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Worksport Ltd

WKSP · Consumer Discretionary · $3.7M mkt cap · FY2025 filings · · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

55

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $303750 to $16.1M, increasing; diluted EPS -0.69 to -3.16, decreasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.

0

Median gross margin 14.7% over 10y, variable.

0

Median ROIC -106.3%, above the 12% hurdle in 0% of years.

55

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$0.38
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

25 years of fundamentals

The business, in plain English

Worksport Ltd booked $16.1M of revenue in FY2025 in the Consumer Discretionary sector and kept 27.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, −120.2% of each revenue dollar reached the bottom line.

It earned −75.8% on invested capital in the latest filed year, FY2025. Across the full 10-year measurable filed record, median ROIC was −91.0%. Over the v3 recent window (7 measurable filed years), median ROIC was −106.3%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $2.7M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.

Put together: Balance-Sheet Safety is the strongest of the five filters (55/100) and Pricing Power the weakest (0/100), which is how WKSP lands at 31/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2001–FY2025 · 25 fiscal years, normalized from WKSP’s SEC filings

Sales, as filed$16.1M FY2025
$0$10M2001200920172025
Revenue kept after cost of goods27.8% FY2025
0%50%2001200920172025
Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.. Exact FY and FY-1 Operating Invested Capital inputs are required.

Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.. Exact FY and FY-1 Operating Invested Capital inputs are required.

Cash an owner could take out−$18.3M FY2025
−$10M$02001200920172025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Worksport Ltd makes its money

Worksport Ltd's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$16.1M100%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Cost of revenue$11.6M72%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
$4.5M28%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
−$18.8M−117%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Income before tax−$19.4M−120%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
−$19.4M−120%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What Worksport Ltd owns — and owes

Worksport Ltd's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$30.7M100%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Cash and equivalents$5.9M19%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
$2.7M9%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Stockholders’ equity$22.9M74%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives Worksport Ltd’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−96%Tax burden100%net income ÷ pretax incomeInterest burden103%pretax ÷ operating incomeOperating margin−117%operating income ÷ revenueAsset turnover0.57×revenue ÷ average assetsEquity multiplier1.40×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$19.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Income before tax−$19.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Operating income−$18.8MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
$16.1MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Ending assets$30.7MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Beginning assets$25.7MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
  • 10-K · FY 2024Filing detailsAccession 0001641172-25-000850 · filed Mar 27, 2025
$22.9MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
$17.4MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
  • 10-K · FY 2024Filing detailsAccession 0001641172-25-000850 · filed Mar 27, 2025
Source: · event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

Where Worksport Ltd's cash went

Worksport Ltd’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$17.3M−100%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Depreciation and amortization$1.8M11%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-012945 · filed Mar 26, 2026
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Worksport Ltd

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What Worksport Ltd insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

28 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale30.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 16, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for WKSP; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Track record

How Worksport Ltd’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored WKSP on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score0.5125102050100200Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, WKSP did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Consumer Discretionary context

#383 of 487 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #381FWRG First Watch Restaurant Group, Inc.31.0No moat
  2. #382QVCAQ QVC GROUP, INC.30.9No moat
  3. #384HYLN HYLIION HOLDINGS CORP.30.8No moat
  4. #385PPHC Public Policy Holding Company, Inc.30.8No moat

Compare WKSP with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about WKSP

Does Worksport Ltd have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Worksport Ltd (WKSP) 30.8 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 55, pricing power 0, returns on capital 0, balance-sheet safety 55, capital allocation 44.
How has WKSP's Moat Score changed over time?
The record logs 28 readings since Jul 17, 2026; the latest reads 30.8 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WKSP. See the disclaimer.