Tearsheet

Workhorse (WKHS)

Market Price (11/3/2025): $1.0 | Market Cap: $8.8 Mil
Sector: Consumer Discretionary | Industry: Automobile Manufacturers

Workhorse (WKHS)

Market Price (11/3/2025): $1.0
Market Cap: $8.8 Mil
Sector: Consumer Discretionary
Industry: Automobile Manufacturers

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%	Weak multi-year price returns 2Y Excs Rtn is -165%, 3Y Excs Rtn is -178%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -57 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -530%
1			Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 475%
2			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -294%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -297%
3			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 123%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -921%
5			High stock price volatility Vol 12M is 892%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%
1	Weak multi-year price returns 2Y Excs Rtn is -165%, 3Y Excs Rtn is -178%
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -57 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -530%
3	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 475%
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -294%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -297%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 123%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -921%
7	High stock price volatility Vol 12M is 892%

Market Valuation & Key Metrics

	11/3/25	2024	2023	2022	2021
Share Price CYE	$1.00	$8.72	$90.00	$380.00	$1,090.00
Market Cap CYE ($ Mil)	8.8	33.5	93.6	247.7	632.8
Total Debt ($ Mil)	44.5	16.3	29.0	10.1	26.3
Total Cash ($ Mil)	2.2	4.1	25.8	99.3	201.6
Enterprise Value ($ Mil)	51.2	49.8	122.6	257.8	659.1
Valuation Ratios
P/S TTM	0.8	0.2	0.5	3.8	0.0
P/EBIT TTM	-0.1	-0.0	-0.1	-0.2	-0.1
P/E TTM	-0.1	-0.0	-0.1	-0.2	-0.1
Sector Ratios
P/S TTM (Sector)	0.7	0.8	0.9	0.8	1.3
P/EBIT TTM (Sector)	6.9	6.8	7.0	5.6	7.5
P/E TTM (Sector)	8.9	7.7	8.9	7.4	9.2

	11/3/25	2024	2023
Share Price CYE	$1.00	$8.72	$90.00
Market Cap CYE ($ Mil)	8.8	33.5	93.6
Total Debt ($ Mil)	44.5	16.3	29.0
Total Cash ($ Mil)	2.2	4.1	25.8
Enterprise Value ($ Mil)	51.2	49.8	122.6
Valuation Ratios
P/S TTM	0.8	0.2	0.5
P/EBIT TTM	-0.1	-0.0	-0.1
P/E TTM	-0.1	-0.0	-0.1
Sector Ratios
P/S TTM (Sector)	0.7	0.8	0.9
P/EBIT TTM (Sector)	6.9	6.8	7.0
P/E TTM (Sector)	8.9	7.7	8.9

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Metric	Value	Date	Source
Shares Outstanding	19,059,954	N/A/N/A/N/A	Link
Shares Owned by Insiders	0.25%	N/A/N/A/N/A	Link
Shares Owned by Institutions	<0.01%	N/A/N/A/N/A	Link
Short Interest	1.93 million	N/A/N/A/N/A	Link
W56 Uptime	97%	N/A/N/A/N/A	Link
W56 vehicles operating in customer and partner fleets	60+	N/A/N/A/N/A	Link
W56 miles accumulated in the field	212,000+	N/A/N/A/N/A	Link
Purchase Orders Secured	36	N/A/N/A/N/A	Link
Number of Patents	8 publications	N/A/N/A/N/A	Link

WKHS Stock

Stock Price
Market Cap

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Stock Movement Drivers

Fundamental Drivers

The -38.8% change in WKHS stock from 8/3/2025 to 11/2/2025 was primarily driven by a -100.2% change in the company's Shares Outstanding (Mil).

	8032025	11022025	Change
Stock Price ($)	1.65	1.01	-38.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5.92	10.75	81.57%
P/S Multiple	1.23	0.83	-32.51%
Shares Outstanding (Mil)	4.41	8.83	-100.20%
Cumulative Contribution			-100.24%

LTM = Last Twelve Months as of date shown

Market Drivers

8/3/2025 to 11/2/2025

	Return	Correlation
WKHS	-38.8%
Market (SPY)	9.7%	41.6%
Sector (XLY)	11.0%	34.3%

Fundamental Drivers

The -11.4% change in WKHS stock from 5/4/2025 to 11/2/2025 was primarily driven by a -129.7% change in the company's Shares Outstanding (Mil).

	5042025	11022025	Change
Stock Price ($)	1.14	1.01	-11.40%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6.62	10.75	62.40%
P/S Multiple	0.66	0.83	25.30%
Shares Outstanding (Mil)	3.84	8.83	-129.68%
Cumulative Contribution			-160.38%

LTM = Last Twelve Months as of date shown

Market Drivers

5/4/2025 to 11/2/2025

	Return	Correlation
WKHS	-11.4%
Market (SPY)	20.7%	8.6%
Sector (XLY)	19.4%	10.3%

Fundamental Drivers

The -89.5% change in WKHS stock from 11/2/2024 to 11/2/2025 was primarily driven by a -485.2% change in the company's Shares Outstanding (Mil).

	11022024	11022025	Change
Stock Price ($)	9.64	1.01	-89.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9.62	10.75	11.73%
P/S Multiple	1.51	0.83	-45.11%
Shares Outstanding (Mil)	1.51	8.83	-485.20%
Cumulative Contribution			-336.27%

LTM = Last Twelve Months as of date shown

Market Drivers

11/2/2024 to 11/2/2025

	Return	Correlation
WKHS	-89.5%
Market (SPY)	20.6%	6.8%
Sector (XLY)	20.7%	4.5%

Fundamental Drivers

The -99.8% change in WKHS stock from 11/3/2022 to 11/2/2025 was primarily driven by a -1287.0% change in the company's Shares Outstanding (Mil).

	11032022	11022025	Change
Stock Price ($)	650.00	1.01	-99.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	-2.55	10.75	-521.54%
P/S Multiple	-162.29	0.83	-100.51%
Shares Outstanding (Mil)	0.64	8.83	-1286.98%
Cumulative Contribution			-125.58%

LTM = Last Twelve Months as of date shown

Market Drivers

11/3/2023 to 11/2/2025

	Return	Correlation
WKHS	-99.1%
Market (SPY)	60.5%	7.0%
Sector (XLY)	52.0%	5.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
WKHS Return	551%	-78%	-65%	-76%	-90%	-88%	-100%
Peers Return	8%	8%	-11%	20%	-28%	-21%	-29%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
WKHS Win Rate	50%	17%	25%	33%	33%	20%
Peers Win Rate	22%	23%	8%	25%	23%	47%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
WKHS Max Drawdown	-52%	-78%	-67%	-77%	-92%	-98%
Peers Max Drawdown	-23%	0%	-15%	-0%	-30%	-34%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: THO, WGO, AIIO, CJET, EMPD. See WKHS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/31/2025 (YTD)

How Low Can It Go

Unique Key	Event	WKHS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-99.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	11711.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-60.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	154.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	85 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-93.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	1541.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	554 days	120 days

Compare to THO, WGO, AIIO, CJET, EMPD

In The Past

Workhorse's stock fell -99.2% during the 2022 Inflation Shock from a high on 2/4/2021. A -99.2% loss requires a 11711.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Workhorse (WKHS)

Workhorse 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.

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Better Bets than Workhorse (WKHS)

	WKHS	Better Performance than WKHS
Metric	Value	Industry (Automobile Manufacturers)
Rev Chg LTM	11.7%	RACE (12.4%), STLA (156.0%), VFS (86.1%), LCID (39.0%), CYD (13.2%)
Rev Chg 3Y Avg	173.3%	RIVN (183.6%)
Op Mgn LTM	-530.0%	TSLA (5.1%), TM (9.6%), RACE (28.9%), GM (4.3%), MBGAF (4.9%)
CFO/Rev LTM	-293.7%	TSLA (16.5%), TM (10.1%), RACE (33.0%), GM (12.9%), MBGAF (15.2%)
FCF/Rev LTM	-296.7%	TSLA (7.1%), TM (-0.2%), RACE (18.2%), GM (-0.9%), MBGAF (8.7%)
Total Yield	-916.8%	TSLA (0.3%), TM (2048.5%), RACE (2.2%), GM (5.7%), MBGAF (10.0%)

	WKHS	Better Performance than WKHS
Metric	Value	Sector (Consumer Discretionary)
Rev Chg LTM	11.7%	BKNG (13.0%), MELI (36.9%), DASH (23.8%), RACE (12.4%), CPNG (18.7%)
Rev Chg 3Y Avg	173.3%	RIVN (183.6%), VVV (262.7%), HYLN (1262.5%), INVZ (178.8%), WKSP (497.9%)
Op Mgn LTM	-530.0%	AMZN (11.4%), TSLA (5.1%), BABA (14.6%), HD (13.1%), TM (9.6%)
CFO/Rev LTM	-293.7%	AMZN (18.1%), TSLA (16.5%), BABA (15.0%), HD (10.8%), TM (10.1%)
FCF/Rev LTM	-296.7%	AMZN (2.0%), TSLA (7.1%), BABA (15.0%), HD (8.6%), TM (-0.2%)
Total Yield	-916.8%	AMZN (2.7%), TSLA (0.3%), BABA (37.0%), HD (6.3%), TM (2048.5%)

