WhiteHorse Finance, Inc. (WHF) 10-Year Financial Performance & Capital Metrics

WHF • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

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 $39M -33.7%
Total Revenue $17M -69.3%
Net Income $11M -46.8%
Return on Equity 3.6% -42.8%
Net Interest Margin 5.69% -28.4%
Efficiency Ratio 29.97% +287.0%
ROA 1.54% -42.3%
Equity / Assets 42.28% -2.5%
Book Value per Share 12.31 -9.7%
Tangible BV/Share 12.31 -9.7%
Debt/Equity 1.23 +1.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 5.7%
✓Efficient operations: 30.0% efficiency ratio
✓Well capitalized: 42.3% equity/assets
✓Trading at only 0.6x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.8%
✗Profits declining 18.9% over 5 years
✗Weak momentum: RS Rating 19 (bottom 19%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.06%

5Y-18.56%

3Y-30.96%

TTM-

Profit (Net Income) CAGR

10Y-5.71%

5Y-18.85%

3Y-28.82%

TTM-4.98%

EPS CAGR

10Y-9.67%

5Y-20.71%

3Y-30.83%

TTM21.51%

ROCE

10Y Avg5.06%

5Y Avg3.19%

3Y Avg2.31%

Latest1.84%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-9.97M	40.46M	39.42M	44.61M	44.03M	43.51M	46.56M	52.08M	58.07M	38.5M
NII Growth %	-0.71%	5.06%	-0.03%	0.13%	-0.01%	-0.01%	0.07%	0.12%	0.12%	-0.34%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	48.65M	49.23M	56.21M	57.5M	56.63M	63.15M	74.02M	87.98M	66.4M
Interest Expense	9.97M	8.19M	9.81M	11.6M	13.47M	13.13M	16.59M	21.94M	29.91M	27.9M
Loan Loss Provision	4.05M	0	0	0	0	0	0	0	0	-27.9M
Non-Interest Income+	639K	-6.23M	-2.25M	16.69M	-9.79M	-7.49M	-11.21M	-30.72M	-32.38M	-49.31M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	639K	42.42M	46.98M	72.9M	47.71M	49.14M	51.95M	43.29M	55.6M	17.09M
Revenue Growth %	-0.97%	65.39%	0.11%	0.55%	-0.35%	0.03%	0.06%	-0.17%	0.28%	-0.69%
Non-Interest Expense	3.47M	7.22M	10.96M	3.06M	2.59M	3.59M	4.25M	4.65M	4.3M	5.12M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	20.75M	27.01M	26.21M	58.24M	31.65M	32.43M	31.1M	16.71M	21.38M	11.97M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.22%	0.3%	-0.03%	1.22%	-0.46%	0.02%	-0.04%	-0.46%	0.28%	-0.44%
Pretax Income+	-2.83M	31.33M	34.45M	58.24M	31.65M	32.43M	31.1M	16.71M	21.38M	10.85M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1K	0	0	942K	813K	742K	1M	1.02M	965K	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-2.83M	31.33M	34.45M	57.3M	30.84M	31.68M	30.09M	15.68M	20.41M	10.85M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.14%	12.08%	0.1%	0.66%	-0.46%	0.03%	-0.05%	-0.48%	0.3%	-0.47%
Net Income (Continuing)	-2.83M	31.33M	34.45M	57.3M	30.84M	31.68M	30.09M	15.68M	20.41M	10.85M
EPS (Diluted)+	-0.18	1.71	1.77	2.79	1.50	1.54	1.42	0.68	0.88	0.47
EPS Growth %	-1.14%	10.5%	0.04%	0.58%	-0.46%	0.03%	-0.08%	-0.52%	0.29%	-0.47%
EPS (Basic)	-0.18	1.71	1.77	2.79	1.50	1.54	1.42	0.68	0.88	0.47
