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WhiteHorse Finance, Inc.

WHF

$7.11 ▼ -0.17 (-2.40%) at close

23 Visible periods

18 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Fair

Bearish

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Analytical Summary

WhiteHorse Finance, Inc. faces fundamental challenges with weakness in Debt to Equity. The fundamentals warrant careful consideration of downside risks.

Market Cap $153.4M

Dividend Yield 3.52%

Revenue Growth —

Op. Margin —

ROIC —

FCF / Share $-0.60 ↘

Trailing P/E 14.8x

Price / Book 0.6x

FCF Yield —

Debt / Equity 1.28

info Valuation on last close. End-of-day price, Sep 23, 2026.

23-Year Financial Trajectory

Quarterly

Metric Value Trend Year over Year Percentile

Net Income Profit after all expenses

$10.41M

↑ +362.6% —

FCF / Share Free cash flow per share

$-0.60

↓ -147.2% —

Long-Term Debt Long-term obligations

$324.45M

— +0.1% —

trending_up

Bullish Indicators

No bullish signals detected.

warning

Bearish Risks

Debt to EquityDebt to Equity is concerning (bottom quartile)

Health Breakdown

Returns ↓

Financial Health ↓

Cash Quality

Dividend History

Dividend / share · sourced from SEC filings

$1.44 Latest / share

-19.6% YoY

-1.5% 6-yr CAGR

FY 2018

FY 2019

$1.55

FY 2020

$1.56

FY 2021

$1.47

FY 2022

$1.55

FY 2023

$1.79

FY 2024

$1.44

FY 2025

Financial view

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Cadence

Annual Quarterly

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📈 Is growth accelerating? 4 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 10-K ↗
EPS Growth YoY (%)	380.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	111.8% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	93.3% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-70.6% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-30.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	13.3% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	N/M	100.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-18.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	N/M	41.2% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-46.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	28.0% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	-57.5% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—	—	—	—
Net Income Growth YoY (%)	362.6% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	114.8% Excellent ↑ Excellent Improving Year-over-year change in net income	91.9% Excellent ↑ Excellent Improving Year-over-year change in net income	-71.3% Weak ↓ Weak Declining Year-over-year change in net income	-28.6% Weak ↓ Weak Declining Year-over-year change in net income	13.9% Fair ↓ Fair Declining Year-over-year change in net income	N/M	102.0% Excellent ↑ Excellent Improving Year-over-year change in net income	-20.5% Weak ↓ Weak Declining Year-over-year change in net income	N/M	45.6% Excellent ↑ Excellent Improving Year-over-year change in net income	-47.2% Weak ↓ Weak Declining Year-over-year change in net income	31.5% Excellent Excellent Year-over-year change in net income	N/M	-53.5% Weak Weak Year-over-year change in net income	—	—	—	—	—	—	—
FCF Growth YoY (%)	—	N/M	—	—	—	N/M	—	—	—	-92.6% Weak Weak Year-over-year change in free cash flow	—	—	—	44.0% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—	—	—	—	—	—
EPS CAGR 3Y (%)	41.3% Excellent Excellent Compound annual EPS growth over 3 years	—	—	—	-32.1% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	-10.4% Weak Weak Compound annual EPS growth over 3 years	12.3% Good Good Compound annual EPS growth over 3 years	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

💰 Are margins durable? 1 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 10-K ↗
FCF / Net Income (x)	-1.25x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-41.12x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.11x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	-110.83x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	—	-1.64x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	5.40x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—	—	0.27x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	4.61x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—	—	2.90x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	-6.47x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	—	6.69x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	2.64x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	-35.87x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—	—	—	—

