What is Horizon Kinetics's earnings per share (EPS)?

Horizon Kinetics (HKHC) reported diluted earnings per share of $0.27 for fiscal year 2025. This represents a -94.7% 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.

Horizon Kinetics Financials

HKHC

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Horizon Kinetics (HKHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Rhea AI HKHC FY2025 2026-05-15

Balance-sheet scale, not sales volume, defines this business; high leverage leaves asset returns tiny even after profitability returns.

FY2025 shows a profit-to-cash reversal: operating income moved from -$15.1M in FY2024 to $11.1M, indicating the income statement looked much healthier. But operating cash flow moved the opposite way, from $11.8M to -$43.1M, so the higher cash balance was supplied by financing inflows rather than operating self-funding, which is the more revealing signal here.

With total assets near $2.0B and revenue only $72.8M, this is a low-turnover balance sheet rather than a high-sales operating model, so sales growth alone will not explain performance. That makes revenue growth helpful but not decisive, because FY2025 net income of $5.1M still translated into ROA of just 0.3%, showing how thin the return is relative to the capital employed.

Leverage stayed structurally elevated, with debt-to-equity near 4.9x in FY2025 and 5.0x in FY2024, so a relatively small equity base supports a much larger liability stack. In that setup, the operating swing into the black matters less than in a lightly financed business, because capital structure and funding needs can dominate what ultimately accrues to shareholders.

Financial Health Signals

Financial health score pending refresh

We are recalculating Horizon Kinetics's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

Horizon Kinetics 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, both operating efficiency signals pass.

Earnings Quality Low Quality

-8.41x

For every $1 of reported earnings, Horizon Kinetics generates $-8.41 in operating cash flow (-$43.1M OCF vs $5.1M 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

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Earnings & Revenue

Revenue

$72.8M

YoY+30.5%

5Y CAGR+20.3%

10Y CAGR+9.6%

Horizon Kinetics generated $72.8M in revenue in fiscal year 2025. This represents an increase of 30.5% from the prior year.

EBITDA

$12.2M

YoY+192.8%

10Y CAGR+17.5%

Horizon Kinetics's EBITDA was $12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 192.8% from the prior year.

Net Income

$5.1M

YoY-94.5%

10Y CAGR+0.7%

Horizon Kinetics reported $5.1M in net income in fiscal year 2025. This represents a decrease of 94.5% from the prior year.

EPS (Diluted)

$0.27

YoY-94.7%

10Y CAGR-3.9%

Horizon Kinetics earned $0.27 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 94.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$43.4M

YoY-468.0%

Horizon Kinetics generated -$43.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 468.0% from the prior year.

Cash & Debt

$36.9M

YoY+155.3%

5Y CAGR+493.7%

10Y CAGR+17.8%

Horizon Kinetics held $36.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

19M

YoY+0.0%

5Y CAGR+8.1%

10Y CAGR+4.8%

Horizon Kinetics had 19M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

15.2%

YoY+42.2pp

5Y CAGR+23.6pp

10Y CAGR+7.4pp

Horizon Kinetics's operating margin was 15.2% in fiscal year 2025, reflecting core business profitability. This is up 42.2 percentage points from the prior year.

Net Margin

7.0%

YoY-158.7pp

5Y CAGR+12.4pp

10Y CAGR-9.3pp

Horizon Kinetics's net profit margin was 7.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 158.7 percentage points from the prior year.

Return on Equity

1.5%

YoY-25.7pp

5Y CAGR+8.4pp

10Y CAGR-32.4pp

Horizon Kinetics's ROE was 1.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$315K

YoY+570.2%

5Y CAGR+79.3%

10Y CAGR+5.2%

Horizon Kinetics invested $315K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 570.2% from the prior year.