	WKHS	Better Performance than WKHS
Metric	Value	All Other Sectors
Rev Chg LTM	11.7%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AVGO (28.0%), META (21.3%)
Rev Chg 3Y Avg	173.3%	BBIO (727.6%), QXO (1115.2%), CYTK (824.6%), UEC (10082.6%), AXSM (699.5%)
Op Mgn LTM	-530.0%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM	-293.7%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%)
FCF/Rev LTM	-296.7%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AVGO (41.6%)
Total Yield	-916.8%	NVDA (1.8%), AAPL (2.8%), MSFT (3.4%), GOOGL (3.9%), AVGO (1.1%)

		Best Bets In Consumer Discretionary Sector
	WKHS	ABNB	BKNG	MCD	ETSY	LOPE	ALSN	CROX	GRMN	YUM	WH
What You Pay
P/E	-0.1	29.6	32.6	25.4	33.8	22.3	9.9	19.3	26.2	26.9	16.6
P/EBIT	-0.1	29.9	19.6	17.6	14.9	17.4	7.3	16.8	23.2	15.7	9.8
What You Get
Rev Chg Q	573.0%	12.7%	12.7%	5.4%	2.4%	8.8%	-15.9%	3.4%	11.7%	9.6%	-3.5%
Rev Chg LTM	11.7%	10.2%	13.0%	1.2%	2.0%	6.5%	-4.2%	2.0%	16.6%	11.3%	3.4%
Rev Chg 3Y Avg	173.3%	16.3%	17.8%	3.4%	4.9%	5.8%	4.6%	14.5%	12.2%	5.9%	-2.5%
FCF/Rev 3Y Avg	-838.6%	40.5%	35.6%	27.2%	23.8%	22.6%	21.0%	19.8%	20.5%	19.0%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Workhorse (WKHS) Stock: 37% of days in last 3 months had 1% or greater fluctuation
2	Workhorse Market Price	Market Price
3	Day 7 of Loss Streak for Workhorse Stock with -26% Return (vs. -50% YTD) [3/8/2025]	Notification
4	Day 0 of Loss Streak for Workhorse Stock with 0% Return (vs. -49% YTD) [3/7/2025]	Notification
5	Day 5 of Loss Streak for Workhorse Stock with -22% Return (vs. -48% YTD) [3/6/2025]	Notification
6	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/3/2025]	Notification
7	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/2/2025]	Notification
8	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/1/2025]	Notification
9	Workhorse vs. S&P500 Correlation	Correlation
10	Workhorse Price Volatility	Volatility
11	ARTICLES
12	Workhorse Stock Still Looks Speculative After 45% Decline This Year		May 4th, 2021
13	Is Workhorse Stock Worth A Look After 60% Drop?		March 4th, 2021
14	Workhorse Or Canoo Stock: Which EV Upstart Should You Pick?		February 24th, 2021
15	Why Is Workhorse Stock Rallying Again?		February 2nd, 2021
16	Why Workhorse Stock Looks Set For Further Gains		January 28th, 2021

	Title
0	DASHBOARDS
1	Workhorse Stock Still Looks Speculative After 45% Decline This Year
2	Is Workhorse Stock Worth A Look After 60% Drop?
3	Workhorse Or Canoo Stock: Which EV Upstart Should You Pick?
4	Why Is Workhorse Stock Rallying Again?
5	Why Workhorse Stock Looks Set For Further Gains
6	ARTICLES
7	Workhorse (WKHS) Stock: 37% of days in last 3 months had 1% or greater fluctuation
8	Workhorse Market Price
9	Day 7 of Loss Streak for Workhorse Stock with -26% Return (vs. -50% YTD) [3/8/2025]
10	Day 0 of Loss Streak for Workhorse Stock with 0% Return (vs. -49% YTD) [3/7/2025]
11	Day 5 of Loss Streak for Workhorse Stock with -22% Return (vs. -48% YTD) [3/6/2025]
12	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/3/2025]
13	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/2/2025]
14	Day 5 of Loss Streak for Workhorse Stock with -13% Return (vs. -26% YTD) [2/1/2025]
15	Workhorse vs. S&P500 Correlation
16	Workhorse Price Volatility

