Workhorse Group Inc. (WKHS) 10-Year Financial Performance & Capital Metrics

WKHS • • Industrial / General

Consumer CyclicalAuto ManufacturersCommercial & Specialty VehiclesCommercial Delivery Vehicles

AboutWorkhorse Group Inc., a technology company, engages in design, manufacture, and sale of zero-emission commercial vehicles in the United States. The company offers electric and range-extended medium-duty delivery trucks under the Workhorse brand; and HorseFly Unmanned Aerial System, a custom-designed purpose-built all-electric drone system. It also provides Metron, an air delivery application that tracks the performance of various the vehicles deployed. The company was formerly known as AMP Holding Inc. and changed its name to Workhorse Group Inc. in April 2015. Workhorse Group Inc. was founded in 2007 and is headquartered in Loveland, Ohio.Show more

Revenue $7M -49.5%
EBITDA -$66M +34.8%
Net Income -$102M +17.9%
EPS (Diluted) -51.69 +65.4%
Gross Margin -335.92% -74.2%
EBITDA Margin -997.2% -29.0%
Operating Margin -1116.73% -38.9%
Net Margin -1538.46% -62.6%
ROE -159.8% -23.6%
ROIC -77.63% +48.0%
Debt/Equity 0.37 +5.5%
Interest Coverage -3.32 +72.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 98 (top 2%)
✓Strong 5Y sales CAGR of 77.4%
✓Healthy 5Y average net margin of 9460.4%
✓Trading at only 0.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y43.6%

5Y77.4%

3Y-

TTM16.73%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM48.81%

EPS CAGR

10Y-

5Y-

3Y-

TTM81.14%

ROCE

10Y Avg-221.14%

5Y Avg-69.66%

3Y Avg-96.62%

Latest-107.87%

Peer Comparison

Commercial Delivery Vehicles

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
WKHSWorkhorse Group Inc.	45.41M	5.16	-0.10	-49.47%	-6.07%	-200.91%	0.37
CENNCenntro Electric Group Limited	13.43M	0.15	-0.11	200.2%	-220.38%	-52.18%	0.29
EVTVEnvirotech Vehicles, Inc.	15.6M	3.23	-5.87	-34.68%	-7.54%	-14.97%	0.18

