prepaid Expense | $2M | $2M | $6M | $4M | $2M | $2M | $1M | $6M | $2M | $3M | $2M | $4M | $3M | $3M | $5M | $2M | |
| Other Current Assets | · | $2M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Assets | $150M | $151M | $123M | $137M | $140M | $107M | $105M | $100M | $104M | $93M | $93M | $92M | $113M | $130M | $139M | $58M | |
| PP&E (Net) | $305M | $285M | $278M | $266M | $263M | $253M | $258M | $472M | $482M | $482M | $489M | $483M | $477M | $476M | $480M | $313M | |
| PP&E (Gross) | $690M | $661M | $646M | $637M | $626M | $613M | $606M | $832M | $831M | $831M | $824M | $842M | $820M | $802M | $790M | $611M | |
| Accum. Depreciation | $385M | $376M | $368M | $371M | $364M | $361M | $348M | $360M | $349M | $349M | $335M | $359M | $343M | $326M | $309M | $298M | |
| Other Non-current Assets | $8M | $8M | $4M | $4M | $4M | $4M | $4M | $6M | $7M | $7M | $6M | $7M | $7M | $7M | $8M | $8M | |
| Total Assets | $468M | $449M | $408M | $409M | $410M | $366M | $369M | $580M | $595M | $585M | $590M | $585M | $600M | $617M | $631M | $383M | |
| Accounts Payable | $32M | $20M | $42M | $44M | $52M | $46M | $44M | $43M | $46M | $47M | $63M | $77M | $71M | $84M | $83M | $52M | |
| Current Liabilities | $209M | $190M | $153M | $207M | $209M | $177M | $153M | $172M | $196M | $164M | $158M | $172M | $178M | $209M | $240M | $163M | |
| Capital Leases | · | · | $534.0K | · | · | · | $565.0K | $657.0K | $630.0K | $623.0K | $654.0K | · | · | · | · | · | |
| Deferred Tax | $165.0K | $1M | $2M | · | · | · | · | $6M | $6M | $9M | $9M | $12M | $9M | $8M | $5M | $4M | |
| Other Non-current Liabilities | $3M | $3M | $2M | $2M | $2M | $5M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $2M | |
| Total Liabilities | $278M | $243M | $248M | $263M | $287M | $251M | $265M | $261M | $279M | $302M | $321M | $313M | $345M | $379M | $416M | $199M | |
| Long-term Debt | $43M | · | $30M | $43M | $43M | $21M | $41M | $67M | $43M | $74M | $88M | $58M | $72M | $72M | $83M | $110M | |
| Total Debt | $43M | · | · | $43M | $43M | $21M | · | $67M | $43M | $74M | · | $58M | $72M | $72M | · | $110M | |
| Common Stock | $471.0K | $471.0K | $438.0K | $430.0K | $430.0K | $430.0K | $426.0K | $426.0K | $426.0K | $365.0K | $341.0K | $332.0K | $332.0K | $332.0K | $330.0K | $330.0K | |
| Paid-in Capital | $258M | $258M | $203M | $189M | $189M | $190M | $189M | $188M | $187M | $144M | $128M | $120M | $120M | $119M | $119M | $118M | |
| Retained Earnings | $-68M | $-53M | $-44M | $-43M | $-67M | $-75M | $-85M | $130M | $129M | $139M | $141M | $151M | $135M | $118M | $96M | $66M | |
| Stockholders' Equity | $190M | $206M | $160M | $146M | $122M | $115M | $104M | $319M | $316M | $284M | $269M | $272M | $255M | $237M | $215M | $184M | |
| Liabilities + Equity | $468M | $449M | $408M | $409M | $410M | $366M | $369M | $580M | $595M | $585M | $590M | $585M | $600M | $617M | $631M | $383M | |
| Shares Outstanding | 47,144,000 | 47,132,000 | 43,817,000 | 42,978,000 | 42,978,000 | 42,978,000 | 42,621,000 | 42,599,000 | 42,599,000 | 36,534,000 | 34,052,000 | 33,142,000 | 33,137,000 | · | 32,983,000 | 32,983,000 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $11M | $12M | $9M | $6M | $15M | $23M | $14M | $14M | $15M | $16M | $16M | $17M | $18M | $15M | $11M | |
| Stock-based Comp | $1M | $1M | $1M | $585.0K | $475.0K | $1M | $1M | $1M | $2M | $666.0K | $780.0K | $773.0K | $781.0K | $1M | $1M | $122.0K | |
| Deferred Tax | $-1M | $-504.0K | · | · | · | · | $-6M | $232.0K | $-3M | $-610.0K | $-3M | $3M | $2M | $3M | $916.0K | $596.0K | |
| Restructuring | · | · | · | · | · | · | · | $800.0K | $800.0K | $1M | · | · | · | · | · | · | |
| Other Non-cash | · | $19M | · | · | · | $12M | · | · | · | $3M | · | · | · | $-18M | · | · | |
| Operating Cash Flow | $-24M | $20M | $8M | $23M | $11M | $38M | $39M | $-13M | $24M | $16M | $-20M | $35M | $18M | $26M | $40M | $14M | |
| CapEx | $26M | $8M | $25M | $20M | $13M | $12M | $14M | $12M | $13M | $15M | $27M | $18M | $17M | $13M | $16M | $15M | |
| Investing Cash Flow | $-26M | $-7M | $-25M | $-17M | $-13M | $-12M | $-10M | $-11M | $-11M | $-15M | $-27M | $-18M | $-17M | $-13M | $-16M | $-15M | |
| Stock Issued | · | · | · | · | · | · | $0 | $0 | $28M | $7M | · | · | $0 | $0 | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $7M | · | · | · | · | · | · | |
| Financing Cash Flow | $42M | $15M | $-3M | $-3M | $18M | $-23M | $-26M | $22M | $-8M | $-2M | $47M | $-17M | $-1M | $-13M | $-29M | $-105.0K | |
| Net Change in Cash | $-8M | $28M | $-20M | $3M | $16M | $4M | $3M | $-1M | $4M | $-751.0K | $407.0K | $346.0K | $21.0K | $-77.0K | $-4M | $-2M | |
| Free Cash Flow | · | $13M | · | · | · | $27M | · | · | · | $1M | · | · | · | $13M | · | · | |
| Levered FCF | · | $9M | · | · | · | · | · | · | · | $-1M | · | · | · | $9M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -12.5% | -5.5% | · | 19.8% | 11.5% | 11.8% | · | 4.5% | -8.0% | 2.5% | · | 14.4% | 13.8% | 15.5% | · | 6.3% | |
| Net Margin | -15.0% | -9.2% | · | 16.3% | 8.0% | 8.5% | · | 1.5% | -11.2% | -1.6% | · | 9.7% | 10.5% | 11.7% | · | 1.9% | |
| Pretax Margin | -16.2% | -9.7% | · | 16.3% | 8.0% | 8.5% | · | 1.7% | -14.5% | -2.1% | · | 11.5% | 11.5% | 13.5% | · | 2.6% | |
| EBITDA Margin | -2.7% | 4.9% | · | 26.0% | 16.9% | 24.6% | · | 17.7% | 7.0% | 16.6% | · | 24.1% | 24.4% | 25.1% | · | 19.5% | |
| ROA | -3.5% | -2.3% | · | 4.8% | 1.6% | 2.1% | · | 0.27% | -1.7% | -0.28% | · | 3.3% | 3.5% | 4.5% | · | 0.43% | |
| ROE | -9.8% | -5.8% | · | 10.3% | 3.8% | 5.0% | · | 0.53% | -3.6% | -0.65% | · | 7.1% | 7.8% | 10.8% | · | 0.86% | |
| ROIC | -5.0% | -2.6% | · | · | · | · | · | 1.1% | -1.6% | 0.56% | · | 6.1% | 6.2% | 8.2% | · | 1.3% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 0.8 | · | 0.7 | 0.7 | 0.6 | · | 0.6 | 0.5 | 0.6 | · | 0.5 | 0.6 | 0.6 | · | 0.4 | |
| Quick Ratio | 0.2 | 0.2 | · | 0.2 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.1 | |
| Debt / Equity | 0.2 | · | · | 0.3 | 0.4 | 0.2 | · | 0.2 | 0.1 | 0.3 | · | 0.2 | 0.3 | 0.3 | · | 0.6 | |
| LT Debt / Equity | 0.2 | · | · | · | 0.2 | 0.0 | · | 0.1 | 0.1 | 0.2 | · | 0.1 | 0.2 | 0.2 | · | 0.0 | |
| Interest Coverage | -3.4 | -1.4 | · | 5.9 | 3.1 | 3.7 | · | 1.8 | -2.0 | 0.7 | · | 7.9 | 6.3 | 7.5 | · | 1.6 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.4 | · | 0.2 | |
