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) Beneish M-score
Worksport Ltd.'s Beneish M-score for fiscal 2025 is −1.51; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.51 | (1.30) |
| FY2024 | −0.21 | (8.53) |
| FY2023 | 8.32 | 11.61 |
| FY2022 | −3.30 | (18.72) |
| FY2020 | 15.42 | 14.82 |
| FY2019 | 0.60 | 15.27 |
| FY2018 | −14.66 | 3.41 |
| FY2017 | −18.07 | (3.03) |
| FY2016 | −15.04 | 30.59 |
| FY2015 | −45.63 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.94 | — | 1.79 | |
| Gross margin index | 0.38 | — | 0.20 | |
| Asset quality index | 0.64 | — | 0.26 | |
| Sales growth index | 1.90 | — | 1.69 | |
| Depreciation index | 0.90 | — | 0.10 | |
| SG&A index | 0.81 | — | −0.14 | |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 0.81 | — | −0.26 | |
| Beneish M-score | Flagged by the model | −1.51 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FRSX Foresight Autonomous Holdings Ltd. American Depositary Shares compare | −3.7× |
| WPRT Westport Fuel Systems Inc. compare | −3.3× |
| INEO INNEOVA Holdings Limited compare | −3.1× |
| GTEC Greenland Technologies Holding Corporation compare | −2.9× |
| PRTS CarParts.com, Inc. compare | −2.9× |
| MKDW MKDWELL Tech Inc. compare | −2.4× |
| SYPR Sypris Solutions, Inc. compare | −1.8× |
| WKSP Worksport Ltd. | −1.5× |
| REEAF REE Automotive Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI