Horizon Kinetics Holding Corporation

HKHC

Asset Management · Financial Services

Price

$27.10

+0.65 (+2.46%)

Market Cap

$505.0M

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Share count rising — dilution

+47.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.7M (2021) → 18.6M (2025)

Winston Score History

The full picture

Horizon Kinetics Holding Corporation is a small, independent asset management firm based in New York. It manages money for clients by investing in stocks and other assets, primarily through separately managed accounts and investment funds. The firm is known for its concentrated, value-oriented investment approach and has a notable stake in Texas Pacific Land Corporation, which has become a significant part of its portfolio.

The company earns revenue mainly through management fees charged as a percentage of the assets it oversees for clients. It operates primarily in the United States and manages roughly a few billion dollars in assets, which is small compared to large asset managers like BlackRock or Vanguard. Its main competitive edge is its distinctive, research-driven investment philosophy, but its small size and heavy concentration in a handful of positions also represent a key risk — if those positions underperform, the firm's assets under management and fee revenue could decline meaningfully.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-76.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

57.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$1.8B cash & investments at current burn rate

Revenue declining

Horizon Kinetics Holding Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

54.8%

Healthy — 54.8% gross margin

Profit after running costs

Operating Margin

15.6%

Healthy — 15.6% operating margin

Return on the money invested

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+5.5%

Slow sales growth (+5.5% YoY)

Profit growth

EPS YoY

-6.0%

Earnings shrinking (-6.0% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

3/7 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-63%

Weak — only -63% of profit becomes cash

Spare cash per sale

FCF Margin

-67.8%

Burning cash (-67.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.8x

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.57%

Small dividend — 1.57% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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