WhiteHorse Finance, Inc. (WHF) Key Metrics
WHF valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $162.4M
- Enterprise value
- $478.3M
- P/E (TTM)
- 9.7 10-yr median 10.0
- Forward P/E
- 7.1
- PEG ratio
- 1.01
- Price / sales
- 2.5 10-yr median 6.3
- Price / book
- 0.6 10-yr median 0.9
- EV / EBITDA
- 6.5 10-yr median 20.4
- Dividend yield
- 13.23% $1.00 a year
- Beta
- 0.42
WHF key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWHF valuation Price multiples at each fiscal year-end price.
WHF returns How much profit the business earns on the capital it uses.
WHF per-share figures Results divided by the shares outstanding at year-end.
WHF financial health Debt, liquidity and how easily interest is covered.
WHF efficiency & capital use Working capital cycle and where the cash goes.
WHF valuation history
WHF returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WHF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WHF cash returned to shareholders
WHF price vs earnings per share
WHF key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $161.1M | $225.0M | $285.9M | $303.1M | $327.8M | $279.6M | $281.5M | $261.3M | $260.8M | $222.8M |
| Enterprise value | $455.6M | $551.1M | $661.9M | $113.4M | $792.4M | $656.4M | $875.2M | $413.1M | $407.7M | $573.1M |
| P/E ratio | 11.2 | 20.7 | 14.0 | 19.3 | 10.9 | 8.8 | 9.1 | 4.6 | 7.6 | 7.1 |
| Price / sales | 4.3 | 13.2 | 5.1 | 7.0 | 9.3 | 7.8 | 8.2 | 3.6 | 5.6 | 5.3 |
| Price / book | 0.6 | 0.8 | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 | 0.8 | 0.9 | 0.9 |
| Price / free cash flow | 8.4 | 2.9 | 3.2 | 4.2 | — | — | — | 8.4 | 36.4 | 10.0 |
| Price / operating cash flow | 8.4 | 2.9 | 3.2 | 4.2 | — | — | — | 8.4 | 36.4 | 10.0 |
| EV / sales | 12.0 | 32.2 | 11.9 | 2.6 | 22.4 | 18.2 | 25.6 | 5.7 | 8.7 | 13.5 |
| EV / EBITDA | 11.8 | 25.6 | 31.0 | 6.8 | 20.5 | 20.2 | 27.6 | 7.0 | 15.1 | 20.6 |
| EV / free cash flow | 23.6 | 7.0 | 7.3 | 1.6 | — | — | — | 13.3 | 56.9 | 25.7 |
| Earnings yield | 8.9% | 4.8% | 7.1% | 5.2% | 9.2% | 11.3% | 11.0% | 21.9% | 13.2% | 14.1% |
| Free cash flow yield | 12.0% | 35.0% | 31.6% | 23.7% | −27.5% | −23.1% | −33.7% | 11.9% | 2.7% | 10.0% |
| Dividend yield | 22.7% | 18.4% | 12.4% | 10.9% | 9.1% | 11.4% | 11.8% | 11.1% | 10.1% | 11.7% |
| Shareholder yield (dividends + buybacks) | 27.3% | 18.4% | 12.4% | 10.9% | 9.1% | 11.4% | 11.8% | 11.1% | 10.1% | 11.7% |
| Share price at fiscal year-end | $6.95 | $9.68 | $12.30 | $13.05 | $15.50 | $13.61 | $13.70 | $12.72 | $13.42 | $12.17 |
| Per share | ||||||||||
| Revenue per share | $1.64 | $0.74 | $2.39 | $1.86 | $1.67 | $1.75 | $1.67 | $3.55 | $2.42 | $2.32 |
| Earnings per share | $0.62 | $0.47 | $0.88 | $0.68 | $1.42 | $1.54 | $1.50 | $2.79 | $1.77 | $1.71 |
| Operating cash flow per share | $0.83 | $3.39 | $3.89 | $3.10 | −$4.26 | −$3.14 | −$4.62 | $1.51 | $0.37 | $1.22 |
| Free cash flow per share | $0.83 | $3.39 | $3.89 | $3.10 | −$4.26 | −$3.14 | −$4.62 | $1.51 | $0.37 | $1.22 |
| Cash per share | $1.27 | $1.16 | $0.46 | $28.41 | $0.58 | $0.39 | $0.21 | $1.18 | $1.81 | $0.93 |
| Book value per share | $11.21 | $12.31 | $13.63 | $14.31 | $16.54 | $15.23 | $15.23 | $15.35 | $14.77 | $13.62 |
| Tangible book value per share | $11.21 | $12.31 | $13.63 | $14.31 | $16.54 | $15.23 | $15.23 | $15.35 | $14.77 | $13.62 |
| Dividends per share | $1.58 | $1.79 | $1.52 | $1.43 | $1.41 | $1.54 | $1.62 | $1.41 | $1.36 | $1.42 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $13.97 | $15.19 | $16.64 | $20.25 | $22.54 | $18.73 | $29.10 | $8.57 | $9.37 | $20.07 |
