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Workhorse Group (WKHS) Financials

Workhorse Group logo
$2.66 +0.01 (+0.38%)
Closing price 04:00 PM Eastern
Extended Trading
$2.62 -0.04 (-1.47%)
As of 07:45 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Workhorse Group

Annual Income Statements for Workhorse Group

This table shows Workhorse Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -9.43 -20 -41 -37 -37 70 -401 -117 -124 -52 -64
Consolidated Net Income / (Loss)		 -9.43 -20 -41 -37 -37 70 -401 -117 -124 -52 -64
Net Income / (Loss) Continuing Operations		 -9.43 -20 -41 -37 -37 70 -401 -117 -124 -52 -64
Total Pre-Tax Income 		-9.43 -20 -41 -37 -37 92 -423 -117 -124 -52 -64
Total Operating Income		 -8.46 -20 -41 -34 -24 -41 -185 -129 -105 -41 -47
Total Gross Profit		 0.14 -7.16 -14 -15 -5.47 -12 -133 -33 -25 -6.15 -9.56
Total Revenue		 0.14 6.41 10 0.76 0.38 1.39 0.00 5.02 13 7.04 21
Operating Revenue		 0.14 6.41 10 0.76 0.38 1.39 - 5.02 13 7.04 21
Total Cost of Revenue		 0.00 14 25 16 5.84 13 132 38 38 13 31
Operating Cost of Revenue		 0.00 14 25 16 5.84 13 132 38 38 13 31
Total Operating Expenses		 8.60 12 27 19 18 29 52 96 80 35 38
Selling, General & Admin Expense		 3.86 6.20 8.82 11 10 20 40 73 56 16 25
Research & Development Expense		 4.74 6.15 18 7.39 8.20 9.15 12 23 24 13 13
Impairment Charge		 - - - - - - - - - 6.25 0.00
Total Other Income / (Expense), net		 -0.97 0.00 0.00 -2.43 -13 133 -13 12 -19 -10 -17
Interest & Investment Income		 - - - - - - - - -8.73 -10 -17
Other Income / (Expense), net		 - - - - 16 323 - 14 -10 0.00 0.78
Income Tax Expense		 - - - 0.00 0.00 22 -22 0.00 -0.11 0.00 0.00
Basic Earnings per Share		 ($0.55) ($0.78) - - ($0.58) $0.75 ($3.12) ($0.74) ($149.45) ($9.43) ($6.76)
Weighted Average Basic Shares Outstanding		 17.29M 25.20M 38.76M 50.38M 64.31M 92.87M 128.68M 158.58M 829.17K 5.47M 9.48M
Diluted Earnings per Share		 ($0.55) ($0.78) - - ($0.58) $0.70 ($3.12) ($0.74) ($149.45) ($9.43) ($6.76)
Weighted Average Diluted Shares Outstanding		 17.29M 25.20M 38.76M 50.38M 64.31M 99.95M 128.68M 158.58M 829.17K 5.47M 9.48M
Weighted Average Basic & Diluted Shares Outstanding		 17.29M 25.20M 38.76M 50.38M 64.31M 123.51M 151.34M 171.17M 314.83M 5.13M 10.45M

Quarterly Income Statements for Workhorse Group

This table shows Workhorse Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -31 -45 -29 -26 -25 -21 -13 -15 -7.83 -21 -20
Consolidated Net Income / (Loss)		 -31 -45 -29 -26 -25 -21 -13 -15 -7.83 -21 -20
Net Income / (Loss) Continuing Operations		 -31 -45 -29 -26 -25 -21 -13 -15 -7.83 -21 -20
Total Pre-Tax Income 		-31 -45 -29 -26 -25 -21 -13 -15 -7.83 -21 -20
Total Operating Income		 -21 -35 -24 -21 -14 -15 -9.08 -14 -17 -3.57 -21
Total Gross Profit		 -3.53 -14 -6.10 -6.46 -4.13 -5.53 -1.08 -7.38 -7.71 10 -7.48
Total Revenue		 3.03 4.41 1.34 0.84 2.51 1.92 1.15 5.67 2.38 13 4.33
Operating Revenue		 3.03 4.41 1.34 0.84 2.51 1.92 1.15 5.67 2.38 13 4.33
Total Cost of Revenue		 6.56 18 7.44 7.30 6.64 7.46 2.22 13 10 2.46 12
Operating Cost of Revenue		 6.56 18 7.44 7.30 6.64 7.46 2.22 13 10 2.46 12
Total Operating Expenses		 18 22 18 14 10 9.94 8.00 7.09 -4.96 27 14
Selling, General & Admin Expense		 12 15 14 12 7.72 8.63 4.34 5.84 7.77 4.32 9.55
Research & Development Expense		 5.77 6.41 3.53 1.99 2.31 1.31 3.66 1.25 1.08 9.31 4.07
Total Other Income / (Expense), net		 -9.59 -10 -5.43 -5.80 -11 -5.82 -3.58 -0.31 -5.08 -3.45 1.18
Interest & Investment Income		 0.41 - -1.16 -2.03 -3.00 - -3.58 -0.58 -0.17 -11 -0.35
Other Income / (Expense), net		 -10 - -4.26 -3.77 -7.96 - -0.00 0.27 -4.91 7.97 1.53
Income Tax Expense		 0.00 -0.11 0.00 0.00 0.00 -0.12 0.00 0.00 0.00 0.00 -0.03
Basic Earnings per Share		 ($2.84) ($54.58) ($24.09) ($17.45) ($19.00) ($10.75) ($1.36) ($1.67) ($0.50) ($2.20) ($1.99)
Weighted Average Basic Shares Outstanding		 10.79M 829.17K 1.21M 1.51M 1.32M 1.97M 9.33M 8.83M 15.54M 9.48M 10.01M
Diluted Earnings per Share		 ($2.84) ($54.58) ($24.09) ($17.45) ($19.00) ($10.75) ($1.36) ($1.67) ($0.50) ($2.20) ($1.99)
Weighted Average Diluted Shares Outstanding		 10.79M 829.17K 1.21M 1.51M 1.32M 1.97M 9.33M 8.83M 15.54M 9.48M 10.01M
Weighted Average Basic & Diluted Shares Outstanding		 260.92M 314.83M 375.23M 24.36M 40.98M 5.13M 9.47M 15.37M 23.96M 10.45M 10.89M

