Workhorse Valuation Multiples

Workhorse Overview

About Workhorse

Workhorse Group Inc is a technology company with a vision to pioneer the transition to zero-emission commercial vehicles. Its focus is to provide sustainable and cost-effective solutions to the commercial transportation sector. It designs and manufactures all-electric delivery trucks and drone systems, including the technology that optimizes the way these vehicles operate. It's focused on a core competency of bringing electric delivery vehicle platforms to serve the last-mile delivery market. Its products are marketed under the Workhorse brand.

Founded

2007

HQ

Employees

143

Website

workhorse.com

Sectors

AutomakersElectric VehiclesClimateTechDeepTechAutomotiveTech

Financials (LTM)

Revenue: $11M

EBITDA: ($24M)

EV

$72M

Valuation Multiples

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Workhorse Financials

Workhorse reported last 12-month revenue of $11M and negative EBITDA of ($24M).

In the same LTM period, Workhorse generated ($17M) in gross profit, ($24M) in EBITDA losses, and had net loss of ($50M).

Workhorse P&L

In the most recent fiscal year, Workhorse reported revenue of $7M and EBITDA of ($28M).

Workhorse expects next 12-month revenue of XXX and NTM EBITDA of XXX

Workhorse Stock Performance

Workhorse has current market cap of $31M, and enterprise value of $72M.

Workhorse's stock price is $3.49.

Workhorse Valuation Multiples

Workhorse trades at 6.7x EV/Revenue multiple, and (3.0x) EV/EBITDA.

Workhorse Financial Valuation Multiples

As of March 26, 2026, Workhorse has market cap of $31M and EV of $72M.

Equity research analysts estimate Workhorse's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Workhorse has a P/E ratio of (0.6x).

Workhorse Margins & Growth Rates

Workhorse's revenue in the last 12 month declined by (16%).

Workhorse's revenue per employee in the last FY averaged $0.1M.

Workhorse's rule of 40 is (240%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Workhorse's rule of X is (263%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Workhorse Public Comps

See public comps and valuation multiples for other Automakers and Electric Vehicles comps.

Workhorse M&A Activity

Workhorse acquired XXX companies to date.

Last acquisition by Workhorse was on XXXXXXXX, XXXXX. Workhorse acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Workhorse Investment Activity

Workhorse invested in XXX companies to date.

Workhorse made its latest investment on XXXXXXXX, XXXXX. Workhorse invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).