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Workhorse Group Inc. key statistics and ratios

In fiscal 2025, Workhorse Group Inc. had a net margin of -302.1%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin<−999%<−999%<−999%<−999%<−999%<−999%−304.9%−410.6%<−999%<−999%>999%—<−999%−946.3%−732.4%−302.1%−301.5%
Return on equity——————————38.7%−140.8%−82.8%————
Return on assets−949.8%<−999%<−999%−241.0%−134.8%−96.2%−157.2%−308.2%−257.9%−119.0%20.4%−93.3%−57.1%−76.4%−57.6%−82.5%−60.3%
Effective tax rate——————————23.8%——————
R&D as % of revenue—>999%763.3%>999%>999%>999%95.8%176.7%968.5%>999%657.0%—462.1%186.9%183.0%62.1%81.5%
SG&A as % of revenue———>999%>999%>999%96.7%87.9%>999%>999%>999%—>999%424.4%227.8%116.6%129.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · June 30, 2026
What it owns · $110m
Short-term assets $56mLonger-term assets $54m
What it owes, and who funded it · $110m
Short-term liabilities $44mLonger-term liabilities $59mShareholders' equity $7m
  • Short-term assets cover short-term liabilities $56m of assets due within a year against $44m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $56m short-term assets against $59m of longer-dated liabilities.
  • More cash than debt $10m of cash against $54m of debt.
  • Debt below 40% of shareholders' equity Debt is 755% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$54m of operating cash flow against $54m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Workhorse Group Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

6 /100

Weak moat

How hard Workhorse Group's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -52.4% of total assets over 9 years.

  • Pricing power 0 / 20

    Gross margin has been a median -230.8%, moving by 1371.1 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -1166.4%; its worst year was -16653.5%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -1109.5% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 1554.1% over five years; stock-based pay has been a median 74.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (11 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: EZGO vs WKHSFLYE vs WKHSWKHS vs XOS

More: Automobile Manufacturers stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Workhorse Group Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Workhorse Group Inc.