Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Horizon Technology Finance 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
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
General and administrative
1.19
1.51
1.46
1.84
1.87
1.94
Interest expense
9.67
12
19.2
29
32.3
32.8
Interest income
42.2
54.4
77.4
Net income
6.36
27.8
21.2
-17.2
-5.63
-2.66
EPS, basic
0.70
0.83
0.86
-0.56
-0.16
-0.06
EPS, diluted
0.70
0.83
0.86
-0.56
-0.16
-0.06
Shares, basic (weighted)
29.8
34
24.7
31
36.1
42.3
Shares, diluted (weighted)
29.8
34
24.7
31
36.1
42.3
Dividend per share
0.74
0.74
1.28
1.37
1.37
1.32
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
47.8
47.3
30.5
75.7
101
143
Total assets
514
767
802
822
811
Total liabilities
269
448
478
486
493
Total debt
258
434
462
468
473
Paid-in capital
301
386
451
518
559
Retained earnings
-56
-67.5
-127
-182
-241
Shareholders' equity
318
324
336
319
Total equity
318
324
336
319
Total liabilities and equity
767
802
822
811
Shares outstanding
32.7
36
27.8
33.4
39.9
45.6
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
6.36
27.8
21.2
-17.2
-5.63
-2.66
Cash from operations
-25.3
-76
-246
-5.26
3.94
56.6
Stock issued
44.6
30.1
84.6
65.1
66.4
14.1
Dividends paid
-21.3
-24.6
-29.8
-40.5
-46.4
-53.1
Cash from financing
55.7
75.5
229
50.5
21.2
-14.8
Net change in cash
30.4
-0.48
-16.8
45.3
25.1
41.8
Interest paid
8.59
10.7
17
26.9
30.4
29.9
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 $24.91 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
1.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
0.6%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Operating cash flow growth, 1y
1,338.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y
-3.6%
Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y
1.0%
Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y
12.4%
Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-5.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
0.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-1.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
1.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
17.3%
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
19.6%
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
7.3%
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
Debt / equity
0.96x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
48.4%
Total debt / total assets.
Liabilities / assets
49.8%
Total liabilities / total assets.
Net debt
$267.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
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.
Operating cash flow per share
$1.56
Cash from operations / diluted weighted shares.
Book value per share
$6.23
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$1.06B
Share price x shares outstanding.
Enterprise value
$1.33B
Market cap + total debt - cash - short-term investments.
P/E
209x
Market cap / net income. Only when net income is positive.
P/B
2.54x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.54x
Market cap / tangible book value, when positive.
P/OCF
10.4x
Market cap / cash from operations, when positive.
Earnings yield
0.5%
Net income / market cap (the inverse of P/E).
Dividend yield
5.0%
Dividends paid over the period / market cap.
Shareholder yield
5.0%
(Dividends paid + share buybacks) / market cap.
Was Horizon Technology Finance Corp profitable in fiscal 2025?
No. It reported a net loss of $2.7M.
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.