$17.96

+0.18 (+1.01%)

Weekly Expected Move ±9.4%

$15 $16 $18 $20 $22

NASDAQ · Energy · Coal · Alpha Radar Buy · Power 70 · $846.5M mcap · 36M float · 2.69% daily turnover · Short 48% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

40.7 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 19.8% · 5Y Avg: -22.0%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. HNRG shows a Weak competitive edge (40.7/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 19.8% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$28

Avg Target

$28

High

Based on 3 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 5Hold: 1Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$28.25

Analysts2

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-03-26	UBS	Jeff Grampp	Initiated	$34	—	+85.0%	$18.38
2026-03-26	Jefferies	—	Initiated	$22	—	+22.4%	$18.38
2025-11-11	Industrial Alliance Securities	—	Initiated	$28	—	+17.6%	$23.81
2024-05-30	B.Riley Financial	Lucas Pipes	Initiated	$9	—	+9.0%	$8.26

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. HNRG receives an overall rating of B. Strongest factors: ROE (4/5), ROA (4/5), D/E (4/5). Areas of concern: P/E (1/5), P/B (1/5).

Rating Change History

Date	From	To
2026-05-11	B-	B
2026-05-06	B+	B-
2026-04-24	B	B+
2026-04-22	B+	B
2026-03-16	D+	B+
2026-03-13	C-	D+
2026-03-12	C	C-
2026-02-19	C+	C
2026-02-18	C	C+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 47 Grade B

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. HNRG scores highest in Momentum (91/100) and lowest in Profitability (19/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

2.76

Grey Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✗ ✓

Beneish M-Score

-70.01

Unlikely Manipulator

Ohlson O-Score

-6.46

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

BBB

Score: 56.4/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 2.80x

Accruals: -10.1%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. HNRG scores 2.76, placing it in the Grey Zone (safe > 2.99, distress < 1.81). Financial distress is possible and warrants monitoring. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. HNRG scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. HNRG's score of -70.01 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. HNRG's implied 0.2% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. HNRG receives an estimated rating of BBB (score: 56.4/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). HNRG's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

37.02x

PEG

0.72x

P/S

1.87x

P/B

4.06x

P/FCF

-380.19x

P/OCF

11.98x

EV/EBITDA

9.99x

EV/Revenue

1.74x

EV/EBIT

18.98x

EV/FCF

-394.75x

Earnings Yield

2.98%

FCF Yield

-0.26%

Shareholder Yield

0.25%

Graham Number

$6.12

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 37.0x earnings, HNRG commands a growth premium. Graham's intrinsic value formula yields $6.12 per share, 193% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.944

NI / EBT

Interest Burden

0.577

EBT / EBIT

EBIT Margin

0.092

EBIT / Rev

Asset Turnover

1.120

Rev / Assets

Equity Multiplier

3.054

Assets / Equity

ROE

17.1%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. HNRG's ROE of 17.1% is driven by financial leverage (equity multiplier: 3.05x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 0.94 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$4.12

Price/Value

3.95x

Margin of Safety

-294.74%

Premium

294.74%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with HNRG's realized 0.0% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. HNRG trades at a 295% premium to its adjusted intrinsic value of $4.12, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 37.0x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$17.96

Median 1Y

$16.12

5th Pctile

$4.73

95th Pctile

$54.85

Ann. Volatility

75.9%

Analyst Target

$28.25

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Brent K. Bilsland President and Chief Executive Officer	$675,000	$—	$1,442,407
Marjorie Hargrave Financial ief Financial Officer	$201,539	$—	$1,132,765
Heath A. Lovell Chief Operating Officer	$450,000	$—	$953,225
Todd E. Telesz Chief Financial Officer	$250,000	$400,000	$805,867