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	139.98K	6.41M	10.85M	763.17K	376.56K	1.39M	-851.92K	5.02M	13.09M	6.62M
Revenue Growth %	-0.21%	44.83%	0.69%	-0.93%	-0.51%	2.7%	-1.61%	6.9%	1.61%	-0.49%
Cost of Goods Sold+	0	13.58M	24.52M	15.95M	5.84M	13.07M	125.69M	37.67M	38.35M	28.84M
COGS % of Revenue	-	2.12%	2.26%	20.9%	15.52%	9.38%	-147.54%	7.5%	2.93%	4.36%
Gross Profit+	139.98K	-7.16M	-13.67M	-15.19M	-5.47M	-11.67M	-126.54M	-32.65M	-25.26M	-22.23M
Gross Margin %	1%	-1.12%	-1.26%	-19.9%	-14.52%	-8.38%	148.54%	-6.5%	-1.93%	-3.36%
Gross Profit Growth %	-0.21%	-52.17%	-0.91%	-0.11%	0.64%	-1.13%	-9.84%	0.74%	0.23%	0.12%
Operating Expenses+	8.6M	12.35M	28.39M	18.88M	18.4M	29.31M	58.57M	96.43M	80.04M	51.66M
OpEx % of Revenue	61.44%	1.92%	2.62%	24.74%	48.86%	21.05%	-68.76%	19.2%	6.11%	7.81%
Selling, General & Admin	3.86M	6.2M	10.33M	11.49M	0	0	0	73.22M	54.67M	42.51M
SG&A % of Revenue	27.58%	0.97%	0.95%	15.05%	-	-	-	14.58%	4.18%	6.43%
Research & Development	4.74M	6.15M	18.06M	7.39M	8.2M	9.15M	11.61M	23.21M	24.47M	9.15M
R&D % of Revenue	33.86%	0.96%	1.67%	9.69%	21.77%	6.57%	-13.63%	4.62%	1.87%	1.38%
Other Operating Expenses	0	0	0	0	10.2M	20.16M	46.96M	0	900K	0
Operating Income+	8.46M	19.51M	42.06M	-34.07M	-23.87M	-40.98M	-185.11M	-129.08M	-105.3M	-73.89M
Operating Margin %	60.44%	3.04%	3.88%	-44.64%	-63.38%	-29.43%	217.29%	-25.7%	-8.04%	-11.17%
Operating Income Growth %	0.36%	1.31%	1.16%	-1.81%	0.3%	-0.72%	-3.52%	0.3%	0.18%	0.3%
EBITDA+	8.83M	19.89M	42.61M	-33.72M	-23.48M	-40.17M	-183.21M	-127.14M	-101.24M	-65.98M
EBITDA Margin %	63.1%	3.1%	3.93%	-44.18%	-62.35%	-28.85%	215.05%	-25.31%	-7.73%	-9.97%
EBITDA Growth %	0.34%	1.25%	1.14%	-1.79%	0.3%	-0.71%	-3.56%	0.31%	0.2%	0.35%
D&A (Non-Cash Add-back)	371.23K	381.82K	549.97K	348.34K	388.4K	809.64K	1.91M	1.95M	4.06M	7.91M
EBIT	-8.46M	-19.51M	-41.04M	-34.07M	-23.87M	-40.98M	-178.31M	-129.08M	-104.4M	-79.67M
Net Interest Income+	-965.88K	-44.04K	-180.44K	-2.43M	-6.6M	-12.53M	-6.74M	-68.03K	-8.73M	-22.24M
Interest Income	0	0	0	0	0	0	0	264.68K	0	0
Interest Expense	965.88K	44.04K	180.44K	2.43M	6.6M	12.53M	6.74M	332.71K	8.73M	22.24M
Other Income/Expense	-965.88K	-44.04K	-180.44K	-2.43M	-13.3M	132.59M	-238.08M	11.81M	-18.51M	-28.02M
Pretax Income+	-9.43M	-19.56M	-42.24M	-36.5M	-37.16M	91.61M	-423.19M	-117.27M	-123.81M	-101.91M
Pretax Margin %	-67.34%	-3.05%	-3.89%	-47.83%	-98.69%	65.79%	496.75%	-23.35%	-9.45%	-15.4%
Income Tax+	965.88K	0	84.3M	0	0	21.83M	-21.85M	0	110.52K	-117.06K
Effective Tax Rate %	1%	1%	1%	1%	1%	0.76%	0.95%	1%	1%	1%
Net Income+	-9.43M	-19.56M	-42.24M	-36.5M	-37.16M	69.78M	-401.34M	-117.27M	-123.92M	-101.79M
Net Margin %	-67.34%	-3.05%	-3.89%	-47.83%	-98.69%	50.11%	471.11%	-23.35%	-9.46%	-15.38%
Net Income Growth %	-0.43%	-1.07%	-1.16%	0.14%	-0.02%	2.88%	-6.75%	0.71%	-0.06%	0.18%
Net Income (Continuing)	-9.43M	-19.56M	-41.22M	-36.5M	-37.16M	69.78M	-401.34M	-117.27M	-123.92M	-101.79M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-137.50	-195.00	-265.88	-184.94	-144.79	174.53	-779.76	-184.89	-149.45	-51.69
EPS Growth %	-0.1%	-0.42%	-0.36%	0.3%	0.22%	2.21%	-5.47%	0.76%	0.19%	0.65%
EPS (Basic)	-137.50	-195.00	-265.88	-184.94	-144.79	187.83	-779.76	-184.89	-149.45	-51.69
Diluted Shares Outstanding	69.17K	100.81K	155.02K	201.51K	257.26K	399.8K	514.7K	634.3K	829.17K	1.97M
