WhiteHorse Finance (WHF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of WhiteHorse Finance stock $8.68, price $8.39, upside +3.5%, quality 66 out of 100. Rating: fairly valued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $5.57 – $8.98 · fair‑value band $6.51 – $10.85 · the $8.39 price screens below the $8.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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WhiteHorse Finance, Inc. is business development company, non-diversified, closed end management company specializing in originating senior secured loans, lower middle market, growth capital industries.
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It invests in broadline retail, office services and supplies, building products, health care services, health care supplies, research and consulting services, application software, home furnishings, specialized consumer services, data processing and outsourced services, leisure facilities, cable, and satellite.
It prefers to invest in United States. It typically invests between $5 million to $25 million in companies having enterprise value of between $50 million and $350 million.
Stock analysis
WhiteHorse Finance (WHF) currently trades at $8.39, while our model-based Fair Value estimate is $8.68, so the stock looks roughly fairly valued today (gap 3.3%).
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $22.22 per share, and 6 of the 9 models we run sit above the $8.39 price.
Bear case: the Growth DCF group reads lowest at $4.56, and 3 of the 9 models stay below the price. Data coverage for this calculation is high.
Scenario range: $6.51 (bear) to $10.85 (bull), the price of $8.39 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
WhiteHorse Finance reported revenue of $37.9M in FY2025 versus $35.4M in FY2021, a compound +1.7%/yr. Reported net income was $14.3M in FY2025, compounding −16.9%/yr from FY2021.
Key figures
Market cap $181M Micro · P/E ratio 10.8 · P/S ratio 2.77 · EPS (TTM) $0.7800 · Dividend yield 13.5% · Net margin 26.9% · Return on equity 6.7% · Return on assets (EBIT) 3.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 3%, WHF screens cheaper than that median.
Fair Value models
Bear$6.51Fair Value $8.68Bull$10.85
Price $8.39 · Upside +3.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors bought shares worth $773,954, most recently on Jun 18, 2026. Buying cluster
BuyJohn BolducDirector8× since Nov 13, 2025: 158,672 shares, avg. $6.92$1.1MJun 18, 2026
BuyStuart D AronsonChief Executive Officer, Director5× since Nov 12, 2025: 91,000 shares, avg. $6.71$610,790Jun 15, 2026
BuyJohn Paul VolpeDirector3× since Nov 12, 2025: 3,000 shares, avg. $6.96$20,870May 29, 2026
BuyJoyson ThomasChief Financial Officer2× since Dec 24, 2025: 7,502 shares, avg. $6.85$51,419May 21, 2026
SaleJohn Paul VolpeDirector1,000 shares at $6.82$6,820Dec 23, 2025
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+121.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Start year 2020 (pandemic)
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−2.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−16.2%
Dividend (yield on the price)13.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−16.2% vs −8.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.90% → 101%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+26.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +24.0% a year for the price and +10.1% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 587 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside+3.5% · Below median
Profitability
Return on equity (12 months)6.7% · Below median
Return on assets2.3% · Below median
Net margin (12 months)26.9% · Below median
Operating margin (12 months)66.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)−23.7% · Bottom 25%
Dividend yield (12 months)13.5% · Top 25%
Balance sheet
Debt / equity1.70× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)10.8× · Cheaper than median
P/B0.70× · Cheaper than median
P/S (12 months)2.77× · Cheaper than median
Price / free cash flow (fiscal year)9.4× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "WhiteHorse Finance Fair Value". https://www.fairvalue-calculator.com/stock/WHF
Frequently asked questions
Is WhiteHorse Finance (WHF) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $8.68 versus a price of $8.39, about +3% upside (fairly valued).
What is the fair value of WHF?
Our model-based fair value for WhiteHorse Finance is $8.68 (as of Nov 8, 2026), built from audited fundamentals. The current price: $8.39.
What is the quality score of WHF?
WhiteHorse Finance has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for WhiteHorse Finance (WHF)?
Our model-based price target is the fair value of $8.68 (as of Nov 8, 2026) from 10 valuation models. Cautious scenario $6.51, optimistic scenario $10.85. It is a calculation from audited fundamentals, not an analyst target.
What is the WhiteHorse Finance stock forecast for 2026?
Our models put fair value at $8.68, about +3% upside versus a price of $8.39 (fairly valued). Cautious scenario $6.51, optimistic scenario $10.85. The calculation is refreshed regularly with new filings.
What is the revenue of WhiteHorse Finance (WHF)?
WhiteHorse Finance reported trailing-twelve-month revenue of about $65.3M (latest available figure, as of Nov 8, 2026).
Does WhiteHorse Finance pay a dividend?
