Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -146.8%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30M | $48M | $17M | $75M | $241M | $561M | $2.0B | $196M | $27M | $99M | $178M |
| Enterprise Value | $44M | $63M | $29M | $78M | $152M | $386M | $2.1B | $211M | $33M | $102M | $180M |
| P/E Ratio → | -0.40 | — | — | — | — | — | 28.33 | — | — | — | — |
| P/S Ratio | 1.39 | 2.27 | 2.60 | 5.70 | 47.99 | — | 1419.73 | 519.22 | 34.85 | 9.15 | 27.74 |
| P/B Ratio | 0.60 | 1.12 | 0.39 | 0.90 | 2.22 | 3.21 | 5.00 | — | — | 39.86 | 46.61 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.98 | 4.44 | 5.94 | 30.24 | — | 1529.10 | 559.45 | 43.76 | 9.40 | 28.00 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | 2.39 | 9.03 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -45.0% | -45.0% | -335.9% | -192.9% | -650.0% | 14853.6% | -838.4% | -1452.2% | -1990.4% | -126.0% | -111.7% |
| Operating Margin | -223.7% | -223.7% | -1116.7% | -804.1% | -2569.8% | 21729.1% | -2943.0% | -6338.1% | -4463.9% | 387.8% | 304.2% |
| Net Profit Margin | -302.1% | -302.1% | -1538.5% | -946.3% | -2334.7% | 47110.5% | 5010.8% | -9869.0% | -4783.0% | -389.4% | -304.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -146.8% | -146.8% | -159.8% | -129.3% | -82.8% | -140.8% | 38.7% | — | — | -1339.6% | -115581.8% |
| ROA | -60.5% | -60.5% | -86.4% | -76.4% | -57.1% | -93.3% | 20.4% | -119.0% | -261.4% | -320.5% | -157.2% |
| ROIC | -62.2% | -62.2% | -77.6% | -149.4% | -1033.2% | -50.8% | -11.6% | — | — | 584.8% | 282.5% |
| ROCE | -74.3% | -74.3% | -107.9% | -101.3% | -80.7% | -45.4% | -13.0% | -759.2% | -3680.7% | 565.8% | 1838.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.65 | 0.65 | 0.37 | 0.35 | 0.09 | 0.15 | 0.50 | — | — | 2.75 | 0.57 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | 0.16 | 0.11 |
| Net Debt / Equity | — | 0.35 | 0.28 | 0.04 | -0.82 | -1.00 | 0.39 | — | — | 1.12 | 0.44 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | 0.07 | 0.09 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -2.72 | -2.72 | -3.58 | -11.96 | -387.98 | -26.46 | -3.27 | -3.62 | -13.99 | -227.43 | -443.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.54 | 1.54 | 1.18 | 1.76 | 2.20 | 7.85 | 16.51 | 0.85 | 0.34 | 1.44 | 0.90 |
| Quick Ratio | 0.53 | 0.53 | 0.26 | 0.91 | 2.06 | 7.48 | 15.63 | 0.80 | 0.20 | 0.85 | 0.33 |
| Cash Ratio | 0.33 | 0.33 | 0.09 | 0.49 | 1.57 | 7.32 | 2.66 | 0.64 | 0.08 | 0.57 | 0.11 |
| Asset Turnover | — | 0.18 | 0.07 | 0.09 | 0.03 | -0.00 | 0.00 | 0.01 | 0.06 | 0.67 | 0.63 |
| Inventory Turnover | 0.79 | 0.79 | 0.69 | 0.84 | 4.26 | 12.48 | 0.84 | 3.25 | 6.30 | 5.79 | 5.51 |
| Days Sales Outstanding | — | 66.92 | 59.69 | 124.60 | 1241.07 | -64.17 | 271.94 | 39.76 | 23.09 | 35.63 | 41.37 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 3.5% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 1.0% | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.0% | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $9M | $2M | $829172 | $634305 | $514704 | $399799 | $257259 | $201511 | $155023 | $100805 |
Imminent liquidity exhaustion
According to recent market data, Workhorse trades at a price-to-sales ratio of 1.54, which appears to reflect a distressed valuation rather than growth-oriented pricing, as the market heavily discounts the company's ability to achieve sustainable production scale or long-term solvency in the competitive electric vehicle sector.
The lack of a meaningful P/E ratio and the depressed P/B of 0.66 suggest that investors are pricing the equity as a speculative option on survival rather than a fundamental business. This valuation implies that the market remains skeptical of the W56 platform's ability to generate positive earnings, viewing the current enterprise value as largely tied to the liquidation value of assets rather than future cash flows.
Based on reported financial figures, Workhorse's ROIC has remained consistently negative, reaching -28.4% in 2026Q1, which indicates that the company is currently destroying shareholder capital rather than compounding it, as the cost of manufacturing operations continues to far outpace the revenue generated from vehicle sales.
The persistent negative return on invested capital highlights a structural inability to achieve the necessary economies of scale required for a manufacturing business. Investors should monitor whether the company can ever reach a positive ROIC threshold, as the current trend suggests that every dollar of capital deployed is currently failing to generate an adequate return.
As reported in recent quarterly filings, the company's cash conversion cycle remains highly volatile and inefficient, peaking at 883 days in 2025Q4, which suggests that Workhorse struggles significantly with inventory management and the timely collection of receivables within its newly established dealer-centric sales model.
The extremely high days inventory outstanding (DIO) of 291 days in 2026Q1 indicates that finished goods are not moving through the dealer network as quickly as anticipated. This inefficiency ties up critical cash in unsold inventory, further exacerbating the company's liquidity constraints and increasing the risk of future inventory write-downs.
Based on the latest balance sheet data, the quick ratio has deteriorated to 0.25 as of 2026Q1, signaling that the company lacks sufficient liquid assets to cover its immediate short-term obligations without relying on external financing or further dilutive capital raises to maintain basic operations.
The sharp decline in the quick ratio suggests that the company's liquidity position is highly vulnerable to any operational disruption or delay in vehicle deliveries. This precarious state warrants close investigation, as the current cash position appears insufficient to support the ongoing R&D and production overheads required for the W56 platform.
Investors frequently misapply the price-to-sales ratio to Workhorse, which obscures the company's underlying negative gross margins and structural inability to convert top-line revenue into cash, thereby creating a false sense of value that ignores the severe capital intensity of the business model.
Using revenue multiples for a company with negative gross margins is fundamentally flawed because it ignores the fact that each additional unit sold currently consumes more cash than it generates. A more appropriate metric for this business model would be the cash burn rate relative to the remaining liquidity runway, which provides a clearer picture of the company's survival horizon.
Includes 30+ ratios · 19 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WKHS stock.
Workhorse Group Inc.'s current P/E ratio is -0.4x. The historical average is 28.3x.
Workhorse Group Inc.'s return on equity (ROE) is -146.8%. The historical average is -108.5%.
Based on historical data, Workhorse Group Inc. is trading at a P/E of -0.4x. Compare with industry peers and growth rates for a complete picture.
Workhorse Group Inc. has -45.0% gross margin and -223.7% operating margin.