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what it is
Hudson sells refrigerants, recycles used ones, and cleans contaminated cooling systems for commercial customers.
how it gets paid
Last year Hudson Technologies made $237M in revenue. refrigerant sales was the main engine at $142M, or 60% of sales.
what just happened
A recent quarter landed near ~$59M revenue with about $0.56 EPS — full-year 2024 EPS still stepped down to $0.52. Ignore a $202M “quarter” next to ~$237M FY revenue.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
14.2x trailing p/e — the market's not buying it — or you found a deal
9.9% return on capital — nothing to write home about
$0.52 fy2024 eps est
xvary composite: 39/100 — weak
What they do
Hudson sells refrigerants, recycles used ones, and cleans contaminated cooling systems for commercial customers.
Hudson wins because it does the messy work others avoid. It sold about $237 million in 2024 revenue with just $4 million of long-term debt, which means your business is not buried under lenders. Refrigerant reclamation (cleaning used refrigerant so it can be reused) → turning waste into sellable supply → so what, Hudson can make money from both the gas and the cleanup.
How they make money
$237M
annual revenue
refrigerant sales
$142M
industrial gas sales
$24M
refrigerant reclamation
$47M
refrigerantside services
$24M
The products that matter
sells refrigerants into cooling markets
Refrigerant Sales
~$237M FY2024 revenue (bridge below) · forward year may differ
Keep ~$237M (FY2024) aligned with the revenue bridge. Older $246.6M forward-year stubs belong in a labeled scenario, not mixed into quarter math.
pricing-sensitive
recycles used refrigerants
Refrigerant Reclamation
segment revenue not disclosed here
this sits inside the same ~$237M FY2024 revenue base (per the bridge), which is the problem and the opportunity. tighter environmental rules make reclaimed supply more valuable, but this page does not break out how much of revenue comes from that higher-quality piece.
regulation support
Key numbers
15.1%
operating margin
Operating margin → what is left after running the business → so what, Hudson still keeps $15.10 from every $100 of sales.
$4M
long-term debt
Long-term debt → money owed for years → so what, debt is just 1% of capital, which keeps the balance sheet from becoming the story.
14.2x
trailing p/e
P/E → price divided by yearly profit → so what, you are not paying a wild multiple for a company that still earned money in 2024.
9.9%
return on capital
Return on capital → profit earned on money invested in the business → so what, Hudson is decent, not elite, at turning capital into earnings.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $4M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for HDSN right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Quarter revenue near ~$59M and EPS about $0.56 — full-year 2024 EPS still fell to $0.52.
Gross margin on the print here: 29.0%. Full-year earnings stepped down from $1.10 (2023) to $0.52 (2024), so one quarter does not erase the year. Drop $202M revenue and +173% vs. prior year — they did not fit the ~$237M annual base.
~$59M
quarter revenue (approx.)
$0.56
eps (Q)
29.0%
gross margin (Q)
the number that mattered
The number that mattered was $0.52 in full-year 2024 EPS, because quarterly noise means less when annual profit was cut by more than half from $1.10 in 2023.
source: company earnings report, 2026
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What could go wrong
The top risk here is refrigerant price volatility. Hudson is a $240M company with one economic engine, so a move in pricing hits revenue, margins, and investor confidence at the same time.
high
Refrigerant price volatility
The company's revenue is tied to refrigerant pricing, which the source data says can swing more than 30% annually based on regulation and supply.
A 10% price drop on a ~$237M revenue base is roughly $24M of lost revenue before you even get to the margin damage.
med
Customer concentration
A small number of wholesale distributors and contractors drive a meaningful share of sales.
Losing one major customer could affect more than 15% of annual revenue. For a $240M company, that is not a footnote.
med
Seasonal demand swings
Peak sales usually land in Q2 and Q3 during cooling season. Q1 and Q4 are weaker, which makes quarter-to-quarter reads noisy.
Healthy annual demand can still produce ugly quarters. With earnings predictability at 30 / 100, the market already prices that instability in.
low
Contract and deal volatility
The January 2026 DLA contract rescission is a small example of how a narrow operator can lose expected business without much warning.
The direct hit may be modest, but the message is clear: Hudson has fewer offsetting revenue streams when deals slip.
A 10% pricing hit alone is about $24M of revenue on a ~$237M base. For a business with a 29.0% gross margin and weak predictability, that is the whole game.
source: institutional data · regulatory filings · risk analysis
Pay attention to
pricing mix
Whether 2026 growth comes from price or volume
The latest update leaned on a 4% increase in average sales price. If price is doing most of the work, earnings stay fragile.
calendar
The next earnings report needs clearer volume detail
Management said Q1 2026 revenue should grow. You want a better read on unit movement this time, not just a better top line.
capital return
Execution of the $20M buyback
Against a $240M market cap, this matters. Buybacks help most when the underlying business stays steady enough for the share count shrink to mean something.
ownership
Institutional holdings fell 27% to 34.65M shares
One quarter does not settle the story, but shrinking sponsorship is rarely a free positive in a stock with 10 / 100 price stability.
Analyst rankings
earnings predictability
30 / 100
A 30 / 100 score means the earnings line is hard to model. In human-speak, analysts do not expect a smooth ride.
balance sheet view
B
B means adequate balance sheet grade. You are not buying distress here. You are buying operating volatility with a modest debt load.
source: institutional data
Institutional activity
institutional ownership data for HDSN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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