Saturday 17 October 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. In the quarter to June 2026, revenue fell 23.7%, EPS grew 380.0%, free cash flow fell 159.8% and total debt fell 10.7%, each against the same quarter a year earlier.
7.58
0.08
−1.04%
Follow WHF
| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
11.21 | 20.60 | 13.98 | 18.72 | 10.69 | 8.72 | 9.01 | 4.54 | 7.40 | 7.19 |
Piotroski F-Score |
7 | 5 | 6 | 6 | 2 | 2 | 2 | 5 | 5 | 7 |
P/S ratio |
2.22 | 2.42 | 2.77 | 3.43 | 4.54 | 4.53 | 4.20 | 4.13 | 4.67 | 4.15 |
P/FCF ratio |
2.08 | 2.86 | 3.16 | 4.17 | 0.00 | 0.00 | 0.00 | 8.41 | 35.73 | 6.56 |
P/Operating CF |
167.95 | 10.68 | 18.09 | 38.07 | (2.91) | (3.12) | (5.63) | 7.59 | 62.41 | 38.23 |
P/B ratio |
0.62 | 0.79 | 0.90 | 0.90 | 0.94 | 0.89 | 0.90 | 0.83 | 0.89 | 0.90 |
Price to Tangible BV |
0.62 | 0.79 | 0.90 | 0.90 | 0.94 | 0.89 | 0.90 | 0.83 | 0.89 | 0.90 |
EV/Sales |
6.28 | 5.94 | 6.29 | 8.19 | 10.85 | 10.52 | 8.24 | 6.38 | 7.29 | 7.00 |
EV/EBITDA |
9.57 | 8.64 | 9.19 | 12.78 | 18.76 | 18.22 | 13.15 | 11.88 | 11.83 | 11.50 |
EV/Operating CF |
5.90 | 7.00 | 7.19 | 9.96 | (8.68) | (10.05) | (5.82) | 12.99 | 55.71 | 11.05 |
EV/FCF |
5.90 | 7.00 | 7.19 | 9.96 | (8.68) | (10.05) | (5.82) | 12.99 | 55.71 | 11.05 |
Quick Ratio |
1.20 | 0.92 | 1.27 | 1.61 | 1.32 | 1.42 | 1.94 | 1.80 | 2.77 | 2.34 |
Current Ratio |
1.25 | 0.98 | 1.36 | 1.77 | 1.40 | 1.49 | 2.37 | 1.83 | 2.78 | 2.40 |
Net Debt/EBITDA |
6.19 | 5.11 | 5.14 | 7.43 | 10.90 | 10.37 | 6.46 | 4.19 | 4.24 | 4.68 |
Debt/Assets |
52.72% | 52.22% | 52.93% | 55.40% | 56.03% | 53.58% | 47.38% | 34.23% | 37.53% | 40.86% |
Debt/Equity |
1.25 | 1.24 | 1.22 | 1.33 | 1.36 | 1.23 | 0.96 | 0.56 | 0.64 | 0.73 |
Asset Turnover |
0.11 | 0.13 | 0.14 | 0.11 | 0.09 | 0.09 | 0.12 | 0.13 | 0.12 | 0.12 |
Operating CF/Net income |
5.39 | 7.26 | 4.43 | 4.59 | (3.00) | (2.04) | (3.08) | 0.54 | 0.21 | 1.09 |
Capex/Depreciation |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Interest Coverage |
2.16 | 2.37 | 2.46 | 2.74 | 2.80 | 2.90 | 3.38 | 3.24 | 3.67 | 4.30 |
| 5.25% | 3.60% | 6.29% | 4.60% | 9.08% | 10.13% | 9.82% | 19.03% | 12.85% | 12.70% | |
| 2.22% | 1.54% | 2.67% | 1.90% | 3.83% | 4.69% | 5.39% | 11.46% | 7.39% | 7.06% | |
ROIC |
3.02% | 3.91% | 4.01% | 3.19% | 2.31% | 2.28% | 3.42% | 3.54% | 3.81% | 4.19% |
Return on Tangible Assets |
199.62% | (1,321.68%) | 224.63% | 101.33% | 337.68% | 341.29% | 128.46% | 324.30% | 122.03% | 159.74% |
Average Days of Receivables |
28.99 | 22.58 | 30.02 | 33.77 | 38.05 | 66.55 | 34.66 | 26.64 | 32.95 | 26.37 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
