WKHS Nasdaq Motor Vehicles & Passenger Car Bodies Financials FY2016βFY2025
Workhorse Group Inc. had $21.2M of revenue in fiscal 2025, up 201.1% on the year before. Over five years, revenue changed +72.4% a year on average.
Last close Β· Oct 23, 2026
$2.60
0.8%Hi! I read Workhorse Group Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+201.1%
Yes. Sales grew 201.1% last year.
Does it make a profit?
β302.1%
No. It lost money last year.
Does profit turn into cash?
β170.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Workhorse Group Inc. had $21.2M of revenue in fiscal 2025, up 201.1% on the year before. Over five years, revenue changed +72.4% a year on average. Its operating margin was β223.7%, up 363.1Β pts: of every 100 in sales, about β224 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Workhorse Group Inc. lost $64.1M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$36.2M in fiscal 2025, β170.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $0.3M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.3M
12 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 15, 2025 | Alan S. HenricksDirector | Sold | 1,894 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | Austin Scott MillerDirector | Sold | 5,051 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | Jacqueline A DedoDirector | Sold | 5,051 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | James D. HarringtonGeneral Counsel | Sold | 532 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | Jean BottiDirector | Sold | 5,051 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | Joshua Joseph AndersonChief Technology Officer | Sold | 296 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | Pamela S. MaderDirector | Sold | 5,051 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | Raymond Joseph ChessDirector | Sold | 6,314 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | Richard F DauchChief Executive Officer, Director | Sold | 8,564 | $6.51 | $0.1M | Form 4 |
| Dec 15, 2025 | Robert M GinnanChief Financial Officer | Sold | 567 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | Stanley Raymond MarchVP, Corporate Development | Sold | 284 | $6.51 | $0.0M | Form 4 |
| Dec 15, 2025 | William G Quigley IIIDirector | Sold | 5,051 | $6.51 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Workhorse Group Inc. owes $3.2M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Workhorse Group Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $202M | $99.3M | $25.8M | $6.6M | $12.2M |
| Debt incl. finance leases | $0.0M | β | $78.8M | $68.9M | $15.4M |
| Debt / equity | 0.0x | β | β | β | 0.4x |
| Current ratio | 7.8x | 2.2x | 1.8x | 0.4x | 1.5x |
| Quick ratio | 7.5x | 2.1x | 0.9x | 0.2x | 0.5x |
| Total assets | $228M | $183M | $142M | $37.4M | $118M |
| Total liabilities | $53.4M | $74.2M | $58.6M | $78.2M | $74.9M |
| Shareholders' equity | $175M | $109M | β$55.6M | β$40.8M | $43.0M |
| Net debt (β = net cash) | β$202M | β | $53.0M | $62.3M | $3.2M |
