Saturday 17 October 2026 Export WHF’s income statement to Excel — free account

WhiteHorse Finance, Inc.

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%

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Market cap: $164.5M
P/E: 9.6×
Fwd P/E: 8.9×
Dividend yield: 9.89%
F-score: 7/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 24.85%

Capital & Financial Ratios $m

Market Cap 164.51

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 9.59

Fwd P/E 8.92

P/S ratio 2.51

P/B ratio 0.65

Past 5Y EPS Growth (16.74%)

This Y EPS Growth (14.11%)

Next Y EPS Growth 0.94%

Next Y revenue growth (42.26%)

Next 5Y EPS Growth (12.48%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 44.55%

10-year low 10-year high

P/S against its own 10 years 14.78%

10-year low 10-year high

P/B against its own 10 years 11.13%

10-year low 10-year high

Dividends

Payout Ratio 0.95

Annual Dividend Rate 0.75

Annual Dividend Yield 9.89%

	total	individual payouts
2027	Powerpack
2026	0.70	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 special payouts not included in total or ratios

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%)

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	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
	High	12.72	15.05	15.80	15.00	14.43	16.72	15.73	13.88	13.44	11.31
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
Income, $m
Income, $m	Revenue	54	55	63	67	62	72	88	103	93	73
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	31	34	57	31	32	30	16	20	11	14
	EBT margin, %	58.18	62.86	90.60	45.98	51.35	41.71	17.92	19.77	11.69	19.73
	Net income	31	34	57	31	32	30	16	20	11	14
	Depreciation	(2)	(2)	(4)	(3)	(2)	(5)	(4)	(3)	(2)	(2)
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
	Earnings	1.71	1.77	2.79	1.50	1.55	1.42	0.68	0.88	0.47	0.62
	Cash flow	1.86	0.37	1.51	(4.62)	(3.14)	(4.26)	3.10	3.89	3.39	3.33
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	1.86	0.37	1.51	(4.62)	(3.14)	(4.26)	3.10	3.89	3.39	3.33
	Book value	13.62	14.77	15.35	15.23	15.23	16.54	14.31	13.63	12.31	11.21
	Shares, m	18	19	21	21	21	21	23	23	23	23
Valuation, ×
Valuation, ×	P/E	7.19	7.40	4.54	9.01	8.72	10.69	18.72	13.98	20.60	11.21
	P/S	4.15	4.67	4.13	4.20	4.53	4.54	3.43	2.77	2.42	2.22
	P/B	0.90	0.89	0.83	0.90	0.89	0.94	0.90	0.90	0.79	0.62
	EV/Sales	7.00	7.29	6.38	8.24	10.52	10.85	8.19	6.29	5.94	6.28
	EV/FCF	11.05	55.71	12.99	(5.82)	(10.05)	(8.68)	9.96	7.19	7.00	5.90
Cash, $m
Cash, $m	Operating cash flow	34	7	31	(95)	(65)	(90)	72	90	79	77
	Capex	—	—	—	—	—	—	—	—	—	—
	Free cash flow	34	7	31	(95)	(65)	(90)	72	90	79	77
Balance, $m
Balance, $m	Working capital	20	28	18	24	9	9	15	9	(1)	7
	Total debt	182	182	176	299	385	477	441	387	353	324
	Net debt	153	143	142	272	370	455	417	363	326	295
	Shareholders’ equity	249	287	315	313	313	350	332	317	286	260
Returns, %
Returns, %	ROA	7.06	7.39	11.46	5.39	4.69	3.83	1.90	2.67	1.54	2.22
	ROIC	4.19	3.81	3.54	3.42	2.28	2.31	3.19	4.01	3.91	3.02
	ROE	12.70	12.85	19.03	9.82	10.13	9.08	4.60	6.29	3.60	5.25

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$206.3M	19.6×	10.4×	−16.21% (below 0%: shrinking)	−41.67% (below 0%: shrinking)	−2.70% (below 0%: shrinking)	78.27%	72.21%	Compare
SCM Stellus Capital Investment Corporation	$205.6M	6.9×	9.7×	−13.21% (below 0%: shrinking)	+55.56% (above 0%: growing)	+41.00% (above 0%: growing)	100.00%	72.26%	Compare
TPVG TriplePoint Venture Growth BDC Corp.	$183.2M	4.5×	6.2×	−4.86% (below 0%: shrinking)	−21.21% (below 0%: shrinking)	+232.34% (above 0%: growing)	100.00%	75.98%	Compare
WHG Westwood Holdings Group Inc	$181.4M	20.0×	— (loss-making)	+9.62% (above 0%: growing)	+50.00% (above 0%: growing)	−58.51% (below 0%: shrinking)	100.00%	8.14%	Compare
NSLR Neostellar Capital Corp.	$181.1M	1.3×	2.9×	+79.14% (above 0%: growing)	n/m	−171.41% (below 0%: shrinking)	100.00%	(7,413.51%)	Compare
WHF WhiteHorse Finance, Inc.	$164.5M	9.6×	8.9×	−23.72% (below 0%: shrinking)	+380.00% (above 0%: growing)	−159.82% (below 0%: shrinking)	100.00%	66.34%
SPMC Sound Point Meridian Capital, Inc.	$147.8M	— (loss-making)	—	—	+76.60% (above 0%: growing)	—	—	—	Compare
HSDT Solana Company	$142.7M	— (loss-making)	— (loss-making)	+5,774.42% (above 0%: growing)	n/m	−331.34% (below 0%: shrinking)	96.95%	(1,293.47%)	Compare
DFDV DeFi Development Corp.	$135.7M	— (loss-making)	— (loss-making)	+66.87% (above 0%: growing)	n/m	+110.69% (above 0%: growing)	99.37%	(689.20%)	Compare
Median of peers	$181.3M	6.9×	8.0×	+9.62%	+50.00%	−2.70%	100.00%	8.14%

All 120 Asset Management stocks →

WhiteHorse Finance, Inc. (WHF) key facts

Concern: WhiteHorse Finance, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $72.7 million, down 21.7% from fiscal 2024.
Strength: Net income was $14.3 million, or $0.62 per share (basic), a net margin of 19.7%.
WhiteHorse Finance, Inc. (WHF) is an Asset Management company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, WHF traded at $7.58, a market capitalization of $164.5 million.
At that price the stock trades at 9.6× trailing-twelve-month earnings and 2.5× sales; its P/E is higher than 45% of its own readings over the past ten years.
WhiteHorse Finance, Inc. pays an annual dividend of $0.75 per share, a yield of 9.89%, with a payout ratio of 94.9%.
Return on equity was 5.25% and debt-to-equity 1.29.
Its Piotroski F-score is 7 out of 9 for fiscal 2025.