Also trades as: HTFB (NYSE) · $vol 0M

$3.91

-0.03 (-0.76%)

Weekly Expected Move ±3.8%

$4 $4 $4 $4 $4

NASDAQ · Financial Services · Asset Management · Tech Score Strong Sell · Power 32 · $262.1M mcap · 67M float · 0.895% daily turnover · Short 52% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: none of note held by US funds details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

NO EDGE

37.0 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 8.9% · 5Y Avg: 1.1%

Cost Advantage ★

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. HRZN has No discernible competitive edge (37.0/100). The business operates without significant structural advantages. The primary source of advantage is Cost Advantage. ROIC of 8.9% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

Avg Target

High

Based on 3 analysts since Aug 4, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 5Hold: 15Sell: 2Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$5.00

Analysts3

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-09-01	UBS	—	$4	$4	+0	-3.4%	$4.66
2026-08-26	Compass Point	—	$8	$6	-3	+14.8%	$4.79
2026-08-07	Oppenheimer	—	Initiated	$5	—	+7.4%	$4.66
2026-05-18	UBS	Doug Harter	$6	$4	-2	+4.8%	$4.05
2025-11-19	UBS	Doug Harter	$6	$6	+0	-0.6%	$6.54
2025-10-14	UBS	—	Initiated	$6	—	+2.1%	$6.12
2025-06-06	Compass Point	Casey Alexander	Initiated	$8	—	+11.0%	$7.43

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C+

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. HRZN receives an overall rating of C+. Strongest factors: P/B (4/5). Areas of concern: DCF (1/5), ROE (1/5), ROA (2/5), D/E (2/5).

Rating Change History

Date	From	To
2026-10-26	B-	C+
2026-10-01	C+	B-
2026-08-18	B-	C+
2026-08-10	C+	B-
2026-08-05	B	C+
2026-05-11	B+	B
2026-05-05	C-	B+
2026-03-18	B+	C-
2026-03-06	A	B+
2026-03-04	C	A

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 45 Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

—

Value

Momentum

—

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. HRZN scores highest in Cash Flow (88/100) and lowest in Safety (15/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

0.27

Distress Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✗ ✓

Beneish M-Score

—

Ohlson O-Score

-7.78

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

Score: 28.9/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 21.46x

Accruals: -13.3%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. HRZN scores 0.27, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. HRZN scores 7/9, signaling strong financial health across all three dimensions. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. HRZN's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. HRZN receives an estimated rating of B (score: 28.9/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). HRZN's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

9.81x

PEG

0.01x

P/S

2.39x

P/B

0.61x

P/FCF

2.83x

P/OCF

2.83x

EV/EBITDA

25.78x

EV/Revenue

5.24x

EV/EBIT

26.58x

EV/FCF

5.29x

Earnings Yield

1.65%

FCF Yield

35.38%

Shareholder Yield

23.96%

Graham Number

$3.36

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 9.8x earnings, HRZN trades at a deep value multiple. Graham's intrinsic value formula yields $3.36 per share, 16% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.898

NI / EBT

Interest Burden

0.261

EBT / EBIT

EBIT Margin

0.197

EBIT / Rev

Asset Turnover

0.141

Rev / Assets

Equity Multiplier

2.223

Assets / Equity

ROE

1.4%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. HRZN's ROE of 1.4% is driven by a balanced combination of operating margin, asset efficiency, and leverage.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$0.66

Price/Value

7.13x

Margin of Safety

-613.43%

Premium

613.43%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with HRZN's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. HRZN trades at a 613% premium to its adjusted intrinsic value of $0.66, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 9.8x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$3.91