Diluted Shares Outstanding	15.32M	18.3M	19.43M	20.54M	20.55M	20.55M	21.15M	23.23M	23.24M	23.24M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	22.77M	17.04M	35.22M	24.15M	4.29M	8.06M	12.19M	9.51M	10.75M	12.42M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	415.34M	411.71M	440.68M	0	589.69M	690.74M	819.21M	760.23M	696.17M	130M
Investments Growth %	0.03%	-0.01%	0.07%	-1%	-	0.17%	0.19%	-0.07%	-0.08%	-0.81%
Long-Term Investments	415.34M	411.71M	440.68M	0	589.69M	690.74M	819.21M	760.23M	696.17M	130M
Accounts Receivables	1000K	1000K	783K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	0	881K	0	479.15M	0	0	0	0	0	512.21M
Total Current Assets	29.89M	33.64M	44.85M	34.95M	41.54M	28.25M	31.81M	36.25M	34.58M	34.61M
Total Non-Current Assets	415.34M	412.6M	440.68M	479.15M	589.69M	690.74M	819.21M	760.23M	696.17M	642.21M
Total Assets+	441.71M	446.23M	485.53M	514.1M	631.22M	718.99M	851.02M	796.47M	730.75M	676.82M
Asset Growth %	0.03%	0.01%	0.09%	0.06%	0.23%	0.14%	0.18%	-0.06%	-0.08%	-0.07%
Return on Assets (ROA)	-0.01%	0.07%	0.07%	0.11%	0.05%	0.05%	0.04%	0.02%	0.03%	0.02%
Accounts Payable	10.36M	9.03M	8.52M	11.62M	1.94M	2.21M	2.44M	2.33M	2.09M	5.68M
Total Debt+	187M	182.34M	182.12M	175.95M	298.92M	384.88M	475.96M	440.43M	386.45M	353.12M
Net Debt	164.23M	165.3M	146.9M	151.81M	294.63M	376.82M	463.77M	430.92M	375.7M	340.69M
Long-Term Debt	187M	182.34M	182.12M	175.95M	298.92M	384.88M	475.96M	410.53M	386.45M	313.23M
Short-Term Debt	0	0	0	0	0	0	0	29.89M	0	39.89M
Other Liabilities	0	0	0	11.22M	143K	372K	839K	825K	316K	340K
Total Current Liabilities	14.18M	14.51M	16.46M	11.62M	19.2M	20.84M	24.47M	52.73M	27.21M	77.12M
Total Non-Current Liabilities	187M	182.34M	182.12M	187.18M	299.07M	385.25M	476.8M	411.36M	386.76M	313.56M
Total Liabilities	197.66M	196.84M	198.58M	198.8M	318.27M	406.09M	501.27M	464.09M	413.98M	390.69M
Total Equity+	244.05M	249.39M	286.95M	315.3M	312.95M	312.9M	349.75M	332.39M	316.77M	286.13M
Equity Growth %	0.08%	0.02%	0.15%	0.1%	-0.01%	-0%	0.12%	-0.05%	-0.05%	-0.1%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	-0.01%	0.13%	0.13%	0.19%	0.1%	0.1%	0.09%	0.05%	0.06%	0.04%
Book Value per Share	15.93	13.62	14.77	15.35	15.23	15.23	16.54	14.31	13.63	12.31
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	18K	18K	20K	21K	21K	21K	23K	23K	23K	23K
Additional Paid-in Capital	271.68M	272.24M	302.29M	301.56M	300.74M	300M	339.16M	339.24M	338.27M	337.2M
Retained Earnings	-7.42M	-5.42M	-15.36M	13.72M	12.19M	12.87M	10.57M	-6.88M	-21.53M	-51.09M
Accumulated OCI	-27.64M	-22.87M	-15.36M	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-4.51M	22.26M	7.17M	31.07M	-94.98M	24.34M	30.34M	29M	90.37M	78.76M
Operating CF Growth %	0.97%	5.94%	-0.68%	3.33%	-4.06%	1.26%	0.25%	-0.04%	2.12%	-0.13%
Net Income	-2.83M	31.33M	34.45M	57.3M	30.84M	31.68M	30.09M	15.68M	20.41M	10.85M
Depreciation & Amortization	23.2M	-4.8M	-8.13M	433K	-53K	0	0	0	0	9.57M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-30.99M	9.28M	-20.02M	-28.16M	-118.89M	-11.07M	-6.88M	14.82M	67.26M	45.31M
Working Capital Changes	6.11M	-13.55M	870K	1.5M	-6.88M	3.73M	7.13M	-1.51M	2.7M	13.03M
Cash from Investing+	135M	133.72M	120.65M	285.78M	249.44M	-88.94M	-120.53M	42.99M	0	0
Purchase of Investments	-167.68M	-121.48M	-137.64M	-277.04M	-363.16M	-302.73M	-544.16M	-280.09M	0	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	363.16M	0	0	0	0	-186.25M
Cash from Financing+	15.63M	-27.99M	2.87M	-36.28M	88.79M	52.98M	97.01M	-68.49M	-92.13M	-75.4M
Dividends Paid	-21.28M	-25.99M	-26.38M	-28.95M	-33.18M	-31.74M	-29.8M	-33.14M	-35.33M	-41.49M
Share Repurchases	0	0	0	0	0	0	0	-125K	0	0
Stock Issued	43.98M	0	30.29M	0	0	0	37.49M	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	0	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K
Other Financing	-3.57M	0	-1.03M	-2.32M	-1.94M	0	0	250K	-1.45M	0
Net Change in Cash+	11.12M	-5.73M	10.04M	-5.2M	-6.19M	-11.6M	6.52M	3.8M	-1.78M	3.35M
Exchange Rate Effect	-1000K	-1000K	-1000K	-1000K	-1000K	14K	-297K	290K	-21K	-13K
Cash at Beginning	11.65M	22.77M	28.89M	38.94M	33.73M	27.55M	15.94M	22.47M	26.26M	24.49M
Cash at End	22.77M	17.04M	38.94M	33.73M	27.55M	15.94M	22.47M	26.26M	24.49M	27.84M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-4.51M	22.26M	7.17M	31.07M	-94.98M	24.34M	30.34M	29M	90.37M	78.76M
FCF Growth %	0.97%	5.94%	-0.68%	3.33%	-4.06%	1.26%	0.25%	-0.04%	2.12%	-0.13%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-1.2%	12.7%	12.85%	19.03%	9.82%	10.13%	9.08%	4.6%	6.29%	3.6%
Return on Assets (ROA)	-0.65%	7.06%	7.39%	11.46%	5.39%	4.69%	3.83%	1.9%	2.67%	1.54%
Net Interest Margin	-2.26%	9.07%	8.12%	8.68%	6.98%	6.05%	5.47%	6.54%	7.95%	5.69%
Efficiency Ratio	542.41%	17.03%	23.32%	4.2%	5.42%	7.31%	8.19%	10.73%	7.74%	29.97%
Equity / Assets	55.25%	55.89%	59.1%	61.33%	49.58%	43.52%	41.1%	41.73%	43.35%	42.28%
Book Value / Share	15.93	13.62	14.77	15.35	15.23	15.23	16.54	14.31	13.63	12.31
NII Growth	-71.36%	505.83%	-2.57%	13.16%	-1.29%	-1.19%	7.01%	11.85%	11.5%	-33.69%
Dividend Payout	-	82.96%	76.58%	50.53%	107.59%	-	-	-	173.08%	23.21%

Frequently Asked Questions

Valuation & Price

WhiteHorse Finance, Inc. (WHF) has a price-to-earnings (P/E) ratio of 15.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

WhiteHorse Finance, Inc. (WHF) saw revenue decline by 69.3% over the past year.

Yes, WhiteHorse Finance, Inc. (WHF) is profitable, generating $9.9M in net income for fiscal year 2024 (63.5% net margin).

Dividend & Returns

Yes, WhiteHorse Finance, Inc. (WHF) pays a dividend with a yield of 1.54%. This makes it attractive for income-focused investors.

WhiteHorse Finance, Inc. (WHF) has a return on equity (ROE) of 3.6%. This is below average, suggesting room for improvement.

Industry Metrics

WhiteHorse Finance, Inc. (WHF) has a net interest margin (NIM) of 5.7%. This indicates healthy earnings from lending activities.

WhiteHorse Finance, Inc. (WHF) has an efficiency ratio of 30.0%. This is excellent, indicating strong cost control.

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