Whitehorse Financials

WHF

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

5/9

Whitehorse passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

7.26x

For every $1 of reported earnings, Whitehorse generates $7.26 in operating cash flow ($78.8M OCF vs $10.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Whitehorse (WHF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$10.9M

YoY-46.8%

Whitehorse reported $10.9M in net income in fiscal year 2024. This represents a decrease of 46.8% from the prior year.

EPS (Diluted)

$0.47

YoY-46.6%

Whitehorse earned $0.47 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 46.6% from the prior year.

Cash & Debt

$12.4M

YoY+15.6%

Whitehorse held $12.4M in cash against $353.1M in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.79

YoY+15.5%

Whitehorse paid $1.79 per share in dividends in fiscal year 2024. This represents an increase of 15.5% from the prior year.

Shares Outstanding

23M

YoY+0.0%

Whitehorse had 23M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

3.8%

YoY-2.6pp

Whitehorse's ROE was 3.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

WHF Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.4M+22.6%	$3.6M-8.6%	$4.0M+10.9%	$3.6M+22.8%	$2.9M
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$27.9M-6.7%	$29.9M+36.3%	$21.9M+32.2%	$16.6M+26.4%	$13.1M
Income Tax	$0	$0	$0	N/A	N/A
Net Income	$10.9M-46.8%	$20.4M+30.2%	$15.7M-47.9%	$30.1M-5.0%	$31.7M
EPS (Diluted)	$0.47-46.6%	$0.88+29.4%	$0.68-52.1%	$1.42-8.4%	$1.55

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.2M-11.1%	$1.3M+35.9%	$953K-4.8%	$1.0M-18.0%	$1.2M+16.6%	$1.0M	N/A	$774K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$5.8M-5.8%	$6.1M-0.7%	$6.2M-10.7%	$6.9M-3.0%	$7.1M-2.5%	$7.3M	N/A	$7.6M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$556K-124.7%	$2.3M-47.2%	$4.3M+162.2%	-$6.9M-187.5%	$7.8M+31.3%	$6.0M	N/A	$5.6M
EPS (Diluted)	$-0.02-120.0%	$0.10-44.4%	$0.18+160.0%	$-0.30-188.2%	$0.34+30.8%	$0.26	N/A	$0.24

WHF Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$676.8M-7.4%	$730.8M-8.3%	$796.5M-6.4%	$851.0M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$12.4M+15.6%	$10.7M+13.1%	$9.5M-22.0%	$12.2M+51.1%	$8.1M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$390.7M-5.6%	$414.0M-10.8%	$464.1M-7.4%	$501.3M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$353.1M-8.6%	$386.4M-12.3%	$440.4M-7.5%	$476.0M	N/A
Total Equity	$286.1M-9.7%	$316.8M-4.7%	$332.4M-5.0%	$349.8M+11.8%	$312.9M
Retained Earnings	-$51.1M-137.4%	-$21.5M-213.1%	-$6.9M-165.1%	$10.6M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$626.0M-6.7%	$670.9M-1.2%	$678.8M+0.3%	$676.8M-3.7%	$703.2M-4.3%	$735.0M+0.6%	$730.8M-2.1%	$746.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$9.5M-9.4%	$10.5M-8.0%	$11.4M-7.9%	$12.4M-3.3%	$12.9M0.0%	$12.9M+19.6%	$10.7M+1.1%	$10.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$360.8M-8.9%	$396.2M-0.3%	$397.3M+1.7%	$390.7M0.0%	$390.5M-7.3%	$421.3M+1.8%	$414.0M-2.4%	$424.3M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$323.5M-10.9%	$363.2M+0.6%	$361.1M+2.3%	$353.1M-1.6%	$358.9M-8.1%	$390.3M+1.0%	$386.4M-2.9%	$398.1M
Total Equity	$265.2M-3.5%	$274.8M-2.4%	$281.4M-1.6%	$286.1M-8.5%	$312.7M-0.4%	$313.8M-0.9%	$316.8M-1.7%	$322.3M
Retained Earnings	-$72.0M-15.2%	-$62.5M-12.0%	-$55.8M-9.2%	-$51.1M-99.5%	-$25.6M-4.5%	-$24.5M-13.8%	-$21.5M-26.9%	-$17.0M

WHF Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$78.8M-12.8%	$90.4M+25.5%	$72.0M+179.8%	-$90.2M-39.6%	-$64.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$75.4M+18.2%	-$92.1M-34.5%	-$68.5M-170.6%	$97.0M+83.1%	$53.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$61.6M+184.0%	$21.7M+409.8%	-$7.0M-133.2%	$21.1M-49.2%	$41.5M+2494.7%	$1.6M-89.9%	$15.8M-62.6%	$42.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$48.9M-508.5%	-$8.0M-549.2%	-$1.2M+91.1%	-$13.9M+65.9%	-$40.7M-686.9%	-$5.2M+75.5%	-$21.1M+40.5%	-$35.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WHF Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	3.8%-2.6pp	6.4%+1.7pp	4.7%-3.9pp	8.6%-1.5pp	10.1%
Return on Assets	1.6%-1.2pp	2.8%+0.8pp	2.0%-1.6pp	3.5%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.23+0.0	1.22-0.1	1.32-0.0	1.36	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	0.8%-0.7pp	1.5%	N/A	2.5%+0.6pp	1.9%	N/A	1.7%
Return on Assets	-0.1%-0.4pp	0.3%-0.3pp	0.6%+1.6pp	-1.0%-2.1pp	1.1%+0.3pp	0.8%	N/A	0.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.22-0.1	1.32+0.0	1.28+0.0	1.23+0.1	1.15-0.1	1.24+0.0	1.22-0.0	1.24
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Whitehorse profitable?

Yes, Whitehorse (WHF) reported a net income of $10.9M in fiscal year 2024.

What is Whitehorse's earnings per share (EPS)?

Whitehorse (WHF) reported diluted earnings per share of $0.47 for fiscal year 2024. This represents a -46.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Whitehorse have?

As of fiscal year 2024, Whitehorse (WHF) had $12.4M in cash and equivalents against $353.1M in long-term debt.

Does Whitehorse pay dividends?

Yes, Whitehorse (WHF) paid $1.79 per share in dividends during fiscal year 2024.

What is Whitehorse's return on equity (ROE)?

Whitehorse (WHF) has a return on equity of 3.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Whitehorse's operating cash flow?

Whitehorse (WHF) generated $78.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Whitehorse's total assets?

Whitehorse (WHF) had $676.8M in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Whitehorse have outstanding?

Whitehorse (WHF) had 23M shares outstanding as of fiscal year 2024.

What is Whitehorse's debt-to-equity ratio?

Whitehorse (WHF) had a debt-to-equity ratio of 1.23 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Whitehorse's return on assets (ROA)?

Whitehorse (WHF) had a return on assets of 1.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Whitehorse's Piotroski F-Score?

Whitehorse (WHF) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Whitehorse's earnings high quality?

Whitehorse (WHF) has an earnings quality ratio of 7.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.