Reading the tape
NASDAQ: WHF
WhiteHorse Finance, Inc.
Financial Services · Asset Management
Market Cap
$168.09M
52w High
$9.66
52w Low
$6.07
P/E
12.22
Volume
66.63K
Outstanding Shares
22.23M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: -20.91%Revenue (TTM): -3.05%FCF (TTM): -70.59%P/FCF: 45th pct
What changed
The stock fell 20.91% over the last year. Revenue declined 3.05% over the trailing twelve months. Operating margin moved from 26.61% to 58.29%. Free cash flow declined 70.59% over the trailing twelve months.
What the market seems to be pricing
The stock has moved lower against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 58.29%. A decisive move in revenue — currently down 3.05% — would be the clearest signal to resolve the ambiguity.
Company profile
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.
CEOStuart Daniel Aronson
SectorFinancial Services
IndustryAsset Management
Employees2
IPO dateDec 6, 2012
Valuation
Forward P/E—
EV/EBITDA12.16
Enterprise value$455.58M
Price / Book0.65
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth-50.22%
Gross margin45.44%▼47.69%vs FY2024
Operating margin58.29%▲44.06%vs FY2024
ROE5.52%▲45.52%vs FY2024
Analyst consensus
RatingHold
Target price$12.00▲58.73%
5
Buy
12
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est $0.28 · Revenue est $16.35M
View
Dividends
$0.93/shareQuarterlyStretchedWHF pays a dividend with a 12.3% dividend yield, covered 0.5× by free cash flow.
Dividend Yield
12.3%
Annual Div / Share
$0.93
TTM $1.32
5yr CAGR
-1.4%
Dividend has been cut
Payout Ratio
255.35%
Stretched
Dividend Growth Rate
3yr CAGR
-0.68%
5yr CAGR
-1.4%
10yr CAGR
+0.14%
Dividend Safety
2/10Stretched
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$1.44-19.3%
2024$1.78+15.2%
2023$1.55+5.4%
2022$1.47-5.5%
2021$1.55+0.6%
2020$1.54-4.3%
2019$1.61+13.7%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$123/yr
$10/mo
In 5 yrs
$123/yr
$10/mo
In 10 yrs
$123/yr
$10/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$123/yr $10/mo | $123/yr $10/mo | $123/yr $10/mo |
Analysis
Dividend Strengths
No strong strength signal stands out from the latest period pair.
Risks to Watch
High payout ratio
With 255.35% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.
Dividend exceeds free cash flow
Free cash flow covers only 0.53× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.
Dividend has been reduced
The 5-year dividend CAGR of -1.4% is negative, indicating the payout has been cut over this period.