Hudson Technologies, Inc.
- Open
- 5.43
- Day high
- 5.43
- Day low
- 5.32
- Prev close
- 5.43
- Volume
- 374K
- Mkt cap
- $225M
- P/E (TTM)
- 25.7
- EPS (TTM)
- $0.21
- P/B
- 0.9
- P/S
- 0.9
- Yield
- —
- Per share
- —
- ▲Insiders net buying $5.8M over the last 3 months (11 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
Hudson Technologies, Inc. (HDSN) is a Basic Materials company listed on NASDAQ. The stock is down 48% over the past year. Over the trailing 3 months, insiders filed 11 open-market buys and 0 sales (SEC Form 4).
Hudson Technologies, Inc. (HDSN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HDSN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.18 | $0.12 | -32.4% | $78M | +5.6% |
| May 6, 2026 | $0.05 | $0.01 | -80.0% | $60M | +5.2% |
| Mar 4, 2026 | $-0.09 | $-0.13 | -44.4% | $44M | -30.9% |
| Nov 5, 2025 | $0.21 | $0.27 | +28.6% | $74M | +94.2% |
| Jul 30, 2025 | $0.15 | $0.23 | +53.3% | $73M | +1.0% |
| May 7, 2025 | $0.01 | $0.06 | +500.0% | $55M | +6.0% |
| Mar 6, 2025 | $-0.01 | $-0.06 | -500.0% | $35M | -35.7% |
| May 1, 2024 | $0.20 | $0.20 | +0.0% | $65M | +2.6% |
| Mar 6, 2024 | $0.08 | $0.08 | +0.0% | $45M | +10.9% |
| Nov 1, 2023 | $0.32 | $0.34 | +7.9% | $76M | +77.9% |
| Aug 2, 2023 | $0.37 | $0.41 | +11.7% | $90M | -5.2% |
| May 3, 2023 | $0.27 | $0.33 | +22.2% | $77M | -10.4% |
HDSN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 26, 2026 | Hartree Partners, LP10 percent owner | Buy | 91,166 | $5.50 |
| Aug 26, 2026 | Hartree Partners, LP10 percent owner | Buy | 9,446 | $5.50 |
| Aug 14, 2026 | Hartree Partners, LP10 percent owner | Buy | 5,198 | $5.50 |
| Jul 31, 2026 | Hartree Partners, LP10 percent owner | Buy | 52,104 | $5.99 |
| Jul 22, 2026 | Hartree Partners, LP10 percent owner | Buy | 17,842 | $5.99 |
| Jul 22, 2026 | Hartree Partners, LP10 percent owner | Buy | 47,708 | $5.99 |
| Jul 8, 2026 | Hartree Partners, LP10 percent owner | Buy | 600 | $5.99 |
| Jul 8, 2026 | Hartree Partners, LP10 percent owner | Buy | 4,634 | $5.99 |
| Jul 2, 2026 | Hartree Partners, LP10 percent owner | Buy | 271,302 | $5.97 |
| Jul 2, 2026 | Hartree Partners, LP10 percent owner | Buy | 288,111 | $5.88 |
| Jul 2, 2026 | Hartree Partners, LP10 percent owner | Buy | 204,789 | $5.68 |
| Jun 22, 2026 | Feeler Jeffrey Rdirector | Grant | 3,219 | — |
| Jun 22, 2026 | Parrillo Richarddirector | Grant | 31,780 | $5.63 |
| Jun 22, 2026 | Sheriff Alandirector | Grant | 15,360 | $5.63 |
| Jun 22, 2026 | Mansy Loan Nguyendirector | Grant | 21,186 | $5.63 |
Source: HDSN SEC Form 4 filings, latest Aug 26, 2026. For informational purposes only — not investment advice.
See the full HDSN insider & 13F page →Hudson Technologies, Inc. company profile
Overview
Hudson Technologies, Inc. (NASDAQ:HDSN) is a specialty refrigerant services company founded in 1991 and incorporated that same year, with headquarters in Woodcliff Lake, New Jersey. The company went public in November 1994 and has since established itself as a leading provider of refrigerant management solutions in the United States. Hudson operates primarily within the specialty chemicals sector, focusing on the critical but often overlooked refrigeration industry that supports everything from commercial air conditioning systems to industrial cooling applications.
Business
Hudson Technologies operates in the refrigerant services industry, which is a specialized segment of the broader chemicals sector that deals with the gases used in air conditioning, refrigeration, and heat pump systems. The company's business revolves around managing the lifecycle of refrigerants - the chemical compounds that enable cooling systems to function by absorbing and releasing heat as they change between liquid and gas states. The company's core offerings include several interconnected services. Refrigerant sales represent the largest revenue segment, involving the distribution of both virgin (newly manufactured) and reclaimed refrigerants to contractors, distributors, and equipment manufacturers. Refrigerant reclamation services form the company's most strategically important segment, where Hudson collects used refrigerants from various sources, processes them to remove contaminants, and restores them to industry purity standards for reuse. This process is environmentally critical as it prevents harmful greenhouse gases from being released into the atmosphere. Hudson also provides RefrigerantSide services, which include system decontamination to remove moisture, oils, and other contaminants from refrigeration systems. The company offers SmartEnergy OPS, a web-based monitoring service that provides real-time continuous monitoring of facility refrigeration and energy systems. Additionally, Hudson maintains cylinder refurbishment services and hydrostatic testing capabilities to ensure safe storage and transport of refrigerants. A significant portion of Hudson's revenue comes from a contract with the Defense Logistics Agency (DLA), which has historically contributed approximately $30-50 million annually, representing roughly 15-20% of total revenues. The company also participates in carbon offset projects, leveraging its environmental expertise in refrigerant management.
