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WhiteHorse Finance, Inc.(WHF)Earnings, Financials & Key Ratios
WHF•NASDAQ•Banking & Credit
$7.60
$169M mkt cap·12.3× P/E·Price updated May 6, 2026
AboutWhiteHorse Finance, Inc. is business development company, non-diversified, closed end management company specializing in originating senior secured loans, lower middle market, growth capital industries. It prefers to invest in United States. It typically invests between $5 million to $25 million in companies having enterprise value of between $50 million and $350 million.Show more
- Net Interest Income$30M-21.3%
- Total Revenue$38M+121.6%
- Net Income$14M+32.1%
- Return on Equity5.25%+45.9%
- Net Interest Margin4.93%-13.4%
- Efficiency Ratio-48.58%-262.1%
- ROA2.22%+43.9%
- Equity / Assets42.23%-0.1%
- Book Value per Share11.21-8.9%
- Tangible BV/Share11.21-8.9%
- Debt/Equity1.25+1.0%
WHF Key Insights
WhiteHorse Finance, Inc. (WHF) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong Piotroski F-Score: 7/9
- ✓Strong NIM of 4.9%
- ✓Efficient operations: -48.6% efficiency ratio
- ✓Well capitalized: 42.2% equity/assets
- ✓Trading at only 0.7x book value
✗Weaknesses
- ✗Profits declining 14.7% over 5 years
- ✗Dividend payout exceeds 100% of earnings
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
WHF Price & Volume
WhiteHorse Finance, Inc. (WHF) stock price & volume — 10-year historical chart
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WHF Growth Metrics
WhiteHorse Finance, Inc. (WHF) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years50.42%
5 Years-5.07%
3 Years-4.35%
TTM-
Profit CAGR
10 Years-
5 Years-14.67%
3 Years-2.95%
TTM32.13%
EPS CAGR
10 Years-
5 Years-16.64%
3 Years-3.03%
TTM55.94%
Return on Capital
10 Years5.22%
5 Years3.49%
3 Years3.75%
Last Year6.46%
WHF Recent Earnings
WhiteHorse Finance, Inc. (WHF) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 1/12 qtrs (8%)
Q2 2026Latest
Mar 2, 2026EPS
$0.29
Est $0.27
+7.4%
Revenue
$17M
Est $17M
+2.0%
Q4 2025
Nov 10, 2025EPS
$0.26
Est $0.29
-10.5%
Revenue
$16M
Est $18M
-13.6%
Q3 2025
Aug 7, 2025EPS
$0.28
Est $0.31
-9.7%
Revenue
$10M
Est $19M
-48.2%
Q2 2025
May 12, 2025EPS
$0.29
Est $0.33
-12.1%
Revenue
$12M
Est $20M
-41.5%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 2, 2026 | $0.29vs $0.27+7.4% | $17Mvs $17M+2.0% |
| Q4 2025 | Nov 10, 2025 | $0.26vs $0.29-10.5% | $16Mvs $18M-13.6% |
| Q3 2025 | Aug 7, 2025 | $0.28vs $0.31-9.7% | $10Mvs $19M-48.2% |
| Q2 2025 | May 12, 2025 | $0.29vs $0.33-12.1% | $12Mvs $20M-41.5% |
Based on last 12 quarters of dataView full earnings history →
WHF Peer Comparison
WhiteHorse Finance, Inc. (WHF) competitors in Private credit and BDC lenders — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 GBDC | 3.47B | 13.31 | 9.37 | 42.5% | 5.24% | 1.23 | ||
 TPVG | 225.54M | 5.57 | 4.57 | 36.55% | 13.09% | 1.33 | ||
