Financial health
- Total debt ($324M) exceeds cash ($7M); net debt is $317M.
WHF Financials WhiteHorse Finance, Inc.
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | $14M | — | — | — | $324M | $7M |
| 2024 | — | $11M | — | — | — | $353M | $12M |
| 2023 | — | $20M | — | — | — | $386M | $11M |
| 2022 | — | $16M | — | — | — | $440M | $10M |
| 2021 | — | $30M | — | — | — | $476M | $12M |
| 2020 | — | $32M | — | — | — | — | $8M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | -$687000 | — | — | — | $324M | $12M |
| Dec '25 | — | $8M | — | — | — | $324M | $7M |
| Sep '25 | — | -$556000 | — | — | — | $324M | $10M |
| Jun '25 | — | $2M | — | — | — | $363M | $11M |
| Mar '25 | — | $4M | — | — | — | $361M | $11M |
| Dec '24 | — | $4M | — | — | — | $353M | $12M |
| Sep '24 | — | -$7M | — | — | — | $353M | $11M |
| Jun '24 | — | $8M | — | — | — | $359M | $13M |
| Mar '24 | — | $6M | — | — | — | $390M | $13M |
| Dec '23 | — | $3M | — | — | — | $386M | $11M |
| Sep '23 | — | $6M | — | — | — | $398M | $11M |
| Jun '23 | — | $4M | — | — | — | $425M | $10M |
| Mar '23 | — | $8M | — | — | — | $424M | $12M |
| Dec '22 | — | -$1M | — | — | — | $440M | $10M |
| Sep '22 | — | $4M | — | — | — | $431M | $10M |
| Jun '22 | — | $7M | — | — | — | — | $9M |
| Mar '22 | — | $6M | — | — | — | — | $2M |
| Dec '21 | — | $3M | — | — | — | $476M | $12M |
| Sep '21 | — | $8M | — | — | — | — | $10M |
Valuation over time
How the market has priced WHF against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 17.3× (Mar '23) to 9.8× (Jun '26).
P/E
Frequently asked questions
Is WHF growing its revenue and profit?
See the revenue and net-income charts above for WhiteHorse Finance, Inc.'s multi-year trend.
How much debt does WHF have?
As of FY2025, WhiteHorse Finance, Inc. reported $324M of total debt against $7M of cash.
What is WHF's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is WHF's P/E ratio?
As of Jun '26, WhiteHorse Finance, Inc. traded at a price-to-earnings ratio of about 9.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.