Horizon Technology Finance Corporation Financial Ratios — HRZN

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	124.5	241.02	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	5.31	1.82	1.39	6.31	4.69	-1.89	4.05	5.19	6.38	1.69	6.03	3.3	-2.19	-0.69	-0.33
Return on Capital (%)	12.28	2.55	1.65	7.55	6.07	- -	5.74	11.56	20.42	5.38	16.9	7.44	- -	- -	- -
Return on Invested Capital (%)	5.49	5.36	5.76	5.68	5.71	- -	5.31	6.51	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	71.64	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	90.67	225.52	305.36	95.53	131.99	-1,301.31	140.36	128.05	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	90.67	225.52	305.36	95.53	131.99	-1,301.31	140.36	128.05	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	90.67	-41.64	-2,171.61	-15.29	-3.05	- -	-38.69	66.87	-298.06	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	76.69	57.67	52.9	76.05	79.22	284.25	77.52	87.54	92.66	63.74	84.72	82.07	159	-246.41	-22.14
Profit Margin (%)	74.39	54.51	49.51	75.27	79.22	279.31	77.32	87.32	91.54	61.6	83.51	79.39	174.1	-333.91	-36.87
Net Income to Common Margin (%)	74.39	54.51	49.51	75.27	79.22	279.31	77.32	87.32	91.54	61.6	83.51	79.39	174.1	-333.91	-36.87
Effective Tax Rate (%)	3	5.47	6.4	1.03	- -	- -	0.26	0.26	1.21	3.37	1.42	3.27	- -	- -	- -
Dvd Payout Ratio (%)	75.55	379.05	360.09	84.32	125.57	-318.69	142.28	105.06	79.97	334.95	88.37	141.11	-235.8	-823.18	-1,995.26
Sustainable Growth Rate (%)	- -	-347.43	-626.86	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	129	178	245	164	230	191	188	127	152	186	258	434	462	468	473
ST Debt	65	89	122	82	116	96	94	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	65	89	122	82	115	96	94	127	152	186	258	434	462	468	473
Total Debt/EBITDA	9.64	10.78	11.31	8.35	11.67	8.35	10.81	6.65	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	4.72	5.33	4.48	3.74	4.8	2.55	5.02	5.99	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	9.64	10.78	11.31	8.35	11.67	8.35	10.81	6.65	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	4.72	5.33	4.48	3.74	4.8	2.55	5.02	5.99	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.51	0.6	0.56	-0.48	-0.71	-0.16	-19.03	-17	-12.39	-14.41	-10.9	-8.8	-15.82	-22.15	-29.69
Long-Term Debt/Equity (%)	49.71	61.4	90.07	59.14	71.96	68.68	69.65	94.49	82.61	87.4	105	136.31	142.67	139.18	148.52
Long-Term Debt/Capital (%)	48.15	49.6	49.7	50.34	50.31	50.1	65.52	155.66	138.93	146.17	127.79	118.4	137.87	163.67	203.74
Long-Term Debt/Total Assets (%)	32.64	37.14	46.39	36.3	40.92	39.96	40.18	47.56	44.2	45.64	50.12	56.61	57.61	56.93	58.32
Total Debt/Equity (%)	99.43	122.81	180.13	118.27	144.29	137.36	139.29	94.49	82.61	87.4	105	136.31	142.67	139.18	148.52
Total Debt/Capital (%)	96.29	99.2	99.4	100.67	100.87	100.2	131.04	155.66	138.93	146.17	127.79	118.4	137.87	163.67	203.74
Total Debt/Total Assets (%)	65.29	74.29	92.78	72.61	82.06	79.91	80.36	47.56	44.2	45.64	50.12	56.61	57.61	56.93	58.32
Net Debt to Equity	48.72	60.68	71.41	53.05	59.33	42	64.76	85.11	-3.51	-9.17	-15.51	-6.47	-14.39	-20.9	-33.13
Net Debt/Capital (%)	47.64	49.3	43.93	47.62	45.62	38.04	63.86	165.83	-6.28	-18.12	-23.27	-5.96	-16.16	-32.59	-83.31
EBITDA	13	17	22	20	20	23	17	19	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	13	17	22	20	20	23	17	19	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	13	17	22	20	20	23	17	19	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.22	0.04	0.25	0.13	0.17	0.37	0.07	2.23	- -	- -	- -	- -	- -	- -	- -
Current Ratio	0.29	0.07	0.33	0.23	0.26	0.43	0.11	2.94	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	0.26	0.07	0.29	0.19	0.22	0.43	0.11	2.94	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	-0.12	-0.44	0.06	0.34	-0.3	0.47	-0.15	-0.23	-18.23	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.51	0.6	0.56	-0.48	-0.71	-0.16	-19.03	-17	-12.39	-14.41	-10.9	-8.8	-15.82	-22.15	-29.69
Long-Term Debt/Equity (%)	49.71	61.4	90.07	59.14	71.96	68.68	69.65	94.49	82.61	87.4	105	136.31	142.67	139.18	148.52
Long-Term Debt/Capital (%)	48.15	49.6	49.7	50.34	50.31	50.1	65.52	155.66	138.93	146.17	127.79	118.4	137.87	163.67	203.74
Long-Term Debt/Total Assets (%)	32.64	37.14	46.39	36.3	40.92	39.96	40.18	47.56	44.2	45.64	50.12	56.61	57.61	56.93	58.32
Total Debt/Equity (%)	99.43	122.81	180.13	118.27	144.29	137.36	139.29	94.49	82.61	87.4	105	136.31	142.67	139.18	148.52
Total Debt/Capital (%)	96.29	99.2	99.4	100.67	100.87	100.2	131.04	155.66	138.93	146.17	127.79	118.4	137.87	163.67	203.74
Total Debt/Total Assets (%)	65.29	74.29	92.78	72.61	82.06	79.91	80.36	47.56	44.2	45.64	50.12	56.61	57.61	56.93	58.32
CFO/Total Liabilities	-5.92	-38.11	5.08	42.18	-25.86	52.28	-14.98	-9.1	-32.14	-12.99	-28.29	-54.93	-1.1	0.81	11.5
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.14	0.63	0.56	0.94	0.54	0.75	0.36	0.69	0.54	0.54	0.62	0.3	0.28	0.09	-0.07

