A Business at a Glance
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Horizon Kinetics Holding Corp
HKHC
$531M
Mkt Cap
$28.00
+0.00%
Horizon Kinetics Holding Corp (HKHC) has a current P/E ratio of 5.5, compared to its historical median P/E of 8.2. The stock is currently considered Fair based on its historical valuation range.
Horizon Kinetics Holding Corp (HKHC) has a 5-year average return on invested capital (ROIC) of -19.0%. This is below average and may indicate limited pricing power.
Horizon Kinetics Holding Corp (HKHC) has a market capitalization of $531M. It is classified as a small-cap stock.
Yes, Horizon Kinetics Holding Corp (HKHC) pays a dividend with a trailing twelve-month yield of 1.19%.
Based on historical P/E analysis, Horizon Kinetics Holding Corp (HKHC) appears fair. The current P/E of 5.5 is 33% below its historical median of 8.2. The estimated fair value CAGR (P/E method) is 67.3%.
Horizon Kinetics Holding Corp (HKHC) operates in the Investment Advice industry, within the Financials sector.
Horizon Kinetics Holding Corp (HKHC) reported annual revenue of $73 million in its most recent fiscal year, based on SEC EDGAR filings.
Horizon Kinetics Holding Corporation (“Horizon Kinetics” or the “Company”), through its wholly-owned registered investment advisor, Horizon Kinetics Asset Management LLC, is an investment advisory and independent research firm. Horizon Kinetics is a fundamental value, contrarian-oriented investment advisor. It was founded on the belief that a short-term investment approach, widely adopted with the modernization of financial markets, ultimately produces sub-optimal returns. Horizon Kinetics believes that investors are better served not by taking more risk, but by extending their investment time horizon, which affords far wider ranges of opportunity and valuation than are available to time-constrained investors. Horizon Kinetics offers investment strategies through third-party investment products, including mutual funds, third-party exchange-traded funds (“ETFs”), institutional and retail separate accounts and other private funds and investment vehicles.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 73M | 73M | 56M | 47M | - | 30M |
| Net Income | 5.1M | 5.1M | 92M | -4.5M | -8.9M | -11M |
| EPS | $0.27 | $0.27 | $5.07 | $-0.25 | $-0.70 | $-0.88 |
| Free Cash Flow | -43M | -43M | 12M | 25M | -2.0M | -791K |
| ROIC | 2.2% | 1.5% | 33.7% | -2.1% | -73.0% | -54.9% |
| Gross Margin | - | - | - | 3.1% | - | 42.1% |
| Debt/Equity | 0.00 | 0.29 | 0.43 | 0.00 | 2.44 | 0.25 |
| Dividends/Share | $0.33 | $0.33 | $0.05 | - | - | - |
| Operating Income | 11M | 11M | -15M | -1.8M | -9.9M | -6.5M |
| Operating Margin | 15.2% | 15.2% | -27.0% | -3.8% | - | -21.9% |
| ROE | 1.5% | 1.5% | 33.7% | -2.1% | -123.3% | -65.2% |
| Shares Outstanding | 19M | 19M | 18M | 18M | 13M | 13M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 24M | 29M | 35M | 42M | 37M | 28M | 29M | 30M | N/A | 47M | 56M | 73M | 73M |
| Gross Margin | 43.8% | 42.4% | 43.1% | 45.9% | 43.7% | 38.0% | 40.2% | 42.1% | N/A | 3.1% | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.9M | 3.3M | 4.6M | 4.3M | 4.5M | 4.5M | 4.7M | 4.6M | 3.1M | 1.7M | 2.3M | 2.7M | 2.7M |
| EBIT | 2.1M | 2.3M | 3.2M | 7.6M | 2.9M | -1.4M | -2.4M | -6.5M | -9.9M | -1.8M | -15M | 11M | 11M |
| Op. Margin | 8.7% | 7.8% | 9.1% | 18.1% | 7.9% | -4.7% | -8.4% | -21.9% | N/A | -3.8% | -27.0% | 15.2% | 15.2% |
| Net Income | 2.1M | 4.8M | 1.9M | 4.7M | 2.2M | -657K | -1.6M | -11M | -8.9M | -4.5M | 92M | 5.1M | 5.1M |
| Net Margin | 8.6% | 16.4% | 5.3% | 11.1% | 6.0% | -2.3% | -5.4% | -37.3% | N/A | -9.5% | 165.7% | 7.0% | 7.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 452K | 107K | 1.4M | 1.7M | 1.5M | 0 | 900K | 900K |
| Returns on Capital | |||||||||||||
| ROIC | 64.4% | 41.2% | 11.8% | 24.0% | 9.5% | -2.7% | -6.1% | -54.9% | -73.0% | -2.1% | 33.7% | 1.5% | 2.2% |
| ROE | 26.1% | 41.2% | 12.2% | 24.9% | 9.8% | -2.8% | -6.7% | -65.2% | -123.3% | -2.1% | 33.7% | 1.5% | 1.5% |
| ROA | 22.3% | 36.0% | 9.8% | 19.8% | 8.6% | -2.5% | -5.2% | -40.8% | -56.0% | -0.8% | 5.9% | 0.3% | 0.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.8M | 1.4M | 1.5M | 4.0M | 3.1M | 679K | 3.6M | -322K | -1.8M | 25M | 12M | -43M | -43M |
| Free Cash Flow | 2.7M | 1.2M | 1.2M | 3.5M | 2.9M | 578K | 3.6M | -791K | -2.0M | 25M | 12M | -43M | -43M |
| Owner Earnings | 2.5M | 1.1M | 802K | 3.0M | 2.0M | -266K | 1.8M | -2.3M | -2.6M | 24M | -28M | -76M | -76M |
| CapEx | 57K | 190K | 284K | 484K | 222K | 101K | 17K | 469K | 142K | 95K | 47K | 315K | 315K |
| Maint. CapEx | 174K | 161K | 458K | 800K | 818K | 796K | 1.4M | 1.8M | 622K | 1.8M | 1.9M | 1.1M | 1.1M |
| Growth CapEx | 0 | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 174K | 161K | 458K | 800K | 818K | 796K | 1.4M | 1.8M | 622K | 1.8M | 1.9M | 1.1M | 1.1M |
| CapEx/OCF | 2.0% | 13.4% | 18.8% | 12.1% | 7.2% | 14.9% | 0.5% | N/A | N/A | 0.4% | 0.4% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 988K | 6.3M | 6.3M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | N/A | 1.2% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 67K | 162K | 249K | 242K | 227K | 149K | 332K | 110K | 130K | 65K | 38M | 32M | 32M |
| Debt Repayment | 0 | 0 | 400K | 800K | 1.2M | 0 | 417K | 1.6M | 2.0M | 1.3M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -5.9M | -7.2M | 590K | -3.0M | -5.0M | N/A | 5.5M | 1.6M | -52M | -10M | N/A | N/A | -37M |
| Cash & Equiv. | 5.9M | 7.2M | 2.1M | 4.1M | 6.2M | 1.1M | 5K | 1.3M | 59M | 10M | 14M | 37M | 37M |
| Long-Term Debt | 0 | 0 | 1.1M | 362K | 1.2M | N/A | 4.5M | 1.9M | 3.5M | 250K | N/A | N/A | N/A |
| Debt/Equity | 0.00 | 0.00 | 0.17 | 0.05 | 0.05 | 0.10 | 0.25 | 0.25 | 2.44 | 0.00 | 0.43 | 0.29 | 0.00 |
| Interest Coverage | 72.4 | 77.7 | 25.8 | 56.1 | 35.5 | -61.4 | -11.3 | -19.1 | -70.3 | -12.3 | N/A | N/A | N/A |
| Equity | 9.1M | 14M | 16M | 21M | 24M | 24M | 22M | 12M | 2.8M | 209M | 340M | 339M | 339M |
| Total Assets | 10M | 16M | 22M | 25M | 26M | 26M | 34M | 21M | 11M | 1.1B | 2.0B | 2.0B | 2.0B |
| Total Liabilities | 1.3M | 2.0M | 5.6M | 4.1M | 2.4M | 2.5M | 11M | 9.3M | 7.9M | 29M | 148M | 97M | 97M |
| Intangibles | N/A | 0 | 6.8M | 6.1M | 5.5M | 8.7M | 10.0M | 4.8M | 793K | 44M | 42M | 41M | 41M |
