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Horizon Technology Finance

Nasdaq:HRZN
Snowflake Description

Good value with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HRZN
Nasdaq
$119M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Horizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments. The last earnings update was 33 days ago. More info.


Add to Portfolio Compare Print
  • Horizon Technology Finance is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Horizon Technology Finance has significant price volatility in the past 3 months.
HRZN Share Price and Events
7 Day Returns
-24.8%
NasdaqGS:HRZN
-1.1%
US Capital Markets
-2.8%
US Market
1 Year Returns
-40.5%
NasdaqGS:HRZN
-14.5%
US Capital Markets
-15.9%
US Market
HRZN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Horizon Technology Finance (HRZN) -24.8% -43.4% -45.8% -40.5% -36.7% -49.2%
US Capital Markets -1.1% -17.6% -24.9% -14.5% 0.6% 18.4%
US Market -2.8% -18.8% -24% -15.9% 2.8% 13.3%
1 Year Return vs Industry and Market
  • HRZN underperformed the Capital Markets industry which returned -14.5% over the past year.
  • HRZN underperformed the Market in United States of America which returned -15.9% over the past year.
Price Volatility
HRZN
Industry
5yr Volatility vs Market
Related Companies

HRZN Value

 Is Horizon Technology Finance undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Horizon Technology Finance to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Horizon Technology Finance.

NasdaqGS:HRZN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $11.12 * 7.9%
$0.87
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $11.12
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:HRZN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.743 (1 + (1- 21%) (127.93%))
1.123
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.123 * 5.44%)
7.85%

Discounted Cash Flow Calculation for NasdaqGS:HRZN using Excess Returns Model Model

The calculations below outline how an intrinsic value for Horizon Technology Finance is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:HRZN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.9% – 7.85%) * $11.12)
$0.00
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.00 / (7.85% - 1.74%)
$0.00
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $11.12 + $0.00
$11.12
NasdaqGS:HRZN Discount to Share Price
Calculation Result
Value per share (USD) From above. $11.12
Current discount Discount to share price of $7.09
= -1 x ($7.09 - $11.12) / $11.12
36.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Horizon Technology Finance is available for.
Intrinsic value
36%
Share price is $7.09 vs Future cash flow value of $11.12
Current Discount Checks
For Horizon Technology Finance to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Horizon Technology Finance's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Horizon Technology Finance's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Horizon Technology Finance's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Horizon Technology Finance's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:HRZN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $1.45
NasdaqGS:HRZN Share Price ** NasdaqGS (2020-04-03) in USD $7.09
United States of America Capital Markets Industry PE Ratio Median Figure of 92 Publicly-Listed Capital Markets Companies 33.66x
United States of America Market PE Ratio Median Figure of 2,947 Publicly-Listed Companies 12.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Horizon Technology Finance.

NasdaqGS:HRZN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:HRZN Share Price ÷ EPS (both in USD)

= 7.09 ÷ 1.45

4.9x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Horizon Technology Finance is good value based on earnings compared to the US Capital Markets industry average.
  • Horizon Technology Finance is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Horizon Technology Finance's expected growth come at a high price?
Raw Data
NasdaqGS:HRZN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.9x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
4.4%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 2.03x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.88x

*Line of best fit is calculated by linear regression .

NasdaqGS:HRZN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.9x ÷ 4.4%

1.13x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Horizon Technology Finance is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Horizon Technology Finance's assets?
Raw Data
NasdaqGS:HRZN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $11.83
NasdaqGS:HRZN Share Price * NasdaqGS (2020-04-03) in USD $7.09
United States of America Capital Markets Industry PB Ratio Median Figure of 182 Publicly-Listed Capital Markets Companies 7.67x
United States of America Market PB Ratio Median Figure of 5,146 Publicly-Listed Companies 1.2x
NasdaqGS:HRZN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:HRZN Share Price ÷ Book Value per Share (both in USD)

= 7.09 ÷ 11.83

0.6x

* Primary Listing of Horizon Technology Finance.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Horizon Technology Finance is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Horizon Technology Finance's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Horizon Technology Finance has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

