Hudson Technologies Inc.

HDSNActive

CIK 925528 · Core Solid Waste & Recycling

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, HDSN filings, SEC EDGAR

$223

Market cap ($MM)

$207

Enterprise value ($MM)

$251

Revenue · LTM ($MM)

$22

EBITDA · LTM ($MM)

EBITDA margin

0.8x

EV / revenue

9.3x

EV / EBITDA

-0.6x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01HDSN is a scaled public consolidator in Solid Waste, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is WM, RSG, WCN, CLH, GFL, CWST.

Balance sheet & capacity

Indicative capacity read: -0.6x net debt / EBITDA with EBITDA of $22.3MM.

$19

Cash & equiv. ($MM)

Total debt ($MM)

($14)

Net debt ($MM)

-0.6x

Net debt / EBITDA

Valuation

Where it trades against its peer set

HDSN versus the scaled public Core Solid Waste & Recycling comparables.

Indexed share-price performance

HDSN versus available Core Solid Waste & Recycling peers and SPY.

+82%

HDSN

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Hudson Technologies Inc.	HDSN	$251	$22	9%	$223	$207	0.8x	9.3x	-0.6x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

HDSN's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

3.4

Acq. cash outflow ($MM)

N/A

Banker read

01HDSN reads as a programmatic acquirer: 17 disclosed acquisitions across 5 active years, or 3.4 per active year. The chart shows activity in 5 of the last 5 visible years.
02In the last three years, the file shows 4 acquisitions versus 2 in the prior three; recent activity is running above the prior three-year period.
03Spend changes the read: $11.8MM of disclosed spend is concentrated in lumpy years, with FY14 the largest year at $7.4MM. Recent spend is below the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

HDSN count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

4 / 2

Last three years is up 100% vs prior three.

Peak count year

FY25

2 disclosed acquisitions in the peak visible year.

Recent spend

N/A

is down 100% vs prior three; peak FY14 at $7.4MM.

Named evidence

3 rows

18% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Oct 10, 2017	Airgas-Refrigerants, Inc.	Core solid waste, recycling, and environmental services	$209	On October 10, 2017, the Company and its wholly-owned subsidiary, Hudson Holdings, Inc. (“Holdings”) completed the acquisition (the “Acquisition”) from Airgas, Inc. (“Airgas”) o...	10-K^†
Oct 10, 2017	ARI	Core solid waste, recycling, and environmental services	$209	On October 10, 2017, the Company completed the Acquisition of ARI. At closing, the Company paid net cash consideration of approximately $209 million, which included preliminary...	10-K^†
Jun 6, 2024	USA United Suppliers of America, Inc. (d/b/a USA Refrigerants) and B&B Jobber Services, Inc.	Core solid waste, recycling, and environmental services	$22	On June 6, 2024, the Company’s subsidiary Hudson Technologies Company completed the acquisition of substantially all the business assets of USA United Suppliers of America, Inc....	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 6 SEC-backed facts across 3 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.18 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Mar 16, 2026	Annual M&A 10-K	accepted	2	$2.2MM	$4.0MM	SEC filing
FY2024	Mar 12, 2025	Annual M&A 10-K	accepted	1	$20.7MM	$22.3MM	SEC filing
FY2023	Mar 14, 2024	Annual M&A 10-K	quarantined (1 issue)	N/A	N/A	N/A	SEC filing
FY2022	Mar 14, 2023	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2021	Mar 24, 2022	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2020	Mar 12, 2021	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2019	Mar 13, 2020	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2018	Mar 15, 2019	Annual M&A 10-K	accepted	1	N/A	N/A	SEC filing
FY2017	Mar 16, 2018	Annual M&A 10-K	accepted	1	$209MM	$209MM	SEC filing
FY2016	Mar 10, 2017	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2015	Mar 11, 2016	Annual M&A 10-K	accepted	1	$2.4MM	$4.4MM	SEC filing
FY2014	Mar 16, 2015	Annual M&A 10-K	accepted	1	$7.4MM	$8.0MM	SEC filing
FY2013	Feb 28, 2014	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2012	Mar 5, 2013	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2011	Mar 5, 2012	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2010	Mar 7, 2011	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2009	Mar 1, 2010	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2008	Mar 5, 2009	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.3 rows+

Filing date	Form	Targets / topics	Support	Source
Mar 12, 2025	10-K	USA United Suppliers of America, Inc. (d/b/a USA Refrigerants) and B&B Jobber Services, Inc.	Annual M&ANamed deals	SEC filing
Mar 15, 2019	10-K	ARI	Annual M&ANamed deals	SEC filing
Mar 16, 2018	10-K	Airgas-Refrigerants, Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.3 rows+

Acquisition of Airgas-Refrigerants, Inc.

10-K - Mar 16, 2018

Medium

On October 10, 2017, the Company and its wholly-owned subsidiary, Hudson Holdings, Inc. (“Holdings”) completed the acquisition (the “Acquisition”) from Airgas, Inc. (“Airgas”) of all of the outstan...

SEC source

Acquisition of ARI

10-K - Mar 15, 2019

Medium

On October 10, 2017, the Company completed the Acquisition of ARI. At closing, the Company paid net cash consideration of approximately $209 million, which included preliminary post-closing adjustm...

SEC source

USA Refrigerants Acquisition

10-K - Mar 12, 2025

Medium

On June 6, 2024, the Company’s subsidiary Hudson Technologies Company completed the acquisition of substantially all the business assets of USA United Suppliers of America, Inc. (d/b/a USA Refriger...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive