Harley-Davidson
HOG NYSE Motorcycle Manufacturers Financials FY2016–FY2025
Harley-Davidson's revenue fell 13.8% to $4.5 billion in fiscal 2025. Its operating margin was 8.6%, up from 8.0% a year earlier. Free cash flow was $415 million, down 52.1%. It paid out $440 million in dividends and buybacks, 106% of free cash flow. The diluted share count fell 8.3%.
What Harley-Davidson does
Harley-Davidson designs, makes and sells motorcycles, along with parts, accessories and apparel, and it licenses its trademarks for use on other products. Its motorcycles come in six categories: Grand American Touring, Trike, Cruiser, Sport, Lightweight and Adventure Touring. It sells mainly through independent dealers, and at the end of 2025 it had 1,174 dealership points, 554 of them in the U.S. In 2025, approximately 79% of dealer retail sales of its new motorcycles were in the U.S. and European markets for motorcycles over 600cc.
The company reports three segments. Harley-Davidson Motor Company covers the motorcycles and related products. LiveWire sells electric motorcycles, electric balance bikes for kids under the STACYC brand, and related products. Harley-Davidson Financial Services (HDFS) finances dealers' inventory and lends to people buying Harley-Davidson and LiveWire motorcycles, mainly in the U.S. and Canada; it financed 68.4% of new Harley-Davidson motorcycles retailed by U.S. dealers in 2025. The company says motorcycle makers compete on features, styling, price, quality, financing and dealer networks.
As of December 31, 2025, the company had approximately 5,500 employees, 80.6% of them in the U.S. Most of its manufacturing is in the U.S., with facilities also in Thailand and Brazil. In 2025 HDFS sold a collective 9.8% of its common equity to KKR and PIMCO, sold them most of its existing consumer retail loans, and began selling up to two-thirds of its new retail loans. Artie Starrs became chief executive on October 1, 2025, and the company is preparing a new strategic plan.
- Legal name
- Harley-Davidson, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0000793952-26-000011
0000793952
Revenue and margins
Harley-Davidson had $4.5B of revenue in fiscal 2025, down 13.8% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −3.5% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $415M in fiscal 2025, 9.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Harley-Davidson returned $440M to shareholders in fiscal 2025, 106% of free cash flow. The diluted share count fell 8.3%.
Value Harley-Davidson yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $125M and divides by 121.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 15.9x · peers 16.8x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Harley-Davidson can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.9B | $1.4B | $1.5B | $1.6B | $3.1B |
| Debt incl. finance leases | $6.9B | $6.9B | $7.1B | $7.0B | $3.0B |
| Net debt / EBITDA | 5.1x | 5.2x | 6.0x | 9.3x | −0.2x |
| Debt / equity | 2.7x | 2.4x | 2.2x | 2.2x | 0.9x |
| Interest coverage | 26.6x | 29.1x | 25.3x | 13.6x | 11.6x |
| Current ratio | 1.4x | 1.3x | 1.5x | 1.4x | 2.1x |
| Quick ratio | 1.2x | 1.1x | 1.3x | 1.2x | 1.8x |
| Total assets | $11.1B | $11.5B | $12.1B | $11.9B | $8.0B |
| Total liabilities | $8.5B | $8.6B | $8.9B | $8.7B | $4.9B |
| Shareholders' equity | $2.6B | $2.9B | $3.3B | $3.2B | $3.1B |
| Net debt (− = net cash) | $5.0B | $5.5B | $5.6B | $5.4B | −$125M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.7M
3 insiders
Sold, 12 months
$0.3M
3 insiders
Of sales under plans
78%