Trade Ideas

Select past ideas related to WKHS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
LRN_10312025_Dip_Buyer_ValueBuy	10312025	LRN	Stride	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
DECK_10312025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10312025	DECK	Deckers Outdoor	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.0%	0.0%	0.0%
ATGE_10312025_Quality_Momentum_RoomToRun_10%	10312025	ATGE	Adtalem Global Education	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.0%	0.0%	0.0%
GNTX_10242025_Dip_Buyer_FCFYield	10242025	GNTX	Gentex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.8%	-0.8%	-0.8%
LNW_10172025_Dip_Buyer_FCFYield	10172025	LNW	Light & Wonder	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.5%	-4.5%	-6.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
LRN_10312025_Dip_Buyer_ValueBuy	10312025	LRN	Stride	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
DECK_10312025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10312025	DECK	Deckers Outdoor	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.0%	0.0%	0.0%
ATGE_10312025_Quality_Momentum_RoomToRun_10%	10312025	ATGE	Adtalem Global Education	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.0%	0.0%	0.0%
GNTX_10242025_Dip_Buyer_FCFYield	10242025	GNTX	Gentex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-0.8%	-0.8%	-0.8%
LNW_10172025_Dip_Buyer_FCFYield	10172025	LNW	Light & Wonder	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.5%	-4.5%	-6.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BFLY	Butterfly Network	0.7	31.9%	-13.8%
BHF	Brighthouse Financial	3.3	24.9%	18.8%
ILMN	Illumina	19.4	24.8%	-7.6%
GDYN	Grid Dynamics	0.8	22.9%	-58.0%
ARDX	Ardelyx	1.5	21.0%	19.5%
PACB	Pacific Biosciences of California	0.7	20.6%	27.9%
TWLO	Twilio	20.7	19.5%	24.8%
TVTX	Travere Therapeutics	3.1	18.6%	101.8%
BJRI	BJ's Restaurants	0.8	18.4%	-3.3%
BFAM	Bright Horizons Family Solutions	6.3	18.4%	-1.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ATGE	Adtalem Global Education	3.5	-30.9%	7.9%
SVV	Savers Value Village	1.4	-30.4%	-10.1%
NWL	Newell Brands	1.4	-28.0%	-64.6%
SPSC	SPS Commerce	3.1	-20.8%	-55.3%
SOC	Sable Offshore	1.0	-18.5%	-54.3%
CPS	Cooper-Standard	0.5	-15.5%	122.9%
TBBK	Bancorp	3.0	-15.3%	24.2%
DXCM	DexCom	22.8	-14.6%	-25.1%
KOD	Kodiak Sciences	1.0	-13.9%	82.2%
AAUC	Allied Gold	1.7	-12.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PUMP	ProPetro	1.1	64.5%	11.3%
VTYX	Ventyx Biosciences	0.6	46.8%	289.5%
INBX	Inhibrx Biosciences	1.3	42.5%	430.3%
RNA	Avidity Biosciences	9.1	42.1%	140.2%
GCI	Gannett	0.8	40.6%	4.7%
CSIQ	Canadian Solar	1.4	38.4%	86.7%
DYN	Dyne Therapeutics	2.6	31.9%	-4.2%
ZBIO	Zenas BioPharma	1.3	30.8%	281.6%
IMVT	Immunovant	4.2	30.3%	-0.4%
BBNX	Beta Bionics	1.2	29.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LRN	Stride	2.9	-55.3%	-34.5%
NTLA	Intellia Therapeutics	1.3	-50.7%	8.2%
FMC	FMC	1.9	-50.2%	-67.4%
FI	Fiserv	36.7	-46.7%	-67.5%
VRNS	Varonis Systems	3.9	-43.5%	-20.7%
ATGE	Adtalem Global Education	3.5	-35.9%	7.9%
UAMY	United States Antimony	1.0	-32.8%	355.9%
SVV	Savers Value Village	1.4	-31.7%	-10.1%
NWL	Newell Brands	1.4	-31.7%	-64.6%
AKBA	Akebia Therapeutics	0.6	-27.1%	16.3%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	4.3	260.1%	158.3%
VTYX	Ventyx Biosciences	0.6	141.6%	289.5%
INBX	Inhibrx Biosciences	1.3	132.9%	430.3%
TMQ	Trilogy Metals	0.7	112.9%	283.6%
REPL	Replimune	0.9	109.2%	-19.7%
PUMP	ProPetro	1.1	93.3%	11.3%
VICR	Vicor	4.1	85.6%	87.8%
DYN	Dyne Therapeutics	2.6	79.9%	-4.2%
GLUE	Monte Rosa Therapeutics	1.1	68.4%	85.2%
NVTS	Navitas Semiconductor	2.7	64.2%	277.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LRN	Stride	2.9	-53.2%	-34.5%
FMC	FMC	1.9	-51.7%	-67.4%
FI	Fiserv	36.7	-47.0%	-67.5%
SOC	Sable Offshore	1.0	-46.5%	-54.3%
VRNS	Varonis Systems	3.9	-40.8%	-20.7%
OGN	Organon	1.8	-38.3%	-53.7%
NTLA	Intellia Therapeutics	1.3	-38.3%	8.2%
VG	Venture Global	20.8	-37.8%
ITGR	Integer	2.3	-37.4%	-51.3%
NWL	Newell Brands	1.4	-34.7%	-64.6%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BFLY	Butterfly Network	0.7	31.9%	-13.8%
BHF	Brighthouse Financial	3.3	24.9%	18.8%
ILMN	Illumina	19.4	24.8%	-7.6%
GDYN	Grid Dynamics	0.8	22.9%	-58.0%
ARDX	Ardelyx	1.5	21.0%	19.5%
PACB	Pacific Biosciences of California	0.7	20.6%	27.9%
TWLO	Twilio	20.7	19.5%	24.8%
TVTX	Travere Therapeutics	3.1	18.6%	101.8%
BJRI	BJ's Restaurants	0.8	18.4%	-3.3%
BFAM	Bright Horizons Family Solutions	6.3	18.4%	-1.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ATGE	Adtalem Global Education	3.5	-30.9%	7.9%
SVV	Savers Value Village	1.4	-30.4%	-10.1%
NWL	Newell Brands	1.4	-28.0%	-64.6%
SPSC	SPS Commerce	3.1	-20.8%	-55.3%
SOC	Sable Offshore	1.0	-18.5%	-54.3%
CPS	Cooper-Standard	0.5	-15.5%	122.9%
TBBK	Bancorp	3.0	-15.3%	24.2%
DXCM	DexCom	22.8	-14.6%	-25.1%
KOD	Kodiak Sciences	1.0	-13.9%	82.2%
AAUC	Allied Gold	1.7	-12.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PUMP	ProPetro	1.1	64.5%	11.3%
VTYX	Ventyx Biosciences	0.6	46.8%	289.5%
INBX	Inhibrx Biosciences	1.3	42.5%	430.3%
RNA	Avidity Biosciences	9.1	42.1%	140.2%
GCI	Gannett	0.8	40.6%	4.7%
CSIQ	Canadian Solar	1.4	38.4%	86.7%
DYN	Dyne Therapeutics	2.6	31.9%	-4.2%
ZBIO	Zenas BioPharma	1.3	30.8%	281.6%
IMVT	Immunovant	4.2	30.3%	-0.4%
BBNX	Beta Bionics	1.2	29.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LRN	Stride	2.9	-55.3%	-34.5%
NTLA	Intellia Therapeutics	1.3	-50.7%	8.2%
FMC	FMC	1.9	-50.2%	-67.4%
FI	Fiserv	36.7	-46.7%	-67.5%
VRNS	Varonis Systems	3.9	-43.5%	-20.7%
ATGE	Adtalem Global Education	3.5	-35.9%	7.9%
UAMY	United States Antimony	1.0	-32.8%	355.9%
SVV	Savers Value Village	1.4	-31.7%	-10.1%
NWL	Newell Brands	1.4	-31.7%	-64.6%
AKBA	Akebia Therapeutics	0.6	-27.1%	16.3%

