Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Workhorse Group Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
6.41
10.8
0.76
0.38
1.39
-0.85
5.02
13.1
7.04
21.2
Cost of revenue
13.6
24.4
7.98
5.84
13.1
132
37.7
38.4
13.2
30.8
Gross profit
-7.16
-14.5
-15.2
-5.47
-11.7
-133
-32.6
-25.3
-6.15
-9.56
Research and development
6.15
17.7
7.39
8.2
9.15
11.6
23.2
24.5
12.9
13.2
Selling, general and administrative
6.2
8.82
11.5
10.2
20.2
40.2
73.2
55.6
16
24.7
Operating expenses
12.3
26.6
18.9
18.4
29.3
51.8
96.4
80
35.2
37.9
Operating income
-34.1
-23.9
-41
-185
-129
-105
-41.3
-47.4
Interest expense
0.04
0.18
2.43
29.1
191
Other non-operating income
-10
0
-0.26
Pre-tax income
-36.5
-37.2
91.6
-423
-117
-124
-51.6
-64.1
Income tax
0
0
21.8
-21.8
0
-0.11
0
0
Net income
-19.6
-41.2
-36.5
-37.2
69.8
-401
-117
-124
-51.6
-64.1
EBITDA
-33.7
-23.5
-40.2
-183
-127
-101
-40.5
-46.2
EPS, basic
-35.44
-48.17
-26.36
34.08
-141.78
-33.63
-27.26
-9.43
-6.76
EPS, diluted
-35.44
-48.17
-26.36
31.81
-141.78
-33.63
-27.26
-9.43
-6.76
Shares, basic (weighted)
0.55
0.85
50.4
1.42
2.04
2.83
3.49
4.55
5.47
9.48
Shares, diluted (weighted)
0.55
0.85
50.4
1.42
2.2
2.83
3.49
4.55
5.47
9.48
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.47
4.07
1.51
23.9
46.8
202
99.3
25.8
6.63
12.2
Receivables
0.63
1.01
0
0.01
1.04
0.15
2.08
2.33
3.59
3.89
Inventory
2.46
4.62
2.53
1.8
15.5
10.1
8.85
45.4
21.4
39.1
Other current assets
0.26
0.95
2.27
4.81
0.15
0.34
0.51
0.91
0.57
0.58
Total current assets
3.92
10.7
6.37
31.5
290
216
139
93.8
34.2
59.8
Property, plant and equipment
6
5.6
5.24
6.83
11.4
7.9
21.5
37.9
2.12
22.5
Lease right-of-use assets
0
1.54
5.88
4.17
0.97
21.9
Goodwill
0
0
3.13
Intangible assets
0
10.2
Long-term investments
0
10
0
Other non-current assets
0.09
2.48
0.18
0.18
0.14
0.42
Total assets
10.2
16.5
11.8
50.7
633
228
183
142
37.4
118
Accounts payable
3.12
5.66
4.34
1.68
4.79
7.85
10.2
12.5
2.07
16.3
Accrued liabilities
0.8
0.28
3.95
3.41
6
14.8
46.2
4.86
4.8
8.06
Deferred revenue
0.41
0.3
1.41
0
3.38
4.71
0.79
1.62
Short-term debt
0.08
0.38
0
0
1.41
0
76.3
68.4
0
Total current liabilities
4.33
11.3
18.9
47
17.6
27.6
63.3
53.3
76.9
38.9
Long-term debt
2.09
1.71
8.31
0
Lease liabilities
0
1.19
6.29
5.28
0.09
18.8
Other non-current liabilities
0
0.21
0
1.22
1.79
Total liabilities
6.42
13
27.2
85.6
237
53.4
74.2
58.6
78.2
74.9
Total debt
2.17
6.85
8.31
39
1.41
0
15.4
Paid-in capital
66.9
108
126
144
504
686
736
835
214
362
Retained earnings
-63.1
-104
-142
-179
-109
-510
-628
-752
-255
-319
Other comprehensive income
0
0
-1.4
0
Shareholders' equity
3.82
3.51
-15.4
-34.9
395
175
109
-55.6
-40.8
43
Total equity
3.82
3.51
-15.4
-34.9
395
175
109
-55.6
-40.8
43
Total liabilities and equity
10.2
16.5
11.8
50.7
633
228
183
142
37.4
118
Shares outstanding
0.61
0.91
58.3
1.48
2.68
3.34
3.64
6.27
3.84
9.7
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-19.6
-41.2
-36.5
-37.2
69.8
-401
-117
-124
-51.6
-64.1
Depreciation and amortization
0.38
0.55
0.35
0.39
0.81
1.91
1.95
4.06
0.82
1.24
Stock-based compensation
0.8
1.43
1.06
1.98
4.02
4.94
11.5
13.4
0.56
0.68
Deferred income tax
0
0
Change in receivables
-1.05
-0.22
1.02
0.08
-0.96
0.98
-16.9
Change in inventory
-2.46
-2.16
-0.4
0.04
-13.7
-69.6
-16.6
-39.3
-5.04
4.85
Change in payables
2.45
3.14
2.4
-3.61
5.5
11.8
33.7
-2.23
-1.01
2.05
Cash from operations
-19
-38.7
-21.8
-36.9
-70.3
-133
-93.8
-123
-38.2
-35.6
Capital expenditures
-0.53
-0.14
-0.02
-2
-5.73
-5.31
-17.5
-18.7
-4.76
-0.6
Acquisitions
0
10.4
Cash from investing
-0.53
-0.14
-0.02
1.65
-5.73
99.8
-20
-18.7
-4.76
9.83
Debt issued
17.8
5.85
1.41
0
0
45
32
Debt repaid
-2.72
-0.08
-9.89
-10
0
0
Stock issued
5.93
0
0
12.9
62.2
7.34
0.02
Cash from financing
12.4
42.4
19.2
58.6
292
-6.82
11.5
78.3
45.3
32
Net change in cash
-7.21
3.6
-2.56
23.4
216
-39.6
-102
-63.4
2.37
6.29
Free cash flow
-19.6
-38.8
-21.8
-38.9
-76
-138
-111
-142
-42.9
-36.2
Interest paid
1.13
7.2
12.7
8.2
0.3
0
0
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.87 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-81.1%
Gross profit / revenue.
Operating margin
-256.7%
Operating income / revenue.
EBITDA margin
-240.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-252.7%
Pre-tax income / revenue.
Net margin
-289.0%
Net income / revenue.
FCF margin
-202.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-200.1%
Cash from operations / revenue.
Return on equity (ROE)
-1,096.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-71.4%
Net income / average total assets.
Return on invested capital (ROIC)
-164.9%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
68.2%
Research and development expense / revenue.
SG&A / revenue
108.3%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
-1.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.2%
Capital expenditures / revenue.
D&A / revenue
16.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
201.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
61.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
72.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value CAGR, 3y
-26.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-35.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
215.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-13.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-28.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
73.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
39.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
33.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.28x
Current assets / current liabilities.
Quick ratio
0.27x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.22x
(Cash + short-term investments) / current liabilities.
Debt / equity
5.00x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
32.6%
Total debt / total assets.
Liabilities / assets
93.5%
Total liabilities / total assets.
Net debt
$26.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$7.24
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.51
Revenue / diluted weighted shares.
FCF per share
-$5.07
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$5.01
Cash from operations / diluted weighted shares.
Book value per share
$0.66
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.15x
Market cap / revenue.
P/B
4.37x
Market cap / shareholders' equity. Only when equity is positive.
EV/Sales
2.12x
Enterprise value / revenue.
FCF yield
-175.5%
Free cash flow / market cap.
Earnings yield
-250.7%
Net income / market cap (the inverse of P/E).
What was Workhorse Group Inc.'s revenue in fiscal 2025?
Workhorse Group Inc. reported revenue of $21.2M for fiscal 2025, 201.1% higher than the year before.
Was Workhorse Group Inc. profitable in fiscal 2025?
No. It reported a net loss of $64.1M.
How much free cash flow did Workhorse Group Inc. generate in fiscal 2025?
Cash from operations of $35.6M minus capital expenditures of $603.0K left free cash flow of -$36.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.