Horizon Kinetics Holding Corporation

HKHC

Asset Management · Financial Services

Price

$25.89

-2.81 (-9.79%)

Market Cap

$482.5M

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+47.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.7M (2021) → 18.6M (2025)

Horizon Kinetics Holding Corporation is a small, independent asset management firm based in New York. It manages money for clients by investing in stocks and other assets, primarily through separately managed accounts and investment funds. The firm is known for its concentrated, value-oriented investment approach and has a notable stake in Texas Pacific Land Corporation, which has become a significant part of its portfolio.

The company earns revenue mainly through management fees charged as a percentage of the assets it oversees for clients. It operates primarily in the United States and manages roughly a few billion dollars in assets, which is small compared to large asset managers like BlackRock or Vanguard. Its main competitive edge is its distinctive, research-driven investment philosophy, but its small size and heavy concentration in a handful of positions also represent a key risk — if those positions underperform, the firm's assets under management and fee revenue could decline meaningfully.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-7.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+216.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

57.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$2.1B cash & investments at current burn rate

Revenue declining

Horizon Kinetics Holding Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

21.3%

Thin — 21.3% gross margin

Operating Margin

-23.7%

Losing money on operations — -23.7%

ROCE

-1.1%

Weak — -1.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+21.3%

Fast-growing sales (21.3% YoY)

EPS YoY

-26.7%

Earnings shrinking (-26.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

-65%

Weak — only -65% of profit becomes cash

FCF Margin

-85.0%

Burning cash (-85.0%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

8.8x

Attractive valuation — P/E 8.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend Yield

1.34%

Small dividend — 1.34% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

no trend

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial