BAC
Bank of America Corporation
BAC has the edge over WHF overall, supported by stronger fundamentals and stronger modeled upside.
WHF
WhiteHorse Finance, Inc.
WHF offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
BAC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BAC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAC.
WHF Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
WHF's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like WHF.
BAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.4x | $39.50 | -22% |
| Forward | 10x | $50.51 | — |
| Current | 12x | $50.51 | — |
| Fair | 13x | $53.81 | +6.5% |
| Expensive | 15x | $62.23 | +23% |
Historical ranges are pointers, not guarantees.
BAC has the edge over WHF in the historical PE scenario, which offers more potential upside but is not a forecast.
WHF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 7.5x | $8.31 | — |
| Cheap | 8.9x | $9.91 | +19% |
| Forward | 9.3x | $8.31 | — |
| Fair | 14x | $15.50 | +87% |
| Expensive | 21x | $23.35 | +181% |
Historical ranges are pointers, not guarantees.
WHF's PE is in its cheap range at 7.5x. Analysts expect earnings to fall, which would put today's price at 9.3x next year's earnings.
BAC Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
BAC has the edge over WHF on the outlook, with more favorable valuation and earnings expectations.
WHF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect WHF's earnings and profitability to decline, with its revenue holding steady.
BAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.92 | +17% |
| Q3 2026 | $4.19 | +14% |
| Q2 2026 | $4.34 | +27% |
| Q1 2026 | $4.02 | +20% |
| Q4 2025 | $3.81 | +19% |
| Q3 2025 | $3.66 | +33% |
| Q2 2025 | $3.41 | +20% |
| Q1 2025 | $3.35 | +16% |
| Q4 2024 | $3.21 | +4.2% |
BAC has the edge over WHF on earnings, with more consistent year-over-year improvement.
WHF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.90 | -19% |
| Q3 2026 | $1.11 | +158% |
| Q2 2026 | $0.79 | +427% |
| Q1 2026 | $0.41 | +5.1% |
| Q4 2025 | $0.62 | +32% |
| Q3 2025 | $0.43 | -4.4% |
| Q2 2025 | $0.15 | -85% |
| Q1 2025 | $0.39 | -52% |
| Q4 2024 | $0.47 | -47% |
WHF's earnings per share have fallen from their peak: $1.11 over the past year, against $2.97 in early 2021.
BAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $30B | +6.7% |
| Q2 2026 | $31.6B | +19% |
| Q1 2026 | $30.3B | +11% |
| Q4 2025 | $31.2B | +23% |
| Q3 2025 | $28.1B | +11% |
| Q2 2025 | $26.5B | +4.3% |
| Q1 2025 | $27.4B | +6% |
| Q4 2024 | $25.3B | +15% |
BAC has the stronger quarterly revenue trend. Revenue is up 6.7% for BAC versus down 13% for WHF.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -3.7 points |
| Q2 2026 | 37% | +7.6 points |
| Q1 2026 | 34% | +4.7 points |
| Q4 2025 | 40% | +12 points |
| Q3 2025 | 34% | +4.8 points |
| Q2 2025 | 29% | -0.7 points |
| Q1 2025 | 30% | +1.5 points |
| Q4 2024 | 28% | +14 points |
BAC's operating margin was 30% last quarter, down 3.7 points from the same quarter a year ago.
WHF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $13.7M | -13% |
| Q1 2022 | $11.8M | -10% |
| Q4 2021 | $9.6M | -25% |
| Q3 2021 | $13.4M | -47% |
| Q2 2021 | $15.8M | -42% |
| Q4 2020 | $12.8M | -3.5% |
WHF's revenue has slid since its 2020 peak: $14M last quarter, down 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 55% | -14 points |
| Q1 2022 | 50% | -13 points |
| Q4 2021 | 34% | -32 points |
| Q3 2021 | 63% | -23 points |
| Q2 2021 | 69% | -16 points |
| Q1 2021 | 64% | N/A |
| Q4 2020 | 66% | -1 points |
| Q3 2020 | 86% | N/A |
WHF's operating margin was 55% last quarter, down 14 points from the same quarter a year ago.
BAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$6.5B | -114% |
| Q2 2026 | $29B | +$38.2B |
| Q1 2026 | $41.8B | +$44B |
| Q4 2025 | -$22.9B | -189% |
| Q3 2025 | $46.9B | +$84.2B |
| Q2 2025 | -$9.1B | -150% |
| Q1 2025 | -$2.2B | +$13.4B |
| Q4 2024 | $25.9B | -21% |
BAC has the edge over WHF on cash flow, with more consistent year-over-year improvement.
WHF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $422K | -99% |
| Q2 2026 | -$13M | -160% |
| Q1 2026 | $28.2M | +$35.3M |
| Q4 2025 | $959K | -95% |
| Q3 2025 | $61.6M | +323% |
| Q2 2025 | $21.7M | -48% |
| Q1 2025 | -$7M | -538% |
| Q4 2024 | $21.1M | +33% |
WHF's free cash flow was $17M over the past year, down 83% from the year before. Free cash flow isn't a meaningful measure for financial services companies like WHF.
BAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -72M shares |
| 1 year | -5.3% | -405M shares |
| 3 years | -11% | -854M shares |
| 5 years | -15% | -1.3B shares |
| Available history | -24% | -2.2B shares |
BAC has 7.2B diluted shares, down 5.3% from a year ago, with $25.6B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6B |
| Q2 2026 | $6B |
| Q1 2026 | $7.2B |
| Q4 2025 | $6.3B |
| Q3 2025 | $5.3B |
| Q2 2025 | $5.3B |
| Q1 2025 | $4.5B |
| Q4 2024 | $3.5B |
BAC spent $25.6B buying back its own shares over the past year, up 37% from the year before.
WHF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -94.9K shares |
| 1 year | -7.6% | -1.8M shares |
| 3 years | -7.6% | -1.8M shares |
| 5 years | +3% | +625K shares |
| Available history | +4.5% | +930K shares |
WHF has the edge over BAC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $2.6M |
| Q1 2026 | $3M |
| Q2 2022 | $74,000 |
| Q1 2022 | $50,000 |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
BAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.4x | High |
| Q2 2026 | 6.7x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 7.7x | High |
| Q3 2025 | 8.3x | High |
| Q2 2025 | 8.8x | High |
| Q1 2025 | 8.6x | High |
| Q4 2024 | 9.0x | High |
BAC's net debt is about 6.4 years of its operating earnings (EBITDA), down from 8.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BAC.
WHF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 16.4x | High |
| Q1 2022 | 16.2x | High |
| Q4 2021 | 14.9x | High |
| Q3 2021 | 10.2x | High |
| Q2 2021 | 7.1x | High |
| Q1 2021 | 5.3x | High |
| Q4 2020 | 11.6x | High |
| Q3 2020 | 8.6x | High |
WHF's net debt is about 16 years of its operating earnings (EBITDA), up from 7.0 years a year ago. Net leverage isn't a meaningful measure for financial services companies like WHF.
BAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.1 | Neutral |
| Stochastic | 4.9 | Oversold |
BAC's weekly RSI is 37 (neutral) and its Stochastic is 5 (oversold).
WHF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.1 | Neutral |
| Stochastic | 89.8 | Overbought |
WHF's weekly RSI is 69 (neutral) and its Stochastic is 90 (overbought).
BAC PE vs Financial Services Sector
| Metric | BAC | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 7.5% below |
| PE % | 40 | 63 | 23 pts below |
BAC is trading at 12x earnings, in line with the Financial Services sector's median of 13x.
WHF PE vs Financial Services Sector
| Metric | WHF | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 13x | 42% below |
| PE % | 10 | 63 | 53 pts below |
WHF has the edge over BAC on valuation relative to its sector.
BAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $52.1 | 3% below |
| 20 week MA | $57.8 | 13% below |
| 50 week MA | $54.7 | 7.7% below |
| 100 week MA | $50.5 | 0% below |
| 200 week MA | $42.5 | 19% above |
BAC has fallen below most of its moving averages, though it's still 19% above its 200-week average.
WHF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.65 | 8.6% above |
| 20 week MA | $7.17 | 16% above |
| 50 week MA | $7.08 | 17% above |
| 100 week MA | $8.00 | 3.9% above |
| 200 week MA | $10.2 | 19% below |
WHF has the edge over BAC on trend strength, trading above more of its moving averages.
BAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $30.0 | -15% |
| 2021 | $30.0 | $44.4 | +48% |
| 2022 | $44.4 | $32.5 | -27% |
| 2023 | $32.5 | $33.7 | +3.7% |
| 2024 | $33.7 | $44.3 | +32% |
| 2025 | $44.3 | $56.2 | +27% |
| 2026 YTD | $56.2 | $50.5 | -10% |
BAC has finished higher in four of the last six years. It's down 10% so far in 2026.
WHF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.6 | $13.3 | -2.8% |
| 2021 | $13.3 | $15.5 | +17% |
| 2022 | $15.5 | $12.6 | -19% |
| 2023 | $12.6 | $12.3 | -2.2% |
| 2024 | $12.3 | $9.75 | -21% |
| 2025 | $9.75 | $6.98 | -28% |
| 2026 YTD | $6.98 | $8.31 | +19% |
WHF has the edge over BAC on returns for 2026, with the stronger performance.