CION Investment Corporation (CION) vs Horizon Technology Finance Corporation (HRZN)

CION Investment Corporation and Horizon Technology Finance Corporation are both Asset Management companies. CION Investment Corporation is the larger, with a market value of $324.7M against $265.5M — 1.2× the size. Horizon Technology Finance Corporation grew revenue faster over the last twelve months: −1.07% against −17.8%. Horizon Technology Finance Corporation has the higher net margin (0.00% vs −18.2%) and the lower return on invested capital (0.00% vs 5.73%). Both pay a dividend; CION Investment Corporation yields more (20.6% vs 18.8%). Across the 17 metrics below, CION Investment Corporation leads on 10 and Horizon Technology Finance Corporation on 7.

Valuation

Metric CION HRZN Asset Management median
P/E n/m n/m 13.38
P/S 1.61 2.72 2.99
P/B 0.50 0.72 0.91
Price to free cash flow 1.06 5.01 7.79
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (10.59%) (18.78%) 4.67%
Free cash flow yield 94.31% 19.95% 4.85%

Profitability

Metric CION HRZN Asset Management median
Gross margin 100.00% 100.00% 100.00%
Operating margin 28.63% 94.88% 27.27%
Net margin (18.23%) 0.00% 11.89%
Free cash flow margin 152.28% 0.00% 5.96%
Return on equity (5.16%) (15.90%) 4.57%
Return on assets (2.14%) (7.01%) 1.40%
Return on invested capital 5.73% 0.00% 2.12%

Growth

Metric CION HRZN Asset Management median
Revenue growth (TTM) (17.76%) (1.07%) 7.26%
EPS growth (last fiscal year) (161.90%) 62.50% (5.64%)
Revenue growth, 5-year CAGR 8.01% 15.84% 11.84%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CION HRZN Asset Management median
Debt to equity 0.00 0.00 0.40
Current ratio 0.04 0.08 1.23
Net debt to EBITDA (0.08) (1.12) 1.06

Dividend

Metric CION HRZN Asset Management median
Dividend yield 20.57% 18.78% 6.43%
Payout ratio 26.00 2.06 0.91

Size

Metric CION HRZN Asset Management median
Market cap 324.74m 265.46m 692.54m

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