31.32% | 28.61% | 28.73% | 31.20% | 35.70% | 38.37% | 32.20% | 40.64% | 34.27% | 34.63% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(1.98) | (1.58) | (1.33) | (1.43) | (1.43) | (1.35) | (0.98) | (0.61) | (0.60) | (0.73) |
Graham Number |
12.51 | 11.41 | 16.43 | 14.90 | 23.23 | 23.12 | 22.82 | 31.10 | 24.32 | 22.83 |
Earnings Yield |
8.92% | 4.86% | 7.15% | 5.34% | 9.35% | 11.46% | 11.09% | 22.01% | 13.51% | 13.91% |
Free Cash Flow Yield |
47.98% | 35.00% | 31.61% | 23.99% | (27.51%) | (23.10%) | (33.74%) | 11.89% | 2.80% | 15.25% |
Revenue per Share |
3.14 | 3.99 | 4.44 | 3.77 | 3.41 | 3.00 | 3.26 | 3.08 | 2.82 | 2.94 |
Operating CF per Share |
3.33 | 3.39 | 3.89 | 3.10 | (4.26) | (3.14) | (4.62) | 1.51 | 0.37 | 1.86 |
Capex per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Free Cash Flow per Share |
3.33 | 3.39 | 3.89 | 3.10 | (4.26) | (3.14) | (4.62) | 1.51 | 0.37 | 1.86 |
Cash per Share |
1.27 | 1.16 | 1.00 | 1.04 | 1.04 | 0.76 | 1.34 | 1.64 | 2.00 | 1.58 |
Shareholders Equity per Share |
11.21 | 12.31 | 13.63 | 14.31 | 16.54 | 15.23 | 15.23 | 15.35 | 14.77 | 13.62 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
11.21 | 12.31 | 13.63 | 14.31 | 16.54 | 15.23 | 15.23 | 15.35 | 14.77 | 13.62 |
Free Cash Flow |
77.27 | 78.76 | 90.37 | 71.99 | (90.19) | (64.60) | (94.98) | 31.07 | 7.17 | 34.12 |
Working Capital |
7.18 | (0.82) | 9.09 | 15.48 | 8.91 | 9.28 | 24.01 | 17.67 | 28.23 | 19.61 |
Net Current Asset Value |
(318.86) | (356.10) | (379.79) | (428.55) | (469.97) | (377.84) | (276.73) | (159.88) | (154.51) | (163.21) |
EV/EBIT |
9.14 | 8.32 | 8.82 | 11.91 | 16.87 | 17.08 | 12.16 | 10.75 | 11.09 | 10.71 |
Capex to Sales |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Price to Operating Income |
6.02 | 5.87 | 6.55 | 7.84 | 11.00 | 11.23 | 8.79 | 10.07 | 9.77 | 8.28 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Cash ROIC |
12.60% | 11.82% | 12.43% | 9.02% | (10.63%) | (9.05%) | (14.85%) | 5.92% | 1.41% | 7.41% |
Accounts Receivable Turnover |
12.62 | 13.04 | 12.45 | 11.21 | 7.69 | 7.00 | 12.21 | 13.23 | 12.40 | 14.76 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
5.76 | 7.12 | 8.29 | 7.81 | 9.39 | 8.81 | 5.49 | 4.78 | 4.42 | 3.65 |
Average Payables |
29.56 | 26.99 | 18.85 | 17.41 | 17.12 | 15.04 | 12.26 | 9.03 | 8.27 | 9.46 |
Average Assets |
645.98 | 703.79 | 763.61 | 823.75 | 785.00 | 675.11 | 572.66 | 499.81 | 465.88 | 443.97 |
Average Common Equity |
272.96 | 301.45 | 324.58 | 341.07 | 331.32 | 312.93 | 314.13 | 301.12 | 268.17 | 246.72 |
Columns are period end dates