Workhorse Group, Inc.
WKHS Consumer Cyclical Auto Manufacturers
In the quarter to June 2026, revenue grew 374.9%, EPS fell 35.1%, free cash flow fell 159.6% and total debt fell 46.6%, each against the same quarter a year earlier.
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Workhorse Group, Inc. (WKHS) Altman Z-score
Workhorse Group, Inc.'s Altman Z-score for fiscal 2025 is −4.34, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.34 | 5.64 |
| FY2024 | −9.98 | (1.30) |
| FY2023 | −8.68 | (4.01) |
| FY2022 | −4.66 | (6.14) |
| FY2021 | 1.48 | (3.22) |
| FY2020 | 4.70 | 10.19 |
| FY2019 | −5.49 | 21.45 |
| FY2018 | −26.94 | (15.37) |
| FY2017 | −11.56 | (13.85) |
| FY2016 | 2.29 | 4.57 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.18 | — | 0.21 | |
| Retained earnings / total assets | (2.71) | — | −3.79 | |
| EBIT / total assets | (0.40) | — | −1.33 | |
| Market value of equity / total liabilities | 0.64 | — | 0.39 | |
| Sales / total assets | 0.18 | — | 0.18 | |
| Altman Z-score | Distress zone | −4.34 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −9.76 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GGR Gogoro Inc. compare | −1.4× |
| PEVM Phoenix Motor Inc. compare | −1.6× |
| EMPD Empery Digital Inc. compare | −2.2× |
| FSRNQ Fisker Inc. compare | −2.3× |
| WKHS Workhorse Group, Inc. | −4.3× |
| CENN Cenntro Inc. compare | −8.1× |
| FABC Fabric.AI, Inc. compare | −9.3× |
| AZIO Azio AI Holdings, Inc. compare | −62.3× |
| SEV Aptera Motors Corp. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets