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HRZN logoHorizon Technology Finance Corporation(HRZN)Earnings, Financials & Key Ratios

HRZN•NASDAQ•Banking & Credit
$4.58
$219M mkt cap·4.4× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryAsset ManagementSub-IndustryPrivate credit and BDC lenders
AboutHorizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments. It focuses on making secured debt and venture lending investments to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. It seeks to invest in companies in the United States.Show more
  • Net Interest Income$58M-10.9%
  • Total Revenue$40M+17.9%
  • Net Income-$3M+52.8%
  • Return on Equity-0.81%+52.4%
  • Net Interest Margin7.11%-9.7%
  • Efficiency Ratio22.03%+27.9%
  • ROA-0.33%+53.0%
  • Equity / Assets39.27%-4.0%
  • Book Value per Share7.52-19.2%
  • Tangible BV/Share7.52-19.2%
  • Debt/Equity1.49+6.7%
Technical→

HRZN Key Insights

Horizon Technology Finance Corporation (HRZN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong NIM of 7.1%
  • ✓Efficient operations: 22.0% efficiency ratio
  • ✓Well capitalized: 39.3% equity/assets
  • ✓Trading at only 0.6x book value

✗Weaknesses

  • ✗Weak momentum: RS Rating 11 (bottom 11%)
  • ✗Shares diluted 17.3% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

HRZN Price & Volume

Horizon Technology Finance Corporation (HRZN) stock price & volume — 10-year historical chart

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HRZN Growth Metrics

Horizon Technology Finance Corporation (HRZN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.34%
5 Years14.88%
3 Years-4.43%
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM178.42%

EPS CAGR

10 Years-0.09%
5 Years23.87%
3 Years6.88%
TTM523.08%

Return on Capital

10 Years4.23%
5 Years1.39%
3 Years-0.92%
Last Year-0.21%

HRZN Recent Earnings

Horizon Technology Finance Corporation (HRZN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
May 5, 2026
EPS
$0.19
Est $0.19
+0.0%
Revenue
$24M
Est $21M
+14.2%
Q2 2026
Mar 3, 2026
EPS
$0.18
Est $0.29
-38.3%
Revenue
$21M
Est $22M
-4.2%
Q4 2025
Oct 28, 2025
EPS
$0.31
Est $0.28
+10.7%
Revenue
$42M
Est $26M
+61.5%
Q3 2025
Aug 7, 2025
EPS
$0.28
Est $0.28
+0.0%
Revenue
$25M
Est $24M
+0.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.19vs $0.19+0.0%
$24Mvs $21M+14.2%
Q2 2026Mar 3, 2026
$0.18vs $0.29-38.3%
$21Mvs $22M-4.2%
Q4 2025Oct 28, 2025
$0.31vs $0.28+10.7%
$42Mvs $26M+61.5%
Q3 2025Aug 7, 2025
$0.28vs $0.28+0.0%
$25Mvs $24M+0.2%
Based on last 12 quarters of dataView full earnings history →

HRZN Peer Comparison

Horizon Technology Finance Corporation (HRZN) competitors in Private credit and BDC lenders — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Direct Competitor225.54M5.574.5736.55%13.09%1.33
HTGC logoHTGCHercules Capital, Inc.Direct Competitor3.02B16.448.8926.97%13.18%1.04
SUNS logoSUNSSunrise Realty Trust, Inc.Direct Competitor103.48M7.718.12148.14%46.04%6.6%0.67
PFLT logoPFLTPennantPark Floating Rate Capital Ltd.Direct Competitor913.8M9.2112.792.2%3.23%1.65
ARCC logoARCCAres Capital CorporationProduct Competitor13.76B19.1610.3032.87%8.11%1.12
GBDC logoGBDCGolub Capital BDC, Inc.Product Competitor3.47B13.319.3742.5%5.24%1.23
FSCO logoFSCOFS Credit Opportunities Corp.Product Competitor1.04B5.235.51-17.44%13.47%0.32
SLRC logoSLRCSLR Investment Corp.Product Competitor761.04M13.958.2124.76%7.31%1.15

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

HRZN Income Statement

Horizon Technology Finance Corporation (HRZN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Net Interest Income-5.17M22.42M28.76M32.52M42.38M58.16M81.16M64.71M57.66M42.89M
NII Growth %12.1%533.97%28.24%13.09%30.31%37.25%39.53%-20.27%-10.9%-125.96%
Net Interest Margin %-2.21%8.41%8.36%7.99%8.25%7.59%10.12%7.87%7.11%5.42%
Interest Income028.79M37.09M42.19M54.41M77.37M110.13M96.97M90.46M88.08M
Interest Expense5.17M6.36M8.33M9.67M12.03M19.2M28.97M32.26M32.8M32.3M
Loan Loss Provision953K00000000-8.18M
Non-Interest Income12.4M-7.52M-7.46M-22.19M-9.11M-31.52M-91.03M-63.02M-50.44M-13.16M
Non-Interest Income %100%-35.38%-25.16%-110.91%-20.11%-68.76%-476.6%-185.68%-126.03%-17.57%
Total Revenue
12.4M▲ 0%
21.26M▲ 71.4%
29.63M▲ 39.4%
20M▼ 32.5%
45.3M▲ 126.4%
45.84M▲ 1.2%
19.1M▼ 58.3%
33.94M▲ 77.7%
40.02M▲ 17.9%
74.92M▲ 0%
Revenue Growth %805.17%71.42%39.35%-32.49%126.44%1.2%-58.34%77.71%17.91%-370.27%
Non-Interest Expense2.79M1.86M1.56M3.75M5.08M4.78M5.82M5.84M8.82M9.04M
Efficiency Ratio22.48%8.73%5.28%18.73%11.22%10.42%30.49%17.22%22.03%12.06%
Operating Income
12.32M▲ 0%
13.04M▲ 5.9%
19.74M▲ 51.3%
6.59M▼ 66.6%
28.18M▲ 327.9%
21.87M▼ 22.4%
-15.7M▼ 171.8%
-4.16M▲ 73.5%
-1.6M▲ 61.6%
19.46M▲ 0%
Operating Margin %99.34%61.35%66.61%32.92%62.21%47.7%-82.17%-12.25%-3.99%25.98%
Operating Income Growth %-27.57%5.86%51.31%-66.63%327.92%-22.41%-171.78%73.51%61.56%-
Pretax Income
9.62M▲ 0%
13.04M▲ 35.6%
19.74M▲ 51.3%
6.59M▼ 66.6%
28.18M▲ 327.9%
21.87M▼ 22.4%
-15.7M▼ 171.8%
-4.16M▲ 73.5%
-1.6M▲ 61.6%
28.7M▲ 0%
Pretax Margin %77.52%61.35%66.61%32.92%62.21%47.7%-82.17%-12.25%-3.99%38.31%
Income Tax25K34K239K222K401K715K1.49M1.48M1.06M686K
Effective Tax Rate %0.26%0.26%1.21%3.37%1.42%3.27%-9.49%-35.51%-66.52%2.39%
Net Income
9.59M▲ 0%
13.01M▲ 35.6%
19.5M▲ 49.9%
6.36M▼ 67.4%
27.78M▲ 336.5%
21.15M▼ 23.9%
-17.18M▼ 181.2%
-5.63M▲ 67.2%
-2.66M▲ 52.8%
28.01M▲ 0%
Net Margin %77.32%61.19%65.8%31.81%61.33%46.14%-89.97%-16.6%-6.65%37.39%
Net Income Growth %295.22%35.65%49.87%-67.36%336.55%-23.87%-181.25%67.22%52.76%178.42%
Net Income (Continuing)9.59M13.01M19.5M6.36M27.78M21.15M-17.18M-5.63M-2.66M28.01M
EPS (Diluted)
0.83▲ 0%
1.13▲ 36.1%
1.45▲ 28.3%
0.36▼ 75.2%
1.39▲ 286.1%
0.86▼ 38.1%
-0.56▼ 165.1%
-0.16▲ 71.4%
1.05▲ 756.3%
0.59▲ 0%
EPS Growth %293.02%36.14%28.32%-75.17%286.11%-38.13%-165.12%71.43%756.25%523.08%
EPS (Basic)0.831.131.450.361.390.86-0.56-0.161.05-
Diluted Shares Outstanding11.52M11.53M13.48M17.53M20.03M24.73M30.96M36.1M42.35M47.32M

