Horizon Technology Finance
Market Cap
US$271.1m
Last Updated
2021/02/26 23:37 UTC
Data Sources
Company Financials +
Executive Summary
Horizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments. More Details
Rewards
Snowflake Analysis
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Share Price & News
How has Horizon Technology Finance's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: HRZN is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: HRZN's weekly volatility has decreased from 11% to 4% over the past year.
Market Performance
7 Day Return
2.9%
HRZN
-2.6%
US Capital Markets
-4.6%
US Market
1 Year Return
36.2%
HRZN
38.0%
US Capital Markets
38.5%
US Market
Return vs Industry: HRZN matched the US Capital Markets industry which returned 36.4% over the past year.
Return vs Market: HRZN underperformed the US Market which returned 38.9% over the past year.
Shareholder returns
| HRZN | Industry | Market | |
|---|---|---|---|
| 7 Day | 2.9% | -2.6% | -4.6% |
| 30 Day | 8.4% | 8.5% | 0.6% |
| 90 Day | 16.2% | 14.9% | 1.9% |
| 1 Year | 51.6%36.2% | 41.3%38.0% | 41.5%38.5% |
| 3 Year | 90.6%39.6% | 39.5%29.1% | 56.7%46.7% |
| 5 Year | 123.6%31.8% | 140.6%110.9% | 123.5%98.6% |
Long-Term Price Volatility Vs. Market
How volatile is Horizon Technology Finance's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 years ago | Simply Wall St
Is It The Right Time To Buy Horizon Technology Finance Corporation (HRZN)?3 years ago | Simply Wall St
A look at the fair value of Horizon Technology Finance Corporation (HRZN)3 years ago | Simply Wall St
Calculating the intrinsic value of Horizon Technology Finance Corporation (HRZN)Valuation
Is Horizon Technology Finance undervalued compared to its fair value and its price relative to the market?
22.84x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: HRZN ($14.76) is trading above our estimate of fair value ($11.82)
Significantly Below Fair Value: HRZN is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: HRZN is good value based on its PE Ratio (22.8x) compared to the US Capital Markets industry average (23.4x).
PE vs Market: HRZN is poor value based on its PE Ratio (22.8x) compared to the US market (21.2x).
Price to Earnings Growth Ratio
PEG Ratio: HRZN is good value based on its PEG Ratio (0.5x)
Price to Book Ratio
PB vs Industry: HRZN is good value based on its PB Ratio (1.3x) compared to the US Capital Markets industry average (10.9x).
Future Growth
How is Horizon Technology Finance forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
50.3%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: HRZN's forecast earnings growth (50.3% per year) is above the savings rate (2%).
Earnings vs Market: HRZN's earnings (50.3% per year) are forecast to grow faster than the US market (20.2% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: HRZN's revenue (6% per year) is forecast to grow slower than the US market (10.4% per year).
High Growth Revenue: HRZN's revenue (6% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: HRZN's Return on Equity is forecast to be low in 3 years time (11.6%).
Past Performance
How has Horizon Technology Finance performed over the past 5 years?
25.1%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: HRZN has a large one-off loss of $12.6M impacting its September 30 2020 financial results.
Growing Profit Margin: HRZN's current net profit margins (21.9%) are lower than last year (41.1%).
Past Earnings Growth Analysis
Earnings Trend: HRZN's earnings have grown significantly by 25.1% per year over the past 5 years.
Accelerating Growth: HRZN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: HRZN had negative earnings growth (-33.3%) over the past year, making it difficult to compare to the Capital Markets industry average (9.9%).
Return on Equity
High ROE: HRZN's Return on Equity (5.2%) is considered low.
Financial Health
How is Horizon Technology Finance's financial position?
Financial Position Analysis
Short Term Liabilities: HRZN's short term assets ($41.2M) exceed its short term liabilities ($8.7M).
Long Term Liabilities: HRZN's short term assets ($41.2M) do not cover its long term liabilities ($163.7M).
