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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. HOG Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Harley-Davidson (HOG)

Market Price (9/16/2025): $29.89 | Market Cap: $3.6 Bil
Sector: Consumer Discretionary | Industry: Motorcycle Manufacturers

Harley-Davidson (HOG)

Market Price (9/16/2025): $29.89
Market Cap: $3.6 Bil
Sector: Consumer Discretionary
Industry: Motorcycle Manufacturers

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6%, FCF Yield is 23%		 Weak multi-year price returns
2Y Excs Rtn is -51%, 3Y Excs Rtn is -85%		 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 147%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%		  Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -25%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4%, Rev Chg QQuarterly Revenue Change % is -19%
2 Low stock price volatility
Vol 12M is 43%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6%, FCF Yield is 23%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
2 Low stock price volatility
Vol 12M is 43%
3 Weak multi-year price returns
2Y Excs Rtn is -51%, 3Y Excs Rtn is -85%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 147%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -25%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.4%, Rev Chg QQuarterly Revenue Change % is -19%

Market Valuation

 9/16/252024202320222021
Share Price CYE$29.89$29.53$35.41$39.24$35.00
Market Cap CYE ($ Bil)3.63.74.95.75.4
Total Debt ($ Bil)6.97.07.27.06.9
Total Cash ($ Bil)1.61.61.51.41.9
Enterprise Value ($ Bil)9.010.712.112.712.3
Valuation Ratios     
P/S TTM0.80.80.91.11.1
P/EBIT TTM12.07.25.86.46.8
P/E TTM15.08.77.48.38.9
Sector Ratios     
P/S TTM (Sector)0.80.80.90.81.3
P/EBIT TTM (Sector)7.36.97.05.57.4
P/E TTM (Sector)9.68.18.97.39.2
 9/16/2520242023
Share Price CYE$29.89$29.53$35.41
Market Cap CYE ($ Bil)3.63.74.9
Total Debt ($ Bil)6.97.07.2
Total Cash ($ Bil)1.61.61.5
Enterprise Value ($ Bil)9.010.712.1
Valuation Ratios   
P/S TTM0.80.80.9
P/EBIT TTM12.07.25.8
P/E TTM15.08.77.4
Sector Ratios   
P/S TTM (Sector)0.80.80.9
P/EBIT TTM (Sector)7.36.97.0
P/E TTM (Sector)9.68.18.9

Market Cap Chart

Business Description

Harley-Davidson, Inc. manufactures and sells motorcycles. The company operates in two segments, Motorcycles and Related Products and Financial Services. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
HOG Return0%4%12%-10%-17%1%-11%
Peers Return189%58%-34%29%21%9%408%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TSLA, GM, F, HOG. See HOG Returns vs. Peers.
[3] 2025 data is for the year up to 9/15/2025 (YTD)

Interactive Breakdown

Harley-Davidson Interactive Breakdown Analysis

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Harley-Davidson Earnings Notes  
2HOG's 13% Single Week Rise Brings Valuations Into Focus - Is TMUS a Better Deal?Counter-Intuitive Comparisons 
3How Does HOG Stack Up Against Its Peers?Peer Comparison 
4Better Bet Than HOG Stock: Pay Less Than Harley-Davidson To Get More From UNH, HCA   
5Better Bet Than HOG Stock: Pay Less Than Harley-Davidson To Get More From CCL, LULU   
6Why Harley-Davidson Stock Moved: HOG Stock Has Lost 24% Since 2022 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)  
7HOG Dip Buy Analysis  
8Harley-Davidson Total Shareholder Return (TSR): -14.2% in 2024 and -3.4% 3-yr compounded annual returns (below peer average)  
9Harley-Davidson (HOG) Operating Cash Flow ComparisonFinancials 
10Harley-Davidson (HOG) Net Income ComparisonFinancials 
11ARTICLES  
12How Will Harley-Davidson Stock React To Its Upcoming Earnings? July 25th, 2025
13How Will Harley-Davidson Stock React To Its Upcoming Earnings? April 17th, 2025
14Can Harley Stock Bounce Back Despite Tough Earnings? October 31st, 2024
15Can Harley Stock Bounce Back To $50 Following Rate Cuts September 19th, 2024
16Can Harley Stock Recover To $50 On Strong Touring Motorcycle Sales? July 3rd, 2024
Title
0DASHBOARDS
1How Will Harley-Davidson Stock React To Its Upcoming Earnings?
2How Will Harley-Davidson Stock React To Its Upcoming Earnings?
3Can Harley Stock Bounce Back Despite Tough Earnings?
4Can Harley Stock Bounce Back To $50 Following Rate Cuts
5Can Harley Stock Recover To $50 On Strong Touring Motorcycle Sales?
6ARTICLES
7Harley-Davidson Earnings Notes
8HOG's 13% Single Week Rise Brings Valuations Into Focus - Is TMUS a Better Deal?
9How Does HOG Stack Up Against Its Peers?
10Better Bet Than HOG Stock: Pay Less Than Harley-Davidson To Get More From UNH, HCA 
11Better Bet Than HOG Stock: Pay Less Than Harley-Davidson To Get More From CCL, LULU 
12Why Harley-Davidson Stock Moved: HOG Stock Has Lost 24% Since 2022 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
13HOG Dip Buy Analysis
14Harley-Davidson Total Shareholder Return (TSR): -14.2% in 2024 and -3.4% 3-yr compounded annual returns (below peer average)
15Harley-Davidson (HOG) Operating Cash Flow Comparison
16Harley-Davidson (HOG) Net Income Comparison

Recent Active Movers

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10CWDCaliberCos246.5%-46.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
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6NXTTNext Technology2167.7%1080.3%
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8CURXCuranex Pharmaceuticals1282.0%1282.0%
9VCIGVCI Global1278.3%-66.8%
10OCTOEightco800.6%562.1%

1 Month Top Losers

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8JEM707 Cayman-89.8%-98.3%
9NUTRNusaTrip-86.7%-86.7%
10CUPRCuprina-84.9% 

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1NXTTNext Technology18985.5%1080.3%
2BDSXBiodesix1658.4%-75.2%
3VCIGVCI Global1460.0%-66.8%
4CLSDClearside Biomedical1075.2%-72.3%
5SDOTSadot806.7%-78.2%
6WLDSWearable Devices539.8%-24.4%
7QMMMQMMM536.6%5505.5%
8ATCHAtlasClear382.9%-89.7%
9OPIOffice Properties Income Trust274.5%-8.3%
10CWDCaliberCos246.5%-46.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-83.7% 
2ATYRaTyr Pharma-81.4%-72.0%
3LGCLLucas GC-73.2%-78.3%
4NAKAKindly MD-72.8% 
5OCTOEightco-67.8%562.1%
6YYGHYY-67.0%-78.2%
7SNTGSentage-58.1%57.5%
8REXREX American Resources-50.7%-26.7%
9BINIBollinger Innovations-49.2%-100.0%
10SLXNSilexion Therapeutics-49.2%-88.0%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Harley-Davidson

Financials

HOGTSLAGMFMedian
NameHarley-D.Tesla General .Ford Mot. 
Mkt Price29.88410.0458.9511.6844.41
Mkt Cap3.61,321.656.846.351.6
Rev LTM4,47592,720187,600182,874137,797
Op Inc LTM1855,77810,6534,3135,046
FCF LTM8215,586-1,8429,3093,204
FCF 3Y Avg6894,488-3,1925,9082,589
CFO LTM99615,76523,97017,71716,741
CFO 3Y Avg87713,75121,61413,98613,868

Growth & Margins

HOGTSLAGMFMedian
NameHarley-D.Tesla General .Ford Mot. 
Rev Chg LTM-24.8%-2.7%5.3%3.0%0.2%
Rev Chg 3Y Avg-4.4%12.9%12.9%11.1%12.0%
Rev Chg Q-19.3%-11.8%-1.8%-5.0%-8.4%
QoQ Delta Rev Chg LTM-6.5%-3.1%-0.4%-1.1%-2.1%
Op Mgn LTM4.1%6.2%5.7%2.4%4.9%
Op Mgn 3Y Avg10.4%9.1%6.3%3.1%7.7%
QoQ Delta Op Mgn LTM-2.4%-1.2%-0.9%-0.5%-1.0%
CFO/Rev LTM22.3%17.0%12.8%9.7%14.9%
CFO/Rev 3Y Avg16.5%14.6%12.1%7.9%13.4%
FCF/Rev LTM18.4%6.0%-1.0%5.1%5.6%
FCF/Rev 3Y Avg13.1%4.8%-1.8%3.3%4.1%