Basic Shares Outstanding	69.17K	100.81K	155.02K	201.51K	257.26K	371.49K	514.7K	634.3K	829.17K	1.97M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	10.91M	3.92M	10.31M	6.37M	31.52M	290.49M	216.22M	139.36M	93.83M	53.43M
Cash & Short-Term Investments	7.68M	469.57K	4.07M	1.51M	23.87M	46.82M	201.65M	99.28M	25.85M	4.12M
Cash Only	7.68M	469.57K	4.07M	1.51M	23.87M	46.82M	201.65M	99.28M	25.85M	4.12M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	0	727.1K	1.06M	48.27K	41.02K	1.04M	149.78K	17.08M	4.47M	1.08M
Days Sales Outstanding	-	41.37	35.63	23.09	39.76	271.94	-64.17	1.24K	124.6	59.69
Inventory	78.92K	2.46M	4.24M	2.53M	1.8M	15.47M	10.07M	8.85M	45.41M	41.84M
Days Inventory Outstanding	-	66.26	63.07	57.97	112.29	432.04	29.24	85.75	432.17	529.48
Other Current Assets	0	0	0	0	1M	226.4M	1.96M	505.4K	10.91M	1.84M
Total Non-Current Assets+	3.74M	6.32M	5.81M	5.44M	19.15M	342.05M	11.92M	43.38M	47.85M	40.41M
Property, Plant & Equipment	3.74M	6M	5.6M	5.24M	6.83M	11.4M	9.44M	33.21M	47.67M	40.23M
Fixed Asset Turnover	0.04x	1.07x	1.94x	0.15x	0.06x	0.12x	-0.09x	0.15x	0.27x	0.16x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	320.49K	212K	198.09K	12.19M	330.56M	0	10M	0	0
Other Non-Current Assets	0	0	0	0	129.18K	94.7K	2.48M	176.31K	176.31K	176.31K
Total Assets+	14.64M	10.24M	16.12M	11.8M	50.67M	632.54M	228.14M	182.74M	141.67M	93.84M
Asset Turnover	0.01x	0.63x	0.67x	0.06x	0.01x	0.00x	-0.00x	0.03x	0.09x	0.07x
Asset Growth %	1.96%	-0.3%	0.57%	-0.27%	3.29%	11.48%	-0.64%	-0.2%	-0.22%	-0.34%
Total Current Liabilities+	18.42M	4.33M	7.16M	18.92M	37.28M	17.6M	27.55M	63.31M	53.28M	45.24M
Accounts Payable	1.61M	3.12M	5.66M	4.34M	1.68M	4.79M	7.85M	10.24M	12.46M	11.51M
Days Payables Outstanding	-	83.91	84.23	99.31	104.85	133.82	22.8	99.17	118.55	145.65
Short-Term Debt	16.31M	79.52K	381.5K	1.34M	19.62M	1.41M	0	0	20.18M	10.49M
Deferred Revenue (Current)	0	0	54.41K	406K	303K	0	0	1000K	1000K	1000K
Other Current Liabilities	0	0	142.56K	7.54M	22.03M	7.15M	8.61M	13.42M	9.93M	12.77M
Current Ratio	0.59x	0.90x	1.44x	0.34x	0.85x	16.51x	7.85x	2.20x	1.76x	1.18x
Quick Ratio	0.59x	0.33x	0.85x	0.20x	0.80x	15.63x	7.48x	2.06x	0.91x	0.26x
Cash Conversion Cycle	-	23.72	14.47	-18.25	47.2	570.15	-57.73	1.23K	438.22	443.52
Total Non-Current Liabilities+	17.91M	2.09M	6.47M	8.31M	48.31M	219.74M	25.9M	10.85M	5.28M	4.32M
Long-Term Debt	0	2.09M	6.47M	8.31M	19.4M	197.7M	24.7M	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	1.19M	8.84M	5.28M	4.32M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	19.14M	22.04M	0	0	0	-1
Total Liabilities	18.42M	6.42M	13.63M	27.23M	85.59M	237.34M	53.45M	74.16M	58.56M	49.55M
Total Debt+	16.31M	2.17M	6.85M	8.31M	39.02M	199.11M	26.26M	10.13M	29.02M	16.32M
Net Debt	8.63M	1.7M	2.78M	6.8M	15.15M	152.29M	-175.39M	-89.15M	3.18M	12.2M
Debt / Equity	-	0.57x	2.75x	-	-	0.50x	0.15x	0.09x	0.35x	0.37x
Debt / EBITDA	1.85x	0.11x	0.16x	-	-	-	-	-	-	-
Net Debt / EBITDA	0.98x	0.09x	0.07x	-	-	-	-	-	-	-
Interest Coverage	8.76x	443.09x	233.09x	-13.99x	-3.62x	-3.27x	-27.47x	-387.98x	-12.06x	-3.32x
Total Equity+	-3.78M	3.82M	2.49M	-15.42M	-34.91M	395.2M	174.69M	108.59M	83.11M	44.29M
Equity Growth %	-3.67%	2.01%	-0.35%	-7.2%	-1.26%	12.32%	-0.56%	-0.38%	-0.23%	-0.47%
Book Value per Share	-54.69	37.86	16.06	-76.53	-135.71	988.51	339.40	171.19	100.24	22.49
