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Research & education only — not financial advice. EDGAR is not a registered investment adviser; calls are impersonal, generated from SEC filings and a delayed/third-party price feed, and may be wrong or out of date. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates — see Disclosures. Do your own research.

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Home›Stocks›WHF

WHF

WhiteHorse Finance, Inc.

Next earnings Aug 5, 2026 · consensus $0.25 EPS, $15.8M rev

Last earnings -0.3% on 2026-05-07

Sell
$6.59
▲ +1.23%
$6.59▼ -11.42%
over 1Y
L $5.77EODHDH $7.85
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.2%
1W+0.6%
1M-3.1%
3M-4.4%
YTD+1.1%
1Y-11.4%
OverviewFinancialsValuationQualityTimelineFilings
Rating
Sell
Quality
B+
Valuation
Undervalued
Filings
Watch
Sell
Conviction
Horizon
Medium (3–12mo)
Street · 12 analysts
Sell

Mixed signals in the latest filings.

The read

It screens cheap (~251% below fair value), but the weak fundamentals are why — more potential value trap than bargain.

WhiteHorse Finance, Inc. shows limited reported revenue, and 5.5% ROE.

Financials · annual, by fiscal year

Line itemFY21FY22FY23FY24FY25
Revenue—————
Gross profit—————
Operating income—————
Net income$30.1M$15.7M$20.4M$10.9M$14.3M
Diluted EPS$1.42$0.68$0.88$0.47$0.62
Net margin—————

Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.

Key statistics

Valuation

Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)0.33
Earnings yield9.8%
FCF yield—

Quality & risk

ROIC (est.)—
Free cash flow—
Total debt$324M
Net cash-$317M
Piotroski F-Score5/6

Capital returns

Buyback yield5.1%
Dividend yield (est.)—
Shareholder yield5.1%
Shares Δ YoY-4.3%

Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.

Disclosure timeline

SEC · 8-Ks + reports
Some governance/structural items recently, but no outright red flags.
  1. DEF 14A Proxy statement2026-06-18
  2. 8-K Earnings results2026-05-07
  3. 10-Q Quarterly report2026-05-07
  4. 8-K Reg FD disclosure2026-04-23
  5. 8-K Material agreement2026-03-13
  6. 10-K Annual report2026-03-06
  7. 8-K Auditor change2026-03-04
  8. 8-K Earnings results2026-03-02
  9. 8-K Reg FD disclosure2026-02-20

Recent filings

all on EDGAR ↗
4Period ending 2026-06-182026-06-18open ↗DEF 14APeriod ending 2026-08-032026-06-18open ↗4Period ending 2026-06-152026-06-16open ↗4Period ending 2026-06-042026-06-05open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-272026-05-29open ↗4Period ending 2026-05-212026-05-26open ↗4Period ending 2026-05-212026-05-26open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-05-072026-05-07open ↗8-KPeriod ending 2026-04-232026-04-23open ↗

Quality score

B+
ValueGrowthProfitHealthMom.
ValueA
GrowthA+
ProfitabilityC
Financial healthA-
Momentum—
  • ✓Profitable (positive net income)
  • ✗Return on equity above 15%
  • ✓P/E below 25

Fair value est.

$23.16

Undervalued +251% vs price

cheapfair valueexpensive

Modified Graham: EPS $0.62 × (8.5 + 1.5 × 22.0% growth) × 0.90 quality = 37.4× multiple. An estimate, not a price target.

Revenue
—
Net margin
—
ROE
5.5%
P/E
10.6

SEC fundamentals · FY 2025

'21'22'23'24'25

■ revenue · ■ net income, by fiscal year

Net income$14.3M+32.1%
Diluted EPS$0.62+31.9%
Cash & equivalents$7.03M-43.4%
Total assets$615M-9.1%
Total liabilities$355M-9.0%
Stockholders' equity$260M-9.2%
L/E: 1.37x

Frequently asked

Is WhiteHorse Finance, Inc. (WHF) a buy?
WHF currently carries a Sell rating with 2/5 conviction, derived from its latest SEC filings. Mixed signals in the latest filings.
What is WHF's fair value?
A Modified-Graham model based on WHF's SEC fundamentals estimates a fair value of about $23.16. It is an estimate from reported earnings, not a price target.
Is WHF overvalued or undervalued?
Against a Modified-Graham fair-value estimate, WHF currently appears undervalued relative to its SEC-grounded earnings power.
What is WhiteHorse Finance, Inc.'s quality score?
WHF scores 77.82352941176471/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.

