Hudson Technologies Inc HDSN

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 4.31 USD on Nov 1, 2026, −37.1% year to date

Quant rating

Quant rating D Rank 452 of 486 in Industrials

Growth B 139 of 486
Valuation C 337 of 486
Quality D 448 of 486
Revisions D 406 of 486
Momentum D 452 of 486

Wall Street consensus Buy (2.50)Average target 5.75 USD +33.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 181M
Enterprise value: 156M
52-week range: 4.11 – 9.18
3-year range: 4.11 – 14.96
Dividend yield: –
Beta (5 years): 0.86
Shares outstanding: 42.1M
Next earnings: Mar 2, 2027

About the company

Hudson Technologies, Inc. is a refrigerant services company. The Company provides solutions to recurring problems within the refrigeration industry. The Company provides environmentally sustainable solutions from the initial sale of refrigerant gas through recovery, reclamation and reuse, peak operating performance of equipment through air conditioning and refrigeration system repair, to final refrigerant disposal and carbon credit trading. The Company’s products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide Services performed at a customer’s site. The Company’s SmartEnergy OPS service is a Web-based real-time continuous monitoring service applicable to a facility’s refrigeration systems and other energy systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	247	237	289	325	193	–
Revenue growth	4.0%	−18.0%	−11.1%	68.7%	30.6%	10.8%
EPS (basic, normalized)	0.37	0.52	1.10	2.20	0.69	–
EPS growth	−28.8%	−52.7%	−50.0%	218.8%	–	–
Gross margin	25.2%	27.7%	38.6%	50.1%	37.2%	35.7%
Net margin	6.8%	10.3%	18.1%	31.9%	16.7%	16.8%
ROE	6.8%	10.3%	25.9%	84.5%	57.8%	37.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	35.3
Current ratio	3.23x
Long-term debt (mil)	0
Net debt (mil)	−25.6
Total equity (mil)	246
Net debt / equity	−0.10x
Net debt / EBITDA	−1.04x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	247	+4.0%	0.6x	24.6	−34.8%	6.3x	0.37	−28.8%	11.6x
2026	240	−2.7%	0.6x	14.7	−40.1%	10.6x	0.13	−65.0%	33.3x
2027	251	+4.7%	0.6x	18.4	+25.1%	8.5x	0.26	+101.4%	16.5x
2028	282	+12.3%	0.6x	–	–	–	0.47	+80.2%	9.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	240	−8.4%	−5.3%	−3.2%	0.13	−30.0%	−65.9%	−71.4%
2027	251	−7.6%	−2.9%	−1.0%	0.26	−21.6%	−40.7%	−44.4%
2028	282	−1.1%	–	–	0.47	0.0%	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	65.2	75.3	61.9	34.6	55.3	72.8	74.0	44.4	60.2	78.3
Sales mean (mil)	63.3	79.2	66.1	38.0	52.2	71.7	72.2	38.1	57.2	74.3
Surprise	+3.0%	−4.9%	−6.3%	−8.7%	+6.0%	+1.7%	+2.6%	+16.5%	+5.2%	+5.4%
EPS reported	0.20	0.20	0.17	−0.06	0.06	0.23	0.27	−0.20	0.01	0.12
EPS mean	0.20	0.25	0.16	−0.01	0.05	0.17	0.19	−0.08	0.06	0.18
Surprise	+2.2%	−20.8%	+7.4%	−500.0%	+20.0%	+35.9%	+41.2%	−142.4%	−83.7%	−32.4%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HDSN Hudson Technologies Inc	181M	−1.04x	6.8%	0.75x	33.3x	16.5x	10.6x	8.5x
LII Lennox International Inc.	11.8B	1.37x	15.5%	8.94x	15.9x	14.7x	11.5x	10.8x
WSO Watsco, Inc.	12.6B	−0.19x	6.4%	4.17x	26.1x	23.4x	16.8x	14.9x
AOS A. O. Smith Corporation	8.5B	0.54x	14.3%	4.79x	17.3x	16.3x	11.3x	10.9x
AAON AAON, Inc.	5.6B	2.01x	7.5%	5.50x	28.3x	18.7x	16.5x	11.7x
WJX Wajax Corp	532M	2.09x	2.7%	1.31x	10.8x	9.6x	6.1x	5.8x
Mean		0.79x	8.8%	4.24x	22.0x	16.5x	12.1x	10.4x
Median		0.95x	7.1%	4.48x	21.7x	16.4x	11.4x	10.8x