Total Shareholders' Equity	-3.78M	3.82M	2.49M	-15.42M	-34.91M	395.2M	174.69M	108.59M	83.11M	44.29M
Common Stock	18.2K	27.58K	41.53K	58.27K	67.11K	121.92K	151.92K	165.6K	1.14K	3.84K
Retained Earnings	-43.52M	-63.07M	-105.31M	-141.56M	-178.81M	-109.03M	-510.37M	-627.65M	-751.57M	-853.36M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.33M	-1.55M	-2.1M	-2.41M	-19.14M	0	-1.4M	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-8.22M	-19.03M	-38.66M	-21.75M	-36.87M	-70.28M	-132.58M	-93.82M	-123.02M	-47.59M
Operating CF Margin %	-58.72%	-2.97%	-3.56%	-28.5%	-97.92%	-50.47%	155.62%	-18.68%	-9.39%	-7.19%
Operating CF Growth %	-0.84%	-1.32%	-1.03%	0.44%	-0.69%	-0.91%	-0.89%	0.29%	-0.31%	0.61%
Net Income	-9.43M	-19.56M	-41.22M	-36.5M	-37.16M	69.78M	-401.34M	-117.27M	-123.92M	-101.79M
Depreciation & Amortization	371.23K	381.82K	549.97K	348.34K	388.4K	809.64K	1.91M	1.95M	4.06M	7.91M
Stock-Based Compensation	402.52K	799.55K	1.43M	1.06M	1.98M	0	0	11.46M	13.42M	0
Deferred Taxes	0	0	0	0	0	0	-21.83M	0	0	0
Other Non-Cash Items	313.83K	78.92K	0	4.43M	6.84M	-125.23M	342.11M	22.06M	26.48M	40.95M
Working Capital Changes	119.04K	-738.59K	571.08K	8.91M	-8.91M	-15.64M	-53.42M	-12.01M	-43.07M	5.34M
Change in Receivables	0	-1.05M	-223.13K	1.02M	76.16K	-961.97K	982.39K	-16.93M	-349.51K	2.3M
Change in Inventory	0	-2.46M	-2.16M	-399.77K	41.02K	-13.67M	-69.61M	-16.63M	-39.29M	-1.33M
Change in Payables	922.07K	2.45M	3.09M	2.34M	-3.5M	5.5M	11.83M	33.68M	-2.23M	4.7M
Cash from Investing+	-65.23K	-528.1K	-143.35K	-18.42K	1.65M	-5.73M	99.81M	-20.02M	-18.69M	-4.06M
Capital Expenditures	-65.23K	-528.1K	-143.35K	-23.22K	-2M	-5.73M	-5.31M	-17.5M	-18.69M	-4.06M
CapEx % of Revenue	0.47%	0.08%	0.01%	0.03%	5.31%	4.11%	-6.24%	3.48%	1.43%	0.61%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	4.8K	0	0	0	7.48M	0	0
Cash from Financing+	15.52M	12.35M	42.41M	19.22M	58.57M	292.37M	-6.82M	11.47M	78.28M	20.45M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.28M	15.08M	37.72M	-702.16K	35.31K	-25M	-2.39M	-559.64K	-495.38K	-825.06K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-8.29M	-19.56M	-38.81M	-21.78M	-38.87M	-76.01M	-137.89M	-111.32M	-141.71M	-51.65M
FCF Margin %	-59.19%	-3.05%	-3.58%	-28.54%	-103.23%	-54.58%	161.86%	-22.16%	-10.82%	-7.81%
FCF Growth %	-0.85%	-1.36%	-0.98%	0.44%	-0.78%	-0.96%	-0.81%	0.19%	-0.27%	0.64%
FCF per Share	-119.78	-194.06	-250.32	-108.07	-151.10	-190.11	-267.90	-175.49	-170.91	-26.23
FCF Conversion (FCF/Net Income)	0.87x	0.97x	0.92x	0.60x	0.99x	-1.01x	0.33x	0.80x	0.99x	0.47x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-115581.83%	-1339.63%	-	-	38.73%	-140.85%	-82.8%	-129.29%	-159.8%
Return on Invested Capital (ROIC)	172.25%	282.45%	584.75%	-	-	-11.65%	-50.78%	-1033.17%	-149.4%	-77.63%
Gross Margin	100%	-111.67%	-126.04%	-1990.43%	-1452.17%	-838.38%	14853.56%	-649.99%	-192.87%	-335.92%
Net Margin	-6734.43%	-304.86%	-389.43%	-4782.97%	-9868.98%	5010.81%	47110.51%	-2334.71%	-946.33%	-1538.46%
Debt / Equity	-	0.57x	2.75x	-	-	0.50x	0.15x	0.09x	0.35x	0.37x
Interest Coverage	8.76x	443.09x	233.09x	-13.99x	-3.62x	-3.27x	-27.47x	-387.98x	-12.06x	-3.32x
FCF Conversion	0.87x	0.97x	0.92x	0.60x	0.99x	-1.01x	0.33x	0.80x	0.99x	0.47x
Revenue Growth	-21.14%	4482.65%	69.08%	-92.96%	-50.66%	269.8%	-161.18%	689.62%	160.69%	-49.47%

