1.Sales and profit
See section β- Horizon Technology Finance Corp lost $2.7M in fiscal 2025.
Horizon Technology Finance Corp
HRZN Nasdaq Financials FY2020βFY2025
- Today
- 0.5%
- Previous close
- $3.96
- Market cap
- $256M
- P/E
- 8.6x
- 52-week range
-
$3.87 $6.81
Last close Β· Oct 26, 2026
$3.94
β$2.03 (β34.00%) past year
KIRAβs summary AI analyst
Hi! I read Horizon Technology Finance Corpβs latest annual report (fiscal 2025). Here is what stands out:
1 to watch
2.Cash and shareholders
See section β- Horizon Technology Finance Corp returned $53.1M to shareholders in fiscal 2025. The diluted share count rose 17.3%.
- In the last 12 months, insiders bought $0.6M of shares on the open market and sold none.
3.Financial health
See section β- Horizon Technology Finance Corp owes $330M more than it holds in cash.
Horizon Technology Finance Corp in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$2.7M
No. It lost money last year.
For information
How is the share priced?
8.6x
One share costs 8.6 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$256M
Oct 26 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
8.6x
On $0.46 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
Revenue
FY20
Revenue $3.7M
FY21
Revenue $5.6M
FY22
Revenue $1.8M
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
Margins, % of revenue
FY20
Gross β
Operating β
Net 170.8%
FCF β
FY21
Gross β
Operating β
Net 495.8%
FCF β
FY22
Gross β
Operating β
Net 1,159.0%
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
-
Horizon Technology Finance Corp lost $2.7M in fiscal 2025.
Net income
FY20
Net income $6.4M
FY21
Net income $27.8M
FY22
Net income $21.2M
FY23
Net income β$17.2M
FY24
Net income β$5.6M
FY25
Net income β$2.7M
Net income
Q3 '23
Net income β$12.0M
Q4 '23
Net income β$10.7M
Q1 '24
Net income $8.7M
Q2 '24
Net income β$9.1M
Q3 '24
Net income $7.3M
Q4 '24
Net income β$12.4M
Q1 '25
Net income β$21.4M
Q2 '25
Net income β$20.8M
Q3 '25
Net income $30.7M
Q4 '25
Net income $8.8M
Q1 '26
Net income $2.8M
Q2 '26
Net income β$37.3M
Diluted EPS
FY20
Diluted EPS β
FY21
Diluted EPS β
FY22
Diluted EPS $0.86
FY23
Diluted EPS β$0.56
FY24
Diluted EPS β$0.16
FY25
Diluted EPS β$0.06
Diluted EPS
Q3 '23
Diluted EPS β
Q4 '23
Diluted EPS β
Q1 '24
Diluted EPS $0.26
Q2 '24
Diluted EPS β$0.26
Q3 '24
Diluted EPS $0.20
Q4 '24
Diluted EPS β$0.36
Q1 '25
Diluted EPS β$0.53
Q2 '25
Diluted EPS β$0.50
Q3 '25
Diluted EPS $0.68
Q4 '25
Diluted EPS $0.29
Q1 '26
Diluted EPS $0.06
Q2 '26
Diluted EPS β$0.57
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
Free cash flow
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
Cash from operations vs capital spending
FY20
Cash from operations β$25.3M
Capital spending β
FY21
Cash from operations β$76.0M
Capital spending β
FY22
Cash from operations β$246M
Capital spending β
FY23
Cash from operations β$5.3M
Capital spending β
FY24
Cash from operations $3.9M
Capital spending β
FY25
Cash from operations $56.6M
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$23.7M
Capital spending β
Q4 '23
Cash from operations $11.2M
Capital spending β
Q1 '24
Cash from operations $4.0M
Capital spending β
Q2 '24
Cash from operations $54.3M
Capital spending β
Q3 '24
Cash from operations β$28.3M
Capital spending β
Q4 '24
Cash from operations β$26.1M
Capital spending β
Q1 '25
Cash from operations β$13.2M
Capital spending β
Q2 '25
Cash from operations $49.6M
Capital spending β
Q3 '25
Cash from operations $50.6M
Capital spending β
Q4 '25
Cash from operations β$30.4M
Capital spending β
Q1 '26
Cash from operations β$42.1M
Capital spending β
Q2 '26
Cash from operations $124M
Capital spending β
Cash from operations
Capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends, buybacks and share count
KIRA summarises the numbers
-
Horizon Technology Finance Corp returned $53.1M to shareholders in fiscal 2025.
The diluted share count rose 17.3%.
Dividends and buybacks
FY20
Dividends $21.3M
Buybacks β
FY21
Dividends $24.6M
Buybacks β
FY22
Dividends $29.8M
Buybacks β
FY23
Dividends $40.5M
Buybacks β
FY24
Dividends $46.4M
Buybacks β
FY25
Dividends $53.1M
Buybacks β
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends $10.3M
Buybacks β
Q4 '23
Dividends $12.0M
Buybacks β
Q1 '24
Dividends $10.4M
Buybacks β
Q2 '24
Dividends $12.6M
Buybacks β
Q3 '24
Dividends $11.4M
Buybacks β
Q4 '24
Dividends $12.1M
Buybacks β
Q1 '25
Dividends $12.7M
Buybacks β
Q2 '25
Dividends $12.9M
Buybacks β
Q3 '25
Dividends $13.5M
Buybacks β
Q4 '25
Dividends $14.0M
Buybacks β
Q1 '26
Dividends $14.7M
Buybacks β
Q2 '26
Dividends $10.6M
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY20
Diluted shares β
FY21
Diluted shares β
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.04B
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
-
In the last 12 months, insiders bought $0.6M of shares on the open market and sold none.
