WHF
WhiteHorse Finance, Inc.
Asset Management
Market Cap$169M
5Y Perf.-22.3%
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Stock Comparison
WHF vs CSWC
Revenue, margins, valuation, and 5-year total return — side by side.
CSWC
Capital Southwest Corporation
Asset Management
Market Cap$1.43B
5Y Perf.+71.6%
WHF vs CSWC — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | WHF | CSWC |
|---|---|---|
| Industry | Asset Management | Asset Management |
| Market Cap | $169M | $1.43B |
| Revenue (TTM) | $38M | $164M |
| Net Income (TTM) | $16M | $103M |
| Gross Margin | 52.3% | 66.5% |
| Operating Margin | 100.9% | 48.5% |
| Forward P/E | 7.0x | 10.1x |
| Total Debt | $324M | $956M |
| Cash & Equiv. | $29M | $43M |
WHF vs CSWC — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
WHF
CSWC
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| WhiteHorse Finance,… (WHF) | 100 | 77.7 | -22.3% |
| Capital Southwest C… (CSWC) | 100 | 171.6 | +71.6% |
Price return only. Dividends and distributions are not included.
Quick Verdict: WHF vs CSWC
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: WHF leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Capital Southwest Corporation is the stronger pick specifically for profitability and margin quality and recent price momentum and sentiment. As sector peers, any of these can serve as alternatives in the same allocation.
WHF
WhiteHorse Finance, Inc.
The Banking Pick
WHF carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 1 yrs, beta 0.47, yield 20.8%
- Rev growth 121.6%, EPS growth 31.9%
- Lower volatility, beta 0.47, current ratio 1.14x
Best for: income & stability and growth exposure
CSWC
Capital Southwest Corporation
The Banking Pick
CSWC is the clearest fit if your priority is long-term compounding and bank quality.
- 234.2% 10Y total return vs WHF's 125.5%
- NIM 7.0% vs WHF's 4.9%
- 43.1% margin vs WHF's 37.8%
Best for: long-term compounding and bank quality
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | WHF | 121.6% NII/revenue growth vs CSWC's 7.7% |
| Value | WHF | Lower P/E (7.0x vs 10.1x) |
| Quality / Margins | CSWC | 43.1% margin vs WHF's 37.8% |
| Stability / Safety | WHF | Beta 0.47 vs CSWC's 0.84 |
| Dividends | WHF | 20.8% yield, 1-year raise streak, vs CSWC's 10.2% |
| Momentum (1Y) | CSWC | +34.0% vs WHF's -4.0% |
| Efficiency (ROA) | CSWC | 4.8% ROA vs WHF's 2.5%, ROIC 3.5% vs 4.7% |
WHF vs CSWC — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLWHFLAGGINGCSWC
CSWCCapital Southwest Cor…
2leads
WHFWhiteHorse Finance, I…
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6 Total Categories
CATEGORYLEADERvs CSWCMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
CSWC3/5
Valuation MetricsMultiples, price ratios, and targets
WHF5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
WHF5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
CSWC5/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
CSWC leads this category, winning 3 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
CSWC is the larger business by revenue, generating $164M annually — 4.3x WHF's $38M. CSWC is the more profitable business, keeping 43.1% of every revenue dollar as net income compared to WHF's 37.8%.
| Metric | WHFWhiteHorse Financ… | CSWCCapital Southwest… |
|---|---|---|
| RevenueTrailing 12 months | $38M | $164M |
| EBITDAEarnings before interest/tax | -$4M | $142M |
| Net IncomeAfter-tax profit | $16M | $103M |
| Free Cash FlowCash after capex | $65M | -$69M |
| Gross MarginGross profit ÷ Revenue | +52.3% | +66.5% |
| Operating MarginEBIT ÷ Revenue | +100.9% | +48.5% |
| Net MarginNet income ÷ Revenue | +37.8% | +43.1% |
| FCF MarginFCF ÷ Revenue | +50.9% | -132.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -110.0% | +113.3% |
CSWC leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
WHF leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
At 12.2x trailing earnings, WHF trades at a 25% valuation discount to CSWC's 16.3x P/E. On an enterprise value basis, WHF's 12.4x EV/EBITDA is more attractive than CSWC's 27.4x.
| Metric | WHFWhiteHorse Financ… | CSWCCapital Southwest… |
|---|---|---|
| Market CapShares × price | $169M | $1.4B |
| Enterprise ValueMkt cap + debt − cash | $463M | $2.3B |
| Trailing P/EPrice ÷ TTM EPS | 12.23x | 16.32x |
| Forward P/EPrice ÷ next-FY EPS est. | 6.98x | 10.06x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 12.36x | 27.43x |
| Price / SalesMarket cap ÷ Revenue | 4.45x | 8.71x |
| Price / BookPrice ÷ Book value/share | 0.68x | 1.39x |
| Price / FCFMarket cap ÷ FCF | 8.74x | — |
WHF leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
WHF leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
CSWC delivers a 10.3% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $6 for WHF. CSWC carries lower financial leverage with a 1.08x debt-to-equity ratio, signaling a more conservative balance sheet compared to WHF's 1.25x. On the Piotroski fundamental quality scale (0–9), WHF scores 7/9 vs CSWC's 1/9, reflecting strong financial health.
| Metric | WHFWhiteHorse Financ… | CSWCCapital Southwest… |
|---|---|---|
| ROE (TTM)Return on equity | +6.0% | +10.3% |
| ROA (TTM)Return on assets | +2.5% | +4.8% |
| ROICReturn on invested capital | +4.7% | +3.5% |
| ROCEReturn on capital employed | +6.5% | +4.6% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 1 |
| Debt / EquityFinancial leverage | 1.25x | 1.08x |
| Net DebtTotal debt minus cash | $295M | $913M |
| Cash & Equiv.Liquid assets | $29M | $43M |
| Total DebtShort + long-term debt | $324M | $956M |
| Interest CoverageEBIT ÷ Interest expense | -0.20x | 2.91x |
WHF leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
CSWC leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in CSWC five years ago would be worth $15,138 today (with dividends reinvested), compared to $9,823 for WHF. Over the past 12 months, CSWC leads with a +34.0% total return vs WHF's -4.0%. The 3-year compound annual growth rate (CAGR) favors CSWC at 20.7% vs WHF's 2.9% — a key indicator of consistent wealth creation.
| Metric | WHFWhiteHorse Financ… | CSWCCapital Southwest… |
|---|---|---|
| YTD ReturnYear-to-date | +12.2% | +11.4% |
| 1-Year ReturnPast 12 months | -4.0% | +34.0% |
| 3-Year ReturnCumulative with dividends | +8.8% | +75.8% |
| 5-Year ReturnCumulative with dividends | -1.8% | +51.4% |
| 10-Year ReturnCumulative with dividends | +125.5% | +234.2% |
| CAGR (3Y)Annualised 3-year return | +2.9% | +20.7% |
CSWC leads this category, winning 5 of 6 comparable metrics.
Risk & Volatility
Evenly matched — WHF and CSWC each lead in 1 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 CSWC's 0.84 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CSWC currently trades 98.2% from its 52-week high vs WHF's 78.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | WHFWhiteHorse Financ… | CSWCCapital Southwest… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.47x | 0.84x |
| 52-Week HighHighest price in past year | $9.66 | $24.43 |
| 52-Week LowLowest price in past year | $6.07 | $19.37 |
| % of 52W HighCurrent price vs 52-week peak | +78.5% | +98.2% |
| RSI (14)Momentum oscillator 0–100 | 55.1 | 63.7 |
| Avg Volume (50D)Average daily shares traded | 106K | 664K |
Evenly matched — WHF and CSWC each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — WHF and CSWC each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates WHF as "Hold" and CSWC as "Buy". Consensus price targets imply 58.3% upside for WHF (target: $12) vs -6.2% for CSWC (target: $23). For income investors, WHF offers the higher dividend yield at 20.84% vs CSWC's 10.20%.
