WhiteHorse Finance, Inc. Financial Ratios — WHF Stock

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	237.7	252.41	256.28	- -	- -	- -	- -
Return on Assets (%)	- -	5.09	4.88	-0.65	7.06	7.39	11.46	5.39	4.69	3.83	1.9	2.67	1.54	2.22
Return on Capital (%)	- -	19.37	17.27	- -	22.39	25.75	32.15	12.32	8.94	6.81	3.41	5.11	3.25	5.15
Return on Invested Capital (%)	- -	6.97	5.94	- -	8.19	8	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	99	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	106.43	111.36	95.91	4,815.83	102.82	96.92	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	106.43	111.36	95.91	4,815.83	102.82	96.92	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	100.57	-191.51	-36.82	13.32	28.08	-149.26	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	97.16	85.96	83.78	-443.26	91.51	92.68	95.01	92.45	90.03	87.96	78.24	83.24	70.03	74.36
Profit Margin (%)	97.16	85.96	83.78	-443.26	91.51	92.68	93.47	90.07	87.97	85.12	73.45	79.48	63.47	71.07
Net Income to Common Margin (%)	97.16	85.96	83.78	-443.26	91.51	92.68	93.47	90.07	87.97	85.12	73.45	79.48	63.47	71.07
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	1.62	2.57	2.29	3.23	6.13	4.51	9.36	4.41
Dvd Payout Ratio (%)	- -	91.31	108.4	-752.33	82.96	76.58	50.53	107.59	100.18	99.01	211.33	173.08	382.35	255.35
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	-18.04	-0.46	2.53	- -	- -	- -	- -

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	141	110	190	183	182	182	176	299	385	476	440	386	353	324
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	141	110	190	183	182	182	176	299	385	476	440	386	353	324
Total Debt/EBITDA	3.26	4.46	8.52	5.97	5.18	5.06	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-0.34	0.69	7.99	5.35	4.7	4.08	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	3.26	4.46	8.52	5.97	5.18	5.06	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-0.34	0.69	7.99	5.35	4.7	4.08	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	38.31	4.62	3.85	3.08	4.3	3.67	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	38.31	4.62	3.85	3.08	4.3	3.67	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	38.31	4.62	3.85	3.08	4.3	3.67	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	1	5	6	10	8	10	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.32	-0.22	-1.38	-1.68	-1.21	-3.16	2.67	1.93	1.79	1.24	-0.86	-2.94	-7.55	-11.27
Long-Term Debt/Equity (%)	61.67	48.46	84.53	75.18	73.11	63.47	55.81	95.52	123.01	136.08	132.5	122	123.41	124.65
Long-Term Debt/Capital (%)	99.17	100.77	103.2	104.2	103.05	109.2	92.76	96.08	96.76	97.82	101.58	105.89	116.91	127.24
Long-Term Debt/Total Assets (%)	37.84	29.4	44.63	41.54	40.86	37.51	34.23	47.36	53.53	55.93	55.3	52.88	52.17	52.64
Total Debt/Equity (%)	61.67	48.46	84.53	75.18	73.11	63.47	55.81	95.52	123.01	136.08	132.5	122	123.41	124.65
Total Debt/Capital (%)	99.17	100.77	103.2	104.2	103.05	109.2	92.76	96.08	96.76	97.82	101.58	105.89	116.91	127.24
Total Debt/Total Assets (%)	37.84	29.4	44.63	41.54	40.86	37.51	34.23	47.36	53.53	55.93	55.3	52.88	52.17	52.64
Net Debt to Equity	-6.49	7.53	79.36	67.29	66.28	51.19	-7.66	-1.37	-2.58	-3.48	-2.86	-3.39	-4.34	-2.71
Net Debt/Capital (%)	108.61	105.16	103.41	107.12	103.38	111.66	-14.59	-1.4	-2.07	-2.57	-2.24	-3.03	-4.29	-2.84
EBITDA	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	52.34	2.5	1.06	1.61	1.17	2.14	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	63.56	2.74	2.13	2.11	2.32	2.73	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	52.83	2.54	1.31	1.85	1.5	2.49	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	-0.66	-5.81	-0.72	2.38	0.46	3.78	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	0.32	-0.22	-1.38	-1.68	-1.21	-3.16	2.67	1.93	1.79	1.24	-0.86	-2.94	-7.55	-11.27
Long-Term Debt/Equity (%)	61.67	48.46	84.53	75.18	73.11	63.47	55.81	95.52	123.01	136.08	132.5	122	123.41	124.65
Long-Term Debt/Capital (%)	99.17	100.77	103.2	104.2	103.05	109.2	92.76	96.08	96.76	97.82	101.58	105.89	116.91	127.24
Long-Term Debt/Total Assets (%)	37.84	29.4	44.63	41.54	40.86	37.51	34.23	47.36	53.53	55.93	55.3	52.88	52.17	52.64
Total Debt/Equity (%)	61.67	48.46	84.53	75.18	73.11	63.47	55.81	95.52	123.01	136.08	132.5	122	123.41	124.65
Total Debt/Capital (%)	99.17	100.77	103.2	104.2	103.05	109.2	92.76	96.08	96.76	97.82	101.58	105.89	116.91	127.24
Total Debt/Total Assets (%)	37.84	29.4	44.63	41.54	40.86	37.51	34.23	47.36	53.53	55.93	55.3	52.88	52.17	52.64
CFO/Total Liabilities	21.78	-9.07	-69.37	-4.56	17.33	3.61	15.63	-29.84	-15.91	-17.99	15.51	21.83	20.16	21.75
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.02	1.4	0.76	0.78	1.05	1.14	0.95	0.61	0.49	0.45	0.41	0.41	0.27	-0.13

