Workhorse Group

WKHS

Auto - Manufacturers · Consumer Cyclical

Price

$3.23

+0.08 (+2.54%)

Market Cap

$35.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+1740.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 515K (2021) → 9.5M (2025)

Winston Score History

The full picture

Workhorse Group is a small American company that builds electric delivery vans and trucks. Its main product is the W56 electric step van, designed for last-mile delivery — the final leg of getting packages to people's doors. Its target customers are commercial fleet operators, including delivery and logistics companies.

Workhorse makes money by selling its electric vehicles directly to fleet buyers. The company operates entirely in the United States and is very small, with a market cap near zero and no meaningful revenue at this stage. It has no clear competitive moat — it competes against much larger and better-funded rivals like Rivian, Ford, and GM in the commercial electric vehicle space. The biggest risk facing Workhorse is straightforward: the company is burning through cash, producing very few vehicles, and has deeply negative margins, meaning it spends far more than it earns and must keep raising money to survive.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-37.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-11.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$13M/ year

↑ Rising (+44% vs prior year)

62.1% of revenue

15.5x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

10.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

$10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Workhorse Group is putting 62% of revenue into R&D and that number is rising. That's 15.5x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-209.8%

Thin — -209.8% gross margin

Profit after running costs

Operating Margin

-545.2%

Losing money on operations — -545.2%

Return on the money invested

ROCE

-173.0%

Weak — -173.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+112.1%

Fast-growing sales (+112.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-276.5%

Burning cash (-276.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

3.88

Heavy debt load (3.88)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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