Workhorse Group Inc. (WKHS) intrinsic value & 10-year financials
Workhorse Group Inc. (WKHS) has a Graham intrinsic value of $4.46 per share. At $2.64 on Oct 17, 2026, the stock trades 41% below that value. Over the last 10 fiscal years revenue grew 14.2% a year to $21.2M, with an average return on invested capital of 205.3%.
- Graham intrinsic value
- $4.46
- Share price (Oct 17, 2026)
- $2.64
- Price vs Graham value
- 41% below
- Market cap
- $25.0M
- Revenue (FY2025)
- $21.2M
- Revenue growth (10-yr CAGR)
- 14.2%
- ROIC (10-yr avg)
- 205.3%
- Free cash flow (FY2025)
- -$36.2M
WKHS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $21.2M | -$64.1M | -$6.76 | -$36.2M | -223.7% | -101.6% |
| FY2024 | $6.6M | -$101.8M | -$10.34 | -$51.7M | -1116.7% | -137.9% |
| FY2023 | $13.1M | -$123.9M | -$0.12 | -$141.7M | -804.1% | -260.7% |
| FY2022 | $5.0M | -$117.3M | -$0.15 | -$111.3M | -2569.8% | 3391.2% |
| FY2021 | -$851.9K | -$401.3M | -$0.62 | -$137.9M | 21729.1% | -108.4% |
| FY2020 | $1.4M | $69.8M | $0.14 | -$76.0M | 20260.5% | 130.2% |
| FY2019 | $376.6K | -$37.2M | -$0.12 | -$38.9M | -2129.0% | 56.5% |
| FY2018 | $763.2K | -$36.5M | — | -$21.8M | -4463.9% | 839.9% |
| FY2017 | $10.0M | -$42.2M | — | -$38.8M | — | -1401.8% |
| FY2016 | $6.4M | -$19.6M | — | -$19.6M | — | -354.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Workhorse Group Inc. is a consistent compounder, expanding top-line revenue at 14.2% annually over the past decade.
Workhorse Group Inc. has historically struggled to out-earn its cost of capital, averaging just -13.9% ROIC.
Over the decade, Workhorse Group Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Workhorse Group Inc. is modeled at 14.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.46 per share.