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Harley-Davidson, Inc.

HOG Consumer Cyclical Recreational Vehicles

Harley-Davidson, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.5 billion, down 13.8% from fiscal 2024. In the quarter to June 2026, revenue fell 5.86%, EPS fell 14.6%, free cash flow fell 53.2% and total debt fell 67.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.

26.90 0.15 +0.56%

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Market cap: $2.8B
P/E: 16.0×
Fwd P/E: 65.6×
Dividend yield: 2.76%
F-score: 7/9
Altman Z: 2.10
Beneish M: −1.54
Dividend safety: 86/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.85

Total sells 0.84

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	1	2	—	—	—	1	2	—	—
Sell	2	—	—	1	1	—	2	1	1	1	1	1

Insider Ownership 2.10%

Capital & Financial Ratios $m

Market Cap 2,780.00

Revenue 4,239.84

Net Income 195.72

Free Cash Flow (133.07)

Net Debt 346.67

Current Ratio 1.90

Debt/Equity 0.72

P/E ratio 16.01

Fwd P/E 65.60

P/S ratio 0.67

P/B ratio 0.91

Past 5Y EPS Growth 208.18%

This Y EPS Growth (74.68%)

Next Y EPS Growth 175.84%

Next Y revenue growth (15.43%)

Next 5Y EPS Growth 1.99%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 87.37%

10-year low 10-year high

P/S against its own 10 years 13.81%

10-year low 10-year high

P/B against its own 10 years 8.90%

10-year low 10-year high

EV/Sales against its own 10 years 6.20%

10-year low 10-year high

Dividends

Payout Ratio 0.46

Annual Dividend Rate 0.74

Annual Dividend Yield 2.76%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.75	0.19 0.19 0.19
2025	0.72	0.18 0.18 0.18 0.18
2024	0.69	0.17 0.17 0.17 0.17
2023	0.83	0.17 0.17 0.17 0.17 0.17
2022	0.63	0.16 0.16 0.16 0.16
2021	0.60	0.15 0.15 0.15 0.15
2020	0.44	0.38 0.02 0.02 0.02
2019	1.50	0.38 0.38 0.38 0.38
2018	1.48	0.37 0.37 0.37 0.37
2017	1.46	0.37 0.37 0.37 0.37
2016	1.40	0.35 0.35 0.35 0.35

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,638	1,725	3,092	1,896
Receivables	267	234	490	848
Inventory	930	746	731	501
Other	214	260	292	250
	5,164	4,997	5,587	4,589

	2023	2024	2025	Q'26
Payables	349	299	389	409
ST’ Debt	2,135	2,492	1,317	1,112
Other	253	173	280	266
	3,384	3,557	2,659	2,411

Compound Annual Growth %

	10y	5y	3y
Sales	(2.89%)	1.99%	(8.06%)
Cash Flow	(6.38%)	(13.55%)	1.23%
Earnings	(7.67%)	204.31%	(22.98%)
Book Value	5.55%	12.88%	2.79%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,173	1,230	—	—	—
’25	1,329	1,307	1,341	496	4,473
’24	1,730	1,619	1,151	688	5,187
’23	1,789	1,446	1,549	1,053	5,836
’22	1,495	1,469	1,649	1,142	5,755
’21	1,423	1,532	1,365	1,016	5,336
’20	1,298	865	1,166	725	4,054

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(228)	168	—	—	—
’25	142	368	(93)	152	569
’24	104	474	353	133	1,064
’23	47	364	296	48	755
’22	139	105	331	(26)	548
’21	163	482	281	50	976
’20	(9)	619	525	43	1,178

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(260)	155	—	—	—
’25	112	332	(129)	100	415
’24	58	432	300	77	867
’23	2	322	244	(20)	547
’22	111	78	301	(93)	397
’21	144	463	257	(9)	856
’20	(42)	585	500	4	1,047

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.22	0.75	—	—	—
’25	1.07	0.88	3.10	(2.44)	2.78
’24	1.72	1.63	0.91	(0.93)	3.44
’23	2.04	1.22	1.38	0.18	4.87
’22	1.45	1.46	1.78	0.28	4.96
’21	1.68	1.33	1.05	0.14	4.19
’20	0.45	(0.60)	0.78	(0.63)	0.01

