WHITEHORSE FINANCE INC (WHF) Fundamental Analysis & Valuation

NASDAQ:WHF • US96524V1061

7.58 USD
+0.16 (+2.16%)
At close: Mar 10, 2026
7.26 USD
-0.32 (-4.22%)
After Hours: 3/10/2026, 8:00:03 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This WHF fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

3

WHF gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 242 industry peers in the Capital Markets industry. WHF may be in some trouble as it scores bad on both profitability and health. WHF has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

3

1. WHF Profitability Analysis

1.1 Basic Checks

  • WHF had positive earnings in the past year.
  • In the past year WHF had a positive cash flow from operations.
  • Each year in the past 5 years WHF has 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 2025 0 50M -50M

1.2 Ratios

  • With a Return On Assets value of 1.57%, WHF perfoms like the industry average, outperforming 41.74% of the companies in the same industry.
  • WHF has a worse Return On Equity (3.72%) than 61.57% of its industry peers.
  • WHF has a Return On Invested Capital (3.69%) which is in line with its industry peers.
  • The Average Return On Invested Capital over the past 3 years for WHF is below the industry average of 7.06%.
Industry RankSector Rank
ROA 1.57%
ROE 3.72%
ROIC 3.69%
ROA(3y)2.24%
ROA(5y)2.45%
ROE(3y)5.25%
ROE(5y)5.81%
ROIC(3y)4.31%
ROIC(5y)3.9%
WHF Yearly ROA, ROE, ROICWHF Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • WHF has a Profit Margin (12.91%) which is comparable to the rest of the industry.
  • WHF's Profit Margin has declined in the last couple of years.
  • Looking at the Operating Margin, with a value of 36.00%, WHF is in the better half of the industry, outperforming 65.70% of the companies in the same industry.
  • In the last couple of years the Operating Margin of WHF has declined.
  • WHF has a Gross Margin of 43.86%. This is comparable to the rest of the industry: WHF outperforms 47.52% of its industry peers.
  • WHF's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 36%
PM (TTM) 12.91%
GM 43.86%
OM growth 3Y-5.5%
OM growth 5Y-1.71%
PM growth 3Y3.27%
PM growth 5Y-17.42%
GM growth 3Y-3.38%
GM growth 5Y-0.86%
WHF Yearly Profit, Operating, Gross MarginsWHF Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. WHF Health Analysis

2.1 Basic Checks

  • WHF has less shares outstanding than it did 1 year ago.
  • WHF has more shares outstanding than it did 5 years ago.
  • WHF has a worse debt/assets ratio than last year.
WHF Yearly Shares OutstandingWHF Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 200M 400M 600M 800M

2.2 Solvency

  • Based on the Altman-Z score of 0.37, we must say that WHF is in the distress zone and has some risk of bankruptcy.
  • WHF has a worse Altman-Z score (0.37) than 64.05% of its industry peers.
  • The Debt to FCF ratio of WHF is 3.32, which is a good value as it means it would take WHF, 3.32 years of fcf income to pay off all of its debts.
  • WHF has a better Debt to FCF ratio (3.32) than 77.69% of its industry peers.
  • A Debt/Equity ratio of 1.22 is on the high side and indicates that WHF has dependencies on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 1.22, WHF is in line with its industry, outperforming 41.32% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.22
Debt/FCF 3.32
Altman-Z 0.37
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 2025 0 100M 200M 300M 400M

2.3 Liquidity

  • A Current Ratio of 0.57 indicates that WHF may have some problems paying its short term obligations.
  • With a Current ratio value of 0.57, WHF is not doing good in the industry: 69.01% of the companies in the same industry are doing better.
  • A Quick Ratio of 0.57 indicates that WHF may have some problems paying its short term obligations.
  • The Quick ratio of WHF (0.57) is worse than 68.59% of its industry peers.
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 2025 10M 20M 30M 40M

More info and screens

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

1

3. WHF Growth Analysis

3.1 Past

  • WHF shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -30.41%.
  • WHF shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -2.65% yearly.
  • The Revenue for WHF has decreased by -21.70% in the past year. This is quite bad
  • WHF shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 3.33% yearly.
EPS 1Y (TTM)-30.41%
EPS 3Y-9.82%
EPS 5Y-2.65%
EPS Q2Q%-18.37%
Revenue 1Y (TTM)-21.7%
Revenue growth 3Y-6.01%
Revenue growth 5Y3.33%
Sales Q2Q%-17.45%