$0.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Jonathan R RootCFO and CCO | Sold plan | 1,559 | $24.43 | $0.0M | Form 4 |
| Sep 1, 2026 | Jonathan R RootCFO and CCO | Sold plan | 1,554 | $27.46 | $0.0M | Form 4 |
| Aug 11, 2026 | Gayle LittletonCLO, CCO, CAO & Corp Sec | Bought | 7,500 | $26.38 | $0.2M | Form 4 |
| Aug 10, 2026 | Artie StarrsPresident & CEO, Director | Bought | 10,000 | $25.89 | $0.3M | Form 4 |
| Aug 3, 2026 | Jonathan R RootCFO and CCO | Sold plan | 1,554 | $24.88 | $0.0M | Form 4 |
| Jul 31, 2026 | Daniel J NovaDirector | Bought | 40,000 | $24.57 | $1.0M | Form 4 |
| Jul 1, 2026 | Jonathan R RootCFO and CCO | Sold plan | 1,554 | $24.44 | $0.0M | Form 4 |
| Jun 1, 2026 | Jonathan R RootCFO and CCO | Sold plan | 1,554 | $23.87 | $0.0M | Form 4 |
| May 19, 2026 | Jonathan R RootCFO and CCO | Sold plan | 1,554 | $24.21 | $0.0M | Form 4 |
| May 11, 2026 | Paul J KrauseChief Legal Officer | Sold plan | 1,564 | $26.00 | $0.0M | Form 4 |
| Mar 12, 2026 | Charles DoSr. Vice President, Hdfsi | Sold | 4,241 | $18.10 | $0.1M | Form 4 |
| Mar 9, 2026 | Artie StarrsPresident & CEO, Director | Bought | 15,000 | $19.10 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 7 / 9 | 5 / 9 | 6 / 9 |
| Accruals ratio | −0.4% | −5.1% | −2.3% |
| Altman Z'' | 2.61 | 2.36 | 4.90 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Harley-Davidson HOG | $3.1B | −13.8% | 8.6% | 9.3% | 4.8% | 15.9x | 6 | |
| M/I Homes MHO | $3.2B | −1.9% | 11.5% | 2.9% | — | 11.8x | — | Compare → |
| Dream Finders Homes DFH | $936M | −2.9% | — | −2.9% | 17.2% | 7.2x | — | Compare → |
| Service Corp Intl SCI | $11.5B | 2.9% | 22.7% | 12.9% | 11.3% | 21.8x | 7 | Compare → |
| Floor & Decor FND | $5.2B | 5.1% | 5.8% | 1.4% | 9.3% | 22.3x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $6.0B | $5.6B | $5.7B | $5.4B | $4.1B | $5.3B | $5.8B | $5.8B | $5.2B | $4.5B |
| Gross profit | $2.6B | $2.4B | $2.4B | $2.1B | $1.6B | $2.1B | $2.4B | $2.5B | $2.2B | $1.7B |
| Research and development | $172M | $175M | $192M | $217M | $202M | $175M | $159M | $159M | — | — |
| Operating income | $1.0B | $882M | $714M | $556M | $9.7M | $823M | $909M | $779M | $417M | $387M |
| Interest expense | $29.7M | $31.0M | $30.9M | $31.1M | $31.1M | $31.0M | $31.2M | $30.8M | $30.7M | $33.4M |
| Pretax income | $1.0B | $864M | $687M | $557M | −$15.7M | $819M | $931M | $867M | $517M | $459M |
| Income tax | $332M | $342M | $155M | $134M | −$17.0M | $169M | $192M | $172M | $72.0M | $130M |
| Net income | $692M | $522M | $532M | $424M | $1.3M | $650M | $741M | $707M | $455M | $339M |
| Diluted EPS | $3.83 | $3.02 | $3.19 | $2.68 | $0.01 | $4.19 | $4.96 | $4.87 | $3.44 | $2.78 |
| Diluted shares | 0.18B | 0.17B | 0.17B | 0.16B | 0.15B | 0.16B | 0.15B | 0.15B | 0.13B | 0.12B |
| Cash flow | ||||||||||
| Cash from operations | $1.2B | $1.0B | $1.2B | $868M | $1.2B | $976M | $549M | $755M | $1.1B | $569M |
| Capital expenditure | $256M | $206M | $214M | $181M | $131M | $120M | $152M | $207M | $197M | $154M |
| Free cash flow | $918M | $799M | $992M | $687M | $1.0B | $856M | $397M | $547M | $867M | $415M |
| Depreciation and amortization | $210M | $222M | $265M | $233M | $186M | $165M | $152M | $158M | $161M | $172M |
| Stock-based compensation | $32.3M | $32.5M | $35.5M | $33.7M | $23.5M | $42.2M | $54.4M | $82.9M | $49.0M | $31.7M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $7.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $465M | $465M | $391M | $297M | $8.0M | $11.6M | $339M | $364M | $460M | $353M |
| Dividends paid | $252M | $252M | $246M | $237M | $68.1M | $92.4M | $93.2M | $96.3M | $91.2M | $86.4M |
