WhiteHorse Finance, Inc. WHF

7.04 (0.02) (0.28%) as of 25 Sep
Market cap
$151.6M
P/E
8.9×

Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 24.85%

Capital & Financial Ratios

Market Cap 151.62
Revenue 65.26
Net Income 17.55
Free Cash Flow 77.85
Net Debt 296.94
Current Ratio 1.39
Debt/Equity 1.29
P/E ratio 8.91
P/S ratio 2.33
P/B ratio 0.60
Past 5Y EPS Growth 6.68%
This Y EPS Growth (14.11%)
Next Y EPS Growth 0.94%
Next 5Y EPS Growth (12.48%)
in millions of $

Dividends

Payout Ratio 2.35
Annual Dividend Rate 1.48
Annual Dividend Yield 11.79%
total individual payouts
2027 Powerpack
2026 0.71
0.01
0.25
0.25
2025 1.02
0.39
0.39
0.39
0.04
0.25
2024 1.54
0.39
0.39
0.39
0.25
0.39
2023 1.48
0.36
0.37
0.37
0.39
2022 1.42
0.36
0.36
0.36
0.05
0.36
2021 1.42
0.36
0.36
0.36
0.14
0.36
2020 1.42
0.36
0.36
0.36
0.13
0.36
2019 1.42
0.36
0.36
0.36
0.20
0.36
2018 1.42
0.36
0.36
0.36
0.36
2017 1.42
0.36
0.36
0.36
0.36
2016 1.42
0.36
0.36
0.36
0.36
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 23 27 29 28
Receivables 8 6 6 6
Inventory — — — —
Other 1 1 0 0
34 35 36 35
2023 2024 2025 Q'26
Payables 22 32 27 23
ST’ Debt — — — —
Other — — — —
25 35 29 25
in millions of $

Compound Annual Growth

10y 5y 3y
Sales 4.44% 3.33% (6.01%)
Cash Flow 0.00% 0.00% 2.39%
Earnings 0.00% (14.67%) (2.95%)
Book Value 0.63% (3.65%) (7.89%)

Revenue

Mar Jun Sep Dec Year
’26 16 14 — — —
’25 19 19 18 17 73
’24 25 23 23 21 93
’23 26 26 26 26 103
’22 20 20 22 26 88
’21 18 17 18 18 72
’20 15 14 16 17 62
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 28 (13) — — —
’25 (7) 22 62 1 77
’24 2 42 15 21 79
’23 22 11 42 16 90
’22 15 49 0 8 72
’21 66 (25) (18) (113) (90)
’20 15 39 (30) (90) (65)
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 28 (13) — — —
’25 (7) 22 62 1 77
’24 2 42 15 21 79
’23 22 11 42 16 90
’22 15 49 0 8 72
’21 66 (25) (18) (113) (90)
’20 15 39 (30) (90) (65)
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 (0.03) 0.48 — — —
’25 0.18 0.10 (0.02) 0.36 0.62
’24 0.26 0.34 (0.30) 0.17 0.47
’23 0.32 0.17 0.24 0.15 0.88
’22 0.25 0.32 0.17 (0.05) 0.68
’21 0.40 0.51 0.40 0.14 1.42
’20 (1.01) 1.11 1.06 0.40 1.55
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

3.4
1Buy 2 3Hold 4 5Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
9.14 12.06 10.92 12.64 5.51 13.10 10.57 11.13 9.45 6.39

