Horizon Kinetics Holding Corp. (HKHC) intrinsic value & 10-year financials
Horizon Kinetics Holding Corp. (HKHC) has a Graham intrinsic value of $5.12 per share. At $20.50 on Oct 17, 2026, the stock trades 300% above that value. Over the last 10 fiscal years revenue grew 8.4% a year to $72.8M, with an average return on invested capital of -3.5%.
- Graham intrinsic value
- $5.12
- Share price (Oct 17, 2026)
- $20.50
- Price vs Graham value
- 300% above
- Market cap
- $382.0M
- Revenue (FY2025)
- $72.8M
- Revenue growth (10-yr CAGR)
- 8.4%
- ROIC (10-yr avg)
- -3.5%
- Free cash flow (FY2025)
- -$43.4M
HKHC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $72.8M | $5.1M | $0.27 | -$43.4M | 15.2% | 1.6% |
| FY2024 | $57.2M | $92.5M | $5.07 | $11.8M | -27.2% | 155.6% |
| FY2023 | $3.4M | $380.0K | $0.03 | -$956.0K | -150.3% | -139.2% |
| FY2022 | $16.6M | -$8.9M | -$0.70 | — | -50.2% | -58.2% |
| FY2021 | $33.1M | -$11.1M | -$0.88 | — | -26.8% | -37.3% |
| FY2020 | $30.3M | -$1.6M | -$0.12 | $3.6M | -7.4% | -5.8% |
| FY2019 | $28.4M | -$657.0K | -$0.05 | $578.0K | -4.7% | -3.4% |
| FY2018 | $37.1M | $2.2M | $0.18 | $2.9M | 7.9% | 12.5% |
| FY2017 | $42.2M | $4.7M | $0.38 | $3.5M | 18.1% | 27.7% |
| FY2016 | $35.2M | $1.9M | $0.15 | $1.2M | 9.1% | 11.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Horizon Kinetics Holding Corp is a consistent compounder, expanding top-line revenue at 8.4% annually over the past decade.
Horizon Kinetics Holding Corp has historically struggled to out-earn its cost of capital, averaging just -18.9% ROIC.
Horizon Kinetics Holding Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Horizon Kinetics Holding Corp is modeled at 6.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $5.12 per share.