Stock fact sheet · data as of
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL): fair value, margin of safety and Wheel Score
Ticker symbol WHFCL · Financial Services · Asset Management · United States · Fund / Note
Is WHFCL undervalued?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) closed at 25.21 on 5 Nov 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 28.82, so the price sits 13% below it. 4 of the 9 models value the shares above the current price. A margin of safety between 10% and 30% is where most of the Sunday Scan candidates come from.
The 9 models disagree widely: GLS Growth gives 7.09 while 10 Cap gives 62.87. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
WHFCL looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for WHFCL
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 | -10% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 14.65 | -42% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 39.06 | +55% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 9.68 | -62% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 7.09 | -72% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 62.87 | +149% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 59.16 | +135% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 17.36 | -31% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 26.90 | +7% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -44.38 | -276% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - WHFCL passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. There is no GLS Moat score for WHFCL: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
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 5/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 2.5% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 5.5% |
| Debt / equity | 1.25 | ROA | 2.3% |
| Free-cash-flow yield | 36.6% | Payout ratio | 171% |
| Institutions | 5 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 20: No options
WHFCL has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (20 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 2k shares a day on a market cap of $182M, with a beta of 0.59 - 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 | no listed options |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 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 | Fails | no implied volatility |
| 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 | Fair | 13% below fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.59, $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
No upcoming earnings date is recorded for WHFCL in the nightly calendar.
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. 7.875% Notes due 2028 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 |
|---|---|---|---|---|---|
| WHF WhiteHorse Finance, Inc. | 8.47 | 19.74 | +57% | 48Weak | $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 WHFCL with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about WHFCL
Is WHFCL undervalued right now?
By the GLS models, moderately: at 25.21 the stock trades 13% below the average fair value of 28.82 (data as of 5 Nov 2026).
What is the Wheel Score of WHFCL and what does it mean?
WHFCL has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for WHFCL?
28.82 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. 7.875% Notes due 2028 report earnings next?
No upcoming earnings date is recorded for WHFCL in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does WHFCL have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on WHFCL, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.