NASDAQ : WHF
WhiteHorse Finance, Inc. — Financial statements
Financials · Asset Management · United States
Last price 7.97 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 171.17M
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Financial statements
WhiteHorse Finance, Inc. (WHF) reported revenue of 65.26M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.48M | 2.21M | 2.25M | 2.97M | 3.47M | 2.62M |
| Other Revenue | 63.78M | 70.47M | 90.57M | 100.29M | 84.05M | 69.52M |
| Revenue | 65.26M | 72.67M | 92.82M | 103.26M | 87.53M | 72.14M |
| Gross Profit | 65.26M | 72.67M | 92.82M | 103.26M | 87.53M | 72.14M |
| Selling, General & Admin | 21.11M | 22.76M | 26.56M | 29.67M | 27.30M | 25.75M |
| Operating Expenses | 21.11M | 22.76M | 26.56M | 29.67M | 27.30M | 25.75M |
| Operating Income | 44.15M | 49.91M | 66.26M | 73.59M | 60.22M | 46.39M |
| Interest Expense | -20.62M | -23.14M | -27.90M | -29.91M | -21.94M | -16.59M |
| Currency Exchange Gain (Loss) | 193.00K | -492.00K | 1.17M | -302.00K | 1.57M | 353.00K |
| EBT Excluding Unusual Items | 23.72M | 26.28M | 39.53M | 43.38M | 39.86M | 30.15M |
| Gain (Loss) on Sale of Investments | -5.64M | -11.28M | -27.56M | -22.00M | -23.15M | 950.00K |
| Pretax Income | 18.08M | 15.00M | 11.97M | 21.38M | 16.71M | 31.10M |
| Income Tax Expense | 538.00K | 662.00K | 1.12M | 965.00K | 1.02M | 1.00M |
| Net Income | 17.55M | 14.34M | 10.85M | 20.41M | 15.68M | 30.09M |
| Net Income to Common | 17.55M | 14.34M | 10.85M | 20.41M | 15.68M | 30.09M |
| Shares Outstanding (Basic) | 22.49M | 23.17M | 23.24M | 23.24M | 23.23M | 21.15M |
| Shares Outstanding (Diluted) | 22.49M | 23.17M | 23.24M | 23.24M | 23.23M | 21.15M |
| EPS (Basic) | 0.78 | 0.62 | 0.47 | 0.88 | 0.68 | 1.42 |
| EPS (Diluted) | 0.78 | 0.62 | 0.47 | 0.88 | 0.68 | 1.42 |
| Dividend Per Share | 1.14 | 1.41 | 1.54 | 1.48 | 1.42 | 1.42 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 67.65% | 68.68% | 71.39% | 71.27% | 68.80% | 64.30% |
| Profit Margin | 26.88% | 19.73% | 11.69% | 19.77% | 17.92% | 41.71% |
| EBIT | 44.15M | 49.91M | 66.26M | 73.59M | 60.22M | 46.39M |
| EBIT Margin | 67.65% | 68.68% | 71.39% | 71.27% | 68.80% | 64.30% |
| Effective Tax Rate | 2.97% | 4.41% | 9.36% | 4.51% | 6.13% | 3.23% |
| Revenue as Reported | 65.26M | 72.67M | 92.82M | 103.26M | 87.53M | 72.14M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.46M | 7.03M | 12.42M | 10.75M | 9.51M | 12.19M |
| Cash & Short-Term Investments | 8.46M | 7.03M | 12.42M | 10.75M | 9.51M | 12.19M |
| Receivables | 5.75M | 5.77M | 5.74M | 8.49M | 8.10M | 7.52M |
| Prepaid Expenses | 999.00K | 984.00K | 1.01M | 1.21M | 1.17M | 1.31M |
| Restricted Cash | 19.60M | 22.69M | 15.41M | 13.74M | 16.76M | 10.28M |
| Other Current Assets | 67.00K | 20.00K | 393.00K | 711.00K | 515.00K | |
| Total Current Assets | 34.88M | 36.48M | 34.61M | 34.58M | 36.25M | 31.81M |
