Sunday 11 October 2026
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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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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
15.39 | 17.41 | 10.73 | 13.93 | 3,670.00 | 8.91 | 8.21 | 7.39 | 8.97 | 7.73 |
Piotroski F-Score |
5 | 5 | 5 | 5 | 5 | 7 | 7 | 6 | 5 | 7 |
P/S ratio |
1.77 | 1.59 | 0.99 | 1.09 | 1.39 | 1.09 | 1.06 | 0.89 | 0.76 | 0.55 |
Altman Z-Score |
2.05 | 1.82 | 1.50 | 1.49 | 1.00 | 1.50 | 1.62 | 1.58 | 1.38 | 2.10 |
Altman Z″-Score (non-manufacturers) |
2.06 | 1.84 | 1.82 | 1.88 | 1.55 | 2.08 | 2.29 | 2.61 | 2.36 | 4.90 |
P/FCF ratio |
11.54 | 11.21 | 5.70 | 8.50 | 5.37 | 6.77 | 15.34 | 9.44 | 4.57 | 5.93 |
Beneish M-Score |
5.18 | (2.67) | (2.78) | (2.61) | (4.07) | (2.25) | (2.07) | (2.47) | (2.80) | (1.54) |
P/Operating CF |
42.96 | 159.93 | 67.81 | 297.65 | 131.29 | 115.55 | (231.92) | 107.38 | 29.74 | 16.18 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 86 |
P/B ratio |
5.52 | 4.86 | 3.19 | 3.24 | 3.26 | 2.27 | 2.09 | 1.59 | 1.25 | 0.78 |
Price to Tangible BV |
5.67 | 5.01 | 3.29 | 3.36 | 3.39 | 2.33 | 2.14 | 1.62 | 1.28 | 0.80 |
EV/Sales |
2.76 | 2.69 | 2.10 | 2.31 | 2.77 | 2.00 | 1.99 | 1.83 | 1.77 | 0.52 |
EV/EBITDA |
12.27 | 12.72 | 11.22 | 14.17 | 39.93 | 9.81 | 9.76 | 10.29 | 13.89 | 3.78 |
EV/Operating CF |
14.12 | 15.13 | 9.94 | 14.27 | 9.53 | 10.95 | 20.84 | 14.11 | 8.64 | 4.11 |
EV/FCF |
18.06 | 19.04 | 12.08 | 18.04 | 10.72 | 12.48 | 28.81 | 19.46 | 10.60 | 5.62 |
Quick Ratio |
1.11 | 1.00 | 1.05 | 1.07 | 0.89 | 0.65 | 0.52 | 0.56 | 0.55 | 1.35 |
Current Ratio |
1.35 | 1.23 | 1.25 | 1.31 | 1.47 | 1.36 | 1.34 | 1.53 | 1.40 | 2.10 |
Net Debt/EBITDA |
4.43 | 5.23 | 5.93 | 7.49 | 19.92 | 4.49 | 4.56 | 5.30 | 7.91 | (0.20) |
Debt/Assets |
68.83% | 70.07% | 71.25% | 70.71% | 74.82% | 62.34% | 60.15% | 58.69% | 58.58% | 36.88% |
Debt/Equity |
3.55 | 3.79 | 4.28 | 4.13 | 5.22 | 2.70 | 2.38 | 2.19 | 2.20 | 0.94 |
Asset Turnover |
0.60 | 0.57 | 0.55 | 0.51 | 0.36 | 0.46 | 0.51 | 0.49 | 0.43 | 0.45 |
Operating CF/Net income |
1.70 | 1.93 | 2.27 | 2.05 | 907.47 | 1.50 | 0.74 | 1.07 | 2.34 | 1.68 |
Capex/Depreciation |
(0.84) | (0.66) | (0.60) | (0.57) | (0.48) | (0.45) | (0.58) | (0.81) | (0.80) | (0.66) |
Interest Coverage |
35.26 | 28.45 | 23.10 | 17.88 | 0.31 | 26.59 | 29.11 | 25.31 | 13.55 | 11.56 |
| 36.82% | 27.72% | 29.38% | 23.68% | 0.07% | 30.40% | 27.16% | 22.94% | 14.21% | 10.73% | |
| 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% |
Return on Tangible Assets |
35.08% | 30.79% | 29.67% | 22.86% | 0.05% | 34.37% | 38.89% | 28.14% | 20.73% | 9.21% |
Average Days of Receivables |
143.73 | 157.42 | 160.95 | 172.35 | 12.88 | 12.46 | 16.00 | 16.71 | 16.49 | 39.98 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
20.24% | 20.90% | 22.01% | 22.36% | 25.91% | 19.71% | 18.75% | 20.14% | 22.08% | 25.65% |
Intangible Assets out of Total Assets |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Share Based Compensation of Revenue |
0.54% | 0.58% | 0.62% | 0.63% | 0.58% | 0.79% | 0.94% | 1.42% | 0.94% | 0.71% |
Graham Net Nets |
(0.39) | (0.47) | (0.78) | (0.77) | (0.79) | (0.68) | (0.63) | (0.72) | (0.94) | 0.28 |
Graham Number |
30.35 | 26.86 | 27.68 | 26.27 | 1.59 | 39.76 | 47.05 | 50.23 | 42.62 | 39.59 |
Earnings Yield |
6.50% | 5.74% | 9.32% | 7.18% | 0.03% | 11.22% | 12.18% | 13.53% | 11.15% | 12.93% |
Free Cash Flow Yield |
8.67% | 8.92% | 17.56% | 11.76% | 18.62% | 14.76% | 6.52% | 10.60% | 21.90% | 16.88% |
Revenue per Share |
33.37 | 32.83 | 34.51 | 34.14 | 26.47 | 34.71 | 38.88 | 40.99 | 39.46 | 37.25 |
Operating CF per Share |
6.54 | 5.84 | 7.28 | 5.53 | 7.69 | 6.35 | 3.71 | 5.30 | 8.09 | 4.74 |
Capex per Share |
(1.43) | (1.20) | (1.29) | (1.16) | (0.86) | (0.78) | (1.02) | (1.46) | (1.50) | (1.28) |
Free Cash Flow per Share |
5.11 | 4.64 | 5.99 | 4.37 | 6.83 | 5.56 | 2.68 | 3.85 | 6.60 | 3.46 |
Cash per Share |
4.55 | 4.27 | 7.62 | 5.72 | 22.12 | 13.03 | 10.60 | 11.51 | 13.13 | 25.75 |
Shareholders Equity per Share |
10.69 | 10.72 | 10.71 | 11.49 | 11.25 | 16.61 | 19.64 | 22.84 | 24.03 | 26.29 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
10.69 | 10.72 | 10.71 | 11.49 | 11.25 | 16.61 | 19.64 | 22.84 | 24.03 | 26.29 |
Free Cash Flow |
918.08 | 798.77 | 992.41 | 686.83 | 1,046.84 | 855.52 | 396.79 | 547.48 | 867.27 | 415.24 |
Working Capital |
991.29 | 726.57 | 886.84 | 1,006.05 | 1,863.48 | 1,207.20 | 1,216.75 | 1,779.47 | 1,439.14 | 2,928.26 |
Capital Expenditures |
(256.26) | (206.29) | (213.52) | (181.44) | (131.05) | (120.18) | (151.67) | (207.40) | (196.56) | (153.68) |
Net Current Asset Value |
(4,116.23) | (4,243.65) | (4,407.27) | (4,521.34) | (4,442.39) | (3,947.72) | (3,835.01) | (3,724.53) | (3,726.44) | 698.98 |
EV/EBIT |
15.85 | 17.24 | 16.80 | 22.30 | 1,159.23 | 12.97 | 12.57 | 13.68 | 22.07 | 6.04 |
Capex to Sales |
0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.02 | 0.03 | 0.04 | 0.04 | 0.03 |
Price to Operating Income |
10.12 | 10.15 | 7.92 | 10.51 | 580.87 | 7.04 | 6.69 | 6.63 | 9.51 | 6.36 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.31 | 0.32 | 0.39 | 0.38 | 0.36 | 0.39 | 0.38 | 0.35 | 0.32 | 0.31 |
Cash ROIC |
9.62% | 8.35% | 9.33% | 6.77% | 7.43% | 7.47% | 3.48% | 4.56% | 7.32% | 4.51% |
Accounts Receivable Turnover |
4.60 | 2.35 | 2.31 | 2.12 | 3.03 | 32.82 | 26.50 | 22.47 | 20.68 | 12.35 |
Accounts Payable Turnover |
15.29 | 14.92 | 13.84 | 11.88 | 9.17 | 10.32 | 9.62 | 10.05 | 10.43 | 9.10 |
Inventory Turnover |
6.63 | 6.65 | 6.48 | 5.93 | 4.76 | 5.56 | 4.35 | 3.89 | 4.03 | 4.24 |
Average Days of Payables |
23.86 | 24.06 | 29.33 | 31.23 | 39.59 | 39.83 | 38.10 | 34.87 | 32.28 | 45.38 |
Days of Inventory on Hand |
50.69 | 56.90 | 57.26 | 64.04 | 71.24 | 75.73 | 95.85 | 92.88 | 80.59 | 85.22 |
Average Receivables |
1,304.39 | 2,398.51 | 2,478.27 | 2,526.38 | 1,337.47 | 162.62 | 217.19 | 259.71 | 250.76 | 362.16 |
Average Payables |
235.47 | 231.46 | 256.23 | 289.62 | 292.64 | 332.94 | 376.49 | 363.58 | 323.94 | 343.98 |
Average Inventory |
542.91 | 519.06 | 547.17 | 579.85 | 563.53 | 618.22 | 831.95 | 940.46 | 837.87 | 738.35 |
Average Assets |
9,931.61 | 9,931.46 | 10,319.17 | 10,596.91 | 11,269.38 | 11,530.83 | 11,271.77 | 11,816.52 | 12,011.07 | 9,963.20 |
Average Common Equity |
1,879.91 | 1,882.22 | 1,809.11 | 1,788.97 | 1,763.39 | 2,138.01 | 2,730.03 | 3,079.55 | 3,205.40 | 3,157.68 |
Columns are period end dates