NASDAQ : HRZN
Horizon Technology Finance Corporation — Financial statements
Financials · Asset Management · United States
Last price 4.13 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 276.85M
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Financial statements
Horizon Technology Finance Corporation (HRZN) reported revenue of 96.11M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 4.72M | 5.55M | 2.95M | 3.35M | 1.82M | 5.60M |
| Other Revenue | 91.39M | 90.46M | 96.97M | 110.13M | 77.37M | 54.41M |
| Revenue | 96.11M | 96.02M | 99.92M | 113.47M | 79.19M | 60.02M |
| Gross Profit | 96.11M | 96.02M | 99.92M | 113.47M | 79.19M | 60.02M |
| Selling, General & Admin | 20.32M | 17.74M | 18.40M | 21.57M | 23.09M | 19.36M |
| Operating Expenses | 20.32M | 17.74M | 18.40M | 21.57M | 23.09M | 19.36M |
| Operating Income | 75.79M | 78.28M | 81.52M | 91.91M | 56.10M | 40.66M |
| Interest Expense | -31.90M | -32.80M | -32.26M | -28.97M | -19.20M | -12.03M |
| EBT Excluding Unusual Items | 43.89M | 45.48M | 49.26M | 62.94M | 36.90M | 28.62M |
| Gain (Loss) on Sale of Investments | -30.07M | -44.26M | -53.42M | -78.48M | -15.04M | -43.00K |
| Other Unusual Items | -3.48M | -2.82M | -151.00K | -395.00K | ||
| Pretax Income | 5.91M | -1.60M | -4.16M | -15.70M | 21.87M | 28.18M |
| Income Tax Expense | 845.00K | 1.06M | 1.48M | 1.49M | 715.00K | 401.00K |
| Net Income | 5.07M | -2.66M | -5.63M | -17.18M | 21.15M | 27.78M |
| Net Income to Common | 5.07M | -2.66M | -5.63M | -17.18M | 21.15M | 27.78M |
| Shares Outstanding (Basic) | 50.08M | 42.35M | 36.10M | 30.96M | 24.73M | 20.03M |
| Shares Outstanding (Diluted) | 50.08M | 42.35M | 36.10M | 30.96M | 24.73M | 20.03M |
| EPS (Basic) | 0.10 | -0.06 | -0.16 | -0.56 | 0.86 | 1.39 |
| EPS (Diluted) | 0.10 | -0.06 | -0.16 | -0.56 | 0.86 | 1.39 |
| Dividend Per Share | 1.12 | 1.32 | 1.32 | 1.32 | 1.20 | 1.20 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 78.86% | 81.53% | 81.58% | 80.99% | 70.85% | 67.74% |
| Profit Margin | 5.27% | -2.77% | -5.64% | -15.14% | 26.71% | 46.29% |
| EBIT | 75.79M | 78.28M | 81.52M | 91.91M | 56.10M | 40.66M |
| EBIT Margin | 78.86% | 81.53% | 81.58% | 80.99% | 70.85% | 67.74% |
| Effective Tax Rate | 14.29% | 3.27% | 1.42% | |||
| Revenue as Reported | 96.11M | 96.02M | 99.92M | 113.47M | 79.19M | 60.02M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 75.00M | 105.52M | 70.26M | 46.63M | 20.61M | 38.05M |
| Cash & Short-Term Investments | 75.00M | 105.52M | 70.26M | 46.63M | 20.61M | 38.05M |
| Receivables | 12.54M | 12.09M | 16.56M | 13.93M | 13.57M | 6.15M |
| Other Current Assets | 2.67M | 2.46M | 3.34M | 2.64M | 2.79M | 1.36M |
