Horizon Kinetics Financials
This page shows Horizon Kinetics (HKHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Horizon Kinetics has an operating margin of -27.2%, meaning the company retains $-27 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -3.8% the prior year.
Horizon Kinetics's revenue surged 21.0% year-over-year to $57.2M, reflecting rapid business expansion. This strong growth earns a score of 89/100.
Horizon Kinetics has elevated debt relative to equity (D/E of 4.96), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Horizon Kinetics converts 20.6% of revenue into free cash flow ($11.8M). This strong cash generation earns a score of 100/100.
Horizon Kinetics earns a strong 27.2% return on equity (ROE), meaning it generates $27 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100.
Horizon Kinetics passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Horizon Kinetics generates $0.13 in operating cash flow ($11.8M OCF vs $92.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Horizon Kinetics generated $57.2M in revenue in fiscal year 2024. This represents an increase of 21.0% from the prior year.
Horizon Kinetics's EBITDA was -$13.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 29687.0% from the prior year.
Horizon Kinetics generated $11.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 53.6% from the prior year.
Horizon Kinetics reported $92.5M in net income in fiscal year 2024. This represents an increase of 2158.6% from the prior year.
Horizon Kinetics earned $5.07 per diluted share (EPS) in fiscal year 2024. This represents an increase of 2128.0% from the prior year.
Horizon Kinetics held $14.4M in cash against $0 in long-term debt as of fiscal year 2024.
Horizon Kinetics had 19M shares outstanding in fiscal year 2024. This represents an increase of 3.6% from the prior year.
Horizon Kinetics's operating margin was -27.2% in fiscal year 2024, reflecting core business profitability. This is down 23.4 percentage points from the prior year.
Horizon Kinetics's net profit margin was 161.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 171.2 percentage points from the prior year.
Horizon Kinetics's ROE was 27.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
Horizon Kinetics invested $47K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 50.5% from the prior year.
HKHC Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $17.9M-9.5% | $19.8M-0.2% | $19.8M-3.6% | $20.5M+57.4% | $13.1M+14.1% | $11.4M-5.7% | $12.1M-64.1% | $33.8M |
| Cost of Revenue | $3.5M+6.2% | $3.3M+10.5% | $3.0M-37.6% | $4.8M+12.6% | $4.2M+1026.3% | $376K-25.0% | $501K+11.1% | $451K |
| Gross Profit | $2.7M+11.1% | $2.4M-2.5% | $2.5M-24.4% | $3.3M+12.7% | $2.9M+760.5% | $342K-4.5% | $358K+4.1% | $344K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $766K+253.0% | $217K-80.2% | $1.1M+64.9% | $664K+12.5% | $590K+17.8% | $501K-11.2% | $564K+1914.3% | $28K |
| Operating Income | $2.9M+17.7% | $2.5M+92.0% | $1.3M+109.4% | -$13.9M-1404.4% | -$922K-38.6% | -$665K-836.6% | -$71K+81.3% | -$380K |
| Interest Expense | $7K0.0% | $7K+1.4% | $7K-10.0% | $8K+60.0% | $5K+25.0% | $4K-20.0% | $5K | $0 |