Analyst estimates 2026–2028

Powerpack
Low Price
12.72 15.05 15.80 15.00 14.43 16.72 15.73 13.88 13.44 11.31
High Price
— — — — — — — — — —
Employees
0 0 0 0 0 0 0 0 0 0
Revenue/Emp
54 55 63 67 62 72 88 103 93 73
Revenue
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Gross Margin
31 34 57 31 32 30 16 20 11 14
EBT
58.18% 62.86% 90.60% 45.98% 51.35% 41.71% 17.92% 19.77% 11.69% 19.73%
EBT Margin
31 34 57 31 32 30 16 20 11 14
Net Income
(2) (2) (4) (3) (2) (5) (4) (3) (2) (2)
Depreciation
2.94 2.82 3.08 3.26 3.00 3.41 3.77 4.44 3.99 3.14
Revenue/Sh
1.71 1.77 2.79 1.50 1.55 1.42 0.68 0.88 0.47 0.62
Earnings/Sh
1.86 0.37 1.51 (4.62) (3.14) (4.26) 3.10 3.89 3.39 3.33
Cash Flow/Sh
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capex/Sh
1.86 0.37 1.51 (4.62) (3.14) (4.26) 3.10 3.89 3.39 3.33
Free CF/Sh
13.62 14.77 15.35 15.23 15.23 16.54 14.31 13.63 12.31 11.21
Book Value/Sh
18 19 21 21 21 21 23 23 23 23
Shares
7.19 7.40 4.54 9.01 8.72 10.69 18.72 13.98 20.60 11.21
PE Ratio
4.15 4.67 4.13 4.20 4.53 4.54 3.43 2.77 2.42 2.22
PS Ratio
0.90 0.89 0.83 0.90 0.89 0.94 0.90 0.90 0.79 0.62
PB Ratio
7.00 7.29 6.38 8.24 10.52 10.85 8.19 6.29 5.94 6.28
EV/Sales
11.05 55.71 12.99 (5.82) (10.05) (8.68) 9.96 7.19 7.00 5.90
EV/FCF
34 7 31 (95) (65) (90) 72 90 79 77
Op' Cash Flow
— — — — — — — — — —
Capex
34 7 31 (95) (65) (90) 72 90 79 77
FCF
20 28 18 24 9 9 15 9 (1) 7
Working Cap'
182 182 176 299 385 477 441 387 353 324
Total Debt
153 143 142 272 370 455 417 363 326 295
Net Debt
249 287 315 313 313 350 332 317 286 260
Sh' Equity
7.06% 7.39% 11.46% 5.39% 4.69% 3.83% 1.90% 2.67% 1.54% 2.22%
ROA
4.19% 3.81% 3.54% 3.42% 2.28% 2.31% 3.19% 4.01% 3.91% 3.02%
ROIC
12.70% 12.85% 19.03% 9.82% 10.13% 9.08% 4.60% 6.29% 3.60% 5.25%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

WhiteHorse Finance, Inc. (WHF) key facts

  • WhiteHorse Finance, Inc. (WHF) is an Asset Management company in the Financial sector, listed on Nasdaq.
  • WhiteHorse Finance, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $72.7 million, down 21.7% from fiscal 2024.
  • Net income was $14.3 million, or $0.62 per share (basic), a net margin of 19.7%.
  • As of September 25, 2026, WHF traded at $7.04, a market capitalization of $151.6 million.
  • At that price the stock trades at 8.9× trailing-twelve-month earnings and 2.3× sales.
  • WhiteHorse Finance, Inc. pays an annual dividend of $1.48 per share, a yield of 11.8%.
  • Return on equity was 5.25% and debt-to-equity 1.29.

Source: company filings (standardised) and stockrow calculations.

WhiteHorse Finance, Inc. (WHF) Latest News

News by impact score

Fine-tune

21 Sep

4

WhiteHorse Finance Inc. (WHF), a non-diversified closed-end management investment company that originates and invests in senior secured loans to lower-middle-market U.S. companies, announced a quarterly dividend of $0.25 per share, with an ex-dividend date of 2026-09-21 and a payout date of 2026-10-05. The stock currently yields about 15.5% on a trailing basis and about 13.5% forward, suggesting investors may face a lower distribution ahead. The dividend history stretches back to 2012 and remains quarterly, but the payout ratio as of 2026-06-30 is 1.45, meaning more than earnings are paid out. Growth metrics look weak: five-year EBITDA down 19.6%; three-year EPS down ~3% per year; three-year revenue down ~1.8% per year. The company has positive net income for a decade, yet sustainability concerns persist given flat-to-negative growth and a stretched payout. Investors should monitor upcoming results for any stabilization signals. Payout ratio above 1.0 and weak growth metrics imply meaningful ongoing sustainability risks for distributions.

12 Aug

3 transcript

WhiteHorse Finance, Inc. released Q2 2026 earnings results and held its earnings call. Quarterly earnings updates typically provide financial details that moderately influence near-term stock sentiment and valuation.

11 Aug

3

WhiteHorse Finance, Inc. (WHF) Q2 earnings call covered financial results, portfolio performance, dividend updates and forward outlook. Quarterly earnings call updates can shift near-term investor sentiment and valuation but rarely change long-term company trajectory.

10 Aug

3

WhiteHorse Finance missed Q2 earnings and revenue estimates. Q2 earnings and revenue misses typically pressure near-term stock prices and investor sentiment.

3

WhiteHorse Finance reported second quarter 2026 earnings results and declared a quarterly distribution of $0.25 per share. Quarterly earnings and dividend announcements directly affect stock valuation and short-term investor sentiment.