HKHC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$72.8M+30.5%	$55.8M+18.1%	$47.3M+1486.0%	$3.0M-90.0%	$29.7M+2.7%	$29.0M
Cost of Revenue	N/A	N/A	$2.0M+21.7%	$1.6M-90.7%	$17.2M-0.6%	$17.3M
Gross Profit	N/A	N/A	$1.4M+5.4%	$1.4M-89.0%	$12.5M+7.6%	$11.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.7M+18.2%	$2.3M+39.4%	$1.7M-45.6%	$3.1M-33.7%	$4.6M-2.4%	$4.7M
Operating Income	$11.1M+173.6%	-$15.1M-745.1%	-$1.8M+82.0%	-$9.9M-51.9%	-$6.5M-168.0%	-$2.4M
Interest Expense	N/A	N/A	$145K+2.8%	$141K-58.7%	$341K+57.9%	$216K
Income Tax	-$23.2M-122.2%	$104.4M+85658.2%	-$122K-293.7%	$63K-94.2%	$1.1M+252.6%	-$707K
Net Income	$5.1M-94.5%	$92.5M+2158.6%	-$4.5M+49.2%	-$8.9M+20.2%	-$11.1M-615.1%	-$1.6M
EPS (Diluted)	$0.27-94.7%	$5.07+2128.0%	$-0.25+64.3%	$-0.70+20.5%	$-0.88-633.3%	$-0.12

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$18.3M+13.1%	$16.2M-9.6%	$17.9M-9.5%	$19.8M+3.9%	$19.0M-0.8%	$19.2M+46.8%	$13.1M+14.1%	$11.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$376K
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$342K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$723K+8.9%	$664K-13.3%	$766K+253.0%	$217K-80.2%	$1.1M+64.9%	$664K+12.5%	$590K+17.8%	$501K
Operating Income	-$4.3M-210.8%	$3.9M+32.6%	$2.9M+17.7%	$2.5M+45.8%	$1.7M+112.8%	-$13.4M-1353.6%	-$922K-38.6%	-$665K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$30.1M+257.4%	-$19.1M-84.5%	-$10.4M-154.0%	-$4.1M-139.4%	$10.4M-69.1%	$33.6M-51.5%	$69.3M+29513.7%	$234K
Net Income	$72.5M+601.3%	-$14.5M-300.0%	$7.2M+169.0%	-$10.5M-145.9%	$22.8M-69.9%	$75.8M+298.5%	-$38.2M-371.9%	$14.0M
EPS (Diluted)	$3.89	N/A	$0.39+169.6%	$-0.56-145.5%	$1.23	N/A	$-2.07-365.4%	$0.78