HRZN Balance Sheet

Horizon Technology Finance Corporation (HRZN) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash & Short Term Investments6.59M12.59M6.46M19.5M38.05M20.61M46.63M70.26M105.52M295.58M
Cash & Due from Banks6.59M12.59M6.46M19.5M38.05M20.61M46.63M70.26M105.52M34.49M
Short Term Investments0000000000
Total Investments222.1M248.44M329.34M379.74M465.94M727.09M735.53M725.16M647.24M695.7M
Investments Growth %14.48%11.86%32.56%15.31%22.7%56.05%1.16%-1.41%-10.74%-115.65%
Long-Term Investments222.1M248.44M329.34M379.74M465.94M727.09M735.53M725.16M647.24M1.32B
Accounts Receivables3.99M3.97M5.53M4.95M6.15M13.57M13.93M16.56M12.09M12.74M
Goodwill & Intangibles0000000000
Goodwill0000000000
Intangible Assets0000000000
PP&E (Net)0000000000
Other Assets1.47M1.75M1.53M1.91M2.45M2.76M3.62M6.51M46.26M0
Total Current Assets10.58M16.56M13.13M25.5M45.57M36.97M63.2M90.16M117.61M47.23M
Total Non-Current Assets223.57M250.19M330.87M381.65M468.39M729.85M739.16M731.67M693.5M0
Total Assets
234.15M▲ 0%
266.75M▲ 13.9%
344M▲ 29.0%
407.16M▲ 18.4%
513.96M▲ 26.2%
766.83M▲ 49.2%
802.36M▲ 4.6%
821.83M▲ 2.4%
811.1M▼ 1.3%
791.65M▲ 0%
Asset Growth %-2.13%13.92%28.96%18.36%26.23%49.2%4.63%2.43%-1.31%-13.01%
Return on Assets (ROA)4.05%5.19%6.38%1.69%6.03%3.3%-2.19%-0.69%-0.33%3.63%
Accounts Payable3.46M3.46M00000015.05M0
Total Debt94.08M126.85M152.05M185.82M257.61M434.08M462.24M467.9M473.03M0
Net Debt87.48M114.26M145.59M166.32M219.56M413.47M415.61M397.64M367.51M-34.49M
Long-Term Debt0126.85M152.05M185.82M257.61M434.08M462.24M467.9M377.85M0
Short-Term Debt94.08M000000095.17M0
Other Liabilities0000000019.57M457.78M
Total Current Liabilities99.07M5.64M7.9M8.74M11.01M14.3M16.14M17.75M95.17M0
Total Non-Current Liabilities0126.85M152.05M185.82M257.61M434.08M462.24M467.9M397.43M457.78M
Total Liabilities99.07M132.49M159.95M194.56M268.63M448.38M478.38M485.65M492.6M457.78M
Total Equity
135.07M▲ 0%
134.26M▼ 0.6%
184.06M▲ 37.1%
212.6M▲ 15.5%
245.34M▲ 15.4%
318.45M▲ 29.8%
323.98M▲ 1.7%
336.18M▲ 3.8%
318.5M▼ 5.3%
333.86M▲ 0%
Equity Growth %-2.96%-0.61%37.09%15.51%15.4%29.8%1.74%3.77%-5.26%-17.48%
Equity / Assets (Capital Ratio)57.69%50.33%53.5%52.21%47.73%41.53%40.38%40.91%39.27%42.17%
Return on Equity (ROE)6.99%9.66%12.25%3.21%12.13%7.5%-5.35%-1.71%-0.81%8.95%
Book Value per Share11.7311.6513.6612.1212.2512.8810.479.317.527.06
Tangible BV per Share11.7311.6513.6612.1212.2512.8810.479.317.527.06
Common Stock12K12K16K19K22K29K36K44K51K53K
Additional Paid-in Capital179.64M179.62M226.66M271.29M301.36M385.92M450.95M518.2M559.36M0
Retained Earnings-44.58M-45.37M-42.62M-58.71M-56.05M-67.5M-127M-182.06M-240.9M0
Accumulated OCI-42.68M000000000
Treasury Stock0000000000
Preferred Stock0000000000

