3 months Premium FREE
No credit card. No commitment.
WhiteHorse Finance
🇺🇸 WHF · NYSE/NASDAQ · US96524V1061
Bank
Scores
Key Metrics
Powered by EODHDP/E (TTM)
9.0
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Net Debt/EBITDA (TTM)
10.7x
Latest quarter: 19.5x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
Latest quarter (2026-06-30): 19.5x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
ROE
6.7%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
6.5x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Dividend Summary
Powered by EODHDDividend Yield (Fwd)
17.75%
TTM: 16.13%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Forward Yield (estimated): 17.75%
Trailing Yield (TTM, last 12 months): 16.13%
Payout Ratio (Fwd)
78.2% TTM
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Quarterly | — | 21 May 2027 | — | USD | 0.25 |
| Forecast* | Quarterly | — | 12 Mar 2027 | — | USD | 0.26 |
| Forecast* | Quarterly | — | 22 Dec 2026 | — | USD | 0.25 |
| Declared | Quarterly | 10 Aug 2026 | 21 Sep 2026 | 05 Oct 2026 | USD | 0.25 |
| Paid | Quarterly | 07 May 2026 | 21 May 2026 | 06 Jul 2026 | USD | 0.25 |
| Paid | Quarterly | 02 Mar 2026 | 12 Mar 2026 | 06 Apr 2026 | USD | 0.26 |
| Paid | Quarterly | 10 Nov 2025 | 22 Dec 2025 | 05 Jan 2026 | USD | 0.25 |
| Paid | Other | 15 Oct 2025 | 31 Oct 2025 | 10 Dec 2025 | USD | 0.035 |
| Paid | Quarterly | 06 Aug 2025 | 19 Sep 2025 | 03 Oct 2025 | USD | 0.385 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
Summary
WhiteHorse Finance's optically massive 16.13% yield is a classic value trap driven by severe fundamental deterioration and chronic portfolio credit losses. With a history of dividend cuts, a deeply negative earnings trajectory, and restrictive statutory leverage caps, the underlying business is persistently eroding. Not recommended for new positions.
Sector Context
WhiteHorse Finance operates as a Business Development Company (BDC) in the Asset Management sector. While BDCs are mandated to distribute 90% of taxable income—resulting in high yields and pass-through tax benefits—this structural limitation prevents them from retaining earnings to build capital buffers against credit losses. This makes them highly vulnerable during periods of rising non-accruals and asset markdowns.
📊 Strategy Analysis
- • Trading at a steep 39.5% discount to Net Asset Value (NAV) with an apparent deep value P/E (TTM) of 8.98x.
- • Company is currently executing share repurchases, yielding an 8.5% net buyback yield that boosts the total shareholder yield to 24.63%.
⚠ What to Watch
- • Severe long-term fundamental deterioration, evidenced by a 5-year EPS CAGR of -15.3% and a low ROE of 6.65%.
- • Chronic dividend instability with recent cuts of -8.1% (2021) and -8.8% (2025), alongside a highly unsustainable Forward Payout Ratio of 126.66%.
- • Recurring quarterly net losses (including Q1 2026, Q3 2025, and Q3 2024) driven by significant realized and unrealized portfolio markdowns and rising non-accruals.
- • Strict BDC statutory leverage ceilings (maximum 2:1 debt-to-equity) restrict the company's flexibility as portfolio asset write-downs continue to degrade asset coverage ratios.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Analysis date: 2026-08-22
Disclaimer: This information is for educational purposes only. Not financial advice.