WHF WhiteHorse Finance, Inc. - Closed End Fund

NASDAQ · Financial Services · View on SEC EDGAR ↗
$7.23
Price · May 20, 2026
Fundamentals as of May 7, 2026
52W Range
$6–$10
32% of range
Analyst Rating
HOLD
12 analysts
Price Target
$8
+6% upside
P/E (TTM)
11.2
ROE
5.2%
Net Profit Margin
—

WHF Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$7.23
Market Cap
$155M
P/E (TTM)
11.2
EPS (TTM)
$0.62
Revenue (TTM)
—
Div Yield
—
ROE
5.2%
Debt/Equity
—
52W Range
$6 – $10

WHF Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income —
EPS $0.62
6-point trend, -60.0%
2020-12-31 → 2025-12-31
Free Cash Flow —
Margins —

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
WHF
Peer Median
P/E (TTM)
5-point trend, +2.7%
11.2
11.7
P/B
4-point trend, -34.8%
0.6
0.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
WHF
Peer Median
ROA
4-point trend, +16.8%
2.2%
2.2%
ROE
4-point trend, +14.1%
5.2%
5.4%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
WHF
Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
WHF
Peer Median
EPS YoY
5-point trend, -56.3%
31.9%
—
Net Income YoY
5-point trend, -52.4%
32.1%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
WHF
Peer Median
EPS (Diluted)
5-point trend, -56.3%
$0.62
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
WHF
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
Ex-dateAmount
March 12, 2026$0.2600
Dec. 22, 2025$0.2500
Oct. 31, 2025$0.0350
Sept. 19, 2025$0.3850
June 18, 2025$0.3850
March 21, 2025$0.3850
Dec. 20, 2024$0.3850
Oct. 31, 2024$0.2450
Sept. 18, 2024$0.3850
June 18, 2024$0.3850
March 21, 2024$0.3850
Dec. 19, 2023$0.3850
Sept. 18, 2023$0.3700
June 20, 2023$0.3700
March 23, 2023$0.4250
Dec. 20, 2022$0.3550
Oct. 28, 2022$0.0500
Sept. 19, 2022$0.3550
June 16, 2022$0.3550
March 24, 2022$0.3550

WHF Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

SELL 12 analysts
  • Strong Buy 0 0.0%
  • Buy 0 0.0%
  • Hold 6 50.0%
  • Sell 5 41.7%
  • Strong Sell 1 8.3%

12-Month Price Target

3 analysts · 2026-05-15
Median target $7.50 +3.7%
Mean target $7.67 +6.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-0.02%
Period EPS Actual EPS Est Surprise
March 31, 2026 $0.25 $0.29 -0.03%
Dec. 31, 2025 $0.28 $0.28 0.00%
Sept. 30, 2025 $0.26 $0.29 -0.03%
June 30, 2025 $0.28 $0.31 -0.02%
March 31, 2025 $0.29 $0.33 -0.04%

