WhiteHorse Finance, Inc.
WHF Nasdaq Financials FY2020–FY2025
Last close · Oct 23, 2026
$7.96
0.1%
Revenue
Total sales reported in the income statement.
$72.7M
21.7%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$14.3M
32.1%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$172M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
10.1x
On $0.79 EPS (TTM)
What WhiteHorse Finance, Inc. does
No business description yet.
- Legal name
- WhiteHorse Finance, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 6, 2026
- Accession · CIK
- 0001104659-26-024735
0001552198
Revenue and margins
WhiteHorse Finance, Inc. had $72.7M of revenue in fiscal 2025, down 21.7% on the year before.
FY20
Revenue $61.7M
FY21
Revenue $72.1M
FY22
Revenue $87.5M
FY23
Revenue $103M
FY24
Revenue $92.8M
FY25
Revenue $72.7M
Q3 '23
Revenue $25.9M
Q4 '23
Revenue $25.6M
Q1 '24
Revenue $25.5M
Q2 '24
Revenue $23.5M
Q3 '24
Revenue $22.9M
Q4 '24
Revenue $21.0M
Q1 '25
Revenue $18.8M
Q2 '25
Revenue $18.8M
Q3 '25
Revenue $17.7M
Q4 '25
Revenue $17.3M
Q1 '26
Revenue $15.9M
Q2 '26
Revenue $14.4M
FY20
Gross —
Operating —
Net 51.4%
FCF —
FY21
Gross —
Operating —
Net 41.7%
FCF —
FY22
Gross —
Operating —
Net 17.9%
FCF —
FY23
Gross —
Operating —
Net 19.8%
FCF —
FY24
Gross —
Operating —
Net 11.7%
FCF —
FY25
Gross —
Operating —
Net 19.7%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 21.6%
FCF —
Q4 '23
Gross —
Operating —
Net 13.4%
FCF —
Q1 '24
Gross —
Operating —
Net 23.4%
FCF —
Q2 '24
Gross —
Operating —
Net 33.4%
FCF —
Q3 '24
Gross —
Operating —
Net −30.0%
FCF —
Q4 '24
Gross —
Operating —
Net 18.6%
FCF —
Q1 '25
Gross —
Operating —
Net 22.7%
FCF —
Q2 '25
Gross —
Operating —
Net 11.9%
FCF —
Q3 '25
Gross —
Operating —
Net −3.1%
FCF —
Q4 '25
Gross —
Operating —
Net 48.3%
FCF —
Q1 '26
Gross —
Operating —
Net −4.3%
FCF —
Q2 '26
Gross —
Operating —
Net 72.4%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2020 to 2025, diluted EPS grew −16.7% a year. Loss periods are shown in red.
FY20
Net income $31.7M
FY21
Net income $30.1M
FY22
Net income $15.7M
FY23
Net income $20.4M
FY24
Net income $10.9M
FY25
Net income $14.3M
Q3 '23
Net income $5.6M
Q4 '23
Net income $3.4M
Q1 '24
Net income $6.0M
Q2 '24
Net income $7.8M
Q3 '24
Net income −$6.9M
Q4 '24
Net income $3.9M
Q1 '25
Net income $4.3M
Q2 '25
Net income $2.3M
Q3 '25
Net income −$0.6M
Q4 '25
Net income $8.4M
Q1 '26
Net income −$0.7M
Q2 '26
Net income $10.4M
FY20
Diluted EPS $1.55
FY21
Diluted EPS $1.42
FY22
Diluted EPS $0.68
FY23
Diluted EPS $0.88
FY24
Diluted EPS $0.47
FY25
Diluted EPS $0.62
Q3 '23
Diluted EPS $0.24
Q4 '23
Diluted EPS $0.15
Q1 '24
Diluted EPS $0.26
Q2 '24
Diluted EPS $0.34
Q3 '24
Diluted EPS −$0.30
Q4 '24
Diluted EPS $0.17
Q1 '25
Diluted EPS $0.18
Q2 '25
Diluted EPS $0.10
Q3 '25
Diluted EPS −$0.02
Q4 '25
Diluted EPS $0.36
Q1 '26
Diluted EPS −$0.03
Q2 '26
Diluted EPS $0.48
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity 10.1%
Return on assets —
FY21
Return on capital —
Return on equity 9.1%
Return on assets 3.5%
FY22
Return on capital —
Return on equity 4.6%
Return on assets 1.9%
FY23
Return on capital —
Return on equity 6.3%
Return on assets 2.7%
FY24
Return on capital —
Return on equity 3.6%
Return on assets 1.5%
FY25
Return on capital —
Return on equity 5.3%
Return on assets 2.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY20
Cash from operations −$64.6M
Capital spending —
FY21
Cash from operations −$90.2M
Capital spending —
FY22
Cash from operations $72.0M
Capital spending —
FY23
Cash from operations $90.4M
Capital spending —
FY24
Cash from operations $78.8M
Capital spending —
FY25
Cash from operations $77.3M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $42.3M
Capital spending —
Q4 '23
Cash from operations $15.8M
Capital spending —
Q1 '24
Cash from operations $1.6M
Capital spending —
Q2 '24
Cash from operations $41.5M
Capital spending —
Q3 '24
Cash from operations $14.6M
Capital spending —
Q4 '24
Cash from operations $21.1M
Capital spending —
Q1 '25
Cash from operations −$7.0M
Capital spending —
Q2 '25
Cash from operations $21.7M
Capital spending —
Q3 '25
Cash from operations $61.6M
Capital spending —
Q4 '25
Cash from operations $1.0M
Capital spending —
Q1 '26
Cash from operations $28.2M
Capital spending —
Q2 '26
Cash from operations −$13.0M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
WhiteHorse Finance, Inc. returned $7.4M to shareholders in fiscal 2025. The diluted share count fell 0.3%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks $7.4M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks $3.0M
Q2 '26
Dividends —
Buybacks $2.6M
Dividends
Buybacks
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably WhiteHorse Finance, Inc. can carry it.
