Harley-Davidson vs M/I Homes
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KIRA’s take AI analyst
I put Harley-Davidson and M/I Homes side by side, using each one’s latest annual report. Here is what stands out:
- Harley-Davidson is the larger business, with $4.5B of revenue in fiscal 2025 against $4.4B for M/I Homes.
- M/I Homes grew revenue faster (−1.9%, against −13.8%).
- M/I Homes kept more of each dollar of sales as operating profit (11.5% operating margin, against 8.6%).
- Harley-Davidson turned more of its sales into free cash flow (9.3% FCF margin, against 2.9%).
- Investors pay more for each dollar of Harley-Davidson’s earnings: a P/E of 16.2x against 12.0x for M/I Homes.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Harley-Davidson
HOG
3/8
Gross marginFCF marginShare count change
M/I Homes
MHO
5/8
Revenue growth5-year growthOperating marginNet marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | HOG FY25 | MHO FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.2B | $3.3B |
| Revenue | $4.5B | $4.4B |
| Free cash flow | $415M | $128M |
| Net income | $339M | $403M |
| Growth | ||
| Revenue growth | −13.8% | −1.9% |
| 5-year growth | 2.0% | 7.7% |
| Share count change | −8.3% | −4.4% |
| Profitability | ||
| Gross margin | 38.7% | 23.0% |
| Operating margin | 8.6% | 11.5% |
| Net margin | 7.6% | 9.1% |
| FCF margin | 9.3% | 2.9% |
| Return on capital | 4.8% | — |
| Return on equity | 10.7% | 13.2% |
| Balance sheet | ||
| Net debt | −$125M | — |
| Net debt / EBITDA | −0.2x | — |
| Dividends and buybacks | $440M | $202M |
| Valuation & quality | ||
| P/E | 16.2x | 12.0x |
| Piotroski F-score | 6 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.