Horizon Kinetics Holding (HKHC) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HKHC SEC filings page.
Horizon Kinetics Holding (HKHC) reported $72.8M in revenue for fiscal year 2025, up 30.5% from the prior fiscal year. This page shows its 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).
Reported earnings no longer convert into operating cash within a heavily liability-funded balance sheet.
FY2024's$92.5M net income yielded only$11.8M of operating cash flow, so earnings quality was weak. In FY2025, revenue rose30.5% while operating cash flow turned negative despite positive net income, showing the cash-conversion gap became more severe.
Liabilities represented
FY2025 operating profit was
Financial Health Signals
We do not publish a peer-relative financial health score for Horizon Kinetics Holding, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Horizon Kinetics Holding passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
Key Financial Metrics
Earnings & Revenue
Horizon Kinetics Holding generated $19.0M in revenue in Q2 2026. This represents an increase of 0.7% from the same quarter a year earlier. Against the prior quarter it is up 4.1%.
Horizon Kinetics Holding's EBITDA was $3.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.8% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Horizon Kinetics Holding reported a net loss of $18.4M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 125.3%.
Horizon Kinetics Holding earned -$0.99 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 125.4%.
Cash & Balance Sheet
Horizon Kinetics Holding recorded an outflow of $2.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Horizon Kinetics Holding held $34.3M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Margins & Returns
Horizon Kinetics Holding's operating margin was 15.6% in Q2 2026, reflecting core business profitability. This is down 3.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 39.3 percentage points.
Horizon Kinetics Holding's net profit margin was -96.5% in Q2 2026, showing the share of revenue converted to profit. This is down 41.0 percentage points from the same quarter a year earlier.
Horizon Kinetics Holding's quarterly ROE was -4.7% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 22.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
Horizon Kinetics Holding invested $597K in capex in Q2 2026, funding long-term assets and infrastructure. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 0.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
HKHC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $19.0M+0.7% | $18.3M-3.8% | $17.0M-11.2% | $17.9M+37.0% | $18.9M+65.2% | $19.0M+56.8% | $19.2M-43.2% | $13.1M+10.9% |
| SG&A Expenses | $692K+218.9% | $723K-34.0% | $664K0.0% | $766K+29.8% | $217K-56.7% | $1.1M+94.1% | $664K | $590K+53.2% |
| Operating Income | $3.0M-18.9% | -$4.3M-352.0% | $2.8Mn/m | $2.9Mn/m | $3.7Mn/m | $1.7Mn/m | -$13.4Mn/m | -$922K-408.4% |
| EBITDA | $3.2M-19.8% | -$4.1M-291.7% | $3.0Mn/m | $3.1Mn/m | $3.9Mn/m | $2.2M+454.2% | -$12.9M-1201.7% | -$467K-231.2% |
| Income Tax | -$6.6Mn/m | $30.1M+190.4% | -$19.4M-157.7% | -$10.4M-115.0% | -$3.8M-1741.5% | $10.4M+733.7% | $33.6M+5644.8% | $69.3M+52002.3% |
| Net Income | -$18.4Mn/m | $72.5M+217.6% | -$14.5M-119.1% | $7.2Mn/m | -$10.5M-174.7% | $22.8M-44.1% | $75.8M+3019.0% | -$38.2M-249.8% |
| EPS (Basic) | -$0.99n/m | $3.89+216.3% | -$0.78-118.8% | $0.39n/m | -$0.56-171.8% | $1.23-45.8% | $4.15+3092.3% | -$2.07-245.8% |
| EPS (Diluted) | -$0.99n/m | $3.89+216.3% | -$0.78-118.8% | $0.39n/m | -$0.56-171.8% | $1.23-45.8% | $4.15+3092.3% | -$2.07-245.8% |
| Diluted Shares (Avg) | 19M0.0% | 19M0.0% | N/A | 19M+1.2% | 19M+3.6% | 19M+3.6% | N/A | 18M+2.4% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Interest Expense.