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	94.94	156.58	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	3.84	2.33	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	222	226	173	176	223	261	261	281	280	328	303	286	225	- -
- Cash & Cash Equivalents	156	93	12	23	17	35	24	4	8	12	10	11	12	7
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	141	110	190	183	182	182	176	299	385	476	440	386	353	324
Enterprise Value	207	243	352	337	388	408	413	576	656	792	734	662	566	317
Total Capital	142	109	185	176	177	167	190	311	398	487	434	365	302	255
Total Debt/Capital (%)	99.17	100.77	103.2	104.2	103.05	109.2	92.76	96.08	96.76	97.82	101.58	105.89	116.91	127.24
Total Debt / EV	0.68	0.45	0.54	0.55	0.47	0.45	0.43	0.52	0.59	0.6	0.6	0.58	0.62	1.02
EV/Sales	5.08	10.99	15.09	527.56	11.34	10.97	6.74	16.83	18.23	22.39	34.38	25.76	33.09	15.7
EV/EBITDA	4.77	9.87	15.73	10.95	11.02	11.32	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	4.77	9.87	15.73	10.95	11.02	11.32	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	6.35	- -	- -	348.79	9.17	24.01	13.29	- -	- -	- -	10.2	7.32	7.18	4.1
EV/Free Cash Flow to Firm	6.35	- -	- -	348.79	9.17	24.01	13.29	- -	- -	- -	10.2	7.32	7.18	4.1
Diluted Market Cap	222	226	173	176	223	261	261	281	280	328	303	286	225	- -
Diluted Enterprise Value	207	243	352	337	388	408	413	576	656	792	734	662	566	317
EV per Share	13.82	16.25	23.49	21.97	21.2	20.98	20.11	28.04	31.95	37.43	31.6	28.46	24.34	- -
TTM Sales	41	22	23	1	34	37	61	34	36	35	21	26	17	20
TTM EBITDA	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	43	25	22	31	35	36	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	33	-8	-134	1	42	17	31	-95	-65	-90	72	90	79	77
TTM Free Cash Flow to Firm	33	-8	-134	1	42	17	31	-95	-65	-90	72	90	79	77