Revenue by Segment

	2019	2020	2022
Other Revenues	-	-	637.1K
Other Revenues Growth	-	-	-
Automotive	240.28K	1.29M	-
Automotive Growth	-	434.93%	-
Aviation	-	71.83K	-
Aviation Growth	-	-	-
Other	136.28K	35.36K	-
Other Growth	-	-74.05%	-

Frequently Asked Questions

Growth & Financials

Workhorse Group Inc. (WKHS) reported $10.6M in revenue for fiscal year 2024. This represents a 5489% increase from $0.2M in 2011.

Workhorse Group Inc. (WKHS) saw revenue decline by 49.5% over the past year.

Workhorse Group Inc. (WKHS) reported a net loss of $64.4M for fiscal year 2024.

Dividend & Returns

Workhorse Group Inc. (WKHS) has a return on equity (ROE) of -159.8%. Negative ROE indicates the company is unprofitable.

Workhorse Group Inc. (WKHS) had negative free cash flow of $32.5M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

...

Workhorse Group Inc. (WKHS) 10-Year Financial Performance & Capital Metrics

WKHS • • Industrial / General

Consumer CyclicalAuto ManufacturersCommercial & Specialty VehiclesCommercial Delivery Vehicles

Revenue $7M -49.5%
EBITDA -$66M +34.8%
Net Income -$102M +17.9%
EPS (Diluted) -51.69 +65.4%
Gross Margin -335.92% -74.2%
EBITDA Margin -997.2% -29.0%
Operating Margin -1116.73% -38.9%
Net Margin -1538.46% -62.6%
ROE -159.8% -23.6%
ROIC -77.63% +48.0%
Debt/Equity 0.37 +5.5%
Interest Coverage -3.32 +72.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 98 (top 2%)
✓Strong 5Y sales CAGR of 77.4%
✓Healthy 5Y average net margin of 9460.4%
✓Trading at only 0.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y43.6%

5Y77.4%

3Y-

TTM16.73%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM48.81%

EPS CAGR

10Y-

5Y-

3Y-

TTM81.14%

ROCE

10Y Avg-221.14%

5Y Avg-69.66%

3Y Avg-96.62%

Latest-107.87%

Peer Comparison

Commercial Delivery Vehicles

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
WKHSWorkhorse Group Inc.	45.41M	5.16	-0.10	-49.47%	-6.07%	-200.91%	0.37
CENNCenntro Electric Group Limited	13.43M	0.15	-0.11	200.2%	-220.38%	-52.18%	0.29
EVTVEnvirotech Vehicles, Inc.	15.6M	3.23	-5.87	-34.68%	-7.54%	-14.97%	0.18

