Horizon Kinetics Holding Corp

HKHC · Investment Advice · 18.6M shares · +10%/yr ↑ shares · EDGAR filings ↗

Reference price $27.85 · est. market cap ~$519M — last insider purchase, 2026-05-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

C54

Horizon Kinetics — asset manager with weak cash flow and low returns.

Strengths

Positive operating margin (15%)
Concentrated, differentiated strategies

Risks

Negative free cash flow (8th pct), short runway (3.4 q)
ROE 1.5% (18th)
AUM concentration / performance dependence

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Cash burnNegative free cash flow (-43.4M)
Insider buyingInsider buying — 17 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $21M2025-09-30 · $16M2025-12-31 · $17M2026-03-31 · $18M

Last 4 quarters · from SEC filings.

Key metrics

Operating margin

15.2%

Net margin

7.0%

Return on equity

1.5%

Return on assets

0.3%

Revenue growth (QoQ)

7.4%

Net-income growth

-94.5%

Free cash flow

-$43M

EBITDA

$12M

Tangible book value

$274M

Cash & investments

$37M

Cash runway

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-20	Herndon Mark	Buy	100	$27.85
2026-05-20	Rosenthal Brent D	Buy	700	$27.85
2026-03-20	STAHL MURRAY	Buy	18	$34.60
2026-03-20	STAHL MURRAY	Buy	10	$34.60
2026-03-20	STAHL MURRAY	Buy	25	$34.60
2026-03-20	STAHL MURRAY	Buy	18	$34.60
2026-03-20	STAHL MURRAY	Buy	10	$34.60
2026-03-20	Nagelberg Allison	Buy	150	$33.96
2026-03-20	STAHL MURRAY	Buy	25	$34.60
2026-03-19	STAHL MURRAY	Buy	46	$34.06
2026-03-19	STAHL MURRAY	Buy	25	$34.06
2026-03-19	STAHL MURRAY	Buy	18	$34.06
2026-03-18	STAHL MURRAY	Buy	10	$34.00
2026-03-18	STAHL MURRAY	Buy	9	$34.00
2026-03-18	STAHL MURRAY	Buy	8	$34.00
2026-03-18	Herndon Mark	Buy	80	$33.03
2026-03-18	Rosenthal Brent D	Buy	750	$33.05
2025-12-23	Maran Partners Fund, LP	Other	25K	—
2025-12-23	Maran Partners Fund, LP	Other	42K	—
2025-12-10	STAHL MURRAY	Buy	6	$27.00
2025-12-10	STAHL MURRAY	Buy	12	$27.00
2025-12-10	STAHL MURRAY	Buy	4	$27.00
2025-12-09	STAHL MURRAY	Buy	12	$27.00
2025-12-09	STAHL MURRAY	Buy	6	$27.00
2025-12-09	STAHL MURRAY	Buy	4	$27.00
2025-12-08	STAHL MURRAY	Buy	6	$26.73
2025-12-08	STAHL MURRAY	Buy	12	$26.73
2025-12-08	STAHL MURRAY	Buy	4	$26.73
2025-12-05	STAHL MURRAY	Buy	12	$27.75
2025-12-05	STAHL MURRAY	Buy	6	$27.75
2025-12-05	STAHL MURRAY	Buy	4	$27.75
2025-12-04	Horizon Common Inc	Buy	6	$41.25
2025-12-04	STAHL MURRAY	Buy	12	$27.75
2025-12-04	STAHL MURRAY	Buy	6	$27.75
2025-12-04	STAHL MURRAY	Buy	4	$27.75
2025-12-03	STAHL MURRAY	Buy	6	$27.00
2025-12-03	STAHL MURRAY	Buy	4	$27.00
2025-12-03	STAHL MURRAY	Buy	12	$27.00
2025-12-02	STAHL MURRAY	Buy	12	$27.23
2025-12-02	STAHL MURRAY	Buy	6	$27.23
2025-12-02	STAHL MURRAY	Buy	4	$27.23
2025-12-01	STAHL MURRAY	Buy	12	$27.00
2025-12-01	STAHL MURRAY	Buy	6	$27.00
2025-12-01	STAHL MURRAY	Buy	4	$27.00
2025-11-28	STAHL MURRAY	Buy	12	$27.23
2025-11-28	STAHL MURRAY	Buy	4	$27.23
2025-11-28	STAHL MURRAY	Buy	6	$27.23
2025-11-27	Horizon Common Inc	Buy	6	$41.00
2025-11-26	STAHL MURRAY	Buy	4	$27.23
2025-11-26	STAHL MURRAY	Buy	8	$27.23
2025-11-26	STAHL MURRAY	Buy	12	$27.23
2025-11-25	STAHL MURRAY	Buy	4	$27.00
2025-11-25	Rosenthal Brent D	Buy	300	$27.28
2025-11-25	STAHL MURRAY	Buy	12	$27.00
2025-11-25	STAHL MURRAY	Buy	8	$27.00
2025-11-24	STAHL MURRAY	Buy	4	$28.00
2025-11-24	STAHL MURRAY	Buy	12	$28.00
2025-11-24	STAHL MURRAY	Buy	8	$28.00
2025-11-21	STAHL MURRAY	Buy	4	$28.25
2025-11-21	STAHL MURRAY	Buy	12	$28.25
2025-11-21	STAHL MURRAY	Buy	9	$28.25
2025-11-20	STAHL MURRAY	Buy	4	$27.50
2025-11-20	Herndon Mark	Buy	100	$29.00
2025-11-20	STAHL MURRAY	Buy	11	$27.50