Debt to Equity History and Analysis
Debt Level: HRZN's debt to equity ratio (79.8%) is considered high.
Reducing Debt: HRZN's debt to equity ratio has increased from 64.5% to 79.8% over the past 5 years.
Debt Coverage: HRZN's operating cash flow is negative, therefore debt is not well covered.
Interest Coverage: HRZN's interest payments on its debt are well covered by EBIT (3.5x coverage).
Balance Sheet
Dividend
What is Horizon Technology Finance current dividend yield, its reliability and sustainability?
8.13%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: HRZN's dividend (8.13%) is higher than the bottom 25% of dividend payers in the US market (1.35%).
High Dividend: HRZN's dividend (8.13%) is in the top 25% of dividend payers in the US market (3.72%)
Stability and Growth of Payments
Stable Dividend: HRZN's dividend payments have been volatile in the past 10 years.
Growing Dividend: HRZN's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (185.7%), HRZN's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: HRZN's dividends in 3 years are not forecast to be well covered by earnings (90.3% payout ratio).
Management
How experienced are the management team and are they aligned to shareholders interests?
6.5yrs
Average management tenure
CEO
Rob Pomeroy (69 yo)
10.92yrs
Tenure
Mr. Robert D. Pomeroy, Jr., also known as Rob, serves as the Managing Member, since May 2003; Chief Executive Officer since March 2010 and Chairman of Horizon Technology Finance Management, LLC. He served ...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman & CEO | 10.92yrs | no data | 0.68% $ 1.8m | |
| President & Director | 10.92yrs | no data | 0.52% $ 1.4m | |
| Senior VP | 4.42yrs | no data | 0.0052% $ 14.2k | |
| Senior VP & Chief Investment Officer | no data | no data | 0.034% $ 91.8k | |
| Investor Relations Contact | no data | no data | no data | |
| Senior VP | 10.58yrs | no data | 0.051% $ 137.7k | |
| Marketing Support Manager | no data | no data | no data | |
| Managing Director of Technology - West Coast | 3.08yrs | no data | no data | |
| Managing Director of Technology – Mid-Atlantic | 8.5yrs | no data | no data | |
| Managing Director of Technology - East Coast | no data | no data | no data | |
| Managing Director of Life Science – East Coast | 3.08yrs | no data | no data | |
| Senior Managing Director of West Coast | 3.08yrs | no data | no data |
6.5yrs
Average Tenure
56yo
Average Age
Experienced Management: HRZN's management team is seasoned and experienced (6.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman & CEO | 10.92yrs | no data | 0.68% $ 1.8m | |
| President & Director | 10.92yrs | no data | 0.52% $ 1.4m | |
| Independent Director | 10.58yrs | US$104.50k | 0.060% $ 163.3k | |
| Independent Director | 4.92yrs | US$94.50k | 0.19% $ 516.6k | |
| Independent Director | 8.67yrs | US$102.00k | 0.038% $ 103.3k | |
| Lead Independent Director | no data | US$97.00k | 0.033% $ 88.9k |
10.6yrs
Average Tenure
68yo
Average Age
Experienced Board: HRZN's board of directors are seasoned and experienced ( 10.6 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 26.1%.
Top Shareholders
Company Information
Horizon Technology Finance Corporation's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Horizon Technology Finance Corporation
- Ticker: HRZN
- Exchange: NasdaqGS
- Founded: 2008
- Industry: Asset Management and Custody Banks
- Sector: Diversified Financials
- Market Cap: US$271.106m
- Shares outstanding: 18.37m
- Website: https://www.horizontechfinance.com
Location
- Horizon Technology Finance Corporation
- 312 Farmington Avenue
- Farmington
- Connecticut
- 6032
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| HRZN | NasdaqGS (Nasdaq Global Select) | Yes | Common Stock | US | USD | Oct 2010 |
Biography
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 in...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/02/26 23:37 |
| End of Day Share Price | 2021/02/26 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.