Annual Cash Flow Statements for Workhorse Group

This table details how cash moves in and out of Workhorse Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 7.23 -7.21 3.60 -2.56 23 216 -40 -102 -63 2.37 6.29
Net Cash From Operating Activities		 -8.22 -19 -39 -22 -37 -70 -133 -94 -123 -38 -36
Net Cash From Continuing Operating Activities		 -8.22 -19 -39 -22 -37 -70 -133 -94 -123 -38 -36
Net Income / (Loss) Continuing Operations		 -9.43 -20 -41 -37 -37 70 -401 -117 -124 -52 -64
Consolidated Net Income / (Loss)		 -9.43 -20 -41 -37 -37 70 -401 -117 -124 -52 -64
Depreciation Expense		 0.37 0.38 0.55 0.35 0.39 0.81 1.91 1.95 4.06 0.82 1.24
Amortization Expense		 - - 0.00 4.60 4.37 12 0.00 - - 0.01 0.00
Non-Cash Adjustments To Reconcile Net Income		 0.72 0.88 1.43 10 4.44 -138 342 33 40 11 5.11
Changes in Operating Assets and Liabilities, net		 0.12 -0.74 0.57 -0.69 -8.91 -16 -75 -12 -43 1.98 22
Net Cash From Investing Activities		 -0.07 -0.53 -0.14 -0.02 1.65 -5.73 100 -20 -19 -4.76 9.83
Net Cash From Continuing Investing Activities		 -0.07 -0.53 -0.14 -0.02 1.65 -5.73 100 -20 -19 -4.76 9.83
Purchase of Property, Plant & Equipment		 -0.07 -0.53 -0.14 -0.02 -2.00 -5.73 -5.31 -17 -19 -4.76 -0.60
Acquisitions		 - - - - - - - - - 0.00 10
Net Cash From Financing Activities		 16 12 42 19 59 292 -6.82 11 78 45 32
Net Cash From Continuing Financing Activities		 16 12 42 19 59 292 -6.82 11 78 45 32
Repayment of Debt		 - -2.72 0.00 -16 -17 0.00 -2.39 -0.86 -0.88 45 22
Issuance of Preferred Equity		 - - - 0.00 25 - - - - 0.25 0.00
Other Financing Activities, net		 0.11 15 0.68 0.09 0.04 54 -4.43 -0.56 -0.50 0.04 10
Cash Interest Paid		 - - - 1.13 - - - - - 0.00 0.00
Cash Income Taxes Paid		 - - - - - - - - - 0.00 0.00

Quarterly Cash Flow Statements for Workhorse Group

This table details how cash moves in and out of Workhorse Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -24 -3.02 -29 -1.42 -2.06 1.40 -2.66 -5.87 13 -27 -12
Net Cash From Operating Activities		 -30 -27 -18 -12 -10 -7.47 -12 -5.87 -11 -11 -17
Net Cash From Continuing Operating Activities		 -30 -27 -18 -12 -10 -7.47 -12 -5.87 -11 -11 -17
Net Income / (Loss) Continuing Operations		 -31 -45 -29 -26 -25 -21 -13 -15 -7.83 -21 -20
Consolidated Net Income / (Loss)		 -31 -45 -29 -26 -25 -21 -13 -15 -7.83 -21 -20
Depreciation Expense		 1.08 1.59 1.96 2.06 1.94 1.95 0.20 1.82 1.78 -4.35 2.02
Non-Cash Adjustments To Reconcile Net Income		 14 18 9.82 11 8.03 11 0.58 2.53 -2.58 -3.53 1.09
Changes in Operating Assets and Liabilities, net		 -14 -2.24 -0.59 1.22 5.11 1.23 -0.60 4.56 -2.37 18 0.26
Net Cash From Investing Activities		 -6.05 -2.16 -3.03 -0.73 -0.27 -0.04 -0.17 0.02 19 -9.64 -0.13
Net Cash From Continuing Investing Activities		 -6.05 -2.16 -3.03 -0.73 -0.27 -0.04 -0.17 0.02 19 -9.64 -0.13
Purchase of Property, Plant & Equipment		 -6.05 -2.16 -3.03 -0.73 -0.27 -0.04 -0.17 0.02 - -0.60 -0.13
Net Cash From Financing Activities		 12 27 -8.13 11 8.26 8.91 10 -0.02 5.00 -7.08 5.00
Net Cash From Continuing Financing Activities		 12 27 -8.13 11 8.26 8.91 10 -0.02 5.00 -7.08 5.00
Issuance of Debt		 - 18 0.00 20 8.75 5.86 0.00 - 5.00 - 5.00
Cash Interest Paid		 - - - - - - 0.00 - - - 0.23
Cash Income Taxes Paid		 - - - - - - 0.00 - - - 0.00

Annual Balance Sheets for Workhorse Group

This table presents Workhorse Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 15 10 17 12 51 633 228 183 142 37 118
Total Current Assets		 11 3.92 11 6.37 32 290 216 139 94 34 60
Cash & Equivalents		 7.68 0.47 4.07 1.51 24 47 202 99 26 6.63 12
Restricted Cash		 - - - 0.00 1.00 194 - 0.00 10 - 0.68
Accounts Receivable		 0.00 0.63 1.01 0.00 0.01 1.04 0.15 17 4.47 3.59 3.89
Inventories, net		 0.08 2.46 4.62 2.53 1.80 15 10 8.85 45 21 39
Prepaid Expenses		 3.15 0.26 0.95 2.27 4.81 33 4.36 14 8.10 2.55 3.95
Plant, Property, & Equipment, net		 3.74 6.00 5.60 5.24 6.83 11 7.90 22 38 2.12 22
Total Noncurrent Assets		 0.00 0.32 0.21 0.20 0.13 331 4.02 22 9.97 1.11 36
Goodwill		 - - - - - - - - - 0.00 3.13
Intangible Assets		 - - - - - - - - - 0.00 10
Other Noncurrent Operating Assets		 - - - - - 0.09 4.02 12 4.35 1.11 22
Total Liabilities & Shareholders' Equity		 15 10 17 12 51 633 228 183 142 37 118
Total Liabilities		 18 6.42 13 27 86 237 53 74 59 78 75
Total Current Liabilities		 18 4.33 6.38 19 47 18 28 63 53 77 39
Accounts Payable		 2.01 3.22 5.66 4.34 1.68 4.79 7.85 10 12 2.07 13
Accrued Expenses		 - 0.80 0.28 3.95 3.41 11 19 48 6.77 4.80 14
Current Deferred Revenue		 - - - 0.41 - - 0.00 3.38 4.71 0.79 1.62
Other Current Liabilities		 0.11 0.23 0.00 10 26 0.00 0.36 1.29 9.17 0.89 9.69
Total Noncurrent Liabilities		 0.00 2.09 6.61 8.31 39 220 26 11 5.28 1.31 36
Other Noncurrent Operating Liabilities		 0.00 0.00 -0.84 0.00 19 198 26 8.84 5.28 1.31 36
Commitments & Contingencies		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -3.78 3.82 3.51 -15 -35 395 175 109 83 -41 43
Total Preferred & Common Equity		 -3.78 3.82 3.51 -15 -35 395 175 109 83 -41 43
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.05 0.00
Total Common Equity		 -3.78 3.82 3.51 -15 -35 395 175 109 83 -41 43
Common Stock		 34 67 108 126 144 504 686 736 835 214 362
Retained Earnings		 -44 -63 -104 -142 -179 -109 -510 -628 -752 -255 -319

Quarterly Balance Sheets for Workhorse Group

This table presents Workhorse Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 146 114 105 101 115 99 117 103
Total Current Assets		 98 66 59 57 78 64 73 47
Cash & Equivalents		 39 6.73 5.31 3.24 2.64 2.19 13 0.60
Restricted Cash		 - 0.00 0.00 0.00 28 23 25 0.68
Accounts Receivable		 7.42 1.77 0.76 3.68 0.17 2.51 2.61 3.42
Inventories, net		 41 50 47 43 41 33 30 37
Prepaid Expenses		 11 7.29 6.90 7.36 5.48 3.70 2.15 5.06
Plant, Property, & Equipment, net		 37 39 36 35 31 29 21 21
Total Noncurrent Assets		 11 9.69 9.40 9.11 6.93 6.42 23 35
Goodwill		 - - - - - - - 3.48
Intangible Assets		 - - - - - - - 10
Other Noncurrent Operating Assets		 11 9.69 9.40 3.64 6.93 6.42 23 21
Total Liabilities & Shareholders' Equity		 146 114 105 101 115 99 117 103
Total Liabilities		 34 46 47 54 84 77 85 77
Total Current Liabilities		 26 41 42 50 80 73 60 38
Accounts Payable		 12 14 11 11 11 11 11 13
Accrued Expenses		 7.64 7.25 6.98 9.16 11 12 8.34 16
Current Deferred Revenue		 4.74 4.69 6.95 6.35 6.35 6.05 1.06 1.29
Other Current Liabilities		 1.56 7.35 7.61 10 6.81 4.74 13 7.73
Total Noncurrent Liabilities		 7.66 5.05 5.05 4.56 3.70 3.42 24 38
Other Noncurrent Operating Liabilities		 7.66 5.05 5.05 4.56 3.70 3.42 19 38
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 113 67 59 47 31 22 32 26
Total Preferred & Common Equity		 113 67 59 47 31 22 32 26
Preferred Stock		 0.00 0.00 0.00 - - - - 0.00
Total Common Equity		 113 67 59 47 31 22 32 26
Common Stock		 819 848 866 879 905 911 929 365
Retained Earnings		 -706 -781 -807 -832 -874 -889 -897 -339

Annual Metrics And Ratios for Workhorse Group

This table displays calculated financial ratios and metrics derived from Workhorse Group's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 181,126,366.00 26,529,357.00 41,126,934.00 56,270,934.00 66,857,529.00 120,529,157.00 140,185,565.00 164,101,244.00 260,923,427.00 - 23,962,845.00
DEI Adjusted Shares Outstanding		 60,375.00 8,843.00 13,709.00 18,757.00 22,286.00 40,176.00 46,729.00 54,700.00 86,974.00 - 1,996,904.00
DEI Earnings Per Adjusted Shares Outstanding		 -156.14 -2,211.45 -3,006.55 -1,946.06 -1,667.54 1,736.77 -8,588.77 -2,143.95 -1,424.78 - -32.09
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -21.14% 4,482.65% 56.49% -92.40% -50.66% 269.80% -100.00% 0.00% 160.69% -49.47% 201.12%
EBITDA Growth		 -38.96% -137.02% -112.09% 28.39% 88.81% 9,166.67% -162.03% 38.05% 1.99% 35.49% -12.17%
EBIT Growth		 -36.25% -131.13% -110.76% 17.35% 76.47% 3,619.10% -165.61% 37.64% 0.12% 30.90% -12.91%
NOPAT Growth		 -36.25% -131.13% -110.76% 17.35% 29.94% -86.83% -315.14% 30.27% 18.43% 29.83% -14.78%
Net Income Growth		 -42.64% -107.45% -110.76% 11.44% -1.81% 287.76% -675.19% 70.78% -5.67% 17.86% -24.23%
EPS Growth		 -1,000.00% -41.82% 0.00% 0.00% 0.00% 220.69% -545.71% 76.28% -5.67% 17.86% 28.31%
Operating Cash Flow Growth		 -84.04% -131.55% -103.12% 43.73% -69.49% -90.60% -88.64% 29.23% -31.13% 61.32% 6.82%
Free Cash Flow Firm Growth		 -34.10% -74.08% -113.26% 74.07% 237.41% 887.18% -357.90% 58.02% -21.63% 75.73% -340.98%
Invested Capital Growth		 92.22% 13.80% 32.06% -218.39% -320.28% -383.34% 84.61% 97.44% 9,883.77% -25.64% 44.03%
Revenue Q/Q Growth		 0.00% 89.98% 26.65% -87.05% -4.72% 87.28% -100.00% 1,113.25% 7.77% -27.28% 99.72%
EBITDA Q/Q Growth		 0.00% -44.60% -13.12% 0.86% 86.40% 1,275.18% -131.85% 45.50% -4.51% 16.59% 6.86%
EBIT Q/Q Growth		 0.00% -43.42% -13.04% -8.71% 72.06% 913.09% -129.68% 45.08% -5.32% 14.87% 17.13%
NOPAT Q/Q Growth		 0.00% -43.42% -13.04% -8.71% 16.83% -28.51% -60.77% 38.58% 3.81% 21.05% 20.05%
Net Income Q/Q Growth		 0.00% -37.02% -12.96% -19.61% 33.05% 133.22% -1,238.85% 50.04% -5.63% 19.13% 0.54%
EPS Q/Q Growth		 0.00% -14.71% 0.00% 0.00% 0.00% 128.57% -1,175.86% 49.66% -5.63% 19.13% -62.89%
Operating Cash Flow Q/Q Growth		 -42.13% -9.50% -13.78% 21.48% -29.08% -39.51% 7.08% -6.00% 0.29% 29.59% -9.43%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -19.45% 55.09% -15.25% 135.17% -191.90% 50.95% 5.05% 29.45% -304.83%
Invested Capital Q/Q Growth		 0.00% 75.70% 124.11% -759.30% -6.70% -68.34% 69.88% -160.03% -8.74% -12.31% 15.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% -111.67% -144.23% -1,990.43% -1,452.17% -838.38% 0.00% -649.99% -192.87% -335.92% -45.05%
EBITDA Margin		 -5,779.21% -298.90% -405.11% -3,815.80% -865.07% 21,209.60% 0.00% -2,259.40% -849.46% -1,084.54% -214.16%
Operating Margin		 -6,044.41% -304.86% -410.59% -4,463.94% -6,338.12% -2,942.95% 0.00% -2,569.80% -804.13% -1,116.73% -223.66%
EBIT Margin		 -6,044.41% -304.86% -410.59% -4,463.94% -2,129.04% 20,260.46% 0.00% -2,298.12% -880.49% -1,204.07% -219.98%
Profit (Net Income) Margin		 -6,734.43% -304.86% -410.59% -4,782.97% -9,868.98% 5,010.81% 0.00% -2,334.71% -946.33% -1,538.46% -302.14%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 76.17% 94.84% 100.00% 99.91% 99.89% 100.01%
Interest Burden Percent		 111.42% 100.00% 100.00% 107.15% 463.54% 32.47% 228.61% 101.59% 107.57% 127.92% 137.34%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 23.83% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -160.77% -264.22% -450.85% 0.00% 0.00% 0.00% 0.00% 0.00% -220.83% -87.96% -130.14%
ROIC Less NNEP Spread (ROIC-NNEP)		 -219.36% -377.83% -902.93% 0.00% 0.00% 0.00% 0.00% 0.00% -140.45% 934.10% -256.65%
Return on Net Nonoperating Assets (RNNOA)		 571.30% -115,317.61% -673.98% 0.00% 0.00% 0.00% 0.00% 0.00% 91.54% -71.84% -5,638.18%
Return on Equity (ROE)		 410.53% -115,581.83% -1,124.83% 612.92% 147.66% 38.73% -140.85% -82.80% -129.29% -159.80% -5,768.32%
Cash Return on Invested Capital (CROIC)		 -223.88% -277.13% -478.48% 0.00% 0.00% 0.00% 0.00% 0.00% -210.31% -58.55% -166.22%
Operating Return on Assets (OROA)		 -86.36% -157.19% -308.23% -240.68% -25.66% 82.59% 0.00% -56.19% -71.08% -67.65% -60.09%
Return on Assets (ROA)		 -96.22% -157.19% -308.23% -257.88% -118.96% 20.43% 0.00% -57.08% -76.40% -86.44% -82.53%