Median 1Y

$3.39

5th Pctile

$1.76

95th Pctile

$6.55

Ann. Volatility

42.1%

Analyst Target

$5.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

—

Revenue / Employee

—

Rev: $40,905,000

Profit / Employee

—

NI: $45,476,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	12.6%	12.1%	10.2%	10.2%	7.1%	7.5%	7.6%	4.8%	-0.8%	-5.3%	-4.2%	-6.8%	-1.1%	-1.7%	-11.2%	-15.5%	-7.3%	-0.8%	6.7%	1.4%	1.45%
ROA	6.3%	6.0%	5.0%	4.7%	3.3%	3.3%	3.5%	2.1%	-0.3%	-2.2%	-1.8%	-2.9%	-0.5%	-0.7%	-4.5%	-6.3%	-3.1%	-0.3%	2.7%	0.7%	0.65%
ROIC	5.9%	6.0%	4.9%	4.4%	3.0%	2.9%	3.1%	2.1%	-0.2%	-1.0%	-0.6%	-1.7%	0.5%	-0.4%	-3.7%	-5.3%	-2.9%	-0.2%	4.1%	8.9%	8.87%
ROCE	5.7%	5.6%	4.8%	4.1%	3.0%	2.9%	3.1%	2.2%	-0.2%	-1.1%	-0.7%	-1.9%	0.6%	-0.5%	-4.8%	-7.0%	-3.6%	-0.2%	4.0%	2.9%	2.86%
Gross Margin	81.8%	54.3%	58.9%	67.4%	57.4%	48.3%	49.7%	19.1%	3.1%	86.7%	56.4%	-12.1%	53.3%	4.4%	1.8%	1.8%	81.0%	58.1%	76.9%	87.4%	87.43%
Operating Margin	75.1%	35.0%	43.5%	59.6%	48.6%	36.8%	38.8%	3.7%	3.5%	-10.9%	48.2%	-14.5%	45.0%	5.0%	1.9%	2.1%	74.8%	45.7%	51.8%	61.7%	61.70%
Net Margin	74.8%	31.8%	42.3%	58.8%	47.8%	33.4%	37.5%	1.7%	3.5%	-39.5%	46.2%	-15.1%	42.8%	5.2%	2.0%	2.1%	73.9%	46.1%	11.6%	-1.5%	-1.49%
EBITDA Margin	75.1%	35.0%	43.5%	59.6%	48.6%	36.8%	38.8%	3.7%	3.5%	-10.9%	48.2%	-14.5%	45.0%	5.0%	1.9%	2.1%	74.8%	49.2%	45.8%	-1.2%	-1.17%
FCF Margin	-6.6%	2.5%	-76.3%	-2.1%	-2.2%	-4.0%	-2.3%	-1.1%	-2.8%	22.9%	11.0%	16.8%	69.5%	13.4%	1.5%	-7.6%	2.3%	1.9%	1.0%	99.1%	99.13%
OCF Margin	-6.6%	2.5%	-76.3%	-2.1%	-2.2%	-4.0%	-2.3%	-1.1%	-2.8%	22.9%	11.0%	16.8%	69.5%	13.4%	1.5%	-7.6%	2.3%	1.9%	1.0%	99.1%	99.13%
ROE 3Y Avg	snapshot only																				-7.50%
ROE 5Y Avg	snapshot only																				-1.83%
ROA 3Y Avg	snapshot only																				-2.95%
ROIC 3Y Avg	snapshot only																				-1.18%
ROIC Economic	snapshot only																				7.43%
Cash ROA	snapshot only																				13.07%
Cash ROIC	snapshot only																				15.88%
CROIC	snapshot only																				15.88%
NOPAT Margin	snapshot only																				55.40%
Pretax Margin	snapshot only																				5.15%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				6.09%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	6.96	7.10	7.38	6.73	8.54	9.79	9.45	16.27	-110.85	-18.98	-21.14	-14.53	-81.70	-48.32	-9.21	-5.67	-11.09	-102.65	9.24	60.64	9.807
P/S Ratio	4.40	4.36	4.27	3.87	4.05	4.52	4.20	5.29	8.77	7.00	5.72	7.83	4.98	8.02	74.71	-44.14	14.38	6.82	2.66	2.80	2.389
P/B Ratio	0.82	0.80	0.67	0.61	0.54	0.65	0.67	0.71	0.80	1.01	0.88	1.02	0.92	0.81	1.08	0.95	0.84	0.86	0.60	0.74	0.609
P/FCF	-66.89	176.37	-5.60	-1.88	-1.82	-1.12	-1.86	-4.74	-3.15	30.50	51.89	46.69	7.17	59.92	49.66	5.80	6.36	3.55	2.59	2.83	2.826
P/OCF	—	176.37	—	—	—	—	—	—	—	30.50	51.89	46.69	7.17	59.92	49.66	5.80	6.36	3.55	2.59	2.83	2.826
EV/EBITDA	15.23	14.79	16.51	18.25	25.13	28.38	26.82	39.49	-436.95	-83.09	-129.65	-48.12	140.55	-161.10	-22.29	-14.59	-24.90	-692.60	19.68	25.78	25.782
EV/Revenue	9.76	9.20	9.73	10.70	12.24	13.53	12.32	13.56	21.44	15.91	13.64	16.25	11.01	19.74	173.31	-109.91	30.26	16.01	8.18	5.24	5.240
EV/EBIT	15.23	14.79	16.51	18.25	25.13	28.38	26.82	39.49	-436.95	-83.09	-129.65	-48.12	140.55	-161.10	-22.29	-14.59	-24.90	-401.16	20.12	26.58	26.583
EV/FCF	-148.54	372.58	-12.75	-5.18	-5.51	-3.36	-5.45	-12.16	-7.70	69.38	123.86	96.92	15.84	147.45	115.21	14.44	13.39	8.33	7.95	5.29	5.285
Earnings Yield	14.4%	14.1%	13.5%	14.9%	11.7%	10.2%	10.6%	6.1%	-0.9%	-5.3%	-4.7%	-6.9%	-1.2%	-2.1%	-10.9%	-17.6%	-9.0%	-1.0%	10.8%	1.6%	1.65%
FCF Yield	-1.5%	0.6%	-17.9%	-53.3%	-54.9%	-89.3%	-53.9%	-21.1%	-31.7%	3.3%	1.9%	2.1%	14.0%	1.7%	2.0%	17.2%	15.7%	28.1%	38.6%	35.4%	35.38%
PEG Ratio	snapshot only																				0.008
Price/Tangible Book	snapshot only																				0.736
EV/OCF	snapshot only																				5.285
EV/Gross Profit	snapshot only																				6.754
Acquirers Multiple	snapshot only																				8.489
Shareholder Yield	snapshot only																				23.96%
Graham Number	snapshot only																				$3.36

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	2.78	4.14	2.01	5.21	2.48	2.59	2.17	0.74	3.41	3.92	3.74	6.38	4.31	5.08	0.71	0.56	0.00	1.24	3.34	1.97	1.966
Quick Ratio	2.78	4.14	2.01	5.21	2.48	2.59	2.17	0.74	3.41	3.92	3.74	6.38	4.31	5.08	0.71	0.56	0.00	1.24	3.34	1.97	1.966
Debt/Equity	1.09	1.05	0.89	1.26	1.17	1.36	1.37	1.18	1.26	1.43	1.36	1.35	1.27	1.39	1.53	1.50	1.34	1.49	1.34	0.96	0.964
Net Debt/Equity	1.00	0.89	0.85	1.07	1.09	1.30	1.31	1.11	1.16	1.28	1.22	1.10	1.11	1.18	1.42	1.41	0.93	1.15	1.24	0.64	0.641
Debt/Assets	0.51	0.50	0.46	0.55	0.53	0.57	0.56	0.53	0.55	0.58	0.56	0.56	0.55	0.57	0.59	0.58	0.56	0.58	0.56	0.48	0.484
Debt/EBITDA	9.11	9.14	9.74	13.68	18.01	19.85	18.52	25.58	-280.61	-51.79	-84.04	-30.55	87.48	-112.53	-13.64	-9.27	-18.90	-511.38	14.38	18.05	18.052
Net Debt/EBITDA	8.37	7.79	9.25	11.65	16.82	18.91	17.69	24.09	-258.17	-46.56	-75.33	-24.94	76.93	-95.63	-12.68	-8.73	-13.07	-397.31	13.27	12.00	11.996
Interest Coverage	2.55	2.34	2.02	1.90	1.23	1.14	1.04	0.63	-0.06	-0.31	-0.18	-0.47	0.16	-0.13	-1.04	-1.39	-0.68	-0.05	0.94	0.68	0.678
Equity Multiplier	2.13	2.09	1.93	2.30	2.21	2.41	2.42	2.22	2.30	2.48	2.42	2.39	2.32	2.44	2.58	2.56	2.40	2.55	2.37	1.99	1.993
Cash Ratio	snapshot only																				1.799
Debt Service Coverage	snapshot only																				0.699
Cash to Debt	snapshot only																				0.335
FCF to Debt	snapshot only																				0.270
Defensive Interval	snapshot only																				3096.5 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.10	0.10	0.09	0.08	0.07	0.07	0.08	0.07	0.04	0.06	0.06	0.05	0.08	0.04	0.01	-0.01	0.02	0.05	0.09	0.14	0.141
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	7.00	8.16	6.18	5.99	4.71	4.65	4.67	3.97	2.52	3.39	3.36	2.71	4.23	2.23	0.27	-0.39	1.17	2.79	5.13	8.16	8.164
Payables Turnover	—	—	—	—	4.10	—	—	—	6.98	—	—	—	—	—	—	—	—	4.36	20.65	8.16	8.160
DSO	52	45	59	61	77	79	78	92	145	108	108	135	86	164	1366	-931	313	131	71	45	44.7 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	0	0	0	0	89	0	0	0	52	0	0	0	0	0	0	0	0	84	18	45	44.7 days
Cash Conversion Cycle	52	45	59	61	-12	79	78	92	93	108	108	135	86	164	1366	—	313	47	53	-0	-0.0 days
Cash Velocity	snapshot only																				0.812
Capital Intensity	snapshot only																				7.585

Growth (YoY)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	83.0%	1.3%	58.8%	66.9%	-7.3%	1.2%	18.3%	4.6%	-22.7%	1.7%	-1.0%	-9.8%	1.0%	-27.2%	-91.4%	-1.1%	-70.9%	17.9%	16.0%	19.0%	19.02%
Net Income	1.6%	3.4%	93.1%	1.2%	-30.5%	-23.9%	-9.3%	-40.9%	-1.1%	-1.8%	-1.6%	-2.5%	-54.3%	67.2%	-1.6%	-1.0%	-5.2%	52.8%	1.6%	1.1%	1.11%
EPS	1.2%	3.0%	70.8%	79.6%	-45.3%	-41.7%	-29.6%	-51.7%	-1.1%	-1.7%	-1.5%	-2.3%	-37.0%	69.7%	-1.2%	-76.1%	-3.9%	59.7%	1.5%	1.1%	1.07%
FCF	-1.1%	-94.0%	-6.3%	-16.2%	-30.3%	-166.2%	-2.5%	43.5%	3.2%	1.1%	1.0%	1.1%	1.5%	-57.5%	17.5%	5.4%	-5.3%	15.9%	10.6%	1.3%	1.35%
EBITDA	1.6%	3.3%	92.3%	1.2%	-29.6%	-22.4%	-7.7%	-38.7%	-1.1%	-1.4%	-1.2%	-1.9%	4.2%	53.4%	-5.4%	-2.2%	-5.5%	77.8%	1.9%	1.5%	1.49%
Op. Income	1.6%	3.3%	92.3%	1.2%	-29.6%	-22.4%	-7.7%	-38.7%	-1.1%	-1.4%	-1.2%	-1.9%	4.2%	53.4%	-5.4%	-2.2%	-5.5%	61.6%	1.9%	2.5%	2.48%
OCF Growth	snapshot only																				1.35%
Asset Growth	snapshot only																				14.48%
Equity Growth	snapshot only																				47.11%
Debt Growth	snapshot only																				-5.34%
Shares Change	snapshot only																				57.62%
Dividend Growth	snapshot only																				-12.83%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	45.4%	44.9%	45.2%	37.4%	24.9%	18.5%	23.8%	14.2%	9.4%	32.6%	23.0%	16.4%	12.8%	-9.2%	-53.5%	—	-23.3%	-4.4%	13.1%	32.1%	32.10%
Revenue 5Y	95.9%	—	1.6%	1.1%	34.0%	29.9%	35.5%	29.1%	17.1%	25.6%	29.1%	19.6%	24.7%	4.2%	-30.5%	—	-5.2%	14.9%	22.1%	32.1%	32.13%
EPS 3Y	8.9%	6.1%	0.1%	-1.0%	-13.3%	-15.7%	-4.8%	-22.8%	—	—	—	—	—	—	—	—	—	—	-17.5%	-46.9%	-46.87%
EPS 5Y	—	—	—	—	5.9%	-1.2%	1.9%	-11.0%	—	—	—	—	—	—	—	—	—	—	-7.6%	-33.5%	-33.50%
Net Income 3Y	31.5%	28.8%	23.5%	20.3%	6.7%	2.7%	13.3%	-6.9%	—	—	—	—	—	—	—	—	—	—	-2.1%	-31.1%	-31.06%
Net Income 5Y	—	—	—	—	24.4%	17.1%	21.8%	7.6%	—	—	—	—	—	—	—	—	—	—	10.5%	-15.7%	-15.69%
EBITDA 3Y	32.3%	24.2%	28.6%	24.8%	10.6%	9.4%	14.0%	-5.5%	—	—	—	—	-44.0%	—	—	—	—	—	9.4%	10.9%	10.91%
EBITDA 5Y	—	—	—	26.9%	1.2%	6.5%	11.3%	4.7%	—	—	—	—	-19.6%	—	—	—	—	—	18.4%	12.7%	12.75%
Gross Profit 3Y	49.1%	47.7%	48.1%	38.9%	19.8%	10.0%	15.2%	-2.0%	-35.1%	27.9%	13.3%	-1.0%	2.6%	-63.0%	—	—	—	-35.3%	16.2%	57.6%	57.62%
Gross Profit 5Y	—	—	—	—	34.4%	25.3%	31.3%	18.9%	-16.6%	15.9%	21.4%	6.6%	20.0%	-39.0%	—	—	—	-6.9%	21.2%	38.6%	38.63%
Op. Income 3Y	19.1%	9.1%	2.8%	5.8%	-6.4%	-3.0%	14.0%	-5.5%	—	—	—	—	-44.0%	—	—	—	—	—	10.3%	60.6%	60.61%
Op. Income 5Y	10.4%	10.6%	10.0%	13.3%	7.7%	12.2%	10.8%	-1.0%	—	—	—	—	-27.2%	—	—	—	—	—	18.9%	40.8%	40.80%
FCF 3Y	—	—	—	—	—	—	—	—	—	-17.0%	—	—	—	59.5%	—	—	—	—	—	—	—
FCF 5Y	—	-53.7%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	15.4%	32.7%	—	—	—
OCF 3Y	—	—	—	—	—	—	—	—	—	-17.0%	—	—	—	59.5%	—	—	—	—	—	—	—
OCF 5Y	—	-53.7%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	15.4%	32.7%	—	—	—
Assets 3Y	26.1%	24.4%	22.5%	32.2%	28.0%	30.6%	26.7%	25.0%	28.3%	25.4%	19.5%	20.1%	16.2%	16.9%	13.4%	2.9%	3.7%	1.9%	0.6%	1.9%	1.86%
Assets 5Y	15.7%	16.5%	18.7%	27.6%	27.2%	26.8%	27.2%	26.5%	25.9%	24.6%	22.2%	22.2%	19.5%	19.0%	15.6%	12.5%	15.0%	14.8%	11.0%	12.9%	12.87%
Equity 3Y	20.9%	22.3%	21.4%	22.7%	22.3%	20.1%	18.5%	20.9%	19.1%	15.1%	15.1%	13.6%	13.0%	11.1%	2.9%	-0.8%	0.9%	0.0%	1.2%	5.5%	5.51%
Book Value 3Y	0.2%	0.7%	-1.6%	1.0%	-0.6%	-1.5%	-0.5%	0.2%	-3.5%	-4.9%	-4.2%	-6.4%	-7.2%	-7.8%	-15.9%	-16.8%	-16.8%	-14.0%	-14.8%	-18.7%	-18.68%
Dividend 3Y	-13.4%	-13.6%	-15.6%	-12.9%	-13.4%	-12.5%	-8.3%	-9.0%	-10.4%	-8.5%	-9.6%	-10.0%	-12.0%	-13.2%	-14.1%	-13.9%	-14.7%	-10.0%	-12.3%	-14.3%	-14.32%

Growth Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.91	0.85	0.96	0.91	0.88	0.79	0.95	0.89	0.52	0.81	0.93	0.79	0.57	0.16	0.04	0.21	0.03	0.29	0.09	0.16	0.156
Earnings Stability	0.79	0.58	0.82	0.71	0.57	0.35	0.77	0.22	0.06	0.17	0.15	0.34	0.40	0.39	0.57	0.68	0.69	0.33	0.15	0.32	0.320
Margin Stability	0.00	0.85	0.00	0.00	0.90	0.85	0.91	0.83	0.55	0.81	0.86	0.75	0.55	0.45	0.00	0.69	0.00	0.36	0.00	0.68	0.681
Rev. Growth Consistency	1.00	0.50	1.00	0.50	0.00	1.00	1.00	1.00	0.00	1.00	0.00	0.00	0.50	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.500
Earn. Growth Consistency	0.50	0.50	0.50	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.00	0.00	0.00	1.00	0.50	0.50	0.500
FCF Positive Streak	0	1	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.50	0.50	0.50	0.88	0.90	0.96	0.84	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.50	0.50	0.50	0.20	0.20	0.200
Earnings Smoothness	0.11	0.00	0.36	0.25	0.64	0.73	0.90	0.49	—	—	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	0.04	0.05	0.02	0.02	-0.02	-0.01	-0.00	-0.03	-0.10	-0.14	-0.12	-0.14	-0.04	-0.02	-0.13	-0.15	-0.07	0.03	0.14	0.13	0.131
Gross Margin Trend	0.10	0.11	0.05	0.03	-0.08	-0.04	-0.11	-0.19	-0.55	-0.19	-0.14	-0.20	0.20	-0.47	-6.97	—	-1.13	-0.08	3.58	—	—
FCF Margin Trend	0.57	0.18	-0.37	-1.87	-2.61	-4.51	-1.80	0.02	-1.64	2.23	1.62	1.76	3.20	2.04	2.58	—	3.30	1.74	0.22	—	—
Sustainable Growth Rate	2.2%	1.4%	0.1%	-0.1%	-3.1%	-3.1%	-3.2%	-6.0%	—	—	—	—	—	—	—	—	—	—	-10.5%	-17.8%	-17.78%
Internal Growth Rate	1.1%	0.7%	0.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Cash Flow Quality

