stockrowHorizon 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
Follow HRZN
Alert me
Horizon Technology Finance Corporation (HRZN) Altman Z-score
Horizon Technology Finance Corporation's Altman Z-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Altman Z-score, annual
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.46) | — | −0.55 | |
| Retained earnings / total assets | (0.30) | — | −0.42 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 0.55 | — | 0.33 | |
| Sales / total assets | 0.12 | — | 0.12 | |
| Altman Z-score | n/a — not meaningful for banks, insurers and REITs | — | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | n/a — not meaningful for banks, insurers and REITs | — | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SCM Stellus Capital Investment Corporation compare | — |
| SAR Saratoga Investment Corp compare | — |
| CION CION Investment Corporation compare | — |
| PSBD Palmer Square Capital BDC Inc. compare | — |
| HRZN Horizon Technology Finance Corporation | — |
| CYPH Cypherpunk Technologies Inc. compare | — |
| RWAY Runway Growth Finance Corp. compare | — |
| PNNT PennantPark Investment Corporation compare | — |
| LIEN Chicago Atlantic BDC, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets