Horizon Technology Finance (HRZN) - Net Assets
Based on the latest financial reports, Horizon Technology Finance (HRZN) has net assets worth $318.50 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($811.10 Million) and total liabilities ($492.60 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $318.50 Million |
| % of Total Assets | 39.27% |
| Annual Growth Rate | 11.06% |
| 5-Year Change | 29.82% |
| 10-Year Change | 128.82% |
| Growth Volatility | 28.84 |
Horizon Technology Finance - Net Assets Trend (2009–2025)
This chart illustrates how Horizon Technology Finance's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Horizon Technology Finance (2009–2025)
The table below shows the annual net assets of Horizon Technology Finance from 2009 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $318.50 Million | -5.26% |
| 2024-12-31 | $336.18 Million | +3.77% |
| 2023-12-31 | $323.98 Million | +1.74% |
| 2022-12-31 | $318.45 Million | +29.80% |
| 2021-12-31 | $245.34 Million | +15.40% |
| 2020-12-31 | $212.60 Million | +15.51% |
| 2019-12-31 | $184.06 Million | +37.09% |
| 2018-12-31 | $134.26 Million | -0.61% |
| 2017-12-31 | $135.07 Million | -2.96% |
| 2016-12-31 | $139.19 Million | -12.87% |
| 2015-12-31 | $159.75 Million | +15.55% |
| 2014-12-31 | $138.25 Million | +1.78% |
| 2013-12-31 | $135.84 Million | -6.30% |
| 2012-12-31 | $144.97 Million | +11.62% |
| 2011-12-31 | $129.88 Million | +2.11% |
| 2010-12-31 | $127.19 Million | +113.80% |
| 2009-12-31 | $59.49 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Horizon Technology Finance's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 24013612300.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $51.00K | 0.02% |
| Other Components | $559.36 Million | 175.62% |
| Total Equity | $318.50 Million | 100.00% |
Horizon Technology Finance Competitors by Market Cap
The table below lists competitors of Horizon Technology Finance ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
AIRO Group Holdings, Inc. Common Stock
NASDAQ:AIRO
|
$216.08 Million |
|
Bowlero Corp
NYSE:BOWL
|
$216.09 Million |
|
Good Will Instrument Co Ltd
TW:2423
|
$216.15 Million |
|
Victoria Care Indonesia Tbk Pt
JK:VICI
|
$216.18 Million |
|
Castro
TA:CAST
|
$215.97 Million |
|
Filatex India Limited
NSE:FILATEX
|
$215.96 Million |
|
Profound Medical Corp
NASDAQ:PROF
|
$215.94 Million |
|
Virginia National Bankshares Corp
NASDAQ:VABK
|
$215.91 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Horizon Technology Finance's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 336,183,000 to 318,502,000, a change of -17,681,000 (-5.3%).
- Net income of 45,476,000 contributed positively to equity growth.
- Dividend payments of 53,094,000 reduced retained earnings.
- New share issuances of 14,081,000 increased equity.
- Other factors decreased equity by 24,144,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $45.48 Million | +14.28% |
| Dividends Paid | $53.09 Million | -16.67% |
| Share Issuances | $14.08 Million | +4.42% |
| Other Changes | $-24.14 Million | -7.58% |
| Total Change | $- | -5.26% |
Book Value vs Market Value Analysis
This analysis compares Horizon Technology Finance's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.60x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-12-31 | $7.87 | $4.52 | x |
| 2010-12-31 | $16.81 | $4.52 | x |
| 2011-12-31 | $17.07 | $4.52 | x |
| 2012-12-31 | $17.09 | $4.52 | x |
| 2013-12-31 | $14.17 | $4.52 | x |
| 2014-12-31 | $14.37 | $4.52 | x |
| 2015-12-31 | $14.29 | $4.52 | x |
| 2016-12-31 | $12.06 | $4.52 | x |
| 2017-12-31 | $11.73 | $4.52 | x |
| 2018-12-31 | $11.65 | $4.52 | x |
| 2019-12-31 | $13.66 | $4.52 | x |
| 2020-12-31 | $12.12 | $4.52 | x |
| 2021-12-31 | $12.25 | $4.52 | x |
| 2022-12-31 | $12.88 | $4.52 | x |
| 2023-12-31 | $10.47 | $4.52 | x |
| 2024-12-31 | $9.31 | $4.52 | x |
| 2025-12-31 | $7.52 | $4.52 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Horizon Technology Finance utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 14.28%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 111.17%
- • Asset Turnover: 0.05x
- • Equity Multiplier: 2.55x
- Recent ROE (14.28%) is above the historical average (6.57%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 15.65% | 56.94% | 0.13x | 2.10x | $3.36 Million |
| 2010 | 11.58% | 96.13% | 0.07x | 1.70x | $2.01 Million |
| 2011 | 8.47% | 74.39% | 0.07x | 1.52x | $-1.99 Million |
| 2012 | 2.75% | 54.51% | 0.03x | 1.65x | $-10.51 Million |
| 2013 | 2.58% | 48.53% | 0.03x | 1.94x | $-10.08 Million |
| 2014 | 11.16% | 74.02% | 0.09x | 1.63x | $1.61 Million |
| 2015 | 7.42% | 79.22% | 0.05x | 1.76x | $-4.12 Million |
| 2016 | -3.53% | 0.00% | -0.01x | 1.72x | $-18.83 Million |
| 2017 | 7.10% | 77.32% | 0.05x | 1.73x | $-3.92 Million |
| 2018 | 9.69% | 61.19% | 0.08x | 1.99x | $-415.70K |
| 2019 | 10.59% | 91.54% | 0.06x | 1.87x | $1.09 Million |
| 2020 | 2.99% | 61.60% | 0.03x | 1.92x | $-14.90 Million |
| 2021 | 11.32% | 83.51% | 0.06x | 2.09x | $3.25 Million |
| 2022 | 6.64% | 79.39% | 0.03x | 2.41x | $-10.69 Million |
| 2023 | -5.30% | -89.97% | 0.02x | 2.48x | $-49.58 Million |
| 2024 | -1.68% | -16.60% | 0.04x | 2.44x | $-39.25 Million |
| 2025 | 14.28% | 111.17% | 0.05x | 2.55x | $13.63 Million |
Industry Comparison
This section compares Horizon Technology Finance's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $360,357,982
- Average return on equity (ROE) among peers: -8.85%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Horizon Technology Finance (HRZN) | $318.50 Million | 15.65% | 1.55x | $216.08 Million |
| Aberdeen International Inc (AABVF) | $9.11 Million | -20.89% | 0.42x | $2.78 Million |
| Acadian Asset Management Inc (AAMI) | $171.30 Million | 2.45% | 7.71x | $1.86 Billion |
| AllianceBernstein Holding L.P. (AB) | $381.33 Million | 35.01% | 0.36x | $3.46 Billion |
| VIVO Cannabis Inc (ABCCF) | $161.66 Million | 18.03% | 0.16x | $148.26 Million |
| Associated Capital Group Inc (AC) | $913.08 Million | 4.10% | 0.03x | $78.56 Million |
| Adrian Resources Ltd (ADLRF) | $605.01 Million | 3.35% | 0.58x | $609.82 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $441.58 Million | -2.00% | 0.15x | $265.69 Million |
| AGF Management Limited (AGFMF) | $908.07 Million | 4.67% | 0.50x | $298.43 Million |
| Agronomics Limited (AGNMF) | $1.90 Million | -11.10% | 0.01x | $57.14 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $10.54 Million | -122.10% | 1.07x | $194.14 Million |
About Horizon Technology Finance
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, cleantech and sustainability industries. It seeks to invest in companies in th… Read more