| Long-Term Investments | 451.08M | 439.14M | 642.21M | 696.17M | 760.23M | 819.21M |
| Other Long-Term Assets | 118.12M | 139.51M | ||||
| Total Assets | 604.08M | 615.13M | 676.82M | 730.75M | 796.47M | 851.02M |
| Accounts Payable | 1.34M | 1.88M | 5.68M | 2.09M | 2.33M | 2.44M |
| Accrued Expenses | 19.67M | 23.21M | 22.60M | 16.13M | 12.25M | 13.81M |
| Current Portion of Long-Term Debt | 84.83M | 200.64M | 29.89M | |||
| Other Current Liabilities | 5.38M | 5.92M | 8.95M | 8.99M | 8.25M | 8.22M |
| Total Current Liabilities | 111.22M | 31.01M | 237.87M | 27.21M | 52.73M | 24.47M |
| Long-Term Debt | 239.62M | 323.83M | 152.48M | 386.45M | 410.53M | 475.96M |
| Other Long-Term Liabilities | 432.00K | 490.00K | 340.00K | 316.00K | 825.00K | 839.00K |
| Total Liabilities | 351.27M | 355.34M | 390.69M | 413.98M | 464.09M | 501.27M |
| Common Stock | 21.00K | 22.00K | 23.00K | 23.00K | 23.00K | 23.00K |
| Additional Paid-In Capital | 323.55M | 329.12M | 337.20M | 338.27M | 339.24M | 339.16M |
| Retained Earnings | -70.76M | -69.35M | -51.09M | -21.53M | -6.88M | 10.57M |
| Shareholders' Equity | 252.81M | 259.79M | 286.13M | 316.77M | 332.39M | 349.75M |
| Total Liabilities & Equity | 604.08M | 615.13M | 676.82M | 730.75M | 796.47M | 851.02M |
| Total Debt | 324.45M | 323.83M | 353.12M | 386.45M | 440.43M | 475.96M |
| Net Cash (Debt) | -315.98M | -316.80M | -340.69M | -375.70M | -430.92M | -463.77M |
| Net Cash Per Share | -14.05 | -13.67 | -14.66 | -16.16 | -18.55 | -21.93 |
| Filing Date Shares Outstanding | 21.48M | 22.23M | 23.24M | 23.24M | 23.24M | 23.19M |
| Total Common Shares Outstanding | 21.48M | 22.23M | 23.24M | 23.24M | 23.24M | 23.16M |
| Working Capital | -76.34M | 5.47M | -203.26M | 7.37M | -16.48M | 7.34M |
| Book Value Per Share | 11.77 | 11.68 | 12.31 | 13.63 | 14.30 | 15.10 |
| Tangible Book Value | 252.81M | 259.79M | 286.13M | 316.77M | 332.39M | 349.75M |
| Tangible Book Value Per Share | 11.77 | 11.68 | 12.31 | 13.63 | 14.30 | 15.10 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 17.55M | 14.34M | 10.85M | 20.41M | 15.68M | 30.09M |
| Other Amortization | 1.27M | 1.28M | 1.69M | 1.60M | 1.54M | 2.15M |
| Loss (Gain) From Sale of Assets | -2.62M | -3.56M | -4.11M | |||
| Loss (Gain) From Sale of Investments | 5.45M | 11.28M | 27.56M | 11.74M | 17.52M | -7.77M |
| Other Operating Activities | 57.19M | 56.97M | 29.74M | 53.92M | 38.75M | -121.79M |
| Change in Accounts Receivable | 1.59M | -28.00K | 2.75M | -395.00K | -576.00K | 3.73M |
| Change in Accounts Payable | -134.00K | -3.80M | 3.59M | -240.00K | -109.00K | 229.00K |
| Change in Other Net Operating Assets | -2.44M | 783.00K | 6.69M | 3.34M | -821.00K | 3.17M |
| Operating Cash Flow | 77.84M | 77.27M | 78.76M | 90.37M | 71.99M | -90.19M |
| Long-Term Debt Issued | 213.70M | 119.31M | 166.75M | 140.53M | 457.80M | |