CEO Pay Ratio

35:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $1,442,407

Avg Employee Cost (SGA/emp): $41,431

Employees: 633

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

633

+2.9% YoY

Revenue / Employee

$741,652

Rev: $469,466,000

Profit / Employee

$66,147

NI: $41,871,000

SGA / Employee

$41,431

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	-3.6%	-0.4%	-2.0%	-7.0%	-7.2%	-10.7%	9.1%	25.3%	35.5%	42.8%	18.5%	8.7%	-2.5%	-8.5%	-1.2%	-1.2%	-1.1%	-93.2%	31.7%	17.1%	17.09%
ROA	-1.7%	-0.2%	-1.0%	-3.5%	-3.6%	-5.3%	3.6%	10.0%	14.0%	16.9%	7.2%	3.4%	-1.0%	-3.3%	-47.2%	-44.7%	-40.9%	-36.2%	10.4%	5.6%	5.60%
ROIC	0.2%	-1.1%	-1.7%	-3.8%	-3.9%	-2.1%	8.9%	19.9%	27.0%	32.0%	16.4%	10.1%	1.7%	-2.5%	-1.2%	-1.1%	-98.8%	-86.0%	31.0%	19.8%	19.82%
ROCE	0.4%	1.9%	1.6%	-1.1%	-1.4%	-2.9%	6.8%	15.6%	21.0%	25.1%	13.8%	7.7%	0.6%	-3.5%	-1.0%	-97.8%	-87.9%	-76.4%	21.8%	14.5%	14.54%
Gross Margin	23.7%	2.7%	16.7%	-8.9%	22.0%	24.1%	36.8%	29.1%	53.8%	53.6%	11.6%	6.8%	47.8%	52.7%	65.5%	57.2%	55.1%	62.8%	-1.3%	-0.6%	-0.62%
Operating Margin	-0.8%	-1.7%	-5.2%	-14.7%	-1.2%	6.3%	22.7%	15.5%	13.8%	14.4%	-8.6%	1.3%	-7.8%	4.5%	-2.3%	11.8%	11.5%	19.8%	6.1%	-7.5%	-7.47%
Net Margin	-5.3%	10.0%	-11.8%	-17.2%	-5.1%	1.9%	19.7%	11.7%	10.5%	9.7%	-8.6%	-1.6%	-10.9%	1.5%	-2.3%	8.5%	8.0%	16.3%	-0.2%	-9.3%	-9.30%
EBITDA Margin	17.0%	23.3%	10.7%	1.6%	15.1%	18.5%	31.8%	24.5%	23.7%	22.8%	4.1%	16.1%	4.0%	17.0%	-2.1%	23.9%	16.6%	25.8%	19.7%	3.5%	3.52%
FCF Margin	11.5%	12.4%	8.0%	6.4%	-1.8%	-8.5%	0.0%	3.8%	6.2%	8.3%	-2.5%	-4.9%	-3.6%	-13.9%	3.1%	9.2%	6.1%	11.7%	2.5%	-0.4%	-0.44%
OCF Margin	20.7%	22.4%	19.4%	18.5%	13.1%	9.0%	15.0%	15.7%	16.7%	17.9%	9.4%	9.0%	11.3%	1.6%	16.4%	21.4%	18.1%	24.2%	17.3%	14.0%	13.99%
ROE 3Y Avg	snapshot only																				-61.23%
ROE 5Y Avg	snapshot only																				-33.47%
ROA 3Y Avg	snapshot only																				-16.46%
ROIC 3Y Avg	snapshot only																				-37.58%
ROIC Economic	snapshot only																				19.71%
Cash ROA	snapshot only																				14.45%
Cash ROIC	snapshot only																				33.47%
CROIC	snapshot only																				-1.05%
NOPAT Margin	snapshot only																				8.28%
Pretax Margin	snapshot only																				5.29%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				-0.17%
SBC / Revenue	snapshot only																				1.16%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	-12.14	-121.30	-20.06	-8.38	-12.55	-9.43	18.20	6.71	4.46	6.25	6.56	8.82	-48.46	-19.70	-2.16	-2.49	-3.48	-4.89	19.75	33.55	37.016
P/S Ratio	0.35	0.37	0.30	0.41	0.62	0.67	0.91	0.69	0.54	0.80	0.46	0.33	0.60	0.95	1.22	1.30	1.62	1.84	1.76	1.68	1.873
P/B Ratio	0.45	0.49	0.41	0.59	0.91	1.02	1.53	1.57	1.46	2.47	1.09	0.69	1.10	1.51	4.68	5.12	6.53	8.15	5.17	4.74	4.064
P/FCF	3.08	2.95	3.78	6.50	-35.08	-7.91	2211.40	17.88	8.64	9.60	-18.44	-6.85	-16.61	-6.84	38.83	14.12	26.45	15.77	69.38	-380.19	-380.185
P/OCF	1.71	1.63	1.57	2.25	4.71	7.45	6.08	4.37	3.21	4.44	4.95	3.74	5.35	59.03	7.40	6.07	8.99	7.59	10.19	11.98	11.981
EV/EBITDA	5.23	4.81	4.02	5.92	7.45	8.64	5.67	3.61	2.77	3.68	3.04	2.82	6.04	11.29	-3.40	-3.96	-5.47	-7.93	8.28	9.99	9.993
EV/Revenue	0.91	0.89	0.73	0.82	1.01	1.06	1.17	0.88	0.70	0.94	0.61	0.50	0.79	1.17	1.33	1.41	1.73	1.94	1.82	1.74	1.740
EV/EBIT	180.50	38.08	39.73	-66.68	-65.85	-34.78	15.11	6.69	4.72	6.03	6.45	8.33	161.85	-32.92	-2.39	-2.74	-3.83	-5.42	13.78	18.98	18.982
EV/FCF	7.94	7.18	9.06	12.86	-57.23	-12.40	2854.20	22.95	11.27	11.33	-24.19	-10.24	-21.78	-8.38	42.48	15.33	28.23	16.62	71.81	-394.75	-394.745
Earnings Yield	-8.2%	-0.8%	-5.0%	-11.9%	-8.0%	-10.6%	5.5%	14.9%	22.4%	16.0%	15.2%	11.3%	-2.1%	-5.1%	-46.3%	-40.2%	-28.8%	-20.4%	5.1%	3.0%	2.98%
FCF Yield	32.4%	33.9%	26.5%	15.4%	-2.9%	-12.6%	0.0%	5.6%	11.6%	10.4%	-5.4%	-14.6%	-6.0%	-14.6%	2.6%	7.1%	3.8%	6.3%	1.4%	-0.3%	-0.26%
PEG Ratio	snapshot only																				0.722
Price/Tangible Book	snapshot only																				4.738
EV/OCF	snapshot only																				12.440
EV/Gross Profit	snapshot only																				40.724
Acquirers Multiple	snapshot only																				19.839
Shareholder Yield	snapshot only																				0.25%
Graham Number	snapshot only																				$6.12

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	0.89	0.89	0.61	0.61	0.61	0.61	0.58	0.58	0.58	0.58	0.59	0.59	0.59	0.59	0.69	0.69	0.69	0.69	0.81	0.81	0.809
Quick Ratio	0.42	0.42	0.33	0.33	0.33	0.33	0.25	0.25	0.25	0.25	0.20	0.20	0.20	0.20	0.19	0.19	0.19	0.19	0.53	0.53	0.530
Debt/Equity	0.77	0.77	0.59	0.59	0.59	0.59	0.48	0.48	0.48	0.48	0.35	0.35	0.35	0.35	0.51	0.51	0.51	0.51	0.24	0.24	0.244
Net Debt/Equity	0.70	0.70	0.58	0.58	0.58	0.58	0.45	0.45	0.45	0.45	0.34	0.34	0.34	0.34	0.44	0.44	0.44	0.44	0.18	0.18	0.181
Debt/Assets	0.37	0.37	0.30	0.30	0.30	0.30	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.14	0.14	0.14	0.14	0.09	0.09	0.089
Debt/EBITDA	3.49	3.10	2.40	2.99	2.95	3.20	1.36	0.85	0.69	0.60	0.74	0.96	1.48	2.15	-0.34	-0.36	-0.40	-0.47	0.38	0.50	0.497
Net Debt/EBITDA	3.20	2.84	2.34	2.92	2.88	3.13	1.28	0.80	0.65	0.56	0.72	0.93	1.43	2.08	-0.29	-0.31	-0.34	-0.41	0.28	0.37	0.369
Interest Coverage	0.11	0.58	0.44	-0.29	-0.40	-0.77	2.37	4.85	6.07	7.42	4.36	2.42	0.17	-1.11	-16.10	-15.51	-13.85	-10.36	3.68	2.42	2.416
Equity Multiplier	2.07	2.07	1.94	1.94	1.94	1.94	3.04	3.04	3.04	3.04	2.20	2.20	2.20	2.20	3.54	3.54	3.54	3.54	2.74	2.74	2.737
Cash Ratio	snapshot only																				0.066
Debt Service Coverage	snapshot only																				4.590
Cash to Debt	snapshot only																				0.258
FCF to Debt	snapshot only																				-0.051

