Horizon Kinetics Holding Corporation (HKHC)
OTHER OTC:HKHC
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Horizon Kinetics Holding Corporation
(OTC:HKHC)
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Rating:60Neutral
Price Target:
$29.00
â–²(22.62% Upside)
Action:Reiterated
Date:05/20/26
The score is driven primarily by solid financial strength (low leverage) but tempered by weak recent cash generation and earnings volatility. Technical signals are not supportive (below key moving averages with negative MACD), while valuation is only moderately helped by a small dividend and is harder to assess with a negative P/E. Earnings-call commentary is constructive on AUM growth and balance-sheet strength, but reinforces quarter-to-quarter variability.
Positive Factors
Conservative balance sheet
Very low third‑party debt and a conservatively positioned balance sheet provide enduring financial flexibility. Over months this supports dividend payments, opportunistic investments, and resilience through market drawdowns, lowering refinancing risk and enabling strategic choices without external funding.
Negative Factors
Earnings volatility
Material mark‑to‑market gains and timing of incentive fees cause sizable swings in reported earnings. Over 2–6 months this undermines predictability of recurring profits and complicates budgeting, payout planning, and investor assessment of core operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low third‑party debt and a conservatively positioned balance sheet provide enduring financial flexibility. Over months this supports dividend payments, opportunistic investments, and resilience through market drawdowns, lowering refinancing risk and enabling strategic choices without external funding.
Read all positive factors
Horizon Kinetics Holding Corporation (HKHC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$503.15M
Dividend Yield1.43%
Average Volume (3M)956.00
Price to Earnings (P/E)2.1
Beta (1Y)-0.33
Revenue Growth37.20%
EPS Growth15.94%
CountryUS
Employees78
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)2.94
Shares Outstanding18,635,320
10 Day Avg. Volume1,689
30 Day Avg. Volume956
Financial Highlights & Ratios
PEG Ratio-0.94
Price to Book (P/B)1.29
Price to Sales (P/S)6.01
P/FCF Ratio-10.09
Enterprise Value/Market Cap0.86
Enterprise Value/Revenue5.92
Enterprise Value/Gross Profit12.34
Enterprise Value/Ebitda75.51
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Horizon Kinetics Holding Corporation Business Overview & Revenue Model
Company Description
Horizon Kinetics Holding Corporation is an employee owned investment manager. The firm primarily provides its services to high net worth individuals. It also caters to individuals, investment companies, pension and profit sharing plans, pooled inv...
How the Company Makes Money
HKHC’s earnings are tied to the economics of an asset management business. The primary way the group makes money is by charging investment management and advisory fees that are typically calculated as a percentage of assets under management (AUM) ...
Horizon Kinetics Holding Corporation Earnings Call Summary
Earnings Call Date:May 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed strong underlying business momentum: AUM grew ~18.8% QoQ, a $72.5M GAAP net income driven by large fair-value gains, $18M in performance fees, a 65% surge in TPL stock, and a solid balance sheet with no third-party debt. Management acknowledged GAAP operating loss of $4.3M driven by accounting treatment and incentive-related costs, and emphasized that unrealized gains and incentive timing introduce quarter-to-quarter volatility. Leadership transition was framed as orderly with continuity of strategy and high employee engagement. Overall, positive operational and strategic developments outweigh the accounting-driven and timing-related challenges, though earnings remain somewhat volatile due to concentration and fair-value sensitivity.Positive Updates
Strong GAAP Net Income Driven by Unrealized Gains
Reported GAAP net income attributable to HKHC shareholders of $72.5 million ($3.89 per share) for Q1 2026, largely driven by mark-to-market gains and private fund earnings rather than recurring management fees.
Negative Updates
GAAP Operating Loss Due to Presentation and Timing
GAAP operating loss of $4.3 million in Q1 2026, reflecting the timing and GAAP treatment of incentive fees and related expenses; the adviser-only presentation showed operating income of $17.1 million, highlighting accounting presentation-driven volatility.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong GAAP Net Income Driven by Unrealized Gains
Reported GAAP net income attributable to HKHC shareholders of $72.5 million ($3.89 per share) for Q1 2026, largely driven by mark-to-market gains and private fund earnings rather than recurring management fees.
