Latest Ratios: P/E Ratio -394.9x · EV/EBITDA N/A · ROE -0.8%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.1B | $868M | $758M | $574M | — | — | — | — | — | — |
| Enterprise Value | $1.5B | $1.4B | $1.3B | $1.2B | $987M | — | — | — | — | — | — |
| P/E Ratio → | -394.90 | — | — | — | 26.98 | — | — | — | — | — | — |
| P/S Ratio | 28.70 | 26.29 | 25.57 | 39.71 | 12.51 | — | — | — | — | — | — |
| P/B Ratio | 3.30 | 3.30 | 2.58 | 2.34 | 1.80 | — | — | — | — | — | — |
| P/FCF | 20.28 | 18.58 | 21.90 | 15.15 | — | — | — | — | — | — | — |
| P/OCF | 20.28 | 18.58 | 21.90 | 15.15 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
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 | — | 35.48 | 37.29 | 61.47 | 21.53 | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | 42.06 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | 45.14 | — | — | — | — | — | — |
| EV / FCF | — | 25.07 | 31.93 | 23.45 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | — | — | — | — | 18.50 | 8.80 | 24.44 | 7.70 | 9.33 | 7.17 | 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 | — | — | — | — | 17.62 | 7.50 | 21.87 | 7.38 | 8.40 | 6.67 | 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 5.1% | 5.0% | 5.3% | 5.3% | 5.2% | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 141.1% | 88.4% | 334.9% | — | 105.1% | 142.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 3.7% | — | — | — | — | — | — |
| FCF Yield | 4.9% | 5.4% | 4.6% | 6.6% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 5.1% | 5.0% | 5.3% | 5.3% | 5.2% | — | — | — | — | — | — |
| Shares Outstanding | — | $42M | $36M | $31M | $25M | $20M | $18M | $13M | $12M | $12M | $12M |
Portfolio Credit Quality Volatility
Based on reported figures, HTFC trades at a P/B of 3.29, which appears disconnected from its negative TTM net margin and suggests that investors are pricing the stock based on speculative future warrant realizations rather than current, tangible net investment income or consistent dividend coverage.
The forward P/E of 23.66 implies an optimistic expectation of earnings recovery that remains unsupported by recent quarterly performance. Given the negative TTM net margin, traditional earnings multiples are largely ineffective, and the premium to book value warrants caution regarding the underlying quality of Level 3 assets.
As reported in financial statements, HTFC's ROIC has trended downward to 1.2% in 2026Q1, reflecting a significant decay in the firm's ability to generate efficient returns on its invested capital compared to the more robust performance observed in historical periods of higher portfolio stability.
The persistent volatility in ROE, which swung from 10.2% in 2025Q3 to 0.9% in 2026Q1, indicates that the firm's capital allocation strategy is highly sensitive to non-recurring fee events. This inconsistency suggests that the company is struggling to maintain a compounding return profile in the current high-rate environment.
According to recent SEC filings, HTFC's asset turnover has remained consistently low at approximately 0.03, highlighting the inherent difficulty in converting a venture-debt portfolio into rapid cash flow without relying on the lumpy, unpredictable timing of borrower exit events or warrant liquidations.
The extreme fluctuations in DSO, which reached 58 days in 2025Q4, suggest that the firm's ability to collect interest and fees is subject to significant timing risks. This lack of operational velocity forces the company to maintain higher cash balances, which may drag on overall portfolio returns.
Based on reported figures, HTFC's debt-to-equity ratio of 1.49 as of 2025Q4 indicates a reliance on leverage that, while standard for BDCs, appears increasingly risky given the firm's negative net margins and the potential for rising non-accruals within its venture-backed loan portfolio.
The interest coverage ratio has shown alarming volatility, dipping into negative territory multiple times, which suggests that debt service capacity is not currently supported by recurring interest income. Investors should monitor whether this leverage level forces management to prioritize portfolio growth over the preservation of shareholder equity.
As noted in the provided data, the market frequently misapplies the dividend yield as a proxy for fixed-income safety, failing to account for the fact that HTFC's payouts are often supported by volatile warrant gains rather than stable, recurring net investment income from its core lending operations.
Investors should instead focus on 'Core Net Investment Income' adjusted for non-cash PIK interest and unrealized warrant valuations to assess true dividend sustainability. Relying on the headline yield obscures the underlying credit risk and the potential for future dividend cuts if portfolio exits remain suppressed.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying HTFC stock.
Horizon Technology Finance Corp's current P/E ratio is -394.9x. The historical average is 27.0x.
Horizon Technology Finance Corp's return on equity (ROE) is -0.8%. The historical average is 5.6%.
Based on historical data, Horizon Technology Finance Corp is trading at a P/E of -394.9x. Compare with industry peers and growth rates for a complete picture.
Horizon Technology Finance Corp's current dividend yield is 5.06%.
Horizon Technology Finance Corp has 18.0% gross margin and -4.0% operating margin.