 PFLT | 913.8M | 9.21 | 12.79 | 2.2% | 3.23% | 1.65 | ||
 SLRC | 761.04M | 13.95 | 8.21 | 24.76% | 7.31% | 1.15 | ||
 CSWC | 1.44B | 24.19 | 16.46 | 7.67% | 10.32% | 1.08 | ||
 HRZN | 218.97M | 4.58 | 4.36 | 17.91% | 8.95% | 1.49 | ||
 ARCC | 13.76B | 19.16 | 10.30 | 32.87% | 8.11% | 1.12 | ||
 FSCO | 1.04B | 5.23 | 5.51 | -17.44% | 13.47% | 0.32 |
Compare WHF vs Peers
WhiteHorse Finance, Inc. (WHF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WHF Income Statement
WhiteHorse Finance, Inc. (WHF) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 39.42M | 44.61M | 44.03M | 43.51M | 46.56M | 52.08M | 58.07M | 38.5M | 30.31M |
| NII Growth % | -2.57% | 13.16% | -1.29% | -1.19% | 7.01% | 11.85% | 11.5% | -33.69% | -21.28% |
| Net Interest Margin % | 8.12% | 8.68% | 6.98% | 6.05% | 5.47% | 6.54% | 7.95% | 5.69% | 4.93% |
| Interest Income | 49.23M | 56.21M | 57.5M | 56.63M | 63.15M | 74.02M | 87.98M | 66.4M | 53.45M |
| Interest Expense | 9.81M | 11.6M | 13.47M | 13.13M | 16.59M | 21.94M | 29.91M | 27.9M | 23.14M |
| Loan Loss Provision | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.9M | -5.07M |
| Non-Interest Income | -2.25M | 16.69M | -9.79M | -7.49M | -11.21M | -30.72M | -32.38M | -49.31M | -15.56M |
| Non-Interest Income % | -4.8% | 22.9% | -20.53% | -15.24% | -21.57% | -70.96% | -58.25% | -288.43% | -41.06% |
| Total Revenue | 46.98M▲ 0% | 72.9M▲ 55.2% | 47.71M▼ 34.6% | 49.14M▲ 3.0% | 51.95M▲ 5.7% | 43.29M▼ 16.7% | 55.6M▲ 28.4% | 17.09M▼ 69.3% | 37.89M▲ 121.6% |
| Revenue Growth % | 10.74% | 55.18% | -34.56% | 3.01% | 5.7% | -16.66% | 28.42% | -69.25% | 121.65% |
| Non-Interest Expense | 10.96M | 3.06M | 2.59M | 3.59M | 4.25M | 4.65M | 4.3M | 5.12M | -18.41M |
| Efficiency Ratio | 23.32% | 4.2% | 5.42% | 7.31% | 8.19% | 10.73% | 7.74% | 29.97% | -48.58% |
| Operating Income | 26.21M▲ 0% | 58.24M▲ 122.2% | 31.65M▼ 45.7% | 32.43M▲ 2.4% | 31.1M▼ 4.1% | 16.71M▼ 46.3% | 21.38M▲ 28.0% | 11.97M▼ 44.0% | 38.23M▲ 219.3% |
| Operating Margin % | 55.8% | 79.89% | 66.35% | 65.98% | 59.86% | 38.59% | 38.45% | 70.03% | 100.89% |
| Operating Income Growth % | -2.96% | 122.2% | -45.65% | 2.44% | -4.1% | -46.28% | 27.95% | -44% | 219.3% |
| Pretax Income | 34.45M▲ 0% | 58.24M▲ 69.1% | 31.65M▼ 45.7% | 32.43M▲ 2.4% | 31.1M▼ 4.1% | 16.71M▼ 46.3% | 21.38M▲ 28.0% | 10.85M▼ 49.2% | 14.34M▲ 32.1% |
| Pretax Margin % | 73.33% | 79.89% | 66.35% | 65.98% | 59.86% | 38.59% | 38.45% | 63.47% | 37.84% |
| Income Tax | 0 | 942K | 813K | 742K | 1M | 1.02M | 965K | 0 | 0 |
| Effective Tax Rate % | 0% | 1.62% | 2.57% | 2.29% | 3.23% | 6.13% | 4.51% | 0% | 0% |
| Net Income | 34.45M▲ 0% | 57.3M▲ 66.3% | 30.84M▼ 46.2% | 31.68M▲ 2.7% | 30.09M▼ 5.0% | 15.68M▼ 47.9% | 20.41M▲ 30.2% | 10.85M▼ 46.8% | 14.34M▲ 32.1% |
| Net Margin % | 73.33% | 78.6% | 64.65% | 64.47% | 57.93% | 36.23% | 36.71% | 63.47% | 37.84% |
| Net Income Growth % | 9.96% | 66.34% | -46.18% | 2.74% | -5.02% | -47.89% | 30.15% | -46.84% | 32.13% |
