Does HALLADOR ENERGY CO have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores HALLADOR ENERGY CO (HNRG) 38.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 33, returns on capital 18, balance-sheet safety 56, capital discipline 60.

Is HNRG stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $7.44 per share versus a recent price of $15.98 — 115% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has HNRG's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 38.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

HALLADOR ENERGY CO

HNRG · Utilities · $700.2M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power33

Median gross margin 24.3% over 6y, stable.

Returns on capital18

Median ROIC 5.1%, above the 9% hurdle in 50% of years.

Balance-sheet safety56

Net debt/EBITDA 0.2x, interest coverage 4x.

Capital discipline60

Owner earnings +14.4%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

115% above value

Owner earnings (normalized): $18.1M
Est. intrinsic value / share: $7.44
Recent price: $15.98
Discount to value: 115% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for HNRG yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale38.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — HNRG has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#21 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#19XEL XCEL ENERGY INC39.2 out of 100, No moatNo moat
#20WEC WEC ENERGY GROUP, INC.38.6 out of 100, No moatNo moat
#22PNW PINNACLE WEST CAPITAL CORP37.6 out of 100, No moatNo moat
#23OGE OGE ENERGY CORP.36.6 out of 100, No moatNo moat

Compare HNRG with its nearest peers →All Utilities companies on the Index →

Common questions about HNRG

Does HALLADOR ENERGY CO have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores HALLADOR ENERGY CO (HNRG) 38.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 33, returns on capital 18, balance-sheet safety 56, capital discipline 60.
Is HNRG stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $7.44 per share versus a recent price of $15.98 — 115% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has HNRG's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 38.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HNRG. See the disclaimer.