3.2 Future

  • The Earnings Per Share is expected to decrease by -1.50% on average over the next years.
  • WHF is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -5.03% yearly.
EPS Next Y-4.73%
EPS Next 2Y-1.5%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-3.35%
Revenue Next 2Y-5.03%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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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6

4. WHF Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 6.77 indicates a rather cheap valuation of WHF.
  • 81.82% of the companies in the same industry are more expensive than WHF, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 26.25, WHF is valued rather cheaply.
  • A Price/Forward Earnings ratio of 7.11 indicates a rather cheap valuation of WHF.
  • WHF's Price/Forward Earnings ratio is rather cheap when compared to the industry. WHF is cheaper than 86.78% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 24.39. WHF is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 6.77
Fwd PE 7.11
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 cheaper than 94.21% of the companies in the same industry.
Industry RankSector Rank
P/FCF 1.81
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

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-1.5%
EPS Next 3YN/A

More info and screens

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

5

5. WHF Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 14.62%, WHF is a good candidate for dividend investing.
  • WHF's Dividend Yield is rather good when compared to the industry average which is at 6.64. WHF pays more dividend than 85.95% of the companies in the same industry.
  • WHF's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
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.
  • The dividend of WHF decreased 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 2026 0.5 1 1.5

5.3 Sustainability

  • WHF pays out 420.82% of its income as dividend. 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-1.5%
EPS Next 3YN/A
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 2025 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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WHF Fundamentals: All Metrics, Ratios and Statistics

WHITEHORSE FINANCE INC

NASDAQ:WHF (3/10/2026, 8:00:03 PM)

After market: 7.26 -0.32 (-4.22%)

7.58

+0.16 (+2.16%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)03-02
Earnings (Next)05-11
Inst Owners16.99%
Inst Owner Change10.58%
Ins Owners4.55%
Ins Owner Change10.59%
Market Cap176.16M
Revenue(TTM)72.67M
Net Income(TTM)9.86M
Analysts48.33
Price Target7.82 (3.17%)
Short Float %2.61%
Short Ratio3.23
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-Date03-12
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%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-3.48%
Revenue NY rev (1m)-8.75%
Revenue NY rev (3m)-10.37%
Valuation
Industry RankSector Rank
PE 6.77
Fwd PE 7.11
P/S 2.31
P/FCF 1.81
P/OCF 1.81
P/B 0.66
P/tB 0.66
EV/EBITDA N/A
EPS(TTM)1.12
EY14.78%
EPS(NY)1.07
Fwd EY14.06%
FCF(TTM)4.19
FCFY55.28%
OCF(TTM)4.19
OCFY55.28%
SpS3.28
BVpS11.41
TBVpS11.41
PEG (NY)N/A
PEG (5Y)N/A
Graham Number16.96
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)2.24%
ROA(5y)2.45%
ROE(3y)5.25%
ROE(5y)5.81%
ROIC(3y)4.31%
ROIC(5y)3.9%
ROICexc(3y)4.38%
ROICexc(5y)3.96%
ROICexgc(3y)4.38%
ROICexgc(5y)3.96%
ROCE(3y)5.45%
ROCE(5y)4.93%
ROICexgc growth 3Y-2.48%
ROICexgc growth 5Y5.25%
ROICexc growth 3Y-2.48%
ROICexc growth 5Y5.25%
OM growth 3Y-5.5%
OM growth 5Y-1.71%
PM growth 3Y3.27%
PM growth 5Y-17.42%
GM growth 3Y-3.38%
GM growth 5Y-0.86%
F-Score6
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 0.37
F-Score6
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)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-30.41%
EPS 3Y-9.82%
EPS 5Y-2.65%
EPS Q2Q%-18.37%
EPS Next Y-4.73%
EPS Next 2Y-1.5%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-21.7%
Revenue growth 3Y-6.01%
Revenue growth 5Y3.33%
Sales Q2Q%-17.45%
Revenue Next Year-3.35%
Revenue Next 2Y-5.03%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-31.37%
EBIT growth 3Y-11.18%
EBIT growth 5Y1.56%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y32.53%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y32.53%
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%.