SequelSEC

WhiteHorse Finance, Inc. WHF

Industry unavailable · CIK 0001552198 · Fiscal year ends 1231

AnnualQuarterlyTTM
Revenue
Unavailable
Fiscal year ended 2025-12-31
Operating income
Unavailable
Fiscal year ended 2025-12-31
Free cash flow
Unavailable
Fiscal year ended 2025-12-31

Valuation, from the filing

Public float$158.90MMarket value of stock held by non-affiliates, as stated on the cover page for 2025-06-30
Float per share$7.15Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself.
Float / net income11.1×A lower bound on the multiple, because affiliate holdings are excluded.
Float / equity0.6×A lower bound on the multiple, because affiliate holdings are excluded.

Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.

Valuation over time

11.1× earnings today, against a median of 12.7× across 4 years on record. Below its own history.

Float measuredPublic floatFloat / net income
2025-06-30$158.90M11.1×
2024-06-30$224.20M20.7×
2023-06-30$219.40M10.7×
2022-06-30$224.20M14.3×

Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.

How this compares in its industry

Percentile among the industry filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.

MeasureReportedPercentile
Long-term debt / equity1.25x53th

WhiteHorse Finance, Inc. (WHF) reported net income of $14.34M for the fiscal year ended 2025-12-31. This page shows 6 annual periods of income statement, balance sheet and cash flow figures normalized from WhiteHorse Finance, Inc.’s SEC filings, each linked to the filing it came from.

Income

WhiteHorse Finance, Inc. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-31
RevenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Cost of revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Gross profitUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Operating incomeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Net income$14.34M$10.85M$20.41M$15.68M$30.09M$31.68M
Research & developmentUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Weighted-average diluted sharesshares 23.17Mshares 23.24Mshares 23.24Mshares 23.23Mshares 21.15Mshares 20.55M
Pretax incomeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Income tax expense$0$0$0$0UnavailableUnavailable
Diluted EPS$0.62$0.47$0.88$0.68$1.42$1.55
Selling, general & administrativeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
General & administrative$4.69M$4.44M$3.62M$3.96M$3.57M$2.91M
Selling & marketingUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Balance

WhiteHorse Finance, Inc. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-31
Cash & equivalents$7.03M$12.42M$10.75M$9.51M$12.18M$8.06M
Total assets$615.13M$676.82M$730.75M$796.47M$851.02MUnavailable
Current assetsUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Total liabilities$355.34M$390.69M$413.98M$464.09M$501.27MUnavailable
Current liabilitiesUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Total equity incl. NCI$259.79M$286.13M$316.77M$332.39M$349.75M$312.90M
Temporary (mezzanine) equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
InventoryUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Accounts receivableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
GoodwillUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Long-term debt$323.83M$353.12M$386.45M$440.43M$475.96MUnavailable
Accounts payableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Cash flow

WhiteHorse Finance, Inc. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-31
Operating cash flow$77.27M$78.76M$90.37M$71.99M-$90.19M-$64.60M
Capital expendituresUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Investing cash flowUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Financing cash flow-$75.42M-$75.40M-$92.12M-$68.49M$97.01M$52.98M
Net change in cash$1.89M$3.35M-$1.78M$3.80M$6.52M-$11.60M
Stock-based compensationUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Common dividends paidUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Common share repurchases$7.42MUnavailableUnavailableUnavailableUnavailableUnavailable
Depreciation & amortizationUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Derived

WhiteHorse Finance, Inc. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-312023-12-312022-12-312021-12-312020-12-31
Free cash flowUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Gross marginUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Operating marginUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
FCF marginUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
SBC / revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Current ratioUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Revenue YoY growthUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Net marginUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
R&D / revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
CapEx / revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Long-term debt / equity1.25xUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rateUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open WHF in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-08-10View SEC filing
10-Q · Filed 2026-05-07View SEC filing
10-K · Filed 2026-03-06View SEC filing
10-Q · Filed 2025-11-10View SEC filing
10-Q · Filed 2025-08-07View SEC filing
10-K/A · Filed 2025-06-10View SEC filing

Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.