KIRA Β· Its return on capital was β81.1%: every 100 invested in the business earned about β81 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Workhorse Group Inc. passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 9 | 1 / 9 | 4 / 9 | 5 / 9 | 2 / 8 | 3 / 7 | 4 / 8 | 3 / 9 | 5 / 9 |
| Accruals ratio | β5.1% | β19.1% | β104.2% | β0.9% | 41.0% | β62.5% | β11.4% | β0.6% | β15.0% | β36.7% |
| Altman Z'' | β | β | β66.05 | β17.11 | 3.58 | β3.89 | β11.68 | β21.41 | β37.69 | β9.76 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $6.4M | $10.0M | $0.8M | $0.4M | $1.4M | β$0.9M | $5.0M | $13.1M | $7.0M | $21.2M |
| Net interest income | β | β | β | β$29.1M | β$191M | β$12.6M | β$1.8M | β$8.7M | β | β |
| Provision for credit losses | β | β | β | β | β | β | β | β | $0.0M | $0.0M |
| Gross profit | β$7.2M | β$14.5M | β$15.2M | β$5.5M | β$11.7M | β$133M | β$32.6M | β$25.3M | β$6.1M | β$9.6M |
| Research and development | $6.1M | $17.7M | $7.4M | $8.2M | $9.1M | $11.6M | $23.2M | $24.5M | $12.9M | $13.2M |
| Operating income | β | β | β$34.1M | β$23.9M | β$41.0M | β$185M | β$129M | β$105M | β$41.3M | β$47.4M |
| Interest expense | $0.0M | $0.2M | $2.4M | $29.1M | $191M | β | β | β | β | β |
| Pretax income | β | β | β$36.5M | β$37.2M | $91.6M | β$423M | β$117M | β$124M | β$51.6M | β$64.1M |
| Income tax | β | β | $0.0M | $0.0M | $21.8M | β$21.8M | $0.0M | β$0.1M | $0.0M | $0.0M |
| Net income | β$19.6M | β$41.2M | β$36.5M | β$37.2M | $69.8M | β$401M | β$117M | β$124M | β$51.6M | β$64.1M |
| Net income to common | β | β$41.2M | β$37.3M | β$37.2M | $69.8M | β$401M | β | β | β | β |
| Diluted EPS | β$0.78 | β$1.06 | β | β$0.58 | $0.70 | β$3.12 | β$0.74 | β$149.45 | β$9.43 | β$6.76 |
| Diluted shares | 0.03B | 0.04B | 0.05B | 0.06B | 0.10B | 0.13B | 0.16B | 0.00B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | β$19.0M | β$38.7M | β$21.8M | β$36.9M | β$70.3M | β$133M | β$93.8M | β$123M | β$38.2M | β$35.6M |
| Capital expenditure | $0.5M | $0.1M | $0.0M | $2.0M | $5.7M | $5.3M | $17.5M | $18.7M | $4.8M | $0.6M |
| Free cash flow | β$19.6M | β$38.8M | β$21.8M | β$38.9M | β$76.0M | β$138M | β$111M | β$142M | β$42.9M | β$36.2M |
| Depreciation and amortization | $0.4M | $0.6M | $0.3M | $0.4M | $0.8M | $1.9M | $1.9M | $4.1M | $0.8M | $1.2M |
| Stock-based compensation | $0.8M | $1.4M | $1.1M | $2.0M | $4.0M | $4.9M | $11.5M | $13.4M | $0.6M | $0.7M |
| Acquisitions | β | β | β | β | β | β | β | β | $0.0M | β$10.4M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.5M | $4.1M | $1.5M | $23.9M | $46.8M | $202M | $99.3M | $25.8M | $6.6M | $12.2M |
| Total debt | $2.2M | $6.9M | $8.3M | $39.0M | $1.4M | $0.0M | β | $76.3M | $68.4M | $15.4M |
| Finance lease liabilities | β | β | β | β | β | $0.0M | $3.1M | $2.5M | $0.5M | β |
| Deposits | $0.2M | β | β | β | β | β | β | β | β | β |
| Current assets | $3.9M | $10.7M | $6.4M | $31.5M | $290M | $216M | $139M | $93.8M | $34.2M | $59.8M |
| Current liabilities | $4.3M | $11.3M | $18.9M | $47.0M | $17.6M | $27.6M | $63.3M | $53.3M | $76.9M | $38.9M |
| Inventory | $2.5M | $4.6M | $2.5M | $1.8M | $15.5M | $10.1M | $8.9M | $45.4M | $21.4M | $39.1M |
| Property and equipment, net | $6.0M | $5.6M | $5.2M | $6.8M | $11.4M | $7.9M | $21.5M | $37.9M | $2.1M | $22.5M |
