WHF
WhiteHorse Finance, Inc.
Asset Management
Market Cap$169M
5Y Perf.-22.1%
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Stock Comparison
WHF vs TPVG
Revenue, margins, valuation, and 5-year total return — side by side.
TPVG
TriplePoint Venture Growth BDC Corp.
Asset Management
Market Cap$226M
5Y Perf.-44.4%
WHF vs TPVG — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | WHF | TPVG |
|---|---|---|
| Industry | Asset Management | Asset Management |
| Market Cap | $169M | $226M |
| Revenue (TTM) | $38M | $97M |
| Net Income (TTM) | $14M | $46M |
| Gross Margin | 52.3% | 83.5% |
| Operating Margin | 100.9% | 77.9% |
| Forward P/E | 7.0x | 6.0x |
| Total Debt | $324M | $469M |
| Cash & Equiv. | $29M | $20M |
WHF vs TPVG — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
WHF
TPVG
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| WhiteHorse Finance,… (WHF) | 100 | 77.9 | -22.1% |
| TriplePoint Venture… (TPVG) | 100 | 55.6 | -44.4% |
Price return only. Dividends and distributions are not included.
Quick Verdict: WHF vs TPVG
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: TPVG leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. WhiteHorse Finance, Inc. is the stronger pick specifically for growth and revenue expansion and capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
WHF
WhiteHorse Finance, Inc.
The Banking Pick
WHF is the clearest fit if your priority is income & stability and growth exposure.
- Dividend streak 1 yrs, beta 0.47, yield 20.8%
- Rev growth 121.6%, EPS growth 31.9%
- 123.0% 10Y total return vs TPVG's 87.8%
Best for: income & stability and growth exposure
TPVG
TriplePoint Venture Growth BDC Corp.
The Banking Pick
TPVG carries the broadest edge in this set and is the clearest fit for bank quality.
- NIM 7.4% vs WHF's 4.9%
- Lower P/E (6.0x vs 7.0x)
- 50.6% margin vs WHF's 37.8%
Best for: bank quality
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | WHF | 121.6% NII/revenue growth vs TPVG's 36.6% |
| Value | TPVG | Lower P/E (6.0x vs 7.0x) |
| Quality / Margins | TPVG | 50.6% margin vs WHF's 37.8% |
| Stability / Safety | WHF | Beta 0.47 vs TPVG's 0.83, lower leverage |
| Dividends | WHF | 20.8% yield, 1-year raise streak, vs TPVG's 18.4% |
| Momentum (1Y) | TPVG | +8.6% vs WHF's -5.5% |
| Efficiency (ROA) | TPVG | 5.6% ROA vs WHF's 2.2%, ROIC 7.2% vs 4.7% |
WHF vs TPVG — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLWHFLAGGINGTPVG
TPVGTriplePoint Venture G…
2leads
WHFWhiteHorse Finance, I…
4leads
6 Total Categories
CATEGORYLEADERvs TPVGMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
WHF3/5
Valuation MetricsMultiples, price ratios, and targets
TPVG5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
TPVG5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
WHF5/6
Risk & VolatilityBeta, volatility, and downside exposure
WHF2/2
Analyst OutlookRatings, price targets, and dividends
WHF2/2
Income & Cash Flow (Last 12 Months)
WHF leads this category, winning 3 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
TPVG is the larger business by revenue, generating $97M annually — 2.6x WHF's $38M. TPVG is the more profitable business, keeping 50.6% of every revenue dollar as net income compared to WHF's 37.8%.
| Metric | WHFWhiteHorse Financ… | TPVGTriplePoint Ventu… |
|---|---|---|
| RevenueTrailing 12 months | $38M | $97M |
| EBITDAEarnings before interest/tax | $0 | $63M |
| Net IncomeAfter-tax profit | $14M | $46M |
| Free Cash FlowCash after capex | $29M | $35M |
| Gross MarginGross profit ÷ Revenue | +52.3% | +83.5% |
| Operating MarginEBIT ÷ Revenue | +100.9% | +77.9% |
| Net MarginNet income ÷ Revenue | +37.8% | +50.6% |
| FCF MarginFCF ÷ Revenue | +50.9% | -58.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +111.8% | -100.0% |
WHF leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
TPVG leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
At 4.6x trailing earnings, TPVG trades at a 63% valuation discount to WHF's 12.3x P/E. On an enterprise value basis, TPVG's 8.9x EV/EBITDA is more attractive than WHF's 12.4x.
