Horizon Technology Finance Corporation (HRZN) Key Metrics
HRZN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $287.6M
- Enterprise value
- $615.0M
- P/E (TTM)
- 14.8 10-yr median 12.5
- Forward P/E
- 5.9
- PEG ratio
- 1.91
- Price / sales
- 3.0 10-yr median 9.6
- Price / book
- 0.7 10-yr median 1.0
- EV / EBITDA
- 13.5 10-yr median 17.1
- Dividend yield
- 16.78% $0.72 a year
- Beta
- 0.99
HRZN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHRZN valuation Price multiples at each fiscal year-end price.
HRZN returns How much profit the business earns on the capital it uses.
HRZN per-share figures Results divided by the shares outstanding at year-end.
HRZN financial health Debt, liquidity and how easily interest is covered.
HRZN efficiency & capital use Working capital cycle and where the cash goes.
HRZN valuation history
HRZN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HRZN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HRZN cash returned to shareholders
HRZN price vs earnings per share
HRZN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $273.1M | $324.6M | $407.7M | $286.8M | $318.8M | $232.2M | $174.3M | — | — | — |
| Enterprise value | $640.7M | $722.2M | $823.3M | $700.3M | $538.4M | $398.5M | $328.0M | — | — | — |
| P/E ratio | — | — | — | 13.6 | 11.5 | 36.5 | 8.9 | — | — | — |
| Price / sales | 6.8 | 9.6 | 21.3 | 10.8 | 9.6 | 22.5 | 8.2 | — | — | — |
| Price / book | 0.9 | 1.0 | 1.3 | 0.9 | 1.3 | 1.1 | 0.9 | — | — | — |
| Price / free cash flow | 4.8 | 8.2 | 8.1 | — | — | — | — | — | — | — |
| Price / operating cash flow | 4.8 | 8.2 | 8.1 | — | — | — | — | — | — | — |
| EV / sales | 16.0 | 21.3 | 43.1 | 26.3 | 16.2 | 38.6 | 15.4 | — | — | — |
| EV / EBITDA | 611.9 | — | — | 17.1 | 7.3 | 52.4 | 16.6 | — | — | — |
| EV / free cash flow | 11.3 | 18.2 | 16.4 | — | — | — | — | — | — | — |
| Earnings yield | −1.0% | −1.7% | −4.2% | 7.4% | 8.7% | 2.7% | 11.2% | — | — | — |
| Free cash flow yield | 20.7% | 12.2% | 12.3% | −85.9% | −23.8% | −10.9% | −29.5% | — | — | — |
| Dividend yield | 19.4% | 14.3% | 9.9% | 10.4% | 7.7% | 9.2% | 8.9% | — | — | — |
| Shareholder yield (dividends + buybacks) | 19.4% | 14.3% | 9.9% | 10.4% | 7.7% | 9.2% | 8.9% | — | — | — |
| Share price at fiscal year-end | $6.45 | $8.99 | $13.17 | $11.60 | $15.92 | $13.24 | $12.93 | $11.25 | $11.22 | $10.53 |
| Per share | ||||||||||
| Revenue per share | $0.95 | $0.94 | $0.62 | $1.08 | $1.66 | $0.59 | $1.58 | — | — | — |
| Earnings per share | −$0.06 | −$0.16 | −$0.56 | $0.86 | $1.39 | $0.36 | $1.45 | — | — | — |
| Operating cash flow per share | $1.34 | $1.10 | $1.62 | −$9.96 | −$3.79 | −$1.44 | −$3.81 | — | — | — |
| Free cash flow per share | $1.34 | $1.10 | $1.62 | −$9.96 | −$3.79 | −$1.44 | −$3.81 | — | — | — |
| Cash per share | $2.49 | $1.95 | $1.51 | $0.83 | $1.90 | $1.11 | $0.48 | — | — | — |
| Book value per share | $7.52 | $9.31 | $10.47 | $12.88 | $12.25 | $12.12 | $13.66 | — | — | — |
| Tangible book value per share | $7.52 | $9.31 | $10.47 | $12.88 | $12.25 | $12.12 | $13.66 | — | — | — |
| Dividends per share | $1.25 | $1.28 | $1.31 | $1.21 | $1.23 | $1.22 | $1.16 | — | — | — |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — |
| Debt per share | $11.17 | $12.96 | $14.93 | $17.56 | $12.86 | $10.60 | $11.88 | — | — | — |
