Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Sales comps and Analyst consensus.
ACCE opinionWorkhorse Group Inc. Common Stock (WKHS)
Fair value
Not available
ACCE price target
$1.80
Rating
Not rated
Horizon
12 months
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $2.60 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus and Sales comps.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
42
out of 100
Analysts
0% buy
2 covering
P/E
0.0x
forward 0.0x
1-year return
-80.3%
Dividend yield
0.00%
Workhorse Group Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Workhorse builds electric delivery vans, most notably the W56 and the C1000 for last-mile fleets, and sells them mainly to UPS and other parcel carriers. The growth is real but comes from a tiny base: revenue is up 374.9% year on year, while the gross margin is negative 81.1% and the operating margin negative 545.2%, so every van sold currently loses money before overhead. The bull case rests on converting a sizeable order book into deliveries and getting unit costs below price, which the margin data does not yet show. With a market cap of about $32 million, a score of 45/100 and no index membership, this is a speculative balance-sheet and execution question more than a valuation one, and it merits a deeper look only if you are prepared to underwrite the funding path and delivery cadence.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
severe
Deeply negative cash flow
Free cash flow is -$36.2M against a $33M market cap, so the company burns more cash in a year than it is worth. Operating margin is -545.2% and gross margin is -81.1%.
high
Heavy short interest
Short interest stands at 22.7% of ownership, a large bet against the stock in a company with negative gross margins and cash burn.
high
Negative gross margin
Gross margin of -81.1% means each unit sold costs more to produce than it brings in, so revenue growth of +374.9% is not yet converting to profit.
moderate
Revenue slipping quarter on quarter
Revenue fell 17.7% QoQ even though it is up 374.9% year on year, which suggests the growth is lumpy rather than steady.
AI research notes
AI-assisted·How I use AIWritten Oct 14, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 374.9% year over year in the latest 10-Q, showing demand is rising quickly from a small base.
Revenue has compounded at an average of 72.4% a year over five years, a long run of expansion.
The share price of $3.04 sits almost exactly at the analyst mean price target of $3.00, so there is little gap to close.
Why it could disappoint
Free cash flow over the last twelve months was negative $36M, so the business is burning cash.
Diluted share count rose 73.3% last fiscal year, meaning existing shareholders own a much smaller slice of the company.
Earnings per share missed expectations by 95.8%, with a loss of $1.86 against the $0.95 loss analysts forecast.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 12, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where WKHS's valuation models land
Price
$2.60
Model fair valueConfidence: low
about $2.33
Model
Fair value
Upside
Analyst consensus
Sales comps
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Quality
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