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HRZNHorizon Technology Finance Corporation
$3.96$198M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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HRZN logo

Horizon Technology Finance Corporation

HRZN
NASDAQ · BDCs & Private Credit
$3.96
At close - Nov 6, 4:00 PM EST - USD
Market Cap$198M
P/E-20.0x
52W High$6.85
Volume740.92K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Venture Lending Rebound Overshadowed by Warrant Losses

HRZN's core venture-debt franchise shows signs of stabilization, with net interest income rebounding 18.4% year-over-year to $17.1M in 2026Q2 after a $12.1M trough in 2025Q4, but consolidated earnings remain overwhelmed by mark-to-market swings in warrant and equity holdings that drove a $37.3M net loss (EPS of -$0.57)…

GrowthMixed
ProfitabilityWeak
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

HRZN price & volume

Price trend, volume and key moving averages

Launch Terminal
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Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

4/12 Beats

EPS beat 4 of last 12 quarters

02

Valuation risk

-282% Peers

P/E is 282% below peer median

03

Market leadership

RS 34 · Lag

Laggard (Underperforming 66% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Feb 5

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
HRZN-27.34%
S&P 500 (^GSPC)+7.63%
1-Year Return
HRZN-23.90%
S&P 500 (^GSPC)+9.69%
3-Year Return
HRZN-35.30%
S&P 500 (^GSPC)+68.76%
5-Year Return
HRZN-41.26%
S&P 500 (^GSPC)+56.80%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-20.0x
Forward P/E
5.9x
EV/EBITDA
N/A
FCF YieldCash Flow
77.3%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-20.0x
13.5x
0th· Low
EV/EBITDA
N/A
29.8x
N/A
Price/FCF
1.3x
8.1x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$7M+327.9% YoY
Net income FY25
-$3M+52.8% YoY
Free cash flow FY25
$57M+42.9% YoY
Operating margin FY25
-22.1%+224.3 pts YoY
ROIC (FY25)-0.2%
Avg ROIC 5Y1%
ROE (TTM)-4.9%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate4/12 (33%)
Revenue Beat Rate4/12 (33%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Nov 5, 2026
$0.18+1.1%
vs $0.18
$24M-4.2%
vs $25M
Q3 2026
Aug 4, 2026
$0.11-12.8%
vs $0.13
$25M-0.7%
vs $25M
Q2 2026
May 5, 2026
$0.19+0.0%
vs $0.19
$24M+5.3%
vs $23M
Q2 2026
Mar 3, 2026
$0.18-38.3%
vs $0.29
$21M-4.2%
vs $22M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
MarketBeat·2d ago
Horizon Technology Finance Q3 Earnings Call Highlights

Horizon Technology Finance NASDAQ: HRZN reported third-quarter net investment income of $0.19 per share, enough to cover its regular distributions, as a growing investment backlog contrasted with write-downs that reduced net asset value.

Seeking Alpha·2d ago
Horizon Technology Finance (HRZN) Q3 2026 Earnings Call Transcript

Horizon Technology Finance (HRZN) Q3 2026 Earnings Call Transcript

Zacks Investment Research·2d ago
Horizon Technology Finance (HRZN) Q3 Earnings Match Estimates

Horizon Technology Finance (HRZN) came out with quarterly earnings of $0.18 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.31 per share a year ago.

Business Wire·2d ago
Horizon Technology Finance Announces Monthly Distributions for January, February and March 2027 Totaling $0.18 per Share

FARMINGTON, Conn.--(BUSINESS WIRE)--Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”) (the “Company”), an affiliate of Monroe Capital, announced today that its board of directors has declared monthly cash distributions of $0.06 per share, payable in each of January, February and March 2027. The following table shows these distributions, payable as set forth in the table below, total $0.18 per share. Since its 2010 initial public offering, Horizon has paid a total of $401 million.

Filtered for Horizon Technology Finance CorporationMore Headlines
04

Compare before deciding

Benchmark HRZN against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Horizon Technology Finance Corporation (HRZN)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
HRZN logoHRZNHorizon Technology Finance CorporationCurrent
$3.96$198.32M-20.03327.86%-27.82%-4.86%31.66%
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.
$4.37$177.42M8.1755.25%58.87%6.24%23.45%
HTGC logoHTGCHercules Capital, Inc.
$16.16$3.02B9.0528.6%81.68%15.8%8.77%
SUNS logoSUNSSunrise Realty Trust, Inc.
$6.76$91.38M6.93148.14%38.85%7.12%17.39%
PFLT logoPFLTPennantPark Floating Rate Capital Ltd.
$6.88$682.62M13.58-27.91%66.56%4.82%17.52%
ARCC logoARCCAres Capital Corporation
$19.13$13.74B15.74-11.83%55%6.23%9.45%

Compare HRZN vs Peers

Horizon Technology Finance Corporation (HRZN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs TPVG

Most directly comparable listed peer for HRZN.

Scale Benchmark

vs ARCC

Larger-name benchmark to compare HRZN against a more recognizable public peer.

Peer Set

Compare Top 5

vs TPVG, HTGC, SUNS, PFLT

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

HRZN SEC Filings & Documents

Horizon Technology Finance Corporation (HRZN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 4, 2026·SEC

Material company update

Aug 4, 2026·SEC

Material company update

Jun 26, 2026·SEC

10-K Annual Reports

2
FY 2026

Mar 3, 2026·SEC

FY 2025

Mar 4, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 4, 2026·SEC

FY 2026

May 5, 2026·SEC

FY 2025

Oct 28, 2025·SEC

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HRZN Frequently Asked Questions

Horizon Technology Finance Corporation (HRZN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Horizon Technology Finance Corporation growing?

Horizon Technology Finance Corporation (HRZN) grew revenue by 424.3% over the trailing twelve months, compared with the twelve months before.

Is HRZN profitable?

No. Horizon Technology Finance Corporation (HRZN) reported a net loss of $13.1M over the trailing twelve months.

Dividend & Returns
Does HRZN pay dividends?

Yes. Horizon Technology Finance Corporation (HRZN) pays a dividend that yields 31.66% at the current price, a high yield.

What is HRZN's return on equity?

Horizon Technology Finance Corporation (HRZN) had a return on equity (ROE) of -4.9% over the trailing twelve months. A negative ROE means the company lost money over the period.

Industry Metrics
What is Horizon Technology Finance Corporation's net interest margin?

Horizon Technology Finance Corporation (HRZN) has a net interest margin (NIM) of 7.1%. This indicates healthy earnings from lending activities.

What is Horizon Technology Finance Corporation's efficiency ratio?

Horizon Technology Finance Corporation (HRZN) has an efficiency ratio of 122.1%. This is higher than peers, suggesting room for cost optimization.

What if you invested $1,000 in HRZN back in 2009?

Total return calculator · dividends reinvested · 17+ years of data

See returns →