Workhorse Group Inc (WKHS) - Net Assets
Based on the latest financial reports, Workhorse Group Inc (WKHS) has net assets worth $43.04 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($117.89 Million) and total liabilities ($74.85 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check WKHS tangible net assets ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $43.04 Million |
| % of Total Assets | 36.51% |
| Annual Growth Rate | 78.27% |
| 5-Year Change | -75.36% |
| 10-Year Change | 1027.65% |
| Growth Volatility | 533.17 |
Workhorse Group Inc - Net Assets Trend (2007–2025)
This chart illustrates how Workhorse Group Inc's net assets have evolved over time, based on quarterly financial data. See WKHS defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Workhorse Group Inc (2007–2025)
The table below shows the annual net assets of Workhorse Group Inc from 2007 to 2025. For live valuation and market cap data, see WKHS market cap overview.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $43.04 Million | -2.81% |
| 2024-12-31 | $44.29 Million | -46.71% |
| 2023-12-31 | $83.11 Million | -23.46% |
| 2022-12-31 | $108.59 Million | -37.84% |
| 2021-12-31 | $174.69 Million | -55.80% |
| 2020-12-31 | $395.20 Million | +1231.97% |
| 2019-12-31 | $-34.91 Million | -126.38% |
| 2018-12-31 | $-15.42 Million | -719.59% |
| 2017-12-31 | $2.49 Million | -34.79% |
| 2016-12-31 | $3.82 Million | +200.89% |
| 2015-12-31 | $-3.78 Million | -367.41% |
| 2014-12-31 | $-809.39K | +57.55% |
| 2013-12-31 | $-1.91 Million | +26.11% |
| 2012-12-31 | $-2.58 Million | -65.78% |
| 2011-12-31 | $-1.56 Million | -454.83% |
| 2010-12-31 | $-280.50K | +44.31% |
| 2009-12-31 | $-503.71K | -2495.12% |
| 2008-12-31 | $-19.41K | -1593.08% |
| 2007-12-31 | $1.30K | -- |
Equity Component Analysis
This analysis shows how different components contribute to Workhorse Group Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 31902120000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $10.00K | 0.02% |
| Other Components | $362.06 Million | 841.17% |
| Total Equity | $43.04 Million | 100.00% |
Workhorse Group Inc Competitors by Market Cap
The table below lists competitors of Workhorse Group Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
iCRAFT Co. Ltd
KQ:052460
|
$33.02 Million |
|
Chumpower Machinery Corp
TWO:4575
|
$33.02 Million |
|
Korea Ind
KO:002140
|
$33.02 Million |
|
Jin Yang Pharmaceutical Co. Ltd
KQ:007370
|
$33.03 Million |
|
Big 5 Sporting Goods Corporation
NASDAQ:BGFV
|
$33.00 Million |
|
TJ media Co. Ltd
KQ:032540
|
$33.00 Million |
|
MedMira Inc
V:MIR
|
$33.00 Million |
|
Tocvan Ventures Corp
F:TV3
|
$32.99 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Workhorse Group Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 44,287,925 to 43,042,000, a change of -1,245,925 (-2.8%).
- Net loss of 64,086,000 reduced equity.
- Other factors increased equity by 62,840,075.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-64.09 Million | -148.89% |
| Other Changes | $62.84 Million | +146.0% |
| Total Change | $- | -2.81% |
Book Value vs Market Value Analysis
This analysis compares Workhorse Group Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.67x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 10115.54x to 0.67x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2007-12-31 | $0.00 | $3.03 | x |
| 2008-12-31 | $-715.44 | $3.03 | x |
| 2009-12-31 | $-5123.71 | $3.03 | x |
| 2010-12-31 | $-31.85 | $3.03 | x |
| 2011-12-31 | $-114.81 | $3.03 | x |
| 2012-12-31 | $-143.61 | $3.03 | x |
| 2013-12-31 | $-62.95 | $3.03 | x |
| 2014-12-31 | $-14.88 | $3.03 | x |
| 2015-12-31 | $-54.69 | $3.03 | x |
| 2016-12-31 | $0.15 | $3.03 | x |
| 2017-12-31 | $16.06 | $3.03 | x |
| 2018-12-31 | $-0.31 | $3.03 | x |
| 2019-12-31 | $-0.54 | $3.03 | x |
| 2020-12-31 | $4.26 | $3.03 | x |
| 2021-12-31 | $1.36 | $3.03 | x |
| 2022-12-31 | $171.19 | $3.03 | x |
| 2023-12-31 | $100.24 | $3.03 | x |
| 2024-12-31 | $22.49 | $3.03 | x |
| 2025-12-31 | $4.54 | $3.03 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Workhorse Group Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -148.89%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -302.14%
- • Asset Turnover: 0.18x
- • Equity Multiplier: 2.74x
- Recent ROE (-148.89%) is above the historical average (-168.19%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2007 | -138.46% | 0.00% | 0.00x | 14.15x | $-1.93K |
| 2008 | 0.00% | 0.00% | 0.00x | 0.00x | $-22.54K |
| 2009 | 0.00% | 0.00% | 0.00x | 0.00x | $-1.47 Million |
| 2010 | 0.00% | -3573.46% | 0.27x | 0.00x | $-5.00 Million |
| 2011 | 0.00% | -4581.11% | 0.42x | 0.00x | $-8.55 Million |
| 2012 | 0.00% | -1570.20% | 1.23x | 0.00x | $-4.01 Million |
| 2013 | 0.00% | -3442.57% | 0.04x | 0.00x | $-5.92 Million |
| 2014 | 0.00% | -3723.20% | 0.04x | 0.00x | $-6.53 Million |
| 2015 | 0.00% | -6734.43% | 0.01x | 0.00x | $-9.05 Million |
| 2016 | -512.34% | -304.86% | 0.63x | 2.68x | $-19.94 Million |
| 2017 | -1696.95% | -389.43% | 0.67x | 6.48x | $-42.49 Million |
| 2018 | 0.00% | -4782.97% | 0.06x | 0.00x | $-34.96 Million |
| 2019 | 0.00% | -17505.78% | 0.01x | 0.00x | $-62.43 Million |
| 2020 | 17.66% | 5010.81% | 0.00x | 1.60x | $30.26 Million |
| 2021 | -229.74% | 0.00% | 0.00x | 1.31x | $-418.81 Million |
| 2022 | -108.00% | -2334.71% | 0.03x | 1.68x | $-128.13 Million |
| 2023 | -149.10% | -946.33% | 0.09x | 1.70x | $-132.23 Million |
| 2024 | -229.84% | -1538.46% | 0.07x | 2.12x | $-106.22 Million |
| 2025 | -148.89% | -302.14% | 0.18x | 2.74x | $-68.39 Million |
Industry Comparison
This section compares Workhorse Group Inc's net assets metrics with peer companies in the Auto Manufacturers industry.
Industry Context
- Industry: Auto Manufacturers
- Average net assets among peers: $341,776,353
- Average return on equity (ROE) among peers: -97.02%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Workhorse Group Inc (WKHS) | $43.04 Million | -138.46% | 1.74x | $33.01 Million |
| Thunder Power Holdings, Inc. (AIEV) | $-5.00 Million | 0.00% | 0.00x | $710.14K |
| Robo.ai Inc. (AIIO) | $60.93 Million | -435.38% | 1.73x | $374.02 Million |
| Arrival (ARVLF) | $245.97 Million | -33.83% | 0.06x | $1.84K |
| AYRO Inc (AYRO) | $-11.68 Million | 0.00% | 0.00x | $4.47 Million |
| Bollinger Innovations, Inc. (BINI) | $-61.71 Million | 0.00% | 0.00x | $35.43K |
| Cenntro Electric Group Ltd (CENN) | $3.96 Million | -146.12% | 0.15x | $9.80 Million |
| Chijet Motor Company, Inc. Ordinary Shares (CJET) | $-145.49 Million | 0.00% | 0.00x | $3.81 Million |
| China Yuchai International Limited (CYD) | $3.21 Billion | 15.32% | 0.68x | $1.83 Billion |
| Digital Currency X Technology Inc. (DCX) | $112.03 Million | -26.70% | 6.22x | $41.83 Million |
| Damon Inc. Common Stock (DMN) | $10.70 Million | -343.46% | 0.40x | $2.94 Million |
About Workhorse Group Inc
Workhorse Group, Inc. design and manufacture electric delivery trucks and drone systems solutions. The company provides step vans and stripped chassis; stripped chassis; shuttle bus, school bus, box truck, and work truck; workhorse connect, a remote data management system; telematics and charging infrastructure solutions; after-sales vehicle services; body shop and parts; and assembly services. I… Read more