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	36.36	44.52	31.36	30.17	14.31	31.20	29.80	25.43	29.46	20.40	Analyst estimates 2026–2028 Powerpack
	High	62.35	63.40	56.50	41.40	41.82	52.06	48.72	51.77	44.16	31.25
People
People	Employees	5,400	5,200	5,300	5,000	4,600	5,800	6,300	6,400	5,900	5,500
	Revenue/emp, $m	1.11	1.09	1.08	1.07	0.88	0.92	0.91	0.91	0.88	0.81
Income, $m
Income, $m	Revenue	5,996	5,647	5,717	5,362	4,054	5,336	5,755	5,836	5,187	4,473
	Gross margin, %	39.97	38.86	37.99	35.84	33.84	35.61	37.08	37.38	34.88	30.02
	EBT	1,024	864	687	557	(16)	819	931	867	517	459
	EBT margin, %	17.08	15.30	12.01	10.40	(0.39)	15.35	16.18	14.85	9.97	10.26
	Net income	692	522	531	424	1	650	739	695	445	329
	Depreciation	305	313	355	319	271	265	262	256	245	231
Per share, $
Per share, $	Revenue	33.37	32.83	34.51	34.14	26.47	34.71	38.88	40.99	39.46	37.25
	Earnings	3.85	3.03	3.21	2.70	0.01	4.23	5.01	4.96	3.46	2.82
	Cash flow	6.54	5.84	7.28	5.53	7.69	6.35	3.71	5.30	8.09	4.74
	Capex	(1.43)	(1.20)	(1.29)	(1.16)	(0.86)	(0.78)	(1.02)	(1.46)	(1.50)	(1.28)
	Free cash flow	5.11	4.64	5.99	4.37	6.83	5.56	2.68	3.85	6.60	3.46
	Book value	10.69	10.72	10.71	11.49	11.25	16.61	19.64	22.84	24.03	26.29
	Shares, m	180	172	166	157	153	154	148	142	131	120
Valuation, ×
Valuation, ×	P/E	15.39	17.41	10.73	13.93	3,670.00	8.91	8.21	7.39	8.97	7.73
	P/S	1.77	1.59	0.99	1.09	1.39	1.09	1.06	0.89	0.76	0.55
	P/B	5.52	4.86	3.19	3.24	3.26	2.27	2.09	1.59	1.25	0.78
	EV/Sales	2.76	2.69	2.10	2.31	2.77	2.00	1.99	1.83	1.77	0.52
	EV/FCF	18.06	19.04	12.08	18.04	10.72	12.48	28.81	19.46	10.60	5.62
Cash, $m
Cash, $m	Operating cash flow	1,174	1,005	1,206	868	1,178	976	548	755	1,064	569
	Capex	(256)	(206)	(214)	(181)	(131)	(120)	(152)	(207)	(197)	(154)
	Free cash flow	918	799	992	687	1,047	856	397	547	867	415
Balance, $m
Balance, $m	Working capital	991	727	887	1,006	1,863	1,207	1,217	1,779	1,439	2,928
	Total debt	6,808	6,988	7,599	7,445	8,987	6,889	6,912	7,126	6,960	2,967
	Net debt	5,989	6,253	6,336	6,547	5,598	4,886	5,344	5,487	5,235	(125)
	Shareholders’ equity	1,920	1,844	1,774	1,804	1,723	2,553	2,907	3,252	3,159	3,157
Returns, %
Returns, %	ROA	6.97	5.25	5.15	4.00	0.01	5.64	6.58	5.98	3.79	3.40
	ROIC	8.27	6.81	5.50	4.16	0.08	6.92	6.89	5.57	3.10	7.97
	ROE	36.82	27.72	29.38	23.68	0.07	30.40	27.16	22.94	14.21	10.73

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BC Brunswick Corporation	$4.0B	— (loss-making)	21.9×	+7.66% (above 0%: growing)	+88.76% (above 0%: growing)	+0.80% (above 0%: growing)	28.10%	8.31%	Compare
DOO BRP Inc.	$3.9B	46.5×	—	+16.59% (above 0%: growing)	n/m	+116.16% (above 0%: growing)	11.74%	(2.24%)	Compare
THO Thor Industries, Inc.	$3.4B	18.8×	15.7×	−8.41% (below 0%: shrinking)	−66.96% (below 0%: shrinking)	−26.73% (below 0%: shrinking)	12.36%	2.19%	Compare
PII Polaris Inc.	$3.0B	— (loss-making)	70.0×	+9.18% (above 0%: growing)	n/m	−33.49% (below 0%: shrinking)	23.65%	7.36%	Compare
HOG Harley-Davidson, Inc.	$2.8B	16.0×	65.6×	−5.86% (below 0%: shrinking)	−14.61% (below 0%: shrinking)	−53.23% (below 0%: shrinking)	31.74%	6.18%
PATK Patrick Industries, Inc.	$2.1B	13.9×	17.4×	−0.56% (below 0%: shrinking)	+36.00% (above 0%: growing)	−49.38% (below 0%: shrinking)	23.77%	7.40%	Compare
LCII LCI Industries	$2.0B	9.0×	10.6×	−12.52% (below 0%: shrinking)	+20.52% (above 0%: growing)	+88.04% (above 0%: growing)	31.09%	9.91%	Compare
WGO Winnebago Industries, Inc.	$696.8M	17.2×	16.1×	−9.86% (below 0%: shrinking)	−19.05% (below 0%: shrinking)	+155.68% (above 0%: growing)	13.58%	3.29%	Compare
MCFT MASTERCRAFT BOAT HOLDINGS, INC.	$474.6M	— (loss-making)	12.7×	+63.41% (above 0%: growing)	n/m	−18.29% (below 0%: shrinking)	22.56%	(4.86%)	Compare
Median of peers	$2.6B	17.2×	16.1×	+3.55%	+20.52%	−8.74%	23.10%	5.33%

All 16 Recreational Vehicles stocks →

Harley-Davidson, Inc. (HOG) key facts

Concern: Harley-Davidson, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.5 billion, down 13.8% from fiscal 2024.
Harley-Davidson, Inc. (HOG) is a Recreational Vehicles company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
As of October 9, 2026, HOG traded at $26.90, a market capitalization of $2.8 billion.
Harley-Davidson, Inc. pays an annual dividend of $0.74 per share, a yield of 2.76%, with a payout ratio of 45.6%.
Return on equity was 10.7% and debt-to-equity 0.72.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 2.10 (grey zone) for fiscal 2025.