Peer Comparisons for Workhorse

Financials

	WKHS	THO	WGO	AIIO	CJET	EMPD	Median
Name	Workhorse	Thor Ind.	Winnebag.	Robo.ai	Chijet M.	Empery D.
Mkt Price	1.01	104.35	37.71	0.64	0.05	6.97	3.99
Mkt Cap	0.0	5.5	1.1	-	-	-	1.1
Rev LTM	11	9,579	2,798	-	-	4	1,404
Op Inc LTM	-57	299	57	-	-	-24	17
FCF LTM	-32	455	90	-	-	-15	37
FCF 3Y Avg	-86	545	133	-	-	-23	55
CFO LTM	-32	578	129	-	-	-15	57
CFO 3Y Avg	-74	702	189	-	-	-23	83

Growth & Margins

	WKHS	THO	WGO	AIIO	CJET	EMPD	Median
Name	Workhorse	Thor Ind.	Winnebag.	Robo.ai	Chijet M.	Empery D.
Rev Chg LTM	11.7%	-4.6%	-5.9%	-	-	-1.2%	-2.9%
Rev Chg 3Y Avg	173.3%	-15.4%	-16.8%	-	-	-0.7%	-8.0%
Rev Chg Q	573.0%	-0.4%	7.8%	-	-	-25.3%	3.7%
QoQ Delta Rev Chg LTM	81.6%	-0.1%	2.1%	-	-	-6.4%	1.0%
Op Mgn LTM	-530.0%	3.1%	2.0%	-	-	-674.5%	-264.0%
Op Mgn 3Y Avg	-954.3%	4.2%	5.0%	-	-	-795.9%	-395.9%
QoQ Delta Op Mgn LTM	534.5%	-0.3%	0.2%	-	-	1.4%	0.8%
CFO/Rev LTM	-293.7%	6.0%	4.6%	-	-	-430.4%	-144.5%
CFO/Rev 3Y Avg	-726.3%	6.8%	6.0%	-	-	-722.0%	-358.0%
FCF/Rev LTM	-296.7%	4.7%	3.2%	-	-	-437.8%	-146.7%
FCF/Rev 3Y Avg	-838.6%	5.2%	4.2%	-	-	-740.5%	-368.2%

Valuation

	WKHS	THO	WGO	AIIO	CJET	EMPD	Median
Name	Workhorse	Thor Ind.	Winnebag.	Robo.ai	Chijet M.	Empery D.
Mkt Cap	0.0	5.5	1.1	-	-	-	1.1
P/S	0.8	0.6	0.4	-	-	-	0.6
P/EBIT	-0.1	16.0	18.8	-	-	-	16.0
P/E	-0.1	21.4	40.9	-	-	-	21.4
P/CFO	-0.3	9.6	8.2	-	-	-	8.2
Total Yield	-916.8%	4.7%	3.3%	-	-	-	3.3%
Dividend Yield	0.0%	0.0%	0.9%	-	-	-	0.0%
FCF Yield 3Y Avg	-1,832.2%	10.6%	9.1%	-	-	-	9.1%
D/E	5.0	0.2	0.6	-	-	-	0.6
Net D/E	4.7	0.1	0.4	-	-	-	0.4

Returns

	WKHS	THO	WGO	AIIO	CJET	EMPD	Median
Name	Workhorse	Thor Ind.	Winnebag.	Robo.ai	Chijet M.	Empery D.
1M Rtn	-12.2%	-3.9%	8.4%	-62.9%	-70.9%	-10.4%	-11.3%
3M Rtn	-38.8%	14.8%	32.1%	-	-98.1%	-28.5%	-28.5%
6M Rtn	-11.4%	40.5%	16.5%	-	-97.5%	-	2.5%
12M Rtn	-89.5%	2.1%	-31.4%	-	-97.6%	-	-60.4%
3Y Rtn	-99.8%	46.0%	-28.7%	-	-	-	-28.7%
1M Excs Rtn	-10.9%	-2.7%	8.9%	-69.1%	-72.9%	-13.0%	-11.9%
3M Excs Rtn	-50.0%	4.4%	19.7%	-	-106.1%	-31.0%	-31.0%
6M Excs Rtn	-31.7%	20.2%	-3.8%	-	-117.8%	-	-17.8%
12M Excs Rtn	-107.2%	-18.9%	-49.1%	-	-114.9%	-	-78.2%
3Y Excs Rtn	-178.4%	-38.4%	-108.5%	-	-	-	-108.5%