HKHC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.0B-1.5%	$2.0B+81.7%	$1.1B+10301.8%	$10.7M-48.6%	$20.9M-37.8%	$33.6M
Current Assets	N/A	N/A	$5.0M-33.1%	$7.4M-29.4%	$10.5M+7.5%	$9.7M
Cash & Equivalents	$36.9M+155.3%	$14.4M+37.9%	$10.5M+21281.6%	$49K-96.1%	$1.3M+25300.0%	$5K
Inventory	N/A	N/A	$365K-52.9%	$775K-84.3%	$4.9M+23.8%	$4.0M
Accounts Receivable	$6.6M-21.2%	$8.3M+2617.9%	$307K-82.3%	$1.7M-50.8%	$3.5M-22.1%	$4.5M
Goodwill	$23.4M0.0%	$23.4M+21.3%	$19.3M	$0-100.0%	$1.7M-44.2%	$3.1M
Total Liabilities	$1.7B-1.8%	$1.7B+86.1%	$907.1M+526.9%	-$212.5M-2377.8%	$9.3M-15.9%	$11.1M
Current Liabilities	N/A	N/A	$854K-84.1%	$5.4M+15.7%	$4.6M+36.2%	$3.4M
Long-Term Debt	N/A	N/A	N/A	$3.5M+86.8%	$1.9M-58.5%	$4.5M
Total Equity	$339.0M-0.4%	$340.2M+62.7%	$209.1M-6.3%	$223.2M+1834.0%	$11.5M-48.6%	$22.5M
Retained Earnings	$297.8M-0.4%	$299.1M+44.3%	$207.3M+3353.1%	-$6.4M-357.0%	$2.5M-81.7%	$13.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.2B+11.9%	$2.0B-8.5%	$2.2B+6.0%	$2.1B-0.7%	$2.1B+2.2%	$2.0B+24.9%	$1.6B+30842.6%	$5.2M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$3.9M
Cash & Equivalents	$36.7M-0.4%	$36.9M-2.2%	$37.7M-2.9%	$38.9M+11.4%	$34.9M+141.4%	$14.4M-20.1%	$18.1M+519.7%	$2.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$8.2M+24.9%	$6.6M-3.5%	$6.8M-6.8%	$7.3M-2.6%	$7.5M-10.0%	$8.3M+58.8%	$5.3M+1921.2%	$260K
Goodwill	$23.4M0.0%	$23.4M0.0%	$23.4M-0.6%	$23.5M-3.7%	$24.4M+4.5%	$23.4M-4.3%	$24.4M+374.2%	$5.2M
Total Liabilities	$1.8B+10.1%	$1.7B-9.3%	$1.8B+6.9%	$1.7B-0.1%	$1.7B+1.4%	$1.7B+24.2%	$1.4B+624.6%	-$259.0M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$799K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$409.2M+20.7%	$339.0M-4.6%	$355.4M+1.7%	$349.5M-3.2%	$361.0M+6.1%	$340.2M+28.2%	$265.4M+0.4%	$264.3M
Retained Earnings	$368.1M+23.6%	$297.8M-5.2%	$314.3M+1.9%	$308.4M-3.6%	$319.9M+7.0%	$299.1M+33.3%	$224.3M+3334.7%	-$6.9M

HKHC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$43.1M-463.9%	$11.8M-53.5%	$25.5M+1477.8%	-$1.8M-474.2%	-$322K-109.0%	$3.6M
Capital Expenditures	$315K+570.2%	$47K-50.5%	$95K	N/A	N/A	$17K
Free Cash Flow	-$43.4M-468.0%	$11.8M-53.6%	$25.4M	N/A	N/A	$3.6M
Investing Cash Flow	$25.2M+1078.2%	$2.1M+173.8%	$782K+131.4%	$338K-92.3%	$4.4M+143.4%	-$10.1M
Financing Cash Flow	$41.5M+267.1%	-$24.8M-61.2%	-$15.4M-5407.9%	$290K+110.4%	-$2.8M-151.5%	$5.4M
Dividends Paid	$6.3M+541.3%	$988K-89.7%	$9.6M	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$6.8M-142.4%	-$2.8M+84.4%	-$17.9M-128.8%	-$7.8M+45.8%	-$14.5M-162.9%	$23.0M+449.0%	$4.2M+112.2%	-$34.3M
Capital Expenditures	$599K	N/A	N/A	N/A	$0-100.0%	$4K	N/A	N/A
Free Cash Flow	-$7.4M	N/A	N/A	N/A	-$14.5M-162.9%	$23.0M	N/A	N/A
Investing Cash Flow	-$338K-111.0%	$3.1M+286.2%	-$1.7M-417.5%	-$320K-101.3%	$24.1M+5569.2%	-$441K-116.3%	$2.7M+6236.4%	-$44K
Financing Cash Flow	$3.3M-83.4%	$20.0M+117.6%	$9.2M-43.3%	$16.2M+506.7%	-$4.0M+69.4%	-$13.0M-3297.1%	$407K+116.5%	-$2.5M
Dividends Paid	$2.3M+14.2%	$2.0M+49.3%	$1.3M+26.7%	$1.0M-47.6%	$2.0M	N/A	N/A	$2.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HKHC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	3.1%-43.0pp	46.1%+3.9pp	42.1%+1.9pp	40.2%
Operating Margin	15.2%+42.2pp	-27.0%-23.2pp	-3.8%+328.9pp	-332.7%-310.7pp	-21.9%-13.5pp	-8.4%
Net Margin	7.0%-158.7pp	165.7%+175.2pp	-9.5%+287.5pp	-297.0%-259.7pp	-37.3%-31.9pp	-5.4%
Return on Equity	1.5%-25.7pp	27.2%+29.3pp	-2.1%+1.8pp	-4.0%+92.1pp	-96.1%-89.2pp	-6.9%
Return on Assets	0.3%-4.3pp	4.6%+5.0pp	-0.4%+82.1pp	-82.5%-29.3pp	-53.1%-48.5pp	-4.6%
Current Ratio	N/A	N/A	5.80+4.4	1.38-0.9	2.26-0.6	2.86
Debt-to-Equity	4.89-0.1	4.96+0.6	4.34+4.3	0.02-0.1	0.16-0.0	0.20
FCF Margin	-59.6%-80.7pp	21.1%-32.6pp	53.7%	N/A	N/A	12.3%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	3.0%
Operating Margin	-23.7%-47.9pp	24.2%+7.7pp	16.5%+3.8pp	12.7%+3.6pp	9.0%+78.9pp	-69.9%-62.8pp	-7.1%-1.2pp	-5.8%
Net Margin	396.5%+486.0pp	-89.5%-129.9pp	40.4%+93.5pp	-53.1%-173.2pp	120.1%-275.0pp	395.1%+687.4pp	-292.3%-415.0pp	122.7%
Return on Equity	17.7%+22.0pp	-4.3%-6.3pp	2.0%+5.0pp	-3.0%-9.3pp	6.3%-15.9pp	22.3%+36.7pp	-14.4%-19.7pp	5.3%
Return on Assets	3.3%+4.0pp	-0.7%-1.0pp	0.3%+0.8pp	-0.5%-1.6pp	1.1%-2.6pp	3.7%+6.1pp	-2.4%-269.8pp	267.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	4.92
Debt-to-Equity	4.46-0.4	4.89-0.3	5.14+0.3	4.89+0.2	4.74-0.2	4.96-0.2	5.12	N/A
FCF Margin	-40.3%	N/A	N/A	N/A	-76.1%-196.1pp	120.0%	N/A	N/A

