Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 2.14%, EPS fell 14.0% and free cash flow grew 149.1%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
4.29
0.30
−6.54%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 0.00 | 13.78 | 11.45 | 35.78 | 9.04 | 9.96 | 13.61 | 0.00 |
Piotroski F-Score |
5 | 5 | 4 | 2 | 5 | 3 | 4 | 5 | 4 | 5 |
P/S ratio |
2.84 | 3.25 | 3.62 | 3.66 | 5.31 | 5.04 | 4.04 | 4.17 | 5.11 | 3.70 |
P/FCF ratio |
4.82 | 82.44 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.33 |
P/Operating CF |
(8.98) | (12.42) | 36.57 | (3.39) | (137.67) | (6.24) | (5.71) | (29.97) | (3.14) | 7.92 |
P/B ratio |
0.86 | 0.97 | 1.27 | 0.91 | 1.30 | 1.09 | 0.95 | 0.97 | 0.97 | 0.88 |
Price to Tangible BV |
0.86 | 0.97 | 1.27 | 0.91 | 1.30 | 1.09 | 0.95 | 0.97 | 0.97 | 0.88 |
EV/Sales |
1.75 | 2.55 | 3.21 | 3.40 | 4.68 | 4.62 | 3.89 | 3.77 | 4.85 | 2.57 |
EV/EBITDA |
1.78 | 2.61 | 3.27 | 3.46 | 4.87 | 4.80 | 4.06 | 3.99 | 5.12 | 2.72 |
EV/Operating CF |
2.96 | 64.60 | (69.23) | (1.09) | (3.69) | (8.41) | (3.26) | (9.71) | (8.43) | 1.62 |
EV/FCF |
2.96 | 64.60 | (69.23) | (1.09) | (3.69) | (8.41) | (3.26) | (9.71) | (8.43) | 1.62 |
Quick Ratio |
0.24 | 0.18 | 0.13 | 0.08 | 0.16 | 0.13 | 0.08 | 0.13 | 0.11 | 0.43 |
Current Ratio |
0.24 | 0.18 | 0.13 | 0.08 | 0.16 | 0.13 | 0.08 | 0.13 | 0.11 | 0.43 |
Net Debt/EBITDA |
(1.12) | (0.72) | (0.42) | (0.27) | (0.66) | (0.44) | (0.16) | (0.43) | (0.27) | (1.19) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.12 | 0.12 | 0.14 | 0.12 | 0.13 | 0.12 | 0.14 | 0.12 | 0.11 | 0.13 |
Operating CF/Net income |
(21.28) | (0.70) | 0.31 | (11.64) | (2.74) | (3.97) | (2.64) | (0.93) | (1.55) | (10.65) |
Capex/Depreciation |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Interest Coverage |
2.79 | 2.97 | 3.78 | 3.96 | 4.70 | 4.48 | 4.88 | 4.52 | 4.57 | 5.21 |
| (0.81%) | (1.71%) | (5.35%) | 7.50% | 12.13% | 3.21% | 12.25% | 9.66% | 6.99% | (3.29%) | |
| (0.33%) | (0.69%) | (2.19%) | 3.30% | 6.03% | 1.69% | 6.38% | 5.19% | 4.05% | (1.89%) | |
ROIC |
26.86% | 22.50% | 24.67% | 15.97% | 17.07% | 14.02% | 14.30% | 14.77% | 11.48% | 18.75% |
Return on Tangible Assets |
0.71% | 1.41% | 4.11% | (5.11%) | (12.38%) | (3.74%) | (13.18%) | (11.22%) | (10.84%) | 8.64% |
Average Days of Receivables |
45.94 | 60.49 | 44.79 | 62.56 | 37.43 | 39.22 | 46.80 | 46.56 | 56.44 | 66.79 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
4.66% | 4.20% | 3.54% | 3.93% | 5.67% | 5.93% | 5.81% | 7.50% | 8.41% | 7.19% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(1.37) | (1.23) | (1.02) | (1.43) | (0.70) | (0.73) | (0.85) | (0.89) | (0.67) | (0.47) |
Graham Number |
0.00 | 0.00 | 0.00 | 15.69 | 19.57 | 10.05 | 20.96 | 17.21 | 14.89 | 0.00 |
Earnings Yield |
(1.86%) | (1.33%) | (3.73%) | 7.26% | 8.73% | 2.79% | 11.06% | 10.04% | 7.35% | (4.04%) |
Free Cash Flow Yield |
20.73% | 1.21% | (1.28%) | (85.06%) | (23.83%) | (10.89%) | (29.50%) | (9.30%) | (11.27%) | 42.91% |
Revenue per Share |
2.27 | 2.77 | 3.67 | 3.20 | 3.00 | 2.63 | 3.20 | 2.70 | 2.24 | 2.86 |
Operating CF per Share |
1.34 | 0.11 | (0.17) | (9.96) | (3.79) | (1.44) | (3.81) | (1.05) | (1.29) | 4.53 |
Capex per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Free Cash Flow per Share |
1.34 | 0.11 | (0.17) | (9.96) | (3.79) | (1.44) | (3.81) | (1.05) | (1.29) | 4.53 |
Cash per Share |
2.49 | 1.95 | 1.51 | 0.83 | 1.90 | 1.11 | 0.48 | 1.09 | 0.57 | 3.22 |
Shareholders Equity per Share |
7.52 | 9.31 | 10.47 | 12.88 | 12.25 | 12.12 | 13.66 | 11.65 | 11.73 | 12.06 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
7.52 | 9.31 | 10.47 | 12.88 | 12.25 | 12.12 | 13.66 | 11.65 | 11.73 | 12.06 |
Free Cash Flow |
56.63 | 3.94 | (5.26) | (246.28) | (75.99) | (25.28) | (51.41) | (12.06) | (14.84) | 52.31 |
Working Capital |
(375.00) | (398.83) | (417.82) | (414.19) | (224.42) | (170.11) | (147.95) | (115.93) | (88.49) | (56.89) |
Net Current Asset Value |
(375.00) | (398.83) | (417.82) | (414.19) | (224.42) | (170.11) | (147.95) | (115.93) | (88.49) | (56.89) |
EV/EBIT |
1.83 | 2.66 | 3.32 | 3.53 | 4.96 | 4.91 | 4.13 | 4.07 | 5.30 | 2.77 |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
2.98 | 3.39 | 3.75 | 3.81 | 5.63 | 5.36 | 4.29 | 4.51 | 5.58 | 3.98 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
13.36% | 0.97% | (1.42%) | (72.64%) | (26.82%) | (10.89%) | (26.98%) | (8.21%) | (10.48%) | 29.67% |
Accounts Receivable Turnover |
6.70 | 6.56 | 8.25 | 8.03 | 10.81 | 8.79 | 9.08 | 7.82 | 5.14 | 5.37 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
14.32 | 15.24 | 13.75 | 9.86 | 5.55 | 5.24 | 4.75 | 3.98 | 5.01 | 6.15 |
Average Payables |
15.12 | 13.13 | 11.84 | 10.35 | 8.21 | 7.06 | 5.84 | 4.63 | 4.08 | 4.59 |
Average Assets |
816.47 | 812.09 | 784.59 | 640.39 | 460.56 | 375.58 | 305.38 | 250.45 | 236.70 | 260.07 |
Average Common Equity |
327.34 | 330.08 | 321.21 | 281.89 | 228.97 | 198.33 | 159.16 | 134.67 | 137.13 | 149.47 |
Columns are period end dates