(HRZN) Horizon Technology Finance - Overview
Exchange: NASDAQ •
Country: United States •
Currency: USD •
Type: Common Stock •
ISIN: US44045A1025
Stock: Venture Loans, Secured Debt, Tech, Life Science, Healthcare
Total Rating 16
Risk 66
Buy Signal -0.84
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 18.31% |
| Yield on Cost 5y | 18.17% |
| Yield CAGR 5y | 2.41% |
| Payout Consistency | 91.6% |
| Payout Ratio | 51.2% |
| Risk 5d forecast | |
|---|---|
| Volatility | 34.8% |
| Relative Tail Risk | -3.31% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.57 |
| Alpha | -28.72 |
| Character TTM | |
|---|---|
| Beta | 0.562 |
| Beta Downside | 0.652 |
| Drawdowns 3y | |
|---|---|
| Max DD | 45.57% |
| CAGR/Max DD | -0.18 |
Description: HRZN Horizon Technology Finance December 31, 2025
Horizon Technology Finance Corp. (NASDAQ: HRZN) is a Business Development Company (BDC) that provides secured debt and venture-lending financing to early-stage, venture-capital-backed firms operating in technology, life sciences, healthcare information & services, cleantech, and sustainability, with a focus on U.S.-based companies.
Key metrics to watch: HRZN’s net asset value (NAV) per share has hovered around $10-$12 in recent quarters, supporting its target dividend yield of roughly 8% – typical for BDCs. The portfolio’s weighted-average credit rating sits near “B-” (Moody’s), reflecting the higher risk profile of development-stage borrowers. Macro-driven factors such as the Federal Reserve’s policy rate and the overall health of U.S. venture-capital fundraising cycles materially influence HRZN’s deal flow and financing costs.
If you want a data-rich, quantitative assessment of HRZN’s risk-adjusted performance, a quick look at ValueRay’s analytics could be a useful next step.
Piotroski VR‑10 (Strict, 0-10) 2.0
| Net Income: -23.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -0.06 > 1.0 |
| NWC/Revenue: -166.6% < 20% (prev 86.50%; Δ -253.1% < -1%) |
| CFO/TA 0.05 > 3% & CFO 41.7m > Net Income -23.9m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 0.77 > 1.5 & < 3 |
| Outstanding Shares: last quarter (45.8m) vs 12m ago 25.34% < -2% |
| Gross Margin: -78.74% > 18% (prev 0.56%; Δ -7931 % > 0.5%) |
| Asset Turnover: 2.38% > 50% (prev 7.99%; Δ -5.61% > 0%) |
| Interest Coverage Ratio: 1.33 > 6 (EBITDA TTM -22.4m / Interest Expense TTM 33.0m) |
Altman Z'' -1.46
| A: -0.04 (Total Current Assets 100.5m - Total Current Liabilities 131.3m) / Total Assets 759.2m |
| B: -0.31 (Retained Earnings -235.7m / Total Assets 759.2m) |
| C: 0.06 (EBIT TTM 43.8m / Avg Total Assets 776.1m) |
| D: -0.53 (Book Value of Equity -235.7m / Total Liabilities 443.5m) |
| Altman-Z'' Score: -1.46 = CCC |
What is the price of HRZN shares?
As of February 10, 2026, the stock is trading at USD 6.48 with a total of 1,017,681 shares traded.
Over the past week, the price has changed by -3.57%, over one month by -1.54%, over three months by +2.45% and over the past year by -18.22%.
Over the past week, the price has changed by -3.57%, over one month by -1.54%, over three months by +2.45% and over the past year by -18.22%.
Is HRZN a buy, sell or hold?
Horizon Technology Finance has received a consensus analysts rating of 3.00.
Therefor, it is recommend to hold HRZN.
- StrongBuy: 0
- Buy: 1
- Hold: 6
- Sell: 1
- StrongSell: 0
What are the forecasts/targets for the HRZN price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 6.8 | 4.2% |
| Analysts Target Price | 6.8 | 4.2% |
| ValueRay Target Price | 7.7 | 19% |
HRZN Fundamental Data Overview February 09, 2026
P/E Forward = 5.9737
P/S = 3.1003
P/B = 0.9705
P/EG = 2.07
Revenue TTM = 18.5m USD
EBIT TTM = 43.8m USD
EBITDA TTM = -22.4m USD
Long Term Debt = 312.2m USD (estimated: total debt 424.0m - short term 111.8m)
Short Term Debt = 111.8m USD (from shortTermDebt, last quarter)
Debt = 424.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 295.5m USD (from netDebt column, last quarter)
Enterprise Value = 599.7m USD (306.6m + Debt 424.0m - CCE 130.9m)
Interest Coverage Ratio = 1.33 (Ebit TTM 43.8m / Interest Expense TTM 33.0m)
EV/FCF = 14.38x (Enterprise Value 599.7m / FCF TTM 41.7m)
FCF Yield = 6.95% (FCF TTM 41.7m / Enterprise Value 599.7m)
