Symbols / WHF Stock $7.52 +0.80% WhiteHorse Finance, Inc.

Financial Services • Asset Management • United States • NMS
WHF (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: SMA 50: SMA 200:
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Financial Services
Industry Asset Management
CEO Mr. Stuart Daniel Aronson
Exch · Country NMS · United States
Market Cap 167.20M
Enterprise Value 484.00M
Income 14.34M
Sales 72.67M
FCF (ttm) 4.53M
Book/sh 11.68
Cash/sh 0.32
Employees
Insider 10d
IPO Dec 06, 2012
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 226.61%
P/E 12.13
Forward P/E 7.35
PEG
P/S 2.30
P/B 0.64
P/C
EV/EBITDA
EV/Sales 6.66
Quick Ratio 0.41
Current Ratio 1.18
Debt/Eq 124.65
LT Debt/Eq
EPS (ttm) 0.62
EPS next Y 1.02
EPS Growth 114.00%
Revenue Growth -17.50%
EPS Gr Q/Q 114.80%
Rev Gr Q/Q
Earnings (next) 2026-05-07
Earnings (prior) 2026-03-02
ROA 4.83%
ROE 5.25%
ROIC
Gross Margin 100.00%
Oper. Margin 68.15%
Profit Margin 19.73%
Shs Outstand 22.23M
Shs Float
Insider Own 5.09%
Instit Own 35.37%
Short Float 2.01%
Short Ratio 3.05
Short Interest 343.43K
52W High 9.92
vs 52W High -24.19%
52W Low 6.07
vs 52W Low 23.89%
Beta 0.46
Impl. Vol. 44.65%
Rel Volume 0.39
Avg Volume 115.15K
Volume 45.19K
Target (mean) $7.67
Tgt Median $7.50
Tgt Low $6.50
Tgt High $9.00
# Analysts 3
Recom None
Prev Close $7.46
Price $7.52
Change 0.80%
About

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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus Mean price target
2. Current target Latest analyst target
3. DCF / Fair value Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$7.52
Low
$6.50
High
$9.00
Mean
$7.67

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-10-01 main JP Morgan Underweight → Underweight $7
2025-08-13 main B. Riley Securities Neutral → Neutral $9
2025-03-10 main JP Morgan Underweight → Underweight $9
2025-02-03 main JP Morgan Underweight → Underweight $10
2024-11-11 down Oppenheimer Outperform → Perform $12
2024-11-08 down Raymond James Outperform → Market Perform
2024-07-29 main JP Morgan Underweight → Underweight $12
2024-03-01 main JP Morgan Underweight → Underweight $12
2024-01-08 down B. Riley Securities Buy → Neutral $13
2023-11-10 main Raymond James Outperform → Outperform $14
2023-08-09 down Ladenburg Thalmann Buy → Neutral $13
2023-08-09 main Raymond James Outperform → Outperform $14
2023-08-02 main B. Riley Securities Buy → Buy $14
2023-03-06 main Oppenheimer — → Outperform $14
2022-11-22 main Raymond James — → Outperform $15
2022-09-06 down JP Morgan Neutral → Underweight
2022-08-11 main Raymond James — → Outperform $16
2022-03-04 main Raymond James — → Outperform $16
2021-08-10 main Raymond James — → Outperform $17
2021-08-10 up JP Morgan Underweight → Neutral $16
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-23 ARONSON STUART D. Chief Executive Officer 13,000 $6.95 $91,100
2026-03-16 BOLDUC JOHN P Director 25,170 $7.12 $179,588
2026-03-13 VOLPE JOHN PAUL Director 1,000 $7.18 $7,180
2026-03-06 BOLDUC JOHN P Director 16,668 $7.11 $119,710
2025-12-24 BOLDUC JOHN P Director 23,174 $6.99 $162,057
2025-12-24 THOMAS JOYSON C. Chief Financial Officer 4,502 $7.01 $31,559
