Workhorse GroupMEX:WKHS 33 Beneish M-Score is 17.10 as of Jul. 09, 2026, which is 540% above its 10-year median of 2.67. GuruFocus rates MEX:WKHS with a GF Score™ of 33/100 and a GF Value™ of MXN216.57. The stock has 8 warning signs investors should review. Among 1,278 Vehicles & Parts companies, Workhorse Group ranks worse than 99.45% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Warning Sign:
Beneish M-Score 17.1 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Workhorse Group's Beneish M-Score or its related term are showing as below:
MEX:WKHS'
s Beneish M-Score Range Over the Past 10 Years
Min: -13.24 Med: 2.67 Max: 221.91
Current: 17.1
During the past 13 years, the highest Beneish M-Score of Workhorse Group was 221.91. The lowest was -13.24. And the median was 2.67.
Workhorse Group Beneish M-Score Related Terms
Workhorse Group Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Workhorse Group's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:WKHS vs DCX, EVTV, FABC: Beneish M-Score Comparison
For the Auto Manufacturers subindustry, Workhorse Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Workhorse Group Beneish M-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Workhorse Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Workhorse Group's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Workhorse Group for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 5.4643
+
0.528 * 0.0251
+
0.404 * 37.6671
+
0.892 * 3.3049
+
0.115 * -0.5114
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.6915
+
4.679 * -0.2852
-
0.327 * 1.0001
=
16.35
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(-27.332 / (-27.332 + 767.673))
/
(58.597 / (58.597 + 753.118))
=
-0.036918
/
0.072189
=
-0.5114
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(-1155.551 - 90.93
-
-718.117)
/
1852.607
=
-0.2852
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Workhorse Group has a M-score of 16.35 signals that the company is likely to be a manipulator.
Workhorse Group (MEX:WKHS) has a Beneish M-Score of 17.10 as of Jul. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Workhorse Group and its competitors. This is 540% above median its historical median of 2.67. According to the industry distribution chart, Workhorse Group ranks #1271 out of 1278 companies in the Vehicles & Parts industry, placing it in the top 99.5%.
Is Workhorse Group's Beneish M-Score too high?
Workhorse Group's current Beneish M-Score of 17.10 is 540% above median its 10-year median of 2.67. Based on the distribution chart, Workhorse Group ranks #1271 out of 1278 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Workhorse Group has a GF Score™ of 33/100, reflecting its overall financial health beyond just this single metric.
How does Workhorse Group's Beneish M-Score compare to DCX and EVTV?
According to the Vehicles & Parts industry distribution chart, Workhorse Group ranks #1271 out of 1278 companies for Beneish M-Score. This places Workhorse Group in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Vehicles & Parts company?
A good Beneish M-Score depends on the Vehicles & Parts industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Workhorse Group and its competitors. Workhorse Group's current Beneish M-Score is 17.10, which is 540% above median its own 10-year median of 2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Workhorse Group stock overvalued right now?
Workhorse Group (MEX:WKHS) has a current Beneish M-Score of 17.10. The stock's GF Value™ is MXN216.57, compared to a current price of MXN44.70 — trading 79.4% below its estimated fair value. The current Beneish M-Score is 17.10, which is 540% above median its 10-year median of 2.67. Workhorse Group's overall GF Score™ is 33/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Workhorse Group (MEX:WKHS), the current Beneish M-Score is 17.10 as of Jul. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Workhorse Group (MEX:WKHS) Overvalued in 2026?
Based on GuruFocus' analysis, Workhorse Group stock appears to be undervalued.
The current stock price of MXN44.70 is trading 79.4% below its estimated GF Value™ of MXN216.57.
Key valuation signals for MEX:WKHS:
Beneish M-Score: 17.10 (540% above median its 10-year median of 2.67)
GF Value™: MXN216.57 vs. price of MXN44.70 (79.4% below fair value)
No single metric tells the full story. See the MEX:WKHS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 vehicles, 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.
33GF Score
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