MeritValue

Workhorse Group Inc.

WKHSdata completeness 100%18 fiscal years on file
The thesis, from the filings

Workhorse Group Inc. earns about -439% on invested capital, and has bought back 93% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue−$851,9221$5.02M2$13.1M3$7.04M4$21.2M4
Net income−$401.3M5−$117.3M6−$123.9M7−$51.6M8−$64.1M8
Operating cash flow−$132.6M9−$93.8M10−$123M11−$38.2M12−$35.6M12
Capital expenditure$5.31M13$17.5M14$18.7M15$4.76M16$603,00016
Free cash flow (derived)−$137.9M9−$111.3M10−$141.7M11−$42.9M12−$36.2M12
Total debt$017—$76.3M18$68.4M18$15.4M18
Cash & equivalents$201.6M19$99.3M20$25.8M21$6.63M22$12.9M22
Diluted shares128.7M158.6M829,1735.5M9.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$45.43
your share of equity
Profit it earned you last year
−$67.64
Free cash flow it threw off
−$38.16
Debt you’d be carrying
$16.28

10 shares is a claim on $45.43 of net worth that earned you −$67.64 and generated −$38.16 of cash last year, against $16.28 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-439% avg · 5y
FY21 —FY22 -1011%FY23 —FY24 -195%FY25 -111%

It earned an average -439% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001425287-23-000055 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001425287-24-000068 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001425287-25-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-022417 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001425287-23-000055 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001425287-24-000068 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001425287-25-000024 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-022417 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001425287-23-000055 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001425287-24-000068 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001425287-25-000024 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-022417 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001425287-23-000055 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001425287-24-000068 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001425287-25-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-022417 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001425287-22-000031 (LongTermDebtCurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001628280-26-022417 (DebtCurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001425287-23-000055 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001425287-24-000068 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001425287-25-000024 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001628280-26-022417 (CashAndCashEquivalentsAtCarryingValue)