2025-11-20	STAHL MURRAY	Buy	9	$27.50
2025-09-09	STAHL MURRAY	Buy	5	$38.30
2025-09-09	STAHL MURRAY	Buy	4	$38.30
2025-09-09	STAHL MURRAY	Buy	8	$38.30
2025-09-09	STAHL MURRAY	Buy	7	$38.30
2025-09-08	STAHL MURRAY	Buy	5	$38.85
2025-09-08	STAHL MURRAY	Buy	4	$38.85
2025-09-08	STAHL MURRAY	Buy	10	$38.85
2025-09-08	STAHL MURRAY	Buy	6	$38.85
2025-09-05	STAHL MURRAY	Buy	5	$39.00
2025-09-05	STAHL MURRAY	Buy	4	$39.00
2025-09-05	STAHL MURRAY	Buy	8	$39.00
2025-09-05	STAHL MURRAY	Buy	6	$39.00
2025-09-04	STAHL MURRAY	Buy	5	$39.45
2025-09-04	STAHL MURRAY	Buy	4	$39.45
2025-09-04	STAHL MURRAY	Buy	8	$39.45
2025-09-04	STAHL MURRAY	Buy	6	$39.45
2025-09-03	STAHL MURRAY	Buy	6	$40.20
2025-09-03	STAHL MURRAY	Buy	8	$40.20
2025-09-03	STAHL MURRAY	Buy	5	$40.20
2025-09-03	STAHL MURRAY	Buy	4	$40.20
2025-09-02	STAHL MURRAY	Buy	5	$38.00
2025-09-02	STAHL MURRAY	Buy	8	$38.00
2025-09-02	STAHL MURRAY	Buy	6	$38.00
2025-09-02	STAHL MURRAY	Buy	4	$38.00
2025-09-02	Rosenthal Brent D	Buy	300	$38.00
2025-08-29	STAHL MURRAY	Buy	5	$38.00
2025-08-29	STAHL MURRAY	Buy	2	$38.00
2025-08-29	STAHL MURRAY	Buy	8	$38.00
2025-08-29	STAHL MURRAY	Buy	6	$38.00
2025-08-28	STAHL MURRAY	Buy	6	$38.00
2025-08-28	STAHL MURRAY	Buy	8	$38.00
2025-08-28	STAHL MURRAY	Buy	8	$38.00
2025-08-28	STAHL MURRAY	Buy	6	$38.00
2025-08-28	STAHL MURRAY	Buy	5	$38.00
2025-08-28	STAHL MURRAY	Buy	2	$38.00
2025-08-28	STAHL MURRAY	Buy	2	$38.00
2025-08-28	STAHL MURRAY	Buy	5	$38.00
2025-08-27	STAHL MURRAY	Buy	6	$38.00
2025-08-27	STAHL MURRAY	Buy	2	$38.00
2025-08-27	STAHL MURRAY	Buy	8	$38.00
2025-08-27	STAHL MURRAY	Buy	6	$38.00
2025-08-27	STAHL MURRAY	Buy	5	$38.00
2025-08-27	STAHL MURRAY	Buy	2	$38.00
2025-08-27	Brennan Alice C	Buy	100	$38.00
2025-08-27	STAHL MURRAY	Buy	8	$38.00
2025-08-27	STAHL MURRAY	Buy	5	$38.00
2025-08-26	STAHL MURRAY	Buy	8	$38.00
2025-08-26	STAHL MURRAY	Buy	2	$38.00
2025-08-26	STAHL MURRAY	Buy	8	$38.00
2025-08-26	STAHL MURRAY	Buy	6	$38.00
2025-08-26	STAHL MURRAY	Buy	5	$38.00
2025-08-26	STAHL MURRAY	Buy	2	$38.00
2025-08-26	STAHL MURRAY	Buy	5	$38.00
2025-08-26	STAHL MURRAY	Buy	6	$38.00
2025-08-25	STAHL MURRAY	Buy	6	$38.00
2025-08-25	STAHL MURRAY	Buy	5	$38.00
2025-08-25	STAHL MURRAY	Buy	8	$38.00
2025-08-25	STAHL MURRAY	Buy	2	$38.00
2025-08-22	STAHL MURRAY	Buy	5	$37.63
2025-08-22	STAHL MURRAY	Buy	8	$37.63
2025-08-22	STAHL MURRAY	Buy	6	$37.63
2025-08-22	STAHL MURRAY	Buy	1	$37.63
2025-08-21	STAHL MURRAY	Buy	8	$38.00
2025-08-21	STAHL MURRAY	Buy	6	$38.00
2025-08-20	STAHL MURRAY	Buy	1	$38.15
2025-08-20	STAHL MURRAY	Buy	8	$38.15
2025-08-20	STAHL MURRAY	Buy	6	$38.15
2025-06-10	STAHL MURRAY	Buy	8	$49.00
2025-06-10	STAHL MURRAY	Buy	2	$49.00
2025-06-09	STAHL MURRAY	Buy	8	$47.00
2025-06-09	STAHL MURRAY	Buy	2	$47.00
2025-06-06	STAHL MURRAY	Buy	8	$47.00
2025-06-06	STAHL MURRAY	Buy	2	$47.00
2025-06-05	STAHL MURRAY	Buy	8	$41.00
2025-06-05	STAHL MURRAY	Buy	2	$41.00
2025-06-04	Herndon Mark	Buy	20	$40.18
2025-06-04	STAHL MURRAY	Buy	2	$41.00
2025-06-04	STAHL MURRAY	Buy	8	$41.00
2025-06-03	STAHL MURRAY	Buy	2	$41.00
2025-06-03	STAHL MURRAY	Buy	8	$41.00
2025-06-02	STAHL MURRAY	Buy	8	$43.50
2025-06-02	STAHL MURRAY	Buy	2	$43.50
2025-05-30	STAHL MURRAY	Buy	8	$41.75
2025-05-30	STAHL MURRAY	Buy	2	$41.75
2025-05-29	STAHL MURRAY	Buy	8	$41.50
2025-05-29	STAHL MURRAY	Buy	2	$41.50
2025-05-28	STAHL MURRAY	Buy	8	$41.25
2025-05-28	STAHL MURRAY	Buy	2	$41.25
2025-05-27	STAHL MURRAY	Buy	8	$42.00
2025-05-27	STAHL MURRAY	Buy	2	$42.00
2025-05-23	STAHL MURRAY	Buy	2	$41.79
2025-05-23	STAHL MURRAY	Buy	8	$41.79
2025-05-22	STAHL MURRAY	Buy	8	$38.50
2025-05-22	STAHL MURRAY	Buy	2	$38.50
2025-05-21	STAHL MURRAY	Buy	7	$36.75
2025-05-21	STAHL MURRAY	Buy	2	$36.75