🎯 Is capital allocation efficient? 1 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 10-K ↗
Return on Common Equity (%) (%)	4.1% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	-0.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	3.2% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	-0.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	0.8% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	1.5% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	1.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	-2.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	2.5% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	1.9% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15%	—	1.7% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15%	1.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15%	2.3% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15%	—	1.1% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15%	—	—	—	—	—	—	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 10-K ↗
Debt to Equity (x)	1.28x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.29x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.25x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.22x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.32x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x	1.28x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x	1.23x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.19x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.15x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x	1.24x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	—	1.24x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.31x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x	1.28x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x	—	1.26x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x	—	—	—	—	—	—	—
Net Debt (USD)	$315.98M	$312.36M	$316.80M	$313.99M	$352.64M	$349.69M	$340.69M	$341.63M	$346.04M	$379.61M	$-10.75M	$387.52M	$414.30M	$411.92M	$-9.51M	$421.14M	$-9.23M	$-2.45M	$-12.19M	$-9.58M	$-8.06M	—	—

📊 What does each share earn? 6 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 10-K ↗
Basic EPS, GAAP (USD)	$0.48	$-0.03	$0.36	$-0.02	$0.10	$0.18	$0.17	$-0.30	$0.34	$0.26	$0.15	$0.24	$0.17	$0.32	$-0.05	$0.17	$0.32	$0.25	$0.12	$0.40	—	—	—
Free Cash Flow per Share (USD)	$-0.60	$1.27	—	$2.65	—	$-0.30	—	—	—	$0.07	—	—	—	$0.94	—	—	$2.12	$0.65	—	—	—	—	—
Dividend per Share (USD)	$0.25	$0.26	—	$0.39	$0.39	$0.39	—	$0.39	$0.39	$0.39	—	$0.37	$0.37	$0.43	—	$0.36	$0.36	$0.36	—	$0.36	—	—	—
Book Value per Share (USD)	$11.77	$11.47	$11.68	$11.41	$11.82	$12.11	$12.31	$12.77	$13.45	$13.50	—	$13.87	$14.00	$14.20	—	$14.76	—	—	—	—	—	—	—
Tangible Book Value per Share (USD)	$11.77	$11.47	$11.68	$11.41	$11.82	$12.11	$12.31	$12.77	$13.45	$13.50	—	$13.87	$14.00	$14.20	—	$14.76	—	—	—	—	—	—	—
Basic Weighted Avg Shares (shares)	21.57M	22.17M	—	23.24M	23.24M	23.24M	—	23.24M	23.24M	23.24M	—	23.24M	23.24M	23.24M	—	23.24M	23.24M	23.19M	—	20.85M	—	—	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 10-K ↗
LT Debt (USD)	$324.45M	$324.14M	$323.83M	$323.53M	$363.18M	$361.13M	$353.12M	$352.80M	$358.90M	$390.33M	—	$398.15M	$424.71M	$423.66M	—	$430.99M	—	—	—	—	—	—	—
Total Equity (USD)	$252.81M	$250.34M	$259.79M	$265.25M	$274.75M	$281.45M	$286.13M	$296.88M	$312.68M	$313.79M	—	$322.30M	$325.30M	$330.01M	—	$343.02M	—	—	—	—	—	—	—

📋 What is driving earnings? 2 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q4 FY2019 Dec 31, 2019 10-K ↗	Q4 FY2018 Dec 31, 2018 10-K ↗
Net Income, GAAP (USD)	$10.41M	$-687.00K	$8.38M	$-556.00K	$2.25M	$4.26M	$3.90M	$-6.86M	$7.84M	$5.97M	$3.43M	$5.60M	$3.88M	$7.51M	$-1.22M	$3.85M	$7.35M	$5.71M	$3.14M	$8.28M	—	—	—
Operating Cash Flow (USD)	$-12.98M	$28.25M	$959.00K	$61.62M	—	$-7.00M	$21.07M	—	—	$1.60M	$15.80M	—	—	$21.76M	$7.88M	—	$49.16M	$15.07M	$-112.74M	—	—	—	—

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Synced yesterday 8 years · 23 quarters

WhiteHorse Finance, Inc.

Analytical Summary

23-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

Dividend History

Statement lens

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