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WhiteHorse Finance, Inc. logo

WhiteHorse Finance, Inc.

WHF

NASDAQFinancial ServicesAsset Management

Open in GoAI

Previous close

$7.16

+$0.14 · +1.99%

Aug 21, 4:00 PM ET

WHF company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

87

Deep Value

Momentum

32

Weakening

Sentiment

58

Mixed

Risk resilience

62

Moderate Risk

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Company profile

Company website

WhiteHorse 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 invests in broadline retail, office services and supplies, building products, health care services, health care supplies, research and consulting services, application software, home furnishings, specialized consumer services, data processing and outsourced services, leisure facilities, cable, and satellite. 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.

Industry
Asset Management
Sector
Financial Services
Headquarters
US
CEO
Stuart Daniel Aronson
Listed since
Dec 6, 2012
Employees
2

Market position

Day range

Current $7.16

52-week range

Current $7.16

Open
$7.14
Previous close
$7.02
Volume
39.89K
0.55× average
Average volume
72.48K
Average daily volume
Market cap
153.77M USD
Beta
0.41
Market reference 1
50-day average
$6.6266
+8.05% above average
200-day average
$6.9803
+2.58% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
455.58M USD
P/E (TTM)
9.12×
P/B (TTM)
0.61×
P/S (TTM)
3.26×
EV / EBITDA
12.16×
Earnings yield
8.90%
Free cash flow yield
11.97%
Dividend yield
16.48%

Profitability & efficiency

Gross margin
60.77%
Operating margin
58.91%
Net margin
37.23%
Return on equity
5.52%
Return on assets
2.33%
Return on invested capital
6.54%

Financial health

Debt / equity
1.29×
Current ratio
1.14×
Altman Z-score
0.34
Piotroski F-score
8 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends107%81%56%30%Gross margin, FY2021: 68.06%Gross margin, FY2022: 49.32%Gross margin, FY2023: 46.19%Gross margin, FY2024: 100.00%Gross margin, FY2025: 52.31%Operating margin, FY2021: 59.86%Operating margin, FY2022: 38.59%Operating margin, FY2023: 38.45%Operating margin, FY2024: 70.03%Operating margin, FY2025: 100.89%Net margin, FY2021: 57.93%Net margin, FY2022: 36.23%Net margin, FY2023: 36.71%Net margin, FY2024: 63.47%Net margin, FY2025: 37.84%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 68.06%. Gross margin FY2022 49.32%. Gross margin FY2023 46.19%. Gross margin FY2024 100.00%. Gross margin FY2025 52.31%. Operating margin FY2021 59.86%. Operating margin FY2022 38.59%. Operating margin FY2023 38.45%. Operating margin FY2024 70.03%. Operating margin FY2025 100.89%. Net margin FY2021 57.93%. Net margin FY2022 36.23%. Net margin FY2023 36.71%. Net margin FY2024 63.47%. Net margin FY2025 37.84%.