FCF Margin = 226.0% (FCF TTM 41.7m / Revenue TTM 18.5m)
Net Margin = -129.6% (Net Income TTM -23.9m / Revenue TTM 18.5m)
Gross Margin = -78.74% ((Revenue TTM 18.5m - Cost of Revenue TTM 33.0m) / Revenue TTM)
Gross Margin QoQ = 81.00% (prev none%)
Tobins Q-Ratio = 0.79 (Enterprise Value 599.7m / Total Assets 759.2m)
Interest Expense / Debt = 1.86% (Interest Expense 7.90m / Debt 424.0m)
Taxrate = 1.20% (373.0k / 31.1m)
NOPAT = 43.3m (EBIT 43.8m * (1 - 1.20%))
Current Ratio = 0.77 (Total Current Assets 100.5m / Total Current Liabilities 131.3m)
Debt / Equity = 1.34 (Debt 424.0m / totalStockholderEquity, last quarter 315.7m)
Debt / EBITDA = -13.17 (negative EBITDA) (Net Debt 295.5m / EBITDA -22.4m)
Debt / FCF = 7.09 (Net Debt 295.5m / FCF TTM 41.7m)
Total Stockholder Equity = 310.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -3.08% (Net Income -23.9m / Total Assets 759.2m)
RoE = -7.71% (Net Income TTM -23.9m / Total Stockholder Equity 310.3m)
RoCE = 7.04% (EBIT 43.8m / Capital Employed (Equity 310.3m + L.T.Debt 312.2m))
RoIC = 5.72% (NOPAT 43.3m / Invested Capital 756.4m)
WACC = 4.42% (E(306.6m)/V(730.6m) * Re(7.99%) + D(424.0m)/V(730.6m) * Rd(1.86%) * (1-Tc(0.01)))
Discount Rate = 7.99% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 17.26%
[DCF Debug] Terminal Value 80.82% ; FCFF base≈42.6m ; Y1≈28.0m ; Y5≈12.8m
Fair Price DCF = 2.40 (EV 406.9m - Net Debt 295.5m = Equity 111.4m / Shares 46.3m; r=5.90% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: -55.62 | EPS CAGR: -43.17% | SUE: -4.0 | # QB: 0
Revenue Correlation: -44.19 | Revenue CAGR: 60.10% | SUE: 0.72 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.25 | Chg30d=-0.009 | Revisions Net=-1 | Analysts=6
EPS next Year (2026-12-31): EPS=1.03 | Chg30d=-0.031 | Revisions Net=-1 | Growth EPS=-9.9% | Growth Revenue=+9.9%
P/S = 3.1003
P/B = 0.9705
P/EG = 2.07
Revenue TTM = 18.5m USD
EBIT TTM = 43.8m USD
EBITDA TTM = -22.4m USD
Long Term Debt = 312.2m USD (estimated: total debt 424.0m - short term 111.8m)
Short Term Debt = 111.8m USD (from shortTermDebt, last quarter)
Debt = 424.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 295.5m USD (from netDebt column, last quarter)
Enterprise Value = 599.7m USD (306.6m + Debt 424.0m - CCE 130.9m)
Interest Coverage Ratio = 1.33 (Ebit TTM 43.8m / Interest Expense TTM 33.0m)
EV/FCF = 14.38x (Enterprise Value 599.7m / FCF TTM 41.7m)
FCF Yield = 6.95% (FCF TTM 41.7m / Enterprise Value 599.7m)
FCF Margin = 226.0% (FCF TTM 41.7m / Revenue TTM 18.5m)
Net Margin = -129.6% (Net Income TTM -23.9m / Revenue TTM 18.5m)
Gross Margin = -78.74% ((Revenue TTM 18.5m - Cost of Revenue TTM 33.0m) / Revenue TTM)
Gross Margin QoQ = 81.00% (prev none%)
Tobins Q-Ratio = 0.79 (Enterprise Value 599.7m / Total Assets 759.2m)
Interest Expense / Debt = 1.86% (Interest Expense 7.90m / Debt 424.0m)
Taxrate = 1.20% (373.0k / 31.1m)
NOPAT = 43.3m (EBIT 43.8m * (1 - 1.20%))
Current Ratio = 0.77 (Total Current Assets 100.5m / Total Current Liabilities 131.3m)
Debt / Equity = 1.34 (Debt 424.0m / totalStockholderEquity, last quarter 315.7m)
Debt / EBITDA = -13.17 (negative EBITDA) (Net Debt 295.5m / EBITDA -22.4m)
Debt / FCF = 7.09 (Net Debt 295.5m / FCF TTM 41.7m)
Total Stockholder Equity = 310.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -3.08% (Net Income -23.9m / Total Assets 759.2m)
RoE = -7.71% (Net Income TTM -23.9m / Total Stockholder Equity 310.3m)
RoCE = 7.04% (EBIT 43.8m / Capital Employed (Equity 310.3m + L.T.Debt 312.2m))
RoIC = 5.72% (NOPAT 43.3m / Invested Capital 756.4m)
WACC = 4.42% (E(306.6m)/V(730.6m) * Re(7.99%) + D(424.0m)/V(730.6m) * Rd(1.86%) * (1-Tc(0.01)))
Discount Rate = 7.99% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 17.26%
[DCF Debug] Terminal Value 80.82% ; FCFF base≈42.6m ; Y1≈28.0m ; Y5≈12.8m
Fair Price DCF = 2.40 (EV 406.9m - Net Debt 295.5m = Equity 111.4m / Shares 46.3m; r=5.90% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: -55.62 | EPS CAGR: -43.17% | SUE: -4.0 | # QB: 0
Revenue Correlation: -44.19 | Revenue CAGR: 60.10% | SUE: 0.72 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.25 | Chg30d=-0.009 | Revisions Net=-1 | Analysts=6
EPS next Year (2026-12-31): EPS=1.03 | Chg30d=-0.031 | Revisions Net=-1 | Growth EPS=-9.9% | Growth Revenue=+9.9%