9 May

4

WhiteHorse Finance, Inc. (WHF) released Q1 earnings call highlights covering financial performance, portfolio updates, and strategic outlook. Q1 earnings call highlights detail financial results and strategic shifts with potential to significantly alter WHF's trajectory and investor sentiment.

7 May

4 transcript

WhiteHorse Finance, Inc. (WHF) released its Q1 2026 earnings call transcript, detailing first-quarter financial results, portfolio updates, and management guidance. Q1 2026 earnings transcript reveals financial performance, investment portfolio status, and forward guidance that can significantly sway WHF's market valuation and investor confidence.

3

WhiteHorse Finance, Inc. (WHF) Q1 2026 earnings call summary details financial performance, portfolio updates, investment activities, and management outlook. Q1 2026 earnings summary impacts WHF's financial performance and investor sentiment but remains routine quarterly reporting.

3

WhiteHorse Finance, Inc. announced first quarter 2026 earnings results and declared a quarterly distribution of $0.25 per share. Quarterly earnings results and dividend declaration moderately influence financial performance and investor sentiment without fundamentally altering long-term trajectory.

2 Mar

4

WhiteHorse Finance, Inc. (WHF) released its Q4 2025 earnings call summary, detailing quarterly financial performance, portfolio updates, dividend declarations, and forward guidance. Q4 earnings call summary discloses key financial metrics, investment portfolio changes, and outlook that significantly influence WHF's valuation and investor sentiment.

4

WhiteHorse Finance Inc (WHF) reported strong Q4 2025 earnings, robust portfolio performance, and strategic portfolio adjustments during earnings call highlights. Strong Q4 earnings and strategic initiatives directly boost WHF's financial position and investor confidence.

4

WhiteHorse Finance, Inc. (WHF) released highlights from its Q4 earnings call, covering financial performance, portfolio updates, and strategic outlook. Q4 earnings call highlights disclose financial results, dividend declarations, and portfolio metrics that significantly influence WHF's stock trajectory and investor confidence.

3

WhiteHorse Finance (WHF) Q4 earnings and revenues beat analyst estimates. Q4 earnings beat positively influences WHF's financial performance and investor sentiment without fundamentally altering long-term trajectory.

3

WhiteHorse Finance (WHF) reported Q4 net investment income of $0.40 per share, topping the $0.39 estimate. NAV per share rose to $12.89 from $12.80 year-end. Total investment portfolio value hit $713 million, up 2%. Board declared $0.355 quarterly dividend, payable April 3 to March 28 holders. Q4 earnings beat and stable NAV signal moderate positive influence on financial performance and investor sentiment.

3

WhiteHorse Finance, Inc. announces fourth quarter and full year 2025 earnings results and declares quarterly distribution of $0.25 per share plus supplemental distribution of $0.01 per share. Earnings results and dividend declarations moderately impact financial performance and investor sentiment for WHF.

18 Nov

3

B. Riley has reduced its price target for WhiteHorse Finance, Inc. (WHF) to $7.50 following disappointing Q3 results. The company's performance fell short of expectations, prompting the downgrade and raising concerns about its future financial stability. The downgrade reflects a moderately noticeable influence on investor sentiment and financial performance due to the soft quarterly results.

10 Nov

3 transcript

WhiteHorse Finance, Inc. (WHF) reported its Q3 2025 earnings, highlighting challenges in the current market environment. The company discussed its strategies to navigate these difficulties, focusing on maintaining portfolio quality and optimizing investment opportunities. Management emphasized their commitment to delivering value to shareholders despite external pressures, while also outlining future growth prospects and potential risks. Overall, WHF remains focused on adapting to market conditions to sustain performance. Market challenges and strategic responses may moderately influence financial performance and competitive positioning.

3

WhiteHorse Finance, Inc. (WHF) reported Q3 earnings and revenues that fell short of analysts' expectations. The company's financial performance showed a decline, raising concerns among investors about its future prospects. This underperformance may impact market sentiment and investor confidence moving forward. Earnings and revenue shortfalls can moderately influence investor sentiment and financial performance.

3

WhiteHorse Finance, Inc. (WHF) reported its Q3 earnings, showcasing a stable financial performance with key metrics reflecting consistent growth. The company highlighted its strategic investments and portfolio management, which contributed positively to its earnings. Analysts noted the resilience of WHF in a fluctuating market, emphasizing its ability to navigate challenges while maintaining shareholder value. Overall, the earnings report indicates a solid position for WHF moving forward. The earnings report reflects stable performance but does not indicate any major shifts that would significantly alter the company's trajectory.