Valuation

HOGTSLAGMFMedian
NameHarley-D.Tesla General .Ford Mot. 
Mkt Cap3.61,321.656.846.351.6
P/S0.814.30.30.30.6
P/EBIT12.0164.17.26.39.6
P/E15.0216.511.99.213.4
P/CFO3.683.82.42.63.1
Total Yield9.1%0.5%9.5%14.7%9.3%
Dividend Yield2.4%0.0%1.1%3.9%1.8%
FCF Yield 3Y Avg18.4%0.5%-6.2%12.4%6.5%
D/E1.90.02.43.42.1
Net D/E1.5-0.01.92.61.7

Returns

HOGTSLAGMFMedian
NameHarley-D.Tesla General .Ford Mot. 
1M Rtn9.7%24.0%5.0%2.1%7.3%
3M Rtn23.3%24.6%20.0%11.5%21.6%
6M Rtn17.9%72.3%21.0%21.1%21.0%
12M Rtn-18.4%78.1%28.7%17.6%23.1%
3Y Rtn-21.9%35.2%52.2%0.6%17.9%
1M Excs Rtn6.8%19.9%2.5%-0.2%4.6%
3M Excs Rtn13.5%15.4%10.8%2.8%12.2%
6M Excs Rtn6.0%46.7%5.3%6.1%6.0%
12M Excs Rtn-31.3%60.6%14.3%1.2%7.7%
3Y Excs Rtn-85.4%-23.4%-14.9%-69.4%-46.4%

Comparison Analyses

Title
0How Does HOG Stack Up Against Its Peers?
1With 7.8% Gains On The Table, HOG May Outshine TSLA
2F Could Deliver 19% Returns And Outperform HOG
3Harley-Davidson vs. General Motors: With Return Forecast Of 18%, General Motors Is A Better Bet
4Harley-Davidson vs. Vertex Pharmaceuticals: With Return Forecast Of 121%, Vertex Pharmaceuticals Is A Better Bet
5Harley-Davidson vs. Zoetis: With Return Forecast Of 23%, Zoetis Is A Better Bet
6Harley-Davidson vs. Edwards Lifesciences: With Return Forecast Of 19%, Edwards Lifesciences Is A Better Bet
7Harley-Davidson vs. Intuitive Surgical: With Return Forecast Of 40%, Intuitive Surgical Is A Better Bet
8Harley-Davidson vs. ServiceNow: With Return Forecast Of 66%, ServiceNow Is A Better Bet
9Harley-Davidson vs. Pegasystems: With Return Forecast Of 32%, Pegasystems Is A Better Bet

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/25/2022
Filing Date8/6/20255/6/20252/26/202511/6/20248/7/20245/6/20242/23/202411/8/20238/9/20235/10/20232/24/202311/3/2022
Key Financials Quarterly            
Total Revenue1,3071,3296881,1511,6191,7301,0531,5491,4461,7891,1421,649
Ebitda178227-1221803113405828627843467387
Operating Income112160-193106241263-212092213704339
Net Income108133-1171192182352619917830442261
EPS0.891.07-0.930.921.641.730.191.401.242.080.291.79
Key Financials TTM            
Total Revenue TTM4,4754,7865,1875,5525,9515,7775,8365,9266,0256,0495,7555,629
Ebitda TTM4645967098889949611,0561,0651,1661,2111,1141,103
Operating Income TTM185314417589692673779804934990909897
Net Income TTM243354455598678637707723785823741721
Growth Rates Quarterly            
Total Revenue Growth-19.3%-23.1%-34.7%-25.7%12.0%-3.3%-7.8%-6.0%-1.6%19.6%12.4%20.7%
EBITDA Growth-42.6%-33.0%-310.3%-37.2%11.9%-21.8%-14.2%-26.1%-13.9%28.6%20.2%57.2%
Operating Income Growth-53.4%-39.0%-814.3%-49.4%8.9%-28.8%-615.6%-38.2%-20.2%27.8%148.4%65.4%
Net Income Growth-50.7%-43.3%-552.9%-40.1%22.6%-22.7%-38.4%-23.9%-17.5%36.7%94.1%60.3%
Margins Quarterly            
EBITDA Margin13.6%17.1%-17.7%15.6%19.2%19.6%5.5%18.5%19.2%24.3%5.9%23.5%
Operating Income Margin8.6%12.1%-28.1%9.2%14.9%15.2%-2.0%13.5%15.3%20.7%0.4%20.5%
Net Income Margin8.2%10.0%-17.0%10.3%13.5%13.6%2.5%12.8%12.3%17.0%3.7%15.8%
Cash & Debt            
Total Cash1,5881,9311,5902,2441,8491,4651,5341,8781,5221,5611,4331,730
Total Debt6,9117,3497,0267,8507,5147,2587,1967,3627,1217,2126,9557,195
Net Debt / (Cash)5,3235,4185,4375,6065,6655,7935,6625,4835,5995,6515,5225,465
Cash Flows Quarterly            
FCF from Operations3681421333534741044829636447-26331
Cash Flows TTM            
FCF from Operations TTM9961,1011,064979922812755681715456548625
Returns to Shareholders Quarterly            
Dividends222322222324242524242323
Share Repurchases093100150102108125707397013
Return on Invested Capital (ROIC) Quarterly            
ROIC6.9%8.7%-9.9%6.6%13.9%14.5%-1.5%12.6%11.8%20.1%0.3%19.0%
Return on Invested Capital (ROIC) TTM            
ROIC TTM3.0%4.9%6.6%8.9%10.2%9.5%11.0%11.8%13.1%13.9%13.1%12.9%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Harley-Davidson Motor Company (HDMC)4,8454,8884,504  
Harley-Davidson Financial Services (HDFS)954821796  
LiveWire384736  
Financial Services   790789
Motorcycles and Related Products   3,2644,573
Total5,8365,7555,3364,0545,362


Operating Income by Segment
$ Mil20242023202220212020
Harley-Davidson Motor Company (HDMC)661677477  
Harley-Davidson Financial Services (HDFS)235318415  
LiveWire-117-85-68  
Financial Services   196266
Motorcycles and Related Products   -186290
Total77990982310556


Assets by Segment
$ Mil20242023202220212020
Harley-Davidson Financial Services (HDFS)8,2307,8877,743  
Harley-Davidson Motor Company (HDMC)3,6443,2543,246  
LiveWire26635162  
Financial Services   9,5187,980
Motorcycles and Related Products   2,4932,548
Total12,14111,49211,05112,01110,528


Price Behavior

HOG Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta1.331.661.581.241.141.12
Up Beta1.252.501.991.391.361.28
Down Beta0.291.092.331.050.940.83
Up Capture277%193%154%133%76%97%
Bmk +ve Days10223571142415
Stock +ve Days11213263118352
Down Capture5%78%88%113%114%105%
Bmk -ve Days11192754106334
Stock -ve Days10203062130394

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity10,446,914
Short Interest: % Change Since 8152025-5.8%
Average Daily Volume1,615,712
Days-to-Cover Short Interest6.47
Basic Shares Quantity121,521,000
Short % of Basic Shares8.6%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/202513.4%5.6%27.1%
5/1/20252.8%2.5%8.0%
2/5/2025-1.6%-2.2%-4.4%
10/24/2024-7.2%-5.6%-3.8%
7/25/20247.4%10.7%7.1%
4/25/2024-15.7%-12.8%-10.9%
2/8/20241.1%6.7%11.9%
10/26/2023-6.5%-5.3%5.8%
...
SUMMARY STATS   
# Positive151614
# Negative768
Median Positive8.0%8.6%10.7%
Median Negative-6.5%-5.4%-7.9%
Max Positive22.1%18.9%42.9%
Max Negative-15.7%-12.8%-11.9%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025806202510-Q 6/30/2025
3312025506202510-Q 3/31/2025
12312024226202510-K 12/31/2024
93020241106202410-Q 9/30/2024
6302024807202410-Q 6/30/2024
3312024506202410-Q 3/31/2024
12312023223202410-K 12/31/2023
93020231108202310-Q 9/30/2023
6302023809202310-Q 6/30/2023
3312023510202310-Q 3/31/2023
12312022224202310-K 12/31/2022
93020221103202210-Q 9/25/2022
6302022804202210-Q 6/26/2022
3312022505202210-Q 3/27/2022
12312021225202210-K 12/31/2021
93020211104202110-Q 9/26/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Masood Rafeh 8072025Buy24.062,06849,756113,202Form
1Mansfield Luke ChristopherChief Commercial Officer2182025Sell25.963,40088,264611,490Form
2Sylvester Maryrose 11012024Sell32.254,278137,966570,398Form

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