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.58	0.61	0.67	0.70	0.73	0.75	0.72	0.97	1.16	1.32	1.02	0.89	0.78	0.69	0.84	0.86	0.88	0.96	1.16	1.12	1.120
Inventory Turnover	5.11	5.95	8.54	9.31	9.66	9.15	5.76	7.21	7.70	7.95	5.58	5.11	4.75	4.36	3.37	2.64	2.60	2.67	6.46	7.31	7.311
Receivables Turnover	11.66	12.39	17.69	18.56	19.30	19.68	16.65	22.61	26.99	30.70	25.47	22.26	19.55	17.12	22.70	23.23	23.74	26.11	31.91	30.71	30.710
Payables Turnover	13.40	15.62	10.28	11.21	11.63	11.01	6.13	7.67	8.18	8.45	7.37	6.76	6.27	5.76	6.83	5.35	5.26	5.41	20.72	23.45	23.454
DSO	31	29	21	20	19	19	22	16	14	12	14	16	19	21	16	16	15	14	11	12	11.9 days
DIO	71	61	43	39	38	40	63	51	47	46	65	71	77	84	108	138	141	137	57	50	49.9 days
DPO	27	23	36	33	31	33	60	48	45	43	50	54	58	63	53	68	69	67	18	16	15.6 days
Cash Conversion Cycle	76	67	28	26	25	25	26	19	16	15	30	34	37	42	71	86	87	83	50	46	46.2 days
Fixed Asset Turnover	snapshot only																				0.687
Operating Cycle	snapshot only																				61.8 days
Cash Velocity	snapshot only																				44.871
Capital Intensity	snapshot only																				0.968

