Worksport Ltd.
WKSP Consumer Cyclical Auto Parts
Worksport Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $16.1 million, up 89.8% from fiscal 2024. In the quarter to June 2026, revenue grew 27.4%, EPS grew 53.5%, free cash flow fell 11.8% and total debt rose 125.7%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Worksport Ltd. (WKSP) Altman Z-score
Worksport Ltd.'s Altman Z-score for fiscal 2025 is −3.93, 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 | −3.93 | (0.94) |
| FY2024 | −2.99 | (0.69) |
| FY2023 | −2.30 | (1.35) |
| FY2022 | −0.95 | (8.44) |
| FY2021 | 7.48 | 15.69 |
| FY2020 | −8.21 | 27.42 |
| FY2019 | −35.63 | (5.78) |
| FY2018 | −29.84 | (12.70) |
| FY2017 | −17.14 | 9.18 |
| FY2016 | −26.32 | (16.68) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.33 | — | 0.39 | |
| Retained earnings / total assets | (2.73) | — | −3.82 | |
| EBIT / total assets | (0.61) | — | −2.02 | |
| Market value of equity / total liabilities | 1.67 | — | 1.00 | |
| Sales / total assets | 0.52 | — | 0.52 | |
| Altman Z-score | Distress zone | −3.93 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −7.81 | ||
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 |
|---|---|
| GTEC Greenland Technologies Holding Corporation compare | 2.1× |
| INEO INNEOVA Holdings Limited compare | 1.7× |
| PRTS CarParts.com, Inc. compare | 0.5× |
| SYPR Sypris Solutions, Inc. compare | −0.2× |
| MKDW MKDWELL Tech Inc. compare | −0.6× |
| WKSP Worksport Ltd. | −3.9× |
| WPRT Westport Fuel Systems Inc. compare | −16.8× |
| FRSX Foresight Autonomous Holdings Ltd. American Depositary Shares compare | −27.2× |
| REEAF REE Automotive Ltd. compare | −45.4× |
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