| Dividends and buybacks | $718M | $717M | $636M | $534M | $76.1M | $104M | $432M | $460M | $551M | $440M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $760M | $688M | $1.2B | $834M | $3.3B | $1.9B | $1.4B | $1.5B | $1.6B | $3.1B |
| Total debt | $6.8B | $7.0B | $7.6B | $7.4B | $9.0B | $6.9B | $6.9B | $7.1B | $7.0B | $3.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $3.9B | $3.9B | $4.5B | $4.2B | $5.8B | $4.6B | $4.8B | $5.2B | $5.0B | $5.6B |
| Current liabilities | $2.9B | $3.2B | $3.6B | $3.2B | $4.0B | $3.3B | $3.5B | $3.4B | $3.6B | $2.7B |
| Inventory | $500M | $538M | $556M | $604M | $524M | $713M | $951M | $930M | $746M | $731M |
| Property and equipment, net | $982M | $968M | $904M | $847M | $744M | $684M | $690M | $732M | $757M | $750M |
| Total assets | $9.9B | $10.0B | $10.7B | $10.5B | $12.0B | $11.1B | $11.5B | $12.1B | $11.9B | $8.0B |
| Total liabilities | $8.0B | $8.1B | $8.9B | $8.7B | $10.3B | $8.5B | $8.6B | $8.9B | $8.7B | $4.9B |
| Shareholders' equity | $1.9B | $1.8B | $1.8B | $1.8B | $1.7B | $2.6B | $2.9B | $3.3B | $3.2B | $3.1B |
| Margins | ||||||||||
| Gross margin | 42.9% | 42.1% | 41.4% | 39.8% | 39.9% | 39.2% | 40.9% | 43.1% | 42.1% | 38.7% |
| Operating margin | 17.5% | 15.6% | 12.5% | 10.4% | 0.2% | 15.4% | 15.8% | 13.4% | 8.0% | 8.6% |
| EBITDA margin | 20.9% | 19.6% | 17.1% | 14.7% | 4.8% | 18.5% | 18.4% | 16.1% | 11.1% | 12.5% |
| Net margin | 11.5% | 9.2% | 9.3% | 7.9% | 0.0% | 12.2% | 12.9% | 12.1% | 8.8% | 7.6% |
| FCF margin | 15.3% | 14.1% | 17.4% | 12.8% | 25.8% | 16.0% | 6.9% | 9.4% | 16.7% | 9.3% |
| Returns | ||||||||||
| Return on capital | 8.9% | 6.6% | 6.8% | 5.1% | 0.1% | 8.7% | 9.1% | 7.3% | 4.1% | 4.8% |
| Return on capital employed | 14.7% | 12.7% | 10.3% | 7.7% | 0.1% | 10.5% | 11.6% | 9.3% | 4.9% | 5.6% |
| Return on equity | 36.8% | 27.7% | 29.4% | 23.7% | 0.1% | 30.4% | 27.2% | 23.0% | 14.2% | 10.7% |
| Return on assets | 7.0% | 5.3% | 5.2% | 4.0% | 0.0% | 5.6% | 6.6% | 6.0% | 3.8% | 3.4% |
| Growth | ||||||||||
| Revenue growth | 0.0% | −5.8% | 1.2% | −6.2% | −24.4% | 31.6% | 7.9% | 1.4% | −11.1% | −13.8% |
| Net income growth | −8.0% | −24.6% | 1.9% | −20.3% | −99.7% | 49,978.9% | 14.1% | −4.7% | −35.6% | −25.6% |
| EPS growth | 3.8% | −21.2% | 5.6% | −16.0% | −99.6% | 41,800.0% | 18.4% | −1.8% | −29.4% | −19.2% |
| FCF growth | 9.3% | −13.0% | 24.2% | −30.8% | 52.4% | −18.3% | −53.6% | 38.0% | 58.4% | −52.1% |
| Share count change | −11.4% | −4.2% | −3.7% | −5.2% | −2.5% | 0.7% | −3.6% | −2.8% | −8.8% | −8.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 4.8x | 5.7x | 6.5x | 8.4x | 29.3x | 5.1x | 5.2x | 6.0x | 9.3x | −0.2x |
| Debt / equity | 3.6x | 3.8x | 4.3x | 4.1x | 5.2x | 2.7x | 2.4x | 2.2x | 2.2x | 0.9x |
| Interest coverage | 35.3x | 28.5x | 23.1x | 17.9x | 0.3x | 26.6x | 29.1x | 25.3x | 13.6x | 11.6x |
| Current ratio | 1.4x | 1.2x | 1.3x | 1.3x | 1.5x | 1.4x | 1.3x | 1.5x | 1.4x | 2.1x |
| Quick ratio | 1.2x | 1.1x | 1.1x | 1.1x | 1.3x | 1.2x | 1.1x | 1.3x | 1.2x | 1.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.3% | 3.7% | 3.7% | 3.4% | 3.2% | 2.3% | 2.6% | 3.6% | 3.8% | 3.4% |
| Stock comp / revenue | 0.5% | 0.6% | 0.6% | 0.6% | 0.6% | 0.8% | 0.9% | 1.4% | 0.9% | 0.7% |
| Payouts / FCF | 78.2% | 89.8% | 64.1% | 77.7% | 7.3% | 12.2% | 108.8% | 84.1% | 63.5% | 105.9% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 4.0 | 7.0 | 6.0 | 6.0 | 6.0 | 6.0 | 7.0 | 5.0 | 6.0 |
| Altman Z'' | 2.1 | 1.8 | 1.8 | 1.9 | 1.6 | 2.1 | 2.3 | 2.6 | 2.4 | 4.9 |
| Accruals ratio | −4.9% | −4.9% | −6.5% | −4.2% | −10.4% | −2.8% | 1.7% | −0.4% | −5.1% | −2.3% |
Source: SEC EDGAR XBRL filings (CIK 0000793952). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.