| Receivables Turnover | 6.1 | 9.4 | · | 8.0 | 5.4 | 8.8 | · | 6.4 | 4.5 | 4.6 | · | 8.9 | 8.4 | 7.8 | · | 5.1 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $453M | $469M | · | $473M | $420M | $428M | · | $476M | $532M | $627M | · | $600M | $501M | $398M | · | $290M | |
| Net Income TTM | $8M | $33M | · | $44M | $10M | $-367.0K | · | $6M | $21M | $53M | · | $57M | $37M | $10M | · | $-4M | |
| Market Cap | $820M | $767M | · | $841M | $680M | $528M | · | $402M | $331M | $195M | · | $478M | $284M | · | · | $185M | |
| Enterprise Value | $834M | · | · | $871M | $714M | $542M | · | $465M | $367M | $267M | · | $533M | $354M | · | · | $289M | |
| P/E | 79.0 | 21.1 | · | 19.4 | 83.3 | -245.6 | · | 58.9 | 13.2 | 3.6 | · | 9.2 | 8.4 | 41.8 | · | · | |
| P/S | 1.8 | 1.6 | · | 1.8 | 1.6 | 1.2 | · | 0.8 | 0.6 | 0.3 | · | 0.8 | 0.6 | · | · | 0.6 | |
| P/B | 4.3 | 3.7 | · | 5.8 | 5.6 | 4.6 | · | 1.3 | 1.0 | 0.7 | · | 1.8 | 1.1 | · | · | 1.0 | |
| P / Tangible Book | 4.3 | 3.7 | · | 5.8 | 5.6 | 4.6 | · | 1.3 | 1.0 | 0.7 | · | 1.8 | 1.1 | · | · | 1.0 | |
| P / Cash Flow | · | 37.4 | · | · | · | 13.7 | · | · | · | 11.9 | · | · | · | · | · | · | |
| P / FCF | · | 59.9 | · | · | · | 19.7 | · | · | · | 130.3 | · | · | · | · | · | · | |
| EV / EBITDA | -302.9 | · | · | 22.8 | 41.0 | 18.7 | · | 25.1 | 57.7 | 14.7 | · | 13.3 | 9.0 | · | · | 17.4 | |
| EV / FCF | · | · | · | · | · | 20.3 | · | · | · | 178.5 | · | · | · | · | · | · | |
| EV / Revenue | 1.8 | · | · | 1.8 | 1.7 | 1.3 | · | 1.0 | 0.7 | 0.4 | · | 0.9 | 0.7 | · | · | 1.0 | |
| Earnings Yield | 1.3% | 4.7% | · | 5.2% | 1.2% | -0.41% | · | 1.7% | 7.6% | 27.6% | · | 10.9% | 11.9% | 2.4% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | |
|---|---|---|---|---|---|
| Revenue | $469M | — | $404M | — | — |
| Operating Margin % | 13.0% | — | -53.9% | — | — |
| Net Income | $42M | — | $-226M | — | — |
| Diluted EPS | $0.96 | — | $-5.72 | — | — |
Balance Sheet
| 2025-12-31 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | — | 0.4 | — | — |
| Current Ratio | 0.8 | — | 0.7 | — | — |
| Quick Ratio | 0.2 | — | 0.1 | — | — |
Cash Flow
| 2025-12-31 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $12M | — | $13M | — | — |
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Institutional owners (13F) 200 filers · $556.9M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 39 (-19 vs prior Q) | 35 (+2 vs prior Q) | 56 (-6 vs prior Q) | 59 (+15 vs prior Q) | -309K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Lubar & Co., Inc | $94,810,610 | 5,452,019 | 17.02% | Shares |
| Point72 Asset Management, L.P. | $36,888,155 | 2,121,228 | 6.62% | Shares |
| AEGIS FINANCIAL CORP | $31,511,132 | 1,812,026 | 5.66% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $26,633,655 | 1,531,550 | 4.78% | Shares |
| AMERICAN CENTURY COMPANIES INC | $26,400,420 | 1,518,138 | 4.74% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $16,600,146 | 954,580 | 2.98% | Shares |
| HIGHLAND PEAK CAPITAL, LLC | $16,472,138 | 947,219 | 2.96% | Shares |
| Dayah Capital LLC | $15,429,034 | 887,236 | 2.77% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $14,679,684 | 843,908 | 2.64% | Shares |
