Grayscale Horizen Trust Financials

HZEN

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE September

This page shows Grayscale Horizen Trust (HZEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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 HZEN FY2025 2026-05-08

A debt-free trust structure makes results swing with asset-value changes and occasional share issuance.

In FY2025, shares outstanding rose 67.1% while net income was -$3.9M, so the larger asset base was not built by retained earnings. With liabilities still at $0, that combination points to new share issuance as the main funding source and means each holder’s claim depends on both asset values and dilution.

This is a fully equity-financed balance sheet: total liabilities were $0 in every year shown. That removes refinancing pressure, but it also means there is no debt buffer or amplifier, so changes in underlying asset values pass almost directly into equity and reported returns.

The earnings pattern looks like asset remeasurement rather than a steady operating engine: net income flipped from $36.0M to -$35.2M in back-to-back years, then only briefly returned near breakeven. Because the asset base stayed small, return on equity became extreme at -405.6%, showing how percentage returns can look dramatic even when the trust itself remains modest in dollars.

Financial Health Signals

Financial Profile 17/100

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 Grayscale Horizen Trust'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.

Leverage

100

Grayscale Horizen Trust carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Grayscale Horizen Trust generates a -51.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 2.0% the prior year.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$3.9M

YoY-4146.9%

Grayscale Horizen Trust reported -$3.9M in net income in fiscal year 2025. This represents a decrease of 4146.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

11M

YoY+67.1%

Grayscale Horizen Trust had 11M shares outstanding in fiscal year 2025. This represents an increase of 67.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-51.9%

YoY-53.9pp

Grayscale Horizen Trust's ROE was -51.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 53.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

HZEN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.9M-4146.9%	$96K+102.4%	-$4.0M+88.6%	-$35.2M-198.0%	$36.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$3.4M-382.1%	$1.2M	N/A	-$1.4M+92.2%	-$18.2M-218.5%	$15.4M	N/A	-$4.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HZEN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$7.5M+56.9%	$4.8M+2.1%	$4.7M-46.3%	$8.7M-80.2%	$43.9M
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$0	$0	$0	$0	$0
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$7.5M+56.9%	$4.8M+2.1%	$4.7M-46.3%	$8.7M-80.2%	$43.9M
Retained Earnings	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$5.3M-38.8%	$8.7M+15.9%	$7.5M+5.4%	$7.1M-15.6%	$8.4M-67.3%	$25.7M+439.4%	$4.8M+21.5%	$3.9M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$0	$0	$0	$0	$0	$0	$0	$0
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$5.3M-38.8%	$8.7M+15.9%	$7.5M+5.4%	$7.1M-15.6%	$8.4M-67.3%	$25.7M+439.4%	$4.8M+21.5%	$3.9M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HZEN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	-51.9%-53.9pp	2.0%+88.1pp	-86.1%+319.5pp	-405.6%-487.5pp	81.9%
Return on Assets	-51.9%-53.9pp	2.0%+88.1pp	-86.1%+319.5pp	-405.6%-487.5pp	81.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-63.3%-77.1pp	13.7%	N/A	-20.0%+196.8pp	-216.8%-276.6pp	59.8%	N/A	-124.4%
Return on Assets	-63.3%-77.1pp	13.7%	N/A	-20.0%+196.8pp	-216.8%-276.6pp	59.8%	N/A	-124.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Grayscale Horizen Trust profitable?

No, Grayscale Horizen Trust (HZEN) reported a net income of -$3.9M in fiscal year 2025.

What is Grayscale Horizen Trust's return on equity (ROE)?

Grayscale Horizen Trust (HZEN) has a return on equity of -51.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What are Grayscale Horizen Trust's total assets?

Grayscale Horizen Trust (HZEN) had $7.5M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Grayscale Horizen Trust have outstanding?

Grayscale Horizen Trust (HZEN) had 11M shares outstanding as of fiscal year 2025.

What is Grayscale Horizen Trust's debt-to-equity ratio?

Grayscale Horizen Trust (HZEN) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Grayscale Horizen Trust's return on assets (ROA)?

Grayscale Horizen Trust (HZEN) had a return on assets of -51.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How financially healthy is Grayscale Horizen Trust?

Grayscale Horizen Trust (HZEN) scores 17 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.