HRZN Cash Flow Statement

Horizon Technology Finance Corporation (HRZN) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations-14.84M-12.06M17.56M-25.28M-75.99M-246.28M50.07M39.64M56.63M56.63M
Operating CF Growth %-128.37%18.75%245.61%-243.99%-200.58%-224.08%120.33%-20.84%42.86%290.43%
Net Income9.59M13.01M19.5M6.36M27.78M21.15M-17.18M-5.63M-2.66M28.01M
Depreciation & Amortization795K554K01.02M1.09M1.6M0001.24M
Deferred Taxes0000000000
Other Non-Cash Items-27.22M-25.23M177K-30.72M-103.04M-261.11M71.88M51.58M58.98M33.98M
Working Capital Changes1.99M-391K-2.12M-1.94M-1.82M-7.92M-4.62M-6.31M314K1.64M
Cash from Investing-133.72M-96.8M-68.96M-190.23M-291.49M-372.01M-55.33M-35.7M0-129.35M
Purchase of Investments-135.56M-101.26M-202.73M-198.56M-344.44M-421.98M-218.69M-182.36M0-202.39M
Sale/Maturity of Investments1.84M4.45M133.77M8.34M52.95M49.96M163.36M146.66M01.6M
Net Investment Activity-133.72M-96.8M-68.96M-190.23M-291.49M-372.01M-55.33M-35.7M0-200.79M
Acquisitions0000000000
Other Investing00000000071.44M
Cash from Financing-15.7M18.05M56.2M55.66M75.52M229.46M50.51M21.21M-14.8M-31.89M
Dividends Paid-13.65M-13.67M-15.59M-21.32M-24.55M-29.85M-40.52M-46.37M-53.09M-40.35M
Share Repurchases-59K000000000
Stock Issued0-155K47.1M44.61M30.09M84.6M65.09M66.35M14.08M10.49M
Net Stock Activity-59K-155K47.1M44.61M30.09M84.6M65.09M66.35M14.08M10.49M
Debt Issuance (Net)-625K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Financing-1.37M-777K0-890K-2.65M-4.36M-735K0-7.21M-33.33M
Net Change in Cash
-30.54M▲ 0%
6M▲ 119.6%
-6.13M▼ 202.2%
30.37M▲ 595.8%
-477K▼ 101.6%
-16.82M▼ 3425.2%
45.26M▲ 369.1%
24.45M▼ 46.0%
41.83M▲ 71.1%
-4.2M▲ 0%
Exchange Rate Effect133.72M96.8M-10.92M190.23M291.49M372.01M146K-696K0-46K
Cash at Beginning37.13M6.59M12.59M17.39M47.76M47.28M30.47M73.08M100.87M142.69M
Cash at End6.59M12.59M6.46M47.76M47.28M30.47M75.72M97.53M142.69M73.26M
Interest Paid0000000000
Income Taxes Paid0000000000
Free Cash Flow
-14.84M▲ 0%
-12.06M▲ 18.8%
17.56M▲ 245.6%
-25.28M▼ 244.0%
-75.99M▼ 200.6%
-246.28M▼ 224.1%
50.07M▲ 120.3%
39.64M▼ 20.8%
56.63M▲ 42.9%
67.14M▲ 0%
FCF Growth %-128.37%18.75%245.61%-243.99%-200.58%-224.08%120.33%-20.84%42.86%913.39%

HRZN Banking Ratios

Horizon Technology Finance Corporation (HRZN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)6.99%9.66%12.25%3.21%12.13%7.5%-5.35%-1.71%-0.81%8.95%
Return on Assets (ROA)4.05%5.19%6.38%1.69%6.03%3.3%-2.19%-0.69%-0.33%3.63%
Net Interest Margin-2.21%8.41%8.36%7.99%8.25%7.59%10.12%7.87%7.11%5.42%
Efficiency Ratio22.48%8.73%5.28%18.73%11.22%10.42%30.49%17.22%22.03%12.06%
Equity / Assets57.69%50.33%53.5%52.21%47.73%41.53%40.38%40.91%39.27%42.17%
Book Value / Share11.7311.6513.6612.1212.2512.8810.479.317.527.06
NII Growth12.1%533.97%28.24%13.09%30.31%37.25%39.53%-20.27%-10.9%-30.59%
Dividend Payout142.28%105.06%-334.95%88.37%141.11%---144.05%

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

May 5, 2026·SEC

Material company update

May 5, 2026·SEC

Material company update

Apr 14, 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

May 5, 2026·SEC

FY 2025

Oct 28, 2025·SEC

FY 2025

Aug 7, 2025·SEC

HRZN Frequently Asked Questions

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

Growth & Financials

Horizon Technology Finance Corporation (HRZN) grew revenue by 17.9% over the past year. This is strong growth.

Yes, Horizon Technology Finance Corporation (HRZN) is profitable, generating $28.0M in net income for fiscal year 2025 (-6.6% net margin).

Dividend & Returns

Yes, Horizon Technology Finance Corporation (HRZN) pays a dividend with a yield of 27.37%. This makes it attractive for income-focused investors.

Horizon Technology Finance Corporation (HRZN) has a return on equity (ROE) of -0.8%. Negative ROE indicates the company is unprofitable.

Industry Metrics

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

Horizon Technology Finance Corporation (HRZN) has an efficiency ratio of 22.0%. This is excellent, indicating strong cost control.

Explore More HRZN

Horizon Technology Finance Corporation (HRZN) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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