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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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 9.01 | 9.66 | 9.92 | 11.00 | 4.51 | 12.23 | 9.67 | 10.14 | 8.46 | 5.71 |
Analyst estimates 2026–2028 Powerpack |
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| High | 13.95 | 11.75 | 12.10 | 13.48 | 13.78 | 19.08 | 16.54 | 13.50 | 13.73 | 9.99 | |||||
| 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 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 33 | 26 | 31 | 43 | 46 | 60 | 79 | 113 | 100 | 96 | ||||
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||||
| EBT | 17 | 12 | 14 | 21 | 21 | 29 | 37 | 63 | 49 | 45 | |||||
| EBT margin, % | 51.58 | 47.80 | 44.71 | 48.02 | 45.55 | 47.69 | 46.60 | 55.46 | 49.30 | 47.36 | |||||
| Net income | (5) | 10 | 13 | 19 | 6 | 28 | 21 | (17) | (6) | (3) | |||||
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 3 | |||||
| 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 | ||||
| Earnings | (0.43) | 0.83 | 1.13 | 1.45 | 0.36 | 1.39 | 0.86 | (0.56) | (0.16) | (0.06) | |||||
| Cash flow | 4.53 | (1.29) | (1.05) | (3.81) | (1.44) | (3.79) | (9.96) | (0.17) | 0.11 | 1.34 | |||||
| Capex | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| Free cash flow | 4.53 | (1.29) | (1.05) | (3.81) | (1.44) | (3.79) | (9.96) | (0.17) | 0.11 | 1.34 | |||||
| Book value | 12.06 | 11.73 | 11.65 | 13.66 | 12.12 | 12.25 | 12.88 | 10.47 | 9.31 | 7.52 | |||||
| Shares, m | 12 | 12 | 12 | 13 | 18 | 20 | 25 | 31 | 36 | 42 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 0.00 | 13.61 | 9.96 | 9.04 | 35.78 | 11.45 | 13.78 | 0.00 | 0.00 | 0.00 | ||||
| P/S | 3.70 | 5.11 | 4.17 | 4.04 | 5.04 | 5.31 | 3.66 | 3.62 | 3.25 | 2.84 | |||||
| P/B | 0.88 | 0.97 | 0.97 | 0.95 | 1.09 | 1.30 | 0.91 | 1.27 | 0.97 | 0.86 | |||||
| EV/Sales | 2.57 | 4.85 | 3.77 | 3.89 | 4.62 | 4.68 | 3.40 | 3.21 | 2.55 | 1.75 | |||||
| EV/FCF | 1.62 | (8.43) | (9.71) | (3.26) | (8.41) | (3.69) | (1.09) | (69.23) | 64.60 | 2.96 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 52 | (15) | (12) | (51) | (25) | (76) | (246) | (5) | 4 | 57 | ||||
| Capex | — | — | — | — | — | — | — | — | — | — | |||||
| Free cash flow | 52 | (15) | (12) | (51) | (25) | (76) | (246) | (5) | 4 | 57 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | (57) | (88) | (116) | (148) | (170) | (224) | (414) | (418) | (399) | (375) | ||||
| Total debt | — | 94 | 127 | 152 | 186 | 258 | 434 | — | — | — | |||||
| Net debt | (37) | (7) | (13) | (6) | (20) | (38) | (21) | (47) | (70) | (106) | |||||
| Shareholders’ equity | 139 | 135 | 134 | 184 | 213 | 245 | 318 | 324 | 336 | 319 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | (1.89) | 4.05 | 5.19 | 6.38 | 1.69 | 6.03 | 3.30 | (2.19) | (0.69) | (0.33) | ||||
| ROIC | 18.75 | 11.48 | 14.77 | 14.30 | 14.02 | 17.07 | 15.97 | 24.67 | 22.50 | 26.86 | |||||
| ROE | (3.29) | 6.99 | 9.66 | 12.25 | 3.21 | 12.13 | 7.50 | (5.35) | (1.71) | (0.81) | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| GLAD Gladstone Capital Corporation | $436.7M | 8.8× | 10.0× | +13.10% (above 0%: growing) | +78.79% (above 0%: growing) | −280.73% (below 0%: shrinking) | 100.00% | 71.30% | Compare |
| ALTI AlTi Global, Inc. | $360.2M | — (loss-making) | 49.7× | +10.78% (above 0%: growing) | n/m | +84.23% (above 0%: growing) | 100.00% | (18.70%) | Compare |
| TCPC BLACKROCK TCP CAPITAL CORP. | $354.1M | — (loss-making) | 9.4× | −22.23% (below 0%: shrinking) | n/m | +330.05% (above 0%: growing) | 100.00% | 82.80% | Compare |
| CION CION Investment Corporation | $341.5M | 110× | 20.1× | −4.69% (below 0%: shrinking) | +19.23% (above 0%: growing) | −50.31% (below 0%: shrinking) | 100.00% | 28.47% | Compare |
| CCAP Crescent Capital BDC, Inc. | $336.4M | — (loss-making) | 15.9× | −15.51% (below 0%: shrinking) | n/m | −72.97% (below 0%: shrinking) | 59.08% | 37.45% | Compare |
| HRZN Horizon Technology Finance Corporation | $307.7M | 10.7× | 8.5× | +2.14% (above 0%: growing) | n/m | +149.05% (above 0%: growing) | 100.00% | 93.70% | |
| PSBD Palmer Square Capital BDC Inc. | $299.2M | — (loss-making) | — (loss-making) | −13.83% (below 0%: shrinking) | +22.73% (above 0%: growing) | −48.13% (below 0%: shrinking) | 100.00% | 83.11% | Compare |
| RWAY Runway Growth Finance Corp. | $273.3M | 57.5× | — (loss-making) | +5.35% (above 0%: growing) | +44.44% (above 0%: growing) | −65,337.04% (below 0%: shrinking) | 100.00% | 84.24% | Compare |
| SAR Saratoga Investment Corp | $236.8M | — (loss-making) | 10.0× | +1.77% (above 0%: growing) | n/m | −43.85% (below 0%: shrinking) | 100.00% | 68.55% | Compare |
| Median of peers | $338.9M | 57.5× | 12.9× | −1.46% | +33.59% | −49.22% | 100.00% | 69.92% |
Horizon Technology Finance Corporation (HRZN) key facts
- Concern: Horizon Technology Finance Corporation’s revenue for fiscal 2025 (year ended December 2025) was $96.0 million, down 3.90% from fiscal 2024.
- Horizon Technology Finance Corporation (HRZN) is an Asset Management company in the Financial sector, listed on Nasdaq.
- As of October 16, 2026, HRZN traded at $4.29, a market capitalization of $307.7 million.
- Horizon Technology Finance Corporation pays an annual dividend of $0.74 per share, a yield of 17.3%.
- Return on equity was −0.81% and debt-to-equity 0.00.
- Its Piotroski F-score is 5 out of 9 for fiscal 2025.