Is Workhorse Group going out of business?

Workhorse Group Inc. (WKHS) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

Workhorse Group Inc. (WKHS) scores 11 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Shares dilution YoY: 57.40% (YoY) - Heavy dilution suggests continuous equity raises; survival depends on external capital.

Five questions, kept separate

Survival - Critical

2-4 mo of estimated runway from 2026-06-30, based on $9.6M of cash and short-term investments against $36.2M of annual burn. Adjusted shares outstanding increased 57.4% over the comparison year.

Business quality - Poor

-223.7% operating margin and -170.5% FCF margin produce a poor Business Quality assessment.

Trajectory - Accelerating

Revenue, operating margin and cash margin improved together. Revenue improved 260.1%; operating margin improved 488.2pp; FCF margin improved 952.4pp. The TTM window includes a mixed-basis Q4 estimate.

Valuation - Extreme expectations

-130.5% normalized FCF yield supports an extreme expectations Valuation assessment on the annual basis.

Event risk - Critical event risk

Going-Concern Warning is the decisive filing event; one adverse event family is active. It appears across 3 scanned filings. Favorable events are shown separately and do not offset adverse risk.

What the rules read

• Shares dilution YoY: 57.40% (YoY) - Heavy dilution suggests continuous equity raises; survival depends on external capital.
• ROE quality: -892.81%
• ROIC: -57.35%
• Filing event risk: Going-Concern Warning (-8 pts)
• Gross margin (industrial): -45.05%
• FCF margin: -170.46%
• Debt / Equity: 13.15x
• Revenue CAGR (3Y): 61.63%
• Operating leverage: 496.5%
• R&D intensity: 43.63%
• Revenue growth YoY: 374.93% (Industrial YoY) - Growth from a low base; sustainability uncertain.
• Return on Assets: -58.18%

Read from filings through 2026-08-13.

Price as of 2026-09-11.