2025-12-23 ARONSON STUART D. Chief Executive Officer 17,000 $6.80 $116,600
2025-12-23 VOLPE JOHN PAUL Director 1,000 $6.82 $6,820
2025-11-14 BOLDUC JOHN P Director 28,300 $6.87 $194,864
2025-11-12 ARONSON STUART D. Chief Executive Officer 14,000 $6.92 $96,880
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
20.17
+18.00%
17.09
-33.44%
25.68
+20.27%
21.35
Operating Revenue
20.17
+18.00%
17.09
-33.44%
25.68
+20.27%
21.35
Operating Expense
5.17
+0.98%
5.12
+19.00%
4.30
-7.34%
4.65
Selling General And Administration
5.37
+4.88%
5.12
+19.00%
4.30
-7.34%
4.65
General And Administrative Expense
5.37
+4.88%
5.12
+19.00%
4.30
-7.34%
4.65
Other Operating Expenses
-0.20
Net Income
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Pretax Income
15.00
+25.28%
11.97
-44.00%
21.38
+27.95%
16.71
Net Interest Income
39.76
-17.91%
48.43
-16.59%
58.07
+11.50%
52.08
Interest Expense
23.14
-17.06%
27.90
-6.74%
29.91
+36.35%
21.94
Interest Income
62.90
-17.60%
76.33
-13.24%
87.98
+18.87%
74.02
Gain On Sale Of Security
-34.78
-93.44%
-17.98
-599233.33%
-0.00
+99.98%
-13.96
Tax Provision
0.66
-40.95%
1.12
+16.17%
0.96
-5.76%
1.02
Tax Rate For Calcs
0.00
-52.86%
0.00
+107.42%
0.00
-26.35%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Net Income From Continuing Operation Net Minority Interest
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Net Income From Continuing And Discontinued Operation
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Net Income Continuous Operations
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Normalized Income
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Net Income Common Stockholders
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Diluted EPS
0.47
-46.59%
0.88
+29.41%
0.68
Basic EPS
0.47
-46.59%
0.88
+29.41%
0.68
Basic Average Shares
23.24
+0.00%
23.24
+0.06%
23.23
Diluted Average Shares
23.24
+0.00%
23.24
+0.06%
23.23
Diluted NI Availto Com Stockholders
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
615.13
-9.11%
676.82
-7.38%
730.75
-8.25%
796.47
Cash And Cash Equivalents
7.03
-43.39%
12.42
+15.58%
10.75
+13.05%
9.51
Receivables
5.77
+0.49%
5.74
-32.37%
8.49
+4.88%
8.10
Prepaid Assets
1.21
+3.15%
1.17
Investments And Advances
578.65
-9.90%
642.23
-7.75%
696.17
-8.43%
760.23
Total Liabilities Net Minority Interest
355.34
-9.05%
390.69
-5.63%
413.98
-10.80%
464.09
Payables
30.69
-17.57%
37.23
+37.02%
27.17
+19.01%
22.83
Accounts Payable
8.87
-46.06%
16.45
+25.51%
13.11
-1.85%
13.35
Other Payable
21.82
+4.99%
20.78
+47.74%
14.06
+48.40%
9.48
Long Term Debt And Capital Lease Obligation
323.83
-8.29%
353.12
-8.62%
386.45
-12.26%
440.43
Stockholders Equity
259.79
-9.21%
286.13
-9.67%
316.77
-4.70%
332.39
Common Stock Equity
259.79
-9.21%
286.13
-9.67%
316.77
-4.70%
332.39
Capital Stock
0.02
-4.35%
0.02
+0.00%
0.02
+0.00%
0.02
Common Stock
0.02
-4.35%
0.02
+0.00%
0.02
+0.00%
0.02
Share Issued
22.23
-4.34%
23.24
+0.00%
23.24
+0.00%
23.24
Ordinary Shares Number
22.23
-4.34%
23.24
+0.00%
23.24
+0.00%
23.24
Additional Paid In Capital
329.12
-2.40%
337.20
-0.32%
338.27
-0.28%
339.24
Retained Earnings
-69.35
-35.73%
