Horizon Kinetics Holding Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Horizon Kinetics Holding Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	35.2	42.2	37.1	28.5	29	29.7	2.98	47.3	55.8	72.8
Cost of revenue	20	22.8	20.8	17.6	17.3	17.2	1.61	1.96
Gross profit	15.2	19.4	16.2	10.8	11.6	12.5	1.37	1.45
Selling, general and administrative								1.66	2.32	2.74
Selling and marketing								10.2	19.1	15.7
General and administrative	4.57	4.31	4.46	4.49	4.72	4.61	3.06	8.49	10.1	10.2
Operating expenses		11.7	13.3	12.2	14.1	19.1	11.3	49	70.9	61.8
Operating income	3.21	7.63	2.91	-1.35	-2.44	-6.53	-9.91	-1.78	-15.1	11.1
Interest expense	0.12	0.14	0.08	0.02	0.22	0.34	0.14	0.15
Interest income			0.02	0.09	0			0.07	1.71	2.38
Other non-operating income								90.9	915	-27
Pre-tax income	3.1	7.49	2.85	-1.17	-2.3	-6.87	-10.1	89.1	900	-15.9
Income tax	1.25	2.83	0.62	-0.51	-0.71	1.08	0.06	-0.12	104	-23.2
Income from continuing operations					-1.59	-7.95	-10.1	-5.2	795	7.3
Net income	1.85	4.66	2.23	-0.66	-1.55	-11.1	-8.85	-4.49	92.5	5.12
EBITDA	3.67	8.43	3.73	-0.56	-1.01	-4.71	-9.29	0.05	-13.1	12.2
EPS, basic	0.16	0.39	0.18	-0.05	-0.12	-0.88	-0.70	-0.25	5.07	0.27
EPS, diluted	0.15	0.38	0.18	-0.05	-0.12	-0.88	-0.70	-0.25	5.07	0.27
Shares, basic (weighted)	11.7	11.9	12.1	12.4	12.6	12.7	12.8	18	18.3	18.6
Shares, diluted (weighted)	12	12.3	12.6	12.4	12.6	12.7	12.8	18	18.3	18.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.1	4.11	6.23	1.09	0.01	1.27	0.05	10.5	14.4	36.9
Receivables	3.46	3.1	3.05	2.7	4.51	3.52	1.73	0.31
Inventory	5.64	8.79	7.82	7.84	3.99	4.94	0.78	0.37
Other current assets	0.32	0.29	0.07	0.07	0.11	0.44	0.24	19.9	19.2	9.52
Total current assets	11.5	16.3	18.2	13.3	9.75	10.5	7.4	4.95
Property, plant and equipment	0.58	0.91	0.97	0.12	0.02	0.01	0	0.2	0.1	0.4
Lease right-of-use assets				0.19	2.99	2.74	2.49	5.65	5.11	6.38
Goodwill	1.52	1.52	1.52	3.23	3.06	1.71	0	19.3	23.4	23.4
Intangible assets	6.77	6.15	5.53	8.72	9.98	4.81	0.79	43.9	42.2	41.1
Other non-current assets	0.05	0.05	0.07		0.04	0.04	0.05	10.4	6.96
Total assets	21.8	25.3	26.5	26.1	33.6	20.9	10.7	1,116	2,028	1,997
Accounts payable	1.94	1.66	1.8	1.81	1.8	2.65	1.41	0.54
Accrued liabilities	0.96	0.94	0.59	0.42	0.3	0.75	0.31	0.02
Short-term debt	0.8	0.8			1	1	3.38
Total current liabilities	3.7	3.76	2.39	2.43	3.41	4.65	5.37	0.85
Long-term debt	1.14	0.36			4.52	1.88
Lease liabilities				0.02	3.03	2.78	2.51	2.22
Other non-current liabilities				0.03	0.13	0.03	0.03	9.97	11.6	7.69
Total liabilities	5.59	4.12	2.39	2.47	11.1	9.33	7.91	28.8	148	97.4
Total debt	2	1.16		0	6.01	3.21	3.5
Paid-in capital	6.18	6.44	7.06	7.25	7.63	7.79	7.91	7.96	39.2	39.2
Retained earnings	8.89	13.6	15.8	15.1	13.6	2.48	-6.37	207	299	298
Shareholders' equity	16.2	21.2	24.1	23.6	22.5	11.5	223	209	340	339
Total equity	16.2	21.2	24.1	23.6	22.5	11.5	223	209	340	339
Total liabilities and equity	21.8	25.3	26.5	26.1	33.6	20.9	10.7	1,116	2,028	1,997
Shares outstanding	11.8	11.9	12.4	12.5	12.6	12.7	12.8	18	18.6	18.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.85	4.66	2.23	-0.66	-1.55	-11.1	-8.85	89.2	795	6
Depreciation and amortization	0.46	0.8	0.82	0.8	1.43	1.82	0.62	1.83	1.92	1.12
Stock-based compensation	0.25	0.24	0.23	0.15	0.33	0.11	0.13	0.07
Deferred income tax	1.17	1.01	0.15	-0.32	-0.22	1.04		-0.52	92.1	-29.3
Change in receivables	-2.44	0.35	0.06	0.35	-1.82	1	1.79	1.42
Change in inventory	-0.54	-3.15	0.97	0.18	4.26	-2.09	0.19	0.97
Change in payables	0.86	-0.31	-0.2	-0.13
Cash from operations	1.51	4.02	3.09	0.68	3.58	-0.32	-1.85	25.5	11.8	-43.1
Capital expenditures	-0.28	-0.48	-0.22	-0.1	-0.02			-0.1	-0.05	-0.32
Acquisitions	-9			-5.58	-10.5
Purchases of investments								-1.13	-0.98	-1.21
Sales and maturities of investments								2.48	0.51	32.8
Cash from investing	-9.28	-0.48	-0.22	-5.86	-10.1	4.38	0.34	0.78	2.14	25.2
Debt issued	2.4				3	2		0.25
Debt repaid	-0.4	-0.8	-1.2		-0.42	-1.58	-2	-1.25
Stock issued	0.03	0.04	0.45	0.04	0.07	0.06
Dividends paid									-0.99	-6.34
Cash from financing	2.71	-1.52	-0.75	0.04	5.43	-2.79	0.29	-15.4	-24.8	41.5
Net change in cash	-5.07	2.02	2.12	-5.14	-1.09	1.27	-1.22	10.9	-10.8	23.6
Free cash flow	1.23	3.53	2.87	0.58	3.57			25.4	11.8	-43.4
Interest paid	0.11	0.11	0.04	0.02	0.18	0.56	0.32	0.13
Income taxes paid		1.45	1.34					0.42	11.1	9.24

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.31 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	6.0%	Operating income / revenue.
EBITDA margin	7.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	50.7%	Pre-tax income / revenue.
Net margin	64.9%	Net income / revenue.
Operating cash flow margin	-40.9%	Cash from operations / revenue.
Effective tax rate	-17.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	1.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.9%	Selling, general and administrative expense / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	30.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	190.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-94.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-94.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-463.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-468.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	72.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	470.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	126.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	13.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	8.3%	Total liabilities / total assets.
Goodwill and intangibles / assets	3.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$324.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.
Fixed asset turnover	46.5x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.88	Revenue / diluted weighted shares.
Operating cash flow per share	-$1.59	Cash from operations / diluted weighted shares.
Book value per share	$20.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.41	Tangible book value / shares outstanding.
Cash per share	$1.84	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$434.4M	Share price x shares outstanding.
Enterprise value	$400.1M	Market cap + total debt - cash - short-term investments.
P/E	9.26x	Market cap / net income. Only when net income is positive.
P/S	6.01x	Market cap / revenue.
P/B	1.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.34x	Market cap / tangible book value, when positive.
EV/Sales	5.54x	Enterprise value / revenue.
EV/EBIT	92.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	78.0x	Enterprise value / EBITDA, when both are positive.
Earnings yield	10.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	1.8%	(Dividends paid + share buybacks) / market cap.

What was Horizon Kinetics Holding Corp's revenue in fiscal 2025?

Horizon Kinetics Holding Corp reported revenue of $72.8M for fiscal 2025, 30.5% higher than the year before.

Was Horizon Kinetics Holding Corp profitable in fiscal 2025?

Yes. Net income was $5.1M, a net margin of 7%.

How much free cash flow did Horizon Kinetics Holding Corp generate in fiscal 2025?

Cash from operations of $43.1M minus capital expenditures of $315.0K left free cash flow of -$43.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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