WHITEHORSE FINANCE INC (WHF) Stock Fundamental Analysis

NASDAQ:WHF • US96524V1061

6.23 USD
-0.13 (-2.04%)
Last: Feb 26, 2026, 01:55 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to WHF. WHF was compared to 238 industry peers in the Capital Markets industry. Both the profitability and financial health of WHF have multiple concerns. WHF is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

  • In the past year WHF was profitable.
  • WHF had a positive operating cash flow in the past year.
  • In the past 5 years WHF has always been profitable.
  • The reported operating cash flow has been mixed in the past 5 years: WHF reported negative operating cash flow in multiple years.
WHF Yearly Net Income VS EBIT VS OCF VS FCFWHF Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M

1.2 Ratios

  • WHF has a Return On Assets of 1.57%. This is in the lower half of the industry: WHF underperforms 61.34% of its industry peers.
  • WHF's Return On Equity of 3.72% is on the low side compared to the rest of the industry. WHF is outperformed by 63.87% of its industry peers.
  • WHF has a Return On Invested Capital (3.69%) which is in line with its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for WHF is below the industry average of 7.31%.
Industry RankSector Rank
ROA 1.57%
ROE 3.72%
ROIC 3.69%
ROA(3y)2.12%
ROA(5y)2.86%
ROE(3y)4.98%
ROE(5y)6.74%
ROIC(3y)4.4%
ROIC(5y)3.74%
WHF Yearly ROA, ROE, ROICWHF Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

  • Looking at the Profit Margin, with a value of 12.91%, WHF is in line with its industry, outperforming 43.28% of the companies in the same industry.
  • WHF's Profit Margin has declined in the last couple of years.
  • With a decent Operating Margin value of 36.00%, WHF is doing good in the industry, outperforming 66.81% of the companies in the same industry.
  • In the last couple of years the Operating Margin of WHF has declined.
  • The Gross Margin of WHF (43.86%) is comparable to the rest of the industry.
  • WHF's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 36%
PM (TTM) 12.91%
GM 43.86%
OM growth 3Y0.18%
OM growth 5Y-2.92%
PM growth 3Y-34.56%
PM growth 5Y-23.96%
GM growth 3Y-0.25%
GM growth 5Y-2.13%
WHF Yearly Profit, Operating, Gross MarginsWHF Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • Compared to 1 year ago, WHF has about the same amount of shares outstanding.
  • WHF has more shares outstanding than it did 5 years ago.
  • WHF has a better debt/assets ratio than last year.
WHF Yearly Shares OutstandingWHF Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M
WHF Yearly Total Debt VS Total AssetsWHF Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

2.2 Solvency

  • Based on the Altman-Z score of 0.32, we must say that WHF is in the distress zone and has some risk of bankruptcy.
  • The Altman-Z score of WHF (0.32) is worse than 66.81% of its industry peers.
  • WHF has a debt to FCF ratio of 3.32. This is a good value and a sign of high solvency as WHF would need 3.32 years to pay back of all of its debts.
  • The Debt to FCF ratio of WHF (3.32) is better than 77.31% of its industry peers.
  • WHF has a Debt/Equity ratio of 1.22. This is a high value indicating a heavy dependency on external financing.
  • WHF has a Debt to Equity ratio of 1.22. This is in the lower half of the industry: WHF underperforms 60.08% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.22
Debt/FCF 3.32
Altman-Z 0.32
ROIC/WACCN/A
WACCN/A
WHF Yearly LT Debt VS Equity VS FCFWHF Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M 200M 300M 400M

2.3 Liquidity

  • WHF has a Current Ratio of 0.57. This is a bad value and indicates that WHF is not financially healthy enough and could expect problems in meeting its short term obligations.
  • WHF's Current ratio of 0.57 is on the low side compared to the rest of the industry. WHF is outperformed by 69.33% of its industry peers.
  • A Quick Ratio of 0.57 indicates that WHF may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.57, WHF is doing worse than 68.91% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.57
Quick Ratio 0.57
WHF Yearly Current Assets VS Current LiabilitesWHF Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

