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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.

Revenue
−19.3%
EPS
−87.4%
Free cash flow
−53.2%
Total debt
−54.7%

Quarter to September 2026, against a year earlier

32.95 1.73 +5.54%
Market cap
$3.3B
P/E
0.0×
Fwd P/E
39.8×
Dividend yield
2.25%
F-score
7/9
Altman Z
2.10
Beneish M
−1.54
Dividend safety
86/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.85
Sold, $m 0.47
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 2 — — — 1 2 — — —
Sell — — 1 1 — 2 1 1 1 1 1 —
Insider Ownership 0.47%

Capital & Financial Ratios $m

Size
Market Cap 3,250.00
Revenue ttm 3,981.76
Net income ttm 195.72
Free cash flow ttm 311.94
Net debt Q 248.45
Valuation
P/E 0.00
Forward P/E 39.80 (above 35: high)
Price / sales 0.86
Forward P/S Powerpack
Price / FCF 10.92
Price / book 1.09
Financial health
Current ratio Q 1.97 (at or above 1.5: strong)
Debt / equity Q 0.77
Interest coverage Q 10.28
Growth
Revenue growth Q −19.25% (below 0%: shrinking)
Operating income growth Q −92.14% (below 0%: shrinking)
EPS, this year −73.26% (below 0%: weak)
EPS, next year A +167.90% (at or above 15%: strong)
Revenue, next year A −14.94% (below 0%: weak)
EPS, past 5 yrs +208.18% (at or above 15%: strong)
EPS, next 5 yrs A −1.63% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 2.1×; over the ten years it ranged from 0.5× in 2026 to 3.1× in 2021.
P/S against its own 10 years 32.20%
10-year low 10-year high
P/B against its own 10 years 15.27%
10-year low 10-year high
EV/Sales against its own 10 years 7.75%
10-year low 10-year high
EV/FCF against its own 10 years 19.21%
10-year low 10-year high

Dividends

Yield
2.25%
Annual rate
0.74
Payout ratio
45.6%
Growth, 2016–25
−7.12%/yr
  1. 1.40 ’16
  2. 1.46 ’17 +4%
  3. 1.48 ’18 +1%
  4. 1.50 ’19 +1%
  5. 0.44 ’20 −71%
  6. 0.60 ’21 +36%
  7. 0.63 ’22 +5%
  8. 0.83 ’23 +31%
  9. 0.69 ’24 −16%
  10. 0.72 ’25 +4%
  11. 0.75 ’26e +4%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,638 1,725 3,092 2,091
Receivables 267 234 490 694
Inventory 930 746 731 459
Other 214 260 292 232
5,164 4,997 5,587 4,533
2023 2024 2025 Q'26
Payables 349 299 389 1,031
ST’ Debt 2,135 2,492 1,317 1,014
Other 253 173 280 255
3,384 3,557 2,659 2,301

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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.44 Actual 0.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.92 −2.44 Miss by 1.52
Q1 FY26 0.34 0.22 Miss by 0.12
Q2 FY26 0.62 0.75 Beat by 0.13
Q3 FY26 0.44 0.40 Miss by 0.04
Q4 FY26 −0.89 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.22 0.75 0.38 — —
’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.