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	-0.10	0.04	-1.32	-3.59	-4.69	-8.74	-5.09	-3.43	35.19	-0.62	-0.41	-0.31	-11.40	-0.81	-0.19	-0.98	-1.74	-28.89	3.57	21.46	21.457
FCF/OCF	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
FCF/Net Income	snapshot only																				21.457
OCF/EBITDA	snapshot only																				4.878
CapEx/Revenue	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
CapEx/Depreciation	snapshot only																				0.000
Accruals Ratio	0.07	0.06	0.12	0.21	0.19	0.32	0.21	0.09	0.12	-0.04	-0.02	-0.04	-0.06	-0.01	-0.05	-0.12	-0.08	-0.10	-0.07	-0.13	-0.133
Sloan Accruals	snapshot only																				0.135
Cash Flow Adequacy	snapshot only																				1.613
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	11.8%	12.4%	13.4%	14.9%	16.8%	14.4%	15.1%	13.8%	13.6%	12.4%	14.3%	13.5%	14.7%	17.0%	14.8%	18.2%	19.3%	19.4%	27.6%	21.9%	27.37%
Dividend/Share	$1.13	$1.19	$1.14	$1.08	$1.08	$1.11	$1.16	$1.17	$1.16	$1.22	$1.25	$1.28	$1.27	$1.28	$1.21	$1.19	$1.12	$1.25	$1.16	$1.04	$1.07
Payout Ratio	82.3%	88.4%	99.1%	1.0%	1.4%	1.4%	1.4%	2.2%	—	—	—	—	—	—	—	—	—	—	2.6%	13.3%	13.30%
FCF Payout Ratio	—	21.9%	—	—	—	—	—	—	—	3.8%	7.4%	6.3%	1.1%	10.2%	7.4%	1.1%	1.2%	69.1%	71.5%	62.0%	61.98%
Total Payout Ratio	82.3%	88.4%	99.1%	1.0%	1.4%	1.4%	1.4%	2.2%	—	—	—	—	—	—	—	—	—	—	2.6%	14.5%	14.53%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.26	0.28	0.26	0.33	0.38	0.36	0.45	0.46	0.49	0.48	0.43	0.44	0.38	0.31	0.31	0.27	0.30	0.34	0.41	0.59	0.593
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	2.03%
Net Buyback Yield	-14.5%	-15.2%	-34.0%	-38.6%	-48.4%	-40.9%	-24.7%	-34.7%	-29.6%	-20.0%	-23.9%	-12.8%	-15.1%	-24.4%	-17.6%	-15.2%	-12.4%	-5.2%	-5.3%	-1.4%	-1.40%
Total Shareholder Return	-2.6%	-2.8%	-20.5%	-23.6%	-31.7%	-26.5%	-9.7%	-20.9%	-16.0%	-7.5%	-9.6%	0.7%	-0.4%	-7.3%	-2.8%	3.1%	6.8%	14.3%	22.4%	20.5%	20.53%

