Workhorse Group vs Xos
Xos is the larger business, with $46.0m of revenue in fiscal 2025 against $21.2m for Workhorse Group (2.2 times as much). Workhorse Group grew faster (201.1% against -17.8%). Xos kept more of each dollar of sales as profit: a net margin of -55.1% against -302.1%.
| Latest fiscal year | Workhorse GroupWKHS, 2025 | XosXOS, 2025 |
|---|---|---|
| Revenue | $21.2m | $46.0m |
| Revenue growth | 201.1% | -17.8% |
| Net income | −$64.1m | −$25.3m |
| Operating margin | — | -71.9% |
| Net margin | -302.1% | -55.1% |
| Return on equity | — | -87.2% |
| Free cash flow | −$36.2m | $5.4m |
| Cash | $12.2m | $14.0m |
| Total debt | $15.4m | $19.5m |
| Debt to equity | — | 81.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 148 | — |
| Market value | $34.0m | $40.0m |
| Price vs our value range | — | — |
| Moat score | 6 (Weak) | 10 (Weak) |
| Insider trades, 12 months | 0 buys, 23 sales | 1 buys, 44 sales |