Return on Common Equity (ROCE)		 410.53% -115,581.83% -1,124.83% 612.92% 147.66% 38.73% -140.85% -82.80% -129.29% -159.80% -5,651.50%
Return on Equity Simple (ROE_SIMPLE)		 249.18% -512.34% -1,173.74% 236.68% 106.44% 17.66% -229.74% -108.00% -149.10% -229.84% 0.00%
Net Operating Profit after Tax (NOPAT)		 -5.92 -14 -29 -24 -17 -31 -130 -90 -74 -52 -33
NOPAT Margin		 -4,231.09% -213.40% -287.41% -3,124.76% -4,436.68% -2,241.55% 0.00% -1,798.86% -562.89% -781.71% -156.56%
Net Nonoperating Expense Percent (NNEP)		 58.60% 113.61% 452.08% 239.42% 747.78% 35.33% -70.40% -17.31% -80.37% -1,022.06% 126.51%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -71.36% -94.38% -77.15%
Cost of Revenue to Revenue		 0.00% 211.67% 244.23% 2,090.43% 1,552.17% 938.38% 0.00% 749.99% 292.87% 435.92% 145.05%
SG&A Expenses to Revenue		 2,757.98% 96.69% 87.86% 1,504.96% 2,708.59% 1,447.57% 0.00% 1,457.68% 424.40% 642.53% 116.55%
R&D to Revenue		 3,386.43% 95.81% 176.70% 968.55% 2,177.35% 657.01% 0.00% 462.14% 186.85% 138.28% 62.06%
Operating Expenses to Revenue		 6,144.41% 193.18% 266.36% 2,473.51% 4,885.94% 2,104.57% 0.00% 1,919.81% 611.26% 780.81% 178.61%
Earnings before Interest and Taxes (EBIT)		 -8.46 -20 -41 -34 -8.02 282 -185 -115 -115 -80 -47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.09 -19 -41 -29 -3.26 295 -183 -113 -111 -72 -45
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 49.07 29.98 0.00 0.00 6.03 3.50 2.30 1.13 0.65 0.24
Price to Tangible Book Value (P/TBV)		 0.00 49.07 29.98 0.00 0.00 6.03 3.50 2.30 1.13 0.65 0.34
Price to Revenue (P/Rev)		 0.00 29.20 10.49 38.93 539.74 1,712.05 0.00 49.66 7.17 4.32 0.48
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 34.17 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 2.93% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 34.27 14.97 0.00 0.00 0.00 0.00 0.00 1.16 0.69 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 29.46 10.86 47.84 525.22 1,302.45 0.00 27.90 5.98 5.21 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 6.14 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 6.43 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 18.13 16.84 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -4.31 0.57 2.23 -0.54 -0.56 0.00 0.00 0.00 0.24 0.24 0.00
Long-Term Debt to Equity		 0.00 0.55 2.12 -0.54 -0.56 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -2.60 305.21 0.75 -0.89 -0.11 -1.59 -1.35 -1.10 -0.65 -0.08 21.97
Leverage Ratio		 -4.27 735.29 3.65 -2.38 -1.24 1.90 1.51 1.45 1.69 1.85 69.89
Compound Leverage Factor		 -4.75 735.29 3.65 -2.55 -5.75 0.62 3.45 1.47 1.82 2.36 95.99
Debt to Total Capital		 130.21% 36.22% 69.07% -116.90% -125.06% 0.36% 0.00% 0.00% 19.54% 19.18% 0.00%
Short-Term Debt to Total Capital		 130.21% 1.33% 3.36% 0.00% 0.00% 0.36% 0.00% 0.00% 19.54% 19.15% 0.00%
Long-Term Debt to Total Capital		 0.00% 34.89% 65.71% -116.90% -125.06% 0.00% 0.00% 0.00% 0.00% 0.04% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -30.21% 63.78% 30.93% 216.90% 225.06% 99.64% 100.00% 100.00% 80.46% 80.82% 100.00%
Debt to EBITDA		 -2.02 -0.11 -0.19 -0.29 -5.96 0.00 0.00 0.00 -0.18 -0.15 0.00
Net Debt to EBITDA		 -1.07 -0.09 -0.09 -0.23 1.68 -1.93 0.00 0.00 0.14 -0.08 0.00
Long-Term Debt to EBITDA		 0.00 -0.11 -0.18 -0.29 -5.96 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -2.75 -0.16 -0.27 -0.35 -1.16 -0.05 0.00 0.00 -0.27 -0.20 0.00
Net Debt to NOPAT		 -1.46 -0.12 -0.13 -0.29 0.33 18.27 0.00 0.00 0.21 -0.11 0.00
Long-Term Debt to NOPAT		 0.00 -0.15 -0.26 -0.35 -1.16 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 3.15 -11.30 -26.87 -4.40 7.78 2.04 -4.35 -8.71 -15.01 -4.62
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.03%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.59 0.90 1.68 0.34 0.67 16.51 7.85 2.20 1.76 1.18 1.54
Quick Ratio		 0.42 0.28 0.80 0.08 0.51 2.72 7.32 1.84 0.57 0.12 0.42
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -8.25 -14 -31 -7.94 11 108 -278 -117 -142 -34 -42
Operating Cash Flow to CapEx		 -12,602.69% -3,604.31% -26,969.79% -118,087.79% -1,843.12% -1,226.91% -2,494.77% -624.64% -658.32% -1,170.93% -5,896.02%
Free Cash Flow to Firm to Interest Expense		 -8.54 0.00 0.00 -3.26 0.37 0.57 -21.97 -63.46 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -8.51 0.00 0.00 -8.93 -1.27 -0.37 -10.49 -51.05 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -8.58 0.00 0.00 -8.94 -1.33 -0.40 -10.91 -59.22 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.01 0.52 0.75 0.05 0.01 0.00 0.00 0.02 0.08 0.06 0.27