Revenue $m

Mar Jun Sep Dec Year
’26 1,173 1,230 1,083 — —
’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) 168 336 — —
’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) 155 316 — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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 3,982 (3.2%) 3,805 3,990 4,004 (3.6%)
Gross margin, % 39.97 38.86 37.99 35.84 33.84 35.61 37.08 37.38 34.88 30.02 23.99 (9.9) pt
EBT 1,024 864 687 557 (16) 819 931 867 517 459 (146) (8.5%)
EBT margin, % 17.08 15.30 12.01 10.40 (0.39) 15.35 16.18 14.85 9.97 10.26 (3.66) (6.8) pt
Net income 692 522 531 424 1 650 739 695 445 329 196 (7.9%)
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 38.52 +1.2%
Earnings 3.85 3.03 3.21 2.70 0.01 4.23 5.01 4.96 3.46 2.82 (1.05) (3.4%)
Cash flow 6.54 5.84 7.28 5.53 7.69 6.35 3.71 5.30 8.09 4.74 4.14 (3.5%)
Capex (1.43) (1.20) (1.29) (1.16) (0.86) (0.78) (1.02) (1.46) (1.50) (1.28) (1.12) (1.2%)
Free cash flow 5.11 4.64 5.99 4.37 6.83 5.56 2.68 3.85 6.60 3.46 3.02 (4.2%)
Book value 10.69 10.72 10.71 11.49 11.25 16.61 19.64 22.84 24.03 26.29 29.50 +10.5%
Shares, m 180 172 166 157 153 154 148 142 131 120 110 (4.4%)
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 0.00 376.9
P/S 1.77 1.59 0.99 1.09 1.39 1.09 1.06 0.89 0.76 0.55 0.86 1.1
P/B 5.52 4.86 3.19 3.24 3.26 2.27 2.09 1.59 1.25 0.78 1.09 2.8
EV/Sales 2.76 2.69 2.10 2.31 2.77 2.00 1.99 1.83 1.77 0.52 0.92 2.1
EV/FCF 18.06 19.04 12.08 18.04 10.72 12.48 28.81 19.46 10.60 5.62 11.71 15.5
Cash, $m
Cash, $m Operating cash flow 1,174 1,005 1,206 868 1,178 976 548 755 1,064 569 428 (7.7%)
Capex (256) (206) (214) (181) (131) (120) (152) (207) (197) (154) (116) (5.5%)
Free cash flow 918 799 992 687 1,047 856 397 547 867 415 312 (8.4%)
Balance, $m
Balance, $m Working capital 991 727 887 1,006 1,863 1,207 1,217 1,779 1,439 2,928 2,232 +12.8%
Net debt 5,989 6,253 6,336 6,547 5,598 4,886 5,344 5,487 5,235 (125) 248 n/m
Shareholders’ equity 1,920 1,844 1,774 1,804 1,723 2,553 2,907 3,252 3,159 3,157 3,049 +5.7%
Returns, %
Returns, % ROA 6.97 5.25 5.15 4.00 0.01 5.64 6.58 5.98 3.79 3.40 (1.48) (3.6) pt
ROIC 8.27 6.81 5.50 4.16 0.08 6.92 6.89 5.57 3.10 7.97 (4.25) (0.3) pt
ROE 36.82 27.72 29.38 23.68 0.07 30.40 27.16 22.94 14.21 10.73 0.00 (26.1) pt
People
People Employees 5,400 5,200 5,300 5,000 4,600 5,800 6,300 6,400 5,900 5,500 — +0.2%
Revenue/emp, $m 1.11 1.09 1.08 1.07 0.88 0.92 0.91 0.91 0.88 0.81 — (3.4%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Harley-Davidson, Inc. vs peers in Recreational Vehicles (Q) = latest quarter vs a year earlier

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 $4.9B 24.4× 19.1× +6.89% (above 0%: growing) n/m +0.80% (above 0%: growing) 28.32% 7.15% Compare
DOO BRP Inc. $4.4B 55.4× — +16.59% (above 0%: growing) n/m +116.16% (above 0%: growing) 11.74% (2.24%) Compare
THO Thor Industries, Inc. $3.8B 23.3× 20.2× −8.41% (below 0%: shrinking) −66.96% (below 0%: shrinking) −26.73% (below 0%: shrinking) 12.36% 2.19% Compare
PII Polaris Inc. $3.4B — (loss-making) 28.3× +10.91% (above 0%: growing) n/m −33.49% (below 0%: shrinking) 21.17% 3.59% Compare
HOG Harley-Davidson, Inc. $3.3B — (loss-making) 39.8× −19.25% (below 0%: shrinking) −87.35% (below 0%: shrinking) −53.23% (below 0%: shrinking) 25.97% 3.45%
PATK Patrick Industries, Inc. $2.5B 19.8× 18.8× −0.04% (below 0%: shrinking) −38.64% (below 0%: shrinking) −49.38% (below 0%: shrinking) 23.57% 5.11% Compare
LCII LCI Industries $2.4B 11.8× 11.8× −12.52% (below 0%: shrinking) +20.52% (above 0%: growing) +88.04% (above 0%: growing) 31.09% 9.91% Compare
WGO Winnebago Industries, Inc. $871.7M 26.6× 20.4× −17.01% (below 0%: shrinking) −30.61% (below 0%: shrinking) +155.68% (above 0%: growing) 12.51% 2.73% Compare
MCFT MASTERCRAFT BOAT HOLDINGS, INC. $520.6M — (loss-making) 12.7× +63.41% (above 0%: growing) n/m −18.29% (below 0%: shrinking) 22.56% (4.86%) Compare
Median of peers $2.9B 23.8× 19.1× +3.43% −34.62% −8.74% 21.87% 3.16%

All 18 Recreational Vehicles stocks →

Pay and ownership Proxy statement filed 9 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc. 12.55%
BlackRock, Inc. 10.24%
Donald Smith & Company, Inc. 8.16%
Dimensional Fund Advisors LP 6.27%
Beutel, Goodman & Company Ltd 5.09%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/HOG · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com