| Metric | WHFWhiteHorse Financ… | CSWCCapital Southwest… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $12.00 | $22.50 |
| # AnalystsCovering analysts | 18 | 10 |
| Dividend YieldAnnual dividend ÷ price | +20.8% | +10.2% |
| Dividend StreakConsecutive years of raises | 1 | 3 |
| Dividend / ShareAnnual DPS | $1.58 | $2.45 |
| Buyback YieldShare repurchases ÷ mkt cap | +4.4% | 0.0% |
Evenly matched — WHF and CSWC each lead in 1 of 2 comparable metrics.
Key Takeaway
CSWC leads in 2 of 6 categories (Income & Cash Flow, Total Returns). WHF leads in 2 (Valuation Metrics, Profitability & Efficiency). 2 tied.
Best OverallWhiteHorse Finance, Inc. (WHF)Leads 2 of 6 categories
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WHF vs CSWC: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is WHF or CSWC 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 7. 7% for Capital Southwest Corporation (CSWC). WhiteHorse Finance, Inc. (WHF) offers the better valuation at 12. 2x trailing P/E (7. 0x forward), making it the more compelling value choice. Analysts rate Capital Southwest Corporation (CSWC) a "Buy" — based on 10 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 CSWC?
On trailing P/E, WhiteHorse Finance, Inc.
(WHF) is the cheapest at 12. 2x versus Capital Southwest Corporation at 16. 3x. On forward P/E, WhiteHorse Finance, Inc. is actually cheaper at 7. 0x.
03Which is the better long-term investment — WHF or CSWC?
Over the past 5 years, Capital Southwest Corporation (CSWC) delivered a total return of +51.
4%, compared to -1. 8% for WhiteHorse Finance, Inc. (WHF). Over 10 years, the gap is even starker: CSWC returned +234. 2% versus WHF's +125. 5%. 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 CSWC?
By beta (market sensitivity over 5 years), WhiteHorse Finance, Inc.
(WHF) is the lower-risk stock at 0. 47β versus Capital Southwest Corporation's 0. 84β — meaning CSWC is approximately 78% more volatile than WHF relative to the S&P 500. On balance sheet safety, Capital Southwest Corporation (CSWC) carries a lower debt/equity ratio of 108% versus 125% for WhiteHorse Finance, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — WHF or CSWC?
By revenue growth (latest reported year), WhiteHorse Finance, Inc.
(WHF) is pulling ahead at 121. 6% versus 7. 7% for Capital Southwest Corporation (CSWC). On earnings-per-share growth, the picture is similar: WhiteHorse Finance, Inc. grew EPS 31. 9% year-over-year, compared to -28. 3% for Capital Southwest Corporation. 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 CSWC?
Capital Southwest Corporation (CSWC) is the more profitable company, earning 43.
1% net margin versus 37. 8% for WhiteHorse Finance, Inc. — meaning it keeps 43. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WHF leads at 100. 9% versus 48. 5% for CSWC. At the gross margin level — before operating expenses — CSWC leads at 66. 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 CSWC more undervalued right now?
On forward earnings alone, WhiteHorse Finance, Inc.
(WHF) trades at 7. 0x forward P/E versus 10. 1x for Capital Southwest Corporation — 3. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WHF: 58. 3% to $12. 00.
08Which pays a better dividend — WHF or CSWC?
All stocks in this comparison pay dividends.
WhiteHorse Finance, Inc. (WHF) offers the highest yield at 20. 8%, versus 10. 2% for Capital Southwest Corporation (CSWC).
09Is WHF or CSWC 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, +125. 5% 10Y return). Both have compounded well over 10 years (WHF: +125. 5%, CSWC: +234. 2%), 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 CSWC?
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.
In terms of investment character: WHF is a small-cap high-growth stock; CSWC is a small-cap deep-value stock. 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% · CSWC: 7.7%)Net Margin>
%
(WHF: 37.8% · CSWC: 43.1%)P/E Ratio<
x
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