| Metric | WHFWhiteHorse Financ… | TPVGTriplePoint Ventu… |
|---|---|---|
| Market CapShares × price | $169M | $226M |
| Enterprise ValueMkt cap + debt − cash | $463M | $674M |
| Trailing P/EPrice ÷ TTM EPS | 12.26x | 4.57x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.00x | 6.04x |
| PEG RatioP/E ÷ EPS growth rate | — | 4.50x |
| EV / EBITDAEnterprise value multiple | 12.37x | 8.90x |
| Price / SalesMarket cap ÷ Revenue | 4.46x | 2.32x |
| Price / BookPrice ÷ Book value/share | 0.68x | 0.63x |
| Price / FCFMarket cap ÷ FCF | 8.76x | — |
TPVG leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
TPVG leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
TPVG delivers a 13.1% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $5 for WHF. WHF carries lower financial leverage with a 1.25x debt-to-equity ratio, signaling a more conservative balance sheet compared to TPVG's 1.33x. On the Piotroski fundamental quality scale (0–9), WHF scores 7/9 vs TPVG's 5/9, reflecting strong financial health.
| Metric | WHFWhiteHorse Financ… | TPVGTriplePoint Ventu… |
|---|---|---|
| ROE (TTM)Return on equity | +5.3% | +13.1% |
| ROA (TTM)Return on assets | +2.2% | +5.6% |
| ROICReturn on invested capital | +4.7% | +7.2% |
| ROCEReturn on capital employed | +6.5% | +9.4% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 1.25x | 1.33x |
| Net DebtTotal debt minus cash | $295M | $449M |
| Cash & Equiv.Liquid assets | $29M | $20M |
| Total DebtShort + long-term debt | $324M | $469M |
| Interest CoverageEBIT ÷ Interest expense | 1.62x | 2.15x |
TPVG leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
WHF leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in WHF five years ago would be worth $9,906 today (with dividends reinvested), compared to $8,097 for TPVG. Over the past 12 months, TPVG leads with a +8.6% total return vs WHF's -5.5%. The 3-year compound annual growth rate (CAGR) favors WHF at 2.9% vs TPVG's -2.6% — a key indicator of consistent wealth creation.
| Metric | WHFWhiteHorse Financ… | TPVGTriplePoint Ventu… |
|---|---|---|
| YTD ReturnYear-to-date | +12.4% | -12.7% |
| 1-Year ReturnPast 12 months | -5.5% | +8.6% |
| 3-Year ReturnCumulative with dividends | +9.0% | -7.5% |
| 5-Year ReturnCumulative with dividends | -0.9% | -19.0% |
| 10-Year ReturnCumulative with dividends | +123.0% | +87.8% |
| CAGR (3Y)Annualised 3-year return | +2.9% | -2.6% |
WHF leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
WHF leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
WHF is the less volatile stock with a 0.47 beta — it tends to amplify market swings less than TPVG's 0.83 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WHF currently trades 78.7% from its 52-week high vs TPVG's 74.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | WHFWhiteHorse Financ… | TPVGTriplePoint Ventu… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.47x | 0.83x |
| 52-Week HighHighest price in past year | $9.66 | $7.53 |
| 52-Week LowLowest price in past year | $6.07 | $4.48 |
| % of 52W HighCurrent price vs 52-week peak | +78.7% | +74.0% |
| RSI (14)Momentum oscillator 0–100 | 53.3 | 55.8 |
| Avg Volume (50D)Average daily shares traded | 105K | 498K |
WHF leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
WHF leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates WHF as "Hold" and TPVG as "Hold". Consensus price targets imply 60.7% upside for TPVG (target: $9) vs 57.9% for WHF (target: $12). For income investors, WHF offers the higher dividend yield at 20.79% vs TPVG's 18.40%.
| Metric | WHFWhiteHorse Financ… | TPVGTriplePoint Ventu… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $12.00 | $8.95 |
| # AnalystsCovering analysts | 18 | 12 |
| Dividend YieldAnnual dividend ÷ price | +20.8% | +18.4% |
| Dividend StreakConsecutive years of raises | 1 | 0 |
| Dividend / ShareAnnual DPS | $1.58 | $1.02 |
| Buyback YieldShare repurchases ÷ mkt cap | +4.4% | 0.0% |
WHF leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
WHF leads in 4 of 6 categories (Income & Cash Flow, Total Returns). TPVG leads in 2 (Valuation Metrics, Profitability & Efficiency).