| Net Income (Continuing) | 34.45M | 57.3M | 30.84M | 31.68M | 30.09M | 15.68M | 20.41M | 10.85M | 14.34M |
| EPS (Diluted) | 1.77▲ 0% | 2.79▲ 57.6% | 1.50▼ 46.2% | 1.54▲ 2.7% | 1.42▼ 7.8% | 0.68▼ 52.1% | 0.88▲ 29.4% | 0.47▼ 46.6% | 0.62▲ 31.9% |
| EPS Growth % | 3.51% | 57.63% | -46.24% | 2.67% | -7.79% | -52.11% | 29.41% | -46.59% | 31.91% |
| EPS (Basic) | 1.77 | 2.79 | 1.50 | 1.54 | 1.42 | 0.68 | 0.88 | 0.47 | 0.62 |
| Diluted Shares Outstanding | 19.43M | 20.54M | 20.55M | 20.55M | 21.15M | 23.23M | 23.24M | 23.24M | 23.17M |
WHF Balance Sheet
WhiteHorse Finance, Inc. (WHF) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 35.22M | 24.15M | 4.29M | 8.06M | 12.19M | 9.51M | 10.75M | 12.42M | 29.32M |
| Cash & Due from Banks | 35.22M | 24.15M | 4.29M | 8.06M | 12.19M | 9.51M | 10.75M | 12.42M | 29.32M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 440.68M | 0 | 589.69M | 690.74M | 819.21M | 760.23M | 696.17M | 130M | 578.65M |
| Investments Growth % | 7.04% | -100% | - | 17.14% | 18.6% | -7.2% | -8.43% | -81.33% | 345.1% |
| Long-Term Investments | 440.68M | 0 | 589.69M | 690.74M | 819.21M | 760.23M | 696.17M | 130M | 578.65M |
| Accounts Receivables | 783K | 10.22M | 6.37M | 11.25M | 7.52M | 8.1M | 8.49M | 5.74M | 5.77M |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 479.15M | 0 | 0 | 0 | 0 | 0 | 512.21M | 1.39M |
| Total Current Assets | 44.85M | 34.95M | 41.54M | 28.25M | 31.81M | 36.25M | 34.58M | 34.61M | 35.09M |
| Total Non-Current Assets | 440.68M | 479.15M | 589.69M | 690.74M | 819.21M | 760.23M | 696.17M | 642.21M | 580.04M |
| Total Assets | 485.53M▲ 0% | 514.1M▲ 5.9% | 631.22M▲ 22.8% | 718.99M▲ 13.9% | 851.02M▲ 18.4% | 796.47M▼ 6.4% | 730.75M▼ 8.3% | 676.82M▼ 7.4% | 615.13M▼ 9.1% |
| Asset Growth % | 8.81% | 5.88% | 22.78% | 13.9% | 18.36% | -6.41% | -8.25% | -7.38% | -9.12% |
| Return on Assets (ROA) | 7.39% | 11.46% | 5.39% | 4.69% | 3.83% | 1.9% | 2.67% | 1.54% | 2.22% |
| Accounts Payable | 8.52M | 11.62M | 1.94M | 2.21M | 2.44M | 2.33M | 2.09M | 5.68M | 8.87M |
| Total Debt | 182.12M | 175.95M | 298.92M | 384.88M | 475.96M | 440.43M | 386.45M | 353.12M | 323.83M |
| Net Debt | 146.9M | 151.81M | 294.63M | 376.82M | 463.77M | 430.92M | 375.7M | 340.69M | 294.51M |
| Long-Term Debt | 182.12M | 175.95M | 298.92M | 384.88M | 475.96M | 410.53M | 386.45M | 313.23M | 323.83M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 29.89M | 0 | 39.89M | 0 |
| Other Liabilities | 0 | 11.22M | 143K | 372K | 839K | 825K | 316K | 340K | 813K |
| Total Current Liabilities | 16.46M | 11.62M | 19.2M | 20.84M | 24.47M | 52.73M | 27.21M | 77.12M | 30.69M |
| Total Non-Current Liabilities | 182.12M | 187.18M | 299.07M | 385.25M | 476.8M | 411.36M | 386.76M | 313.56M | 324.65M |
| Total Liabilities | 198.58M | 198.8M | 318.27M | 406.09M | 501.27M | 464.09M | 413.98M | 390.69M | 355.34M |
