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

Whitehorse (WHF) reported diluted earnings per share of $0.62 for fiscal year 2025. This represents a 31.9% 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.

Whitehorse Financials

WHF

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Whitehorse (WHF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

Rhea AI WHF FY2025 2026-05-07

An income-distributing investment balance sheet is being run with steady leverage rather than retained-capital growth.

Across FY2023-FY2025, operating cash flow stayed near $80M while net income stayed below $21M, and most of that cash was offset by financing outflows. That combination explains why liquidity remained thin at just $7.0M of cash in FY2025: the business is structured to move realized cash through the balance sheet, not to accumulate it.

The balance sheet shrank to $615.1M of assets from $730.8M in FY2023, but debt-to-equity stayed around 1.2x, so borrowings came down without a major change in leverage posture. Lower funding cost helped that smaller asset base lift ROE to 5.5% from 3.8% in FY2024.

In FY2025, dividends per share of $1.44 were more than double EPS of $0.62, continuing a multi-year pattern of payouts outrunning accounting profit. That helps explain why retained earnings fell to -$69.4M from $10.6M in FY2021 even though each year remained profitable.

Financial Health Signals

Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Whitehorse's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Whitehorse carries a low D/E ratio of 1.25, meaning only $1.25 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Returns

Whitehorse generates a 5.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is up from 3.8% the prior year.

Piotroski F-Score Neutral

5/9

Whitehorse passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

5.39x

For every $1 of reported earnings, Whitehorse generates $5.39 in operating cash flow ($77.3M OCF vs $14.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$14.3M

YoY+32.1%

5Y CAGR-14.7%

Whitehorse reported $14.3M in net income in fiscal year 2025. This represents an increase of 32.1% from the prior year.

EPS (Diluted)

$0.62

YoY+31.9%

5Y CAGR-16.7%

Whitehorse earned $0.62 per diluted share (EPS) in fiscal year 2025. This represents an increase of 31.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$7.0M

YoY-43.4%

5Y CAGR-2.7%

Whitehorse held $7.0M in cash against $323.8M in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.44

YoY-19.6%

5Y CAGR-1.5%

Whitehorse paid $1.44 per share in dividends in fiscal year 2025. This represents a decrease of 19.6% from the prior year.

Shares Outstanding

22M

YoY-4.3%

5Y CAGR+1.6%

Whitehorse had 22M shares outstanding in fiscal year 2025. This represents a decrease of 4.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

5.5%

YoY+1.7pp

5Y CAGR-4.6pp

Whitehorse's ROE was 5.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$7.4M

Whitehorse spent $7.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

WHF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	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
Gross Profit	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
SG&A Expenses	$4.7M+5.6%	$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	N/A
Interest Expense	$23.1M-17.1%	$27.9M-6.7%	$29.9M+36.3%	$21.9M+32.2%	$16.6M+26.4%	$13.1M
Income Tax	$0	$0	$0	$0	N/A	N/A
Net Income	$14.3M+32.1%	$10.9M-46.8%	$20.4M+30.2%	$15.7M-47.9%	$30.1M-5.0%	$31.7M
EPS (Diluted)	$0.62+31.9%	$0.47-46.6%	$0.88+29.4%	$0.68-52.1%	$1.42-8.4%	$1.55

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	N/A	$1.2M-11.1%	$1.3M+35.9%	$953K	N/A	$1.0M-18.0%	$1.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$5.0M	N/A	$5.8M-5.8%	$6.1M-0.7%	$6.2M	N/A	$6.9M-3.0%	$7.1M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$687K	N/A	-$556K-124.7%	$2.3M-47.2%	$4.3M	N/A	-$6.9M-187.5%	$7.8M
EPS (Diluted)	$-0.03	N/A	$-0.02-120.0%	$0.10-44.4%	$0.18	N/A	$-0.30-188.2%	$0.34

WHF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$615.1M-9.1%	$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	N/A
Cash & Equivalents	$7.0M-43.4%	$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	N/A
Accounts Receivable	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
Total Liabilities	$355.3M-9.0%	$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	N/A
Long-Term Debt	$323.8M-8.3%	$353.1M-8.6%	$386.4M-12.3%	$440.4M-7.5%	$476.0M	N/A
Total Equity	$259.8M-9.2%	$286.1M-9.7%	$316.8M-4.7%	$332.4M-5.0%	$349.8M+11.8%	$312.9M
Retained Earnings	-$69.4M-35.7%	-$51.1M-137.4%	-$21.5M-213.1%	-$6.9M-165.1%	$10.6M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$606.0M-1.5%	$615.1M-1.7%	$626.0M-6.7%	$670.9M-1.2%	$678.8M+0.3%	$676.8M-1.0%	$683.6M-2.8%	$703.2M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$11.8M+67.6%	$7.0M-26.3%	$9.5M-9.4%	$10.5M-8.0%	$11.4M-7.9%	$12.4M+11.3%	$11.2M-13.1%	$12.9M
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	$355.7M+0.1%	$355.3M-1.5%	$360.8M-8.9%	$396.2M-0.3%	$397.3M+1.7%	$390.7M+1.0%	$386.7M-1.0%	$390.5M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$324.1M+0.1%	$323.8M+0.1%	$323.5M-10.9%	$363.2M+0.6%	$361.1M+2.3%	$353.1M+0.1%	$352.8M-1.7%	$358.9M
Total Equity	$250.3M-3.6%	$259.8M-2.1%	$265.2M-3.5%	$274.8M-2.4%	$281.4M-1.6%	$286.1M-3.6%	$296.9M-5.1%	$312.7M
Retained Earnings	-$75.8M-9.3%	-$69.4M+3.7%	-$72.0M-15.2%	-$62.5M-12.0%	-$55.8M-9.2%	-$51.1M-23.3%	-$41.4M-61.7%	-$25.6M

WHF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$77.3M-1.9%	$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	N/A
Free Cash Flow	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
Financing Cash Flow	-$75.4M0.0%	-$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	N/A
Share Buybacks	$7.4M	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$28.2M+2845.6%	$959K-98.4%	$61.6M+184.0%	$21.7M+409.8%	-$7.0M-133.2%	$21.1M+44.6%	$14.6M-64.9%	$41.5M
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	-$8.6M+49.9%	-$17.2M+64.9%	-$48.9M-508.5%	-$8.0M-549.2%	-$1.2M+91.1%	-$13.9M+11.4%	-$15.7M+61.5%	-$40.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$3.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WHF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	5.5%+1.7pp	3.8%-2.6pp	6.4%+1.7pp	4.7%-3.9pp	8.6%-1.5pp	10.1%
Return on Assets	2.3%+0.7pp	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	N/A
Debt-to-Equity	1.25+0.0	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	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-0.3%	N/A	-0.2%-1.0pp	0.8%-0.7pp	1.5%	N/A	-2.3%-4.8pp	2.5%
Return on Assets	-0.1%	N/A	-0.1%-0.4pp	0.3%-0.3pp	0.6%	N/A	-1.0%-2.1pp	1.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.29+0.0	1.25+0.0	1.22-0.1	1.32+0.0	1.28+0.0	1.23+0.0	1.19+0.0	1.15
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 $14.3M in fiscal year 2025.

How much debt does Whitehorse have?

As of fiscal year 2025, Whitehorse (WHF) had $7.0M in cash and equivalents against $323.8M in long-term debt.

Does Whitehorse pay dividends?

Yes, Whitehorse (WHF) paid $1.44 per share in dividends during fiscal year 2025.

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

Whitehorse (WHF) has a return on equity of 5.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Whitehorse's operating cash flow?

Whitehorse (WHF) generated $77.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Whitehorse's total assets?

Whitehorse (WHF) had $615.1M in total assets as of fiscal year 2025, including both current and long-term assets.

Does Whitehorse buy back shares?

Yes, Whitehorse (WHF) spent $7.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Whitehorse have outstanding?

Whitehorse (WHF) had 22M shares outstanding as of fiscal year 2025.

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

Whitehorse (WHF) had a debt-to-equity ratio of 1.25 as of fiscal year 2025, 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 2.3% for fiscal year 2025, 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 to 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 5.39x, 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.

How financially healthy is Whitehorse?

Whitehorse (WHF) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.