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Horizon Technology Finance Corporation

HRZN Financial Asset Management

Horizon Technology Finance Corporation’s revenue for fiscal 2025 (year ended December 2025) was $96.0 million, down 3.90% from fiscal 2024.

Revenue
+2.14%
EPS
−160.6%
Free cash flow
−97.7%

Quarter to September 2026, against a year earlier

4.01 0.05 +1.26%
Market cap
$265.5M
P/E
0.0×
Fwd P/E
−25.1×
Dividend yield
18.8%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 265.46
Revenue ttm 96.11
Net income ttm (53.89)
Free cash flow ttm 52.13
Net debt Q (20.02)
Valuation
P/E 0.00
Forward P/E (25.10) (negative: loss-making)
Price / sales 2.72
Forward P/S Powerpack
Price / FCF 5.01
Price / book 0.72
Financial health
Current ratio Q 0.08
Debt / equity Q 0.00
Interest coverage Q 0.00
Growth
Revenue growth Q +2.14% (above 0%: growing)
Operating income growth Q +0.28% (above 0%: growing)
EPS, this year −35.71% (below 0%: weak)
EPS, next year A +10.33%
Revenue, next year A +4.56%
EPS, past 5 yrs —
EPS, next 5 yrs A −11.66% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 4.58%
10-year low 10-year high
P/B against its own 10 years 5.61%
10-year low 10-year high

Dividends

Yield
18.8%
Annual rate
0.74
Payout ratio
205.6%
Growth, 2017–25
+1.20%/yr
  1. 1.20 ’17
  2. 1.20 ’18 +0
  3. 1.20 ’19 +0
  4. 1.20 ’20 +0
  5. 1.20 ’21 +0
  6. 1.11 ’22 −7
  7. 1.21 ’23 +9
  8. 1.21 ’24 +0
  9. 1.32 ’25 +9
  10. 0.90 ’26e −32
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 47 70 106 20
Receivables 14 17 12 12
Inventory — — — —
Other — — — —
61 87 118 32
2023 2024 2025 Q'26
Payables 12 14 16 —
ST’ Debt — — — —
Other — — — —
478 486 493 417

Compound Annual Growth %

10y 5y 3y
Sales 11.93% 15.84% 6.63%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 7.14% 8.42% 0.01%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.13 Actual 0.11