Best OverallWhiteHorse Finance, Inc. (WHF)Leads 4 of 6 categories
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WHF vs TPVG: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is WHF or TPVG a better buy right now?
For growth investors, WhiteHorse Finance, Inc.
(WHF) is the stronger pick with 121. 6% revenue growth year-over-year, versus 36. 6% for TriplePoint Venture Growth BDC Corp. (TPVG). TriplePoint Venture Growth BDC Corp. (TPVG) offers the better valuation at 4. 6x trailing P/E (6. 0x forward), making it the more compelling value choice. Analysts rate WhiteHorse Finance, Inc. (WHF) a "Hold" — based on 18 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — WHF or TPVG?
On trailing P/E, TriplePoint Venture Growth BDC Corp.
(TPVG) is the cheapest at 4. 6x versus WhiteHorse Finance, Inc. at 12. 3x. On forward P/E, TriplePoint Venture Growth BDC Corp. is actually cheaper at 6. 0x.
03Which is the better long-term investment — WHF or TPVG?
Over the past 5 years, WhiteHorse Finance, Inc.
(WHF) delivered a total return of -0. 9%, compared to -19. 0% for TriplePoint Venture Growth BDC Corp. (TPVG). Over 10 years, the gap is even starker: WHF returned +123. 0% versus TPVG's +87. 8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — WHF or TPVG?
By beta (market sensitivity over 5 years), WhiteHorse Finance, Inc.
(WHF) is the lower-risk stock at 0. 47β versus TriplePoint Venture Growth BDC Corp. 's 0. 83β — meaning TPVG is approximately 77% more volatile than WHF relative to the S&P 500. On balance sheet safety, WhiteHorse Finance, Inc. (WHF) carries a lower debt/equity ratio of 125% versus 133% for TriplePoint Venture Growth BDC Corp. — giving it more financial flexibility in a downturn.
05Which is growing faster — WHF or TPVG?
By revenue growth (latest reported year), WhiteHorse Finance, Inc.
(WHF) is pulling ahead at 121. 6% versus 36. 6% for TriplePoint Venture Growth BDC Corp. (TPVG). On earnings-per-share growth, the picture is similar: TriplePoint Venture Growth BDC Corp. grew EPS 48. 8% year-over-year, compared to 31. 9% for WhiteHorse Finance, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — WHF or TPVG?
TriplePoint Venture Growth BDC Corp.
(TPVG) is the more profitable company, earning 50. 6% net margin versus 37. 8% for WhiteHorse Finance, Inc. — meaning it keeps 50. 6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WHF leads at 100. 9% versus 77. 9% for TPVG. At the gross margin level — before operating expenses — TPVG leads at 83. 5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is WHF or TPVG more undervalued right now?
On forward earnings alone, TriplePoint Venture Growth BDC Corp.
(TPVG) trades at 6. 0x forward P/E versus 7. 0x for WhiteHorse Finance, Inc. — 1. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for TPVG: 60. 7% to $8. 95.
08Which pays a better dividend — WHF or TPVG?
All stocks in this comparison pay dividends.
WhiteHorse Finance, Inc. (WHF) offers the highest yield at 20. 8%, versus 18. 4% for TriplePoint Venture Growth BDC Corp. (TPVG).
09Is WHF or TPVG better for a retirement portfolio?
For long-horizon retirement investors, WhiteHorse Finance, Inc.
(WHF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 47), 20. 8% yield, +123. 0% 10Y return). Both have compounded well over 10 years (WHF: +123. 0%, TPVG: +87. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between WHF and TPVG?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(WHF: 121.6% · TPVG: 36.6%)Net Margin>
%
(WHF: 37.8% · TPVG: 50.6%)P/E Ratio<
x
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