Read all positive updates
Company Guidance
Management's guidance emphasized that the core asset-management business has consistent earnings potential but will show quarter-to-quarter volatility driven by incentive fees and unrealized gains (they noted incentive fees are often measured in Q4), while maintaining a strong, liquid balance sheet and no third‑party debt; key Q1 FY2026 metrics cited were GAAP revenues $18.3M, performance incentive fees $18M, GAAP net income attributable $72.5M ($3.89/share), AUM $11.4B (up from $9.6B at 12/31/25), TPL +65% in Q1 contributing a $36M unrealized gain and roughly $46M of private‑fund equity/earnings, operating expenses $22.6M (including $6.1M incremental costs tied to the incentive fees), GAAP operating loss $4.3M versus adviser‑only operating income $17.1M, cash $36.7M, investment portfolio $113M, digital assets $10M, approximately $200M of consolidated private‑fund interests, a declared quarterly dividend of $0.127/share (trailing 12‑month dividends $0.424/share), and an expected increase in operating lease liabilities next quarter due to new long‑term leases.Horizon Kinetics Holding Corporation Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
84
Very Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 72.98M | 72.85M | 57.18M | 47.26M | 2.98M | 29.74M |
| Gross Profit | 35.01M | 39.70M | 18.60M | 20.41M | 1.37M | 12.53M |
| EBITDA | 5.72M | 14.31M | -13.61M | 46.00K | -9.29M | -4.71M |
| Net Income | 54.81M | 4.90M | 92.47M | -4.49M | -8.85M | -11.09M |
Balance Sheet | ||||||
| Total Assets | 2.23B | 2.00B | 2.03B | 1.12B | 10.73M | 20.87M |
| Cash, Cash Equivalents and Short-Term Investments | 78.60M | 82.38M | 58.75M | 69.59M | 49.00K | 770.00K |
| Total Debt | 7.60M | 8.25M | 7.38M | 9.50M | 6.17M | 5.91M |
| Total Liabilities | 299.80M | 105.25M | 147.69M | 28.80M | 7.91M | 9.33M |
| Stockholders Equity | 409.23M | 338.95M | 340.17M | 209.09M | 2.82M | 11.54M |
Cash Flow | ||||||
| Free Cash Flow | -10.48M | -43.38M | 11.79M | 25.38M | -1.99M | -791.00K |
| Operating Cash Flow | -35.36M | -43.07M | 11.84M | 25.48M | -1.85M | -322.00K |
| Investing Cash Flow | 56.15M | 73.03M | 2.14M | 782.00K | 338.00K | 4.38M |
| Financing Cash Flow | -6.60M | -6.34M | -24.82M | -15.39M | 290.00K | -2.79M |
Horizon Kinetics Holding Corporation Technical Analysis
Negative
23.65
Price Trends
29.47
Negative
28.87
Negative
30.66
Negative
Market Momentum
-0.29
Negative
38.29
Neutral
3.56
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HKHC, the sentiment is Negative. The current price of 23.65 is below the 20-day moving average (MA) of 27.73, below the 50-day MA of 29.47, and below the 200-day MA of 30.66, indicating a bearish trend. The MACD of -0.29 indicates Negative momentum. The RSI at 38.29 is Neutral, neither overbought nor oversold. The STOCH value of 3.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HKHC.
Horizon Kinetics Holding Corporation Risk Analysis
Horizon Kinetics Holding Corporation disclosed 16 risk factors in its most recent earnings report. Horizon Kinetics Holding Corporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Horizon Kinetics Holding Corporation Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $707.09M | 8.31 | 11.45% | 11.47% | -15.44% | -2.66% | |
73 Outperform | $721.52M | 19.36 | 5.67% | 11.65% | 0.48% | 19.52% | |
72 Outperform | $634.34M | 8.17 | 22.87% | 4.56% | 46.25% | 88.59% | |
69 Neutral | $636.11M | 18.08 | 6.76% | 14.71% | -12.61% | -36.66% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $503.15M | 2.12 | 15.09% | 1.43% | 37.20% | 15.94% | |
56 Neutral | $707.57M | 11.40 | 9.04% | 10.80% | -3.59% | 2.19% |
* Financial Sector Average
HKHC
Horizon Kinetics Holding Corporation
27.00
-14.12
-34.33%
FDUS
Fidus Investment
18.63
0.58
3.22%
NOAH
Noah Holdings
10.01
1.46
17.08%
SLRC
SLR Investment Corp.
12.97
-1.82
-12.30%
VINP
Vinci Partners Investments
10.03
0.97
10.69%
NCDL
Nuveen Churchill Direct Lending Corp.
12.88
-0.94
-6.79%
Horizon Kinetics Holding Corporation Corporate Events
Business Operations and StrategyExecutive/Board Changes
Horizon Kinetics Gains Board Representation at Texas Pacific Land
Positive
May 11, 2026
On May 5, 2026, Horizon Kinetics entered into a Board Representative Agreement with Texas Pacific Land Corporation, under which TPL agreed to nominate Horizon’s designee, Peter Doyle, to its board at the 2026 annual meeting, subject to commi...
Business Operations and StrategyExecutive/Board Changes
Horizon Kinetics Announces Leadership Transition After CEO Passing
Negative
Apr 8, 2026
Horizon Kinetics Holding Corporation announced that its co-founder, chairman and chief executive officer Murray Stahl passed away suddenly on April 7, 2026, marking the loss of a central figure who helped build the firm into a $600 million, debt-f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.