HRZN
Horizon Technology Finance CorporationFinancial Services·Asset Management
$4.39
$194M market cap
Revenue
$74.8M
Free Cash Flow
$76.9M
Rev Growth
+0.0%
FCF Margin
102.9%
P/FCF
2.5x
EV/FCF
7.9x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Horizon 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.
2-Year Price History
$4.01-55.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 23.9 | 11.0 | 12.4 | 2.8 | 9.8 | 9.8 | -0.0 | 34.5 | 447.2 | 47.3 | 8.8% | 1.3x | 19.4x |
| Act | 2025-Q4 | 19.2 | 8.8 | 8.8 | 8.8 | 9.0 | 9.0 | -0.0 | 105.5 | 473.0 | 42.4 | 6.1% | 1.1x | -- |
| Act | 2025-Q3 | 41.6 | 31.1 | 31.1 | 30.7 | 8.5 | 8.5 | -0.0 | 130.9 | 424.0 | 45.8 | 23.4% | 3.9x | -- |
| Act | 2025-Q2 | -9.9 | -20.4 | -20.4 | -20.8 | 49.6 | 49.6 | -0.0 | 24.7 | 425.1 | 41.2 | -16.5% | -2.5x | -- |
| Act | 2025-Q1 | -10.8 | -21.1 | -21.1 | -21.4 | 9.8 | 9.8 | -0.0 | 33.0 | 467.3 | 40.2 | -15.0% | -2.4x | -- |
| Act | 2024-Q4 | -2.4 | -12.1 | -12.1 | -12.4 | -26.1 | -26.1 | -0.0 | 70.3 | 467.9 | 36.1 | -8.1% | -1.5x | -- |
| Act | 2024-Q3 | 17.0 | 7.7 | 7.7 | 7.3 | 13.1 | 13.1 | -0.0 | 52.3 | 434.0 | 36.6 | 5.1% | 1.0x | 158.2x |
| Act | 2024-Q2 | 0.6 | -8.8 | -8.8 | -9.1 | 9.9 | 9.9 | -0.0 | 81.3 | 442.7 | 35.4 | -6.2% | -1.1x | -- |
| Act | 2024-Q1 | 18.7 | 9.0 | 9.0 | 8.7 | 7.7 | 7.7 | -0.0 | 46.9 | 452.5 | 33.6 | 6.0% | 1.1x | -- |
| Act | 2023-Q4 | 27.0 | -3.0 | -3.0 | -10.7 | 13.4 | 13.4 | -0.0 | 46.6 | 462.2 | 33.3 | -2.0% | -0.4x | -- |
| Act | 2023-Q3 | -3.4 | -11.8 | -11.8 | -12.0 | -23.7 | -23.7 | -0.0 | 34.8 | 435.5 | 32.5 | -8.1% | -1.7x | -- |
| Act | 2023-Q2 | 8.9 | 0.3 | 0.3 | 0.2 | 8.3 | 8.3 | -0.0 | 24.4 | 418.0 | 29.8 | 0.1% | 0.1x | 44.4x |
| Act | 2023-Q1 | 14.2 | 5.5 | 5.5 | 5.3 | 12.7 | 12.7 | -0.0 | 19.8 | 439.6 | 28.2 | 3.8% | 0.8x | 31.6x |
| Act | 2022-Q4 | 12.0 | 4.4 | 4.4 | 4.0 | -85.4 | -85.4 | -0.0 | 20.6 | 434.1 | 26.9 | 2.9% | 0.7x | 31.3x |
| Act | 2022-Q3 | 12.5 | 6.1 | 6.1 | 6.0 | 11.3 | 11.3 | -0.0 | 23.8 | 0.0 | 25.7 | 20.7% | 1.1x | -- |
| Act | 2022-Q2 | 13.0 | 7.7 | 7.7 | 7.6 | -55.4 | -55.4 | -0.0 | 54.4 | 364.8 | 24.3 | 6.5% | 1.8x | -- |
| Act | 2022-Q1 | 8.3 | 3.6 | 3.6 | 3.5 | -55.4 | -55.4 | -0.0 | 12.5 | 250.5 | 21.9 | 4.1% | 1.1x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 7.32 | — | 47.7% | 22 | 31.3× | n/m | 12.8× | 5.9× |
| 2023 | 9.29 | +1.7% | -19.1% | -9 | n/m | 75.7× | n/m | 8.4× |
| 2024 | 7.18 | -27.2% | -12.3% | -4 | n/m | 170.1× | n/m | 11.0× |
| 2025 | 6.15 | +17.9% | -4.0% | -2 | n/m | 8.1× | n/m | 6.3× |
| TTM | 4.39 | +1597.6% | 40.7% | 30 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$4.39
Market Cap$194M
Enterprise Value$606M
P/S Ratio2.6x
P/FCF2.5x
EV/FCF7.9x
FCF Margin (TTM)102.9%
FCF Yield39.7%
Dividend Yield (TTM)27.8%
Annual Dilution17.6%
