DeFi Development Corp. (DFDV) vs WhiteHorse Finance, Inc. (WHF)

DeFi Development Corp. and WhiteHorse Finance, Inc. are both Asset Management companies. DeFi Development Corp. is the larger, with a market value of $189.5M against $151.6M — 1.2× the size. DeFi Development Corp. has negative trailing earnings, so its P/E is not meaningful; WhiteHorse Finance, Inc. trades at 8.9×. DeFi Development Corp. grew revenue faster over the last twelve months: 328.6% against −19.9%. WhiteHorse Finance, Inc. has the higher net margin (26.9% vs −1,319.5%) and the higher return on invested capital (2.67% vs −79.9%). Across the 18 metrics below, WhiteHorse Finance, Inc. leads on 13 and DeFi Development Corp. on 5.

Valuation

Metric DFDV WHF Asset Management median
P/E n/m 8.91 14.62
P/S 10.95 2.33 2.97
P/B n/m 0.60 0.94
Price to free cash flow n/m 1.95 8.93
EV/EBITDA n/m 10.53 10.32
EV/Sales 18.53 6.88 5.72
Earnings yield (169.54%) 11.22% 4.53%
Free cash flow yield (87.23%) 51.26% 4.65%

Profitability

Metric DFDV WHF Asset Management median
Gross margin 97.76% 100.00% 100.00%
Operating margin (866.51%) 67.65% 33.03%
Net margin (1,319.46%) 26.88% 13.53%
Free cash flow margin (954.86%) 119.28% 12.44%
Return on equity (589.29%) 6.65% 4.83%
Return on assets (128.23%) 2.75% 1.57%
Return on invested capital (79.93%) 2.67% 3.04%

Growth

Metric DFDV WHF Asset Management median
Revenue growth (TTM) 328.61% (19.92%) 6.97%
EPS growth (last fiscal year) (1,335.75%) 31.91% —
Revenue growth, 5-year CAGR 48.79% 3.33% 12.13%
Net income growth, 5-year CAGR 0.00% (14.67%) 0.00%

Health

Metric DFDV WHF Asset Management median
Debt to equity (10.02) 1.29 0.42
Current ratio 1.27 1.39 1.28
Net debt to EBITDA (3.50) 6.19 1.06

Dividend

Metric DFDV WHF Asset Management median
Dividend yield — 11.79% 6.92%
Payout ratio — 2.35 0.77

Size

Metric DFDV WHF Asset Management median
Market cap 189.52m 151.62m 721.34m

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