WhiteHorse Finance, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data WhiteHorse Finance, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
General and administrative	2.91	3.57	3.96	3.62	4.44	4.69
Interest expense	13.1	16.6	21.9	29.9	27.9	23.1
Income tax			0	0	0	0
Net income	31.7	30.1	15.7	20.4	10.9	14.3
EPS, basic	1.55	1.42	0.68	0.88	0.47	0.62
EPS, diluted	1.55	1.42	0.68	0.88	0.47	0.62
Shares, basic (weighted)	20.5	21.2	23.2	23.2	23.2	23.2
Shares, diluted (weighted)	20.5	21.2	23.2	23.2	23.2	23.2
Dividend per share	1.55	1.56	1.47	1.55	1.79	1.44

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.06	12.2	9.51	10.7	12.4	7.03
Total assets		851	796	731	677	615
Total liabilities		501	464	414	391	355
Total debt		476	440	386	353	324
Paid-in capital		339	339	338	337	329
Retained earnings		10.6	-6.88	-21.5	-51.1	-69.4
Shareholders' equity		350	332	317	286	260
Total equity	313	350	332	317	286	260
Total liabilities and equity		851	796	731	677	615
Shares outstanding	20.5	23.2	23.2	23.2	23.2	22.2

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	31.7	30.1	15.7	20.4	10.9	14.3
Change in payables	-0.05	0.73	-0.11	-0.24	0.05	-0.26
Cash from operations	-64.6	-90.2	72	90.4	78.8	77.3
Debt issued	236	358	141	132	119	39.7
Debt repaid	-210	-366	-175	-222	-153	-242
Stock issued		37.5	0.13
Share buybacks						-7.42
Cash from financing	53	97	-68.5	-92.1	-75.4	-75.4
Exchange rate effect	0.01	-0.3	0.29	-0.02	-0.01	0.03
Net change in cash	-11.6	6.52	3.8	-1.78	3.35	1.89
Interest paid	11.9	14.2	19.7	29	26.5	22.3
Income taxes paid	0.83	0.91	1.18	1.1	1.41	1.46

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	6.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	32.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-14.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	31.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-16.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	-19.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-0.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-1.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-9.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.28x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.7%	Total debt / total assets.
Liabilities / assets	58.1%	Total liabilities / total assets.
Net debt	$316.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$252.8M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.81	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$3.61	Cash from operations / diluted weighted shares.
Book value per share	$11.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.77	Tangible book value / shares outstanding.
Cash per share	$0.39	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$582.9M	Share price x shares outstanding.
Enterprise value	$898.9M	Market cap + total debt - cash - short-term investments.
P/E	33.2x	Market cap / net income. Only when net income is positive.
P/B	2.31x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.31x	Market cap / tangible book value, when positive.
P/OCF	7.49x	Market cap / cash from operations, when positive.
Earnings yield	3.0%	Net income / market cap (the inverse of P/E).

Was WhiteHorse Finance, Inc. profitable in fiscal 2025?

Yes. Net income was $14.3M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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