HRZN Future Performance

 How is Horizon Technology Finance expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Horizon Technology Finance expected to grow at an attractive rate?
  • Horizon Technology Finance's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • Horizon Technology Finance's earnings growth is positive but not above the United States of America market average.
  • Horizon Technology Finance's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:HRZN Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:HRZN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 4.4%
NasdaqGS:HRZN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 5.5%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.3%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:HRZN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:HRZN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 48 21 4
2020-12-31 46 16 5
2020-04-05
NasdaqGS:HRZN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 43 -51 19
2019-09-30 39 -45 16
2019-06-30 35 -33 15
2019-03-31 32 -40 13
2018-12-31 31 -12 13
2018-09-30 28 -50 12
2018-06-30 27 -35 11
2018-03-31 26 -22 9
2017-12-31 26 -15 10
2017-09-30 27 43 7
2017-06-30 27 56 -2
2017-03-31 31 66 -3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Horizon Technology Finance's earnings are expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
  • Horizon Technology Finance's revenue is expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:HRZN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Horizon Technology Finance Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:HRZN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.28 1.37 1.11 5.00
2020-12-31 0.97 1.45 -0.14 6.00
2020-04-05
NasdaqGS:HRZN Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 1.45
2019-09-30 1.26
2019-06-30 1.11
2019-03-31 0.99
2018-12-31 1.13
2018-09-30 1.07
2018-06-30 0.93
2018-03-31 0.74
2017-12-31 0.83
2017-09-30 0.56
2017-06-30 -0.16
2017-03-31 -0.23

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Horizon Technology Finance is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Horizon Technology Finance's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Horizon Technology Finance has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

HRZN Past Performance

  How has Horizon Technology Finance performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Horizon Technology Finance's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Horizon Technology Finance's year on year earnings growth rate has been positive over the past 5 years.
  • Horizon Technology Finance's 1-year earnings growth exceeds its 5-year average (49.9% vs 9%)
  • Horizon Technology Finance's earnings growth has exceeded the US Capital Markets industry average in the past year (49.9% vs 9.7%).
Earnings and Revenue History
Horizon Technology Finance's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Horizon Technology Finance Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:HRZN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 43.13 19.50 14.09
2019-09-30 38.96 15.99 12.98
2019-06-30 35.38 15.04 12.14
2019-03-31 32.22 13.43 11.37
2018-12-31 31.09 13.01 10.83
2018-09-30 28.45 12.29 9.90
2018-06-30 27.42 10.74 9.02
2018-03-31 25.99 8.54 8.49
2017-12-31 25.78 9.59 8.29
2017-09-30 26.60 6.51 7.87
2017-06-30 27.44 -1.85 7.89
2017-03-31 30.65 -2.66 9.01
2016-12-31 32.98 -4.91 10.09
2016-09-30 34.56 -1.60 11.38
2016-06-30 35.38 7.59 12.45
2016-03-31 33.14 9.41 12.00
2015-12-31 31.11 11.86 11.36
2015-09-30 29.83 12.23 11.03
2015-06-30 29.15 13.46 11.09
2015-03-31 30.99 14.15 11.46
2014-12-31 31.25 15.43 11.67
2014-09-30 32.75 7.81 12.05
2014-06-30 33.72 6.94 12.01
2014-03-31 33.81 5.66 12.13
2013-12-31 33.64 3.51 12.01
2013-09-30 32.81 3.61 11.72
2013-06-30 30.71 3.37 11.33

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Horizon Technology Finance has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Horizon Technology Finance used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Horizon Technology Finance's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Horizon Technology Finance's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Horizon Technology Finance has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

HRZN Health

 How is Horizon Technology Finance's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Horizon Technology Finance's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Horizon Technology Finance is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Horizon Technology Finance's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Horizon Technology Finance's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Horizon Technology Finance Company Filings, last reported 3 months ago.

NasdaqGS:HRZN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 184.06 152.05 6.47
2019-09-30 168.14 149.92 16.96
2019-06-30 157.14 125.49 7.56
2019-03-31 156.42 131.92 22.16
2018-12-31 134.26 126.85 12.59
2018-09-30 134.46 112.28 5.91
2018-06-30 133.77 104.21 10.84
2018-03-31 134.26 94.14 16.13
2017-12-31 135.08 94.08 6.59
2017-09-30 136.00 64.10 22.33
2017-06-30 136.76 55.69 12.27
2017-03-31 139.44 85.64 43.64
2016-12-31 139.19 95.60 37.14
2016-09-30 143.67 95.55 26.17
2016-06-30 153.23 100.50 16.28
2016-03-31 157.22 109.15 17.26
2015-12-31 159.75 114.95 20.77
2015-09-30 162.25 104.30 12.56
2015-06-30 162.80 93.56 11.27
2015-03-31 165.01 74.34 29.83
2014-12-31 138.25 81.75 8.42
2014-09-30 138.43 87.90 15.19
2014-06-30 136.94 107.54 6.27
2014-03-31 137.78 119.41 13.99
2013-12-31 135.84 122.34 25.34
2013-09-30 143.38 133.00 2.44
2013-06-30 142.69 133.00 21.87
  • Horizon Technology Finance's level of debt (82.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (58.9% vs 82.6% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 3.5x coverage).
X
Financial health checks
We assess Horizon Technology Finance's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Horizon Technology Finance has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

