The business behind the dividend
| Measure | WHF | Median | Formula |
|---|---|---|---|
| Return on equity | 5.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 1.25x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -10.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Free cash flow, Interest cover, Net margin, Operating margin, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 5.5% | 3.8% | 6.4% | 4.7% | 8.6% | 10.1% | 5.5% |
| Debt to equity | 1.25x | 1.23x | 1.22x | 1.33x | 1.36x | — | 1.25x |
How it compares in investment company
Among the 40 investment company companies here measured on net investment income, WhiteHorse Finance pays out less than 6 of them. The median for that group is 103.1%, against this company’s 127.8%.
Closest on net investment income
- Horizon Technology Finance (HRZN) 122.9%
- Stellus Capital Investment (SCM) 123.0%
- Gladstone Capital (GLAD) 124.3%
- OFS Capital (OFS) 128.7%
Same sector and same denominator, so the figures are comparable. All 40 in investment company →