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	7.06	-16.95	-1.24	-19.53	6.53	36.38	8.41	-2.96	-4.33	-3.63	4.21	3.16	2.86	- -
EV/EBIT	4.77	9.87	15.73	10.95	11.02	11.32	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	207	243	352	337	388	408	413	576	656	792	734	662	566	317
Low Price	13.6	13.99	11.03	11.03	9.14	12.06	10.92	12.64	5.51	13.1	10.57	11.13	9.45	6.39
EV/Sales	5.08	10.99	15.09	527.56	11.34	10.97	6.74	16.83	18.23	22.39	34.38	25.76	33.09	15.7
EV/EBITDA	4.77	9.87	15.73	10.95	11.02	11.32	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	5.6	11.89	8.85	- -	7.11	7.57	4.56	9.13	8.83	10.89	19.33	14.01	20.73	- -
Price/Earnings Average	5.45	12.01	10.52	-67.62	6.32	7.79	4.84	9.3	7.16	10.71	20.66	14.42	25.8	- -
Price/Earnings High	5.64	12.62	11.7	-75.78	7.43	8.49	5.66	9.99	9.36	11.75	23.3	15.81	28.79	- -
Price/Earnings Low	5.15	11.01	8.46	-59.75	5.34	6.8	3.91	8.42	3.57	9.21	15.66	12.67	20.24	- -
Price/Book Value	187.99	-269.63	-29.32	-23.76	-41.21	-17	19.02	23.05	21.69	30.96	-44.24	-13.3	-4.41	- -
Price/Book Value Average	182.84	-272.46	-34.83	-25.84	-36.62	-17.49	20.21	23.48	17.59	30.44	-47.28	-13.69	-5.48	- -
Price/Book Value High	189.13	-286.22	-38.73	-28.96	-43.08	-19.07	23.62	25.24	22.99	33.39	-53.32	-15	-6.12	- -
Price/Book Value Low	172.63	-249.64	-28	-22.83	-30.95	-15.28	16.32	21.27	8.78	26.16	-35.83	-12.03	-4.3	- -
Price/Tangible Book Value	0.97	1	0.77	0.72	0.89	0.91	0.83	0.9	0.89	0.94	0.91	0.9	0.79	- -
Price/Tangible Book Value Average	0.94	1.01	0.91	0.78	0.79	0.93	0.88	0.92	0.72	0.92	0.97	0.93	0.98	- -
Price/Tangible Book Value High	0.97	1.06	1.01	0.88	0.93	1.02	1.03	0.98	0.95	1.01	1.1	1.02	1.09	- -
Price/Tangible Book Value Low	0.89	0.92	0.73	0.69	0.67	0.82	0.71	0.83	0.36	0.79	0.74	0.82	0.77	- -
Price/Sales	5.44	10.22	7.42	275.66	6.51	7.02	4.26	8.22	7.76	9.27	14.2	11.13	13.16	- -
Price/Sales Average	5.29	10.33	8.81	299.75	5.78	7.22	4.53	8.38	6.3	9.12	15.18	11.46	16.38	- -
Price/Sales High	5.48	10.85	9.8	335.92	6.8	7.87	5.29	9	8.23	10	17.11	12.56	18.27	- -
Price/Sales Low	5	9.46	7.08	264.85	4.89	6.31	3.66	7.58	3.14	7.84	11.5	10.07	12.85	- -
Price/Cash Flow	7.06	-16.95	-1.24	-19.53	6.53	36.38	8.41	-2.96	-4.33	-3.63	4.21	3.16	2.86	- -
Price/Cash Flow Average	6.86	-17.13	-1.47	-21.24	5.8	37.42	8.93	-3.02	-3.51	-3.57	4.5	3.26	3.56	- -
Price/Cash Flow High	7.1	-18	-1.64	-23.8	6.82	40.8	10.44	-3.24	-4.59	-3.92	5.08	3.57	3.97	- -
Price/Cash Flow Low	6.48	-15.7	-1.18	-18.76	4.9	32.69	7.22	-2.73	-1.75	-3.07	3.41	2.86	2.79	- -
Price/Free Cash Flow Average	6.86	-17.13	-1.47	-21.24	5.8	37.42	8.93	-3.02	-3.51	-3.57	4.5	3.26	3.56	- -
Price/Free Cash Flow High	7.1	-18	-1.64	-23.8	6.82	40.8	10.44	-3.24	-4.59	-3.92	5.08	3.57	3.97	- -
Price/Free Cash Flow Low	6.48	-15.7	-1.18	-18.76	4.9	32.69	7.22	-2.73	-1.75	-3.07	3.41	2.86	2.79	- -
EV/Sales Average	4.93	11.1	16.48	551.66	10.61	11.17	7	16.98	16.76	22.24	35.36	26.09	36.31	15.7
EV/Sales High	5.11	11.62	17.47	587.83	11.63	11.82	7.77	17.61	18.69	23.12	37.29	27.19	38.2	15.7
EV/Sales Low	4.63	10.23	14.75	516.75	9.72	10.26	6.13	16.19	13.6	20.96	31.68	24.7	32.78	15.7
EV/EBITDA Average	4.63	9.97	17.19	11.46	10.32	11.52	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	4.8	10.44	18.21	12.21	11.31	12.2	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	4.35	9.19	15.38	10.73	9.45	10.58	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	4.63	9.97	17.19	11.46	10.32	11.52	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	4.8	10.44	18.21	12.21	11.31	12.2	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	4.35	9.19	15.38	10.73	9.45	10.58	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	14.81	15.11	11.55	11.48	12.17	13.42	12.72	13.7	13.61	15.5	13.05	12.3	9.68	6.95
High Price	14.9	16.04	15.26	13.99	12.72	15.05	15.8	15	14.43	16.72	15.73	13.88	13.44	11.31
Enterprise Value Average	201	246	384	352	363	415	429	581	604	786	755	670	621	317
Enterprise Value High	208	257	407	375	398	439	476	603	673	817	796	698	653	317
Enterprise Value Low	189	227	344	330	333	381	376	554	490	741	676	634	560	317

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	15	15	15	18	18	21	21	21	21	23	23	23	23	22
Diluted Weighted Avg Shares	15	15	15	15	18	19	21	21	21	21	23	23	23	- -
Basic Weighted Avg Shares	15	15	15	15	18	19	21	21	21	21	23	23	23	- -
Revenue per Share	2.72	1.48	1.56	0.04	1.87	1.91	2.98	1.67	1.75	1.67	0.92	1.1	0.74	- -
EBITDA per Share	2.9	1.65	1.49	2.01	1.92	1.85	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	2.9	1.65	1.49	2.01	1.92	1.85	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.64	1.27	1.3	-0.18	1.71	1.77	2.79	1.5	1.54	1.42	0.68	0.88	0.47	- -
Basic EPS from Cont Ops	2.64	1.27	1.3	-0.18	1.71	1.77	2.79	1.5	1.54	1.42	0.68	0.88	0.47	- -
Diluted EPS, GAAP	2.64	1.27	1.3	-0.18	1.71	1.77	2.79	1.5	1.54	1.42	0.68	0.88	0.47	- -
Diluted EPS from Cont Ops	2.64	1.27	1.3	-0.18	1.71	1.77	2.79	1.5	1.54	1.42	0.68	0.88	0.47	- -
Dividend per Share	- -	1.16	1.41	1.39	1.42	1.36	1.41	1.62	1.54	1.41	1.43	1.52	1.79	- -
Cash Flow per Share	2.1	-0.89	-9.33	-0.59	1.86	0.37	1.51	-4.62	-3.14	-4.26	3.1	3.89	3.39	- -
Free Cash Flow per Basic Share	2.1	-0.89	-9.33	-0.59	1.86	0.37	1.51	-4.62	-3.14	-4.26	3.1	3.89	3.39	- -
Cash & Equivalents per Share	10.43	6.21	0.78	1.49	0.93	1.81	1.18	0.21	0.39	0.58	0.41	0.46	0.53	- -
Book Value per Share	0.08	-0.06	-0.39	-0.48	-0.3	-0.79	0.67	0.59	0.63	0.5	-0.3	-0.93	-2.2	- -
Tangible Book Value per Share	15.31	15.16	15.04	15.93	13.62	14.77	15.35	15.23	15.23	16.54	14.31	13.63	12.31	- -

WhiteHorse Finance, Inc.

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Per Share Data Items (USD)