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.
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WhiteHorse Finance, Inc. (WHF) Piotroski F-score
WhiteHorse Finance, Inc.'s Piotroski F-score for fiscal 2025 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, up from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 7 | 2.00 |
| FY2024 | 5 | (1.00) |
| FY2023 | 6 | 0.00 |
| FY2022 | 6 | 4.00 |
| FY2021 | 2 | 0.00 |
| FY2020 | 2 | 0.00 |
| FY2019 | 2 | (3.00) |
| FY2018 | 5 | 0.00 |
| FY2017 | 5 | (2.00) |
| FY2016 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.22% | 1.54% | Pass | 1 |
| Positive operating cash flow | 77.27m | 78.76m | Pass | 1 |
| Rising return on assets | 2.22% | 1.54% | Pass | 1 |
| Cash flow above net income | 62.94m | 67.91m | Pass | 1 |
| Falling long-term leverage | 0.50 | 0.50 | Pass | 1 |
| Rising current ratio | 1.25 | 0.98 | Pass | 1 |
| No new shares issued | 23,175,000 | 23,243,000 | Pass | 1 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.11 | 0.13 | Fail | 0 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| WHF WhiteHorse Finance, Inc. | 7 |
| WHG Westwood Holdings Group Inc compare | 6 |
| HSDT Solana Company compare | 5 |
| NSLR Neostellar Capital Corp. compare | 5 |
| PNNT PennantPark Investment Corporation compare | 4 |
| TPVG TriplePoint Venture Growth BDC Corp. compare | 3 |
| DFDV DeFi Development Corp. compare | 2 |
| SCM Stellus Capital Investment Corporation compare | 2 |
| SPMC Sound Point Meridian Capital, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover