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 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).
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
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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Horizon Kinetics's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Horizon Kinetics has an operating margin of 15.2%, meaning the company retains $15 of operating profit per $100 of revenue. This below-average margin results in a low score of 19/100, suggesting thin profitability after operating expenses. This is up from -27.0% the prior year.
Horizon Kinetics's revenue surged 30.5% year-over-year to $72.8M, reflecting rapid business expansion. This strong growth earns a score of 74/100.
Horizon Kinetics has elevated debt relative to equity (D/E of 4.89), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 2/100, reflecting increased financial risk.
While Horizon Kinetics generated -$43.1M in operating cash flow, capex of $315K consumed most of it, leaving -$43.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Horizon Kinetics's ROE of 1.5% shows moderate profitability relative to equity, earning a score of 30/100. This is down from 27.2% the prior year.
Horizon Kinetics passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
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
Earnings & Revenue
Horizon Kinetics generated $72.8M in revenue in fiscal year 2025. This represents an increase of 30.5% from the prior year.
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.
Horizon Kinetics reported $5.1M in net income in fiscal year 2025. This represents a decrease of 94.5% from the prior year.
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
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.
Horizon Kinetics held $36.9M in cash against $0 in long-term debt as of fiscal year 2025.
Horizon Kinetics had 19M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
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.
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
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 | 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 | 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 | 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 | 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+6.1 | -0.98 |
| 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.
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 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 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.
How financially healthy is Horizon Kinetics?
Horizon Kinetics (HKHC) scores 38 out of 100 on our Financial Profile, indicating weak 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.