| Total Current Assets | 90.21M | 120.07M | 90.16M | 63.20M | 36.97M | 45.57M |
| Long-Term Investments | 734.05M | 681.96M | 725.16M | 735.53M | 727.09M | 465.94M |
| Other Long-Term Assets | 7.78M | 9.08M | 6.51M | 3.62M | 2.76M | 2.45M |
| Total Assets | 832.05M | 811.10M | 821.83M | 802.36M | 766.83M | 513.96M |
| Accrued Expenses | 6.08M | 4.52M | 4.59M | 5.13M | 5.14M | 4.65M |
| Current Portion of Long-Term Debt | 57.50M | |||||
| Other Current Liabilities | 6.03M | 15.05M | 13.16M | 11.01M | 9.16M | 6.37M |
| Total Current Liabilities | 12.11M | 77.08M | 17.75M | 16.14M | 14.30M | 11.01M |
| Long-Term Debt | 402.44M | 415.53M | 467.90M | 462.24M | 434.08M | 257.61M |
| Total Liabilities | 414.55M | 492.60M | 485.65M | 478.38M | 448.38M | 268.62M |
| Common Stock | 73.00K | 51.00K | 44.00K | 36.00K | 29.00K | 22.00K |
| Additional Paid-In Capital | 710.27M | 559.36M | 518.20M | 450.95M | 385.92M | 301.36M |
| Retained Earnings | -292.84M | -240.90M | -182.06M | -127.00M | -67.50M | -56.05M |
| Shareholders' Equity | 417.50M | 318.50M | 336.18M | 323.98M | 318.45M | 245.34M |
| Total Liabilities & Equity | 832.05M | 811.10M | 821.83M | 802.36M | 766.83M | 513.96M |
| Total Debt | 402.44M | 473.03M | 467.90M | 462.24M | 434.08M | 257.61M |
| Net Cash (Debt) | -327.45M | -367.51M | -397.64M | -415.61M | -413.47M | -219.56M |
| Net Cash Per Share | -6.54 | -8.68 | -11.01 | -13.42 | -16.72 | -10.96 |
| Filing Date Shares Outstanding | 67.03M | 47.80M | 40.32M | 33.40M | 28.32M | 21.47M |
| Total Common Shares Outstanding | 66.98M | 45.61M | 39.88M | 33.37M | 27.75M | 21.22M |
| Working Capital | 78.11M | 42.99M | 72.42M | 47.06M | 22.67M | 34.55M |
| Book Value Per Share | 6.23 | 6.98 | 8.43 | 9.71 | 11.47 | 11.56 |
| Tangible Book Value | 417.50M | 318.50M | 336.18M | 323.98M | 318.45M | 245.34M |
| Tangible Book Value Per Share | 6.23 | 6.98 | 8.43 | 9.71 | 11.47 | 11.56 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.07M | -2.66M | -5.63M | -17.18M | 21.15M | 27.78M |
| Other Amortization | 2.45M | 2.65M | 1.78M | 1.85M | 1.60M | 1.09M |
| Loss (Gain) From Sale of Investments | 30.07M | 44.26M | 53.42M | 78.48M | 15.04M | 43.00K |
| Other Operating Activities | 61.85M | 12.08M | -39.32M | -63.78M | -276.14M | -103.09M |
| Change in Accounts Receivable | 1.55M | 687.00K | -922.00K | 1.77M | -3.42M | -173.00K |
| Change in Unearned Revenue | -1.17M | -2.73M | -2.89M | -3.70M | -394.00K | -1.29M |
| Change in Other Net Operating Assets | 1.81M | 2.35M | -2.50M | -2.70M | -4.11M | -354.00K |
| Operating Cash Flow | 101.62M | 56.63M | 3.94M | -5.26M | -246.28M | -75.99M |
| Long-Term Debt Issued | 112.50M | 95.00M | 104.25M | 356.50M | 184.50M | |