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-05-15	ResultsExhibits	filing ↗
2026-05-11	Material agreement	filing ↗
2026-04-08	Exec/director changeExhibits	filing ↗
2026-03-12	ResultsExhibits	filing ↗
2025-11-13	ResultsExhibits	filing ↗
2025-08-12	ResultsExhibits	filing ↗
2025-06-20	Shareholder vote	filing ↗
2025-05-14	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-15	2026-05-15	0001193125-26-225476 ↗
10-Q	2026-05-15	2026-03-31	0001193125-26-225482 ↗
8-K	2026-05-11	2026-05-05	0001193125-26-215560 ↗
8-K	2026-04-08	2026-04-07	0001193125-26-147613 ↗
10-K	2026-03-12	2025-12-31	0001193125-26-104113 ↗
8-K	2026-03-12	2026-03-12	0001193125-26-104064 ↗
8-K	2025-11-13	2025-11-13	0001193125-25-280089 ↗
10-Q	2025-11-13	2025-09-30	0001193125-25-280136 ↗
8-K	2025-08-12	2025-08-12	0000950170-25-107269 ↗
10-Q	2025-08-12	2025-06-30	0000950170-25-107298 ↗
8-K	2025-06-20	2025-06-17	0000950170-25-088156 ↗
8-K	2025-05-14	2025-05-14	0000950170-25-071607 ↗