CurrencyUSD
TTM Financial Snapshot
Revenue$74.8M
Net Income$21.6M
Free Cash Flow$76.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin40.7%
Net Margin28.8%
FCF Margin102.9%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC5.5%
WC Change % Rev4.9%
Interest Coverage0.9x
Forward Outlook & Risk
Short Interest
Short % of Float9.8%
Short Shares4.3M
Days to Cover3.2
Change (vs Prior)-19.3%
Short % Float History
9.80%+7.80pp
Options
Call IV (ATM)--
Put IV (ATM)64%
ATM Spread--
Call $OI (near money)$13K
Put $OI (near money)$160K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$5.0
Major Expirations4
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $1.20/$1.95 | 1 | --/$0.35 | 2 |
| $5.00 | --/$0.05 | 277 | $0.80/$1.35 | 259 |
| $7.50 | --/$0.05 | 603 | $3.00/$4.20 | 80 |
| $10.00 | --/$0.10 | 80 | $5.40/$6.90 | 9 |
| $12.50 | --/$1.05 | 6 | $7.80/$9.30 | 2 |
Snapshot: 2026-05-22
Institutional Ownership
Headline & net flow
NET SELLING
In Q1 2026 so far (quarter still filing), institutions are net sellers — bought 0.9% of float, sold 2.4%.
Net flow · Q1 2026still filing
-1.5% of float (net)
Bought 0.9% · Sold 2.4%
58 filers reported (last quarter: 68)
Ownership composition
Active
7.0%(-8.7% YoY)
51 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.4%(-0.5% YoY)
1 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.1% YoY)
3 filers
Citadel, Susquehanna
Insiders
1.3%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Green Alpha Advisors, LLC | $2.5M | $6.79 | +$131K | +$974K | -4.2% | $102M |
| Eagle Point Credit Management LLC | $1.5M | $6.15 | −$15K | +$1.5M | -3.7% | $64.6M |
| Legal & General Group Plc | $1.4M | $8.03 | +$92K | +$259K | -0.1% | $432.24B |
| Connecticut Wealth Management, LLC | $900K | $8.24 | +$4K | +$13K | -0.1% | $2.37B |
| BlackRock, Inc.Passive | $756K | $7.08 | −$457K | +$24K | -0.2% | $5.69T |
| MARSHALL WACE, LLP | $723K | $6.11 | −$465K | +$723K | +0.6% | $92.71B |
| TWO SIGMA INVESTMENTS, LP | $632K | $7.20 | −$1.6M | −$481K | -0.9% | $117.03B |
| UBS Group AG | $607K | $6.01 | +$438K | +$416K | -0.3% | $562.11B |
| Virtus Investment Advisers, LLC | $606K | $7.16 | −$99K | +$10K | -0.3% | $362M |
| MILLENNIUM MANAGEMENT LLC | $320K | $6.04 | +$271K | +$320K | -0.5% | $127.40B |
| First Financial Bank - Trust Division | $276K | $8.09 | +$0 | +$84K | -0.2% | $1.24B |
| IMC-Chicago, LLC | $260K | $5.34 | +$113K | +$260K | +2.3% | $6.59B |
| BANK OF AMERICA CORP /DE/ | $257K | $6.23 | −$13K | +$252K | -0.1% | $1.36T |
| GREAT WEST LIFE ASSURANCE CO /CAN/ | $240K | $6.84 | +$13K | +$87K | -0.2% | $55.79B |
| Pathstone Holdings, LLC | $221K | $7.69 | +$9K | +$117K | -0.8% | $25.10B |
| MORGAN STANLEY | $200K | $7.65 | −$124K | −$291K | -0.3% | $1.65T |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | $185K | $6.48 | −$39K | +$185K | -5.7% | $1.40B |
| Regal Investment Advisors LLC | $183K | $6.15 | −$23K | +$183K | -0.3% | $1.72B |
| JACKSON THORNTON WEALTH MANAGEMENT, LLC | $149K | $7.18 | −$5K | −$14K | +0.4% | $1.11B |
| AQR CAPITAL MANAGEMENT LLC | $139K | $7.18 | −$5K | −$13K | -0.2% | $218.19B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-1.70%
avg per quarter
Holders (ex-self)
-1.43%
excl. this stock
Buyers (this Q)
-0.25%
11 buyers · $0.00B in
Sellers (this Q)
-1.09%
24 sellers · $0.01B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+1.9%
how holders react when this stock falls
On quiet Qs
-4.0%
−10% to +10% baseline
On rallies (+10%+)
-20.5%
how they react when this stock rises
Holders' portfolio flow this Q
+4.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+26.8%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.3%
Holder mid (any stock)
-3.4%
Holder rally (any stock)
-3.7%
Biggest decreases this quarter
TWO SIGMA INVESTMENTS, LP−$1.6Mα-0.9JANE STREET GROUP, LLCexited−$531KMARSHALL WACE, LLP−$465Kα+0.6BlackRock, Inc.−$457Kα-0.2ETF Store, Inc.exited−$393KQuadrature Capital Ltdexited−$365KCAPTRUST FINANCIAL ADVISORSexited−$323KWINTON GROUP Ltdexited−$197KSchonfeld Strategic Advisors LLCexited−$187KFinancial Engines Advisors L.L.C.exited−$139K
Top-5 holders · 52.4%
Green Alpha Advisors, LLC--
Eagle Point Credit Management LLC--
Legal & General Group Plc--
Connecticut Wealth Management, LLC--
BlackRock, Inc.--
Put / call ratio: 2.31 (+157.0% QoQ) — net bearish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Green Alpha Advisors, LLC590KSHELTON CAPITAL MANAGEMENT—Advisors Asset Management, Inc.—TWO SIGMA ADVISERS, LP—Legal & General Group Plc329KTWO SIGMA INVESTMENTS, LP150KMILLENNIUM MANAGEMENT LLC76KEqis Capital Management, Inc.—MORGAN STANLEY47KTrueMark Investments, LLC—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$4.25-320.0%
Last Year (5 analysts)$7.356740.0%
Current Price$4.39
Analyst Ratings
5
14
3
Buy: 5Hold: 14Sell: 3Consensus: Hold
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 24M | 1M | 9M | $0.18 | $0.17 – $0.19 | 2 |
| 2026 Q4 | 26M | 1M | 9M | $0.19 | $0.18 – $0.20 | 1 |
| 2027 Q1 | 27M | 1M | 9M | $0.19 | $0.18 – $0.20 | 1 |
| 2027 Q2 | 28M | 1M | 9M | $0.19 | $0.19 – $0.20 | 1 |
| 2027 Q3 | 29M | 1M | 9M | $0.19 | $0.19 – $0.20 | 1 |
| 2027 Q4 | 29M | 1M | 9M | $0.20 | $0.19 – $0.20 | 1 |
| 2028 Q1 | 20M | 0M | 9M | $0.18 | $0.18 – $0.19 | 1 |
| 2028 Q2 | 20M | 0M | 9M | $0.18 | $0.18 – $0.19 | 1 |
| 2028 Q3 | 20M | 0M | 9M | $0.19 | $0.18 – $0.19 | 1 |
| 2028 Q4 | 21M | 0M | 9M | $0.19 | $0.18 – $0.19 | 1 |
Corporate
Order Flow (FINRA, ~3w lag)
53.8%retail+0.5pp
11.5%dark-0.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.