WKHSNasdaqMotor Vehicles & Passenger Car BodiesFiscal year ends December 31
Workhorse Group Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$2.66+0.02 (+0.76%)
Close on Oct 19, 2026
- Market cap
- $28.87M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
-45.0%+793.3 pts over 5 years
Operating margin
-223.7%+2719.3 pts over 5 years
Net margin
-302.1%−5312.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +201.1% | +61.6% | +72.4% | +65.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -115581.8% | 38.7% | -5768.3% | |
| Return on assets | -157.2% | 20.4% | -82.5% | |
| Current ratio | 0.90 | 16.51 | 1.54 | |
| Debt to equity | 0.57 | – | – | |
| Net debt to EBITDA | – | – | – | |
| Interest coverage | – | -0.2× | – | |
| Inventory turnover | 10.7× | 1.5× | 1.0× | |
| Capex to revenue | 8.2% | 411.4% | 2.8% | |
| Diluted shares | 0M | 0M | 9M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Workhorse generated $423.13M from operations and spent $46.86M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$423.13M
Used
$46.86M
Capital expenditure$46.86M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-302.1%
×Asset turnover0.27×
×Equity multiplier69.89×
=Return on equity, FY2025-5768.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -302.1% | 0.27× | 69.89× | -5768.3% |
| FY2024 | -732.4% | 0.08× | -1.86× | 107.0% |
| FY2023 | -946.3% | 0.08× | 6.13× | -468.1% |
| FY2022 | -2334.7% | 0.02× | 1.45× | -82.8% |
| FY2021 | 47110.5% | -0.00× | 1.51× | -140.8% |
| FY2020 | 5010.8% | 0.00× | 1.90× | 38.7% |
| FY2019 | -9869.0% | 0.01× | -1.24× | 147.7% |
| FY2018 | -4783.0% | 0.05× | -2.38× | 612.9% |
| FY2017 | -410.6% | 0.75× | 3.65× | -1124.8% |
| FY2016 | -304.9% | 0.52× | 735.29× | -115581.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$64.09M
- Cash generatingOperating cash flow above zero-$35.55M
- Return on assets improvedROA up on the prior year-36.4% → -171.3%
- Earnings backed by cashOperating cash flow above net income-$35.55M vs -$64.09M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.44 → 1.54
- No dilutionShare count did not rise5M → 9M
- Gross margin improvedGross margin up on the prior year-87.25% → -45.05%
- More efficientAsset turnover rose0.05 → 0.57