HKHC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B-5.6% | $2.2B+7.8% | $2.0B-1.5% | $2.2B+34.4% | $2.1B+39126.9% | $2.1B+36185.9% | $2.0B+81.7% | $1.6B+17398.1% |
| Cash & Equivalents | $34.3M-11.8% | $36.7M+5.4% | $36.9M+155.3% | $37.7M+108.7% | $38.9M+1232.4% | $34.9M+1052.0% | $14.4M+37.9% | $18.1M+309.3% |
| Accounts Receivable | $6.8M-7.0% | $8.2M+9.3% | $6.6M-21.2% | $6.8M+29.7% | $7.3M+2713.8% | $7.5M+2004.5% | $8.3M+2617.9% | $5.3M+385.2% |
| Goodwill | $23.4M-0.6% | $23.4M-4.3% | $23.4M0.0% | $23.4M-4.3% | $23.5M+356.7% | $24.4M | $23.4M+21.3% | $24.4M |
| Total Liabilities | $1.6B-9.1% | $1.8B+6.6% | $1.7B-1.8% | $1.8B+34.5% | $1.7Bn/m | $1.7Bn/m | $1.7B+86.1% | $1.4Bn/m |
| Total Equity | $388.5M+11.2% | $409.2M+13.4% | $339.0M-0.4% | $355.4M+33.9% | $349.5M+32.3% | $361.0M+42.9% | $340.2M+62.7% | $265.4M+28.4% |
| Retained Earnings | $347.4M+12.6% | $368.1M+15.1% | $297.8M-0.4% | $314.3M+40.1% | $308.4Mn/m | $319.9Mn/m | $299.1M+44.3% | $224.3Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
HKHC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.0Mn/m | -$6.8Mn/m | -$2.8M-112.1% | -$17.9M-528.0% | -$7.8Mn/m | -$14.5M-176.6% | $23.0M+1227.5% | $4.2M-81.6% |
| Depreciation & Amortization | $193K-31.1% | $198K-54.7% | $199K-55.0% | $199K-56.3% | $280K-39.0% | $437K-5.0% | $442K+882.2% | $455K+698.2% |
| Capital Expenditures | $597Kn/m | $599Kn/m | N/A | N/A | $0 | $0 | $4Kn/m | N/A |
| Free Cash Flow | -$2.6Mn/m | -$7.4Mn/m | N/A | N/A | -$7.8M | -$14.5M | $23.0M+1227.3% | N/A |
| Investing Cash Flow | $4.2Mn/m | -$338K-101.4% | $3.1Mn/m | -$1.7M-161.3% | -$320Kn/m | $24.1Mn/m | -$441Kn/m | $2.7Mn/m |
| Financing Cash Flow | -$7.8M-148.4% | $3.3Mn/m | $20.0Mn/m | $9.2M+2161.2% | $16.2Mn/m | -$4.0Mn/m | -$13.0Mn/m | $407Kn/m |
| Dividends Paid | $2.4M+126.7% | $2.3M+13.1% | $2.0M | $1.3M | $1.0M-56.1% | $2.0M+17.3% | N/A | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
HKHC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 15.6%-3.8pp | -23.7%-32.7pp | 16.2%+86.1pp | 16.5%+23.5pp | 19.4%+25.2pp | 9.0%+9.6pp | -69.9%-65.2pp | -7.1%-9.6pp |
| Net Margin | -96.5%-41.0pp | 396.5% | -85.0% | 40.4% | -55.5% | 120.1% | 395.1% | -292.3% |
| Return on Equity | -4.7%-1.7pp | 17.7%+11.4pp | -4.3%-26.5pp | 2.0%+16.4pp | -3.0%-8.3pp | 6.3%-9.8pp | 22.3%+21.1pp | -14.4%-26.7pp |
| Return on Assets | -0.9%-0.4pp | 3.3%+2.2pp | -0.7%-4.5pp | 0.3%+2.7pp | -0.5%-268.0pp | 1.1%-713.9pp | 3.7%+3.5pp | -2.4%-276.8pp |
| Liabilities-to-Equity | 4.00-0.9x | 4.46-0.3x | 4.89-0.1x | 5.140.0x | 4.89 | 4.74 | 4.96+0.6x | 5.12 |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.01-2.2x | 0.01-2.1x | 0.010.0x | 0.01-1.3x |
| FCF Margin | -13.9%+27.6pp | -40.3%+35.8pp | N/A | N/A | -41.5% | -76.1% | 120.0% | N/A |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Horizon Kinetics Holding HKHC | FY2025 | $72.8M | $5.1M | 7.0% | $372.9M | — |
| Associated Capital Grp A ACGP | FY2024 | $13.2M | $44.3M | N/A | $640.1M | — |
| Franklin BSP Cap Corp FRBP | FY2025 | $418.5M | $104.3M | 24.9% | $976.9M | — |
Where Horizon Kinetics Holding Ranks
Frequently Asked Questions
Horizon Kinetics Holding (HKHC) reported $72.8M in total revenue for fiscal year 2025. This represents a 30.5% 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.
Horizon Kinetics Holding (HKHC) revenue grew by 30.5% year-over-year, from $55.8M to $72.8M in fiscal year 2025.
Yes, Horizon Kinetics Holding (HKHC) reported a net income of $5.1M in fiscal year 2025, with a net profit margin of 7.0%.
Horizon Kinetics Holding (HKHC) had EBITDA of $12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Horizon Kinetics Holding (HKHC) had an operating margin of 15.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Horizon Kinetics Holding (HKHC) had a net profit margin of 7.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Horizon Kinetics Holding (HKHC) has a return on equity of 1.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Horizon Kinetics Holding (HKHC) recorded an outflow of $43.4M in free cash flow during fiscal year 2025. This represents a -468.0% 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.
Horizon Kinetics Holding (HKHC) recorded an outflow of $43.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Horizon Kinetics Holding (HKHC) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.
Horizon Kinetics Holding (HKHC) invested $315K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Horizon Kinetics Holding (HKHC) had a liabilities-to-equity ratio of 4.89 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Horizon Kinetics Holding (HKHC) had a return on assets of 0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Horizon Kinetics Holding (HKHC) trades at 7.9x earnings, its market capitalization divided by $46.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $372.9M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Horizon Kinetics Holding (HKHC) trades at 5.2x sales, its market capitalization divided by $72.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $372.9M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Horizon Kinetics Holding (HKHC) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.