-51.09
-137.36%
-21.53
-213.06%
-6.88
Total Equity Gross Minority Interest
259.79
-9.21%
286.13
-9.67%
316.77
-4.70%
332.39
Total Capitalization
583.63
-8.70%
639.25
-9.10%
703.22
-9.01%
772.81
Invested Capital
583.63
-8.70%
639.25
-9.10%
703.22
-9.01%
772.81
Total Debt
323.83
-8.29%
353.12
-8.62%
386.45
-12.26%
440.43
Net Debt
316.80
-7.01%
340.69
-9.32%
375.70
-12.81%
430.92
Net Tangible Assets
259.79
-9.21%
286.13
-9.67%
316.77
-4.70%
332.39
Tangible Book Value
259.79
-9.21%
286.13
-9.67%
316.77
-4.70%
332.39
Cash Cash Equivalents And Federal Funds Sold
29.73
+6.79%
27.84
+11.88%
24.88
-7.77%
26.98
Derivative Product Liabilities
0.32
0.00
-100.00%
0.04
+1333.33%
0.00
Financial Assets Designatedas Fair Value Through Profitor Loss Total
578.65
-9.90%
642.21
-7.75%
696.17
-8.43%
760.23
Investmentin Financial Assets
578.65
-9.90%
642.23
-7.75%
696.17
-8.43%
760.23
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
77.27
-1.89%
78.76
-12.85%
90.37
+25.52%
71.99
Net Income From Continuing Operations
14.34
+32.13%
10.85
-46.84%
20.41
+30.15%
15.68
Other Non Cash Items
-4.42
+54.31%
-9.68
-234.59%
-2.89
+55.06%
-6.44
Gain Loss On Investment Securities
69.61
+6.03%
65.66
-4.68%
68.88
+4.14%
66.14
Net Foreign Currency Exchange Gain Loss
0.79
+171.77%
-1.10
-186.52%
1.27
+167.25%
-1.89
Change In Working Capital
-3.04
-123.33%
13.03
+382.52%
2.70
+279.35%
-1.51
Change In Receivables
-0.03
-101.02%
2.75
+795.95%
-0.40
-1018.60%
0.04
Change In Prepaid Assets
0.03
-87.62%
0.20
+645.95%
-0.04
-127.82%
0.13
Change In Payable
-3.19
-131.70%
10.06
+176.17%
3.64
+318.35%
-1.67
Change In Other Current Liabilities
0.15
+525.00%
0.02
+104.72%
-0.51
-3535.71%
-0.01
Financing Cash Flow
-75.42
-0.03%
-75.40
+18.16%
-92.12
-34.51%
-68.49
Net Issuance Payments Of Debt
-28.31
+16.50%
-33.91
+38.74%
-55.35
-58.64%
-34.89
Issuance Of Debt
213.70
+79.11%
119.31
-28.45%
166.75
+18.66%
140.53
Repayment Of Debt
-242.01
-57.95%
-153.22
+31.01%
-222.10
-26.61%
-175.42
Long Term Debt Issuance
213.70
+79.11%
119.31
-28.45%
166.75
+18.66%
140.53
Long Term Debt Payments
-242.01
-57.95%
-153.22
+31.01%
-222.10
-26.61%
-175.42
Net Long Term Debt Issuance
-28.31
+16.50%
-33.91
+38.74%
-55.35
-58.64%
-34.89
Net Common Stock Issuance
-7.42
0.00
0.00
-100.00%
0.12
Common Stock Payments
-7.42
0.00
0.00
Common Stock Dividend Paid
-36.61
+11.76%
-41.49
-17.44%
-35.33
-6.60%
-33.14
Cash Dividends Paid
-36.61
+11.76%
-41.49
-17.44%
-35.33
-6.60%
-33.14
Repurchase Of Capital Stock
-7.42
0.00
0.00
Net Other Financing Charges
0.00
0.00
0.00
0.00
Changes In Cash
1.86
-44.79%
3.36
+291.46%
-1.76
-150.09%
3.51
Effect Of Exchange Rate Changes
0.03
+353.85%
-0.01
+38.10%
-0.02
-107.24%
0.29
Beginning Cash Position
27.84
+13.68%
24.49
-6.77%
26.26
+16.90%
22.47
End Cash Position
29.73
+6.79%
27.84
+13.68%
24.49
-6.77%
26.26
Free Cash Flow
77.27
-1.89%
78.76
-12.85%
90.37
+25.52%
71.99
Common Stock Issuance
0.00
0.00
-100.00%
0.12
Issuance Of Capital Stock
0.00
0.00
-100.00%
0.12
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Trades
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status
Posts
Published Title Author Category