Is Workhorse Group Inc. financially healthy?

Workhorse Group Inc. scores 5 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Workhorse Group Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (trimming), MORGAN STANLEY (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

Workhorse Group Inc. (WKHS)

Nasdaq · Common Stock · Motor Vehicles & Passenger Car Bodies

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

American manufacturing company

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

5 / 8

FAILReturn on assets positiveROA -54.4%
FAILOperating cash flow positiveOCF -36M
PASSReturn on assets improving-108.5% → -54.4%
PASSCash flow exceeds earningsOCF -36M vs NI -64M
FAILLong-term debt ratio fallingno debt reported
PASSCurrent ratio improving1.18 → 1.54
FAILNo share dilution2M → 9M shares
PASSGross margin improving-315.5% → -45.0%
PASSAsset turnover improving0.08× → 0.18×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$1.4M	$69.8M	−$76.0M	-838.4%	99,949,868
FY2021	−$851,922	−$401.3M	−$137.9M	15652.1%	128,676,131
FY2022	$5.0M	−$117.3M	−$111.3M	-650.0%	158,576,305
FY2023	$13.1M	−$123.9M	−$141.7M	-192.9%	207,293,249
FY2024	$7.0M	−$101.8M	−$51.7M	-315.5%	1,969,285

Ownership flow

4 institutions tracked — 2 added, 2 reduced, 1 sold out.

Institutional holders of Workhorse Group Inc. and their share-count change
Manager	Kind	Shares	Change	Value
BlackRock, Inc.	Index	47,618	+15,384	$146,187
GEODE CAPITAL MANAGEMENT, LLC	Index	46,204	−4,530	$141,846
MORGAN STANLEY	Active fund	127	+84	$392
JPMORGAN CHASE & CO	Active fund	2	−16	$6

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Identity

CIK: 0001425287
LEI: 5493006JUAG258V8X854
FIGI: BBG000BDPB15
SIC: 3711 · Motor Vehicles & Passenger Car Bodies
Incorporated: NV
Headquarters: WIXOM, MI
Founded: 1998-00-00

Ownership

Institutional: 9.4%
Institutions: 75
Insiders: 71.2%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other motor vehicles & passenger car bodies companies

Workhorse Group Inc. files under SIC 3711 — all 10 motor vehicles & passenger car bodies companies compared on assets and F-score.

FORD MOTOR COF General Motors CoGM Tesla, Inc.TSLA Rivian Automotive, Inc. / DERIVN OSHKOSH CORPOSK FEDERAL SIGNAL CORP /DE/FSS

Questions about Workhorse Group Inc.

Is Workhorse Group Inc. financially healthy?: Workhorse Group Inc. scores 5 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Workhorse Group Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), GEODE CAPITAL MANAGEMENT, LLC (trimming), MORGAN STANLEY (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.