Peer Comparison Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
WHF $155M 11.2 — — 5.2% —
TPVG $265M 6.2 14.9% 2346.5% 14.0% —
LIEN $236M 7.1 — — 11.0% —
SPMC — — — — — —
BANX — — — — — —
EARN — — — — — —
WHG — 21.8 3.2% 7.2% 5.7% —
SAMG — 27.1 1.4% 3.9% 7.5% —
OXSQ — — — — — —
BLK $165.98B 30.3 18.7% 22.9% 10.7% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 8
Annual Income Statement data for WHF
Metric Trend 202520242023202220212020
SG&A Expense 6-point trend, +61.2% $5M $4M $4M $4M $4M $3M
Interest Expense 6-point trend, +76.3% $23M $28M $30M $22M $17M $13M
Income Tax Flat — no change across 4 periods $0 $0 $0 $0 · ·
Net Income 6-point trend, -54.8% $14M $11M $20M $16M $30M $32M
EPS (Basic) 6-point trend, -60.0% $0.62 $0.47 $0.88 $0.68 $1.42 $1.55
EPS (Diluted) 6-point trend, -60.0% $0.62 $0.47 $0.88 $0.68 $1.42 $1.55
Shares (Basic) 6-point trend, +12.8% 23,174,909 23,243,088 23,243,088 23,229,552 21,150,168 20,546,032
Shares (Diluted) 6-point trend, +12.8% 23,174,909 23,243,088 23,243,088 23,229,552 21,150,168 20,546,032
Balance Sheet 10
Annual Balance Sheet data for WHF
Metric Trend 202520242023202220212020
Cash & Equivalents 6-point trend, -12.8% $7M $12M $11M $10M $12M $8M
Total Assets 5-point trend, -27.7% $615M $677M $731M $796M $851M ·
Total Liabilities 5-point trend, -29.1% $355M $391M $414M $464M $501M ·
Long-term Debt 5-point trend, -32.0% $324M $353M $386M $440M $476M ·
Common Stock 5-point trend, -4.3% $22.0K $23.0K $23.0K $23.0K $23.0K ·
Paid-in Capital 5-point trend, -3.0% $329M $337M $338M $339M $339M ·
Retained Earnings 5-point trend, -756.3% $-69M $-51M $-22M $-7M $11M ·
Stockholders' Equity 5-point trend, -25.7% $260M $286M $317M $332M $350M ·
Liabilities + Equity 5-point trend, -27.7% $615M $677M $731M $796M $851M ·
Shares Outstanding 6-point trend, +8.2% 22,234,045 23,243,088 23,243,088 23,243,088 23,162,667 20,546,032
Cash Flow 9
Annual Cash Flow data for WHF
Metric Trend 202520242023202220212020
Operating Cash Flow 6-point trend, +219.6% $77M $79M $90M $72M $-90M $-65M
Debt Issued 6-point trend, -83.2% $40M $119M $132M $141M $358M $236M
Net Debt Issued 4-point trend, -479.9% $-202M $-34M $-90M $-35M · ·
Stock Issued 2-point trend, -99.7% · · · $125.0K $37M ·
Stock Repurchased $7M · · · · ·
Net Stock Activity 2-point trend, -6037.6% $-7M · · $125.0K · ·
Financing Cash Flow 6-point trend, -242.3% $-75M $-75M $-92M $-68M $97M $53M
Net Change in Cash 6-point trend, +116.3% $2M $3M $-2M $4M $7M $-12M
Taxes Paid 6-point trend, +75.2% $1M $1M $1M $1M $910.0K $833.0K
Profitability 2
Annual Profitability data for WHF
Metric Trend 202520242023202220212020
ROA 4-point trend, +16.8% 2.2% 1.5% 2.7% 1.9% · ·
ROE 4-point trend, +14.1% 5.2% 3.6% 6.3% 4.6% · ·
Per Share 5
Annual Per Share data for WHF
Metric Trend 202520242023202220212020
Book Value / Share 4-point trend, -18.3% $11.68 $12.31 $13.63 $14.30 · ·
Cash Flow / Share 4-point trend, +7.6% $3.33 $3.39 $3.89 $3.10 · ·
Cash / Share 4-point trend, -22.7% $0.32 $0.53 $0.46 $0.41 · ·
Dividend Paid / Share 6-point trend, -7.1% $1 $2 $2 $1 $2 $2
EPS (TTM) 6-point trend, -60.0% $0.62 $0.47 $0.88 $0.68 $1.42 $1.55
Growth Rates 6
Annual Growth Rates data for WHF
Metric Trend 202520242023202220212020
EPS YoY 5-point trend, +480.3% 31.9% -46.6% 29.4% -52.1% -8.4% ·
EPS CAGR 3Y 3-point trend, +82.4% -3.0% -30.8% -17.2% · · ·
EPS CAGR 5Y -16.7% · · · · ·
Net Income YoY 5-point trend, +740.0% 32.1% -46.8% 30.1% -47.9% -5.0% ·
Net Income CAGR 3Y 3-point trend, +78.4% -2.9% -28.8% -13.6% · · ·
Net Income CAGR 5Y -14.7% · · · · ·
Valuation (TTM) 7
Annual Valuation (TTM) data for WHF
Metric Trend 202520242023202220212020
Net Income TTM 6-point trend, -54.8% $14M $11M $20M $16M $30M $32M
Market Cap 4-point trend, -49.1% $155M $225M $286M $303M · ·
P/E 6-point trend, +27.7% 11.2 20.6 14.0 19.2 10.9 8.8
P/B 4-point trend, -34.8% 0.6 0.8 0.9 0.9 · ·
P / Tangible Book 4-point trend, -34.8% 0.6 0.8 0.9 0.9 · ·
P / Cash Flow 4-point trend, -52.5% 2.0 2.9 3.2 4.2 · ·
Earnings Yield 6-point trend, -21.7% 8.9% 4.9% 7.1% 5.2% 9.2% 11.4%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Net Income $14M$11M$20M$16M$30M
Diluted EPS $0.62$0.47$0.88$0.68$1.42

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