| STATE STREET CORP | $13,569,939 | 780,330 | 2.44% | Shares |
| DEUTSCHE BANK AG\ | $12,917,988 | 742,840 | 2.32% | Shares |
| Tyro Capital Management LLC | $12,789,840 | 735,471 | 2.30% | Shares |
| GARNET EQUITY CAPITAL HOLDINGS, INC. | $11,023,434 | 633,895 | 1.98% | Shares |
| FMR LLC | $10,709,962 | 615,869 | 1.92% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,642,830 | 497,000 | 1.55% | Call option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $8,444,010 | 485,567 | 1.52% | Shares |
| Dayah Capital LLC | $8,260,250 | 475,000 | 1.48% | Call option |
| D. E. Shaw & Co., Inc. | $6,670,578 | 383,587 | 1.20% | Shares |
| Walleye Trading LLC | $6,462,124 | 371,600 | 1.16% | Put option |
| TUDOR INVESTMENT CORP ET AL | $6,448,873 | 370,838 | 1.16% | Shares |
| GOLDMAN SACHS GROUP INC | $6,254,331 | 359,651 | 1.12% | Shares |
| CITADEL ADVISORS LLC | $6,168,233 | 354,700 | 1.11% | Put option |
| CenterBook Partners LP | $5,923,417 | 340,622 | 1.06% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,837,701 | 335,693 | 1.05% | Shares |
| Value Aligned Research Advisors, LLC | $5,577,999 | 320,759 | 1.00% | Shares |
| Centiva Capital, LP | $4,940,499 | 284,100 | 0.89% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $4,641,513 | 266,907 | 0.83% | Shares |
| Kestra Advisory Services, LLC | $4,610,559 | 265,127 | 0.83% | Shares |
| KNIGHTSBRIDGE ASSET MANAGEMENT, LLC | $4,585,326 | 263,676 | 0.82% | Shares |
| Hudson Bay Capital Management LP | $4,559,519 | 262,192 | 0.82% | Shares |
| VANGUARD GROUP INC | $4,453,665 | 233,911 | 0.80% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $4,246,986 | 244,220 | 0.76% | Shares |
| WOLVERINE TRADING, LLC | $4,162,400 | 215,000 | 0.75% | Call option |
| LMR Partners LLP | $3,946,434 | 226,937 | 0.71% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $3,823,278 | 219,855 | 0.69% | Shares |
| Squarepoint Ops LLC | $3,756,223 | 215,999 | 0.67% | Shares |
| Caption Management, LLC | $3,664,073 | 210,700 | 0.66% | Put option |
| Centiva Capital, LP | $3,597,991 | 206,900 | 0.65% | Put option |
| Balyasny Asset Management L.P. | $3,513,510 | 202,042 | 0.63% | Shares |
| Apis Capital Advisors, LLC | $3,478,000 | 200,000 | 0.62% | Shares |
| Beartown Capital Management, LLC | $3,478,000 | 200,000 | 0.62% | Shares |
| JANE STREET GROUP, LLC | $3,217,150 | 185,000 | 0.58% | Call option |
| Sourcerock Group LLC | $3,189,222 | 183,394 | 0.57% | Shares |
| JB CAPITAL PARTNERS LP | $2,782,400 | 160,000 | 0.50% | Shares |
| CITADEL ADVISORS LLC | $2,666,617 | 153,342 | 0.48% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,626,533 | 151,037 | 0.47% | Shares |
| GeoSphere Capital Management, LLC | $2,608,500 | 150,000 | 0.47% | Shares |
| Nokomis Capital, L.L.C. | $2,347,650 | 135,000 | 0.42% | Shares |
| MORGAN STANLEY | $2,228,337 | 128,139 | 0.40% | Shares |
| HOHIMER WEALTH MANAGEMENT, LLC | $2,210,269 | 127,100 | 0.40% | Shares |
| Uniplan Investment Counsel, Inc. | $2,101,923 | 120,869 | 0.38% | Shares |
| ExodusPoint Capital Management, LP | $1,936,255 | 111,343 | 0.35% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,923,334 | 110,600 | 0.35% | Put option |