Comparison Analyses

	Title
0	Workhorse Group vs NAPCO Security Technologies: Similar Market Cap; Which Stock Is A Better Bet?
1	Workhorse Group vs BJ's Restaurants: Similar Market Cap; Which Stock Is A Better Bet?
2	Workhorse Group vs Aclaris Therapeutics: Similar Market Cap; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/15/2025	3/31/2025	3/12/2024	3/1/2023	3/1/2022	3/1/2021	3/13/2020
Key Financials
Total Revenue	11	7	13	5	-1	1	0
EBITDA	-55	-72	-111	-113	-415	105	-30
Operating Income	-57	-74	-105	-129	-185	-41	-24
Net Income	-82	-102	-124	-117	-401	70	-37
EPS	-24.11	-51.69	-149.45	-185.00	-780.00	187.50	-145.00
Growth Rates
Total Revenue Growth	11.7%	-49.5%	160.7%	689.6%	-161.2%	269.8%	-50.7%
EBITDA Growth	47.0%	35.5%	2.0%	72.6%	-495.0%	447.8%	10.5%
Operating Income Growth	43.3%	29.8%	18.4%	30.3%	-351.7%	-71.7%	29.9%
Net Income Growth	37.8%	17.9%	-5.7%	70.8%	-675.2%	287.8%	-1.8%
Margins
EBITDA Margin	-512.2%	-1084.5%	-849.5%	-2259.4%	-	7536.6%	-8014.2%
Operating Income Margin	-530.0%	-1116.7%	-804.1%	-2569.8%	-	-2943.0%	-6338.1%
Net Income Margin	-760.7%	-1538.5%	-946.3%	-2334.7%	-	5010.8%	-9869.0%
Cash & Debt
Total Cash	2	4	26	99	202	47	24
Total Debt	45	16	29	10	26	199	39
Net Debt / (Cash)	42	12	3	-89	-175	152	15
Cash Flows
Net Cash from Operations	-32	-48	-123	-94	-133	-70	-37
Free Cash from Operations	-32	-52	-142	-111	-138	-76	-39
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	25	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/15/2025	5/15/2025	3/31/2025	11/19/2024	8/19/2024	5/20/2024	3/12/2024	11/14/2023	8/14/2023	5/15/2023	3/1/2023	11/8/2022
Key Financials Quarterly
Total Revenue	6	1	2	3	1	1	4	3	4	2	3	2
Ebitda	-13	-11	-19	-12	-18	-22	-44	-20	-23	-25	-25	-48
Operating Income	-14	-13	-15	-14	-21	-24	-35	-21	-24	-26	-39	-49
Net Income	-15	-21	-21	-25	-26	-29	-45	-31	-23	-25	-39	-35
EPS	-1.67	-4.68	-5.51	-12.25	-17.45	-24.09	-45.83	-35.50	-30.00	-37.50	-60.00	-55.00
Key Financials TTM
Total Revenue TTM	11	6	7	9	10	13	13	12	11	7	5	-0
Ebitda TTM	-55	-61	-72	-96	-104	-108	-111	-93	-121	-119	-113	-243
Operating Income TTM	-57	-63	-74	-94	-100	-103	-105	-109	-137	-135	-129	-210
Net Income TTM	-82	-93	-102	-126	-131	-128	-124	-117	-122	-120	-117	-235
Growth Rates Quarterly
Total Revenue Growth	573.0%	-52.1%	-56.3%	-17.1%	-78.8%	-20.9%	27.8%	95.5%	31492.7%	11742.9%	272.4%	368.6%
EBITDA Growth	31.5%	50.1%	55.7%	38.8%	19.0%	12.6%	-73.4%	58.5%	-10.2%	-27.7%	83.8%	40.9%
Operating Income Growth	29.5%	45.9%	56.0%	32.7%	12.8%	7.1%	10.6%	56.9%	-11.7%	-28.8%	67.3%	-91.5%
Net Income Growth	43.8%	29.2%	53.2%	18.0%	-14.3%	-16.6%	-17.1%	13.4%	-8.8%	-13.4%	75.2%	56.4%
Margins Quarterly
EBITDA Margin	-223.2%	-1693.5%	-1002.8%	-487.2%	-2191.2%	-1625.2%	-988.9%	-659.5%	-574.2%	-1470.9%	-728.9%	-3110.7%
Operating Income Margin	-255.3%	-2002.9%	-803.9%	-564.5%	-2435.6%	-1771.6%	-798.2%	-695.3%	-593.1%	-1508.7%	-1141.1%	-3153.8%
Net Income Margin	-260.7%	-3221.0%	-1100.3%	-1001.5%	-3124.3%	-2177.0%	-1027.1%	-1011.9%	-580.3%	-1476.2%	-1121.2%	-2286.0%
Cash & Debt
Total Cash	2	3	4	3	5	7	26	39	62	79	99	120
Total Debt	45	51	16	21	18	16	29	9	10	10	10	10
Net Debt / (Cash)	42	48	12	18	12	10	3	-30	-53	-69	-89	-110
Cash Flows Quarterly
FCF from Operations	-6	-8	-7	-10	-12	-18	-27	-30	-33	-33	-28	-11
Cash Flows TTM
FCF from Operations TTM	-32	-38	-48	-68	-87	-108	-123	-123	-104	-96	-94	-89
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-6.1%	-5.4%	-6.8%	-6.3%	-9.3%	-11.1%	-16.7%	-10.7%	-12.9%	-14.8%	-24.3%	-32.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-6.0%	-6.6%	-8.1%	-10.4%	-11.4%	-12.1%	-12.6%	-13.9%	-18.8%	-19.6%	-19.9%	-34.5%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Design, manufacture, and distribution of all-electric vehicles as an Original Equipment	13		-1	1
Services, parts and accessories		1
Vehicles		4
Automotive					0
Other					0
Total	13	5	-1	1	0

