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WhiteHorse Finance
🇺🇸 WHF · NYSE/NASDAQ
Bank
Price at analysis: USD 7.61 Current price: USD 7.53 * updated every night
Scores
Key Metrics
Powered by EODHDP/E (TTM)
9.6
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.
Calculation: 7.61 ÷ 0.79 = 9.6
TTM period through: 2026-06-30
Forward P/E (estimated): 7.1
Based on analyst estimates
Reference: Provider P/E (Trailing): 9.5
Net Debt/EBITDA (TTM)
10.3x
Latest quarter: 19.1x
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.
TTM through: 2026-06-30
Latest quarter (2026-06-30): 19.1x
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: 14.29%
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): 14.29%
Payout Ratio (Fwd)
126.7%
TTM: 255.3%
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)
Payout (Fwd): 126.7%
Payout (TTM): 255.3%
Div. Growth (5Y)
-1.9%
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Quarterly | — | 21 Sep 2027 | — | USD | 0.25 |
| Forecast* | Quarterly | — | 21 May 2027 | — | USD | 0.25 |
| Forecast* | Quarterly | — | 12 Mar 2027 | — | USD | 0.26 |
| Forecast* | Quarterly | — | 22 Dec 2026 | — | USD | 0.25 |
| Paid | 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 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
Summary
WhiteHorse Finance is a BDC facing severe and persistent fundamental deterioration, making its optically massive 13.14% forward yield a classic value trap. Despite trading at a steep 35% discount to NAV, the combination of structurally declining earnings, recurring portfolio markdowns, and a recently cut dividend eliminates it from consideration for a DGI portfolio. Not recommended for new positions.
Sector Context
WhiteHorse Finance operates as a Business Development Company (BDC) in the specialty finance sector, providing debt financing to lower-middle-market companies. BDCs are structurally required to distribute 90% of taxable income to maintain pass-through tax status, making them highly sensitive to portfolio credit quality and statutory asset coverage limits.
📊 Strategy Analysis
- • Trading at a steep 35.07% discount to its Net Asset Value (NAV) of $11.72 per share.
- • Low valuation metrics, including a P/E (TTM) of 9.64x and P/FFO of 2.06x.
- • Shareholder returns are partially supported by a strong 7.92% net buyback yield.
⚠ What to Watch
- • Severe structural fundamental deterioration, evidenced by a 5-year EPS CAGR of -15.3% and a weak ROE of 6.65%.
- • Broken dividend track record following a 21.3% cut in 2025, which was forced by declining core net investment income and portfolio credit losses.
- • Highly unsustainable forward payout ratio of 126.68%, signaling severe risk of further distribution reductions given recurring quarterly net losses driven by underperforming investments.
📊 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: 2026-10-17
Disclaimer: This information is for educational purposes only. Not financial advice.