FY20
Cash $8.1M
Debt —
FY21
Cash $12.2M
Debt $476M
FY22
Cash $9.5M
Debt $440M
FY23
Cash $10.7M
Debt $386M
FY24
Cash $12.4M
Debt $353M
FY25
Cash $7.0M
Debt $324M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $12.2M | $9.5M | $10.7M | $12.4M | $7.0M |
| Debt incl. finance leases | $476M | $440M | $386M | $353M | $324M |
| Debt / equity | 1.4x | 1.3x | 1.2x | 1.2x | 1.2x |
| Total assets | $851M | $796M | $731M | $677M | $615M |
| Total liabilities | $501M | $464M | $414M | $391M | $355M |
| Shareholders' equity | $350M | $332M | $317M | $286M | $260M |
| Net debt (− = net cash) | $464M | $431M | $376M | $341M | $317M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 5 / 7 | 6 / 7 | 5 / 7 | 5 / 7 |
| Accruals ratio | — | 14.1% | −6.8% | −9.2% | −9.6% | −9.7% |
| Altman Z'' | — | — | — | — | — | — |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $61.7M | $72.1M | $87.5M | $103M | $92.8M | $72.7M |
| Interest expense | $13.1M | $16.6M | $21.9M | $29.9M | $27.9M | $23.1M |
| Income tax | — | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | $31.7M | $30.1M | $15.7M | $20.4M | $10.9M | $14.3M |
| Diluted EPS | $1.55 | $1.42 | $0.68 | $0.88 | $0.47 | $0.62 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||
| Cash from operations | −$64.6M | −$90.2M | $72.0M | $90.4M | $78.8M | $77.3M |
| Share buybacks | — | — | — | — | — | $7.4M |
| Dividends and buybacks | — | — | — | — | — | $7.4M |
| Balance sheet | ||||||
| Cash and short-term investments | $8.1M | $12.2M | $9.5M | $10.7M | $12.4M | $7.0M |
| Total debt | — | $476M | $440M | $386M | $353M | $324M |
| Total assets | — | $851M | $796M | $731M | $677M | $615M |
| Total liabilities | — | $501M | $464M | $414M | $391M | $355M |
| Shareholders' equity | $313M | $350M | $332M | $317M | $286M | $260M |
| Margins | ||||||
| Net margin | 51.4% | 41.7% | 17.9% | 19.8% | 11.7% | 19.7% |
| Returns | ||||||
| Return on equity | 10.1% | 9.1% | 4.6% | 6.3% | 3.6% | 5.3% |
| Return on assets | — | 3.5% | 1.9% | 2.7% | 1.5% | 2.2% |
| Return on tangible equity | 10.1% | 8.6% | 4.7% | 6.4% | 3.8% | 5.5% |
| Growth | ||||||
| Revenue growth | — | 16.9% | 21.3% | 18.0% | −10.1% | −21.7% |
| Net income growth | — | −5.0% | −47.9% | 30.2% | −46.8% | 32.1% |
| EPS growth | — | −8.4% | −52.1% | 29.4% | −46.6% | 31.9% |
| Share count change | — | 2.9% | 9.8% | 0.1% | 0.0% | −0.3% |
| Financial health | ||||||
| Debt / equity | — | 1.4x | 1.3x | 1.2x | 1.2x | 1.2x |
| Quality scores | ||||||
| Piotroski F-score | — | — | 5.0 | 6.0 | 5.0 | 5.0 |
| Accruals ratio | — | 14.1% | −6.8% | −9.2% | −9.6% | −9.7% |
Source: SEC EDGAR XBRL filings (CIK 0001552198). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.