Sources: SEC EDGAR (CIK 0001552198, latest 10-Q filed 2026-05-07) · EODHD · as of 6/26/2026, 8:36:27 PM.

Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.

Insider activity

Form 4 · SEC

Last 90 days: 22 open-market buys · 0 sales

2026-06-18
BOLDUC JOHN
Director
Buy7.69K @ $6.49$49.9K
2026-06-18
BOLDUC JOHN
Director
Buy7.69K @ $6.49$49.9K
2026-06-15
Aronson Stuart D
Chief Executive Officer
Buy15.0K @ $6.41$96.2K
2026-06-05
BOLDUC JOHN
Director
Buy3.57K @ $6.77$24.2K
2026-06-05
BOLDUC JOHN
Director
Buy3.57K @ $6.76$24.1K
2026-06-04
BOLDUC JOHN
Director
Buy3.57K @ $6.87$24.5K
2026-06-04
BOLDUC JOHN
Director
Buy3.57K @ $6.88$24.6K
2026-06-02
BOLDUC JOHN
Director
Buy3.57K @ $6.81$24.3K
2026-06-02
BOLDUC JOHN
Director
Buy3.57K @ $6.81$24.3K
2026-06-01
BOLDUC JOHN
Director
Buy3.57K @ $6.88$24.6K
2026-06-01
BOLDUC JOHN
Director
Buy3.57K @ $6.88$24.6K
2026-05-29
Volpe John Paul
Director
Buy1.00K @ $6.74$6.74K

Dividends

Quarterly
Yield (TTM)
17.9%
Annual / share
$1.18
Last ex-date
2026-05-21
Last amount
$0.25
ex 2026-05-21paid 2026-07-06$0.25
ex 2026-03-12paid 2026-04-06$0.26
ex 2025-12-22paid 2026-01-05$0.25
ex 2025-10-31paid 2025-12-10$0.04
ex 2025-09-19paid 2025-10-03$0.39
ex 2025-06-18paid 2025-07-03$0.39

Source: EODHD. Yield = trailing-12-month dividends ÷ price.

Earnings history

beat/miss · move
2026-05-07Miss -11.9% est▼ -0.26%8-K ↗
2026-03-02Beat +1.4% est▲ +6.67%8-K ↗
2025-11-10Miss -10.4% est▼ -5.06%8-K ↗
2025-08-07Miss -6.6% est▼ -2.96%8-K ↗
2025-05-12—▲ +0.76%8-K ↗
2025-03-07—▼ -4.52%8-K ↗

Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.

Recent news

market news →
WhiteHorse (WHF) Q1 2026 Earnings TranscriptBullish
nasdaq.com· 2026-05-07
WhiteHorse Finance (WHF) Q1 Earnings and Revenues Miss EstimatesBullish
finance.yahoo.com· 2026-05-07
WhiteHorse Finance, Inc. Q4 2025 Earnings Call SummaryBullish
finance.yahoo.com· 2026-03-03
WhiteHorse Finance (WHF) Earnings Call TranscriptBullish
finance.yahoo.com· 2026-03-02
Here are the major earnings before the open Monday
seekingalpha.com· 2026-03-01
WhiteHorse Finance Q4 2025 Earnings PreviewBearish
seekingalpha.com· 2026-02-27

Vs tracked universe

compare →

1044 tracked peers · median

EDGAR Score78 vs 67
Revenue growth— vs 7.1%
Net margin— vs 10.5%
Return on equity5.5% vs 12.3%
P/E10.6 vs 25.5