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	3.34	9.67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	109.22	37.75	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	124	127	136	135	131	122	129	130	174	232	319	287	408	325	273
- Cash & Cash Equivalents	1	1	25	8	21	37	7	13	6	20	38	21	47	70	106
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	129	178	245	164	230	191	188	127	152	186	258	434	462	468	473
Enterprise Value	239	301	348	287	341	276	311	244	320	398	538	700	823	722	641
Total Capital	134	179	246	162	229	191	144	81	109	127	202	367	335	286	232
Total Debt/Capital (%)	96.29	99.2	99.4	100.67	100.87	100.2	131.04	155.66	138.93	146.17	127.79	118.4	137.87	163.67	203.74
Total Debt / EV	0.54	0.59	0.7	0.57	0.68	0.69	0.61	0.52	0.48	0.47	0.48	0.62	0.56	0.65	0.74
EV/Sales	16.14	41.11	49.17	13.99	22.76	- -	25.05	16.37	15.02	38.57	16.18	26.29	- -	428.11	88.76
EV/EBITDA	17.8	18.23	16.1	14.64	17.24	12.04	17.85	12.79	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	17.8	18.23	16.1	14.64	17.24	12.04	17.85	12.79	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	53.61	7.82	- -	5.27	- -	- -	- -	- -	- -	- -	- -	183.44	11.31
EV/Free Cash Flow to Firm	- -	- -	53.61	7.82	- -	5.27	- -	- -	- -	- -	- -	- -	- -	183.44	11.31
Diluted Market Cap	124	127	136	135	131	122	129	130	174	232	319	287	408	325	273
Diluted Enterprise Value	252	304	356	290	341	276	311	244	320	398	538	700	823	722	641
EV per Share	31.34	35.49	36.35	29.8	30.46	23.88	26.98	21.16	23.73	22.73	26.88	28.32	26.59	20	15.13
TTM Sales	15	7	7	20	15	-2	12	15	21	10	33	27	-10	2	7
TTM EBITDA	13	17	22	20	20	23	17	19	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	13	17	22	20	20	23	17	19	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	-1	-36	6	37	-31	52	-15	-12	-51	-25	-76	-246	-5	4	57
TTM Free Cash Flow to Firm	-1	-36	6	37	-31	52	-15	-12	-51	-25	-76	-246	-5	4	57

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	-30.87	-3.51	20.95	3.67	-4.19	2.32	-8.71	-10.76	-3.39	-9.18	-4.2	-1.16	-77.57	82.44	4.82
EV/EBIT	17.8	18.23	16.1	14.64	17.24	12.04	17.85	12.79	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	239	301	348	287	341	276	311	244	320	398	538	700	823	722	641
Low Price	12.24	13.46	12.77	12.17	9.04	9.01	9.66	9.92	11	4.51	12.23	9.67	10.14	8.46	5.71
EV/Sales	16.14	41.11	49.17	13.99	22.76	- -	25.05	16.37	15.02	38.57	16.18	26.29	- -	428.11	88.76
EV/EBITDA	17.8	18.23	16.1	14.64	17.24	12.04	17.85	12.79	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	11.3	31.71	38.82	8.72	11.06	- -	13.47	9.97	8.94	36.48	11.48	13.56	- -	- -	- -
Price/Earnings Average	10.82	34.3	38.78	8.67	11.66	-28.05	13.32	9.64	8.35	31.78	11.61	15.16	-21.81	-72.5	-122.23
Price/Earnings High	11.49	38.61	43.71	9.4	13.76	-32.78	14.11	10.72	9.32	37.97	13.75	19.34	-24.32	-88	-158.99
Price/Earnings Low	8.47	28.6	34.89	7.59	8.53	-21.17	11.6	8.79	7.6	12.43	8.82	11.3	-18.27	-54.22	-90.87
Price/Book Value	24.98	88	92.45	-123.26	-65.77	-315.73	-2.9	-2.86	-4.09	-3.96	-5.69	-4.25	-3.21	-1.78	-1.13
Price/Book Value Average	23.93	95.18	92.35	-122.48	-69.32	-357.94	-2.87	-2.76	-3.82	-3.45	-5.76	-4.75	-2.95	-2.24	-1.35
Price/Book Value High	25.41	107.17	104.1	-132.77	-81.81	-418.27	-3.04	-3.08	-4.26	-4.12	-6.82	-6.06	-3.29	-2.72	-1.76
Price/Book Value Low	18.73	79.39	83.08	-107.22	-50.69	-270.15	-2.5	-2.52	-3.48	-1.35	-4.37	-3.54	-2.47	-1.68	-1
Price/Tangible Book Value	0.96	0.87	1	0.97	0.82	0.87	0.96	0.97	0.95	1.09	1.3	0.9	1.26	0.97	0.86
Price/Tangible Book Value Average	0.92	0.94	1	0.97	0.87	0.99	0.95	0.93	0.88	0.95	1.31	1.01	1.16	1.21	1.02
Price/Tangible Book Value High	0.97	1.06	1.13	1.05	1.02	1.16	1	1.04	0.99	1.14	1.56	1.28	1.29	1.47	1.33
Price/Tangible Book Value Low	0.72	0.79	0.9	0.85	0.63	0.75	0.82	0.85	0.81	0.37	1	0.75	0.97	0.91	0.76
Price/Sales	8.4	17.29	19.22	6.57	8.76	-69.1	10.42	8.7	8.18	22.47	9.58	10.77	-41.3	192.4	37.84
Price/Sales Average	8.05	18.7	19.2	6.52	9.24	-78.34	10.3	8.42	7.64	19.58	9.7	12.04	-37.96	242.09	45.06
Price/Sales High	8.55	21.05	21.64	7.07	10.9	-91.55	10.91	9.36	8.53	23.39	11.49	15.35	-42.34	293.84	58.61
Price/Sales Low	6.3	15.59	17.27	5.71	6.75	-59.13	8.97	7.67	6.96	7.65	7.36	8.97	-31.8	181.06	33.5
Price/Cash Flow	-30.87	-3.51	20.95	3.67	-4.19	2.32	-8.71	-10.76	-3.39	-9.18	-4.2	-1.16	-77.57	82.44	4.82
Price/Cash Flow Average	-29.58	-3.79	20.93	3.65	-4.41	2.63	-8.61	-10.4	-3.17	-8	-4.25	-1.3	-71.3	103.74	5.74
Price/Cash Flow High	-31.4	-4.27	23.59	3.95	-5.21	3.08	-9.12	-11.57	-3.53	-9.56	-5.03	-1.66	-79.52	125.91	7.47
Price/Cash Flow Low	-23.16	-3.16	18.83	3.19	-3.23	1.99	-7.5	-9.48	-2.88	-3.13	-3.22	-0.97	-59.72	77.58	4.27
Price/Free Cash Flow Average	-29.58	-3.79	20.93	3.65	-4.41	2.63	-8.61	-10.4	-3.17	-8	-4.25	-1.3	-71.3	103.74	5.74
Price/Free Cash Flow High	-31.4	-4.27	23.59	3.95	-5.21	3.08	-9.12	-11.57	-3.53	-9.56	-5.03	-1.66	-79.52	125.91	7.47
Price/Free Cash Flow Low	-23.16	-3.16	18.83	3.19	-3.23	1.99	-7.5	-9.48	-2.88	-3.13	-3.22	-0.97	-59.72	77.58	4.27
EV/Sales Average	16.7	42.87	50.16	14.09	23.25	- -	24.94	16.08	14.47	35.67	16.3	27.55	- -	477.8	95.98
EV/Sales High	17.2	45.23	52.6	14.64	24.92	- -	25.55	17.03	15.36	39.48	18.09	30.87	- -	529.55	109.53
EV/Sales Low	14.95	39.77	48.23	13.28	20.77	- -	23.61	15.34	13.79	23.75	13.96	24.49	- -	416.77	84.42
EV/EBITDA Average	18.42	19.01	16.43	14.75	17.62	12.75	17.77	12.56	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	18.96	20.05	17.23	15.32	18.88	13.77	18.2	13.3	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	16.49	17.64	15.79	13.9	15.73	11.27	16.82	11.98	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	18.42	19.01	16.43	14.75	17.62	12.75	17.77	12.56	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	18.96	20.05	17.23	15.32	18.88	13.77	18.2	13.3	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	16.49	17.64	15.79	13.9	15.73	11.27	16.82	11.98	- -	- -	- -	- -	- -	- -	- -
Last Price	16.32	14.92	14.21	13.99	11.73	10.53	11.22	11.25	12.93	13.24	15.92	11.6	13.17	8.99	6.45
High Price	16.6	18.17	16	15.07	14.59	13.95	11.75	12.1	13.48	13.78	19.08	16.54	13.5	13.73	9.99
Enterprise Value Average	247	314	355	289	348	292	309	240	308	369	542	734	790	806	693
Enterprise Value High	254	331	373	300	373	315	317	254	327	408	602	822	834	893	791
Enterprise Value Low	221	291	342	272	311	258	293	229	294	245	464	653	730	703	609