Accounts Receivable Turnover		 0.00 0.00 12.23 0.00 0.00 2.66 0.00 0.58 1.22 2.38 5.67
Inventory Turnover		 0.00 10.68 6.92 4.46 2.70 1.51 10.38 3.98 1.41 0.66 1.02
Fixed Asset Turnover		 0.04 1.32 1.73 0.14 0.06 0.15 0.00 0.34 0.44 0.19 1.73
Accounts Payable Turnover		 0.00 5.19 5.52 3.19 1.94 4.04 20.96 4.17 3.38 2.41 4.00
Days Sales Outstanding (DSO)		 0.00 0.00 29.85 0.00 0.00 137.01 0.00 625.97 300.33 153.15 64.35
Days Inventory Outstanding (DIO)		 0.00 34.19 52.75 81.86 135.25 241.13 35.17 91.64 258.20 552.06 358.69
Days Payable Outstanding (DPO)		 0.00 70.28 66.11 114.37 187.95 90.36 17.41 87.61 107.98 151.64 91.20
Cash Conversion Cycle (CCC)		 0.00 -36.09 16.50 -32.52 -52.70 287.78 0.00 630.01 450.55 553.57 331.84
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4.85 5.52 7.28 -8.62 -36 -175 -27 -0.69 67 50 30
Invested Capital Turnover		 0.04 1.24 1.57 -1.14 -0.02 -0.01 0.00 -0.36 0.39 0.11 0.83
Increase / (Decrease) in Invested Capital		 2.33 0.67 1.77 -16 -28 -139 148 26 68 -17 9.21
Enterprise Value (EV)		 0.00 189 109 37 198 1,814 410 140 78 34 -2.76
Market Capitalization		 0.00 187 105 30 203 2,384 611 249 94 29 10
Book Value per Share		 ($0.02) $0.14 $0.09 ($0.27) ($0.52) $3.28 $1.25 $0.66 $0.32 $1.08 $1.80
Tangible Book Value per Share		 ($0.02) $0.14 $0.09 ($0.27) ($0.52) $3.28 $1.25 $0.66 $0.32 $1.08 $1.24
Total Capital		 13 5.98 11 -7.11 -16 397 175 109 103 55 43
Total Debt		 16 2.17 7.84 8.31 19 1.41 0.00 0.00 20 11 0.00
Total Long-Term Debt		 0.00 2.09 7.46 8.31 19 0.00 0.00 0.00 0.00 0.02 0.00
Net Debt		 8.63 1.70 3.77 6.80 -5.47 -570 -202 -109 -16 5.87 -13
Capital Expenditures (CapEx)		 0.07 0.53 0.14 0.02 2.00 5.73 5.31 15 19 4.06 0.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1.11 -0.81 0.63 -14 -40 33 -13 -23 25 14 8.05
Debt-free Net Working Capital (DFNWC)		 8.79 -0.34 4.70 -13 -16 274 189 76 61 19 21
Net Working Capital (NWC)		 -7.52 -0.42 4.32 -13 -16 273 189 76 41 8.20 21
Net Nonoperating Expense (NNE)		 3.50 5.87 12 13 20 -101 272 27 50 50 31
Net Nonoperating Obligations (NNO)		 8.63 1.70 3.77 6.80 -1.33 -570 -202 -109 -16 5.87 -13
Total Depreciation and Amortization (D&A)		 0.37 0.38 0.55 4.95 4.76 13 1.91 1.95 4.06 7.91 1.24
Debt-free, Cash-free Net Working Capital to Revenue		 793.16% -12.59% 6.28% -1,842.13% -10,726.73% 2,375.38% 0.00% -462.44% 189.98% 212.24% 37.95%
Debt-free Net Working Capital to Revenue		 6,277.63% -5.27% 46.82% -1,643.91% -4,122.66% 19,698.60% 0.00% 1,513.97% 463.72% 282.45% 98.86%
Net Working Capital to Revenue		 -5,371.83% -6.51% 43.02% -1,643.91% -4,122.66% 19,597.27% 0.00% 1,513.97% 309.62% 123.87% 98.86%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($11.00) ($15.60) ($21.80) $0.00 $0.00 $15.00 ($62.40) ($14.80) ($150.00) ($51.69) ($6.76)
Adjusted Weighted Average Basic Shares Outstanding		 864.67K 1.80M 2.09M 3.07M 3.53M 4.64M 6.43M 7.93M 829.17K 1.97M 9.48M
Adjusted Diluted Earnings per Share		 ($11.00) ($15.60) ($21.80) $0.00 $0.00 $14.00 ($62.40) ($14.80) ($150.00) ($51.69) ($6.76)
Adjusted Weighted Average Diluted Shares Outstanding		 864.67K 1.80M 2.09M 3.07M 3.53M 5.00M 6.43M 7.93M 829.17K 1.97M 9.48M
Adjusted Basic & Diluted Earnings per Share		 ($11.00) ($15.60) ($21.80) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 864.67K 1.26M 1.94M 2.52M 3.22M 6.18M 7.57M 8.56M 1.26M 5.13M 10.45M
Normalized Net Operating Profit after Tax (NOPAT)		 -5.92 -14 -29 -24 -17 -31 -130 -90 -74 -52 -33
Normalized NOPAT Margin		 -4,231.09% -213.40% -287.41% -3,124.76% -4,436.68% -2,241.55% 0.00% -1,798.86% -562.89% -781.71% -156.56%
Pre Tax Income Margin		 -6,734.43% -304.86% -410.59% -4,782.97% -9,868.98% 6,578.76% 0.00% -2,334.71% -947.17% -1,540.23% -302.12%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -8.76 0.00 0.00 -13.99 -0.28 1.48 -14.64 -62.81 0.00 0.00 0.00
NOPAT to Interest Expense		 -6.13 0.00 0.00 -9.79 -0.57 -0.16 -10.25 -49.16 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -8.83 0.00 0.00 -14.00 -0.34 1.45 -15.06 -70.98 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -6.20 0.00 0.00 -9.80 -0.64 -0.19 -10.67 -57.34 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Workhorse Group

This table displays calculated financial ratios and metrics derived from Workhorse Group's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 210,793,111.00 260,923,427.00 314,830,058.00 375,229,162.00 24,362,546.00 - 5,125,592.00 9,473,055.00 15,373,266.00 23,962,845.00 10,449,858.00
DEI Adjusted Shares Outstanding		 70,264.00 86,974.00 104,943.00 125,076.00 162,417.00 - 427,133.00 789,421.00 1,281,106.00 1,996,904.00 10,449,858.00
DEI Earnings Per Adjusted Shares Outstanding		 -436.15 -520.35 -277.83 -210.43 -154.76 - -29.63 -18.72 -6.11 -10.43 -1.90
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 95.54% 27.29% -20.91% -78.76% -17.13% -56.32% -14.51% 572.98% -4.97% 432.00% 278.08%
EBITDA Growth		 13.78% 13.41% -4.50% 2.39% 32.64% 59.72% 65.87% 44.32% 2.53% -99.84% -97.53%
EBIT Growth		 12.35% 10.60% -9.56% -3.26% 28.74% 56.00% 67.56% 41.55% 3.01% -86.72% -115.44%
NOPAT Growth		 56.89% 10.60% 7.13% 12.77% 32.71% 56.00% 61.74% 29.46% -16.85% -114.65% -132.36%
Net Income Growth		 13.44% -17.08% -16.63% -14.35% 17.98% 53.20% 56.59% 43.84% 68.86% -171.78% -57.10%
EPS Growth		 13.44% -17.08% -16.63% -14.35% 17.98% 53.20% 56.59% 90.43% 97.37% -141.43% -46.32%
Operating Cash Flow Growth		 -182.85% 1.30% 45.15% 63.39% 66.21% 72.80% 30.49% 51.46% -9.30% -637.19% -32.26%
Free Cash Flow Firm Growth		 29.91% -72.40% -56.29% -52.79% 107.76% 106.96% 123.28% 137.08% 186.74% -118.41% -60.64%
Invested Capital Growth		 6,335.80% 9,883.77% 336.47% 79.89% -22.61% -25.64% -32.85% -41.01% -54.30% 44.03% -45.89%
Revenue Q/Q Growth		 -23.65% 45.49% -69.61% -37.10% 197.91% -23.30% -51.33% 784.58% -57.93% 424.76% -65.41%
EBITDA Q/Q Growth		 -31.60% -12.01% 22.47% 14.59% 9.18% 9.09% -131.79% 7.68% -58.98% 100.22% -39,859.36%
EBIT Q/Q Growth		 -32.03% -13.24% 20.41% 13.22% 8.89% 7.99% -127.44% 7.75% -51.18% 120.48% -545.06%
NOPAT Q/Q Growth		 10.49% -67.02% 32.54% 13.52% 30.95% -9.21% -137.20% -12.75% -14.39% 78.41% -490.20%
Net Income Q/Q Growth		 -33.14% -47.68% 35.58% 9.73% 4.50% 15.74% -143.61% 28.40% 47.04% -166.14% 4.56%
EPS Q/Q Growth		 -33.14% -47.68% 35.58% 9.73% 4.50% 15.74% -143.61% 64.32% 70.06% -340.00% 9.55%
Operating Cash Flow Q/Q Growth		 10.00% 7.63% 34.62% 32.64% 16.92% 25.65% -736.51% 27.96% -87.06% 4.08% -56.71%
Free Cash Flow Firm Q/Q Growth		 -215.79% -6.01% 25.11% 39.06% 116.04% -4.88% -74.58% 15.95% 24.03% -160.14% 154.35%
Invested Capital Q/Q Growth		 111.11% -8.74% 1.67% -8.16% -9.18% -12.31% 120.16% -19.32% -29.64% 15.25% -17.29%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -116.52% -309.36% -455.72% -766.69% -164.67% -287.31% -94.24% -130.20% -323.17% 80.37% -172.83%
EBITDA Margin		 -989.73% -761.97% -1,943.59% -2,639.06% -804.55% -702.64% -775.81% -218.36% -825.20% 0.35% -405.34%
Operating Margin		 -695.27% -798.15% -1,771.58% -2,435.57% -564.54% -803.87% -792.93% -255.28% -694.17% -28.56% -487.32%
EBIT Margin		 -1,025.47% -798.15% -2,089.99% -2,883.43% -881.86% -803.87% -793.01% -250.44% -900.03% 35.12% -451.88%
Profit (Net Income) Margin		 -1,011.90% -1,027.09% -2,176.95% -3,124.26% -1,001.53% -1,100.26% -1,105.33% -260.71% -328.21% -166.46% -459.27%
Tax Burden Percent		 100.00% 99.76% 100.00% 100.00% 100.00% 99.45% 100.00% 100.00% 100.00% 100.02% 99.83%
Interest Burden Percent		 98.68% 129.00% 104.16% 108.35% 113.57% 137.63% 139.38% 104.10% 36.47% -473.88% 101.81%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -157.58% -219.19% -374.94% -334.65% -54.85% -63.32% -66.34% -38.35% -123.86% -16.62% -234.55%
ROIC Less NNEP Spread (ROIC-NNEP)		 -138.76% -186.15% -346.41% -299.50% 50.37% 147.90% -146.11% -86.94% 64.06% -91.72% -311.05%
Return on Net Nonoperating Assets (RNNOA)		 96.08% 121.33% 176.91% 122.74% -9.10% -11.37% -23.36% -20.55% 3.23% -2,015.01% -72.23%
Return on Equity (ROE)		 -61.50% -97.86% -198.03% -211.91% -63.95% -74.69% -89.70% -58.90% -120.62% -2,031.63% -306.79%
Cash Return on Invested Capital (CROIC)		 -398.08% -210.31% -297.33% -200.64% -74.45% -58.55% 6.71% -28.04% -25.15% -166.22% -57.75%
Operating Return on Assets (OROA)		 -71.57% -64.43% -180.37% -196.45% -64.78% -45.17% -47.37% -26.30% -87.63% 9.59% -101.03%
Return on Assets (ROA)		 -70.62% -82.91% -187.88% -212.85% -73.57% -61.82% -66.02% -27.38% -31.96% -45.47% -102.69%
Return on Common Equity (ROCE)		 -61.50% -97.86% -198.03% -211.91% -63.95% -74.69% -89.70% -58.90% -120.62% -1,990.48% -306.79%
Return on Equity Simple (ROE_SIMPLE)		 -104.03% 0.00% -189.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -15 -25 -17 -14 -9.92 -11 -6.36 -10 -12 -2.50 -15
NOPAT Margin		 -486.69% -558.71% -1,240.11% -1,704.90% -395.18% -562.71% -555.05% -178.69% -485.92% -19.99% -341.12%
Net Nonoperating Expense Percent (NNEP)		 -18.83% -33.04% -28.53% -35.15% -105.21% -211.22% 79.76% 48.59% -187.92% 75.11% 76.50%
Return On Investment Capital (ROIC_SIMPLE)		 - -23.83% -22.06% -21.03% -16.41% -19.77% -8.29% -16.38% -18.01% -5.81% -56.38%
Cost of Revenue to Revenue		 216.52% 409.36% 555.72% 866.69% 264.67% 387.31% 194.24% 230.20% 423.17% 19.63% 272.83%
SG&A Expenses to Revenue		 388.18% 343.28% 1,052.44% 1,432.33% 307.68% 448.24% 379.04% 103.09% 325.81% 34.54% 220.49%
R&D to Revenue		 190.57% 145.51% 263.42% 236.55% 92.18% 68.31% 319.65% 21.98% 45.18% 74.39% 93.99%
Operating Expenses to Revenue		 578.76% 488.79% 1,315.86% 1,668.88% 399.86% 516.56% 698.69% 125.07% -207.86% 219.23% 314.48%
Earnings before Interest and Taxes (EBIT)		 -31 -35 -28 -24 -22 -15 -9.08 -14 -21 4.40 -20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -30 -34 -26 -22 -20 -14 -8.88 -12 -20 0.04 -18
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.77 1.13 1.10 0.50 0.45 0.65 0.30 0.47 0.53 0.24 1.20
Price to Tangible Book Value (P/TBV)		 0.77 1.13 1.10 0.50 0.45 0.65 0.30 0.47 0.53 0.34 2.49
Price to Revenue (P/Rev)		 7.19 7.17 5.80 3.06 2.33 4.32 1.38 0.97 1.59 0.48 1.29
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.66 1.16 1.09 0.54 0.54 0.69 0.52 0.68 0.42 0.00 1.22
Enterprise Value to Revenue (EV/Rev)		 3.99 5.98 5.89 3.51 3.42 5.21 3.52 2.35 1.03 0.00 1.24
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 6.26 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.24 0.12 0.16 0.28 0.24 1.44 1.77 1.01 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.16 0.00 0.00
Financial Leverage		 -0.69 -0.65 -0.51 -0.41 -0.18 -0.08 0.16 0.24 0.05 21.97 0.23
Leverage Ratio		 1.43 1.69 1.71 1.70 1.55 1.85 2.32 2.53 2.75 69.89 3.79
Compound Leverage Factor		 1.41 2.18 1.79 1.84 1.76 2.54 3.24 2.63 1.00 -331.20 3.86
Debt to Total Capital		 0.00% 19.54% 10.46% 14.13% 21.81% 19.18% 59.04% 63.88% 50.15% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 19.54% 10.46% 14.13% 21.81% 19.15% 59.04% 63.88% 42.15% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 0.00% 0.00% 8.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 80.46% 89.54% 85.87% 78.19% 80.82% 40.96% 36.12% 49.85% 100.00% 100.00%
Debt to EBITDA		 0.00 -0.18 -0.08 -0.10 -0.15 -0.15 -1.94 -0.80 -0.66 0.00 0.00
Net Debt to EBITDA		 0.00 0.14 -0.01 -0.05 -0.12 -0.08 -0.63 -0.30 0.12 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.11 0.00 0.00
Debt to NOPAT		 0.00 -0.27 -0.11 -0.14 -0.20 -0.20 -2.42 -0.99 -0.78 0.00 0.00
Net Debt to NOPAT		 0.00 0.21 -0.02 -0.06 -0.15 -0.11 -0.78 -0.37 0.14 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.12 0.00 0.00
Altman Z-Score		 -5.22 -6.85 -9.09 -10.81 -11.79 -12.75 -10.76 -12.94 -11.02 -3.19 -4.66
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.03% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.78 1.76 1.59 1.43 1.16 1.18 0.96 0.87 1.21 1.54 1.23
Quick Ratio		 1.79 0.57 0.21 0.15 0.14 0.12 0.04 0.06 0.25 0.42 0.11
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -87 -93 -69 -42 6.79 6.46 16 16 19 -12 6.36
Operating Cash Flow to CapEx		 -491.31% -1,272.02% -593.69% -1,649.43% -3,747.91% -20,350.23% -7,432.74% 0.00% 0.00% -1,747.68% -13,212.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.08 0.09 0.07 0.07 0.06 0.06 0.11 0.10 0.27 0.22
Accounts Receivable Turnover		 1.01 1.22 1.37 1.03 1.64 2.38 7.08 6.57 3.37 5.67 13.60
Inventory Turnover		 1.59 1.41 1.13 0.97 0.94 0.66 0.17 0.82 0.98 1.02 1.03
Fixed Asset Turnover		 0.45 0.44 0.39 0.28 0.25 0.19 0.20 0.33 0.38 1.73 0.94
Accounts Payable Turnover		 4.22 3.38 2.82 3.80 3.50 2.41 0.63 3.03 3.28 4.00 3.29
Days Sales Outstanding (DSO)		 360.08 300.33 266.19 352.94 222.85 153.15 51.55 55.53 108.21 64.35 26.85
Days Inventory Outstanding (DIO)		 230.07 258.20 323.78 376.36 388.71 552.06 2,087.13 447.64 373.46 358.69 355.39
Days Payable Outstanding (DPO)		 86.42 107.98 129.39 96.17 104.20 151.64 579.73 120.44 111.23 91.20 111.04
Cash Conversion Cycle (CCC)		 503.73 450.55 460.58 633.13 507.36 553.57 1,558.94 382.74 370.43 331.84 271.19
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 74 67 69 63 57 50 46 37 26 30 25
Invested Capital Turnover		 0.32 0.39 0.30 0.20 0.14 0.11 0.12 0.21 0.25 0.83 0.69
Increase / (Decrease) in Invested Capital		 73 68 53 28 -17 -17 -23 -26 -31 9.21 -21
Enterprise Value (EV)		 48 78 75 34 31 34 24 25 11 -2.76 30
Market Capitalization		 87 94 74 29 21 29 9.43 10 17 10 32
Book Value per Share		 $0.54 $0.32 $0.21 $0.16 $1.94 $1.08 $0.77 $2.36 $2.09 $1.80 $1.09
Tangible Book Value per Share		 $0.54 $0.32 $0.21 $0.16 $1.94 $1.08 $0.77 $2.36 $2.09 $1.24 $0.53
Total Capital		 113 103 75 68 60 55 77 62 64 43 26
Total Debt		 0.00 20 7.87 9.65 13 11 45 40 32 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 5.15 0.00 0.00
Net Debt		 -39 -16 1.15 4.34 9.94 5.87 15 15 -5.93 -13 -1.28
Capital Expenditures (CapEx)		 6.05 2.16 3.03 0.73 0.27 0.04 0.17 -0.02 0.00 0.60 0.13
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 33 25 25 22 18 14 12 5.01 1.45 8.05 7.45
Debt-free Net Working Capital (DFNWC)		 72 61 32 27 21 19 42 30 40 21 8.73
Net Working Capital (NWC)		 72 41 24 18 7.88 8.20 -2.84 -9.79 13 21 8.73
Net Nonoperating Expense (NNE)		 16 21 13 12 15 10 6.30 4.65 -3.76 18 5.11
Net Nonoperating Obligations (NNO)		 -39 -16 1.15 4.34 9.94 5.87 15 15 -5.93 -13 -1.28
Total Depreciation and Amortization (D&A)		 1.08 1.59 1.96 2.06 1.94 1.95 0.20 1.82 1.78 -4.35 2.02
Debt-free, Cash-free Net Working Capital to Revenue		 271.95% 189.98% 199.28% 230.05% 195.80% 212.24% 172.39% 46.59% 13.65% 37.95% 30.55%
Debt-free Net Working Capital to Revenue		 591.83% 463.72% 252.09% 285.25% 231.47% 282.45% 619.00% 276.65% 373.36% 98.86% 35.79%
Net Working Capital to Revenue		 591.83% 309.62% 190.29% 184.92% 86.57% 123.87% -41.53% -91.15% 118.00% 98.86% 35.79%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.80) ($13,645.00) ($25.00) ($17.50) ($12.25) ($134.38) ($56.16) ($1.67) ($0.50) ($2.20) ($1.99)
Adjusted Weighted Average Basic Shares Outstanding		 10.79M 3.32K 1.21M 1.51M 2.05M 157.54K 367.43K 8.83M 15.54M 9.48M 10.01M
Adjusted Diluted Earnings per Share		 ($2.80) ($13,645.00) ($25.00) ($17.50) ($12.25) ($134.38) ($56.16) ($1.67) ($0.50) ($2.20) ($1.99)
Adjusted Weighted Average Diluted Shares Outstanding		 10.79M 3.32K 1.21M 1.51M 2.05M 157.54K 367.43K 8.83M 15.54M 9.48M 10.01M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($13,645.00) $0.00 $0.00 $0.00 ($134.38) $0.00 $0.00 $0.00 ($2.20) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 13.05M 1.26M 1.50M 1.95M 3.28M 410.05K 789.42K 15.37M 23.96M 10.45M 10.89M
Normalized Net Operating Profit after Tax (NOPAT)		 -15 -25 -17 -14 -9.92 -11 -6.36 -10 -21 -2.50 -15
Normalized NOPAT Margin		 -486.69% -558.71% -1,240.11% -1,704.90% -395.18% -562.71% -555.05% -178.69% -891.12% -19.99% -341.12%
Pre Tax Income Margin		 -1,011.90% -1,029.59% -2,176.95% -3,124.26% -1,001.53% -1,106.34% -1,105.33% -260.71% -328.21% -166.42% -460.06%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Workhorse Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Workhorse Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Workhorse Group's net income appears to be on an upward trend, with a most recent value of -$64.09 million in 2025, rising from -$9.43 million in 2015. The previous period was -$51.59 million in 2024. See where experts think Workhorse Group is headed by visiting Workhorse Group's forecast page.

Workhorse Group's total operating income in 2025 was -$47.44 million, based on the following breakdown:
  • Total Gross Profit: -$9.56 million
  • Total Operating Expenses: $37.89 million

Over the last 10 years, Workhorse Group's total revenue changed from $139.98 thousand in 2015 to $21.21 million in 2025, a change of 15,052.9%.

Workhorse Group's total liabilities were at $74.85 million at the end of 2025, a 4.3% decrease from 2024, and a 306.2% increase since 2015.

In the past 10 years, Workhorse Group's cash and equivalents has ranged from $469.57 thousand in 2016 to $201.65 million in 2021, and is currently $12.24 million as of their latest financial filing in 2025.

Over the last 10 years, Workhorse Group's book value per share changed from -0.02 in 2015 to 1.80 in 2025, a change of -8,694.3%.


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Financial statements for NASDAQ:WKHS last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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