Harley-Davidson vs M/I Homes
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The short version
- 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 15.9x against 11.8x for M/I Homes.
| Latest fiscal year | HOG · FY25 | MHO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.1B | $3.2B |
| 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 | 15.9x | 11.8x |
| Piotroski F-score | 6 | — |
Revenue
FY16
HOG $6.0B
MHO $1.7B
FY17
HOG $5.6B
MHO $2.0B
FY18
HOG $5.7B
MHO $2.3B
FY19
HOG $5.4B
MHO $2.5B
FY20
HOG $4.1B
MHO $3.0B
FY21
HOG $5.3B
MHO $3.7B
FY22
HOG $5.8B
MHO $4.1B
FY23
HOG $5.8B
MHO $4.0B
FY24
HOG $5.2B
MHO $4.5B
FY25
HOG $4.5B
MHO $4.4B
HOG
MHO
Operating margin
FY16
HOG 17.5%
MHO 6.4%
FY17
HOG 15.6%
MHO 7.1%
FY18
HOG 12.5%
MHO 7.1%
FY19
HOG 10.4%
MHO 7.5%
FY20
HOG 0.2%
MHO 10.5%
FY21
HOG 15.4%
MHO 13.8%
FY22
HOG 15.8%
MHO 15.4%
FY23
HOG 13.4%
MHO 14.6%
FY24
HOG 8.0%
MHO 15.7%
FY25
HOG 8.6%
MHO 11.5%
HOG
MHO
Free cash flow
FY16
HOG $918M
MHO $21.1M
FY17
HOG $799M
MHO −$62.0M
FY18
HOG $992M
MHO −$10.7M
FY19
HOG $687M
MHO $61.1M
FY20
HOG $1.0B
MHO $157M
FY21
HOG $856M
MHO −$42.1M
FY22
HOG $397M
MHO $175M
FY23
HOG $547M
MHO $546M
FY24
HOG $867M
MHO $171M
FY25
HOG $415M
MHO $128M
HOG
MHO
Return on capital
FY16
HOG 8.9%
MHO —
FY17
HOG 6.6%
MHO —
FY18
HOG 6.8%
MHO —
FY19
HOG 5.1%
MHO —
FY20
HOG 0.1%
MHO —
FY21
HOG 8.7%
MHO —
FY22
HOG 9.1%
MHO —
FY23
HOG 7.3%
MHO —
FY24
HOG 4.1%
MHO —
FY25
HOG 4.8%
MHO —
HOG
MHO
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.