WhiteHorse Finance currently shows a dividend yield of 13.53% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of WhiteHorse Finance (WHF) and when is the ex-dividend date?
WhiteHorse Finance pays a dividend of $1.14 per share a year, a dividend yield of 13.5%. The last ex-dividend date was Oct 30, 2026. A dividend has been paid every year since at least 2012. The payout ratio is 146% of earnings. Free cash flow covers the dividend 0.79 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into WhiteHorse Finance (WHF)?
For today's price to be fair in a discounted-cash-flow model, WhiteHorse Finance would have to grow free cash flow by +26.9 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of WHF use?
Our models discount WhiteHorse Finance at 11.2 %: a base by market capitalisation (micro), damped by beta 0.43, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For WhiteHorse Finance that is +26.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has WhiteHorse Finance (WHF) delivered so far?
Over the past 5 years revenue at WhiteHorse Finance grew +1.0 % a year. The price currently implies free-cash-flow growth of +26.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of WhiteHorse Finance (WHF) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into WhiteHorse Finance (+26.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of WhiteHorse Finance (WHF)?
The free-cash-flow yield on the price is 10.66 %: that much free cash flow WhiteHorse Finance produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of WhiteHorse Finance (WHF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For WhiteHorse Finance it is $8.68 per share (as of Nov 8, 2026), against a price of $8.39. It is the blended result of 10 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is WhiteHorse Finance stock overvalued or undervalued in 2026?
As of Nov 8, 2026, WHF trades below its calculated fair value: price $8.39, fair value $8.68, a gap of about +3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WHF?
No. The price is what the market pays today ($8.39); the fair value is what the company's own numbers justify ($8.68). For WhiteHorse Finance the two are $0.2900 per share apart. That gap is exactly why we show both numbers side by side.
How much is WhiteHorse Finance worth?
The market values WhiteHorse Finance at about $181M (market capitalisation, as of Nov 8, 2026). Per share that is $8.39; our models calculate a fair value of $8.68 per share.
What do the bullish and bearish scenarios say about WHF?
Our models span a range for WhiteHorse Finance: cautious scenario $6.51, base $8.68, optimistic $10.85 per share (as of Nov 8, 2026, price $8.39). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WHF?
WhiteHorse Finance trades at a price-to-earnings ratio of 10.8 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $8.68 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 10.0. Other multiples: PEG 1.0, P/B 0.7, P/S 2.8, EV/EBITDA 15.8.
What is the PEG ratio of WHF?
The PEG ratio of WhiteHorse Finance is 1.01 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of WhiteHorse Finance (WHF)?
Balance-sheet figures for WhiteHorse Finance (as of Nov 8, 2026): return on equity 6.7%, debt of 1.70 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is WHF from its 52-week high?
WhiteHorse Finance trades at $8.39, about 1% below its 52-week high of $8.47 and 51% above the low of $5.57 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $8.68 is for.
Which stocks are comparable to WhiteHorse Finance?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is WhiteHorse Finance stock attractive at the current price?
The data as of Nov 8, 2026: price $8.39, calculated fair value $8.68 (+3%), Quality Score 66/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WHF calculated?
We run WhiteHorse Finance through 10 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $8.68 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. WhiteHorse Finance currently trades 3% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of WhiteHorse Finance (WHF)?
The closing price on Nov 6, 2026 was $8.39. Our model-based fair value is $8.68, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with WhiteHorse Finance right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of WhiteHorse Finance
How large is the market capitalisation of WhiteHorse Finance (WHF)?
The market capitalisation of WhiteHorse Finance is $181M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of WhiteHorse Finance (WHF)?
The price-to-sales ratio of WhiteHorse Finance is 2.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of WhiteHorse Finance (WHF)?
Earnings per share at WhiteHorse Finance are $0.7800 (price ÷ EPS = P/E 10.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of WhiteHorse Finance (WHF)?
The dividend yield of WhiteHorse Finance is 13.5% (payout 146%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of WhiteHorse Finance (WHF)?
The net margin of WhiteHorse Finance is 26.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of WhiteHorse Finance (WHF)?
The return on equity (ROE) of WhiteHorse Finance is 6.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of WhiteHorse Finance (WHF)?
On an EBIT basis the return on assets of WhiteHorse Finance is 3.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of WhiteHorse Finance (WHF)?
The operating margin of WhiteHorse Finance is 66.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at WhiteHorse Finance (WHF)?
Revenue at WhiteHorse Finance is growing −23.7% versus a year earlier (3y avg −4.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at WhiteHorse Finance (WHF)?
Earnings per share at WhiteHorse Finance are growing +399% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does WhiteHorse Finance (WHF) carry?
The net debt of WhiteHorse Finance is $295M (fiscal year 2025, ≈ 15.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 8, 2026