Hudson Technologies (HDSN) Stock Analysis & Winston Score

Hudson Technologies buys, sells, and recycles refrigerant gases — the chemicals used in air conditioners, refrigerators, and industrial cooling systems. Its main customers are commercial contractors, equipment manufacturers, and businesses that need refrigerants to keep their systems running. Hudson is one of the largest refrigerant distributors and reclaimers in the United States. The company makes money by purchasing used or surplus refrigerants, cleaning and recertifying them, and reselling them at a markup — alongside selling virgin refrigerants sourced from producers. It operates primarily in the US and generated roughly $300 million in annual revenue in recent periods. Hudson's reclamation business gives it some competitive advantage as environmental regulations push companies to recover and reuse refrigerants rather than release them. The key risk is refrigerant price volatility — refrigerant prices swung sharply in recent years due to regulatory phase-downs of older chemicals, and future price moves could significantly compress or expand margins.