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WhiteHorse Finance

WHF
55
Asset Management · Financial Services
Exchange
NASDAQ
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.

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. 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.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-110.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

24.4%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~5 years

$49M cash & investments

$49M cash & investments at current burn rate

Revenue declining

WhiteHorse Finance's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
64.9%
Premium pricing power — 64.9% gross margin
Operating Margin
38.9%
Excellent — 38.9% operating margin
ROCE
0.8%
Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+2.2%
Nearly flat sales (2.2% YoY)
EPS YoY
-21.2%
Earnings shrinking (-21.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
871%
Turns 871% of profit into real cash
FCF Margin
191.0%
Converts sales into free cash efficiently (191.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
1.30
Elevated debt (1.30)
Interest Cover
0.68x
Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)
16.0x
no trend
Fair value — P/E 16.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+9.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (16.0 → 6.5)

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Dividends

Dividend Yield
17.74%
no trend
Healthy income — 17.74% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
-48.4%
no trend
Dividend cut (-48.4% YoY) — warning sign

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