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	8	10	10	10	12	12	12	12	16	19	21	28	33	40	46
Diluted Weighted Avg Shares	8	8	10	10	11	12	12	12	13	18	20	25	31	36	42
Basic Weighted Avg Shares	8	8	10	10	11	12	12	12	13	18	20	25	31	36	42
Revenue per Share	1.94	0.86	0.74	2.13	1.34	-0.15	1.08	1.29	1.58	0.59	1.66	1.08	-0.32	0.05	0.17
EBITDA per Share	1.76	1.95	2.26	2.04	1.77	1.98	1.51	1.66	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	1.76	1.95	2.26	2.04	1.77	1.98	1.51	1.66	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.44	0.47	0.37	1.6	1.06	-0.43	0.83	1.13	1.45	0.36	1.39	0.86	-0.56	-0.16	-0.06
Basic EPS from Cont Ops	1.44	0.47	0.37	1.6	1.06	-0.43	0.83	1.13	1.45	0.36	1.39	0.86	-0.56	-0.16	-0.06
Diluted EPS, GAAP	1.44	0.47	0.37	1.6	1.06	-0.43	0.83	1.13	1.45	0.36	1.39	0.86	-0.56	-0.16	-0.06
Diluted EPS from Cont Ops	1.44	0.47	0.37	1.6	1.06	-0.43	0.83	1.13	1.45	0.36	1.39	0.86	-0.56	-0.16	-0.06
Dividend per Share	1.09	1.78	1.32	1.35	1.33	1.36	1.18	1.19	1.16	1.22	1.23	1.21	1.31	1.28	1.25
Cash Flow per Share	-0.53	-4.25	0.68	3.81	-2.8	4.53	-1.29	-1.05	-3.81	-1.44	-3.79	-9.96	-0.17	0.11	1.34
Free Cash Flow per Basic Share	-0.53	-4.25	0.68	3.81	-2.8	4.53	-1.29	-1.05	-3.81	-1.44	-3.79	-9.96	-0.17	0.11	1.34
Cash & Equivalents per Share	1.95	0.43	3.39	1.18	1.88	3.22	0.57	1.09	0.48	1.11	1.9	0.83	1.51	1.95	2.49
Book Value per Share	0.65	0.17	0.15	-0.11	-0.18	-0.03	-3.87	-3.93	-3.16	-3.35	-2.8	-2.73	-4.1	-5.04	-5.69
Tangible Book Value per Share	17.07	17.09	14.17	14.37	14.29	12.06	11.73	11.65	13.66	12.12	12.25	12.88	10.47	9.31	7.52

Horizon Technology Finance Corporation

Profitability (USD)

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Per Share Data Items (USD)