| Total Equity | 286.95M▲ 0% | 315.3M▲ 9.9% | 312.95M▼ 0.7% | 312.9M▼ 0.0% | 349.75M▲ 11.8% | 332.39M▼ 5.0% | 316.77M▼ 4.7% | 286.13M▼ 9.7% | 259.79M▼ 9.2% |
| Equity Growth % | 15.06% | 9.88% | -0.74% | -0.02% | 11.78% | -4.96% | -4.7% | -9.67% | -9.21% |
| Equity / Assets (Capital Ratio) | 59.1% | 61.33% | 49.58% | 43.52% | 41.1% | 41.73% | 43.35% | 42.28% | 42.23% |
| Return on Equity (ROE) | 12.85% | 19.03% | 9.82% | 10.13% | 9.08% | 4.6% | 6.29% | 3.6% | 5.25% |
| Book Value per Share | 14.77 | 15.35 | 15.23 | 15.23 | 16.54 | 14.31 | 13.63 | 12.31 | 11.21 |
| Tangible BV per Share | 14.77 | 15.35 | 15.23 | 15.23 | 16.54 | 14.31 | 13.63 | 12.31 | 11.21 |
| Common Stock | 20K | 21K | 21K | 21K | 23K | 23K | 23K | 23K | 22K |
| Additional Paid-in Capital | 302.29M | 301.56M | 300.74M | 300M | 339.16M | 339.24M | 338.27M | 337.2M | 329.12M |
| Retained Earnings | -15.36M | 13.72M | 12.19M | 12.87M | 10.57M | -6.88M | -21.53M | -51.09M | -69.35M |
| Accumulated OCI | -15.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
WHF Cash Flow Statement
WhiteHorse Finance, Inc. (WHF) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 7.17M | 31.07M | -94.98M | 24.34M | 30.34M | 29M | 90.37M | 78.76M | 19.28M |
| Operating CF Growth % | -67.79% | 333.42% | -405.67% | 125.63% | 24.62% | -4.41% | 211.6% | -12.85% | -75.51% |
| Net Income | 34.45M | 57.3M | 30.84M | 31.68M | 30.09M | 15.68M | 20.41M | 10.85M | 26.77M |
| Depreciation & Amortization | -8.13M | 433K | -53K | 0 | 0 | 0 | 0 | 9.57M | -24.1M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -20.02M | -28.16M | -118.89M | -11.07M | -6.88M | 14.82M | 67.26M | 45.31M | 19.66M |
| Working Capital Changes | 870K | 1.5M | -6.88M | 3.73M | 7.13M | -1.51M | 2.7M | 13.03M | -3.04M |
| Cash from Investing | 120.65M | 285.78M | 249.44M | -88.94M | -120.53M | 42.99M | 0 | 0 | 57.99M |
| Purchase of Investments | -137.64M | -277.04M | -363.16M | -302.73M | -544.16M | -280.09M | 0 | 0 | -191.74M |
| Sale/Maturity of Investments | 120.65M | 285.78M | 249.44M | 213.79M | 423.63M | 323.08M | 0 | 186.25M | 249.73M |
| Net Investment Activity | -17M | 8.74M | -113.72M | -88.94M | -120.53M | 42.99M | 0 | 186.25M | 57.99M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 363.16M | 0 | 0 | 0 | 0 | -186.25M | 0 |
| Cash from Financing | 2.87M | -36.28M | 88.79M | 52.98M | 97.01M | -68.49M | -92.13M | -75.4M | -75.42M |
| Dividends Paid | -26.38M | -28.95M | -33.18M | -31.74M | -29.8M | -33.14M | -35.33M | -41.49M | -36.61M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -125K | 0 | 0 | -7.42M |
| Stock Issued | 30.29M | 0 | 0 | 0 | 37.49M | 0 | 0 | 0 | 0 |
| Net Stock Activity | 30.29M | 0 | 0 | 0 | 37.49M | -125K | 0 | 0 | -7.42M |
| Debt Issuance (Net) | 0 | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Other Financing | -1.03M | -2.32M | -1.94M | 0 | 0 | 250K | -1.45M | 0 | 0 |
