MeritValue

Worksport Ltd

WKSPdata completeness 100%26 fiscal years on file
The thesis, from the filings

Worksport Ltd earns about -62% on invested capital, and has bought back 47% 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$303,7501$116,5022$1.53M3$8.48M4$16.1M4
Net income−$7.9M5−$12.5M6−$14.9M7−$16.2M7−$19.4M8
Operating cash flow−$4.21M9−$7.98M10−$11.9M11−$10.1M12−$17.3M12
Capital expenditure$1.1M13$11M14$3.69M15$528,23516$789,46016
Free cash flow (derived)−$5.31M9−$19M10−$15.6M11−$10.7M12−$18.1M12
Total debt——$10.6M17$5.49M18$4.36M18
Cash & equivalents$28.6M19$14.6M20$3.37M21$4.88M22$5.95M22
Diluted shares11.5M17.1M1.8M2.8M6.1M

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
$37.24
your share of equity
Profit it earned you last year
−$31.5
Free cash flow it threw off
−$29.47
Debt you’d be carrying
$7.1

10 shares is a claim on $37.24 of net worth that earned you −$31.5 and generated −$29.47 of cash last year, against $7.1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-62% avg · 5y
FY21 —FY22 —FY23 -44%FY24 -71%FY25 -72%

It earned an average -62% 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
−47% shares · 5y

Share count is down 47% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 59% — deleveraging.

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 0001493152-23-010294 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011808 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000850 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012945 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010294 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011808 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000850 (NetIncomeLoss)
  8. 10-K · period ending 2025-12-31 · accession 0001493152-26-012945 (ProfitLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010294 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011808 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000850 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012945 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010294 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011808 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000850 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012945 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-000850 (LongTermDebtCurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-012945 (LongTermDebtCurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-010294 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-011808 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-000850 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-012945 (CashAndCashEquivalentsAtCarryingValue)