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Frequently Asked Questions

What is Horizon Kinetics's annual revenue?

Horizon Kinetics (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.

How fast is Horizon Kinetics's revenue growing?

Horizon Kinetics (HKHC) revenue grew by 30.5% year-over-year, from $55.8M to $72.8M in fiscal year 2025.

Is Horizon Kinetics profitable?

Yes, Horizon Kinetics (HKHC) reported a net income of $5.1M in fiscal year 2025, with a net profit margin of 7.0%.

What is Horizon Kinetics's EBITDA?

Horizon Kinetics (HKHC) had EBITDA of $12.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Horizon Kinetics's operating margin?

Horizon Kinetics (HKHC) had an operating margin of 15.2% in fiscal year 2025, 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 7.0% in fiscal year 2025, 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 1.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Horizon Kinetics's free cash flow?

Horizon Kinetics (HKHC) generated -$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.

What is Horizon Kinetics's operating cash flow?

Horizon Kinetics (HKHC) generated -$43.1M in operating cash flow during fiscal year 2025, 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 2025, including both current and long-term assets.

What are Horizon Kinetics's capital expenditures?

Horizon Kinetics (HKHC) invested $315K in capital expenditures during fiscal year 2025, 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 2025.

What is Horizon Kinetics's debt-to-equity ratio?

Horizon Kinetics (HKHC) had a debt-to-equity ratio of 4.89 as of fiscal year 2025, 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 0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Horizon Kinetics's cash runway?

Based on fiscal year 2025 data, Horizon Kinetics (HKHC) had $36.9M in cash against an annual operating cash burn of $43.1M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Horizon Kinetics's Piotroski F-Score?

Horizon Kinetics (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.

Are Horizon Kinetics's earnings high quality?

Horizon Kinetics (HKHC) has an earnings quality ratio of -8.41x, 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.