Pricing Log in Create free account
Friday 6 November 2026 Export WHF’s income statement to Excel — free account

WhiteHorse Finance, Inc.

WHF Financial Asset Management

WhiteHorse Finance, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $72.7 million, down 21.7% from fiscal 2024.

Revenue
−23.7%
EPS
+380.0%
Free cash flow
−159.8%
Total debt
−10.7%

Quarter to June 2026, against a year earlier

8.45 0.21 +2.55%
Market cap
$177.0M
P/E
10.4×
Fwd P/E
8.3×
Dividend yield
12.1%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 24.85%

Capital & Financial Ratios $m

Size
Market Cap 176.97
Revenue ttm 65.26
Net income ttm 17.55
Free cash flow ttm 77.85
Net debt Q 296.94
Valuation
P/E 10.44
Forward P/E 8.28
Price / sales 2.73
Forward P/S Powerpack
Price / FCF 2.29
Price / book 0.70
Financial health
Current ratio Q 1.39
Debt / equity Q 1.29
Interest coverage Q 1.98
Growth
Revenue growth Q −23.72% (below 0%: shrinking)
Operating income growth Q −30.01% (below 0%: shrinking)
EPS, this year −14.11% (below 0%: weak)
EPS, next year A +1.56%
Revenue, next year A −41.01% (below 0%: weak)
EPS, past 5 yrs −16.74% (below 0%: weak)
EPS, next 5 yrs A −12.48% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 48.29%
10-year low 10-year high
P/S against its own 10 years 20.50%
10-year low 10-year high
P/B against its own 10 years 16.28%
10-year low 10-year high

Dividends

Yield
12.1%
Annual rate
1.00
Payout ratio
126.6%
Growth, 2018–26
−7.67%/yr
  1. 1.42 ’18
  2. 1.42 ’19 +0
  3. 1.42 ’20 +0
  4. 1.42 ’21 +0
  5. 1.42 ’22 +0
  6. 1.48 ’23 +4
  7. 1.54 ’24 +4
  8. 1.41 ’25 −9
  9. 0.75 ’26 −47
paid change on the year, % Powerpack

Assets vs Liabilities $m

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

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%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.25 Actual 0.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.29 0.26 Miss by 0.03
Q4 FY25 0.27 0.29 Beat by 0.02
Q1 FY26 0.28 0.26 Miss by 0.02
Q2 FY26 0.25 0.22 Miss by 0.03
Q3 FY26 0.25 — Reports 9 November 2026

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.

Revenue $m

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
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

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)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

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)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 54 55 63 67 62 72 88 103 93 73 65 +3.4% 43 45 — (21.6%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 31 34 57 31 32 30 16 20 11 14 18 (8.3%)
EBT margin, % 58.18 62.86 90.60 45.98 51.35 41.71 17.92 19.77 11.69 19.73 26.88 (38.4) pt
Net income 31 34 57 31 32 30 16 20 11 14 18 (8.3%)
Per share, $
Per share, $ Revenue 2.94 2.82 3.08 3.26 3.00 3.41 3.77 4.44 3.99 3.14 3.03 +0.7%
Earnings 1.71 1.77 2.79 1.50 1.55 1.42 0.68 0.88 0.47 0.62 0.79 (10.7%)
Cash flow 1.86 0.37 1.51 (4.62) (3.14) (4.26) 3.10 3.89 3.39 3.33 3.61 +6.7%
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 1.86 0.37 1.51 (4.62) (3.14) (4.26) 3.10 3.89 3.39 3.33 3.61 +6.7%
Book value 13.62 14.77 15.35 15.23 15.23 16.54 14.31 13.63 12.31 11.21 11.72 (2.1%)
Shares, m 18 19 21 21 21 21 23 23 23 23 23 +2.7%
Valuation, ×
Valuation, × P/E 7.19 7.40 4.54 9.01 8.72 10.69 18.72 13.98 20.60 11.21 10.44 11.2
P/S 4.15 4.67 4.13 4.20 4.53 4.54 3.43 2.77 2.42 2.22 2.73 3.7
P/B 0.90 0.89 0.83 0.90 0.89 0.94 0.90 0.90 0.79 0.62 0.70 0.9
EV/Sales 7.00 7.29 6.38 8.24 10.52 10.85 8.19 6.29 5.94 6.28 — 7.7
EV/FCF 11.05 55.71 12.99 (5.82) (10.05) (8.68) 9.96 7.19 7.00 5.90 — 8.5
Cash, $m
Cash, $m Operating cash flow 34 7 31 (95) (65) (90) 72 90 79 77 78 +9.5%
Capex — — — — — — — — — — — —
Free cash flow 34 7 31 (95) (65) (90) 72 90 79 77 78 +9.5%
Balance, $m
Balance, $m Working capital 20 28 18 24 9 9 15 9 (1) 7 10 (10.6%)
Net debt 153 143 142 272 370 455 417 363 326 295 297 +7.5%
Shareholders’ equity 249 287 315 313 313 350 332 317 286 260 253 +0.5%
Returns, %
Returns, % ROA 7.06 7.39 11.46 5.39 4.69 3.83 1.90 2.67 1.54 2.22 2.75 (4.8) pt
ROIC 4.19 3.81 3.54 3.42 2.28 2.31 3.19 4.01 3.91 3.02 2.67 (1.2) pt
ROE 12.70 12.85 19.03 9.82 10.13 9.08 4.60 6.29 3.60 5.25 6.65 (7.5) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

