Horizon Technology Finance Corporation

HRZN

Asset Management · Financial Services

Exchange

NASDAQ

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

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Horizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments. It focuses on making secured debt and venture lending investments to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. It seeks to invest in companies in the United States.

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

+291.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-14.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$812M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Horizon Technology Finance Corporation grew revenue 291% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Profit per sale

Gross Margin

81.1%

Premium pricing power — 81.1% gross margin

Profit after running costs

Operating Margin

-132.2%

Losing money on operations — -132.2%

Return on the money invested

ROCE

3.3%

Weak — 3.3% 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

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

2977%

Turns 2977% of profit into real cash

Spare cash per sale

FCF Margin

145.7%

Converts sales into free cash efficiently (145.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.96

Moderate — manageable debt (0.96)

Covers its interest

Interest Cover

0.85x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.1x

no trend

Attractive valuation — P/E 12.1

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

+5.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.1 → 6.8)

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Dividends

Dividend

Dividend Yield

24.92%

no trend

Healthy income — 24.92% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-2.9%

no trend

Dividend cut (-2.9% YoY) — warning sign

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