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Horizon Kinetics Holding Corporation ( Horizon Kinetics or the Company ), through its wholly-owned registered investment advisor, Horizon Kinetics Asset Management LLC, is an investment advisory and independent research firm. It was founded on the belief that a short-term investment approach, widely adopted with the modernization of financial markets, ultimately produces sub-optimal returns.
15.21% operating margin is respectable but not wide. ROIC at 2.52%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue up 30.5% YoY with margins expanding 42.2pp. However, free cash flow softened 468%, worth monitoring whether this is timing or structural.
Free cash flow declined 468% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$43M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$72M
▲ +30.5% YoY
Net Income (TTM)
$55M
▼ -94.5% YoY
Op. Margin
6.98%
▲ +42.2pp YoY
ROIC
1.07%
▲ +9.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$35M
▼ -468.0% YoY
Op. Cash Flow (TTM)
-$35M
▼ -463.9% YoY
Net Debt
-$29M
Net Cash Position
Cash & Equiv.
$37M
5Y CAGR: +20.3%
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