| Income Tax | -$10.4M-154.0% | -$4.1M-139.7% | $10.3M-69.3% | $33.5M-51.6% | $69.3M+29513.7% | $234K-81.2% | $1.2M+584.0% | -$257K |
| Net Income | $7.2M+169.0% | -$10.5M-145.9% | $22.8M-69.9% | $75.8M+298.5% | -$38.2M-371.9% | $14.0M-65.6% | $40.8M+1581.4% | $2.4M |
| EPS (Diluted) | $0.39+169.6% | $-0.56-145.5% | $1.23-69.9% | $4.09+297.6% | $-2.07-365.4% | $0.78-65.6% | $2.27+236.7% | $-1.66 |
HKHC Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.2B+6.0% | $2.1B-0.7% | $2.1B+2.2% | $2.0B+24.9% | $1.6B+30842.6% | $5.2M-8.1% | $5.7M-99.5% | $1.1B |
| Current Assets | $9.5M+9.4% | $8.7M+8.9% | $8.0M-39.7% | $13.3M-25.0% | $17.7M+350.1% | $3.9M-9.6% | $4.3M-12.1% | $5.0M |
| Cash & Equivalents | $37.7M-2.9% | $38.9M+11.4% | $34.9M+141.4% | $14.4M-20.1% | $18.1M+519.7% | $2.9M-3.7% | $3.0M-71.1% | $10.5M |
| Inventory | $3.2M+19.7% | $2.7M-12.5% | $3.0M-61.2% | $7.8M+11.5% | $7.0M+9.0% | $6.5M-11.4% | $7.3M+1894.5% | $365K |
| Accounts Receivable | $6.8M-6.8% | $7.3M-2.6% | $7.5M-10.0% | $8.3M+58.8% | $5.3M+1921.2% | $260K-27.2% | $357K+16.3% | $307K |
| Goodwill | $23.4M-0.6% | $23.5M-3.7% | $24.4M+4.5% | $23.4M-4.3% | $24.4M+374.2% | $5.2M+238.7% | $1.5M-92.1% | $19.3M |
| Total Liabilities | $1.8B+6.9% | $1.7B-0.1% | $1.7B+1.4% | $1.7B+24.2% | $1.4B+624.6% | -$259.0M-4.9% | -$246.9M-127.2% | $907.1M |
| Current Liabilities | $1.5M+4.7% | $1.4M+28.2% | $1.1M-53.6% | $2.4M-27.7% | $3.4M+320.4% | $799K+11.6% | $716K-16.2% | $854K |
| Long-Term Debt | $0 | N/A | N/A | $0 | $0 | $0 | $0-100.0% | $362K |
| Total Equity | $355.4M+1.7% | $349.5M-3.2% | $361.0M+6.1% | $340.2M+28.2% | $265.4M+0.4% | $264.3M+4.6% | $252.6M+20.8% | $209.1M |
| Retained Earnings | $314.3M+1.9% | $308.4M-3.6% | $319.9M+7.0% | $299.1M+33.3% | $224.3M+3334.7% | -$6.9M-6.9% | -$6.5M-103.1% | $207.3M |
HKHC Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.9M-128.8% | -$7.8M+45.8% | -$14.5M-162.9% | $23.0M+449.0% | $4.2M+112.2% | -$34.3M-281.3% | $18.9M+990.8% | $1.7M |
| Capital Expenditures | $25K+12.2% | $22K+124.2% | $10K+147.5% | $4K | $0 | $0-100.0% | $101K | $0 |
| Free Cash Flow | $146K-87.5% | $1.2M+1106.1% | -$116K-100.5% | $23.0M+4187.9% | -$563K-147.0% | $1.2M+218.6% | $376K-78.3% | $1.7M |
| Investing Cash Flow | -$1.7M-417.5% | -$320K-101.3% | $24.1M+5569.2% | -$441K-116.3% | $2.7M+6236.4% | -$44K+40.5% | -$74K+88.1% | -$624K |
| Financing Cash Flow | $9.2M-43.3% | $16.2M+506.7% | -$4.0M+69.4% | -$13.0M-3297.1% | $407K+116.5% | -$2.5M+74.8% | -$9.8M-49.2% | -$6.5M |
| Dividends Paid | $1.3M+26.7% | $1.0M-47.6% | $2.0M | N/A | N/A | $2.4M+39.9% | $1.7M | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HKHC Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.7%+1.1pp | 42.6%-3.1pp | 45.7%+4.7pp | 41.0%+0.0pp | 41.0%+38.0pp | 3.0%+0.0pp | 2.9%+1.9pp | 1.0% |
| Operating Margin | 16.5%+3.8pp | 12.7%+6.1pp | 6.6%+74.1pp | -67.5%-60.4pp | -7.1%-1.2pp | -5.8%-5.2pp | -0.6%+0.5pp | -1.1% |
| Net Margin | 40.4%+93.5pp | -53.1%-168.4pp | 115.3%-253.3pp | 368.7%+660.9pp | -292.3%-415.0pp | 122.7%-214.0pp | 336.7%+329.5pp | 7.2% |
| Return on Equity | 2.0%-1.9pp | 4.0%-2.4pp | 6.3%-15.9pp | 22.3%+20.6pp | 1.6%-3.7pp | 5.3%-10.9pp | 16.2%+15.0pp | 1.2% |
| Return on Assets | 0.3%+0.8pp | -0.5%-1.6pp | 1.1%-2.6pp | 3.7%+6.1pp | -2.4%-269.8pp | 267.4%-447.6pp | 715.0%+714.8pp | 0.2% |
| Current Ratio | 6.31+0.3 | 6.04-1.1 | 7.11+1.6 | 5.47+0.2 | 5.27+0.3 | 4.92-1.2 | 6.08+0.3 | 5.80 |
| Debt-to-Equity | 5.14+0.3 | 4.89+0.2 | 4.74-0.2 | 4.96-0.2 | 5.12+6.1 | -0.980.0 | -0.98-5.3 | 4.34 |
| FCF Margin | 2.4%-18.0pp | 20.3%+22.4pp | -2.1%-114.1pp | 112.0%+119.8pp | -7.8%-26.6pp | 18.8%+13.2pp | 5.5%+0.4pp | 5.1% |
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Frequently Asked Questions
What is Horizon Kinetics's annual revenue?
Horizon Kinetics (HKHC) reported $57.2M in total revenue for fiscal year 2024. This represents a 21.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Horizon Kinetics's revenue growing?
Horizon Kinetics (HKHC) revenue grew by 21% year-over-year, from $47.3M to $57.2M in fiscal year 2024.
Is Horizon Kinetics profitable?
Yes, Horizon Kinetics (HKHC) reported a net income of $92.5M in fiscal year 2024, with a net profit margin of 161.7%.
What is Horizon Kinetics's earnings per share (EPS)?
Horizon Kinetics (HKHC) reported diluted earnings per share of $5.07 for fiscal year 2024. This represents a 2128.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Horizon Kinetics's EBITDA?
Horizon Kinetics (HKHC) had EBITDA of -$13.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Horizon Kinetics's operating margin?
Horizon Kinetics (HKHC) had an operating margin of -27.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Horizon Kinetics's net profit margin?
Horizon Kinetics (HKHC) had a net profit margin of 161.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Horizon Kinetics's return on equity (ROE)?
Horizon Kinetics (HKHC) has a return on equity of 27.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Horizon Kinetics's free cash flow?
Horizon Kinetics (HKHC) generated $11.8M in free cash flow during fiscal year 2024. This represents a -53.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Horizon Kinetics's operating cash flow?
Horizon Kinetics (HKHC) generated $11.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Horizon Kinetics's total assets?
Horizon Kinetics (HKHC) had $2.0B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Horizon Kinetics's capital expenditures?
Horizon Kinetics (HKHC) invested $47K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Horizon Kinetics have outstanding?
Horizon Kinetics (HKHC) had 19M shares outstanding as of fiscal year 2024.
What is Horizon Kinetics's debt-to-equity ratio?
Horizon Kinetics (HKHC) had a debt-to-equity ratio of 4.96 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Horizon Kinetics's return on assets (ROA)?
Horizon Kinetics (HKHC) had a return on assets of 4.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Horizon Kinetics's Piotroski F-Score?
Horizon Kinetics (HKHC) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Horizon Kinetics's earnings high quality?
Horizon Kinetics (HKHC) has an earnings quality ratio of 0.13x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Horizon Kinetics?
Horizon Kinetics (HKHC) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.