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WhiteHorse Finance, Inc. WHF

Nasdaq · stock · website · IPO 2012-12-05 · LEI

WhiteHorse Finance, Inc. statistics & valuation

Market cap$137.4M
P / E9.6×
P / B0.5×
Return on equity5.5%
Net debt$316.8M
Enterprise value USD$454.3M
Graham number +76.9%$12.51

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($12.51); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
20212022202320242025
Operating margin (%)
20212022202320242025
Return on equity (%)
8.60% 4.70% 6.40% 3.80% 5.50% 20212022202320242025
Shares outstanding
23.2M 23.2M 23.2M 23.2M 23.2M 20212022202320242025
Net debt ($)
$463.8M $430.9M $375.7M $340.7M $316.8M 20212022202320242025
Share buybacks ($)
20212022202320242025
Return on assets (%)
3.50% 2.00% 2.80% 1.60% 2.30% 20212022202320242025
Free cash flow margin (%)
20212022202320242025
Debt / equity (×)
1.36× 1.33× 1.22× 1.23× 1.25× 20212022202320242025
EPS ($)
$1.42 $0.68 $0.88 $0.47 $0.62 20212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

WhiteHorse Finance, Inc. trades at about 11.4× earnings — below its 10-year norm (10-year range 10.8×–22.5×, median 14.2×).

10.8× 22.5×

Shaded band = 10-year range (10.8×–22.5×); dot = today's 11.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021
Return on assets2.3%1.6%2.8%2.0%3.5%
Return on equity5.5%3.8%6.4%4.7%8.6%
Debt / equity1.25×1.23×1.22×1.33×1.36×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.