| Long-Term Debt Repaid | -81.08M | -88.92M | -77.57M | -177.43M | -111.88M | |
| Net Debt Issued (Repaid) | 5.83M | 31.42M | 6.08M | 26.68M | 179.07M | 72.62M |
| Issuance of Common Stock | 10.53M | 14.08M | 66.35M | 65.09M | 84.60M | 30.09M |
| Repurchase of Common Stock | -6.23M | |||||
| Common Dividends Paid | -52.71M | -53.09M | -46.37M | -40.52M | -29.85M | -24.55M |
| Other Financing Activities | -5.18M | -7.21M | -4.85M | -735.00K | -4.36M | -2.65M |
| Financing Cash Flow | -47.76M | -14.80M | 21.21M | 50.51M | 229.46M | 75.52M |
| Net Cash Flow | 53.86M | 41.83M | 25.15M | 45.26M | -16.82M | -477.00K |
| Levered Free Cash Flow | 26.46M | 38.24M | 30.85M | 42.82M | 19.11M | 19.74M |
| Unlevered Free Cash Flow | 43.95M | 56.10M | 49.22M | 59.08M | 29.50M | 26.17M |
| Cash Interest Paid | 29.32M | 29.93M | 30.44M | 26.88M | 17.03M | 10.71M |
| Change in Working Capital | 2.19M | 314.00K | -6.31M | -4.62M | -7.92M | -1.82M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 269.48M | 286.27M | 314.84M | 438.96M | 306.26M | 325.20M |
| Enterprise Value | 596.92M | 625.64M | 696.50M | 839.65M | 641.43M | 562.24M |
| Last Close Price | 4.02 | 5.43 | 6.35 | 8.23 | 6.48 | 8.07 |
| PE Ratio | 39.73 | 14.48 | 11.71 | |||
| Forward PE | 5.61 | 5.86 | 7.13 | 7.79 | 7.30 | 11.52 |
| PS Ratio | 2.80 | 2.98 | 3.15 | 3.87 | 3.87 | 5.42 |
| PB Ratio | 0.64 | 0.90 | 0.94 | 1.35 | 0.96 | 1.33 |
| P/TBV Ratio | 0.65 | 0.90 | 0.94 | 1.35 | 0.96 | 1.33 |
| P/OCF Ratio | 2.65 | 5.05 | 79.97 | |||
| PEG Ratio | 1.94 | 1.94 | 1.94 | 1.94 | 1.94 | |
| EV/Sales Ratio | 6.21 | 6.52 | 6.97 | 7.40 | 8.10 | 9.37 |
| EV/EBIT Ratio | 7.88 | 7.99 | 8.54 | 9.14 | 11.43 | 13.83 |
| Debt / Equity Ratio | 0.96 | 1.49 | 1.39 | 1.43 | 1.36 | 1.05 |
| Net Debt / Equity Ratio | 0.78 | 1.15 | 1.18 | 1.28 | 1.30 | 0.90 |
| Asset Turnover | 0.12 | 0.12 | 0.12 | 0.14 | 0.12 | 0.13 |
| Quick Ratio | 7.23 | 1.53 | 4.89 | 3.75 | 2.39 | 4.01 |
| Current Ratio | 7.45 | 1.56 | 5.08 | 3.92 | 2.59 | 4.14 |
| Return on Equity (ROE) | 1.44% | -0.81% | -1.71% | -5.35% | 7.50% | 12.13% |
| Return on Assets (ROA) | 6.08% | 5.99% | 6.27% | 7.32% | 5.48% | 5.52% |
| Return on Invested Capital (ROIC) | 8.71% | 11.03% | 11.06% | 12.49% | 9.07% | 9.50% |
| Return on Capital Employed (ROCE) | 9.20% | 10.70% | 10.10% | 11.70% | 7.50% | 8.10% |
| Earnings Yield | 2.52% | -0.93% | -1.79% | -3.91% | 6.91% | 8.54% |
| Dividend Yield | 17.91% | 21.03% | 16.72% | 10.03% | 10.88% | 7.83% |
| Payout Ratio | 1,037.65% | 141.11% | 88.37% | |||
| Buyback Yield / Dilution | -27.72% | -17.29% | -16.62% | -25.20% | -23.46% | -14.22% |
| Total Shareholder Return | -9.81% | 3.74% | 0.10% | -15.17% | -12.59% | -6.39% |