Horizon Technology Finance Corporation (HRZN) Financial Ratios
17 years of historical data (2009–2025) · Financial Services · Asset Management
EV/EBITDA
↑
N/A
—
5yr avg: 25.56
30Y Low3.8·High60.5
P/FCF
↓
3.29
↓-53% vs avg
5yr avg: 7.05
30Y Low2.3·High21.0
P/B Ratio
↓
0.56
↓-47% vs avg
5yr avg: 1.06
30Y Low0.8·High1.3
ROE
↓
-0.8%
↑-135% vs avg
5yr avg: 2.4%
30Y Low-5%·High16%
Debt/EBITDA
↑
N/A
—
5yr avg: 14.50
30Y Low2.0·High28.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HRZN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Horizon Technology Finance Corporation trades at 4.0x earnings, 61% below its 5-year average of 10.4x, sitting at the 0th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 70%. On a free-cash-flow basis, the stock trades at 3.3x P/FCF, 53% below the 5-year average of 7.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $186M | $273M | $325M | $408M | $287M | $319M | $232M | $174M | $130M | $129M | $122M |
| Enterprise Value | $554M | $641M | $722M | $823M | $700M | $538M | $398M | $320M | $244M | $217M | $180M |
| P/E Ratio → | 4.02 | 6.14 | — | — | 13.49 | 11.45 | 36.78 | 8.92 | 9.96 | 13.52 | — |
| P/S Ratio | 4.65 | 6.82 | 9.56 | 21.35 | 6.26 | 7.04 | 11.60 | 5.88 | 6.10 | 10.42 | — |
| P/B Ratio | 0.56 | 0.86 | 0.97 | 1.26 | 0.90 | 1.30 | 1.09 | 0.95 | 0.97 | 0.96 | 0.87 |
| P/FCF | 3.29 | 4.82 | 8.19 | 8.14 | — | — | — | 9.93 | — | — | 2.32 |
| P/OCF | 3.29 | 4.82 | 8.19 | 8.14 | — | — | — | 9.93 | — | — | 2.32 |
P/E links to full P/E history page with 30-year chart
HRZN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 16.01 | 21.28 | 43.11 | 15.28 | 11.89 | 19.92 | 10.79 | 11.47 | 17.47 | — |
| EV / EBITDA | — | — | — | — | 32.03 | 19.10 | 60.50 | 16.21 | 12.57 | 29.72 | 3.81 |
| EV / EBIT | — | — | — | — | 32.03 | 19.10 | 60.50 | 16.21 | 12.57 | 14.66 | 205.03 |
| EV / FCF | — | 11.31 | 18.22 | 16.44 | — | — | — | 18.22 | — | — | 3.44 |
HRZN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Horizon Technology Finance Corporation earns an operating margin of -4.0%, below the Financial Services sector average of 20.3%. Operating margins have expanded from -82.2% to -4.0% over the past 3 years, signaling improving operational efficiency. A negative ROE of -0.8% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.0% | 18.0% | 5.0% | -51.7% | 58.1% | 73.4% | 51.6% | 71.9% | 70.1% | 50.7% | 539.0% |
| Operating Margin | -4.0% | -4.0% | -12.2% | -82.2% | 47.7% | 62.2% | 32.9% | 66.6% | 61.3% | 99.3% | -967.1% |
| Net Profit Margin | -6.6% | -6.6% | -16.6% | -90.0% | 46.1% | 61.3% | 31.8% | 65.8% | 61.2% | 77.3% | 279.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.8% | -0.8% | -1.7% | -5.3% | 7.5% | 12.1% | 3.2% | 12.3% | 9.7% | 7.0% | -3.3% |
| ROA | -0.3% | -0.3% | -0.7% | -2.2% | 3.3% | 6.0% | 1.7% | 6.4% | 5.2% | 4.1% | -1.9% |
| ROIC | -0.2% | -0.2% | -0.4% | -1.5% | 2.6% | 4.7% | 1.3% | 5.0% | 4.0% | 4.0% | 5.0% |
| ROCE | -0.2% | -0.2% | -0.5% | -2.0% | 3.5% | 6.3% | 1.8% | 6.6% | 6.6% | 9.0% | 11.4% |
HRZN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net debt stands at $368M ($473M total debt minus $106M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.49 | 1.49 | 1.39 | 1.43 | 1.36 | 1.05 | 0.87 | 0.83 | 0.94 | 0.70 | 0.69 |
| Debt / EBITDA | — | — | — | — | 19.85 | 9.14 | 28.21 | 7.70 | 6.54 | 12.90 | 2.02 |
| Net Debt / Equity | — | 1.15 | 1.18 | 1.28 | 1.30 | 0.89 | 0.78 | 0.79 | 0.85 | 0.65 | 0.42 |
| Net Debt / EBITDA | — | — | — | — | 18.91 | 7.79 | 25.25 | 7.38 | 5.89 | 12.00 | 1.24 |