| Goodwill | β | β | β | β | β | β | β | $0.0M | $0.0M | $3.1M |
| Intangible assets | β | β | β | β | β | β | β | β | $0.0M | $10.2M |
| Total assets | $10.2M | $16.5M | $11.8M | $50.7M | $633M | $228M | $183M | $142M | $37.4M | $118M |
| Total liabilities | $6.4M | $13.0M | $27.2M | $85.6M | $237M | $53.4M | $74.2M | $58.6M | $78.2M | $74.9M |
| Preferred stock | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $3.8M | $3.5M | β$15.4M | β$34.9M | $395M | $175M | $109M | β$55.6M | β$40.8M | $43.0M |
| Margins | ||||||||||
| Gross margin | β111.7% | β144.2% | β1,990.4% | β1,452.0% | β838.4% | 15,652.5% | β650.0% | β192.9% | β87.3% | β45.0% |
| Operating margin | β | β | β4,463.8% | β6,337.5% | β2,943.0% | 21,729.7% | β2,569.8% | β804.1% | β586.7% | β223.7% |
| EBITDA margin | β | β | β4,418.1% | β6,234.3% | β2,884.9% | 21,505.6% | β2,531.1% | β773.1% | β575.2% | β217.8% |
| Net margin | β304.9% | β410.6% | β4,782.8% | β9,868.0% | 5,010.9% | 47,111.7% | β2,334.7% | β946.3% | β732.4% | β302.1% |
| FCF margin | β305.0% | β386.6% | β2,853.4% | β10,321.9% | β5,458.3% | 16,186.3% | β2,216.1% | β1,082.2% | β609.2% | β170.5% |
| Net interest share of revenue | β | β | β | β7,739.2% | β13,681.9% | 1,484.2% | β36.6% | β66.7% | β | β |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β8.9% | β | β | β | β156.1% | β81.1% |
| Return on capital employed | β | β | 479.1% | β657.5% | β6.7% | β92.3% | β108.1% | β119.1% | 104.6% | β60.0% |
| Return on equity | β512.3% | β1,124.8% | β | β | 38.7% | β140.8% | β82.8% | β468.1% | β | β5,768.3% |
| Return on assets | β191.0% | β308.2% | β257.9% | β119.0% | 20.4% | β93.3% | β57.1% | β76.4% | β57.6% | β82.5% |
| Return on tangible equity | β512.3% | β1,173.7% | β | β | 17.7% | β229.7% | β108.0% | β | β | β215.6% |
| Growth | ||||||||||
| Revenue growth | β | 56.5% | β92.4% | β50.7% | 269.8% | β161.2% | β | 160.7% | β46.2% | 201.1% |
| Net income growth | β | β | β | β | β | β675.2% | β | β | β | β |
| EPS growth | β | β | β | β | β | β545.7% | β | β | β | β |
| Share count change | β | 53.8% | 30.0% | 27.7% | 55.4% | 28.7% | 23.2% | β99.5% | 559.4% | 73.3% |
| Financial health | ||||||||||
| Debt / equity | 0.6x | 2.0x | β | β | 0.0x | 0.0x | β | β | β | 0.4x |
| Interest coverage | β | β | β14.0x | β0.8x | β0.2x | β | β | β | β | β |
| Current ratio | 0.9x | 0.9x | 0.3x | 0.7x | 16.5x | 7.8x | 2.2x | 1.8x | 0.4x | 1.5x |
| Quick ratio | 0.3x | 0.5x | 0.2x | 0.6x | 15.6x | 7.5x | 2.1x | 0.9x | 0.2x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 8.2% | 1.4% | 3.0% | 531.2% | 411.4% | β623.8% | 348.3% | 142.7% | 67.6% | 2.8% |
| Stock comp / revenue | 12.5% | 14.3% | 138.8% | 525.8% | 288.7% | β580.3% | 228.1% | 102.5% | 7.9% | 3.2% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 1.0 | 4.0 | 5.0 | 2.0 | 3.0 | 4.0 | 3.0 | 5.0 |
| Altman Z'' | β | β | β66.1 | β17.1 | 3.6 | β3.9 | β11.7 | β21.4 | β37.7 | β9.8 |
| Accruals ratio | β5.1% | β19.1% | β104.2% | β0.9% | 41.0% | β62.5% | β11.4% | β0.6% | β15.0% | β36.7% |
Source: SEC EDGAR XBRL filings (CIK 0001425287). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