| Shares outstanding | 42.3M | 36.1M | 31.0M | 24.7M | 20.0M | 17.5M | 13.5M | — | — | — |
| Change in shares outstanding | +17.3% | +16.6% | +25.2% | +23.5% | +14.2% | +30.1% | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −0.8% | −1.7% | −5.4% | 7.5% | 12.1% | 3.2% | 12.3% | 9.7% | 7.0% | −3.3% |
| Return on invested capital (ROIC) | −0.2% | −0.4% | −1.7% | 6.6% | 6.6% | 1.8% | 6.7% | 5.5% | 5.8% | 4.7% |
| Return on assets (ROA) | −0.3% | −0.7% | −2.2% | 3.3% | 6.0% | 1.7% | 6.4% | 5.2% | 4.1% | −1.9% |
| Return on tangible assets | −0.3% | −0.7% | −2.1% | 2.8% | 5.4% | 1.6% | 5.7% | 4.9% | 4.1% | −2.1% |
| Free cash flow margin | 141.5% | 116.8% | 262.2% | −924.4% | −228.4% | −244.7% | −241.3% | −56.7% | −119.6% | — |
| Income quality (OCF / net income) | — | — | — | −11.64 | −2.74 | −3.97 | −2.64 | −0.93 | −1.55 | — |
| Financial health | ||||||||||
| Total debt | $473.0M | $467.9M | $462.2M | $434.1M | $257.6M | $185.8M | $160.2M | $126.9M | $94.1M | $95.6M |
| Cash & short-term investments | $105.5M | $70.3M | $46.6M | $20.6M | $38.1M | $19.5M | $6.5M | $12.6M | $6.6M | $37.1M |
| Net debt | $367.5M | $397.6M | $415.6M | $413.5M | $219.6M | $166.3M | $153.7M | $114.3M | $87.5M | $58.5M |
| Debt / equity | 1.49 | 1.39 | 1.43 | 1.36 | 1.05 | 0.87 | 0.87 | 0.94 | 0.70 | 0.69 |
| Debt / assets | 0.58 | 0.57 | 0.58 | 0.57 | 0.50 | 0.46 | 0.47 | 0.48 | 0.40 | 0.40 |
| Net debt / EBITDA | 351.01 | — | — | 10.07 | 2.99 | 21.87 | 7.79 | 5.72 | 5.62 | 40.60 |
| Current ratio | 1.24 | 5.08 | 3.92 | 2.59 | 4.14 | 2.92 | 2.57 | 2.94 | 0.11 | 0.43 |
| Quick ratio | 1.24 | 5.08 | 3.92 | −0.49 | 4.14 | −3.11 | −2.34 | 2.94 | 2.47 | 0.45 |
| Interest coverage | -0.0 | -0.1 | -0.5 | 2.1 | 2.3 | 0.7 | 2.4 | 2.0 | 2.4 | 2.9 |
| Working capital | $22.4M | $72.4M | $47.1M | $22.7M | $34.6M | $16.8M | $7.3M | $10.9M | −$88.5M | −$56.9M |
| Invested capital | $686.0M | $733.8M | $739.6M | $731.9M | $464.9M | $378.9M | $337.8M | $248.5M | $222.6M | $197.7M |
| Tangible asset value | $318.5M | $336.2M | $324.0M | $318.4M | $245.3M | $212.6M | $184.1M | $134.3M | $135.1M | $139.2M |
| Net current asset value | −$375.0M | −$395.5M | −$415.2M | −$411.4M | −$223.1M | −$169.1M | −$148.0M | −$115.9M | −$88.5M | −$56.9M |
| Graham number | — | — | — | $15.74 | $19.55 | $9.95 | $21.08 | — | — | — |
| Graham net-net per share | −$8.93 | −$11.16 | −$13.61 | −$16.00 | −$11.28 | −$8.27 | −$10.23 | — | — | — |
| Capital allocation | ||||||||||
| Dividends paid | $53.1M | $46.4M | $40.5M | $29.8M | $24.6M | $21.3M | $15.6M | $13.7M | $13.6M | $15.7M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | $59,000 | $516,000 |
| Dividend payout ratio | — | — | — | 141.1% | 88.4% | 334.9% | 80.0% | 105.1% | 142.3% | — |
| Dividends + buybacks / free cash flow | 93.8% | 117.0% | 80.9% | — | — | — | — | — | — | 30.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| SG&A / revenue | 15.0% | 17.2% | 29.7% | 17.9% | 14.1% | 36.3% | 16.0% | 14.3% | 23.1% | — |
| Efficiency | ||||||||||
| Days sales outstanding | 130.6 | 163.9 | 262.8 | 135.1 | 60.9 | 185.0 | 81.4 | 68.3 | 147.5 | — |
| Days of inventory on hand | — | — | 277.4 | 402.3 | 602.8 | 1,090.0 | 195.0 | -6,715.6 | -7,044.3 | -23.3 |
| Days payables outstanding | 156.9 | 136.8 | 127.1 | 141.8 | 139.0 | 150.7 | 69.2 | 198.4 | 206.0 | 175.7 |
