Stock fact sheet · data as of
WhiteHorse Finance, Inc. (WHF): fair value, margin of safety and Wheel Score
Ticker symbol WHF · Financial Services · Asset Management · United States · Value Income
Is WHF undervalued?
WHF has a margin of safety of 57%: the stock closed at 8.47 on 5 Nov 2026 against a GLS average fair value of 19.74. 7 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between Lynch (1.27) and 10 Cap (62.12). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, WHF is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 79, growth score 58, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for WHF
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 22.65 | +167% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 14.65 | +73% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 9.24 | +9% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 1.27 | -85% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 2.38 | -72% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 62.12 | +633% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 38.97 | +360% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 17.36 | +105% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 9.04 | +7% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -14.91 | -276% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 9.00 | +6% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
WhiteHorse Finance, Inc. scores 8 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. On durability WHF scores 5.3/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are thin or negative - ROIC 2.5%, ROE 5.5%, ROA 2.3% - with debt at 1.25 times equity and a free-cash-flow yield of 36.6%.
The dividend yield is high at 13.93% (payout ratio 171%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 2/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | 2.5% |
|---|---|---|---|
| GLS Moat | 5.3 / 10 | ROE | 5.5% |
| Debt / equity | 1.25 | ROA | 2.3% |
| Free-cash-flow yield | 36.6% | Payout ratio | 171% |
| Institutions | 2 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 48: Weak
With a Wheel Score of 48 WhiteHorse Finance, Inc. sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (468 open interest, 13 a day); and filter 8, big enough - market cap $182M (under $1.0B); Option trading (weak) is its weakest part.
Implied volatility is 47% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 468 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 90k shares a day on a market cap of $182M, with a beta of 0.41 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (468 open interest, 13 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $182M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 57% below fair value | |
| Premium | Strong | implied volatility 47% | |
| Moat | Fair | moat 5.3/10 | |
| Health | Strong | Piotroski 8/9 | |
| Red Flags | Fair | Red Flags score 70/100 | |
| Option trading | Weak | 13 contracts a day, 468 open interest | |
| Stability | Fair | beta 0.41, $182M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
WhiteHorse Finance, Inc. reports earnings on 9 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Analysts upgraded WHF 1 time in the last 30 days with no downgrades; the latest action was an upgrade by Raymond James on 22 Oct 2026.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to WhiteHorse Finance, Inc. by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| WHFCL WhiteHorse Finance, Inc. 7.875% Notes due 2028 | 25.21 | 28.82 | +13% | 20No options | $182M |
| IDE Voya Infrastructure, Industrials and Materials Fund | 11.97 | 17.66 | +32% | 26No options | $181M |
| WHG Westwood Holdings Group, Inc. | 19.24 | 25.81 | +25% | 48Weak | $182M |
| GGT Gabelli Multimedia Trust Inc. | 3.66 | 19.61 | +81% | 32No options | $181M |
| RYPMX Rydex Precious Metals Inv | 268.24 | 8,220.37 | +97% | 25No options | $184M |
| ADGZX AB Core Opportunities Fund | 28.38 | 38.75 | +27% | 24No options | $184M |
| PROVX Provident Trust Strategy Fund | 19.84 | 269.79 | +93% | 26No options | $184M |
| ASMOX AQR Small Cap Momentum Style Fund Class I | 24.22 | - | - | 13No options | $185M |
| FT Franklin Universal Trust | 7.42 | 15.23 | +51% | 30No options | $187M |
| OPP RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | 7.08 | 26.04 | +73% | 26No options | $177M |
| MPV Barings Participation Investors | 16.38 | 56.76 | +71% | 32No options | $176M |
| NHS Neuberger High Yield Strategies Fund Inc. | 5.58 | 9.68 | +42% | 25No options | $175M |
⚖ Compare WHF with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about WHF
Is WHF undervalued right now?
By the GLS models, yes: at 8.47 the stock is 57% below the average fair value of 19.74 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of WHF and what does it mean?
WHF scores 48 out of 100 (Weak) - it fails Wheel Trade Filters 1, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for WHF?
19.74 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does WhiteHorse Finance, Inc. report earnings next?
The next earnings report is due on 9 Nov 2026 (before the open), 4 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does WHF have listed options, and how liquid are they?
Yes. The nightly snapshot found 12 listed contracts with 468 open interest across all expiries and implied volatility of 47% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.