Horizon Technology Finance Corp (HTFC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-313.8%

-$8.53

vs $3.99 price

Levered DCF

-$3.84

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

424.65

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-102.71×	-56.19×	-23.52×	13.49×	11.45×	36.78×	8.92×	9.96×
P/B	0.86×	0.97×	1.26×	0.9×	1.3×	1.09×	0.95×	0.97×
P/S	6.82×	9.56×	21.35×	6.26×	7.04×	11.6×	5.88×	6.1×
EV / EBITDA	611.9×	-173.74×	-52.46×	29.84×	18.39×	52.4×	16.21×	12.22×
Gross margin	18.0%	5.0%	-51.7%	58.1%	73.4%	51.6%	71.9%	70.1%
Operating margin	-4.0%	-12.2%	-82.2%	47.7%	62.2%	32.9%	66.6%	61.3%
Net margin	-6.6%	-16.6%	-90.0%	46.1%	61.3%	31.8%	65.8%	61.2%
Current ratio	1.24×	5.08×	3.92×	2.59×	4.14×	2.92×	1.66×	2.94×
Debt / equity	1.49×	1.39×	1.43×	1.36×	1.05×	0.87×	0.83×	0.94×
Interest coverage	-0.05×	-0.13×	-0.54×	1.14×	2.34×	0.68×	2.37×	2.05×
Dividend yield	19.4%	14.3%	9.9%	10.4%	7.7%	9.2%	8.9%	10.5%
Payout ratio	-1995.3%	-823.2%	-235.8%	141.1%	88.4%	334.9%	80.0%	105.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.8%	-1.7%	-5.3%	6.6%	11.3%	3.0%	10.6%	9.7%
Return on invested capital	-0.2%	-0.5%	-2.0%	2.8%	5.5%	1.6%	5.8%	5.0%
Return on assets	-0.3%	-0.7%	-2.1%	2.8%	5.4%	1.6%	5.7%	4.9%
Free cash flow yield	20.7%	12.2%	12.3%	-85.9%	-23.8%	-10.9%	10.1%	-9.3%
Earnings yield	-1.0%	-1.7%	-4.2%	7.4%	8.7%	2.7%	11.2%	10.0%
Enterprise value	$640.7M	$722.2M	$823.3M	$700.3M	$538.4M	$398.5M	$319.9M	$243.9M
Net debt / EBITDA	351.01×	-95.66×	-26.48×	17.62×	7.5×	21.87×	7.38×	5.72×
Cash conversion cycle (days)	-57	178	266	108	50	90	68	-130