| Shares outstanding | 23.2M | 23.2M | 23.2M | 23.2M | 21.2M | 20.5M | 20.5M | 20.5M | 19.4M | 18.3M |
| Change in shares outstanding | −0.3% | 0.0% | +0.1% | +9.8% | +2.9% | 0.0% | +0.0% | +5.7% | +6.2% | +19.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 5.3% | 3.6% | 6.3% | 4.6% | 9.1% | 10.1% | 9.8% | 19.0% | 12.8% | 12.7% |
| Return on invested capital (ROIC) | 5.2% | 1.6% | 4.9% | 3.3% | 4.0% | 4.0% | 4.5% | 12.7% | 2.5% | 2.3% |
| Return on assets (ROA) | 2.2% | 1.5% | 2.7% | 1.9% | 3.8% | 4.7% | 5.4% | 11.5% | 7.4% | 7.0% |
| Return on tangible assets | 2.3% | 1.6% | 2.8% | 2.0% | 3.5% | 4.4% | 4.9% | 11.1% | 7.1% | 7.0% |
| Free cash flow margin | 50.9% | 460.7% | 162.5% | 166.3% | −255.1% | −179.3% | −277.4% | 42.6% | 15.3% | 52.5% |
| Income quality (OCF / net income) | 1.35 | 7.26 | 4.43 | 4.59 | −3.00 | −2.04 | −3.08 | 0.54 | 0.21 | 0.71 |
| Financial health | ||||||||||
| Total debt | $323.8M | $353.1M | $386.8M | $470.3M | $476.8M | $384.9M | $598.0M | $176.0M | $182.1M | $367.3M |
| Cash & short-term investments | $29.3M | $27.0M | $10.7M | $660.0M | $12.2M | $8.1M | $4.3M | $24.1M | $35.2M | $17.0M |
| Net debt | $294.5M | $326.1M | $376.0M | −$189.7M | $464.6M | $376.8M | $593.7M | $151.8M | $146.9M | $350.3M |
| Debt / equity | 1.25 | 1.23 | 1.22 | 1.41 | 1.36 | 1.23 | 1.91 | 0.56 | 0.63 | 1.47 |
| Debt / assets | 0.53 | 0.52 | 0.53 | 0.59 | 0.56 | 0.54 | 0.95 | 0.34 | 0.38 | 0.82 |
| Net debt / EBITDA | 7.60 | 15.14 | 17.59 | −11.36 | 12.00 | 11.62 | 18.76 | 2.59 | 5.44 | 12.57 |
| Current ratio | 1.14 | 1.98 | 0.75 | 286.76 | 1.55 | 1.70 | 0.98 | 1.95 | 2.73 | 2.32 |
| Quick ratio | 1.14 | 1.98 | 0.75 | 286.76 | 1.55 | 1.70 | −2.13 | 1.95 | 2.73 | 2.32 |
| Interest coverage | 1.7 | 0.4 | 0.7 | 0.8 | 1.9 | 2.5 | 2.4 | 5.0 | 2.7 | 3.3 |
| Working capital | $4.4M | $16.2M | −$6.7M | $665.5M | $7.0M | $7.9M | −$248,000 | $21.7M | $28.4M | $19.1M |
| Invested capital | $554.3M | $612.3M | $692.8M | $142.7M | $814.4M | $689.7M | $906.7M | $467.1M | $433.9M | $599.7M |
| Tangible asset value | $259.8M | $286.1M | $316.8M | $332.4M | $349.8M | $312.9M | $313.0M | $315.3M | $287.0M | $249.4M |
| Net current asset value | −$320.2M | −$358.1M | −$393.5M | $203.8M | −$481.6M | −$386.8M | −$307.6M | −$154.3M | −$153.7M | −$163.2M |
| Graham number | $12.49 | $11.37 | $16.41 | $14.74 | $23.01 | $22.99 | $22.68 | $31.04 | $24.27 | $22.91 |
| Graham net-net per share | −$13.88 | −$15.46 | −$17.07 | $8.70 | −$22.86 | −$18.96 | −$14.22 | −$8.13 | −$8.19 | −$9.63 |
| Capital allocation | ||||||||||
| Dividends paid | $36.6M | $41.5M | $35.3M | $33.1M | $29.8M | $31.7M | $33.2M | $29.0M | $26.4M | $26.0M |
| Share buybacks (net) | $7.4M | $0 | $0 | $0 | — | — | — | — | $0 | $0 |
| Dividend payout ratio | 255.3% | 382.4% | 173.1% | 211.3% | 99.0% | 100.2% | 107.6% | 50.5% | 76.6% | 83.0% |
| Dividends + buybacks / free cash flow | 228.3% | 52.7% | 39.1% | 46.0% | — | — | — | 93.2% | 368.0% | 116.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | 0.0% | 0.0% | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | 0.00 | 0.00 | 0.00 |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 14.2% | 30.0% | 7.7% | 10.7% | 12.0% | 10.0% | 8.7% | 4.6% | 5.8% | 6.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 55.5 | 152.0 | 54.5 | 65.8 | 96.9 | 89.3 | 88.4 | 39.9 | 40.8 | 35.2 |
| Days of inventory on hand | — | — | 0.0 | 0.0 | 0.0 | 298.1 | 192.9 | 0.0 | 0.0 | — |
| Days payables outstanding | 255.7 | 193.3 | 161.4 | 217.1 | 198.4 | 195.8 | 128.2 | 316.9 | 326.4 | 432.3 |
