WhiteHorse Finance, Inc. (WHF) stock analysis

WHFNasdaqFiscal year ends December 31Also trades as WHFCL

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 9, 2026Score 10/3068% below fair value

$8.26−0.05 (-0.60%)

Close on Nov 13, 2026Market cap $177.40MP/E 7.4Yield 17.43%

StockData Score

Prices as of Nov 13, 2026How the score works

Mixed10 of 30 checks passed

WhiteHorse Finance passes 10 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 5/6
Growth: 1/6
Past performance: 1/6
Financial health: 0/6
Dividend: 3/6

What stands out

Margin of safety over 20%
The price is 68.5% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $8.26 is below our fair value estimate of $26.20.
Earnings growth accelerating
Net income grew 150% over the last twelve months, against a 5-year average of -14.7% a year.
P/E below its 5-year median
WhiteHorse Finance's P/E of 7.4 is below its own 5-year median of 15.9.

What to watch

Return on equity under 15%
Return on equity was 9.5% over the last twelve months and averaged 5.7% over five years; we look for 15% on both.
Earnings shrank over 5 years
Net income shrank 14.7% a year on average over the last five fiscal years.
EPS growing under 10% a year
Diluted EPS grew -3.0% a year over the last three fiscal years.
Elevated bankruptcy risk
The Altman Z-score is 0.14; above 3 is the safe zone and below 1.8 the distress zone.

Valuation5/6

P/E below its 5-year median
WhiteHorse Finance's P/E of 7.4 is below its own 5-year median of 15.9.
P/E below the industry
WhiteHorse Finance's P/E of 7.4 is below the US market median of 19.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
WhiteHorse Finance's price-to-book of 0.70 is below the US market median of 1.86.
Trading below fair value
The share price of $8.26 is below our fair value estimate of $26.20.
Margin of safety over 20%
The price is 68.5% below fair value, more than the 20% cushion we look for.

Growth1/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growing under 10% a year
Diluted EPS grew -3.0% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 150% over the last twelve months, against a 5-year average of -14.7% a year.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance1/6

Return on equity under 15%
Return on equity was 9.5% over the last twelve months and averaged 5.7% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
WhiteHorse Finance's return on equity of 9.5% is above the US market median of 3.5%.
Earnings shrank over 5 years
Net income shrank 14.7% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health0/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.14; above 3 is the safe zone and below 1.8 the distress zone.

Dividend3/6

Pays a dividend
WhiteHorse Finance paid dividends worth 14.3% of the share price over the last twelve months.
Yield above Treasuries
The 14.3% yield is above the 4.7% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; WhiteHorse Finance yields 14.3%.
Dividend was cut
The dividend per share fell by more than 10% at least once in the last 6 fiscal years.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.

Fair value

How we estimate it

Our estimate per share

$26.20

The share price is 68% below this estimate.

20%+ below

Near fair value

20%+ above

$8.26Price$26.20Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	17.7×	15.9×	19.3×	$19.62	62%
P/B	1.4×	0.9×	1.9×	$16.33	15%
Earnings power	7.6% cost of equity	–	–	$50.32	23%
Fair value				$26.20	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 15.9
US market median 19.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day: $894.79K
Value traded per 1% price move: $459.26K

Downside

Low risk

Typical loss in a bad month: 12.4%
Volatility (annualized): 30%
Sharpe ratio, 1 year: 0.48
Beta to the S&P 500 (5Y): 0.38

Typical bad-month loss, week by week

Margins need revenue and profit figures

This company does not report the lines needed to calculate margins.

Per year	1 year	3 years	5 years	10 years
Net income	+32.1%	-2.9%	-14.7%	–
EPS, diluted	+31.9%	-3.0%	-16.7%	–
Dividend per share	-19.6%	-0.7%	-1.5%	–

Measure	FY2020	FY2020	FY2025
Return on equity	–	–	5.3%
Return on assets	–	–	2.2%
Diluted shares	21M	21M	23M

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