DuPont Factors

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.99	0.99	0.98	0.98	0.97	0.97	0.97	0.95	1.61	1.03	1.06	1.04	1.40	1.35	1.04	1.03	1.07	1.67	0.97	0.90	0.898
Interest Burden (EBT/EBIT)	0.99	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.86	2.43	1.53	-0.56	1.00	1.00	1.00	1.00	1.00	0.73	0.26	0.261
EBIT Margin	0.64	0.62	0.59	0.59	0.49	0.48	0.46	0.34	-0.05	-0.19	-0.11	-0.34	0.08	-0.12	-7.78	7.53	-1.22	-0.04	0.41	0.20	0.197
Asset Turnover	0.10	0.10	0.09	0.08	0.07	0.07	0.08	0.07	0.04	0.06	0.06	0.05	0.08	0.04	0.01	-0.01	0.02	0.05	0.09	0.14	0.141
Equity Multiplier	2.00	2.01	2.03	2.18	2.18	2.27	2.19	2.25	2.26	2.44	2.42	2.30	2.31	2.46	2.50	2.47	2.36	2.49	2.47	2.22	2.223

Per Share

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$1.38	$1.35	$1.15	$1.08	$0.75	$0.79	$0.81	$0.52	$-0.08	$-0.52	$-0.41	$-0.65	$-0.11	$-0.16	$-0.89	$-1.15	$-0.52	$-0.06	$0.46	$0.08	$0.08
Book Value/Share	$11.72	$11.90	$12.78	$11.96	$11.95	$11.83	$11.40	$11.95	$10.68	$9.72	$9.89	$9.28	$9.37	$9.31	$7.59	$6.88	$6.89	$7.52	$7.06	$6.43	$6.43
Tangible Book/Share	$11.72	$11.90	$12.78	$11.96	$11.95	$11.83	$11.40	$11.95	$10.68	$9.72	$9.89	$9.28	$9.37	$9.31	$7.59	$6.88	$6.89	$7.52	$7.06	$6.43	$6.43
Revenue/Share	$2.18	$2.20	$1.99	$1.87	$1.59	$1.70	$1.83	$1.60	$0.97	$1.40	$1.52	$1.21	$1.73	$0.94	$0.11	$-0.15	$0.40	$0.95	$1.58	$1.69	$1.69
FCF/Share	$-0.14	$0.05	$-1.52	$-3.86	$-3.54	$-6.87	$-4.14	$-1.78	$-2.71	$0.32	$0.17	$0.20	$1.20	$0.13	$0.16	$1.12	$0.91	$1.82	$1.63	$1.67	$2.32
OCF/Share	$-0.14	$0.05	$-1.52	$-3.86	$-3.54	$-6.87	$-4.14	$-1.78	$-2.71	$0.32	$0.17	$0.20	$1.20	$0.13	$0.16	$1.12	$0.91	$1.82	$1.63	$1.67	$2.32
Cash/Share	$1.03	$1.85	$0.57	$2.24	$0.93	$0.77	$0.70	$0.82	$1.07	$1.40	$1.40	$2.30	$1.43	$1.95	$0.82	$0.60	$2.86	$2.49	$0.73	$2.08	$2.08
EBITDA/Share	$1.40	$1.37	$1.17	$1.10	$0.77	$0.81	$0.84	$0.55	$-0.05	$-0.27	$-0.16	$-0.41	$0.14	$-0.12	$-0.85	$-1.11	$-0.49	$-0.02	$0.66	$0.34	$0.34
Debt/Share	$12.72	$12.49	$11.44	$15.01	$13.95	$16.13	$15.58	$14.05	$13.42	$13.86	$13.48	$12.49	$11.87	$12.96	$11.62	$10.31	$9.25	$11.17	$9.45	$6.19	$6.19
Net Debt/Share	$11.69	$10.65	$10.87	$12.78	$13.02	$15.36	$14.87	$13.23	$12.35	$12.47	$12.08	$10.20	$10.44	$11.01	$10.80	$9.72	$6.39	$8.68	$8.72	$4.12	$4.12

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.274
Altman Z-Prime	snapshot only																				0.377
Piotroski F-Score	4	5	4	4	1	1	2	2	1	4	5	3	4	5	2	2	3	4	7	7	7
Beneish M-Score	93.18	-1.92	-1.30	-1.07	-0.47	-0.07	-0.79	0.17	—	-2.17	-2.42	7.70	—	—	—	—	-2.19	—	—	—	—
Ohlson O-Score	snapshot only																				-7.777
ROIC (Greenblatt)	snapshot only																				29.83%
Net-Net WC	snapshot only																				$-4.11
EVA	snapshot only																				$-7716695.57

Credit

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				B
Credit Score	30.59	31.85	31.51	28.87	25.84	26.49	26.09	13.73	32.33	32.88	33.57	32.84	29.65	32.85	15.64	18.53	15.92	26.07	30.37	28.87	28.868
Credit Grade	snapshot only																				15
Credit Trend	snapshot only																				10.339
Implied Spread (bps)	snapshot only																				750.000
Industry Credit Rank	snapshot only																				18
Sector Credit Rank	snapshot only																				11

HRZN NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Workforce & Productivity

Scaling Efficiency

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