1

3. Growth

3.1 Past

  • The earnings per share for WHF have decreased strongly by -31.48% in the last year.
  • WHF shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 1.13% yearly.
  • Looking at the last year, WHF shows a very negative growth in Revenue. The Revenue has decreased by -21.66% in the last year.
  • The Revenue has been growing slightly by 6.71% on average over the past years.
EPS 1Y (TTM)-31.48%
EPS 3Y4.48%
EPS 5Y1.13%
EPS Q2Q%-35%
Revenue 1Y (TTM)-21.66%
Revenue growth 3Y8.76%
Revenue growth 5Y6.71%
Sales Q2Q%-51.71%

3.2 Future

  • The Earnings Per Share is expected to decrease by -12.27% on average over the next years. This is quite bad
  • WHF is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -14.78% yearly.
EPS Next Y-30.12%
EPS Next 2Y-18.58%
EPS Next 3Y-12.27%
EPS Next 5YN/A
Revenue Next Year-22.55%
Revenue Next 2Y-18.56%
Revenue Next 3Y-14.78%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
WHF Yearly Revenue VS EstimatesWHF Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20M 40M 60M 80M 100M
WHF Yearly EPS VS EstimatesWHF Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5

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Find the best growth stocksShow best growing peers

6

4. Valuation

4.1 Price/Earnings Ratio

  • WHF is valuated cheaply with a Price/Earnings ratio of 5.28.
  • 88.24% of the companies in the same industry are more expensive than WHF, based on the Price/Earnings ratio.
  • WHF is valuated cheaply when we compare the Price/Earnings ratio to 27.05, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 5.84, which indicates a rather cheap valuation of WHF.
  • 92.02% of the companies in the same industry are more expensive than WHF, based on the Price/Forward Earnings ratio.
  • WHF is valuated cheaply when we compare the Price/Forward Earnings ratio to 28.03, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 5.28
Fwd PE 5.84
WHF Price Earnings VS Forward Price EarningsWHF Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, WHF is valued cheaply inside the industry as 96.22% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 1.49
EV/EBITDA N/A
WHF Per share dataWHF EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

  • WHF's earnings are expected to decrease with -12.27% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)4.66
EPS Next 2Y-18.58%
EPS Next 3Y-12.27%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 14.62%, WHF is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 6.18, WHF pays a better dividend. On top of this WHF pays more dividend than 87.82% of the companies listed in the same industry.
  • WHF's Dividend Yield is rather good when compared to the S&P500 average which is at 1.80.
Industry RankSector Rank
Dividend Yield 14.62%

5.2 History

  • The dividend of WHF has a limited annual growth rate of 1.98%.
  • WHF has paid a dividend for at least 10 years, which is a reliable track record.
  • WHF has decreased its dividend in the last 3 years.
Dividend Growth(5Y)1.98%
Div Incr Years2
Div Non Decr Years2
WHF Yearly Dividends per shareWHF Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

  • 420.82% of the earnings are spent on dividend by WHF. This is not a sustainable payout ratio.
  • The Dividend Rate of WHF has been growing, while earnings will be declining. This means the dividend growth is most likely not sustainable.
DP420.82%
EPS Next 2Y-18.58%
EPS Next 3Y-12.27%
WHF Yearly Income VS Free CF VS DividendWHF Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M -50M
WHF Dividend Payout.WHF Dividend Payout, showing the Payout Ratio.WHF Dividend Payout.PayoutRetained Earnings

More info and screens

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WHITEHORSE FINANCE INC

NASDAQ:WHF (2/26/2026, 1:55:34 PM)

