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Stocks · Consumer discretionary · Motor Vehicles & Passenger Car Bodies

Workhorse Group Inc.

WKHS Clue Score44
United States Fiscal year ends December CIK 0001425287
$2.95 +1.03% Close, 9 Oct 2026
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Price $2.95 −51.16% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue6.4Net income−19.6Fiscal year 2017Revenue10.0 +56.5%Net income−41.2Fiscal year 2018Revenue0.8 −92.4%Operating income−34.1Net income−36.5Fiscal year 2019Revenue0.4 −50.7%Operating income−23.9Net income−37.2EPS, diluted−0.58Fiscal year 2020Revenue1.4 +269.8%Operating income−41.0Net income69.8EPS, diluted0.70Fiscal year 2021Revenue−0.9 −161.2%Operating income−185.1Net income−401.3 −675.2%EPS, diluted−3.12Fiscal year 2022Revenue5.0Operating income−129.1Net income−117.3EPS, diluted−0.74Fiscal year 2023Revenue13.1 +160.7%Operating income−105.3Net income−123.9EPS, diluted−149.45Fiscal year 2024Revenue7.0 −46.2%Operating income−41.3Net income−51.6EPS, diluted−9.43Fiscal year 2025Revenue21.2 +201.1%Operating income−47.4Net income−64.1EPS, diluted−6.76
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 6.4 10.0 0.8 0.4 1.4 −0.9 5.0 13.1 7.0 21.2
Growth +56.5% −92.4% −50.7% +269.8% −161.2% +160.7% −46.2% +201.1%
Operating income n/a n/a −34.1 −23.9 −41.0 −185.1 −129.1 −105.3 −41.3 −47.4
Net income −19.6 −41.2 −36.5 −37.2 69.8 −401.3 −117.3 −123.9 −51.6 −64.1
Growth −675.2%
EPS, diluted n/a n/a n/a −0.58 0.70 −3.12 −0.74 −149.45 −9.43 −6.76