| Debt / FCF | — | 6.49 | 10.03 | 8.30 | — | — | — | 8.29 | — | — | 1.12 |
| Interest Coverage | -0.05 | -0.05 | -0.13 | -0.54 | 1.14 | 2.34 | 0.68 | 2.37 | 3.05 | 2.86 | 0.15 |
HRZN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.24x means Horizon Technology Finance Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 3.92x to 1.24x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.24 | 1.24 | 5.08 | 3.92 | 2.59 | 4.14 | 2.92 | 1.66 | 2.94 | 0.11 | 0.43 |
| Quick Ratio | 1.24 | 1.24 | 5.08 | 3.92 | 2.59 | 4.14 | 2.92 | 1.66 | 2.94 | 0.11 | 0.43 |
| Cash Ratio | 1.11 | 1.11 | 3.96 | 2.89 | 1.44 | 3.46 | 2.23 | 0.82 | 2.23 | 0.07 | 0.37 |
| Asset Turnover | — | 0.05 | 0.04 | 0.02 | 0.06 | 0.09 | 0.05 | 0.09 | 0.08 | 0.05 | -0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
HRZN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Horizon Technology Finance Corporation returns 29.7% to shareholders annually primarily through dividends. The earnings yield of 24.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 29.7% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 141.1% | 88.4% | 334.9% | — | 105.1% | 142.3% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 24.9% | 16.3% | — | — | 7.4% | 8.7% | 2.7% | 11.2% | 10.0% | 7.4% | — |
| FCF Yield | 30.4% | 20.7% | 12.2% | 12.3% | — | — | — | 10.1% | — | — | 43.0% |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 29.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $42M | $36M | $31M | $25M | $20M | $18M | $13M | $12M | $12M | $12M |
Peer Comparison
Compare HRZN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HRZNYou | $186M | 4.0 | — | 3.3 | 18.0% | -4.0% | -0.8% | -0.2% | — |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 HTGC | $3B | 8.4 | 14.1 | — | 87.2% | 66.7% | 16.2% | 6.6% | 6.3 |
 SUNS | $114M | 8.9 | 13.6 | — | 90.7% | 64.2% | 8.2% | 6.0% | 7.2 |
 PFLT | $742M | 10.4 | 35.5 | 7.8 | 45.6% | 39.4% | 6.8% | 2.1% | 26.3 |
 ARCC | $13B | 9.7 | 12.8 | 11.3 | 75.7% | 69.7% | 9.4% | 5.7% | 7.3 |
 GBDC | $3B | 8.7 | 11.8 | — | 81.5% | 78.9% | 9.4% | 5.9% | 7.1 |
 FSCO | $997M | 6.5 | 5.7 | 1.9 | 79.3% | 74.5% | 10.5% | 6.4% | 1.9 |
 SLRC | $678M | 7.3 | 11.1 | — | 73.3% | 72.9% | 9.3% | 5.8% | 7.0 |
 CGBD | $761M | 10.8 | 12.8 | — | 70.9% | 86.2% | 6.8% | 5.6% | 8.7 |
 OCSL | $1B | 29.7 | 16.1 | 7.2 | 87.2% | 50.4% | 2.3% | 3.7% | 9.8 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
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Includes 30+ ratios · 17 years · Updated daily
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HRZN — Frequently Asked Questions
Quick answers to the most common questions about buying HRZN stock.
What is Horizon Technology Finance Corporation's P/E ratio?
Horizon Technology Finance Corporation's current P/E ratio is 4.0x. The historical average is 16.8x.
What is Horizon Technology Finance Corporation's ROE?
Horizon Technology Finance Corporation's return on equity (ROE) is -0.8%. The historical average is 5.6%.
Is HRZN stock overvalued?
Based on historical data, Horizon Technology Finance Corporation is trading at a P/E of 4.0x. Compare with industry peers and growth rates for a complete picture.
What is Horizon Technology Finance Corporation's dividend yield?
Horizon Technology Finance Corporation's current dividend yield is 29.71%.
What are Horizon Technology Finance Corporation's profit margins?
Horizon Technology Finance Corporation has 18.0% gross margin and -4.0% operating margin.