Stock fact sheet · data as of
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · High Yield Income
Is WHFCL undervalued?
WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) closed at 25.13 on 16 Oct 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 29.80, so the price sits 16% 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 8.09 while 10 Cap gives 63.03. 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.
The nightly engine files WHFCL under High Yield Income: a dividend yield above 4%.
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 | 21.63 | -14% | 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 | 44.56 | +77% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 11.05 | -56% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 8.09 | -68% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 63.03 | +151% | 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 | 15.38 | -39% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 30.69 | +22% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -50.64 | -302% | 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 Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 2.5 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
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 41.9%.
The dividend yield is high at 14.12% (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 | 2.5 / 10 | ROE | 5.5% |
| Debt / equity | 1.25 | ROA | 2.3% |
| Free-cash-flow yield | 41.9% | Payout ratio | 171% |
| Institutions | 5 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 39: 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; the Wheel Score is capped at 39 and shown as "No options" (39 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 $159M, 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 gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 19 / 25 | 16% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 4 / 15 | moat 2.5/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 2k shares/day, $159M cap, beta 0.59 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score 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. | 7.40 | 19.24 | +62% | 71Good | $159M |
| ARHVX American Century One Choice 2065 Inv | 14.88 | 4.57 | -226% | 16No options | $159M |
| ARCFX Water Island Credit Opportunities Fund Retail Class | 9.81 | 42.23 | +77% | 39No options | $159M |
| CPSL Calamos ETF Trust - Laddered S&P 500 Structured Alt Protection ETF | 28.45 | 0.2904 | -9697% | 14No options | $159M |
| DHF BNY Mellon High Yield Strategies Fund | 2.19 | 4.94 | +56% | 39No options | $159M |
| NESIX Needham Small Cap Growth Institutional | 30.08 | 49.27 | +39% | 39No options | $161M |
| WAMFX Boston Trust Walden Midcap Fund | 24.61 | 12.86 | -91% | 22No options | $157M |
| FLOWX Fidelity Water Sustainability Fund | 18.68 | 564.53 | +97% | 39No options | $157M |
| ECF Ellsworth Growth and Income Fund Ltd. | 11.80 | 76.61 | +85% | 39No options | $161M |
| FLC Flaherty & Crumrine Total Return Fund Inc. | 15.54 | 33.35 | +53% | 39No options | $162M |
| FHAYX Fidelity Freedom Blend 2010 Fund | 11.11 | 21.11 | +47% | 39No options | $164M |
| GF The New Germany Fund, Inc. | 10.22 | 4.18 | -145% | 20No options | $165M |
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Start free See the Sunday ScanQuestions about WHFCL
Is WHFCL undervalued right now?
By the GLS models, moderately: at 25.13 the stock trades 16% below the average fair value of 29.80 (data as of 16 Oct 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; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for WHFCL?
29.80 per share as of 16 Oct 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 16 Oct 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 is capped at 39.