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin−111.7%Net margin−304.9%Free cash flow margin−305.0%Fiscal year 2017Gross margin−144.2%Net margin−410.6%Free cash flow margin−386.6%Fiscal year 2018Gross margin−1,990.4%Operating margin−4,463.9%Net margin−4,783.0%Free cash flow margin−2,853.5%Fiscal year 2019Gross margin−1,452.2%Operating margin−6,338.1%Net margin−9,869.0%Free cash flow margin−10,322.9%Fiscal year 2020Gross margin−838.4%Operating margin−2,943.0%Net margin5,010.8%Free cash flow margin−5,458.2%Fiscal year 2021Gross margin15,652.1%Operating margin21,729.1%Net margin47,110.5%Free cash flow margin16,185.9%Fiscal year 2022Gross margin−650.0%Operating margin−2,569.8%Net margin−2,334.7%Free cash flow margin−2,216.1%Fiscal year 2023Gross margin−192.9%Operating margin−804.1%Net margin−946.3%Free cash flow margin−1,082.2%Fiscal year 2024Gross margin−87.3%Operating margin−586.7%Net margin−732.4%Free cash flow margin−609.2%Fiscal year 2025Gross margin−45.0%Operating margin−223.7%Net margin−302.1%Free cash flow margin−170.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin −111.7% −144.2% −1,990.4% −1,452.2% −838.4% 15,652.1% −650.0% −192.9% −87.3% −45.0%
Operating margin n/a n/a −4,463.9% −6,338.1% −2,943.0% 21,729.1% −2,569.8% −804.1% −586.7% −223.7%
Net margin −304.9% −410.6% −4,783.0% −9,869.0% 5,010.8% 47,110.5% −2,334.7% −946.3% −732.4% −302.1%
Free cash flow margin −305.0% −386.6% −2,853.5% −10,322.9% −5,458.2% 16,185.9% −2,216.1% −1,082.2% −609.2% −170.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−19.0Capital expenditure−0.5Free cash flow−19.6Fiscal year 2017Operating cash flow−38.7Capital expenditure−0.1Free cash flow−38.8Fiscal year 2018Operating cash flow−21.8Capital expenditure−0.0Free cash flow−21.8Fiscal year 2019Operating cash flow−36.9Capital expenditure−2.0Free cash flow−38.9Fiscal year 2020Operating cash flow−70.3Capital expenditure−5.7Free cash flow−76.0Fiscal year 2021Operating cash flow−132.6Capital expenditure−5.3Free cash flow−137.9Fiscal year 2022Operating cash flow−93.8Capital expenditure−17.5Free cash flow−111.3Fiscal year 2023Operating cash flow−123.0Capital expenditure−18.7Free cash flow−141.7Fiscal year 2024Operating cash flow−38.2Capital expenditure−4.8Free cash flow−42.9Fiscal year 2025Operating cash flow−35.6Capital expenditure−0.6Free cash flow−36.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −19.0 −38.7 −21.8 −36.9 −70.3 −132.6 −93.8 −123.0 −38.2 −35.6
Capital expenditure −0.5 −0.1 −0.0 −2.0 −5.7 −5.3 −17.5 −18.7 −4.8 −0.6
Free cash flow −19.6 −38.8 −21.8 −38.9 −76.0 −137.9 −111.3 −141.7 −42.9 −36.2
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.5Total debt2.2Net cash (debt)−1.7Shareholders’ equity3.8Debt to equity0.57Fiscal year 2017Cash4.1Total debt2.1Net cash (debt)2.0Shareholders’ equity3.5Debt to equity0.60Fiscal year 2018Cash1.5Total debt8.3Net cash (debt)−6.8Shareholders’ equity−15.4Fiscal year 2019Cash23.9Total debt19.4Net cash (debt)4.5Shareholders’ equity−34.9Fiscal year 2020Cash46.8Total debt1.4Net cash (debt)45.4Shareholders’ equity395.2Debt to equity0.00Fiscal year 2021Cash201.6Total debt0.0Net cash (debt)201.6Shareholders’ equity174.7Debt to equity0.00Fiscal year 2022Cash99.3Shareholders’ equity108.6Fiscal year 2023Cash25.8Shareholders’ equity−55.6Fiscal year 2024Cash6.6Shareholders’ equity−40.8Fiscal year 2025Cash12.9Total debt15.4Net cash (debt)−2.5Shareholders’ equity43.0Debt to equity0.36
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.5 4.1 1.5 23.9 46.8 201.6 99.3 25.8 6.6 12.9
Total debt 2.2 2.1 8.3 19.4 1.4 0.0 n/a n/a n/a 15.4
Net cash (debt) −1.7 2.0 −6.8 4.5 45.4 201.6 n/a n/a n/a −2.5
Shareholders’ equity 3.8 3.5 −15.4 −34.9 395.2 174.7 108.6 −55.6 −40.8 43.0
Debt to equity 0.57 0.60 n/a n/a 0.00 0.00 n/a n/a n/a 0.36

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024† 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
6.4 10.0 0.8 0.4 1.4 −0.9 5.0 13.1 7.0 21.2
Growth +56.5% −92.4% −50.7% +269.8% −161.2% +160.7% −46.2% +201.1%
13.6 24.4 8.0 5.8 13.1 132.5 37.7 38.4 13.2 30.8
−7.2 −14.5 −15.2 −5.5 −11.7 −133.3 −32.6 −25.3 −6.1 −9.6
Growth
6.1 17.7 7.4 8.2 9.1 11.6 23.2 24.5 12.9 13.2
6.2 8.8 11.5 10.2 20.2 40.2 73.2 55.6 16.0 24.7
n/a n/a −34.1 −23.9 −41.0 −185.1 −129.1 −105.3 −41.3 −47.4
Growth
n/a n/a −36.5 −37.2 91.6 −423.2 −117.3 −124.0 −51.6 −64.1
n/a n/a 0.0 0.0 21.8 −21.8 0.0 −0.1 0.0 0.0
−19.6 −41.2 −36.5 −37.2 69.8 −401.3 −117.3 −123.9 −51.6 −64.1
Growth −675.2%
Per share
n/a n/a n/a −0.58 0.75 −3.12 −0.74 −149.45 −9.43 −6.76
n/a n/a n/a −0.58 0.70 −3.12 −0.74 −149.45 −9.43 −6.76
Growth −545.7%
n/a n/a 50.4 64.3 92.9 128.7 158.6 0.8 5.5 9.5
n/a n/a 50.4 64.3 99.9 128.7 158.6 0.8 5.5 9.5
Growth +27.7% +55.4% +28.7% +23.2% −99.5% +559.5% +73.3%

† The diluted share count jumps at 2020 and 2023 and 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 72.4% a year over five years.
  • Operating margin is up 2,719.3 points on five years ago, at -223.7%.
  • A net loss in 9 of 10 years on file.