Horizon Kinetics Holding Corporation (HKHC)
OTHER OTC:HKHC
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Horizon Kinetics Holding Corporation
(OTC:HKHC)
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Rating:55Neutral
Price Target:
$32.00
▲(35.31% Upside)
Action:ReiteratedDate:04/09/26
The score is held back primarily by weak cash generation and inconsistent operating results despite a strong, low-leverage balance sheet. Technicals are mixed-to-soft, and valuation is demanding due to the high P/E with only a modest dividend yield. The latest earnings call was supportive on growth, AUM-driven performance, and dividend momentum, but investment-market volatility remains a notable risk.
Positive Factors
Conservative Balance Sheet
Very low leverage and substantial equity provide durable financial flexibility: supports dividend policy, funds organic growth or product launches without reliance on third-party debt, and cushions the firm versus AUM-driven revenue swings, improving long-term resilience.
Negative Factors
Weak Cash Generation (2025)
A sharp negative operating and free cash flow reading despite positive net income indicates cash conversion problems or large working-capital/investment outflows. This weakens funding for investments, increases reliance on reserves, and raises sustainability questions for dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and substantial equity provide durable financial flexibility: supports dividend policy, funds organic growth or product launches without reliance on third-party debt, and cushions the firm versus AUM-driven revenue swings, improving long-term resilience.
Read all positive factors
Horizon Kinetics Holding Corporation (HKHC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$549.18M
Dividend Yield1.43%
Average Volume (3M)956.00
Price to Earnings (P/E)89.3
Beta (1Y)-0.29
Revenue Growth384.33%
EPS GrowthN/A
CountryUS
Employees78
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-0.78
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 Cap0.87
Enterprise Value/Revenue6.38
Enterprise Value/Gross Profit11.49
Enterprise Value/Ebitda40.74
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:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The earnings call presented a positive outlook overall, with significant revenue and operating income growth, supported by strategic initiatives like the launch of new ETFs and an increased dividend payout. However, the company faced challenges with unrealized losses and market volatility, particularly related to digital assets.Positive Updates
Significant Revenue Growth
The company recorded revenues of $17.9 million for the quarter, a 37% increase from the third quarter of 2024. The year-to-date period showed a 49% increase compared to 2024.
Negative Updates
Unrealized Losses
The company recorded $10.1 million of unrealized losses related to investment securities and equity holdings in proprietary funds, compared to $31.6 million of unrealized gains in the previous year's third quarter.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Revenue Growth
The company recorded revenues of $17.9 million for the quarter, a 37% increase from the third quarter of 2024. The year-to-date period showed a 49% increase compared to 2024.
Read all positive updates
Company Guidance
During the third quarter of 2025, Horizon Kinetics reported robust financial performance with revenues of $17.9 million, marking a 37% increase from the same period in 2024. Year-to-date revenues reached $55.8 million, up 49% from the previous year. This growth was attributed to an overall increase in assets under management (AUM) across their investment products and client accounts. The company also reported operating income of $5.5 million for the quarter, a substantial rise from $1.5 million in the prior year, with year-to-date operating income at $16.1 million compared to $5.4 million in 2024. Net income per share was $0.39 for the quarter and $1.05 for the year-to-date period. The company declared a $0.106 per share dividend, reflecting a 49% increase from the prior quarter. Despite facing $10.1 million in unrealized losses on investment securities, including digital assets like Bitcoin, the company's financial health remained strong, with substantial cash and investments and no third-party debt.Horizon Kinetics Holding Corporation Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
82
Very Positive
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 72.85M | 57.18M | 47.26M | 2.98M | 29.74M |
| Gross Profit | 39.70M | 18.60M | 20.41M | 1.37M | 12.53M |
| EBITDA | 14.31M | -13.61M | 46.00K | -9.29M | -4.71M |
| Net Income | 4.90M | 92.47M | -4.49M | -8.85M | -11.09M |
Balance Sheet | |||||
| Total Assets | 2.00B | 2.03B | 1.12B | 10.73M | 20.87M |
| Cash, Cash Equivalents and Short-Term Investments | 82.38M | 58.75M | 69.59M | 49.00K | 770.00K |
| Total Debt | 8.25M | 7.38M | 9.50M | 6.17M | 5.91M |
| Total Liabilities | 105.25M | 147.69M | 28.80M | 7.91M | 9.33M |
| Stockholders Equity | 338.95M | 340.17M | 209.09M | 2.82M | 11.54M |
Cash Flow | |||||
| Free Cash Flow | -43.38M | 11.79M | 25.38M | -1.99M | -791.00K |
| Operating Cash Flow | -43.07M | 11.84M | 25.48M | -1.85M | -322.00K |
| Investing Cash Flow | 73.03M | 2.14M | 782.00K | 338.00K | 4.38M |
| Financing Cash Flow | -6.34M | -24.82M | -15.39M | 290.00K | -2.79M |
Horizon Kinetics Holding Corporation Technical Analysis
Negative
23.65
Price Trends
31.12
Negative
28.57
Negative
32.64
Negative
Market Momentum
-0.15
Positive
25.18
Positive
37.46
Neutral
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 32.94, below the 50-day MA of 31.12, and below the 200-day MA of 32.64, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 25.18 is Positive, neither overbought nor oversold. The STOCH value of 37.46 is Neutral, 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 19 risk factors in its most recent earnings report. Horizon Kinetics Holding Corporation reported the most risks in the "Ability to Sell" 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 | $676.72M | 21.23 | 15.08% | 4.56% | 81.45% | -26.75% | |
69 Neutral | $665.24M | 10.35 | 8.75% | 14.71% | -8.32% | -33.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $679.76M | 9.74 | 11.68% | 11.47% | -12.17% | -14.93% | |
65 Neutral | $853.66M | 19.36 | 5.65% | 11.65% | -7.77% | 13.95% | |
58 Neutral | $818.87M | 8.41 | 9.32% | 10.80% | -6.30% | -6.92% | |
55 Neutral | $549.18M | 89.30 | 1.46% | 1.43% | 384.33% | ― |
* Financial Sector Average
HKHC
Horizon Kinetics Holding Corporation
29.47
-5.16
-14.90%
FDUS
Fidus Investment
17.91
1.96
12.29%
NOAH
Noah Holdings
10.02
2.38
31.15%
SLRC
SLR Investment Corp.
15.01
1.82
13.83%
VINP
Vinci Partners Investments
10.70
2.04
23.61%
NCDL
Nuveen Churchill Direct Lending Corp.
13.47
0.53
4.13%
Horizon Kinetics Holding Corporation Corporate Events
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.