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Horizon Kinetics Holding Corporation (HKHC) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Horizon Kinetics Holding Corporation stock $11.09, price $19.00, that is 41.6% below the price, quality 35 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

HK Horizon Kinetics Holding Corporation logo Some data Nov 5, 2026

Horizon Kinetics Holding Corporation

HKHC · US
Very expensive, weak quality

Our calculation puts a fair price 42% below what the stock costs today.

Highly profitable · 64.9% net margin (TTM)
Mixed Growth (revenue 5y +20.3 %/yr in USD)
2.2% dividend yield · Payout strained
Moderate moat 48/100 · thin data
Insiders bought $127,544 (6M)
Some data
Costs 190 times its yearly profit.
Fair value $11.09 · Strongly overvalued (−41.6%)
Quality 35/100
Trails peers (1/9)
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$1,059 $19.00 Fair Value $11.09 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range $19.00 – $1,059 · fair‑value band $8.67 – $11.86 · the $19.00 price screens above the $11.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Horizon Kinetics Holding Corporation is an employee owned investment manager. The firm primarily provides its services to high net worth individuals.

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It also caters to individuals, investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organizations, and corporations. The firm manages separate client-focused equity and fixed income portfolios. It also manages equity mutual fund for its clients.

The firm invests in the public equity, fixed income, and alternative markets across the globe. It typically invests in value stocks of small cap and large cap companies. The firm employs a fundamental analysis to create its portfolios. It conducts in-house research to make its investments.

Horizon Kinetics Holding Corporation was founded in 1994 and is based in New York City with additional offices in Charlotte, North Carolina; Summit, New Jersey and White Plains, New York.

Stock analysis

Horizon Kinetics Holding Corporation (HKHC) currently trades at $19.00, while our model-based Fair Value estimate is $11.09, 42% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $11.55 per share, and 1 of the 6 models we run sit above the $19.00 price.

Bear case: the Dividend Discount group reads lowest at $4.44, and 5 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $8.67 (bear) to $11.86 (bull), the price of $19.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 35/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Horizon Kinetics Holding Corporation reported revenue of $72.8M in FY2025 versus $29.7M in FY2021, a compound +25.1%/yr. Reported net income was $4.9M in FY2025.

Key figures

Market cap $354M Small · P/E ratio 190.0 · P/S ratio 12.8 · EPS (TTM) $0.1000 · Dividend yield 2.2% · Net margin 6.7% · Return on equity 2.3% · Return on assets (EBIT) −24.8% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 45% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −42%, HKHC screens richer than that median.

Fair Value models

Bear $8.67 Fair Value $11.09 Bull $11.86
Price $19.00 · Downside -41.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $10.63 $11.09 $11.86 76
Gordon GGM $2.60 $4.62 $6.29 68
DDM Multi-Stage $2.60 $4.25 $4.94 67
All 6 models by family
Dividend Discount
Gordon GGM $2.60 $4.62 $6.29 68
DDM Multi-Stage $2.60 $4.25 $4.94 67
Multiples
P/E Multiple $2.57 $3.42 $4.28 63
P/B Multiple $14.76 $19.68 $24.60 55
Asset-Based
NCAV (Graham) $7.03 $9.42 $14.06 51
Economic Profit
Residual Income $10.63 $11.09 $11.86 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 35/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 16
How much profit the company makes from its sales and capital
Quality Growth 72
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 14
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 60
How calm the share price moves, does not count
Price momentum 5
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 76
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 5 officers or directors bought shares worth $127,544, most recently on Sep 18, 2026. Buying cluster

  • BuyAllison NagelbergDirector2× since Mar 20, 2026: 340 shares, avg. $29.66$10,085Sep 18, 2026
  • BuyAlice C BrennanDirector5× since Aug 24, 2026: 1,000 shares, avg. $26.35$26,348Sep 2, 2026
  • BuyMaran Capital Management, LLCDirector500 shares at $26.50$13,250Aug 26, 2026
  • BuyBrent D RosenthalDirector4× since Nov 25, 2025: 3,750 shares, avg. $28.39$106,467Aug 24, 2026
  • BuyMark HerndonChief Financial Officer4× since Nov 20, 2025: 530 shares, avg. $28.31$15,002Aug 20, 2026
  • BuyHorizon Common Inc10% owner11× since Nov 20, 2025: 342 shares, avg. $31.24$10,683Mar 20, 2026
  • BuyMurray StahlCEO and CIO, Director, 10% owner8× since Nov 24, 2025: 211 shares, avg. $29.15$6,150Mar 20, 2026

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+27.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.3%
Start year 2020 (pandemic)
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−8.0% (2020) → 15.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed

HKHC screens overvalued: fair value 42% below the price. Compare with Blackstone Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 586 stocks

Beats the industry median on 1/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside −41.6% · Bottom 25%
Profitability
Return on equity (12 months) 2.3% · Below median
Return on assets 0.2% · Bottom 25%
Net margin (12 months) 64.9% · Above median
Operating margin (12 months) 19.2% · Below median
Growth and dividend
Revenue growth (quarter YoY) 0.7% · Below median
Dividend yield (12 months) 2.2% · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 190.0× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 59
FUTURE (revenue growth)4 · sector 39
PAST (return on equity)9 · sector 29
HEALTH (low debt)–
DIVIDEND (yield)45 · sector 80

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €73.35 €139.37 +90% vs HKHC
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs HKHC
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs HKHC
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs HKHC
State Street Corporation STT $165.56 $139.37 −16% vs HKHC
Ares Management Corporation ARES $133.98 $99.35 −26% vs HKHC
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs HKHC
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs HKHC
Blackstone Inc BX $119.50 $52.29 −56% vs HKHC
KKR & Co KKR $96.48 $27.32 −72% vs HKHC

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Horizon Kinetics Holding Corporation: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Horizon Kinetics Holding Corporation Fair Value". https://www.fairvalue-calculator.com/stock/HKHC

Frequently asked questions

Is Horizon Kinetics Holding Corporation (HKHC) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $11.09 versus a price of $19.00, about 42% lower (overvalued).
What is the fair value of HKHC?
Our model-based fair value for Horizon Kinetics Holding Corporation is $11.09 (as of Nov 5, 2026), built from audited fundamentals. The current price: $19.00.
What is the quality score of HKHC?
Horizon Kinetics Holding Corporation has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Horizon Kinetics Holding Corporation (HKHC)?
Our model-based price target is the fair value of $11.09 (as of Nov 5, 2026) from 6 valuation models. Cautious scenario $8.67, optimistic scenario $11.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Horizon Kinetics Holding Corporation stock forecast for 2026?
Our models put fair value at $11.09, about 42% lower versus a price of $19.00 (overvalued). Cautious scenario $8.67, optimistic scenario $11.86. The calculation is refreshed regularly with new filings.
What is the revenue of Horizon Kinetics Holding Corporation (HKHC)?
Horizon Kinetics Holding Corporation reported trailing-twelve-month revenue of about $72.3M (latest available figure, as of Nov 5, 2026).
Does Horizon Kinetics Holding Corporation pay a dividend?
Horizon Kinetics Holding Corporation currently shows a dividend yield of 2.24% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Horizon Kinetics Holding Corporation (HKHC) and when is the ex-dividend date?
Horizon Kinetics Holding Corporation pays a dividend of $0.425 per share a year, a dividend yield of 2.2%. The last ex-dividend date was Aug 26, 2026. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What is the intrinsic value of Horizon Kinetics Holding Corporation (HKHC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Horizon Kinetics Holding Corporation it is $11.09 per share (as of Nov 5, 2026), against a price of $19.00. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Horizon Kinetics Holding Corporation stock overvalued or undervalued in 2026?
As of Nov 5, 2026, HKHC trades above its calculated fair value: price $19.00, fair value $11.09, a gap of about −42% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HKHC?
No. The price is what the market pays today ($19.00); the fair value is what the company's own numbers justify ($11.09). For Horizon Kinetics Holding Corporation the two are $7.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is Horizon Kinetics Holding Corporation worth?
The market values Horizon Kinetics Holding Corporation at about $354M (market capitalisation, as of Nov 5, 2026). Per share that is $19.00; our models calculate a fair value of $11.09 per share.
What do the bullish and bearish scenarios say about HKHC?
Our models span a range for Horizon Kinetics Holding Corporation: cautious scenario $8.67, base $11.09, optimistic $11.86 per share (as of Nov 5, 2026, price $19.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HKHC?
Horizon Kinetics Holding Corporation trades at a price-to-earnings ratio of 190.0 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $11.09 is built from several models across several years.
How solid is the balance sheet of Horizon Kinetics Holding Corporation (HKHC)?
Balance-sheet figures for Horizon Kinetics Holding Corporation (as of Nov 5, 2026): return on equity 2.3%. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is HKHC from its 52-week high?
Horizon Kinetics Holding Corporation trades at $19.00, about 45% below its 52-week high of $34.50 and at the low of $19.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $11.09 is for.
Which stocks are comparable to Horizon Kinetics Holding Corporation?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Horizon Kinetics Holding Corporation stock attractive at the current price?
The data as of Nov 5, 2026: price $19.00, calculated fair value $11.09 (−42%), Quality Score 35/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HKHC calculated?
We run Horizon Kinetics Holding Corporation through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $11.09 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Horizon Kinetics Holding Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Horizon Kinetics Holding Corporation (HKHC)?
The closing price on Nov 6, 2026 was $19.00. Our model-based fair value is $11.09, about 42% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Horizon Kinetics Holding Corporation right now?
The price sits above even our optimistic bull case ($11.86). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Horizon Kinetics Holding Corporation

How large is the market capitalisation of Horizon Kinetics Holding Corporation (HKHC)?
The market capitalisation of Horizon Kinetics Holding Corporation is $354M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Horizon Kinetics Holding Corporation (HKHC)?
The price-to-sales ratio of Horizon Kinetics Holding Corporation is 12.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Horizon Kinetics Holding Corporation (HKHC)?
Earnings per share at Horizon Kinetics Holding Corporation are $0.1000 (price ÷ EPS = P/E 190.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Horizon Kinetics Holding Corporation (HKHC)?
The dividend yield of Horizon Kinetics Holding Corporation is 2.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Horizon Kinetics Holding Corporation (HKHC)?
The net margin of Horizon Kinetics Holding Corporation is 6.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Horizon Kinetics Holding Corporation (HKHC)?
The return on equity (ROE) of Horizon Kinetics Holding Corporation is 2.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Horizon Kinetics Holding Corporation (HKHC)?
On an EBIT basis the return on assets of Horizon Kinetics Holding Corporation is −24.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Horizon Kinetics Holding Corporation (HKHC)?
The operating margin of Horizon Kinetics Holding Corporation is 19.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Horizon Kinetics Holding Corporation (HKHC)?
Revenue at Horizon Kinetics Holding Corporation is growing +0.7% versus a year earlier (3y avg +190%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Horizon Kinetics Holding Corporation (HKHC)?
Earnings per share at Horizon Kinetics Holding Corporation are growing +218% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Horizon Kinetics Holding Corporation (HKHC) generate?
The free cash flow of Horizon Kinetics Holding Corporation is −$43.4M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Horizon Kinetics Holding Corporation (HKHC) hold?
Horizon Kinetics Holding Corporation holds more cash than debt, $74.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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