Income trends

Revenue

37.89M USD+121.65%

Operating income

38.23M USD+219.30%

Net income

14.34M USD+32.13%
Income trends across reported periods60.07M USD42.17M USD24.27M USD6.38M USDRevenue, FY2021: 51.95M USDRevenue, FY2022: 43.29M USDRevenue, FY2023: 55.6M USDRevenue, FY2024: 17.1M USDRevenue, FY2025: 37.89M USDOperating income, FY2021: 31.1M USDOperating income, FY2022: 16.71M USDOperating income, FY2023: 21.38M USDOperating income, FY2024: 11.97M USDOperating income, FY2025: 38.23M USDNet income, FY2021: 30.09M USDNet income, FY2022: 15.68M USDNet income, FY2023: 20.41M USDNet income, FY2024: 10.85M USDNet income, FY2025: 14.34M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 51.95M USD. Revenue FY2022 43.29M USD. Revenue FY2023 55.6M USD. Revenue FY2024 17.1M USD. Revenue FY2025 37.89M USD. Operating income FY2021 31.1M USD. Operating income FY2022 16.71M USD. Operating income FY2023 21.38M USD. Operating income FY2024 11.97M USD. Operating income FY2025 38.23M USD. Net income FY2021 30.09M USD. Net income FY2022 15.68M USD. Net income FY2023 20.41M USD. Net income FY2024 10.85M USD. Net income FY2025 14.34M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue37.89M USD17.1M USD55.6M USD43.29M USD51.95M USD
Cost of goods sold18.07M USD—29.92M USD21.94M USD16.59M USD
Gross profit19.82M USD17.1M USD25.68M USD21.35M USD35.35M USD
Selling, general, and administrative5.37M USD5.12M USD4.31M USD4.65M USD4.26M USD
Operating expenses−18.41M USD5.12M USD4.31M USD4.65M USD4.26M USD
Interest income53.45M USD66.4M USD87.98M USD74.02M USD63.15M USD
Interest expense23.14M USD27.9M USD29.92M USD21.94M USD16.59M USD
Depreciation and amortization—9.57M USD———
Operating income38.23M USD11.97M USD21.38M USD16.71M USD31.1M USD
Net income14.34M USD10.85M USD20.41M USD15.68M USD30.09M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
18%
2 beats, 8 misses, 1 met estimate
Average EPS surprise
-6.47%
11 comparable reports
Latest EPS result
0.22
Estimate 0.25 · Miss by 12.28%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.430.350.270.19Q1 '25MissQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Mar 7, 2025: actual 0.34, estimate 0.39, surprise -12.82%, Miss. Q2 2025, reported May 12, 2025: actual 0.29, estimate 0.33, surprise -12.12%, Miss. Q3 2025, reported Aug 7, 2025: actual 0.28, estimate 0.31, surprise -9.68%, Miss. Q4 2025, reported Nov 10, 2025: actual 0.26, estimate 0.291, surprise -10.50%, Miss. Q1 2026, reported Mar 2, 2026: actual 0.29, estimate 0.27, surprise +7.41%, Beat. Q2 2026, reported May 7, 2026: actual 0.26, estimate 0.28, surprise -7.14%, Miss. Q3 2026, reported Aug 11, 2026: actual 0.22, estimate 0.251, surprise -12.28%, Miss. Q4 2026, reported Nov 9, 2026: actual —, estimate 0.25, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates22.9M18.3M13.69M9.09MQ1 '25MissQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26MissQ3 '26MissQ4 '26Estimate
Q1 2025, reported Mar 7, 2025: actual 12.01M USD, estimate 21.95M USD, surprise -45.29%, Miss. Q2 2025, reported May 12, 2025: actual 11.68M USD, estimate 19.97M USD, surprise -41.52%, Miss. Q3 2025, reported Aug 7, 2025: actual 10.04M USD, estimate 19.4M USD, surprise -48.23%, Miss. Q4 2025, reported Nov 10, 2025: actual 15.92M USD, estimate 18.43M USD, surprise -13.62%, Miss. Q1 2026, reported Mar 2, 2026: actual 17.24M USD, estimate 16.91M USD, surprise +1.97%, Beat. Q2 2026, reported May 7, 2026: actual 15.86M USD, estimate 16.35M USD, surprise -2.96%, Miss. Q3 2026, reported Aug 11, 2026: actual 14.37M USD, estimate 15.66M USD, surprise -8.23%, Miss. Q4 2026, reported Nov 9, 2026: actual —, estimate 15.19M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$12.00

67.60% upside
Past 12 months12-month forecastHigh $12.00Average $12.00Low $12.00

Rating distribution

18 ratings
Strong buy00%
Buy528%
Hold1267%
Sell16%
Strong sell00%

Recent analyst actions

4 institutions
OppenheimerdowngradeOutperformPerform

WHF news

seekingalpha.com

WhiteHorse Finance (WHF) Q2 2026 Earnings Call Transcript

WhiteHorse Finance (WHF) Q2 2026 Earnings Call Transcript

Read source
marketbeat.com

WhiteHorse Finance Q2 Earnings Call Highlights

WhiteHorse Finance NASDAQ: WHF reported second-quarter core net investment income of $4.7 million, or $0.217 per share, down from $5.6 million, or $0.253 per share, in the first quarter. The company said the decline…

Read source
zacks.com

WhiteHorse Finance (WHF) Misses Q2 Earnings and Revenue Estimates

WhiteHorse Finance (WHF) came out with quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.28 per share a year ago.

Read source
prnewswire.com

WhiteHorse Finance, Inc. Announces Second Quarter 2026 Earnings Results and Declares Quarterly Distribution of $0.25 Per Share

NEW YORK, Aug. 10, 2026 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the second quarter ended June 30, 2026. In addition, the…

Read source
zacks.com

Analysts Estimate WhiteHorse Finance (WHF) to Report a Decline in Earnings: What to Look Out for

WhiteHorse (WHF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Read source
prnewswire.com

WhiteHorse Finance, Inc. To Report Second Quarter 2026 Financial Results

NEW YORK, July 28, 2026 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced that it will release its second quarter financial results for the period ended June…

Read source

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$1.44

2025 complete year-7.4% since 2021

2026 partial: $0.51

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Sep 21, 2026

$0.25

Quarterly

Record Sep 21, 2026 · Payment Oct 5, 2026

Dividend

Ex-dividend May 21, 2026

$0.25

Semi-Annual

Record May 21, 2026 · Payment Jul 6, 2026

Dividend

Ex-dividend Mar 12, 2026

$0.26

Special

Record Mar 12, 2026 · Payment Apr 6, 2026

Dividend

Ex-dividend Dec 22, 2025

$0.25

Quarterly

Record Dec 22, 2025 · Payment Jan 5, 2026

Dividend

Ex-dividend Oct 31, 2025

$0.035

Special

Record Oct 31, 2025 · Payment Dec 10, 2025

Dividend

Ex-dividend Sep 19, 2025

$0.385

Quarterly

Record Sep 19, 2025 · Payment Oct 3, 2025

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ETFs holding WHF

Funds reporting this stock among their holdings, ordered by reported position size.

Virtus Private Credit Strategy ETF logoVirtus Private Credit Strategy ETFVPC
Market value
272.9K
Weight
0.91%
AUM
30.68M USD
Expense ratio
10.60%
Price / 1D
$15.745+0.19%

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