| TUDOR INVESTMENT CORP ET AL | $1,772,041 | 101,900 | 0.32% | Put option |
| FRANKLIN RESOURCES INC | $1,684,239 | 96,851 | 0.30% | Shares |
| WEXFORD CAPITAL LP | $1,644,538 | 94,568 | 0.30% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $1,637,599 | 94,169 | 0.29% | Shares |
| CITADEL ADVISORS LLC | $1,632,921 | 93,900 | 0.29% | Call option |
| PEAK6 LLC | $1,481,628 | 85,200 | 0.27% | Call option |
| MARTINGALE ASSET MANAGEMENT L P | $1,447,544 | 83,240 | 0.26% | Shares |
| Pekin Hardy Strauss, Inc. | $1,399,895 | 80,500 | 0.25% | Shares |
| Verition Fund Management LLC | $1,304,250 | 75,000 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $1,279,904 | 73,600 | 0.23% | Put option |
| Diametric Capital, LP | $1,244,654 | 71,573 | 0.22% | Shares |
| Swiss National Bank | $1,231,212 | 70,800 | 0.22% | Shares |
| VARCOV Co. | $1,230,516 | 70,760 | 0.22% | Shares |
| BARINGS LLC | $1,204,066 | 69,239 | 0.22% | Shares |
| Brevan Howard Capital Management LP | $1,034,670 | 59,498 | 0.19% | Shares |
| XTX Topco Ltd | $963,423 | 55,401 | 0.17% | Shares |
| Cambria Investment Management, L.P. | $918,192 | 52,800 | 0.16% | Shares |
| SIMPLEX TRADING, LLC | $912,244 | 52,458 | 0.16% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $874,856 | 50,308 | 0.16% | Shares |
| Y-Intercept (Hong Kong) Ltd | $835,276 | 48,032 | 0.15% | Shares |
| BANK OF AMERICA CORP /DE/ | $795,923 | 45,769 | 0.14% | Shares |
| RHUMBLINE ADVISERS | $760,089 | 43,709 | 0.14% | Shares |
| LEVIN CAPITAL STRATEGIES, L.P. | $716,607 | 41,208 | 0.13% | Shares |
| TWO SIGMA INVESTMENTS, LP | $701,078 | 40,315 | 0.13% | Shares |
| MML INVESTORS SERVICES, LLC | $697,269 | 40,096 | 0.13% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $680,888 | 39,154 | 0.12% | Shares |
| Walleye Trading LLC | $667,967 | 38,411 | 0.12% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $635,187 | 36,526 | 0.11% | Shares |
| TWO SIGMA ADVISERS, LP | $624,512 | 32,800 | 0.11% | Shares |
| STRS OHIO | $565,175 | 32,500 | 0.10% | Shares |
| WELLS FARGO & COMPANY/MN | $559,836 | 32,193 | 0.10% | Shares |
| Forvis Mazars Wealth Advisors, LLC | $547,803 | 31,501 | 0.10% | Shares |
| ALLIANCEBERNSTEIN L.P. | $483,190 | 29,680 | 0.09% | Shares |
| IMC-Chicago, LLC | $481,216 | 27,672 | 0.09% | Shares |
| Gotham Asset Management, LLC | $456,174 | 26,232 | 0.08% | Shares |
| Militia Capital Management LLC | $431,272 | 24,800 | 0.08% | Shares |
| Quantinno Capital Management LP | $410,995 | 23,634 | 0.07% | Shares |
| MILLENNIUM MANAGEMENT LLC | $409,743 | 23,562 | 0.07% | Shares |
| CORSAIR CAPITAL MANAGEMENT, L.P. | $391,432 | 22,509 | 0.07% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $375,485 | 21,592 | 0.07% | Shares |
| MetLife Investment Management, LLC | $362,408 | 20,840 | 0.07% | Shares |
| Quadrature Capital Ltd | $320,637 | 18,438 | 0.06% | Shares |
| BlackRock, Inc. | $319,315 | 18,362 | 0.06% | Shares |
| Orbis Allan Gray Ltd | $297,821 | 17,126 | 0.05% | Shares |
| CITIGROUP INC | $292,309 | 16,809 | 0.05% | Shares |
| Nebula Research & Development LLC | $289,230 | 18,271 | 0.05% | Shares |
| Bank of New York Mellon Corp | $283,005 | 16,274 | 0.05% | Shares |
Company insiders 25 insiders · 4 officers · 13 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Brent K Bilsland | President and CEO | June 6, 2017 A | 659,767 | 0 | 0 | $0 |
| Todd E Telesz | Chief Financial Officer | June 23, 2026 M | 5,609 | 0 | 0 | $0 |
| Lawrence D Martin | CFO | June 6, 2017 A | 233,689 | 0 | 0 | $0 |
| Victor P Stabio | Chairman and Asst. Secretary | June 6, 2017 A | 314,264 | 0 | 0 | $0 |
| Barbara Ann Sugg | Director | July 14, 2026 P | 5,000 | 2 | 0 | $85,650 |
| Daniel Timothy Hudson | Director | July 9, 2026 P | 20,000 | 6 | 0 | $338,845 |
| Charles Ray Wesley IV | Director | June 16, 2026 P | 338,469 | 1 | 0 | $250,350 |
| Zarrell Thomas Gray | Director | May 28, 2026 A | — | 0 | 0 | $0 |
| David J Lubar | Director | May 28, 2026 A | 2,851 | 0 | 0 | $0 |
| David C. Hardie | Director | Dec. 31, 2025 A | 23,016 | 0 | 14 | $-9,208,705 |
| Bryan H. Lawrence | Director | Sept. 21, 2022 S | 0 | 0 | 0 | $0 |
| John Van Heuvelen | Director | Sept. 30, 2016 A | 107,252 | 0 | 0 | $0 |
| Steven Hardie | Director | April 29, 2016 J | 1,422,101 | 0 | 0 | $0 |
| Sheldon B Lubar | Director | Sept. 15, 2009 P | 2,788,685 | 0 | 0 | $0 |
| Cortlandt S Dietler | Director | July 21, 2008 P | 121,129 | 0 | 0 | $0 |
| Yorktown VIII Associates LLC | 10% owner | Nov. 12, 2018 J | 1,950,000 | 0 | 0 | $0 |
| Yorktown Energy Partners VIII, L.P. | 10% owner | Nov. 12, 2018 J | 1,950,000 | 0 | 0 | $0 |
| Yorktown VII Associates LLC | 10% owner | Aug. 17, 2016 J | 2,900,000 | 0 | 0 | $0 |
| Yorktown Energy Partners VII, L.P. | 10% owner | Aug. 17, 2016 J | 2,900,000 | 0 | 0 | $0 |
| Hallador Alternative Assets Fund LLC | 10% owner | May 5, 2016 J | 1,758,212 | 0 | 0 | $0 |
| Yorktown VI Associates LLC | 10% owner | Aug. 13, 2013 J | 1,050,637 | 0 | 0 | $0 |
| Yorktown Energy Partners VI LP | 10% owner | Aug. 13, 2013 J | 1,050,637 | 0 | 0 | $0 |
| Yorktown VII CO LP | 10% owner | July 21, 2008 P | 5,700,090 | 0 | 0 | $0 |
| YORKTOWN ENERGY PARTNERS II LP | 10% owner | Dec. 20, 2005 S | 0 | 0 | 0 | $0 |
| Anderson W Bishop | — | April 1, 2016 A | 278,204 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 14 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Hallador Alternative Assets Fund LLC, Hallador Investment Advisors, Inc., Hallador Management LLC, David C. Hardie, Kevin Leary ×14 filings | Feb. 27, 2026 | 3.67% | Amendment | — | SEC |
| Lubar Equity Fund, LLC, Lubar Opportunities Fund I, LLC, SM Opportunities Fund, LLC, David J. Lubar, Lubar & Co., Incorporated ×7 filings | Sept. 3, 2024 | — | Initial filing | — | SEC |
| NextG, LLC, Steven R. Hardie | June 21, 2022 | — | Initial filing | Passive investment | SEC |
| YORKTOWN ENERGY PARTNERS VIII, L.P. (2), YORKTOWN VIII COMPANY LP (2), YORKTOWN VIII ASSOCIATES LLC (2) ×2 filings | March 20, 2019 | — | Initial filing | — | SEC |
| YORKTOWN ENERGY PARTNERS VII, L.P. (2), YORKTOWN VII COMPANY LP (2), YORKTOWN VII ASSOCIATES LLC (2) ×6 filings | May 17, 2018 | — | Initial filing | — | SEC |
| YORKTOWN ENERGY PARTNERS VI, L.P. (2), YORKTOWN VI COMPANY LP (2), YORKTOWN VI ASSOCIATES LLC (2) ×5 filings | Aug. 15, 2013 | — | Initial filing | — | SEC |
| YORKTOWN ENERGY PARTNERS VI, L.P., YORKTOWN VI COMPANY LP, YORKTOWN VI ASSOCIATES LLC ×3 filings | Nov. 18, 2011 | — | Initial filing | — | SEC |
| YORKTOWN ENERGY PARTNERS VIII, L.P., YORKTOWN VIII COMPANY LP, YORKTOWN VIII ASSOCIATES LLC | Sept. 25, 2009 | — | Initial filing | Passive investment | SEC |
| YORKTOWN ENERGY PARTNERS VII, L.P., YORKTOWN VII COMPANY LP, YORKTOWN VII ASSOCIATES LLC | Aug. 28, 2008 | — | Initial filing | Passive investment | SEC |
| David C. Hardie, Steven Hardie | July 26, 2006 | — | Initial filing | — | SEC |
| YORKTOWN ENERGY PARTNERS II, L.P. | Dec. 30, 2005 | — | Initial filing | — | SEC |
| Undisclosed reporting person | Jan. 31, 2003 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person | April 10, 2002 | — | Initial filing | Passive investment | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | April 10, 2002 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 40 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| COAL · EXCHANGE TRADED CONCEPTS TRUST | 1.16% | 39,566 NS | May 31, 2026 | N-PORT |
| VAMO · Cambria ETF Trust | 0.77% | 40,958 NS | April 30, 2026 | N-PORT |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 54,639 NS | April 30, 2026 | N-PORT |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.09% | 1,249,631 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.06% | 32,815 NS | May 31, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.06% | 2,877 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.05% | 68,181 NS | May 31, 2026 | N-PORT |
| FUTY · FIDELITY COVINGTON TRUST | 0.03% | 54,000 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.02% | 158,016 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.02% | 1,595 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 14,696 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 180,152 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 1,248 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.01% | 1,102 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 1,265 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.01% | 1,496 NS | April 30, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.00% | 27,004 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 110,011 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 6,849 NS | April 30, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 32 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 20,319 NS | May 31, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 968 NS | May 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.00% | 19,338 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 10,503 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 15,755 NS | April 30, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 20,500 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | — | — | July 13, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | — | — | July 13, 2026 | Daily |
| VPU · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| WSML · iShares Trust | — | — | July 20, 2026 | Daily |