| Cash conversion cycle (days) | -200.3 | -41.4 | -107.0 | -151.3 | -101.5 | 191.5 | 153.2 | -276.9 | -285.6 | -397.1 |
| Receivables turnover | 6.58 | 2.40 | 6.70 | 5.54 | 3.77 | 4.09 | 4.13 | 9.14 | 8.95 | 10.37 |
| Payables turnover | 1.43 | 1.89 | 2.26 | 1.68 | 1.84 | 1.86 | 2.85 | 1.15 | 1.12 | 0.84 |
| Inventory turnover | — | — | 29,915,000.00 | 21,940,000.00 | 22,182,000.00 | 1.22 | 1.89 | 11,599,000.00 | 9,811,000.00 | — |
| Asset turnover | 0.06 | 0.02 | 0.07 | 0.05 | 0.05 | 0.05 | 0.06 | 0.15 | 0.10 | 0.10 |
| Average receivables | $5.8M | $7.1M | $8.3M | $7.8M | $9.4M | $8.8M | $8.3M | $8.0M | $5.3M | $4.1M |
| Average payables | $12.7M | $14.8M | $13.2M | $13.1M | $12.1M | $11.1M | $11.3M | $10.1M | $8.8M | $9.7M |
| Average inventory | — | — | $1 | $1 | $1 | $17.0M | $17.0M | $1 | $1 | — |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from WHF's annual financial statements (latest annual report filed March 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WHF valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), WhiteHorse Finance traded at 11.2 times earnings, against a 10-year median of 10.0. Based on the latest twelve months, the trailing P/E is 9.7 and the forward P/E is 7.1. WhiteHorse Finance earned a return on equity of 5.3% and a return on invested capital of 5.2% in fiscal 2025. It ended the year with $323.8 million of debt and $29.3 million in cash and short-term investments, net debt of $294.5 million. It returned $44.0 million to shareholders: $36.6 million in dividends and $7.4 million in share buybacks, 228% of free cash flow. The share count rose 26.6% from 18.3M to 23.2M over 9 years.
See the WHF income statement, the WHF chart for price history, or the WHF stock overview for the latest quote and news.
WHF key metrics FAQ
What is WhiteHorse Finance's P/E ratio?
WhiteHorse Finance's trailing P/E ratio is 9.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 7.1. At the end of fiscal 2025 it was 11.2, compared with a 10-year median of 10.0.
What is WhiteHorse Finance's EV/EBITDA?
WhiteHorse Finance's enterprise value was 11.8 times EBITDA at the end of fiscal 2025 (enterprise value $455.6 million, EBITDA $38.8 million); the current EV/EBITDA is 6.5.
What is WhiteHorse Finance's return on equity?
WhiteHorse Finance's return on equity (ROE) was 5.3% in fiscal 2025: net income of $14.3 million on average shareholders' equity of $273.0 million.
What is WhiteHorse Finance's ROIC?
WhiteHorse Finance's return on invested capital was 5.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does WhiteHorse Finance have?
WhiteHorse Finance had total debt of $323.8 million at the end of fiscal 2025, a debt-to-equity ratio of 1.25 and $294.5 million of net debt (7.60 times EBITDA).
What is WhiteHorse Finance's dividend yield?
WhiteHorse Finance's forward dividend yield is 13.23%. WhiteHorse Finance paid $36.6 million in dividends in fiscal 2025 ($1.58 per share), a payout ratio of 255.3%.
Does WhiteHorse Finance buy back its shares?
Yes. WhiteHorse Finance spent $7.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.3% over the year, to 23.2M..
What is WhiteHorse Finance's free cash flow yield?
WhiteHorse Finance generated $19.3 million of free cash flow in fiscal 2025, a free cash flow yield of 12.0% on its market value at year-end ($161.1 million).
What is WhiteHorse Finance's current ratio?
WhiteHorse Finance's current ratio was 1.14 at the end of fiscal 2025: current assets were 1.14 times current liabilities.