| Long-Term Debt Repaid | -242.01M | -153.22M | -222.10M | -175.42M | -366.01M | |
| Net Debt Issued (Repaid) | -40.00M | -28.31M | -33.91M | -55.35M | -34.89M | 91.78M |
| Issuance of Common Stock | 125.00K | 37.49M | ||||
| Common Dividends Paid | -30.06M | -36.61M | -41.49M | -35.33M | -33.14M | -29.80M |
| Other Financing Activities | -7.42M | -10.49M | -1.45M | -580.00K | -2.46M | |
| Financing Cash Flow | -83.06M | -75.42M | -75.40M | -92.12M | -68.49M | 97.01M |
| Foreign Exchange Rate Adjustments | -5.00K | 33.00K | -13.00K | -21.00K | 290.00K | -298.00K |
| Net Cash Flow | -5.21M | 1.89M | 3.35M | -1.78M | 3.80M | 6.52M |
| Levered Free Cash Flow | 14.55M | 4.53M | 37.33M | 36.18M | 16.72M | 24.96M |
| Unlevered Free Cash Flow | 26.17M | 17.71M | 53.08M | 53.28M | 28.89M | 33.19M |
| Cash Interest Paid | 19.52M | 22.29M | 26.46M | 29.02M | 19.71M | 14.23M |
| Cash Income Tax Paid | 1.46M | 1.46M | 1.41M | 1.10M | 1.18M | 910.00K |
| Change in Working Capital | -993.00K | -3.04M | 13.03M | 2.70M | -1.51M | 7.13M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 171.17M | 161.54M | 224.99M | 285.89M | 303.32M | 358.80M |
| Enterprise Value | 487.15M | 475.53M | 566.63M | 673.41M | 724.46M | 728.98M |
| Last Close Price | 7.97 | 6.26 | 7.39 | 8.08 | 7.61 | 8.11 |
| PE Ratio | 10.22 | 11.27 | 20.73 | 14.01 | 19.34 | 11.92 |
| Forward PE | 8.06 | 6.57 | 6.46 | 6.69 | 7.74 | 10.61 |
| PS Ratio | 2.62 | 2.22 | 2.42 | 2.77 | 3.46 | 4.97 |
| PB Ratio | 0.68 | 0.62 | 0.79 | 0.90 | 0.91 | 1.03 |
| P/TBV Ratio | 0.68 | 0.62 | 0.79 | 0.90 | 0.91 | 1.03 |
| P/OCF Ratio | 2.20 | 2.09 | 2.86 | 3.16 | 4.21 | |
| PEG Ratio | 71.14 | 71.14 | 71.14 | 71.14 | 71.14 | |
| EV/Sales Ratio | 7.46 | 6.54 | 6.11 | 6.52 | 8.28 | 10.11 |
| EV/EBIT Ratio | 11.03 | 9.53 | 8.55 | 9.15 | 12.03 | 15.71 |
| Debt / Equity Ratio | 1.28 | 1.25 | 1.23 | 1.22 | 1.32 | 1.36 |
| Net Debt / Equity Ratio | 1.25 | 1.22 | 1.19 | 1.19 | 1.30 | 1.33 |
| Asset Turnover | 0.10 | 0.11 | 0.13 | 0.14 | 0.11 | 0.09 |
| Quick Ratio | 0.13 | 0.41 | 0.08 | 0.71 | 0.33 | 0.81 |
| Current Ratio | 0.31 | 1.18 | 0.14 | 1.27 | 0.69 | 1.30 |
| Return on Equity (ROE) | 6.65% | 5.25% | 3.60% | 6.29% | 4.60% | 9.08% |
| Return on Assets (ROA) | 4.33% | 4.83% | 5.88% | 6.02% | 4.57% | 3.69% |
| Return on Invested Capital (ROIC) | 7.57% | 7.93% | 9.10% | 9.65% | 7.17% | 5.97% |
| Return on Capital Employed (ROCE) | 9.00% | 8.50% | 15.10% | 10.50% | 8.10% | 5.60% |
| Earnings Yield | 9.79% | 8.88% | 4.82% | 7.14% | 5.17% | 8.39% |
| Dividend Yield | 13.11% | 19.34% | 15.91% | 12.03% | 10.88% | 9.17% |
| Payout Ratio | 151.24% | 255.35% | 382.35% | 173.08% | 211.33% | 99.01% |
| Buyback Yield / Dilution | 3.25% | 0.29% | -0.06% | -9.83% | -2.94% | |
| Total Shareholder Return | 16.36% | 19.63% | 15.91% | 11.97% | 1.05% | 6.23% |