| Retained Earnings | 2.2M | 7.0M | 8.9M | 14M | 16M | 15M | 14M | 2.5M | -6.4M | 207M | 299M | 298M | 298M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.18 | 0.40 | 0.15 | 0.38 | 0.18 | -0.05 | -0.12 | -0.88 | -0.70 | -0.25 | 5.07 | 0.27 | 0.27 |
| Owner EPS | 0.22 | 0.09 | 0.06 | 0.24 | 0.17 | -0.02 | 0.14 | -0.18 | -0.21 | 1.31 | -1.52 | -4.02 | -4.02 |
| Book Value | 0.78 | 1.18 | 1.31 | 1.73 | 1.95 | 1.80 | 1.74 | 0.92 | 0.22 | 11.64 | 18.65 | 17.88 | 17.88 |
| Cash Flow/Share | 0.24 | 0.12 | 0.12 | 0.33 | 0.25 | 0.05 | 0.28 | -0.03 | -0.15 | 1.42 | 0.65 | -2.27 | 0.33 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.05 | 0.33 | 0.33 |
| Shares Out. | 11.6M | 11.9M | 12.4M | 12.3M | 12.4M | 13.1M | 12.9M | 12.6M | 12.6M | 18.0M | 18.2M | 19.0M | 19.0M |
| Valuation | |||||||||||||
| P/E Ratio | 5.1 | 3.4 | 9.3 | 7.1 | 13.7 | N/A | N/A | N/A | N/A | N/A | 6.1 | N/A | 103.7 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 285.5 | 48.2 | N/A | N/A |
| EV/EBIT | N/A | 4.0 | 5.3 | 3.9 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 44.6 |
| Price/Book | 1.2 | 1.1 | 1.1 | 1.6 | 1.3 | 1.0 | 0.9 | 1.2 | 0.9 | 34.7 | 1.7 | N/A | 1.6 |
| Price/Sales | 0.3 | 0.5 | 0.5 | 0.6 | 0.9 | 0.8 | 0.7 | 1.0 | N/A | 46.0 | 61.8 | N/A | 7.3 |
| FCF Yield | 25.5% | 7.6% | 7.1% | 10.7% | 9.4% | 2.5% | 18.2% | -5.8% | -75.9% | 0.4% | 2.1% | N/A | -8.2% |
| Market Cap | 11M | 16M | 17M | 33M | 31M | 23M | 20M | 14M | 2.6M | 7.2B | 569M | 0 | 531M |
| Avg. Price | 283.23 | 459.32 | 524.56 | 843.64 | 1,070.48 | 729.82 | 671.96 | 935.63 | 290.80 | 121.12 | 193.80 | 0.00 | 28.00 |
| Year-End Price | 367.65 | 541.59 | 557.40 | 1,075.27 | 988.30 | 711.57 | 656.23 | 434.85 | 83.02 | 403.23 | 31.17 | 0.00 | 28.00 |
Horizon Kinetics Holding Corp passes 1 of 9 quality checks, indicating weak fundamentals.
Horizon Kinetics Holding Corp trades at 5.5x trailing earnings, compared to its 15-year median P/E of 8.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 43.3x vs a median of 48.2x. The company's 5-year average gross margin is 22.6%. Total shareholder yield (dividends) is 1.2%. At current prices, the estimated annualized return to fair value is -8.3%.
Horizon Kinetics Holding Corp (HKHC) has a net profit margin of 7.0%. This is a modest margin.
Horizon Kinetics Holding Corp (HKHC) generated $-43 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Horizon Kinetics Holding Corp (HKHC) has a debt-to-equity ratio of 0.29. This indicates a conservatively financed balance sheet.
Horizon Kinetics Holding Corp (HKHC) reported earnings per share (EPS) of $0.27 in its most recent fiscal year.
Horizon Kinetics Holding Corp (HKHC) has a return on equity (ROE) of 1.5%. This indicates moderate shareholder returns.
Horizon Kinetics Holding Corp (HKHC) has a 5-year average gross margin of 22.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for Horizon Kinetics Holding Corp (HKHC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Horizon Kinetics Holding Corp (HKHC) has a book value per share of $17.88, based on its most recent annual SEC filing.
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