Whitehorse (WHF) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WHF SEC filings page.
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).
Shrinking assets and debt coexist with persistent operating cash generation, while distributions outpace reported earnings.
From FY2024 to FY2025, net income rose to$14.3M from$10.9M , yet operating cash flow was nearly unchanged at$77.3M versus$78.8M . The earnings rebound therefore did not translate into additional operating cash, suggesting the reported improvement was not primarily a cash-generation event.
Balance-sheet contraction is the dominant financing pattern: total assets fell to
FY2025 dividends per share were
Financial Health Signals
Whitehorse does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Whitehorse passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass.
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
Earnings & Revenue
Whitehorse reported $10.4M in net income in Q2 2026. This represents an increase of 362.6% from the same quarter a year earlier. Against the prior quarter it is up 1615.1%.
Whitehorse earned $0.48 per diluted share (EPS) in Q2 2026. This represents an increase of 380.0% from the same quarter a year earlier. Against the prior quarter it is up 1700.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Whitehorse held $8.5M in cash against $324.4M in long-term debt as of Q2 2026.
Whitehorse paid $0.25 per share in dividends in Q2 2026. This represents a decrease of 35.9% from the same quarter a year earlier. Against the prior quarter it is down 3.8%.
Not reported for Q2 2026.
Margins & Returns
Whitehorse's ROE was 4.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.4 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Whitehorse spent $2.6M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 15.2%.
Not reported for Q2 2026.
Not reported for Q2 2026.
WHF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $1.1M-12.8% | $1.2M+27.6% | N/A | $1.2M+15.0% | $1.3M+6.1% | $953K-9.0% | N/A | $1.0M+29.3% |
| Interest Expense | $4.8M-21.7% | $5.0M-19.1% | N/A | $5.8M-16.5% | $6.1M-14.0% | $6.2M-15.6% | N/A | $6.9M-8.3% |
| Net Income | $10.4M+362.6% | -$687K-116.1% | N/A | -$556K+91.9% | $2.3M-71.3% | $4.3M-28.6% | N/A | -$6.9M-222.5% |
| EPS (Basic) | $0.48+380.0% | -$0.03-116.7% | $0.36+111.8% | -$0.02+93.3% | $0.10-70.6% | $0.18-30.8% | $0.17+13.3% | -$0.30-225.0% |
| EPS (Diluted) | $0.48+380.0% | -$0.03-116.7% | $0.36+111.8% | -$0.02+93.3% | $0.10-70.6% | $0.18-30.8% | $0.17+13.3% | -$0.30-225.0% |
| Diluted Shares (Avg) | 22M-7.2% | 22M-4.6% | N/A | 23M0.0% | 23M0.0% | 23M0.0% | N/A | 23M0.0% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Income Tax.
WHF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $604.1M-10.0% | $606.0M-10.7% | $615.1M-9.1% | $626.0M-8.4% | $670.9M-4.6% | $678.8M-7.7% | $676.8M-7.4% | $683.6M-8.4% |
| Cash & Equivalents | $8.5M-19.6% | $11.8M+3.0% | $7.0M-43.4% | $9.5M-14.6% | $10.5M-18.1% | $11.4M-11.0% | $12.4M+15.6% | $11.2M+5.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $351.3M-11.3% | $355.7M-10.5% | $355.3M-9.0% | $360.8M-6.7% | $396.2M+1.4% | $397.3M-5.7% | $390.7M-5.6% | $386.7M-8.8% |
| Long-Term Debt | $324.4M-10.7% | $324.1M-10.2% | $323.8M-8.3% | $323.5M-8.3% | $363.2M+1.2% | $361.1M-7.5% | $353.1M-8.6% | $352.8M-11.4% |
| Total Equity | $252.8M-8.0% | $250.3M-11.1% | $259.8M-9.2% | $265.2M-10.7% | $274.8M-12.1% | $281.4M-10.3% | $286.1M-9.7% | $296.9M-7.9% |
| Retained Earnings | -$70.8M-13.3% | -$75.8M-35.9% | -$69.4M-35.7% | -$72.0M-73.8% | -$62.5M-143.9% | -$55.8M-127.6% | -$51.1M-137.4% | -$41.4M-144.1% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.
WHF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.0M-159.8% | $28.2M+503.3% | $959K-95.4% | $61.6M+322.9% | $21.7M-47.7% | -$7.0M-537.8% | $21.1M+33.4% | $14.6M-65.5% |
| Financing Cash Flow | -$8.3M-3.3% | -$8.6M-595.2% | -$17.2M-23.8% | -$48.9M-212.4% | -$8.0M+80.2% | -$1.2M+76.0% | -$13.9M+34.3% | -$15.7M+55.9% |
| Share Buybacks | $2.6M | $3.0M | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.
WHF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 4.1%+3.3pp | -0.3%-1.8pp | N/A | -0.2%+2.1pp | 0.8%-1.7pp | 1.5%-0.4pp | N/A | -2.3%-4.0pp |
| Return on Assets | 1.7%+1.4pp | -0.1%-0.7pp | N/A | -0.1%+0.9pp | 0.3%-0.8pp | 0.6%-0.2pp | N/A | -1.0%-1.8pp |
| Debt-to-Equity | 1.280.0x | 1.290.0x | 1.250.0x | 1.220.0x | 1.32+0.2x | 1.280.0x | 1.230.0x | 1.190.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Whitehorse WHF | FY2025 | N/A | $14.3M | N/A | $152.3M | — |
| Ellington Credit Closed End Fund EARN | FY2024 | N/A | $6.6M | N/A | $164.6M | — |
| Chicago Atlantic BDC Inc LIEN | FY2025 | N/A | $33.3M | N/A | $235.7M | — |
| Suro Capital Corp SSSS | FY2025 | N/A | $48.8M | N/A | $326.9M | — |
Where Whitehorse Ranks
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.
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 P/E ratio?
Whitehorse (WHF) trades at 10.6x earnings, its market capitalization divided by net income of $14.3M net income, FY2025. The market capitalization is $152.3M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Whitehorse's price-to-sales ratio?
Whitehorse (WHF) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $152.3M as of Sep 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Whitehorse's Piotroski F-Score?
Whitehorse (WHF) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.