WHF

MKT CAP:$168M

WhiteHorse Finance, Inc.

Market Cap

$168M

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

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$7.51+$0.52 (+7.44%)

Apr 22, 2026

Company Details

WhiteHorse Finance, Inc. is business development company, non-diversified, closed end management company specializing in originating senior secured loans, lower middle market, growth capital industries. It prefers to invest in United States...

CEO

Stuart Daniel Aronson

IPO Date

Dec 6, 2012

Website

www.whitehorsefinance.com

Key Metrics TTM

Revenue

$41M

-29.0% YoY

Net Income

$751.0K

EPS (Diluted)

$0.15

Free Cash Flow

$92M

Revenue / Share

$1.77

Gross Margin

41.5%

Operating Margin

17.5%

Net Margin

1.8%

FCF Margin

223.4%

P/S

4.1x

P/E

224.1x

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 10, 2025

$16M+936.7%EPS -$0.02

Q1 2025

May 12, 2025

$12M-21.1%EPS $0.30

FY 2024

Mar 7, 2025

$17M-69.3%EPS $0.47

Q4 2024

Mar 7, 2025

$12M-1.6%EPS $0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$13M	$10M	$9M
Q4 21	$10M	$4M	$3M
Q1 22	$12M	$7M	$6M
Q2 22	$14M	$9M	$8M
Q3 22	$11M	$5M	$4M
Q4 22	$7M	$427.0K	-$788.0K
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
Q3 25	$16M	$11M	$5M

Valuation

Quarter	P/S	P/E
Q3 21	3.1x	4.8x
Q4 21	3.2x	5.6x
Q1 22	3.3x	6.1x
Q2 22	3.5x	6.9x
Q3 22	3.7x	8.4x
Q4 22	3.9x	10.7x
Q1 23	3.5x	9.6x
Q2 23	3.6x	12.0x
Q3 23	3.3x	10.7x
Q4 23	3.0x	8.2x
Q1 24	3.1x	8.9x
Q2 24	2.9x	7.4x
Q3 24	3.7x	16.2x
Q4 24	3.7x	15.5x
Q1 25	4.0x	18.4x
Q3 25	4.1x	224.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$4M	$0
Q4 21	$22M	$0
Q1 22	-$2M	-$2M
Q2 22	$15M	$15M
Q3 22	$4M	$4M
Q4 22	$13M	$13M
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
Q3 25	$7M	$7M

Capital Expenditures

Quarter	CapEx
Q3 21	$4M
Q4 21	$22M
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
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
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-46.9%	+38.6%
Q4 21	-24.8%	+45.2%
Q1 22	-10.1%	+22.9%
Q2 22	-12.9%	+27.7%
Q3 22	-20.2%	+36.2%
Q4 22	-26.8%	+24.1%
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%
Q3 25	-4.3%	+25.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
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%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 21	$1M
Q4 21	$1M
Q1 22	$1M
Q2 22	$1M
Q3 22	$1M
Q4 22	$1M
Q1 23	$1M
Q2 23	$1M
Q3 23	$945.0K
Q4 23	$996.0K
Q1 24	$1M
Q2 24	$1M
Q3 24	$1M
Q4 24	$1M
Q1 25	$1M
Q3 25	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2M	$0	$2M
Q2 22	$9M	$0	$9M
Q3 22	$10M	$0	$10M
Q4 22	$10M	$0	$10M
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	21M	+1.1%	+1.5%
Q4 21	21M	0.0%	+1.5%
Q1 22	23M	+11.2%	+12.8%
Q2 22	23M	+0.2%	+12.7%
Q3 22	23M	+0.0%	+11.5%
Q4 22	23M	0.0%	+11.5%
Q1 23	23M	0.0%	+0.2%
Q2 23	23M	0.0%	+0.0%
Q3 23	23M	0.0%	0.0%
Q4 23	23M	0.0%	0.0%
Q1 24	23M	0.0%	0.0%
Q2 24	23M	0.0%	0.0%
Q3 24	23M	0.0%	0.0%
Q4 24	23M	0.0%	0.0%
Q1 25	23M	0.0%	0.0%
Q3 25	23M	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$7M	2
Q4 21	$5M	2
Q1 22	$6M	2
Q2 22	$7M	2
Q3 22	$5M	2
Q4 22	$4M	2
Q1 23	$8M	2
Q2 23	$6M	2
Q3 23	$7M	2
Q4 23	$6M	2
Q1 24	$7M	2
Q2 24	$8M	2
Q3 24	$768.0K	2
Q4 24	$6M	2
Q1 25	$6M	2
Q3 25	$8M	2

Revenue / Employee