| Cash conversion cycle (days) | -26.3 | 27.2 | 413.1 | 395.6 | 524.7 | 1,124.3 | 207.2 | -6,845.8 | -7,102.8 | — |
| Receivables turnover | 2.79 | 2.23 | 1.39 | 2.70 | 5.99 | 1.97 | 4.49 | 5.35 | 2.48 | 0.00 |
| Payables turnover | 2.33 | 2.67 | 2.87 | 2.57 | 2.63 | 2.42 | 5.28 | 1.84 | 1.77 | 2.08 |
| Inventory turnover | — | — | 1.32 | 0.91 | 0.61 | 0.33 | 1.87 | — | — | — |
| Asset turnover | 0.05 | 0.04 | 0.02 | 0.04 | 0.07 | 0.03 | 0.07 | 0.08 | 0.05 | 0.00 |
| Average receivables | $14.3M | $15.2M | $13.7M | $9.9M | $5.5M | $5.2M | $4.7M | $4.0M | $5.0M | $6.1M |
| Average payables | $14.1M | $12.1M | $10.1M | $7.8M | $6.1M | $5.2M | $4.1M | $3.5M | $3.5M | $3.7M |
| Average inventory | — | — | $22.0M | $22.0M | $26.4M | $37.8M | $11.5M | −$117.1M | −$118.1M | −$493,500 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from HRZN's annual financial statements (latest annual report filed March 3, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HRZN valuation and financial ratios
Based on the latest twelve months, the trailing P/E is 14.8 and the forward P/E is 5.9. Horizon Technology Finance earned a return on equity of −0.8% and a return on invested capital of −0.2% in fiscal 2025. It ended the year with $473.0 million of debt and $105.5 million in cash and short-term investments, net debt of $367.5 million. It returned $53.1 million to shareholders: $53.1 million in dividends and $0 in share buybacks, 94% of free cash flow.
See the HRZN income statement, the HRZN chart for price history, or the HRZN stock overview for the latest quote and news.
HRZN key metrics FAQ
What is Horizon Technology Finance's P/E ratio?
Horizon Technology Finance's trailing P/E ratio is 14.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 5.9. At the end of fiscal 2025 it was —, compared with a 10-year median of 12.5.
What is Horizon Technology Finance's EV/EBITDA?
Horizon Technology Finance's enterprise value was 611.9 times EBITDA at the end of fiscal 2025 (enterprise value $640.7 million, EBITDA $1.0 million); the current EV/EBITDA is 13.5.
What is Horizon Technology Finance's return on equity?
Horizon Technology Finance's return on equity (ROE) was −0.8% in fiscal 2025: net income of -$2.7 million on average shareholders' equity of $327.3 million.
What is Horizon Technology Finance's ROIC?
Horizon Technology Finance's return on invested capital was −0.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Horizon Technology Finance have?
Horizon Technology Finance had total debt of $473.0 million at the end of fiscal 2025, a debt-to-equity ratio of 1.49 and $367.5 million of net debt (351.01 times EBITDA).
What is Horizon Technology Finance's dividend yield?
Horizon Technology Finance's forward dividend yield is 16.78%. Horizon Technology Finance paid $53.1 million in dividends in fiscal 2025 ($1.25 per share), a payout ratio of —.
What is Horizon Technology Finance's free cash flow yield?
Horizon Technology Finance generated $56.6 million of free cash flow in fiscal 2025, a free cash flow yield of 20.7% on its market value at year-end ($273.1 million).
What is Horizon Technology Finance's current ratio?
Horizon Technology Finance's current ratio was 1.24 at the end of fiscal 2025: current assets were 1.24 times current liabilities.