| Net Change in Cash | 10.04M▲ 0% | -5.2M▼ 151.8% | -6.19M▼ 18.9% | -11.6M▼ 87.6% | 6.52M▲ 156.2% | 3.8M▼ 41.8% | -1.78M▼ 146.8% | 3.35M▲ 288.5% | 1.89M▼ 43.6% |
| Exchange Rate Effect | -120.65M | -285.78M | -249.44M | 14K | -297K | 290K | -21K | -13K | 33K |
| Cash at Beginning | 28.89M | 38.94M | 33.73M | 27.55M | 15.94M | 22.47M | 26.26M | 24.49M | 27.84M |
| Cash at End | 38.94M | 33.73M | 27.55M | 15.94M | 22.47M | 26.26M | 24.49M | 27.84M | 29.73M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 7.17M▲ 0% | 31.07M▲ 333.4% | -94.98M▼ 405.7% | 24.34M▲ 125.6% | 30.34M▲ 24.6% | 29M▼ 4.4% | 90.37M▲ 211.6% | 78.76M▼ 12.8% | 19.28M▼ 75.5% |
| FCF Growth % | -67.79% | 333.42% | -405.67% | 125.63% | 24.62% | -4.41% | 211.6% | -12.85% | -75.51% |
WHF Banking Ratios
WhiteHorse Finance, Inc. (WHF) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 12.7% | 12.85% | 19.03% | 9.82% | 10.13% | 9.08% | 4.6% | 6.29% | 3.6% | 5.25% |
| Return on Assets (ROA) | 7.06% | 7.39% | 11.46% | 5.39% | 4.69% | 3.83% | 1.9% | 2.67% | 1.54% | 2.22% |
| Net Interest Margin | 9.07% | 8.12% | 8.68% | 6.98% | 6.05% | 5.47% | 6.54% | 7.95% | 5.69% | 4.93% |
| Efficiency Ratio | 17.03% | 23.32% | 4.2% | 5.42% | 7.31% | 8.19% | 10.73% | 7.74% | 29.97% | -48.58% |
| Equity / Assets | 55.89% | 59.1% | 61.33% | 49.58% | 43.52% | 41.1% | 41.73% | 43.35% | 42.28% | 42.23% |
| Book Value / Share | 13.62 | 14.77 | 15.35 | 15.23 | 15.23 | 16.54 | 14.31 | 13.63 | 12.31 | 11.21 |
| NII Growth | 505.83% | -2.57% | 13.16% | -1.29% | -1.19% | 7.01% | 11.85% | 11.5% | -33.69% | -21.28% |
| Dividend Payout | 82.96% | 76.58% | 50.53% | 107.59% | - | - | - | 173.08% | 23.21% | 255.35% |
WHF SEC Filings & Documents
WhiteHorse Finance, Inc. (WHF) SEC filings — annual & quarterly reports (10-K, 10-Q)
WHF Frequently Asked Questions
WhiteHorse Finance, Inc. (WHF) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
WhiteHorse Finance, Inc. (WHF) grew revenue by 121.6% over the past year. This is strong growth.
Yes, WhiteHorse Finance, Inc. (WHF) is profitable, generating $14.3M in net income for fiscal year 2025 (37.8% net margin).
Dividend & Returns
Yes, WhiteHorse Finance, Inc. (WHF) pays a dividend with a yield of 20.79%. This makes it attractive for income-focused investors.
WhiteHorse Finance, Inc. (WHF) has a return on equity (ROE) of 5.3%. This is below average, suggesting room for improvement.
Industry Metrics
WhiteHorse Finance, Inc. (WHF) has a net interest margin (NIM) of 4.9%. This indicates healthy earnings from lending activities.
WhiteHorse Finance, Inc. (WHF) has an efficiency ratio of -48.6%. This is excellent, indicating strong cost control.
Explore More WHF
WhiteHorse Finance, Inc. (WHF) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
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Dividend History
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Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates