WHF (WhiteHorse Finance, Inc.) Stock Financials & Earnings | Market Cap Arena

WHF (WhiteHorse Finance, Inc.) Stock Financials & Earnings | Market Cap Arena

WHFWhiteHorse Finance, Inc.

Mkt Cap$176M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Revenue (TTM)$44M

Net Income (TTM)$27M

EPS (TTM)$0.73

Free Cash Flow (TTM)$22M

Gross Margin45.4%

Op. Margin58.3%

Net Margin61.4%

FCF Margin51.3%

P/S Ratio (TTM)4.0x

P/E Ratio (TTM)6.6x

YoY Rev Growth-3.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$17M	$9M	$8M
Q2 23	$13M	$5M	$4M
Q3 23	$14M	$7M	$6M
Q4 23	$12M	$5M	$4M
Q1 24	$15M	$7M	$6M
Q2 24	$17M	$9M	$8M
Q3 24	$2M	-$5M	-$7M
Q4 24	$12M	$6M	$4M
Q1 25	$12M	$5M	$4M
Q2 25	$10M	$4M	$2M
Q3 25	$16M	$11M	$5M
Q4 25	$6M	-$1M	$13M

Valuation

Quarter	P/S	P/E
Q1 23	3.7x	10.1x
Q2 23	3.8x	12.6x
Q3 23	3.5x	11.2x
Q4 23	3.2x	8.6x
Q1 24	3.3x	9.3x
Q2 24	3.0x	7.7x
Q3 24	3.9x	17.0x
Q4 24	3.9x	16.2x
Q1 25	4.2x	19.2x
Q2 25	5.0x	49.5x
Q3 25	3.5x	17.8x
Q4 25	4.0x	6.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$11M	$11M
Q2 23	-$7M	-$7M
Q3 23	$24M	$24M
Q4 23	$79M	$79M
Q1 24	$5M	$5M
Q2 24	$3M	$3M
Q3 24	$21M	$21M
Q4 24	$71M	$71M
Q1 25	-$7M	-$7M
Q2 25	$22M	$22M
Q3 25	$7M	$7M
Q4 25	$959K	$959K

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+40.2%	+49.7%
Q2 23	-8.7%	+35.4%
Q3 23	+33.1%	+27.2%
Q4 23	+74.0%	+8.8%
Q1 24	-10.7%	-3.1%
Q2 24	+32.8%	+1.6%
Q3 24	-89.2%	-4.8%
Q4 24	-1.6%	-7.7%
Q1 25	-21.1%	-14.5%
Q2 25	-39.7%	-10.9%
Q3 25	+936.7%	+31.9%
Q4 25	-50.2%	-194.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 23	$1M
Q2 23	$1M
Q3 23	$945K
Q4 23	$996K
Q1 24	$1M
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$1M
Q2 25	$1M
Q3 25	$1M
Q4 25	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$12M	$0	$12M
Q2 23	$10M	$0	$10M
Q3 23	$11M	$0	$11M
Q4 23	$24M	$0	$24M
Q1 24	$11M	$0	$11M
Q2 24	$13M	$0	$13M
Q3 24	$11M	$0	$11M
Q4 24	$12M	$0	$12M
Q1 25	$11M	$0	$11M
Q2 25	$11M	$0	$11M
Q3 25	$46M	$0	$46M
Q4 25	$29M	$0	$29M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	23M	+0.0%
Q2 23	23M	+0.0%
Q3 23	23M	+0.0%
Q4 23	23M	+0.0%
Q1 24	23M	+0.0%
Q2 24	23M	+0.0%
Q3 24	23M	+0.0%
Q4 24	23M	+0.0%
Q1 25	23M	+0.0%
Q2 25	23M	+0.0%
Q3 25	23M	+0.0%
Q4 25	23M	-0.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	—	—
FY 17	—	—
FY 18	—	—
FY 19	$24M	2
FY 20	$25M	2
FY 21	$26M	2
FY 22	$22M	2
FY 23	$28M	2
FY 24	$9M	2
FY 25	$19M	2