Technical analysis

1M−15.5%
3M−30.0%
1Y−53.8%
3Y−66.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hudson Technologies Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	247	237	289	325	193	148
Cost of revenue	185	171	178	162	121	112
Gross profit	62.1	65.7	112	163	71.7	35.4
Selling, general & administrative expenses	40.2	33.0	30.5	28.6	26.6	26.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	3.3	3.4	2.8	2.8	2.8	2.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	4.6	−2.5	–
Other operating expenses	0	0	0	0	0	0
Operating income	18.6	29.3	78.2	127	44.8	5.9
Net interest income (expense)	2.5	0.5	−8.4	−9.7	−11.4	−12.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.6	2.3	0	0	0	1.0
Net income before taxes	22.7	32.0	69.8	117	33.4	−5.4
Provision for taxes	6.0	7.6	17.6	13.4	1.1	−0.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	16.7	24.4	52.2	104	32.3	−5.2
Extraordinary items	–	–	–	–	–	–
Net income	16.7	24.4	52.2	104	32.3	−5.2
EBIT, normalized	18.6	29.3	78.2	132	42.3	5.9
EBITDA, normalized	24.6	35.7	84.0	137	48.5	12.0
Basic EPS, normalized	0.37	0.52	1.10	2.20	0.69	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hudson Technologies Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	39.5	70.1	12.4	5.3	3.5	1.3
Receivables	23.0	19.9	30.6	20.9	14.2	9.8
Total inventory	136	96.2	154	145	94.1	44.5
Prepaid expenses	12.4	9.2	7.5	5.3	8.1	6.5
Other current assets	0	0	0	0	0	0
Total current assets	211	196	205	177	120	62.1
Property, plant & equipment	28.9	28.4	26.0	27.9	26.9	28.5
Goodwill	65.3	62.3	47.8	47.8	47.8	47.8
Intangibles	11.3	14.1	14.8	17.6	20.4	23.1
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2.3	2.3	3.1	2.4	0.7	0.1
Total assets	319	303	297	272	216	162
Liabilities
Accounts payable	21.1	8.7	23.4	14.2	9.6	7.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	43.3	37.4	35.0	33.3	34.6	20.8
Short-term debt	0	0	0	0	15.0	0
Current portion of long-term debt	–	–	0	4.2	5.2	9.3
Other current liabilities	0.2	1.7	0.2	0.9	0	0
Total current liabilities	64.6	47.8	58.6	52.6	64.4	37.8
Long-term debt	0	0	0	39.0	73.1	78.0
Minority interest	–	–	–	–	–	–
Other liabilities	10.7	9.0	9.3	6.0	7.2	5.3
Total liabilities	75.3	56.8	67.9	97.6	145	121
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.4	0.4	0.5	0.5	0.4	0.4
Additional paid-in capital	91.7	111	118	116	116	118
Retained earnings (accumulated deficit)	151	135	110	58.0	−45.8	−78.1
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	243	246	229	175	70.9	40.6
Total liabilities & shareholders' equity	319	303	297	272	216	162

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hudson Technologies Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	16.7	24.4	52.2	104	32.3	−5.2
Depreciation, depletion & amortization	6.0	6.4	5.8	6.0	6.2	6.1
Deferred taxes	0	−0.5	4.3	−1.4	0.3	0.2
Non-cash items	1.8	3.8	7.0	9.0	−3.6	−2.3
Changes in working capital	−27.5	57.7	−10.8	−54.5	−36.4	12.9
Cash from operations	−3.2	91.8	58.5	62.8	−1.2	11.7
Investing activities
Capital expenditures	−5.1	−5.3	−3.6	−3.7	−1.9	−1.5
Other investing cash flows	−2.2	−20.7	0	0	0	1.0
Cash from investing	−7.3	−26.0	−3.6	−3.7	−1.9	−0.5
Financing activities
Financing cash flow items	−0.3	0	−0.7	−9.5	−2.7	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−20.0	−8.1	−47.1	−47.9	7.9	−12.5
Cash from financing	−20.2	−8.2	−47.8	−57.4	5.3	−12.5
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−30.7	57.7	7.2	1.8	2.1	−1.3
Free cash flow	−8.2	86.5	55.0	59.2	−3.1	10.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.