One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Worksport Ltd.
WKSP · NCM · Consumer Cyclical · Auto Parts
Current price
$0.27
52-week range
$0.26 - $3.13
Market cap
$5.33M
Balance sheet
Distressed
-31.75x Concerning
Net debt $4.19M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 13.6% last year.
- Risk Return on equity was -115.1% last year — the company lost money on shareholders' equity.
What this company does
Worksport Ltd.
Worksport Ltd. makes truck bed covers, including ones that can also generate solar power or store energy, selling them to car accessory shops and people who need portable power. The money mainly comes from selling these innovative truck accessories and energy products, which is important because it shows how they are trying to create new revenue streams beyond just basic truck covers.
How the company got here
Worksport Ltd. started with a focus on designing and distributing truck accessories, specifically tonneau covers, which are covers for the bed of a pickup truck. The company has evolved by looking for ways to innovate within this niche, aiming to add new technology and features to its traditional product lines. This strategic shift is driven by a desire to expand its market reach beyond just truck owners and into broader consumer and energy markets.
What it actually does
Worksport designs and sells covers for the beds of pickup trucks, known as tonneau covers. These covers help protect cargo from the elements and can improve a truck's aerodynamics, potentially saving on fuel. The company offers both soft covers, often made of vinyl, and hard covers, typically made from aluminum, in various folding designs. Beyond these core products, Worksport is developing more advanced solutions that integrate power generation and storage.
Hard Tonneau Covers
This segment focuses on the sale of rigid covers for truck beds, primarily made from aluminum. These hard covers come in different styles, such as tri-fold and quad-fold, allowing users to easily open and close sections of the cover. They offer robust protection for the truck bed and its contents against weather and theft. This is one of the company's foundational product lines, serving a core market of truck owners seeking durable cargo security.
Soft Tonneau Covers
This part of the business involves selling flexible covers for truck beds, often constructed from vinyl. Like their hard counterparts, these soft covers are available in tri-fold and quad-fold configurations. They provide a lighter-weight and often more budget-friendly option for protecting cargo and enhancing a truck's appearance. This segment caters to truck owners looking for functional and accessible bed protection solutions.
SOLIS (Solar-Integrated Tonneau Cover)
Worksport is developing a unique product called SOLIS, which is a tonneau cover with integrated solar panels. This innovative product aims to provide the standard cargo protection of a tonneau cover while also generating renewable energy from the sun. The power generated can be used to charge devices or potentially power other accessories, adding a new dimension of utility to the truck bed. This represents a move into the renewable energy space, leveraging existing product form factors.
COR (Portable Energy Storage System)
The COR product is a portable power station designed to store and deliver electrical energy. It's intended for use in various situations, including mobile applications, off-grid power needs, and as a backup power source during outages. This product line diversifies Worksport's offerings beyond truck accessories, positioning the company in the growing market for portable and backup energy solutions. It aims to provide reliable power wherever it's needed.
What management is betting on now
Management is strategically focusing on integrating advanced technologies into their product lines, particularly solar power and energy storage. The development of the SOLIS solar-integrated tonneau cover and the COR portable power station are key initiatives. These moves aim to transform Worksport from a traditional truck accessory company into a player in the renewable energy and portable power markets. By adding these innovative features, the company seeks to attract new customer segments and create higher-value products.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-1.70M
FY2024 Q4
$-2.21M
FY2025 Q1
$-4.04M
FY2025 Q2
$-3.16M
FY2025 Q3
$-4.62M
FY2025 Q4
$-6.28M
FY2026 Q1
$-8.34M
FY2026 Q2
$-3.51M
Revenue
$5.23M
Net income
$-3.97M
Diluted EPS
-0.33
Operating cash flow
$-3.44M
Free cash flow
$-3.51M
Fetching…
Sources
Revenue
$3.31M
Net income
$-5.83M
Diluted EPS
-0.54
Operating cash flow
$-8.23M
Free cash flow
$-8.34M
Fetching…
Sources
Revenue
$4.74M
Net income
—
Diluted EPS
-0.65
Operating cash flow
$-6.12M
Free cash flow
$-6.28M
Fetching…
Sources
Revenue
$5.01M
Net income
$-4.93M
Diluted EPS
-0.75
Operating cash flow
$-4.26M
Free cash flow
$-4.62M
Fetching…
Sources
Revenue
$4.10M
Net income
$-3.73M
Diluted EPS
-0.71
Operating cash flow
$-3.10M
Free cash flow
$-3.16M
Fetching…
Sources
Revenue
$2.24M
Net income
$-4.46M
Diluted EPS
-1.05
Operating cash flow
$-3.84M
Free cash flow
$-4.04M
Fetching…
Sources
Revenue
$2.93M
Net income
$-3.71M
Diluted EPS
-5.37
Operating cash flow
$-2.18M
Free cash flow
$-2.21M
Fetching…
Sources
Revenue
$3.12M
Net income
$-4.13M
Diluted EPS
-0.14
Operating cash flow
$-1.54M
Free cash flow
$-1.70M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $0.27
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $4.2M. Interest coverage -31.7x.
Net debt
$4.19M
Interest coverage
-31.75x
Worksport Ltd.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
WKSP
BASELINE
Worksport Ltd.
Total debt $5.47M Interest coverage -31.75x This is the baseline the peer rows are being compared against.
Total debt $3.71M Interest coverage -309.93x Neither company has much profit cushion over interest right now.
Total debt $1.56M Interest coverage -84.01x Neither company has much profit cushion over interest right now.
Total debt $26.51M Interest coverage -4.05x Neither company has much profit cushion over interest right now.
What you should know
The case for and against WKSP
1 Reward
1 Risk
Rewards
-
Revenue grew 13.6% last year.
Risks
-
Return on equity was -115.1% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-0.81x
P/B
0.21x
P/S
0.29x
EV/EBITDA
-0.44x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
30.1%
Operating margin
-73.1%
Net margin
-114.5%
ROE
-115.1%
ROA
-49.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.29x
Current ratio
3.79x
Quick ratio
0.66x
Total debt
$5.47M
Total cash
$1.28M
Growth
How the business has been compounding
Revenue TTM
$18.30M
Revenue 5Y CAGR
169.8%
EPS TTM
-2.05
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-22.06M
Free CF TTM
$-18.10M
FCF margin
-98.9%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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