HRZN Dividends

 What is Horizon Technology Finance's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
16.93%
Current annual income from Horizon Technology Finance dividends. Estimated to be 16.41% next year.
If you bought $2,000 of Horizon Technology Finance shares you are expected to receive $339 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Horizon Technology Finance's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (2.07%).
  • Horizon Technology Finance's dividend is above the markets top 25% of dividend payers in United States of America (5.82%).
Upcoming dividend payment

Purchase Horizon Technology Finance before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:HRZN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 2.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1936 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2.1%
United States of America Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:HRZN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.16 5.00
2020-12-31 1.17 6.00
2020-04-05
NasdaqGS:HRZN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-03-03 1.200 14.087
2019-07-30 1.200 9.711
2019-04-30 1.200 10.132
2019-03-05 1.200 9.848
2018-10-30 1.200 10.227
2018-05-01 1.200 11.195
2018-03-06 1.200 11.439
2017-08-01 1.200 10.981
2017-05-02 1.200 10.601
2017-03-07 1.200 10.876
2016-05-03 1.380 11.422
2016-03-08 1.380 11.918
2015-08-04 1.380 13.058
2015-03-10 1.380 10.454
2014-11-04 1.380 9.879
2014-08-05 1.380 9.863
2014-05-06 1.380 9.882
2014-03-11 1.380 10.652
2013-11-05 1.380 9.699
2013-08-06 1.380 10.232
2013-05-07 1.380 9.794
2013-03-12 1.380 9.626
2013-01-15 1.380 9.076
2012-11-06 1.800 12.232
2012-08-07 1.800 11.000
2012-05-07 1.800 11.025
2012-03-12 1.800 10.776
2011-11-08 1.800 11.169
2011-08-09 1.600 10.538
2011-05-10 1.320 8.426
2010-12-15 0.880 5.593

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Horizon Technology Finance has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Horizon Technology Finance only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Horizon Technology Finance's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Horizon Technology Finance's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Horizon Technology Finance afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Horizon Technology Finance has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

HRZN Management

 What is the CEO of Horizon Technology Finance's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rob Pomeroy
COMPENSATION $0
AGE 68
TENURE AS CEO 10.1 years
CEO Bio

Mr. Robert D. Pomeroy, Jr., also known as Rob, serves as the Managing Member, since May 2003; Chief Executive Officer since March 2010 and Chairman of Horizon Technology Finance Management, LLC. He served as the President of GATX Ventures, Inc. from July 2000 to April 2003 where he held full profit and loss responsibility including managing a staff of 39. Mr. Pomeroy co-founded Transamerica Technology Finance in September 1996 and served as its General Manager from September 1996 to July 2000. He served as an Executive Vice President at Transamerica Business Credit's Technology Finance division. From January 1989 to August 1996, Mr. Pomeroy served as Senior Vice President at Financing at Science International, Inc. He also served as the Senior Marketing Person at Financing for Science International, Inc. Mr. Pomeroy started his career with Crocker Bank in 1974 and has more than 40 years of diversified lending and leasing experience including more than 20 years in venture lending. He has successfully built technology finance businesses for three companies for 15 years. Mr. Pomeroy earned an M.B.A. and a B.S. from the University of California at Berkeley.

CEO Compensation
  • Insufficient data for Rob to compare compensation growth.
  • Insufficient data for Rob to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Horizon Technology Finance management team in years:

7.7
Average Tenure
58
Average Age
  • The average tenure for the Horizon Technology Finance management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rob Pomeroy

TITLE
Chairman & CEO
AGE
68
TENURE
10.1 yrs

Jerry Michaud

TITLE
President & Director
AGE
67
TENURE
10.1 yrs

Dan Trolio

TITLE
Senior VP
AGE
46
TENURE
3.6 yrs

Dan Devorsetz

TITLE
Senior VP & Chief Investment Officer
AGE
49

Leon Berman

TITLE
Investor Relations Contact

Jay Bombara

TITLE
Senior VP
AGE
55
TENURE
9.8 yrs

Megan Bacon

TITLE
Marketing Support Manager

Gary Moro

TITLE
VP & Senior Credit Officer
AGE
61
TENURE
2.3 yrs

Kevin Walsh

TITLE
Managing Director of Technology - West Coast
TENURE
2.3 yrs

Mike McDonald

TITLE
Managing Director of Technology – Mid-Atlantic
TENURE
7.7 yrs
Board of Directors Tenure

Average tenure and age of the Horizon Technology Finance board of directors in years:

9.8
Average Tenure
67
Average Age
  • The tenure for the Horizon Technology Finance board of directors is about average.
Board of Directors

Rob Pomeroy

TITLE
Chairman & CEO
AGE
68
TENURE
9.8 yrs

Jerry Michaud

TITLE
President & Director
AGE
67
TENURE
10.1 yrs

Ed Mahoney

TITLE
Lead Independent Director
COMPENSATION
$95K
AGE
68

Jim Bottiglieri

TITLE
Independent Director
COMPENSATION
$95K
AGE
63
TENURE
9.8 yrs

Elaine Sarsynski

TITLE
Independent Director
COMPENSATION
$85K
AGE
64
TENURE
7.8 yrs

Joe Savage

TITLE
Independent Director
COMPENSATION
$80K
AGE
67
TENURE
4.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Horizon Technology Finance individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
31. Mar 20 Buy Joseph Savage Individual 31. Mar 20 31. Mar 20 6,500 $8.43 $54,795
25. Mar 20 Buy Joseph Savage Individual 25. Mar 20 25. Mar 20 2,000 $8.91 $17,820
20. Mar 20 Buy Joseph Savage Individual 20. Mar 20 20. Mar 20 8,000 $7.57 $60,560
18. Mar 20 Buy Robert Pomeroy Individual 18. Mar 20 18. Mar 20 4,000 $5.98 $23,920
16. Mar 20 Buy Robert Pomeroy Individual 13. Mar 20 13. Mar 20 4,800 $10.75 $51,264
16. Mar 20 Buy Elaine Sarsynski Individual 12. Mar 20 12. Mar 20 2,000 $9.64 $19,280
12. Mar 20 Buy Daniel Trolio Individual 11. Mar 20 11. Mar 20 421 $11.83 $4,980
15. Aug 19 Buy Gerald Michaud Individual 14. Aug 19 14. Aug 19 3,500 $12.00 $42,000
07. Aug 19 Buy Robert Pomeroy Individual 07. Aug 19 07. Aug 19 5,575 $12.14 $67,655
13. May 19 Buy Robert Pomeroy Individual 13. May 19 13. May 19 5,055 $11.70 $59,144
13. May 19 Buy Gerald Michaud Individual 09. May 19 09. May 19 900 $11.65 $10,487
X
Management checks
We assess Horizon Technology Finance's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Horizon Technology Finance has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

HRZN News

Simply Wall St News

Is It The Right Time To Buy Horizon Technology Finance Corporation (HRZN)?

Check out our latest analysis for Horizon Technology Finance Is HRZN still cheap? … According to my valuation model, HRZN seems to be fairly priced at around 20% below my intrinsic value, which means if you buy HRZN today, you’d be paying a reasonable price for it. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at HRZN future expectations.

Simply Wall St -

HRZN Company Info

Description

Horizon Technology Finance Corporation is a business development company specializing in lending and and investing in development-stage investments. It focuses on making secured debt and venture lending investments to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. It seeks to invest in companies in the United States.

Details
Name: Horizon Technology Finance Corporation
HRZN
Exchange: NasdaqGS
Founded: 2008
$118,858,114
16,764,191
Website: http://www.horizontechfinance.com
Address: Horizon Technology Finance Corporation
312 Farmington Avenue,
Farmington,
Connecticut, 06032,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS HRZN Common Stock Nasdaq Global Select US USD 29. Oct 2010
Number of employees
Current staff
Staff numbers
0
Horizon Technology Finance employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 06:49
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/03/03
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.