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	-14.9%	-3.4%	1.6%	13.9%	15.8%	11.1%	46.2%	89.1%	1.2%	1.4%	75.3%	12.8%	-17.0%	-36.1%	-36.7%	-25.9%	-13.8%	8.3%	16.9%	10.0%	9.97%
Net Income	89.8%	98.8%	39.6%	-2.6%	-95.0%	-25.3%	5.8%	4.9%	6.3%	5.3%	1.5%	-58.2%	-1.1%	-1.2%	-6.0%	-11.2%	-31.3%	-7.4%	1.2%	1.1%	1.11%
EPS	89.9%	98.8%	40.0%	-2.6%	-93.7%	-23.4%	5.5%	4.3%	5.5%	4.9%	1.5%	-55.8%	-1.1%	-1.2%	-4.9%	-9.2%	-27.4%	-7.4%	1.2%	1.1%	1.10%
FCF	5.0%	1.2%	-37.5%	-12.4%	-1.2%	-1.8%	-99.3%	14.0%	8.7%	3.4%	-108.0%	-2.4%	-1.5%	-2.1%	1.8%	2.4%	2.5%	1.9%	-5.2%	-1.1%	-1.05%
EBITDA	-11.8%	-10.2%	1.9%	-16.4%	-10.3%	-26.7%	67.1%	2.3%	3.1%	4.1%	69.2%	-18.1%	-56.9%	-74.1%	-2.2%	-2.5%	-3.1%	-3.6%	1.7%	1.5%	1.54%
Op. Income	-93.8%	-1.2%	-3.0%	-6.7%	-20.6%	-64.7%	6.0%	5.9%	7.4%	15.7%	1.1%	-45.5%	-91.6%	-1.1%	-4.4%	-6.6%	-25.4%	-13.3%	1.3%	1.2%	1.19%
OCF Growth	snapshot only																				-28.16%
Asset Growth	snapshot only																				18.52%
Equity Growth	snapshot only																				53.27%
Debt Growth	snapshot only																				-26.35%
Shares Change	snapshot only																				7.03%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	-4.3%	-3.0%	-5.3%	-5.7%	-5.9%	-5.7%	4.5%	18.6%	28.9%	37.6%	37.5%	34.5%	27.8%	19.8%	17.5%	16.5%	15.8%	18.8%	9.1%	-2.8%	-2.76%
Revenue 5Y	-4.2%	-1.9%	-2.3%	-0.4%	0.6%	0.3%	6.2%	12.5%	17.1%	19.7%	16.8%	12.3%	8.5%	5.4%	4.8%	6.9%	8.9%	12.5%	14.0%	14.7%	14.65%
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	20.7%	-29.2%	-29.23%
EPS 5Y	—	—	—	—	—	—	-13.0%	8.1%	16.1%	21.4%	39.8%	7.9%	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	32.2%	-23.4%	-23.44%
Net Income 5Y	—	—	—	—	—	—	-11.4%	12.6%	20.9%	26.4%	42.5%	11.0%	—	—	—	—	—	—	—	—	—
EBITDA 3Y	-0.5%	-3.2%	-5.5%	-20.6%	-19.0%	-18.0%	8.0%	37.1%	47.5%	49.4%	42.3%	31.7%	16.2%	-1.3%	—	—	—	—	11.3%	-13.2%	-13.16%
EBITDA 5Y	-10.2%	-6.4%	-2.3%	-5.5%	-2.4%	0.6%	10.6%	25.1%	29.2%	27.5%	19.0%	6.5%	-1.4%	-6.3%	—	—	—	—	18.6%	12.8%	12.81%
Gross Profit 3Y	11.0%	-2.8%	-3.8%	-14.8%	-11.3%	19.6%	36.2%	58.1%	67.7%	63.8%	61.5%	62.0%	50.8%	61.8%	80.8%	1.2%	1.2%	89.6%	0.6%	-49.0%	-49.04%
Gross Profit 5Y	-2.2%	-9.5%	-10.7%	-14.8%	-12.9%	-1.5%	16.8%	32.5%	45.9%	55.8%	49.9%	42.0%	37.0%	38.5%	37.9%	44.1%	39.2%	33.7%	8.6%	-16.0%	-16.04%
Op. Income 3Y	-66.3%	—	—	—	—	—	16.8%	81.6%	98.8%	78.7%	1.8%	1.5%	1.2%	—	—	—	—	—	26.1%	-16.6%	-16.61%