Price Behavior

Price Behavior

Market Price	$1.01
Market Cap ($ Bil)	0.0
First Trading Date	01/07/2016
Distance from 52W High	-94.4%
	50 Days	200 Days
DMA Price	$1.15	$2.27
DMA Trend	down	down
Distance from DMA	-12.4%	-55.5%
	3M	1YR
Volatility	55.8%	900.6%
Downside Capture	475.34	507.70
Upside Capture	35.23	199.21
Correlation (SPY)	45.3%	6.9%

WKHS Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.75	2.59	2.39	1.28	3.08	2.68
Up Beta	4.01	3.89	3.17	3.56	0.95	1.32
Down Beta	2.18	2.12	2.14	3.49	3.21	2.68
Up Capture	175%	74%	33%	-29%	271%	257%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	7	14	22	54	101	302
Down Capture	355%	383%	367%	-65%	171%	111%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	11	24	36	64	138	427

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of WKHS With Other Asset Classes (Last 1Y)
	WKHS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-90.5%	20.0%	18.5%	45.3%	3.1%	-4.4%	56.7%
Annualized Volatility	891.7%	24.8%	19.6%	19.9%	16.3%	18.1%	37.0%
Sharpe Ratio	0.74	0.68	0.74	1.77	0.00	-0.39	0.94
Correlation With Other Assets		4.6%	6.8%	1.4%	5.7%	11.0%	7.9%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of WKHS With Other Asset Classes (Last 5Y)
	WKHS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-81.8%	10.3%	16.1%	15.6%	12.7%	5.9%	53.1%
Annualized Volatility	408.5%	23.8%	17.2%	15.6%	18.9%	19.2%	49.2%
Sharpe Ratio	0.12	0.39	0.77	0.80	0.56	0.23	0.80
Correlation With Other Assets		9.5%	9.1%	2.7%	3.9%	10.2%	7.2%

Based On 10-Year Data

		Comparison of WKHS With Other Asset Classes (Last 10Y)
	WKHS	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-53.1%	12.9%	14.5%	12.7%	5.2%	5.0%	81.9%
Annualized Volatility	307.6%	21.9%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.22	0.54	0.70	0.71	0.23	0.21	0.98
Correlation With Other Assets		8.6%	7.7%	2.3%	4.4%	8.0%	5.7%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	1,926,245
Short Interest: % Change Since 9302025	-19.5%
Average Daily Volume	1,230,409
Days-to-Cover Short Interest	1.57
Basic Shares Quantity	8,827,196
Short % of Basic Shares	21.8%

Returns Analyses

	Title
0	Workhorse Stock Return Comparison
1	Workhorse Group (WKHS) Stock Return: AI Predicts WKHS Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8152025	10-Q 6/30/2025
3312025	5152025	10-Q 3/31/2025
12312024	3312025	10-K 12/31/2024
9302024	11192024	10-Q 9/30/2024
6302024	8192024	10-Q 6/30/2024
3312024	5202024	10-Q 3/31/2024
12312023	3122024	10-K 12/31/2023
9302023	11142023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021
9302021	11092021	10-Q 9/30/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Workhorse (WKHS)

Market Price (11/3/2025): $1.0 | Market Cap: $8.8 MilSector: Consumer Discretionary | Industry: Automobile Manufacturers

Workhorse (WKHS)

Market Price (11/3/2025): $1.0Market Cap: $8.8 MilSector: Consumer DiscretionaryIndustry: Automobile Manufacturers

Market Valuation & Key Metrics

WKHS Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

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About Workhorse (WKHS)

Interactive Breakdown

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

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Market Price (11/3/2025): $1.0 | Market Cap: $8.8 Mil
Sector: Consumer Discretionary | Industry: Automobile Manufacturers

Market Price (11/3/2025): $1.0
Market Cap: $8.8 Mil
Sector: Consumer Discretionary
Industry: Automobile Manufacturers