Latest Ratios: P/E Ratio 10.4x · EV/EBITDA 11.6x · ROE 5.3%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $139M | $161M | $225M | $286M | $303M | $328M | $280M | $281M | $261M | $261M | $223M |
| Enterprise Value | $433M | $456M | $566M | $662M | $734M | $792M | $656M | $576M | $413M | $408M | $388M |
| P/E Ratio → | 10.35 | 11.21 | 20.60 | 13.98 | 19.19 | 10.92 | 8.84 | 9.13 | 4.56 | 7.58 | 7.12 |
| P/S Ratio | 3.66 | 4.25 | 13.16 | 5.14 | 7.00 | 6.31 | 5.69 | 5.90 | 3.58 | 5.55 | 5.25 |
| P/B Ratio | 0.57 | 0.62 | 0.79 | 0.90 | 0.91 | 0.94 | 0.89 | 0.90 | 0.83 | 0.91 | 0.89 |
| P/FCF | 7.19 | 8.35 | 2.86 | 3.16 | 10.45 | 10.81 | 11.49 | — | 8.41 | 36.38 | 10.01 |
| P/OCF | 7.19 | 8.35 | 2.86 | 3.16 | 10.45 | 10.81 | 11.49 | — | 8.41 | 36.38 | 10.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.02 | 33.09 | 11.90 | 16.96 | 15.24 | 13.36 | 12.08 | 5.67 | 8.68 | 9.15 |
| EV / EBITDA | 11.56 | 12.16 | 47.25 | 30.95 | 43.94 | 25.46 | 20.24 | 18.20 | 7.09 | 15.55 | 14.37 |
| EV / EBIT | 11.33 | 12.16 | 47.25 | 30.95 | 43.94 | 25.46 | 20.24 | 18.20 | 7.09 | 15.55 | 14.37 |
| EV / FCF | — | 23.62 | 7.18 | 7.32 | 25.31 | 26.09 | 26.96 | — | 13.29 | 56.87 | 17.43 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.3% | 52.3% | 100.0% | 46.2% | 49.3% | 68.1% | 73.3% | 71.8% | 84.1% | 79.1% | 80.7% |
| Operating Margin | 100.9% | 100.9% | 70.0% | 38.4% | 38.6% | 59.9% | 66.0% | 66.3% | 79.9% | 55.8% | 63.7% |
| Net Profit Margin | 37.8% | 37.8% | 63.5% | 36.7% | 36.2% | 57.9% | 64.5% | 64.6% | 78.6% | 73.3% | 73.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.3% | 5.3% | 3.6% | 6.3% | 4.6% | 9.1% | 10.1% | 9.8% | 19.0% | 12.8% | 12.7% |
| ROA | 2.2% | 2.2% | 1.5% | 2.7% | 1.9% | 3.8% | 4.7% | 5.4% | 11.5% | 7.4% | 7.1% |
| ROIC | 4.7% | 4.7% | 1.3% | 2.2% | 1.6% | 3.1% | 3.7% | 4.3% | 9.1% | 4.4% | 4.7% |
| ROCE | 6.5% | 6.5% | 1.8% | 3.0% | 2.1% | 4.1% | 5.0% | 5.7% | 12.0% | 5.8% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.25 | 1.25 | 1.23 | 1.22 | 1.33 | 1.36 | 1.23 | 0.96 | 0.56 | 0.63 | 0.73 |
| Debt / EBITDA | 8.64 | 8.64 | 29.50 | 18.08 | 26.36 | 15.31 | 11.87 | 9.44 | 3.02 | 6.95 | 6.75 |
| Net Debt / Equity | — | 1.13 | 1.19 | 1.19 | 1.30 | 1.33 | 1.20 | 0.94 | 0.48 | 0.51 | 0.66 |
| Net Debt / EBITDA | 7.86 | 7.86 | 28.46 | 17.57 | 25.79 | 14.91 | 11.62 | 9.31 | 2.61 | 5.60 | 6.12 |
| Debt / FCF | — | 15.27 | 4.33 | 4.16 | 14.86 | 15.29 | 15.48 | — | 4.89 | 20.49 | 7.43 |
| Interest Coverage | 1.62 | 1.62 | 0.43 | 0.71 | 0.76 | 1.87 | 2.47 | 2.35 | 5.02 | 2.67 | 3.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 0.45 | 1.27 | 0.69 | 1.30 | 1.36 | 2.16 | 3.01 | 2.73 | 2.32 |
| Quick Ratio | 1.14 | 1.14 | 0.45 | 1.27 | 0.69 | 1.30 | 1.36 | 2.16 | 3.01 | 2.73 | 2.32 |
| Cash Ratio | 0.96 | 0.96 | 0.16 | 0.39 | 0.18 | 0.50 | 0.39 | 0.22 | 2.08 | 2.14 | 1.17 |
| Asset Turnover | — | 0.06 | 0.03 | 0.08 | 0.05 | 0.06 | 0.07 | 0.08 | 0.14 | 0.10 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 24.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 255.3% | 255.3% | 23.2% | 173.1% | — | — | — | 107.6% | 50.5% | 76.6% | 83.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.7% | 8.9% | 4.9% | 7.2% | 5.2% | 9.2% | 11.3% | 10.9% | 21.9% | 13.2% | 14.1% |
| FCF Yield | 13.9% | 12.0% | 35.0% | 31.6% | 9.6% | 9.3% | 8.7% | — | 11.9% | 2.7% | 10.0% |
| Buyback Yield | 5.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 30.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $23M | $23M | $23M | $23M | $21M | $21M | $21M | $21M | $19M | $18M |
Portfolio fair value volatility
According to current market data, WHF trades at a P/B ratio of 0.59, which, as reported in financial statements, sits significantly below the peer group average and suggests that investors are pricing in substantial skepticism regarding the underlying net asset value of the loan portfolio.
The forward P/E of 6.42 appears to imply a market expectation of earnings compression rather than growth, likely driven by the persistent volatility in fair value marks. This valuation gap relative to peers like Capital Southwest suggests that the market is applying a risk premium to WHF's external management structure and its historical inability to consistently grow NAV.
Based on reported figures, WHF's ROIC has struggled to maintain positive momentum, oscillating between -0.7% and 1.1% over the last ten quarters, which indicates that the firm is failing to compound capital effectively compared to the broader BDC sector's more stable return profiles.
The erratic ROIC trend suggests that the firm's investment selection is not generating sufficient spread over its cost of capital to offset periodic fair value write-downs. Investors should monitor whether the recent shift toward lower leverage will eventually stabilize these returns or if it merely signals a lack of high-quality deployment opportunities.
As indicated by recent SEC filings, WHF's debt-to-equity ratio of 1.30 as of 2026Q1 remains elevated relative to its own historical range, suggesting that despite recent efforts to manage the balance sheet, the firm remains highly sensitive to interest rate fluctuations and credit-related covenant breaches.
While a 1.30 D/E ratio is not inherently prohibitive for a BDC, the combination of this leverage level with a deteriorating retained earnings deficit warrants caution. The interest coverage ratio, which has dipped as low as -0.95, implies that debt service capacity is precarious and highly dependent on the timing of portfolio interest receipts.
Based on an analysis of BDC accounting standards, the P/E ratio is the most commonly misapplied metric for WHF, as it obscures the firm's true cash-generating capacity by including non-cash unrealized gains and losses that do not reflect the actual dividend-paying ability of the underlying loan portfolio.
Investors should prioritize Net Investment Income (NII) and NAV per share over P/E multiples to better gauge the sustainability of the dividend. Relying on P/E in this context risks misinterpreting accounting-driven earnings spikes as operational success, when in reality, the firm's cash flow remains highly sensitive to the fair value of its Level 3 assets.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying WHF stock.
WhiteHorse Finance, Inc.'s current P/E ratio is 10.4x. The historical average is 10.7x. This places it at the 54th percentile of its historical range.
WhiteHorse Finance, Inc.'s current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.9x.
WhiteHorse Finance, Inc.'s return on equity (ROE) is 5.3%. The historical average is 9.0%.
Based on historical data, WhiteHorse Finance, Inc. is trading at a P/E of 10.4x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
WhiteHorse Finance, Inc.'s current dividend yield is 24.61% with a payout ratio of 255.3%.
WhiteHorse Finance, Inc. has 52.3% gross margin and 100.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
WhiteHorse Finance, Inc.'s Debt/EBITDA ratio is 8.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.