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	139.98K	6.41M	10.85M	763.17K	376.56K	1.39M	-851.92K	5.02M	13.09M	6.62M
Revenue Growth %	-0.21%	44.83%	0.69%	-0.93%	-0.51%	2.7%	-1.61%	6.9%	1.61%	-0.49%
Cost of Goods Sold+	0	13.58M	24.52M	15.95M	5.84M	13.07M	125.69M	37.67M	38.35M	28.84M
COGS % of Revenue	-	2.12%	2.26%	20.9%	15.52%	9.38%	-147.54%	7.5%	2.93%	4.36%
Gross Profit+	139.98K	-7.16M	-13.67M	-15.19M	-5.47M	-11.67M	-126.54M	-32.65M	-25.26M	-22.23M
Gross Margin %	1%	-1.12%	-1.26%	-19.9%	-14.52%	-8.38%	148.54%	-6.5%	-1.93%	-3.36%
Gross Profit Growth %	-0.21%	-52.17%	-0.91%	-0.11%	0.64%	-1.13%	-9.84%	0.74%	0.23%	0.12%
Operating Expenses+	8.6M	12.35M	28.39M	18.88M	18.4M	29.31M	58.57M	96.43M	80.04M	51.66M
OpEx % of Revenue	61.44%	1.92%	2.62%	24.74%	48.86%	21.05%	-68.76%	19.2%	6.11%	7.81%
Selling, General & Admin	3.86M	6.2M	10.33M	11.49M	0	0	0	73.22M	54.67M	42.51M
SG&A % of Revenue	27.58%	0.97%	0.95%	15.05%	-	-	-	14.58%	4.18%	6.43%
Research & Development	4.74M	6.15M	18.06M	7.39M	8.2M	9.15M	11.61M	23.21M	24.47M	9.15M
R&D % of Revenue	33.86%	0.96%	1.67%	9.69%	21.77%	6.57%	-13.63%	4.62%	1.87%	1.38%
Other Operating Expenses	0	0	0	0	10.2M	20.16M	46.96M	0	900K	0
Operating Income+	8.46M	19.51M	42.06M	-34.07M	-23.87M	-40.98M	-185.11M	-129.08M	-105.3M	-73.89M
Operating Margin %	60.44%	3.04%	3.88%	-44.64%	-63.38%	-29.43%	217.29%	-25.7%	-8.04%	-11.17%
Operating Income Growth %	0.36%	1.31%	1.16%	-1.81%	0.3%	-0.72%	-3.52%	0.3%	0.18%	0.3%
EBITDA+	8.83M	19.89M	42.61M	-33.72M	-23.48M	-40.17M	-183.21M	-127.14M	-101.24M	-65.98M
EBITDA Margin %	63.1%	3.1%	3.93%	-44.18%	-62.35%	-28.85%	215.05%	-25.31%	-7.73%	-9.97%
EBITDA Growth %	0.34%	1.25%	1.14%	-1.79%	0.3%	-0.71%	-3.56%	0.31%	0.2%	0.35%
D&A (Non-Cash Add-back)	371.23K	381.82K	549.97K	348.34K	388.4K	809.64K	1.91M	1.95M	4.06M	7.91M
EBIT	-8.46M	-19.51M	-41.04M	-34.07M	-23.87M	-40.98M	-178.31M	-129.08M	-104.4M	-79.67M
Net Interest Income+	-965.88K	-44.04K	-180.44K	-2.43M	-6.6M	-12.53M	-6.74M	-68.03K	-8.73M	-22.24M
Interest Income	0	0	0	0	0	0	0	264.68K	0	0
Interest Expense	965.88K	44.04K	180.44K	2.43M	6.6M	12.53M	6.74M	332.71K	8.73M	22.24M
Other Income/Expense	-965.88K	-44.04K	-180.44K	-2.43M	-13.3M	132.59M	-238.08M	11.81M	-18.51M	-28.02M
Pretax Income+	-9.43M	-19.56M	-42.24M	-36.5M	-37.16M	91.61M	-423.19M	-117.27M	-123.81M	-101.91M
Pretax Margin %	-67.34%	-3.05%	-3.89%	-47.83%	-98.69%	65.79%	496.75%	-23.35%	-9.45%	-15.4%
Income Tax+	965.88K	0	84.3M	0	0	21.83M	-21.85M	0	110.52K	-117.06K
Effective Tax Rate %	1%	1%	1%	1%	1%	0.76%	0.95%	1%	1%	1%
Net Income+	-9.43M	-19.56M	-42.24M	-36.5M	-37.16M	69.78M	-401.34M	-117.27M	-123.92M	-101.79M
Net Margin %	-67.34%	-3.05%	-3.89%	-47.83%	-98.69%	50.11%	471.11%	-23.35%	-9.46%	-15.38%
Net Income Growth %	-0.43%	-1.07%	-1.16%	0.14%	-0.02%	2.88%	-6.75%	0.71%	-0.06%	0.18%
Net Income (Continuing)	-9.43M	-19.56M	-41.22M	-36.5M	-37.16M	69.78M	-401.34M	-117.27M	-123.92M	-101.79M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-137.50	-195.00	-265.88	-184.94	-144.79	174.53	-779.76	-184.89	-149.45	-51.69
EPS Growth %	-0.1%	-0.42%	-0.36%	0.3%	0.22%	2.21%	-5.47%	0.76%	0.19%	0.65%
EPS (Basic)	-137.50	-195.00	-265.88	-184.94	-144.79	187.83	-779.76	-184.89	-149.45	-51.69
Diluted Shares Outstanding	69.17K	100.81K	155.02K	201.51K	257.26K	399.8K	514.7K	634.3K	829.17K	1.97M
Basic Shares Outstanding	69.17K	100.81K	155.02K	201.51K	257.26K	371.49K	514.7K	634.3K	829.17K	1.97M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	10.91M	3.92M	10.31M	6.37M	31.52M	290.49M	216.22M	139.36M	93.83M	53.43M
Cash & Short-Term Investments	7.68M	469.57K	4.07M	1.51M	23.87M	46.82M	201.65M	99.28M	25.85M	4.12M
Cash Only	7.68M	469.57K	4.07M	1.51M	23.87M	46.82M	201.65M	99.28M	25.85M	4.12M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	0	727.1K	1.06M	48.27K	41.02K	1.04M	149.78K	17.08M	4.47M	1.08M
Days Sales Outstanding	-	41.37	35.63	23.09	39.76	271.94	-64.17	1.24K	124.6	59.69
Inventory	78.92K	2.46M	4.24M	2.53M	1.8M	15.47M	10.07M	8.85M	45.41M	41.84M
Days Inventory Outstanding	-	66.26	63.07	57.97	112.29	432.04	29.24	85.75	432.17	529.48
Other Current Assets	0	0	0	0	1M	226.4M	1.96M	505.4K	10.91M	1.84M
Total Non-Current Assets+	3.74M	6.32M	5.81M	5.44M	19.15M	342.05M	11.92M	43.38M	47.85M	40.41M
Property, Plant & Equipment	3.74M	6M	5.6M	5.24M	6.83M	11.4M	9.44M	33.21M	47.67M	40.23M
Fixed Asset Turnover	0.04x	1.07x	1.94x	0.15x	0.06x	0.12x	-0.09x	0.15x	0.27x	0.16x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	320.49K	212K	198.09K	12.19M	330.56M	0	10M	0	0
Other Non-Current Assets	0	0	0	0	129.18K	94.7K	2.48M	176.31K	176.31K	176.31K
Total Assets+	14.64M	10.24M	16.12M	11.8M	50.67M	632.54M	228.14M	182.74M	141.67M	93.84M
Asset Turnover	0.01x	0.63x	0.67x	0.06x	0.01x	0.00x	-0.00x	0.03x	0.09x	0.07x
Asset Growth %	1.96%	-0.3%	0.57%	-0.27%	3.29%	11.48%	-0.64%	-0.2%	-0.22%	-0.34%
Total Current Liabilities+	18.42M	4.33M	7.16M	18.92M	37.28M	17.6M	27.55M	63.31M	53.28M	45.24M
Accounts Payable	1.61M	3.12M	5.66M	4.34M	1.68M	4.79M	7.85M	10.24M	12.46M	11.51M
Days Payables Outstanding	-	83.91	84.23	99.31	104.85	133.82	22.8	99.17	118.55	145.65
Short-Term Debt	16.31M	79.52K	381.5K	1.34M	19.62M	1.41M	0	0	20.18M	10.49M
Deferred Revenue (Current)	0	0	54.41K	406K	303K	0	0	1000K	1000K	1000K
Other Current Liabilities	0	0	142.56K	7.54M	22.03M	7.15M	8.61M	13.42M	9.93M	12.77M
Current Ratio	0.59x	0.90x	1.44x	0.34x	0.85x	16.51x	7.85x	2.20x	1.76x	1.18x
Quick Ratio	0.59x	0.33x	0.85x	0.20x	0.80x	15.63x	7.48x	2.06x	0.91x	0.26x
Cash Conversion Cycle	-	23.72	14.47	-18.25	47.2	570.15	-57.73	1.23K	438.22	443.52
Total Non-Current Liabilities+	17.91M	2.09M	6.47M	8.31M	48.31M	219.74M	25.9M	10.85M	5.28M	4.32M
Long-Term Debt	0	2.09M	6.47M	8.31M	19.4M	197.7M	24.7M	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	1.19M	8.84M	5.28M	4.32M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	19.14M	22.04M	0	0	0	-1
Total Liabilities	18.42M	6.42M	13.63M	27.23M	85.59M	237.34M	53.45M	74.16M	58.56M	49.55M
Total Debt+	16.31M	2.17M	6.85M	8.31M	39.02M	199.11M	26.26M	10.13M	29.02M	16.32M
Net Debt	8.63M	1.7M	2.78M	6.8M	15.15M	152.29M	-175.39M	-89.15M	3.18M	12.2M
Debt / Equity	-	0.57x	2.75x	-	-	0.50x	0.15x	0.09x	0.35x	0.37x
Debt / EBITDA	1.85x	0.11x	0.16x	-	-	-	-	-	-	-
Net Debt / EBITDA	0.98x	0.09x	0.07x	-	-	-	-	-	-	-
Interest Coverage	8.76x	443.09x	233.09x	-13.99x	-3.62x	-3.27x	-27.47x	-387.98x	-12.06x	-3.32x
Total Equity+	-3.78M	3.82M	2.49M	-15.42M	-34.91M	395.2M	174.69M	108.59M	83.11M	44.29M
Equity Growth %	-3.67%	2.01%	-0.35%	-7.2%	-1.26%	12.32%	-0.56%	-0.38%	-0.23%	-0.47%
Book Value per Share	-54.69	37.86	16.06	-76.53	-135.71	988.51	339.40	171.19	100.24	22.49
Total Shareholders' Equity	-3.78M	3.82M	2.49M	-15.42M	-34.91M	395.2M	174.69M	108.59M	83.11M	44.29M
Common Stock	18.2K	27.58K	41.53K	58.27K	67.11K	121.92K	151.92K	165.6K	1.14K	3.84K
Retained Earnings	-43.52M	-63.07M	-105.31M	-141.56M	-178.81M	-109.03M	-510.37M	-627.65M	-751.57M	-853.36M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.33M	-1.55M	-2.1M	-2.41M	-19.14M	0	-1.4M	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-8.22M	-19.03M	-38.66M	-21.75M	-36.87M	-70.28M	-132.58M	-93.82M	-123.02M	-47.59M
Operating CF Margin %	-58.72%	-2.97%	-3.56%	-28.5%	-97.92%	-50.47%	155.62%	-18.68%	-9.39%	-7.19%
Operating CF Growth %	-0.84%	-1.32%	-1.03%	0.44%	-0.69%	-0.91%	-0.89%	0.29%	-0.31%	0.61%
Net Income	-9.43M	-19.56M	-41.22M	-36.5M	-37.16M	69.78M	-401.34M	-117.27M	-123.92M	-101.79M
Depreciation & Amortization	371.23K	381.82K	549.97K	348.34K	388.4K	809.64K	1.91M	1.95M	4.06M	7.91M
Stock-Based Compensation	402.52K	799.55K	1.43M	1.06M	1.98M	0	0	11.46M	13.42M	0
Deferred Taxes	0	0	0	0	0	0	-21.83M	0	0	0
Other Non-Cash Items	313.83K	78.92K	0	4.43M	6.84M	-125.23M	342.11M	22.06M	26.48M	40.95M
Working Capital Changes	119.04K	-738.59K	571.08K	8.91M	-8.91M	-15.64M	-53.42M	-12.01M	-43.07M	5.34M
Change in Receivables	0	-1.05M	-223.13K	1.02M	76.16K	-961.97K	982.39K	-16.93M	-349.51K	2.3M
Change in Inventory	0	-2.46M	-2.16M	-399.77K	41.02K	-13.67M	-69.61M	-16.63M	-39.29M	-1.33M
Change in Payables	922.07K	2.45M	3.09M	2.34M	-3.5M	5.5M	11.83M	33.68M	-2.23M	4.7M
Cash from Investing+	-65.23K	-528.1K	-143.35K	-18.42K	1.65M	-5.73M	99.81M	-20.02M	-18.69M	-4.06M
Capital Expenditures	-65.23K	-528.1K	-143.35K	-23.22K	-2M	-5.73M	-5.31M	-17.5M	-18.69M	-4.06M
CapEx % of Revenue	0.47%	0.08%	0.01%	0.03%	5.31%	4.11%	-6.24%	3.48%	1.43%	0.61%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	4.8K	0	0	0	7.48M	0	0
Cash from Financing+	15.52M	12.35M	42.41M	19.22M	58.57M	292.37M	-6.82M	11.47M	78.28M	20.45M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.28M	15.08M	37.72M	-702.16K	35.31K	-25M	-2.39M	-559.64K	-495.38K	-825.06K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-8.29M	-19.56M	-38.81M	-21.78M	-38.87M	-76.01M	-137.89M	-111.32M	-141.71M	-51.65M
FCF Margin %	-59.19%	-3.05%	-3.58%	-28.54%	-103.23%	-54.58%	161.86%	-22.16%	-10.82%	-7.81%
FCF Growth %	-0.85%	-1.36%	-0.98%	0.44%	-0.78%	-0.96%	-0.81%	0.19%	-0.27%	0.64%
FCF per Share	-119.78	-194.06	-250.32	-108.07	-151.10	-190.11	-267.90	-175.49	-170.91	-26.23
FCF Conversion (FCF/Net Income)	0.87x	0.97x	0.92x	0.60x	0.99x	-1.01x	0.33x	0.80x	0.99x	0.47x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-115581.83%	-1339.63%	-	-	38.73%	-140.85%	-82.8%	-129.29%	-159.8%
Return on Invested Capital (ROIC)	172.25%	282.45%	584.75%	-	-	-11.65%	-50.78%	-1033.17%	-149.4%	-77.63%
Gross Margin	100%	-111.67%	-126.04%	-1990.43%	-1452.17%	-838.38%	14853.56%	-649.99%	-192.87%	-335.92%
Net Margin	-6734.43%	-304.86%	-389.43%	-4782.97%	-9868.98%	5010.81%	47110.51%	-2334.71%	-946.33%	-1538.46%
Debt / Equity	-	0.57x	2.75x	-	-	0.50x	0.15x	0.09x	0.35x	0.37x
Interest Coverage	8.76x	443.09x	233.09x	-13.99x	-3.62x	-3.27x	-27.47x	-387.98x	-12.06x	-3.32x
FCF Conversion	0.87x	0.97x	0.92x	0.60x	0.99x	-1.01x	0.33x	0.80x	0.99x	0.47x
Revenue Growth	-21.14%	4482.65%	69.08%	-92.96%	-50.66%	269.8%	-161.18%	689.62%	160.69%	-49.47%

Revenue by Segment

	2019	2020	2022
Other Revenues	-	-	637.1K
Other Revenues Growth	-	-	-
Automotive	240.28K	1.29M	-
Automotive Growth	-	434.93%	-
Aviation	-	71.83K	-
Aviation Growth	-	-	-
Other	136.28K	35.36K	-
Other Growth	-	-74.05%	-

Frequently Asked Questions

Growth & Financials

Workhorse Group Inc. (WKHS) reported $10.6M in revenue for fiscal year 2024. This represents a 5489% increase from $0.2M in 2011.

Workhorse Group Inc. (WKHS) saw revenue decline by 49.5% over the past year.

Workhorse Group Inc. (WKHS) reported a net loss of $64.4M for fiscal year 2024.

Dividend & Returns

Workhorse Group Inc. (WKHS) has a return on equity (ROE) of -159.8%. Negative ROE indicates the company is unprofitable.

Workhorse Group Inc. (WKHS) had negative free cash flow of $32.5M in fiscal year 2024, likely due to heavy capital investments.