Bought, 12 months
$0.6M
6 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 10, 2026 | Daniel R. TrolioExecutive VP and CFO | Bought | 11,500 | $4.34 | $0.0M | Form 4 |
| Jun 9, 2026 | Jonathan Joseph GoodmanDirector | Bought | 6,000 | $4.33 | $0.0M | Form 4 |
| Jun 9, 2026 | Kimberley Ann O'ConnorDirector | Bought | 10,000 | $4.37 | $0.0M | Form 4 |
| Jun 9, 2026 | Michael BalkinChief Executive Officer, Director | Bought | 100,000 | $4.34 | $0.4M | Form 4 |
| Jun 9, 2026 | Paul G SeitzChief Investment Officer | Bought | 11,477 | $4.35 | $0.0M | Form 4 |
| Jun 9, 2026 | Thomas J. AllisonDirector | Bought | 6,000 | $4.36 | $0.0M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Horizon Technology Finance Corp can carry it.
KIRA summarises the numbers
-
Horizon Technology Finance Corp owes $330M more than it holds in cash.
Cash vs debt (incl. leases)
FY20
Cash $47.8M
Debt β
FY21
Cash $47.3M
Debt $258M
FY22
Cash $30.5M
Debt $434M
FY23
Cash $75.7M
Debt $462M
FY24
Cash $101M
Debt $468M
FY25
Cash $143M
Debt $473M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $47.3M | $30.5M | $75.7M | $101M | $143M |
| Debt incl. finance leases | $258M | $434M | $462M | $468M | $473M |
| Debt / equity | β | 1.4x | 1.4x | 1.4x | 1.5x |
| Total assets | $514M | $767M | $802M | $822M | $811M |
| Total liabilities | $269M | $448M | $478M | $486M | $493M |
| Shareholders' equity | β | $318M | $324M | $336M | $319M |
| Net debt (β = net cash) | $210M | $404M | $387M | $367M | $330M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Return on capital, equity and assets (annual)
FY20
Return on capital β
Return on equity β
Return on assets β
FY21
Return on capital β
Return on equity β
Return on assets 5.4%
FY22
Return on capital β
Return on equity 6.6%
Return on assets 3.3%
FY23
Return on capital β
Return on equity β5.4%
Return on assets β2.2%
FY24
Return on capital β
Return on equity β1.7%
Return on assets β0.7%
FY25
Return on capital β
Return on equity β0.8%
Return on assets β0.3%
Return on capital
Return on equity
Return on assets
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | β / 3 | β / 6 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β | 20.2% | 41.8% | β1.5% | β1.2% | β7.3% |
| Altman Z'' | β | β | β | β | β | β |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
Every number, year by year.
6 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $3.7M | $5.6M | $1.8M | β | β | β |
| Noninterest income | $3.7M | $5.6M | $1.8M | β | β | β |
| Interest expense | $9.7M | $12.0M | $19.2M | $29.0M | $32.3M | $32.8M |
| Net income | $6.4M | $27.8M | $21.2M | β$17.2M | β$5.6M | β$2.7M |
| Net income to common | β | β | $21.2M | β$17.2M | β$5.6M | β$2.7M |
| Diluted EPS | β | β | $0.86 | β$0.56 | β$0.16 | β$0.06 |
| Diluted shares | β | β | 0.02B | 0.03B | 0.04B | 0.04B |
| Cash flow | ||||||
| Cash from operations | β$25.3M | β$76.0M | β$246M | β$5.3M | $3.9M | $56.6M |
| Dividends paid | $21.3M | $24.6M | $29.8M | $40.5M | $46.4M | $53.1M |
| Dividends and buybacks | $21.3M | $24.6M | $29.8M | $40.5M | $46.4M | $53.1M |
| Balance sheet | ||||||
| Cash and short-term investments | $47.8M | $47.3M | $30.5M | $75.7M | $101M | $143M |
| Total debt | β | $258M | $434M | $462M | $468M | $473M |
| Total assets | β | $514M | $767M | $802M | $822M | $811M |
| Total liabilities | β | $269M | $448M | $478M | $486M | $493M |
| Preferred stock | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β | β | $318M | $324M | $336M | $319M |
| Margins | ||||||
| Net margin | 170.8% | 495.8% | 1,159.0% | β | β | β |
| Returns | ||||||
| Return on equity | β | β | 6.6% | β5.4% | β1.7% | β0.8% |
| Return on assets | β | 5.4% | 3.3% | β2.2% | β0.7% | β0.3% |
| Return on tangible equity | β | β | 6.6% | β5.3% | β1.7% | β0.8% |
| Growth | ||||||
| Revenue growth | β | 50.4% | β67.4% | β | β | β |
| Net income growth | β | 336.5% | β23.9% | β181.2% | β | β |
| EPS growth | β | β | β | β165.1% | β | β |
| Share count change | β | β | β | 25.2% | 16.6% | 17.3% |
| Financial health | ||||||
| Debt / equity | β | β | 1.4x | 1.4x | 1.4x | 1.5x |
| Quality scores | ||||||
| Accruals ratio | β | 20.2% | 41.8% | β1.5% | β1.2% | β7.3% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001487428). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.