Workhorse Group, Inc. designs and manufactures electric trucks and related fleet charging solutions. The company provides electric trucks for medium-duty fleet applications, including the Argo electric truck and Argo chassis, which integrate proprietary battery, drivetrain, and cab systems. It offers the Argo LFP battery with control signals, multiple pack configurations, and a range suitable for maximum gross vehicle weight, as …
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Competitive advantage assessment
Key strengths
Strong Interest Coverage & Conservative LeverageDebt serviceability is strong (score 0.72), with robust interest coverage.
Strong Liquidity BufferLiquidity position is strong (score 0.76), providing operational cushion.
Key risks
Commodity Pressure / Weak DifferentiationGross margin at 18.8th percentile with high volatility suggests weak pricing power or commoditized products.
ROIC Below WACC or PeersROIC at 16.1th percentile suggests inefficient capital deployment.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Workhorse Group, Inc. ranks #33 of 43
scored companies in Auto Manufacturers by moat score — the top 77%.
The widest moat in the group is Ferrari N.V. (RACE)
at 90/100.
Moat scores for companies ranked near WKHS in Auto Manufacturers
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 19
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 14
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 5
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 60
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 12
· 15% of the moat score
Scale matters only when it converts into economics.
Workhorse Group, Inc. (WKHS) scores 19 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as weak. It ranks #33 of 43 scored companies in Auto Manufacturers, the top 77%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 42 companies in Auto Manufacturers. Its strongest defense is Resilience (60/100) and its weakest is Capital Efficiency (5/100).
How does Workhorse Group, Inc. compare with other Auto Manufacturers companies?
Workhorse Group, Inc. ranks #33 of 43 scored companies in Auto Manufacturers by moat score. The widest moat in Auto Manufacturers is Ferrari N.V. (RACE) at 90/100. The companies ranked closest are Lucid Group, Inc. (LCID) at 21 just above it and Canoo Inc. (GOEV) at 8 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 42 companies in Auto Manufacturers. The defenses are then weighted to produce the overall score out of 100.
Why is Workhorse Group, Inc. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Workhorse Group, Inc.?
The Corporate Default template measures 6 defenses, and WKHS scores: Pricing Power (6), Cost Advantage (19), Customer Stickiness (14), Capital Efficiency (5), Resilience (60), Scale & Market Position (12). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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