WhiteHorse Finance (WHF) Operating Margin (2021 - 2026)
WhiteHorse Finance's (WHF) quarterly Operating Margin came in at 32.87% in Q2 2026, down 295.0% year-over-year from 16.86% in Q2 2025, and down 8.98% quarter-over-quarter from 36.11% in Q1 2026.
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WhiteHorse Finance (WHF) Operating Margin (2021 - 2026) Analysis & Trends
WhiteHorse Finance (WHF) has reported Operating Margin for 6 consecutive years, with 32.87% the latest figure, recorded in Q2 2026.
- On a quarterly basis, Operating Margin fell 295.0% year-over-year to 32.87% in Q2 2026; TTM through Jun 2026 was 36.05%, a 247.0% decrease from a year earlier, with the FY2025 full-year figure at 36.84%, down 449.0% from the prior year.
- Operating Margin was 32.87% for Q2 2026 at WhiteHorse Finance, down from 36.11% in the prior quarter.
- Over five years, Operating Margin peaked at 46.21% in Q3 2022 and troughed at 32.87% in Q2 2026.
- A 5-year average of 40.28% and a median of 41.03% in 2024 frame the typical range for Operating Margin.
- Across the five-year window, Operating Margin soared 327 bps in 2022 and plunged 664 bps in 2025, its largest moves.
- Over 5 years, Operating Margin stood at 44.36% in 2022, then decreased by 4 bps to 42.5% in 2023, then retreated by 8 bps to 39.25% in 2024, then fell by 0 bps to 39.15% in 2025, then decreased by 16 bps to 32.87% in 2026.
- The last three Operating Margin figures came in at 32.87% (Q2 2026), 36.11% (Q1 2026), and 39.15% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Ares Capital | 14.01 Bn | 13.63 Bn | - | 47.79% |
| 2 | Blackstone Secured Lending Fund | 5.63 Bn | 5.36 Bn | - | 55.61% |
| 3 | Blue Owl Capital | 5.47 Bn | 5.24 Bn | - | 44.07% |
| 4 | Main Street Capital | 5.22 Bn | 5.16 Bn | - | 62.71% |
| 5 | Blue Owl Technology Finance | 4.98 Bn | 4.76 Bn | - | 41.14% |
| 6 | Hercules Capital | 4.62 Bn | 4.57 Bn | - | 62.31% |
| 7 | FS KKR Capital | 3.33 Bn | 3.22 Bn | - | - |
| 8 | Golub Capital Bdc | 3.30 Bn | 3.26 Bn | - | 45.39% |
| 9 | PennantPark Floating Rate Capital | 2.48 Bn | -128.99 Mn | - | 8.79% |
| 10 | WhiteHorse Finance | 151.86 Mn | 143.40 Mn | - | 32.87% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 32.87% |
| Mar 31, 2026 | 36.11% |
| Dec 31, 2025 | 39.15% |
| Sep 30, 2025 | 35.54% |
| Jun 30, 2025 | 35.82% |
| Mar 31, 2025 | 36.96% |
| Dec 31, 2024 | 39.25% |
| Sep 30, 2024 | 41.35% |
| Jun 30, 2024 | 40.71% |
| Mar 31, 2024 | 43.60% |
| Dec 31, 2023 | 42.50% |
| Sep 30, 2023 | 42.48% |
| Jun 30, 2023 | 42.36% |
| Mar 31, 2023 | 41.87% |
| Dec 31, 2022 | 44.36% |
| Sep 30, 2022 | 46.21% |
| Jun 30, 2022 | 40.26% |
| Mar 31, 2022 | 43.74% |
| Dec 31, 2021 | 41.26% |
| Sep 30, 2021 | 42.94% |