Op. Income 5Y	-54.4%	—	—	—	—	—	5.9%	31.1%	37.1%	44.8%	29.2%	12.5%	-15.4%	—	—	—	—	—	81.5%	75.0%	75.04%
FCF 3Y	15.2%	38.2%	6.5%	-13.6%	—	—	-62.0%	1.7%	1.0%	59.0%	—	—	—	—	-14.2%	31.6%	—	—	3.3%	—	—
FCF 5Y	-4.2%	1.9%	1.2%	-13.0%	—	—	-66.0%	-6.4%	15.7%	36.6%	—	—	—	—	35.9%	1.1%	42.2%	31.4%	-17.9%	—	—
OCF 3Y	-3.6%	7.7%	-2.4%	-6.8%	-15.9%	-24.4%	12.3%	31.9%	45.7%	49.2%	4.2%	8.1%	4.5%	-50.2%	11.2%	22.4%	28.9%	65.1%	14.4%	-6.5%	-6.49%
OCF 5Y	-6.4%	-2.1%	-4.7%	-3.3%	-8.3%	-17.5%	-2.7%	5.1%	12.7%	21.9%	2.9%	-3.5%	-1.5%	-34.6%	11.5%	21.2%	19.1%	25.4%	9.1%	10.0%	9.98%
Assets 3Y	-9.5%	-9.5%	-11.8%	-11.8%	-11.8%	-11.8%	15.4%	15.4%	15.4%	15.4%	15.4%	15.4%	15.4%	15.4%	1.4%	1.4%	1.4%	1.4%	-12.5%	-12.5%	-12.55%
Assets 5Y	-6.8%	-6.8%	-7.7%	-7.7%	-7.7%	-7.7%	4.8%	4.8%	4.8%	4.8%	2.7%	2.7%	2.7%	2.7%	-2.8%	-2.8%	-2.8%	-2.8%	2.6%	2.6%	2.63%
Equity 3Y	-9.4%	-9.4%	-10.6%	-10.6%	-10.6%	-10.6%	3.9%	3.9%	3.9%	3.9%	13.2%	13.2%	13.2%	13.2%	-17.0%	-17.0%	-17.0%	-17.0%	-9.4%	-9.4%	-9.41%
Book Value 3Y	-10.1%	-9.9%	-10.9%	-11.1%	-11.1%	-13.1%	1.2%	-2.4%	-2.4%	-2.5%	9.9%	8.4%	5.4%	1.0%	-25.6%	-26.0%	-25.7%	-24.3%	-17.4%	-16.3%	-16.27%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.21	0.07	0.23	0.13	0.07	0.08	0.12	0.30	0.38	0.40	0.48	0.52	0.40	0.27	0.31	0.43	0.37	0.32	0.36	0.36	0.356
Earnings Stability	0.34	0.30	0.21	0.23	0.22	0.25	0.01	0.02	0.06	0.10	0.42	0.27	0.16	0.11	0.13	0.11	0.11	0.11	0.04	0.08	0.078
Margin Stability	0.74	0.52	0.62	0.64	0.66	0.55	0.62	0.50	0.41	0.37	0.48	0.44	0.39	0.31	0.42	0.32	0.37	0.49	0.65	0.35	0.346
Rev. Growth Consistency	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.500
Earn. Growth Consistency	0.50	0.50	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.500
FCF Positive Streak	1	1	1	1	0	0	1	1	0	0	0	0	0	0	0	0	0	0	1	0	0
Earnings Persistence	0.50	0.50	0.84	0.50	0.50	0.50	0.20	0.20	0.20	0.20	0.50	0.50	0.20	0.20	0.20	0.20	0.50	0.50	0.20	0.20	0.200
Earnings Smoothness	—	—	—	—	—	—	—	—	—	—	0.15	0.18	—	—	—	—	—	—	—	—	—
ROE Trend	0.12	0.15	0.15	0.12	0.12	0.05	0.11	0.28	0.38	0.45	0.13	-0.00	-0.15	-0.22	-2.29	-2.21	-2.03	-1.82	1.26	1.13	1.130
Gross Margin Trend	0.06	-0.05	-0.06	-0.08	-0.10	-0.04	0.06	0.15	0.23	0.30	0.21	0.17	0.09	-0.00	0.11	0.23	0.23	0.24	-0.22	-0.41	-0.414
FCF Margin Trend	0.07	0.07	0.01	0.02	-0.08	-0.17	-0.11	-0.03	0.01	0.06	-0.07	-0.10	-0.06	-0.14	0.04	0.10	0.05	0.14	0.02	-0.03	-0.026
Sustainable Growth Rate	—	—	—	—	—	—	9.1%	25.3%	35.5%	42.8%	18.5%	8.7%	—	—	—	—	—	—	31.7%	17.1%	17.09%
