WhiteHorse Finance, Inc. (WHF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+177.2%

$22.43

vs $8.09 price

Levered DCF

$24.85

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.21

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.21×	20.6×	13.98×	19.19×	10.92×	8.84×	9.13×	4.56×
P/B	0.62×	0.79×	0.9×	0.91×	0.94×	0.89×	0.9×	0.83×
P/S	4.25×	13.16×	5.14×	7×	6.31×	5.69×	5.9×	3.58×
EV / EBITDA	11.75×	26.26×	30.95×	43.94×	25.46×	20.24×	18.11×	7.04×
Gross margin	52.3%	100.0%	46.2%	49.3%	68.1%	73.3%	71.8%	84.1%
Operating margin	100.9%	70.0%	38.4%	38.6%	59.9%	66.0%	66.3%	79.9%
Net margin	37.8%	63.5%	36.7%	36.2%	57.9%	64.5%	64.6%	78.6%
Current ratio	1.14×	0.45×	1.27×	0.69×	1.3×	1.36×	2.16×	3.01×
Debt / equity	1.25×	1.23×	1.22×	1.33×	1.36×	1.23×	0.96×	0.56×
Interest coverage	1.65×	0.43×	0.71×	0.76×	1.87×	2.47×	2.35×	5.02×
Dividend yield	22.7%	18.4%	12.4%	10.9%	9.1%	11.4%	11.8%	11.1%
Payout ratio	255.3%	382.4%	173.1%	211.3%	99.0%	100.2%	107.6%	50.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.5%	3.8%	6.4%	4.7%	8.6%	10.1%	9.9%	18.2%
Return on invested capital	6.5%	1.9%	2.9%	2.0%	3.6%	4.5%	5.0%	11.4%
Return on assets	2.3%	1.6%	2.8%	2.0%	3.5%	4.4%	4.9%	11.1%
Free cash flow yield	12.0%	35.0%	31.6%	9.6%	9.3%	8.7%	-33.7%	11.9%
Earnings yield	8.9%	4.8%	7.1%	5.2%	9.2%	11.3%	11.0%	21.9%
Enterprise value	$455.6M	$565.7M	$661.6M	$734.1M	$791.6M	$656.4M	$576.1M	$413.1M
Net debt / EBITDA	7.6×	15.82×	17.57×	25.79×	14.91×	11.62×	9.26×	2.59×
Cash conversion cycle (days)	-124	123	30	30	-1	22	-4	-315