3

WhiteHorse Finance, Inc. reported its earnings results for the third quarter of 2025, announcing a stock repurchase program of up to $15.0 million. Additionally, the company declared a quarterly distribution of $0.25 per share to its shareholders. The stock repurchase program and quarterly distribution may positively influence investor sentiment and financial performance, but the overall impact is expected to be limited.

15 Oct

3

WhiteHorse Finance, Inc. (WHF) has announced a special distribution for its shareholders and plans to report its financial results for the third quarter of 2025. The company aims to provide insights into its financial performance and strategic direction during this upcoming report. The announcement of a special distribution and upcoming financial results may moderately influence investor sentiment and financial performance.

10 Sep

3

Implied volatility for WhiteHorse Finance, Inc. stock options has surged, indicating heightened investor expectations for significant price movements in the near future. This increase in volatility often reflects uncertainty or anticipation of upcoming events that could impact the company's stock performance. Increased implied volatility suggests potential fluctuations in stock price, which may moderately influence market sentiment and trading strategies.

14 Aug

4

WhiteHorse Finance, Inc. (WHF) has been identified as a strong sell due to its declining performance metrics and unfavorable market conditions. Analysts highlight concerns over its financial stability and potential risks that could impact future profitability. Investors are advised to reconsider their positions in WHF as the outlook appears increasingly negative. Declining performance metrics and unfavorable market conditions are likely to significantly impact future profitability and investor sentiment.

7 Aug

3

WhiteHorse Finance, Inc. (WHF) reported Q2 earnings and revenues that fell short of analysts' expectations, leading to concerns about the company's financial performance. The results indicate potential challenges in maintaining growth and profitability, which may affect investor sentiment moving forward. Earnings and revenue misses can moderately influence investor confidence and financial performance.

3

WhiteHorse Finance, Inc. (WHF) reported its Q2 earnings, showcasing a notable performance with increased revenue and net investment income. The company highlighted its strategic focus on enhancing portfolio quality and maintaining strong liquidity. Management expressed optimism about future growth opportunities while addressing market challenges. Overall, the earnings report reflects a solid financial position and a commitment to shareholder value. The earnings report indicates moderate improvements in financial performance that could influence investor sentiment and operational strategies.

3

WhiteHorse Finance, Inc. reported its earnings results for the second quarter of 2025, revealing a quarterly distribution of $0.385 per share. The announcement highlights the company's financial performance and commitment to returning value to shareholders. The earnings results and distribution declaration may moderately influence investor sentiment and financial performance.

14 May

3

WhiteHorse Finance Inc (WHF) deployed $45.5 million in gross capital and maintained a high-quality debt portfolio, with 99.3% being first lien, senior secured. The company has a strong pipeline of 175 deals and maintained its quarterly distribution of $0.38 per share. However, NAV per share decreased by 1.6% to $12.11, and non-accrual investments rose to 8.8% of the debt portfolio. The weighted average effective yield on income-producing debt investments fell to 12.1%. Market conditions have slowed M&A activity, impacting deal flow, and net investment income fell short of the distribution. Updates on Telestream indicate potential improvements in NII if it returns to accrual status. The decrease in NAV and increase in non-accrual investments may moderately affect financial performance.

12 May

3

WhiteHorse Finance, Inc. (WHF) reported Q1 earnings and revenue that fell short of analysts' expectations. The company's financial performance showed a decline, raising concerns among investors about its future growth prospects. WHF's results indicate challenges in maintaining profitability and could impact market sentiment moving forward. Earnings and revenue misses can moderately influence investor confidence and financial performance.

3 earnings

WhiteHorse Finance, Inc. reported its Q1 earnings, showcasing key financial metrics and performance indicators. The company highlighted its revenue growth and net income figures, reflecting a positive trend in its operations. Management provided insights into strategic initiatives and market conditions that influenced the results, indicating a focus on maintaining strong performance in the upcoming quarters. The earnings report indicates moderate financial performance improvements that may influence investor sentiment and operational strategies.

3

WhiteHorse Finance, Inc. reported its first quarter 2025 earnings, revealing total investment income of $18.8 million, a 10.5% decrease from the previous quarter. The company declared a quarterly distribution of $0.385 per share, payable on July 3, 2025. CEO Stuart Aronson noted ongoing challenges affecting earnings power and a decrease in high-quality investment opportunities. The investment portfolio's fair value increased to $651 million, with a weighted average yield of 12.1%. The company made new investments totaling $40.8 million and experienced significant repayments of $19.4 million during the quarter. WhiteHorse Finance continues to focus on maintaining solid credit fundamentals amid a competitive market environment. Earnings performance and distribution stability may moderately influence investor sentiment and financial outlook.

stockrow.com/WHF · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com