Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Grayscale Horizen Trust (ZEN) 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
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
36
-35.2
-4.02
0.1
-3.89
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Total assets
43.9
8.69
4.67
4.77
7.48
Total liabilities
0
0
0
0
0
Paid-in capital
13.6
13.6
13.6
Shares outstanding
6.84
6.84
6.84
6.84
11.4
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
36
-35.2
-4.02
0.1
-3.89
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 $1.03 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-87.8%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
-4,147.0%
Net income vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
56.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-4.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Liabilities / assets
0.0%
Total liabilities / total assets.
Valuation
Metric
Value
How it is calculated
Market cap
$11.8M
Share price x shares outstanding.
Enterprise value
$11.8M
Market cap + total debt - cash - short-term investments.
Earnings yield
-28.2%
Net income / market cap (the inverse of P/E).
Was Grayscale Horizen Trust (ZEN) profitable in fiscal 2025?
No. It reported a net loss of $3.9M.
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.