Financial leverage remains elevated with a debt-to-equity ratio of 1.49 as of 2025Q4, leaving the firm with limited capacity to absorb further asset markdowns.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 47.23M | 117.61M | 90.16M | 63.2M | 36.97M | 45.57M | 25.5M | 13.13M | 16.56M | 10.58M | 43.17M | 31.22M | 20.09M | 42.45M | 6.42M | 19.8M | 39.63M | 123.3M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 3.34M | 2.64M | 2.79M | 1.36M | 1.06M | 1.13M | 0 | 0 | 0 | 2.82M | 3.99M | 5.73M | 0 | 2M | 0 | 2.46M |
| Total Non-Current Assets | 0 | 693.5M | 731.67M | 739.16M | 729.85M | 468.39M | 381.65M | 330.87M | 250.19M | 223.57M | 196.08M | 250.27M | 205.1M | 221.28M | 233.24M | 178.01M | 176.58M | 1.57M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.32B | 647.24M | 725.16M | 735.53M | 727.09M | 465.94M | 379.74M | 329.34M | 248.44M | 222.1M | 194M | 250.55M | 205.13M | 222.47M | 231.17M | 191.53M | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 791.65M | 811.1M | 821.83M | 802.36M | 766.83M | 513.96M | 407.16M | 344M | 266.75M | 234.15M | 239.25M | 281.49M | 225.2M | 263.74M | 239.66M | 197.81M | 216.21M | 124.87M |
| Asset Turnover | 0.10x | 0.05x | 0.04x | 0.02x | 0.06x | 0.09x | 0.05x | 0.09x | 0.08x | 0.05x | -0.01x | 0.05x | 0.09x | 0.03x | 0.03x | 0.07x | 0.07x | 0.13x |
| Asset Growth % | -13.01% | -1.31% | 2.43% | 4.63% | 49.2% | 26.23% | 18.36% | 28.96% | 13.92% | -2.13% | -15% | 25% | -14.61% | 10.05% | 21.15% | -8.51% | 73.15% | - |
| Total Current Liabilities | 0 | 95.17M | 17.75M | 16.14M | 14.3M | 11.01M | 8.74M | 7.9M | 5.64M | 99.07M | 100.06M | 121.74M | 86.95M | 127.9M | 94.69M | 67.93M | 0 | 65.38M |
| Accounts Payable | 0 | 15.05M | 0 | 0 | 0 | 0 | 0 | 0 | 3.46M | 3.46M | 3.45M | 3.98M | 3.32M | 3.31M | 3.3M | 0 | 0 | 767.88K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 95.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94.08M | 95.6M | 0 | 81.75M | 122.34M | 89.02M | 64.57M | 0 | 64.17M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | -16.03M | 13.16M | 11.01M | 9.16M | 6.37M | 5.79M | 4.67M | 0 | 0 | 0 | -6.19M | 0 | 0 | -94.69M | 0 | 0 | 0 |
| Current Ratio | - | 1.24x | 5.08x | 3.92x | 2.59x | 4.14x | 2.92x | 1.66x | 2.94x | 0.11x | 0.43x | 0.26x | 0.23x | 0.33x | 0.07x | 0.29x | - | 1.89x |
| Quick Ratio | - | 1.24x | 5.08x | 3.92x | 2.59x | 4.14x | 2.92x | 1.66x | 2.94x | 0.11x | 0.43x | 0.26x | 0.23x | 0.33x | 0.07x | 0.29x | - | 1.89x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 457.78M | 397.43M | 467.9M | 462.24M | 434.08M | 257.61M | 185.82M | 152.05M | 126.85M | 0 | 0 | 119.53M | 0 | 0 | 92.32M | 0 | 89.01M | 0 |
| Long-Term Debt | 0 | 377.85M | 467.9M | 462.24M | 434.08M | 257.61M | 185.82M | 152.05M | 126.85M | 0 | 0 | 115.55M | 0 | 0 | 0 | 0 | 87.42M | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 457.78M | 492.6M | 485.65M | 478.38M | 448.38M | 268.63M | 194.56M | 159.95M | 132.49M | 99.07M | 100.06M | 121.74M | 86.95M | 127.9M | 94.69M | 67.93M | 89.01M | 65.38M |
| Total Debt | 0 | 473.03M | 467.9M | 462.24M | 434.08M | 257.61M | 185.82M | 152.05M | 126.85M | 94.08M | 95.6M | 115.55M | 81.75M | 122.34M | 89.02M | 64.57M | 87.42M | 64.17M |
| Net Debt | -34.49M | 367.51M | 397.64M | 415.61M | 413.47M | 219.56M | 166.32M | 145.59M | 114.26M | 87.48M | 58.46M | 94.78M | 73.34M | 97M | 87.97M | 63.27M | 49.74M | 54.27M |
| Debt / Equity | 0.00x | 1.49x | 1.39x | 1.43x | 1.36x | 1.05x | 0.87x | 0.83x | 0.94x | 0.70x | 0.69x | 0.72x | 0.59x | 0.90x | 0.61x | 0.50x | 0.69x | 1.08x |
| Debt / EBITDA | 0.00x | - | - | - | 19.85x | 9.14x | 28.21x | 7.70x | 6.54x | 12.90x | 2.02x | 5.85x | 4.17x | 5.65x | 5.39x | 4.61x | 5.93x | 4.73x |
| Net Debt / EBITDA | -1.77x | - | - | - | 18.91x | 7.79x | 25.25x | 7.38x | 5.89x | 12.00x | 1.24x | 4.80x | 3.74x | 4.48x | 5.33x | 4.51x | 3.38x | 4.00x |
| Interest Coverage | 0.60x | -0.05x | -0.13x | -0.54x | 1.14x | 2.34x | 0.68x | 2.37x | 3.05x | 2.86x | 0.15x | 3.43x | 1.79x | 1.46x | 1.99x | 6.36x | 3.47x | 3.19x |
| Total Equity | 333.86M | 318.5M | 336.18M | 323.98M | 318.45M | 245.34M | 212.6M | 184.06M | 134.26M | 135.07M | 139.19M | 159.75M | 138.25M | 135.84M | 144.97M | 129.88M | 127.19M | 59.49M |