Internal Growth Rate	—	—	—	—	—	—	3.7%	11.1%	16.3%	20.3%	7.8%	3.5%	—	—	—	—	—	—	11.6%	5.9%	5.93%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	-7.09	-74.29	-12.78	-3.73	-2.66	-1.27	2.99	1.54	1.39	1.41	1.33	2.36	-9.07	-0.33	-0.29	-0.41	-0.39	-0.64	1.94	2.80	2.801
FCF/OCF	0.55	0.55	0.42	0.35	-0.13	-0.94	0.00	0.24	0.37	0.46	-0.27	-0.55	-0.32	-8.64	0.19	0.43	0.34	0.48	0.15	-0.03	-0.032
FCF/Net Income	snapshot only																				-0.088
OCF/EBITDA	snapshot only																				0.803
CapEx/Revenue	9.2%	10.0%	11.3%	12.1%	14.8%	17.5%	14.9%	11.9%	10.5%	9.7%	11.9%	13.8%	14.9%	15.5%	13.3%	12.2%	11.9%	12.6%	14.7%	14.4%	14.43%
CapEx/Depreciation	snapshot only																				1.750
Accruals Ratio	-0.14	-0.14	-0.14	-0.16	-0.13	-0.12	-0.07	-0.05	-0.05	-0.07	-0.02	-0.05	-0.10	-0.04	-0.61	-0.63	-0.57	-0.60	-0.10	-0.10	-0.101
Sloan Accruals	snapshot only																				-0.046
Cash Flow Adequacy	snapshot only																				0.969
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	—	—	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—	0.0%	0.0%	0.00%
FCF Payout Ratio	0.0%	0.0%	0.0%	0.0%	—	—	0.0%	0.0%	0.0%	0.0%	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	—	—
Total Payout Ratio	—	—	—	—	—	—	0.0%	0.0%	0.0%	0.0%	2.2%	4.7%	—	—	—	—	—	—	4.6%	8.5%	8.50%
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.1%	0.1%	0.4%	0.3%	0.2%	0.1%	0.0%	0.0%	0.0%	0.0%	0.3%	0.5%	0.3%	0.2%	0.0%	0.0%	0.3%	0.2%	0.2%	0.3%	0.25%
Net Buyback Yield	0.1%	0.1%	0.4%	0.3%	-5.8%	0.1%	0.0%	0.0%	-3.2%	0.0%	0.3%	-3.0%	-11.4%	-8.3%	-7.1%	-5.2%	0.3%	0.2%	-1.4%	-8.7%	-8.66%
Total Shareholder Return	0.1%	0.1%	0.4%	0.3%	-5.8%	0.1%	0.0%	0.0%	-3.2%	0.0%	0.3%	-3.0%	-11.4%	-8.3%	-7.1%	-5.2%	0.3%	0.2%	-1.4%	-8.7%	-8.66%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.85	0.26	1.01	1.14	1.14	1.22	0.91	0.90	0.92	0.91	0.91	0.98	0.60	0.75	0.96	0.96	0.97	0.97	0.96	0.94	0.944
Interest Burden (EBT/EBIT)	-6.79	-0.49	-0.82	3.53	2.83	1.93	0.71	0.86	0.89	0.90	0.82	0.65	-4.26	1.82	1.06	1.06	1.06	1.09	0.70	0.58	0.577
EBIT Margin	0.01	0.02	0.02	-0.01	-0.02	-0.03	0.08	0.13	0.15	0.16	0.09	0.06	0.00	-0.04	-0.56	-0.51	-0.45	-0.36	0.13	0.09	0.092
Asset Turnover	0.58	0.61	0.67	0.70	0.73	0.75	0.72	0.97	1.16	1.32	1.02	0.89	0.78	0.69	0.84	0.86	0.88	0.96	1.16	1.12	1.120
Equity Multiplier	2.15	2.15	2.01	2.01	2.01	2.01	2.54	2.54	2.54	2.54	2.57	2.57	2.57	2.57	2.57	2.57	2.57	2.57	3.05	3.05	3.054

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$-0.22	$-0.02	$-0.12	$-0.42	$-0.43	$-0.60	$0.55	$1.37	$1.92	$2.31	$1.35	$0.60	$-0.16	$-0.48	$-5.31	$-4.93	$-4.55	$-4.00	$0.96	$0.49	$0.49
Book Value/Share	$6.05	$6.05	$5.95	$5.92	$5.91	$5.53	$6.52	$5.85	$5.86	$5.84	$8.08	$7.71	$7.09	$6.24	$2.45	$2.40	$2.42	$2.40	$3.68	$3.44	$4.42
Tangible Book/Share	$6.05	$6.05	$5.95	$5.92	$5.91	$5.53	$6.52	$5.85	$5.86	$5.84	$8.08	$7.71	$7.09	$6.24	$2.45	$2.40	$2.42	$2.40	$3.68	$3.44	$3.44
Revenue/Share	$7.62	$8.10	$8.09	$8.44	$8.77	$8.35	$10.98	$13.38	$15.98	$18.11	$19.08	$15.93	$12.86	$9.91	$9.42	$9.45	$9.76	$10.63	$10.81	$9.71	$9.71
FCF/Share	$0.88	$1.00	$0.65	$0.54	$-0.15	$-0.71	$0.00	$0.51	$0.99	$1.50	$-0.48	$-0.78	$-0.47	$-1.38	$0.29	$0.87	$0.60	$1.24	$0.27	$-0.04	$-0.04
OCF/Share	$1.58	$1.81	$1.57	$1.56	$1.15	$0.75	$1.64	$2.10	$2.67	$3.25	$1.79	$1.43	$1.45	$0.16	$1.55	$2.02	$1.76	$2.58	$1.87	$1.36	$1.36
Cash/Share	$0.39	$0.39	$0.08	$0.08	$0.08	$0.08	$0.19	$0.17	$0.18	$0.17	$0.09	$0.08	$0.08	$0.07	$0.17	$0.17	$0.17	$0.17	$0.23	$0.22	$0.93
EBITDA/Share	$1.33	$1.50	$1.47	$1.17	$1.19	$1.02	$2.27	$3.27	$4.04	$4.62	$3.82	$2.82	$1.69	$1.02	$-3.68	$-3.37	$-3.09	$-2.60	$2.38	$1.69	$1.69
Debt/Share	$4.65	$4.65	$3.52	$3.50	$3.50	$3.27	$3.10	$2.78	$2.78	$2.77	$2.84	$2.72	$2.50	$2.20	$1.24	$1.22	$1.23	$1.22	$0.90	$0.84	$0.84
Net Debt/Share	$4.25	$4.25	$3.44	$3.42	$3.42	$3.19	$2.90	$2.61	$2.61	$2.60	$2.76	$2.63	$2.42	$2.13	$1.08	$1.05	$1.06	$1.06	$0.67	$0.62	$0.62

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.763
Altman Z-Prime	snapshot only																				2.738
Piotroski F-Score	3	4	5	3	3	4	7	7	7	7	6	6	3	3	4	4	5	5	7	7	7
Beneish M-Score	-3.48	1.50	-3.35	-4.07	-3.07	-3.58	-0.84	-0.83	-1.48	-1.89	-2.52	-2.05	-3.96	-3.72	-7.72	-7.79	-6.26	-6.18	-21.63	-70.01	-70.011
Ohlson O-Score	snapshot only																				-6.462
ROIC (Greenblatt)	snapshot only																				6.59%
Net-Net WC	snapshot only																				$-3.32
EVA	snapshot only																				$18547428.66

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				BBB
Credit Score	25.85	31.21	29.93	26.82	23.69	20.87	34.12	44.22	59.91	72.40	48.97	38.54	30.07	23.65	23.00	36.24	37.78	48.14	76.52	56.36	56.361
Credit Grade	snapshot only																				9
Credit Trend	snapshot only																				20.117
Implied Spread (bps)	snapshot only																				275.000
Industry Credit Rank	snapshot only																				54
Sector Credit Rank	snapshot only																				51

HNRG NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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