I would say so. There is an evident "boat" in her back near her withers, where she has not developed any muscle.
Cannot really say about her belly with all that winter fur, but depending on her age and the feed she is getting, it may take a little longer for her to pack on the meat where she needs it to fill in the holes.
Her coat and the angle do make it hard to judge entirely - but there is visible lack of fill at the topline and seemingly around the tailhead, etc - so, yes, she appears to still be significantly underweight/lacking in muscle tissue. The coat inhibits seeing ribs, how easy are they to feel?
How old is this horse?
When was she last vetted? Teeth last floate? Last FEC done?
What is her current diet?
You didn't say the age, but if she is elderly, you will not be able to put much weight on her. Younger, skinny horses will have ribs showing, too, even under a winter coat. "Corporal" was a hard keeper, and it was impossible to make him fat. But, I never let his backbone sink this deep. I agree about the blanket.
When a horse gets looking like that, it means it has been neglected. Which also indicates dental care and parasite control have been neglected. In order for a horse to properly utilize the food she is now getting to put weight on, she needs the other issues addressed otherwise you are wasting money on feed that she is not absorbing into her body. Posted via Mobile Device