WhiteHorse Finance

WHF

Asset Management · Financial Services

Price

$7.16

+0.14 (+1.99%)

Market Cap

$153.8M

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Exceptional

Stability

Weak

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+9.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 21.2M (2021) → 23.2M (2025)

Winston Score History

The full picture

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. It typically invests between $5 million to $25 million in companies having enterprise value of between $50 million and $350 million.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+43.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+395.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

24.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$28M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

WhiteHorse Finance grew revenue 43% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

0.0%

Thin — 0.0% operating margin

Return on the money invested

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+33.6%

Fast-growing sales (+33.6% YoY)

Profit growth

EPS YoY

+194.3%

Earnings growing fast (+194.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

656%

Turns 656% of profit into real cash

Spare cash per sale

FCF Margin

165.2%

Converts sales into free cash efficiently (165.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

0.61x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

9.1x

Attractive valuation — P/E 9.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+2.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

17.38%

Healthy income — 17.38% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-48.4%

Dividend cut (-48.4% YoY) — warning sign

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