Harley-Davidson
HOG NYSE· Motorcycle Manufacturers
Last close · Oct 26, 2026
$28.85
KIRA · Stoqly’s AI analyst, in plain words
- Harley-Davidson had $4.5B of revenue in fiscal 2025, down 13.8% on the year before. Over five years, revenue changed +2.0% a year on average.
- Its operating margin was 8.6%, up 0.6 pts: of every 100 in sales, about 9 is left after running the business.
- Harley-Davidson made $339M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew −3.5% a year.
- Free cash flow was $415M in fiscal 2025, 9.3% of revenue.
- Harley-Davidson returned $440M to shareholders in fiscal 2025, 106% of free cash flow. The diluted share count fell 8.3%.
- Harley-Davidson has $125M more cash than debt.
Market cap
$3.1B
P/E
15.9x
Revenue
$4.5B
Net income
$339M
Free cash flow
$415M
Operating margin
8.6%
Harley-Davidson in 30 seconds · fiscal 2025
Are sales growing?
−13.8%
No. Sales fell 13.8% last year.
Does it make a profit?
7.6%
A little. It keeps 7.6% of every sale as profit.
Does profit turn into cash?
9.3%
Partly. 9.3% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
15.9x
One share costs 15.9 times its yearly profit per share. Typical for its sector: 17.9x.
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.
Biggest risks, in its own words
- Failing to develop and launch new, compliant products while keeping the premium price its motorcycles command over competitors'.
- Its reliance on independent dealers and distributors to sell its products to riders.
- More used motorcycles for sale, or lower used prices, could cut dealers' sales of new ones.
- LiveWire, a new entrant in electric vehicles, may not control its costs or raise enough money to keep operating.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Legal name
- Harley-Davidson, Inc.
- CIK
- 0000793952
Harley-Davidson · HOG
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $5.3B | $5.8B | $5.8B | $5.2B | $4.5B |
| Revenue growth | 31.6% | 7.9% | 1.4% | −11.1% | −13.8% |
| Gross margin | 39.2% | 40.9% | 43.1% | 42.1% | 38.7% |
| Operating margin | 15.4% | 15.8% | 13.4% | 8.0% | 8.6% |
| Net income | $650M | $741M | $707M | $455M | $339M |
| Net margin | 12.2% | 12.9% | 12.1% | 8.8% | 7.6% |
| Diluted EPS | $4.19 | $4.96 | $4.87 | $3.44 | $2.78 |
| Cash | |||||
| Cash from operations | $976M | $549M | $755M | $1.1B | $569M |
| Capital expenditure | $120M | $152M | $207M | $197M | $154M |
| Free cash flow | $856M | $397M | $547M | $867M | $415M |
| FCF margin | 16.0% | 6.9% | 9.4% | 16.7% | 9.3% |
| Dividends paid | $92.4M | $93.2M | $96.3M | $91.2M | $86.4M |
| Share buybacks | $11.6M | $339M | $364M | $460M | $353M |
| Share count change | 0.7% | −3.6% | −2.8% | −8.8% | −8.3% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $2.6B | $2.9B | $3.3B | $3.2B | $3.1B |
| Net debt / EBITDA | 5.1x | 5.2x | 6.0x | 9.3x | −0.2x |
| Current ratio | 1.4x | 1.3x | 1.5x | 1.4x | 2.1x |
| Interest coverage | 26.6x | 29.1x | 25.3x | 13.6x | 11.6x |
| Returns and quality | |||||
| Return on capital | 8.7% | 9.1% | 7.3% | 4.1% | 4.8% |
| Return on equity | 30.4% | 27.2% | 23.0% | 14.2% | 10.7% |
| Piotroski F-score | 6 | 6 | 7 | 5 | 6 |
| Altman Z'' | 2.1 | 2.3 | 2.6 | 2.4 | 4.9 |
Insiders bought, 12 months
$1.9M
5 insiders
Insiders sold, 12 months
$0.8M
5 insiders
Of sales under plans
32%
$0.3M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Harley-Davidson · HOG
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | — |
| Dream Finders Homes DFH | $940M | −2.9% | — | −2.9% | 17.2% | 7.2x | — |
| Service Corp Intl SCI | $11.4B | 2.9% | 22.7% | 12.9% | 11.3% | 21.6x | 7 |
| Floor & Decor FND | $5.1B | 5.1% | 5.8% | 1.4% | 9.3% | 22.0x | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $28.85 a share, the company is worth $3.1B: 15.9 times its earnings of the last four quarters.
Harley-Davidson grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 2 of 4.
Source: SEC EDGAR XBRL filings (CIK 0000793952). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.