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.28 0.31 Beat by 0.03
Q4 FY25 0.30 0.18 Miss by 0.12
Q1 FY26 0.19 0.19 Met by 0.00
Q2 FY26 0.13 0.11 Miss by 0.02
Q3 FY26 0.18 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.06 (0.57) (0.43) — —
’25 (0.53) (0.50) 0.68 0.19 (0.06)
’24 0.26 (0.26) 0.20 (0.32) (0.16)
’23 0.19 0.01 (0.37) (0.32) (0.56)
’22 0.16 0.31 0.23 0.15 0.86
’21 0.31 0.34 0.63 0.11 1.39
’20 (0.04) 0.47 (0.19) 0.13 0.36
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 24 25 — — —
’25 25 25 26 21 96
’24 26 26 25 24 100
’23 28 28 29 28 113
’22 14 19 23 23 79
’21 13 13 16 17 60
’20 10 14 12 10 46
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (42) 124 1 — —
’25 (13) 50 51 (30) 57
’24 4 54 (28) (26) 4
’23 13 (5) (24) 11 (5)
’22 (55) (55) (50) (85) (246)
’21 (21) (18) (35) (2) (76)
’20 (17) (13) 42 (37) (25)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (42) 124 1 — —
’25 (13) 50 51 (30) 57
’24 4 54 (28) (26) 4
’23 13 (5) (24) 11 (5)
’22 (55) (55) (50) (85) (246)
’21 (21) (18) (35) (2) (76)
’20 (17) (13) 42 (37) (25)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 33 26 31 43 46 60 79 113 100 96 96 +12.6% 100 115 118 +7.2%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 17 12 14 21 21 29 37 63 49 45 38 +11.5%
EBT margin, % 51.58 47.80 44.71 48.02 45.55 47.69 46.60 55.46 49.30 47.36 0.00 (4.2) pt
Net income (5) 10 13 19 6 28 21 (17) (6) (3) (54) (6.6%)
Per share, $
Per share, $ Revenue 2.86 2.24 2.70 3.20 2.63 3.00 3.20 3.67 2.77 2.27 0.00 (2.5%)
Earnings (0.43) 0.83 1.13 1.45 0.36 1.39 0.86 (0.56) (0.16) (0.06) (0.74) (19.7%)
Cash flow 4.53 (1.29) (1.05) (3.81) (1.44) (3.79) (9.96) (0.17) 0.11 1.34 0.79 (12.7%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 4.53 (1.29) (1.05) (3.81) (1.44) (3.79) (9.96) (0.17) 0.11 1.34 0.79 (12.7%)
Book value 12.06 11.73 11.65 13.66 12.12 12.25 12.88 10.47 9.31 7.52 5.46 (5.1%)
Shares, m 12 12 12 13 18 20 25 31 36 42 55 +15.5%
Valuation, ×
Valuation, × P/E 0.00 13.61 9.96 9.04 35.78 11.45 13.78 0.00 0.00 0.00 0.00 9.4
P/S 3.70 5.11 4.17 4.04 5.04 5.31 3.66 3.62 3.25 2.84 2.72 4.1
P/B 0.88 0.97 0.97 0.95 1.09 1.30 0.91 1.27 0.97 0.86 0.72 1.0
EV/Sales 2.57 4.85 3.77 3.89 4.62 4.68 3.40 3.21 2.55 1.75 — 3.5
EV/FCF 1.62 (8.43) (9.71) (3.26) (8.41) (3.69) (1.09) (69.23) 64.60 2.96 — (3.5)
Cash, $m
Cash, $m Operating cash flow 52 (15) (12) (51) (25) (76) (246) (5) 4 57 52 +0.9%
Capex — — — — — — — — — — — —
Free cash flow 52 (15) (12) (51) (25) (76) (246) (5) 4 57 52 +0.9%
Balance, $m
Balance, $m Working capital (57) (88) (116) (148) (170) (224) (414) (418) (399) (375) (384) +23.3%
Net debt (37) (7) (13) (6) (20) (38) (21) (47) (70) (106) (20) +12.3%
Shareholders’ equity 139 135 134 184 213 245 318 324 336 319 362 +9.6%
Returns, %
Returns, % ROA (1.89) 4.05 5.19 6.38 1.69 6.03 3.30 (2.19) (0.69) (0.33) (7.01) +1.6 pt
ROIC 18.75 11.48 14.77 14.30 14.02 17.07 15.97 24.67 22.50 26.86 0.00 +8.1 pt
ROE (3.29) 6.99 9.66 12.25 3.21 12.13 7.50 (5.35) (1.71) (0.81) (15.90) +2.5 pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 5 Nov 2026

Horizon Technology Finance Corporation vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CION CION Investment Corporation $324.7M — (loss-making) 9.1× −38.63% (below 0%: shrinking) n/m +591.27% (above 0%: growing) 100.00% 25.33% Compare
PSBD Palmer Square Capital BDC Inc. $303.1M — (loss-making) — (loss-making) −13.83% (below 0%: shrinking) +360.00% (above 0%: growing) +227.26% (above 0%: growing) 100.00% 83.11% Compare
CYPH Cypherpunk Technologies Inc. $266.2M — (loss-making) — (loss-making) 0.00% n/m +15.53% (above 0%: growing) 0.00% 0.00% Compare
HRZN Horizon Technology Finance Corporation $265.5M — (loss-making) — (loss-making) +2.14% (above 0%: growing) n/m −97.72% (below 0%: shrinking) 100.00% 93.70%
RWAY Runway Growth Finance Corp. $256.5M 41.1× 16.6× +10.39% (above 0%: growing) +18.18% (above 0%: growing) +62.58% (above 0%: growing) 100.00% 71.90% Compare
PNNT PennantPark Investment Corporation $212.9M 20.9× 9.6× −16.21% (below 0%: shrinking) −41.67% (below 0%: shrinking) −2.70% (below 0%: shrinking) 78.27% 72.21% Compare
LIEN Chicago Atlantic BDC, Inc. $207.4M 6.5× 6.5× +6.81% (above 0%: growing) −28.95% (below 0%: shrinking) +1,591.22% (above 0%: growing) 100.00% 61.95% Compare
SCM Stellus Capital Investment Corporation $205.6M 7.1× 6.1× −13.21% (below 0%: shrinking) +55.56% (above 0%: growing) +41.00% (above 0%: growing) 100.00% 72.26% Compare
SAR Saratoga Investment Corp $200.7M — (loss-making) 108× +1.77% (above 0%: growing) n/m −43.85% (below 0%: shrinking) 100.00% 68.55% Compare
Median of peers $234.7M 14.0× 9.4× −6.60% +18.18% +51.79% 100.00% 70.23%

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Horizon Technology Finance Corporation (HRZN) Latest News

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stockrow.com/HRZN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com