| Equity Growth % | -17.48% | -5.26% | 3.77% | 1.74% | 29.8% | 15.4% | 15.51% | 37.09% | -0.61% | -2.96% | -12.87% | 15.55% | 1.78% | -6.3% | 11.62% | 2.11% | 113.8% | - |
| Book Value per Share | 7.06 | 7.52 | 9.31 | 10.47 | 12.88 | 12.25 | 12.12 | 13.66 | 11.65 | 11.73 | 12.06 | 14.29 | 14.37 | 14.17 | 17.09 | 17.07 | 16.81 | 7.87 |
| Total Shareholders' Equity | 333.86M | 318.5M | 336.18M | 323.98M | 318.45M | 245.34M | 212.6M | 184.06M | 134.26M | 135.07M | 139.19M | 159.75M | 138.25M | 135.84M | 144.97M | 129.88M | 127.19M | 59.49M |
| Common Stock | 53K | 51K | 44K | 36K | 29K | 22K | 19K | 16K | 12K | 12K | 12K | 12K | 10K | 10K | 10K | 8K | 8K | 60.26M |
| Retained Earnings | 0 | -240.9M | -182.06M | -127M | -67.5M | -56.05M | -58.71M | -42.62M | -45.37M | -44.58M | -397K | -2.01M | -1.1M | 1.46M | 1.43M | 4.96M | -143K | -767.88K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42.68M | -39.97M | -17.96M | -17M | -19.15M | -9.42M | 2.31M | 0 | -767.88K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Credit Quality Deterioration
As reported in recent financial filings, HRZN's retained earnings have plummeted to a deficit of $240.9M by 2025Q4, reflecting a persistent trend of capital erosion that suggests the firm's underlying investment portfolio is failing to generate sufficient returns to offset credit losses and management fee obligations.
The consistent decline in retained earnings indicates that the company is effectively liquidating its equity base to sustain operations and dividend distributions. This trajectory suggests that the business model is struggling to maintain its net asset value in the face of mounting portfolio stress.
Based on the company's reported figures, HRZN maintains a debt-to-equity ratio of 1.49 as of 2025Q4, which sits near the upper bound of its historical range and indicates that the firm is operating with limited capacity to absorb further asset markdowns without breaching critical leverage covenants.
The reliance on debt to fund the loan book, combined with a high D/E ratio, leaves the company vulnerable to interest rate volatility and potential credit downgrades. Investors should monitor whether this leverage level forces management to curtail new originations or seek dilutive equity financing.
According to quarterly balance sheet data, HRZN's current ratio has experienced extreme fluctuations, dropping from a high of 6.38 in 2024Q2 to 1.24 by 2025Q4, which highlights a significant reduction in the firm's immediate ability to cover short-term obligations without relying on external capital markets.
The sharp contraction in liquidity suggests that cash management has become increasingly reactive rather than strategic. This volatility may indicate that the firm is struggling to time its loan repayments and fee collections against its own debt service requirements.
As indicated by the persistent negative retained earnings and the absence of tangible assets like PPE, HRZN's balance sheet is almost entirely composed of Level 3 financial instruments, which warrants further investigation into whether the reported asset values accurately reflect the true liquidation value of the portfolio.
The lack of physical collateral and reliance on management-determined fair values for venture debt positions creates a significant risk of sudden, large-scale write-downs. This suggests that the headline asset figures may be masking a more fragile reality regarding the recoverability of the underlying loan book.
Quick answers to the most common questions about buying HRZN stock.
As of 2025, Horizon Technology Finance Corporation (HRZN) had total assets of $811.1M including $117.6M in current assets.
Horizon Technology Finance Corporation (HRZN) carries total debt of $473.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Horizon Technology Finance Corporation (HRZN) has total shareholders' equity (book value) of $318.5M ($7.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Horizon Technology Finance Corporation (HRZN) reported a current ratio of 1.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.