6.23

-0.13 (-2.04%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)11-10
Earnings (Next)03-02
Inst Owners15.71%
Inst Owner Change10.58%
Ins Owners4.55%
Ins Owner Change10.59%
Market Cap144.79M
Revenue(TTM)76.34M
Net Income(TTM)9.86M
Analysts48.33
Price Target7.82 (25.52%)
Short Float %2.6%
Short Ratio2.81
Dividend
Industry RankSector Rank
Dividend Yield 14.62%
Yearly Dividend1.79
Dividend Growth(5Y)1.98%
DP420.82%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-8.51%
Min EPS beat(2)-10.38%
Max EPS beat(2)-6.64%
EPS beat(4)0
Avg EPS beat(4)-10.56%
Min EPS beat(4)-13.41%
Max EPS beat(4)-6.64%
EPS beat(8)1
Avg EPS beat(8)-7.23%
EPS beat(12)4
Avg EPS beat(12)-3.58%
EPS beat(16)5
Avg EPS beat(16)-4.19%
Revenue beat(2)0
Avg Revenue beat(2)-22.24%
Min Revenue beat(2)-41.9%
Max Revenue beat(2)-2.58%
Revenue beat(4)0
Avg Revenue beat(4)-15.4%
Min Revenue beat(4)-41.9%
Max Revenue beat(4)-2.58%
Revenue beat(8)1
Avg Revenue beat(8)-11.62%
Revenue beat(12)4
Avg Revenue beat(12)-6.71%
Revenue beat(16)5
Avg Revenue beat(16)-5.74%
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0.9%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.47%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-6.02%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.68%
Valuation
Industry RankSector Rank
PE 5.28
Fwd PE 5.84
P/S 1.9
P/FCF 1.49
P/OCF 1.49
P/B 0.55
P/tB 0.55
EV/EBITDA N/A
EPS(TTM)1.18
EY18.94%
EPS(NY)1.07
Fwd EY17.11%
FCF(TTM)4.19
FCFY67.26%
OCF(TTM)4.19
OCFY67.26%
SpS3.28
BVpS11.41
TBVpS11.41
PEG (NY)N/A
PEG (5Y)4.66
Graham Number17.41
Profitability
Industry RankSector Rank
ROA 1.57%
ROE 3.72%
ROCE 4.67%
ROIC 3.69%
ROICexc 3.75%
ROICexgc 3.75%
OM 36%
PM (TTM) 12.91%
GM 43.86%
FCFM 127.57%
ROA(3y)2.12%
ROA(5y)2.86%
ROE(3y)4.98%
ROE(5y)6.74%
ROIC(3y)4.4%
ROIC(5y)3.74%
ROICexc(3y)4.47%
ROICexc(5y)3.79%
ROICexgc(3y)4.47%
ROICexgc(5y)3.79%
ROCE(3y)5.57%
ROCE(5y)4.73%
ROICexgc growth 3Y18.87%
ROICexgc growth 5Y2.95%
ROICexc growth 3Y18.87%
ROICexc growth 5Y2.95%
OM growth 3Y0.18%
OM growth 5Y-2.92%
PM growth 3Y-34.56%
PM growth 5Y-23.96%
GM growth 3Y-0.25%
GM growth 5Y-2.13%
F-Score4
Asset Turnover0.12
Health
Industry RankSector Rank
Debt/Equity 1.22
Debt/FCF 3.32
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 1.26
Cash Conversion N/A
Profit Quality 987.8%
Current Ratio 0.57
Quick Ratio 0.57
Altman-Z 0.32
F-Score4
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)542.55%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-31.48%
EPS 3Y4.48%
EPS 5Y1.13%
EPS Q2Q%-35%
EPS Next Y-30.12%
EPS Next 2Y-18.58%
EPS Next 3Y-12.27%
EPS Next 5YN/A
Revenue 1Y (TTM)-21.66%
Revenue growth 3Y8.76%
Revenue growth 5Y6.71%
Sales Q2Q%-51.71%
Revenue Next Year-22.55%
Revenue Next 2Y-18.56%
Revenue Next 3Y-14.78%
Revenue Next 5YN/A
EBIT growth 1Y-31.37%
EBIT growth 3Y8.96%
EBIT growth 5Y3.6%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y18.12%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y18.12%
OCF growth 3YN/A
OCF growth 5YN/A

WHITEHORSE FINANCE INC / WHF FAQ

Can you provide the ChartMill fundamental rating for WHITEHORSE FINANCE INC?

ChartMill assigns a fundamental rating of 3 / 10 to WHF.


Can you provide the valuation status for WHITEHORSE FINANCE INC?

ChartMill assigns a valuation rating of 6 / 10 to WHITEHORSE FINANCE INC (WHF). This can be considered as Fairly Valued.


Can you provide the profitability details for WHITEHORSE FINANCE INC?

WHITEHORSE FINANCE INC (WHF) has a profitability rating of 3 / 10.


What is the financial health of WHITEHORSE FINANCE INC (WHF) stock?

The financial health rating of WHITEHORSE FINANCE INC (WHF) is 2 / 10.


Is the dividend of WHITEHORSE FINANCE INC sustainable?

The dividend rating of WHITEHORSE FINANCE INC (WHF) is 5 / 10 and the dividend payout ratio is 420.82%.