(WKHS) Workhorse - Overview
Stock: Electric Delivery Vehicles, Commercial Vehicles, Last-Mile
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 114% |
| Relative Tail Risk | -11.8% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -1.50 |
| Alpha | -106.70 |
| Character TTM | |
|---|---|
| Beta | 0.693 |
| Beta Downside | 1.130 |
| Drawdowns 3y | |
|---|---|
| Max DD | 99.94% |
| CAGR/Max DD | -0.91 |
Description: WKHS Workhorse December 22, 2025
Workhorse Group Inc. (NASDAQ: WKHS) is a U.S.-based technology firm that designs, manufactures, and sells zero-emission commercial vehicles, primarily all-electric delivery trucks targeting the “last-mile” logistics segment. The company, originally incorporated as AMP Holding Inc., rebranded to Workhorse in April 2015 and is headquartered in Sharonville, Ohio.
Key recent metrics and sector drivers (as of Q3 2024): • Revenue for the trailing twelve months (TTM) is roughly $115 million, down 18 % YoY, reflecting delayed deliveries and a thin order pipeline. • The company’s cash balance sits near $30 million, with a net-loss of $85 million for the same period, indicating a high burn rate that must be funded by equity or debt. • The U.S. electric-delivery-van market is projected to grow at a CAGR of ~12 % through 2030, driven by federal clean-vehicle tax credits and e-commerce demand for low-emission logistics. • Regulatory incentives (e.g., the Inflation Reduction Act) and municipal zero-emission zones are macro-level tailwinds, but execution risk remains high given Workhorse’s limited production capacity and competition from larger OEMs such as Rivian, Tesla, and traditional manufacturers pivoting to EVs.
For a deeper, data-driven view of Workhorse’s valuation assumptions and scenario analysis, you may find ValueRay’s research platform useful as a next step.
Piotroski VR‑10 (Strict, 0-10) 0.5
| Net Income: -64.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.28 > 0.02 and ΔFCF/TA 44.89 > 1.0 |
| NWC/Revenue: 118.0% < 20% (prev 86.57%; Δ 31.43% < -1%) |
| CFO/TA -0.28 > 3% & CFO -32.5m > Net Income -64.4m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.21 > 1.5 & < 3 |
| Outstanding Shares: last quarter (15.5m) vs 12m ago 659.0% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 9.74% > 50% (prev 8.97%; Δ 0.77% > 0%) |
| Interest Coverage Ratio: -9.37 > 6 (EBITDA TTM -48.7m / Interest Expense TTM 6.00m) |
Altman Z'' -15.00
| A: 0.11 (Total Current Assets 73.0m - Total Current Liabilities 60.4m) / Total Assets 116.7m |
| B: -7.68 (Retained Earnings -896.6m / Total Assets 116.7m) |
| C: -0.52 (EBIT TTM -56.2m / Avg Total Assets 109.1m) |
| D: -10.59 (Book Value of Equity -896.6m / Total Liabilities 84.7m) |
| Altman-Z'' Score: -38.92 = D |
Beneish M -3.17
| DSRI: 0.27 (Receivables 1.15m/3.68m, Revenue 10.6m/9.10m) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 2.05 (AQ_t 0.00 / AQ_t-1 0.00) |
| SGI: 1.17 (Revenue 10.6m / 9.10m) |
| TATA: -0.27 (NI -64.4m - CFO -32.5m) / TA 116.7m) |
| Beneish M-Score: -3.17 (Cap -4..+1) = AA |
What is the price of WKHS shares?
Over the past week, the price has changed by -10.20%, over one month by -24.27%, over three months by -56.09% and over the past year by -94.36%.
Is WKHS a buy, sell or hold?
- StrongBuy: 0
- Buy: 0
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the WKHS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 7.8 | 77.3% |
| Analysts Target Price | 7.8 | 77.3% |
| ValueRay Target Price | 5.2 | 18.9% |
WKHS Fundamental Data Overview February 02, 2026
P/S = 5.4609
P/B = 1.3417
Revenue TTM = 10.6m USD
EBIT TTM = -56.2m USD
EBITDA TTM = -48.7m USD
Long Term Debt = 5.15m USD (from longTermDebt, last quarter)
Short Term Debt = 29.8m USD (from shortTermDebt, last quarter)
Debt = 48.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 36.2m USD (from netDebt column, last quarter)
Enterprise Value = 79.3m USD (43.1m + Debt 48.9m - CCE 12.7m)
Interest Coverage Ratio = -9.37 (Ebit TTM -56.2m / Interest Expense TTM 6.00m)
EV/FCF = -2.44x (Enterprise Value 79.3m / FCF TTM -32.5m)
FCF Yield = -41.01% (FCF TTM -32.5m / Enterprise Value 79.3m)
FCF Margin = -306.3% (FCF TTM -32.5m / Revenue TTM 10.6m)
Net Margin = -606.7% (Net Income TTM -64.4m / Revenue TTM 10.6m)
Gross Margin = unknown ((Revenue TTM 10.6m - Cost of Revenue TTM 35.8m) / Revenue TTM)
Tobins Q-Ratio = 0.68 (Enterprise Value 79.3m / Total Assets 116.7m)
Interest Expense / Debt = 0.34% (Interest Expense 167.9k / Debt 48.9m)
Taxrate = 21.0% (US default 21%)
NOPAT = -44.4m (EBIT -56.2m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.21 (Total Current Assets 73.0m / Total Current Liabilities 60.4m)
Debt / Equity = 1.53 (Debt 48.9m / totalStockholderEquity, last quarter 32.1m)
Debt / EBITDA = -0.74 (negative EBITDA) (Net Debt 36.2m / EBITDA -48.7m)
Debt / FCF = -1.11 (negative FCF - burning cash) (Net Debt 36.2m / FCF TTM -32.5m)
Total Stockholder Equity = 32.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -59.07% (Net Income -64.4m / Total Assets 116.7m)
RoE = -198.1% (Net Income TTM -64.4m / Total Stockholder Equity 32.5m)
RoCE = -149.2% (out of range, set to none) (EBIT -56.2m / Capital Employed (Equity 32.5m + L.T.Debt 5.15m))
RoIC = -68.96% (negative operating profit) (NOPAT -44.4m / Invested Capital 64.4m)
WACC = 4.11% (E(43.1m)/V(92.0m) * Re(8.47%) + D(48.9m)/V(92.0m) * Rd(0.34%) * (1-Tc(0.21)))
Discount Rate = 8.47% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 268.6%
Fair Price DCF = unknown (Cash Flow -32.5m)
EPS Correlation: -52.62 | EPS CAGR: 1.70% | SUE: -0.16 | # QB: 0
Revenue Correlation: 54.61 | Revenue CAGR: 131.7% | SUE: -0.02 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-6.36 | Chg30d=N/A | Revisions Net=+2 | Analysts=1
EPS next Year (2026-12-31): EPS=-25.80 | Chg30d=+25.200 | Revisions Net=+1 | Growth EPS=+56.5% | Growth Revenue=-19.6%