Revenue model
Hudson Technologies generates revenue through multiple complementary business models centered around refrigerant lifecycle management. The primary revenue stream comes from product sales of refrigerants, where the company purchases virgin refrigerants from manufacturers and reclaimed refrigerants from its own processing operations, then sells them to a diverse customer base including HVAC contractors, refrigerant distributors, equipment manufacturers, and government agencies. The company's customers pay premium prices for reclaimed refrigerants compared to the cost of processing used refrigerants, creating attractive gross margins that have historically ranged from 28-50% depending on market conditions. Hudson also generates service fee revenue from its reclamation processing, cylinder refurbishment, and system decontamination services, where customers pay for the technical expertise and specialized equipment required for these processes. The company's profitability is significantly influenced by several key factors. Refrigerant pricing volatility represents the most significant margin driver, with prices fluctuating based on regulatory changes, supply chain disruptions, and inventory levels throughout the industry. The ongoing phase-down of high Global Warming Potential (GWP) refrigerants under EPA regulations creates both opportunities and challenges - while it increases demand for reclaimed refrigerants and potentially supports higher pricing, it also creates market uncertainty during transition periods. Supply chain factors including tariffs on imported refrigerants, cylinder availability, and raw material costs for processing operations directly impact margins. Seasonal demand patterns also affect profitability, with the strongest sales typically occurring during the nine-month cooling season from March through November. The regulatory environment, particularly EPA rules mandating increased use of reclaimed refrigerants, represents a significant tailwind for Hudson's higher-margin reclamation business, while economic downturns can reduce overall demand for refrigeration services.
Competitive moat
Hudson Technologies possesses a moderate but meaningful competitive moat built primarily around regulatory compliance expertise, specialized infrastructure, and established customer relationships in a niche industry with high barriers to entry. The company's reclamation capabilities represent its strongest competitive advantage, as the specialized equipment, technical knowledge, and regulatory certifications required for refrigerant processing create significant barriers for new entrants. The regulatory environment provides Hudson with a structural advantage, as EPA requirements for refrigerant handling, reclamation standards, and environmental compliance create a complex web of regulations that favor established players with proven track records. The company's long-standing relationships with government agencies, particularly through its DLA contract, demonstrate its ability to meet stringent quality and compliance requirements that newer competitors would struggle to achieve. However, Hudson's moat faces several potential vulnerabilities. The company operates in a commodity-like market where pricing power is limited during periods of oversupply, as evidenced by the 40-45% price declines experienced in 2024. Large chemical companies or well-capitalized new entrants could potentially establish competing reclamation facilities, though the specialized nature of the business and regulatory requirements provide some protection. The transition to next-generation, lower-GWP refrigerants presents both opportunity and risk to Hudson's competitive position. While the company is well-positioned to benefit from increased reclamation demand, technological disruptions in refrigeration systems or alternative cooling technologies could potentially reduce long-term demand for traditional refrigerant services. The company's competitive position remains solid but not insurmountable, requiring continuous investment in capabilities and customer relationships to maintain its market leadership.
Risks & safety
Hudson Technologies demonstrates a strong margin of safety with minimal financial risk and conservative capital structure. • Liquidity and Solvency: The company maintains excellent financial health with $81 million in cash and short-term investments as of Q1 2025, no meaningful debt (debt-to-equity ratio of 0.018), and a current ratio of 3.84, indicating strong ability to meet short-term obligations. • Cash Generation: Hudson generates consistent positive free cash flow, with $12.7 million in Q1 2025 and $86.5 million for full-year 2024, providing substantial financial flexibility and eliminating solvency concerns. • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 24.6x based on Q1 2025 earnings, though this reflects recent margin compression. EV/EBITDA of 15.9x appears elevated due to temporarily depressed EBITDA from pricing pressures. • Balance Sheet Strength: Total assets of $308 million against total liabilities of only $61 million, with shareholders' equity representing 80% of total assets, providing substantial downside protection. • Other Considerations: The company's inventory-heavy business model ($120+ million in current assets beyond cash) provides asset backing but creates some commodity price risk during market downturns.
Recent development
Over the past few years, Hudson Technologies has undergone significant strategic evolution driven by changing regulatory requirements and market dynamics in the refrigerant industry. The most significant development has been the company's strategic pivot toward reclamation-focused operations in response to EPA regulations mandating increased use of reclaimed refrigerants by 2029. In 2024, Hudson completed the acquisition of USA Refrigerants, a leading refrigerant recovery company, to strengthen its recovery capabilities and expand its customer base for collecting used refrigerants. This acquisition directly supports the company's strategy of building a more integrated refrigerant lifecycle management business, positioning Hudson to capture value at multiple points in the refrigerant supply chain. The company has also established a dedicated refrigerant acquisition group to systematically source used refrigerants for processing, reflecting management's focus on securing feedstock for its higher-margin reclamation operations. Hudson has significantly expanded its educational and training initiatives for HVAC contractors, recognizing that successful industry transition to lower-GWP refrigerants requires widespread technical knowledge among service providers. Hudson has strengthened its environmental positioning through partnerships with organizations like the Rocky Mountain Institute to promote the environmental benefits of refrigerant reclamation. The company achieved carbon neutrality at its reclamation facilities and has actively participated in industry coalitions supporting sustainable refrigerant management practices. Financially, Hudson has pursued an aggressive capital return strategy, implementing share repurchase programs totaling $20 million and completely eliminating its term debt. The company has also maintained flexibility for additional acquisitions, particularly targeting reclamation facilities, distributors, and potentially contractor businesses that could provide synergistic growth opportunities.
HDSN company profile · for informational purposes only — not investment advice.
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