Dream Finders Homes vs Harley-Davidson
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The short version
- Harley-Davidson is the larger business, with $4.5B of revenue in fiscal 2025 against $4.3B for Dream Finders Homes.
- Dream Finders Homes grew revenue faster (−2.9%, against −13.8%).
- Harley-Davidson turned more of its sales into free cash flow (9.3% FCF margin, against −2.9%).
- Dream Finders Homes earned a higher return on the capital invested in it (17.2%, against 4.8%).
- Investors pay more for each dollar of Harley-Davidson’s earnings: a P/E of 15.9x against 7.2x for Dream Finders Homes.
| Latest fiscal year | DFH · FY25 | HOG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $936M | $3.1B |
| Revenue | $4.3B | $4.5B |
| Free cash flow | −$126M | $415M |
| Net income | $217M | $339M |
| Growth | ||
| Revenue growth | −2.9% | −13.8% |
| 5-year growth | 30.7% | 2.0% |
| Share count change | 1.0% | −8.3% |
| Profitability | ||
| Gross margin | — | 38.7% |
| Operating margin | — | 8.6% |
| Net margin | 5.0% | 7.6% |
| FCF margin | −2.9% | 9.3% |
| Return on capital | 17.2% | 4.8% |
| Return on equity | 16.3% | 10.7% |
| Balance sheet | ||
| Net debt | $1.4B | −$125M |
| Net debt / EBITDA | 2.4x | −0.2x |
| Dividends and buybacks | $41.7M | $440M |
| Valuation & quality | ||
| P/E | 7.2x | 15.9x |
| Piotroski F-score | — | 6 |
Revenue
FY16
DFH —
HOG $6.0B
FY17
DFH —
HOG $5.6B
FY18
DFH —
HOG $5.7B
FY19
DFH $744M
HOG $5.4B
FY20
DFH $1.1B
HOG $4.1B
FY21
DFH $1.9B
HOG $5.3B
FY22
DFH $3.3B
HOG $5.8B
FY23
DFH $3.7B
HOG $5.8B
FY24
DFH $4.4B
HOG $5.2B
FY25
DFH $4.3B
HOG $4.5B
DFH
HOG
Operating margin
FY16
DFH —
HOG 17.5%
FY17
DFH —
HOG 15.6%
FY18
DFH —
HOG 12.5%
FY19
DFH —
HOG 10.4%
FY20
DFH —
HOG 0.2%
FY21
DFH —
HOG 15.4%
FY22
DFH —
HOG 15.8%
FY23
DFH —
HOG 13.4%
FY24
DFH —
HOG 8.0%
FY25
DFH —
HOG 8.6%
DFH
HOG
Free cash flow
FY16
DFH —
HOG $918M
FY17
DFH —
HOG $799M
FY18
DFH —
HOG $992M
FY19
DFH $27.5M
HOG $687M
FY20
DFH $94.0M
HOG $1.0B
FY21
DFH $62.2M
HOG $856M
FY22
DFH −$33.2M
HOG $397M
FY23
DFH $369M
HOG $547M
FY24
DFH −$282M
HOG $867M
FY25
DFH −$126M
HOG $415M
DFH
HOG
Return on capital
FY16
DFH —
HOG 8.9%
FY17
DFH —
HOG 6.6%
FY18
DFH —
HOG 6.8%
FY19
DFH —
HOG 5.1%
FY20
DFH —
HOG 0.1%
FY21
DFH —
HOG 8.7%
FY22
DFH —
HOG 9.1%
FY23
DFH —
HOG 7.3%
FY24
DFH —
HOG 4.1%
FY25
DFH 17.2%
HOG 4.8%
DFH
HOG
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.