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Workhorse Group, Inc.

WKHS Consumer Cyclical Auto Manufacturers

Workhorse Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $21.2 million, up 201.1% from fiscal 2024.

Revenue
+374.9%
EPS
−37.1%
Free cash flow
−159.6%
Total debt
−46.6%

Quarter to June 2026, against a year earlier

3.13 0.18 −5.44%
Market cap
$34.2M
P/E
0.0×
Fwd P/E
−0.8×
Dividend yield
—
F-score
4/9
Altman Z
−4.34
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.28
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 12 — — — — — — — — — — —
Insider Ownership 76.05%

Capital & Financial Ratios $m

Size
Market Cap 34.20
Revenue ttm 27.21
Net income ttm (65.56)
Free cash flow ttm (53.72)
Net debt Q 13.86
Valuation
P/E 0.00
Forward P/E (0.81) (negative: loss-making)
Price / sales 1.25
Forward P/S Powerpack
Price / FCF 0.00
Price / book 4.73
Financial health
Current ratio Q 1.28
Debt / equity Q 3.37 (above 2: weak)
Interest coverage Q (24.27)
Growth
Revenue growth Q +374.93% (above 0%: growing)
Operating income growth Q −115.18% (below 0%: shrinking)
EPS, this year +37.74% (at or above 15%: strong)
EPS, next year A +53.51% (at or above 15%: strong)
Revenue, next year A +61.80% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +69.51% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 12.8×; over the ten years it ranged from −825× in 2022 to 7,774× in 2020.
P/S against its own 10 years 9.01%
10-year low 10-year high
P/B against its own 10 years 59.09%
10-year low 10-year high
EV/Sales against its own 10 years 9.82%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 36 7 13 10
Receivables 4 4 4 2
Inventory 45 21 39 38
Other — — — —
94 34 60 56
2023 2024 2025 Q'26
Payables 12 2 12 14
ST’ Debt 20 68 — 18
Other 8 1 7 3
53 77 39 44

Compound Annual Growth %

10y 5y 3y
Sales 65.21% 72.41% 61.63%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% (35.82%) (26.54%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.95 Actual −1.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −17.41 −16.69 Beat by 0.72
Q4 FY25 −8.88 −2.35 Beat by 6.53
Q1 FY26 −1.70 −1.99 Miss by 0.29
Q2 FY26 −0.95 −1.86 Miss by 0.91

EPS $

Mar Jun Sep Dec Year
’26 (1.99) (1.86) — — —
’25 (1.36) (1.38) (6.00) — (6.76)
’24 (300.12) (210.08) (228.08) — (9.43)
’23 (450.18) (360.14) (420.17) (521.21) (1.80k)
’22 (450.18) (390.16) (660.26) (720.29) (2.22k)
’21 (3.12k) (1.05k) (2.31k) (3.39k) (9.36k)
’20 180.07 (5.28k) (2.34k) 9.66k 2.10k
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4 4 — — —
’25 1 1 2 17 21
’24 1 1 3 2 7
’23 2 4 3 4 13
’22 0 0 2 3 5
’21 1 1 (1) (2) (1)
’20 0 0 1 1 1
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (17) (24) — — —
’25 (12) (9) (3) — (36)
’24 (18) (12) (10) — (38)
’23 (33) (33) (30) (27) (123)
’22 (31) (25) (11) (28) (94)
’21 (35) (46) (29) (23) (133)
’20 (8) (10) (20) (33) (70)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (17) (24) — — —
’25 (13) (9) 16 (20) (36)
’24 (21) (13) (10) (1) (43)
’23 (38) (38) (36) (30) (142)
’22 (34) (27) (15) (33) (109)
’21 (36) (48) (29) (24) (138)
’20 (8) (10) (21) (37) (76)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6 10 1 0 1 (1) 5 13 7 21 27 +14.2% 34 58 — +64.7%
Gross margin, % (111.67) (144.23) (1,990.36) (1,452.02) (838.39) 15,652.54 (649.98) (192.87) (87.25) (45.05) (81.12) +66.6 pt
EBT (20) (41) (37) (37) 92 (423) (117) (124) (52) (64) (79) +14.1%
EBT margin, % (304.86) (410.59) (4,782.80) (9,867.98) 6,578.84 49,676.24 (2,334.70) (947.17) (732.35) (302.12) (289.14) +2.7 pt
Net income (20) (41) (37) (37) 70 (401) (117) (124) (52) (64) (66) +14.1%
Per share, $
Per share, $ Revenue 763.67 778.18 45.43 17.60 45.06 (19.86) 95.13 189.51 1.29 2.24 2.51 (47.7%)
Earnings (2,340.94) (3,271.31) (2,220.89) (1,740.70) 2,250.90 (9,363.74) (2,220.89) (1,800.72) (9.43) (6.76) (11.23) (47.8%)
Cash flow (2,265.98) (2,997.09) (1,294.89) (1,722.98) (2,274.40) (3,090.38) (1,776.87) (1,780.38) (6.98) (3.75) (4.89) (50.9%)
Capex (62.87) (11.12) (1.10) (93.48) (185.38) (123.87) (284.46) (270.44) (0.87) (0.06) (0.06) (53.5%)
Free cash flow (2,328.85) (3,008.21) (1,295.98) (1,816.46) (2,459.78) (3,214.25) (2,061.33) (2,050.82) (7.85) (3.82) (4.95) (51.0%)
Book value 454.40 272.22 (918.00) (1,631.45) 12,789.78 4,072.09 2,056.57 1,202.78 (7.47) 4.54 0.66 (40.1%)
Shares, m 0 0 0 0 0 0 0 0 5 9 8 +118.3%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 24.72 0.00 0.00 0.00 0.00 0.00 0.00 2.5
P/S 27.07 10.64 34.87 518.26 1,316.83 0.00 51.09 7.18 1.64 0.31 1.25 196.8
P/B 45.49 30.42 0.00 0.00 4.64 3.21 2.36 1.13 0.00 0.15 4.73 8.7
EV/Sales 27.33 10.92 45.53 555.83 1,286.58 (451.43) 33.34 6.57 10.41 1.24 1.76 152.6
EV/FCF (8.96) (2.82) (1.59) (5.40) (23.57) (2.79) (1.54) (0.61) (1.71) (0.73) (0.89) (5.0)
Cash, $m
Cash, $m Operating cash flow (19) (39) (22) (37) (70) (133) (94) (123) (38) (36) (53) +7.2%
Capex (1) 0 0 (2) (6) (5) (15) (19) (5) (1) (1) +1.5%
Free cash flow (20) (39) (22) (39) (76) (138) (109) (142) (43) (36) (54) +7.1%
Balance, $m
Balance, $m Working capital 0 4 (13) (16) 273 189 76 41 (43) 21 12 n/m
Net debt 2 3 8 14 (42) (177) (89) (16) 62 (7) 14 n/m
Shareholders’ equity 4 4 (15) (35) 395 175 109 83 (41) 43 7 +30.9%
Returns, %
Returns, % ROA (157.19) (308.23) (257.88) (118.96) 20.43 (93.26) (57.08) (76.39) (57.61) (82.53) (58.00) +74.7 pt
ROIC (221.11) (407.37) 0.00 0.00 (7.25) 0.00 (415.10) (97.58) (123.39) (83.40) (207.56) +137.7 pt
ROE (115,374.04) (1,124.82) 612.93 147.66 38.73 (140.85) (82.80) (129.29) (244.22) (5,887.55) (411.37) +109,486.5 pt
People
People Employees 94 92 81 81 130 221 331 298 143 148 — +5.2%
Revenue/emp, $m 0.07 0.11 0.01 0.00 0.01 0.00 0.02 0.04 0.05 0.14 — +8.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Workhorse Group, Inc. vs peers in Auto Manufacturers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LOT Lotus Technology Inc. Sponsored ADR $197.5M — (loss-making) — (loss-making) −39.84% (below 0%: shrinking) n/m +88.53% (above 0%: growing) 10.08% (40.47%) Compare
NIU Niu Technologies $123.2M — (loss-making) 7.9× +21.11% (above 0%: growing) n/m +234.40% (above 0%: growing) 15.99% (7.64%) Compare
SEV Aptera Motors Corp. $79.4M — (loss-making) — — n/m −128.65% (below 0%: shrinking) — 0.00% Compare
GGR Gogoro Inc. $40.6M — (loss-making) — (loss-making) +7.30% (above 0%: growing) n/m +85.87% (above 0%: growing) 22.61% (4.37%) Compare
WKHS Workhorse Group, Inc. $34.2M — (loss-making) — (loss-making) +374.93% (above 0%: growing) n/m −159.63% (below 0%: shrinking) (209.77%) (545.20%)
LOBO Lobo EV Technologies Ltd $5.8M — — — — −222.36% (below 0%: shrinking) — — Compare
GOEVQ Canoo Inc. $5.4M — (loss-making) — (loss-making) −65.06% (below 0%: shrinking) n/m +60.03% (above 0%: growing) 80.92% (6,643.32%) Compare
FFAI Faraday Future Intelligent Electric Inc. $3.9M — (loss-making) — +1,448.15% (above 0%: growing) n/m +1.96% (above 0%: growing) (1,280.14%) (4,165.91%) Compare
CENN Cenntro Inc. $2.5M — (loss-making) — (loss-making) −2.89% (below 0%: shrinking) n/m +38.59% (above 0%: growing) 6.63% (120.53%) Compare
Median of peers $23.2M — — +2.21% — +49.31% 13.04% (40.47%)

All 28 Auto Manufacturers stocks →

Pay and ownership Proxy statement filed 20 May 2026

Ownership

Directors and executive officers, together less than 1%
Motive GM Holdings II LLC 60.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Workhorse Group, Inc. (WKHS) Latest News

29 Oct

Impact 4 · · GlobeNewswire

22 Oct

Impact 4 · · GlobeNewswire

30 Sep

Impact 4 · · GlobeNewswire

14 Aug

Impact 4 · · The Motley Fool transcript
Impact 4 · transcript
Impact 3 · · Moby transcript

13 Aug

Impact 4 ·

28 Jul

Impact 4 ·

15 May

Impact 4 · · GuruFocus.com
Impact 3 · · Moby transcript

14 May

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

30 Apr

Impact 4 ·

7 Apr

Impact 3 · · GlobeNewswire

31 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · GlobeNewswire

30 Mar

Impact 4 · · GlobeNewswire

25 Mar

Impact 4 · · GlobeNewswire

10 Mar

Impact 3 · · GlobeNewswire

12 Jan

Impact 4 · · Zacks

6 Jan

Impact 3 · · Zacks

23 Dec

Impact 3 · · Zacks

22 Dec

Impact 4 · · Zacks

15 Dec

Impact 4 · · Simply Wall St.
Impact 4 · · GlobeNewswire

30 Nov

Impact 3 · · Simply Wall St.

25 Nov

Impact 4 · · GlobeNewswireGuruFocus.comSimply Wall St.Associated Press FinanceMT NewswiresZacksMT NewswiresMT Newswires
Impact 4 · · Zacks

18 Nov

Impact 4 · · GlobeNewswire

16 Nov

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.
stockrow.com/WKHS · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com