WhiteHorse Finance, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PNNT PennantPark Investment Corporation $212.9M 20.9× 9.6× −16.21% (below 0%: shrinking) −41.67% (below 0%: shrinking) −2.70% (below 0%: shrinking) 78.27% 72.21% Compare
LIEN Chicago Atlantic BDC, Inc. $207.4M 6.5× 6.5× +6.81% (above 0%: growing) −28.95% (below 0%: shrinking) +1,591.22% (above 0%: growing) 100.00% 61.95% Compare
SCM Stellus Capital Investment Corporation $205.6M 7.1× 6.1× −13.21% (below 0%: shrinking) +55.56% (above 0%: growing) +41.00% (above 0%: growing) 100.00% 72.26% Compare
SAR Saratoga Investment Corp $200.7M — (loss-making) 108× +1.77% (above 0%: growing) n/m −43.85% (below 0%: shrinking) 100.00% 68.55% Compare
TPVG TriplePoint Venture Growth BDC Corp. $181.6M 4.7× 5.2× −10.96% (below 0%: shrinking) −25.00% (below 0%: shrinking) +184.88% (above 0%: growing) 100.00% 0.00% Compare
WHF WhiteHorse Finance, Inc. $177.0M 10.4× 8.3× −23.72% (below 0%: shrinking) +380.00% (above 0%: growing) −159.82% (below 0%: shrinking) 100.00% 66.34%
WHG Westwood Holdings Group Inc $175.5M 22.0× — (loss-making) +9.40% (above 0%: growing) −18.18% (below 0%: shrinking) −29.81% (below 0%: shrinking) 100.00% 5.20% Compare
NSLR Neostellar Capital Corp. $148.3M 1.5× 1.3× +79.14% (above 0%: growing) n/m +8,274.08% (above 0%: growing) 100.00% 0.00% Compare
AMBR Amber International Holding Limited - Sponsored ADR $143.5M 291× — (loss-making) −26.53% (below 0%: shrinking) +57.00% (above 0%: growing) +274.25% (above 0%: growing) 79.48% 7.43% Compare
Median of peers $191.1M 7.1× 6.3× −4.60% −21.59% +112.94% 100.00% 34.69%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 18 June 2026

Ownership

Directors and executive officers, together 3.80%
Anthony Tamer 18.60%
H.I.G. Bayside Loan Opportunity Fund IV, L.P. 18.50%
Sami Mnaymneh 18.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

WhiteHorse Finance, Inc. (WHF) Latest News

26 Oct

Impact 3 · · Zacks

23 Oct

Impact 3 · · 24/7 Wall St.

22 Oct

Impact 3 · · Investing.com

9 Oct

Impact 4 · · pitchbook.com

21 Sep

Impact 4 ·

12 Aug

Impact 3 · · Moby transcript

11 Aug

Impact 3 · · MarketBeat

10 Aug

Impact 3 ·
Impact 3 ·

9 May

Impact 4 · · MarketBeat

7 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · PR Newswire

2 Mar

Impact 4 · · Moby
Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat
Impact 3 · · Zacks
Impact 3 · · Associated Press Finance
Impact 3 · · PR Newswire

18 Nov

Impact 3 ·

10 Nov

Impact 3 · · GuruFocus.com transcript
Impact 3 · · Zacks
Impact 3 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceMT NewswiresAssociated Press FinanceAssociated Press Finance
Impact 3 · · PR Newswire

15 Oct

Impact 3 · · PR Newswire

10 Sep

Impact 3 · · Zacks

14 Aug

Impact 4 ·

7 Aug

Impact 3 ·
Impact 3 ·
Impact 3 · · PR Newswire
stockrow.com/WHF · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com