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HARLEY-DAVIDSON, INC. HOG

NYSE · stock · Motorcycles, Bicycles & Parts · website · IPO 1987-07-01 · LEI

HARLEY-DAVIDSON, INC. statistics & valuation

Market cap$2.7B
P / E7.8×
P / S0.6×
P / B0.8×
P / FCF6.4×
Dividend yield3.26%
Net margin7.6%
Return on equity10.7%
FCF margin9.3%
Net cash$622.5M
Net debt / EBITDA-1.1×
Enterprise value USD$2.0B
EV / EBITDA3.6×
Earnings yield EBIT/EV19.1%
Return on capital7.2%
Graham number +55.4%$40.35

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($40.35); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
11.50% 9.20% 9.30% 7.90% 0.00% 12.20% 12.90% 12.10% 8.80% 7.60% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
17.40% 15.60% 12.50% 10.40% 0.20% 15.40% 15.80% 13.30% 8.00% 8.60% 2016201720182019202020212022202320242025
Return on equity (%)
36.00% 28.30% 30.00% 23.50% 0.10% 25.50% 25.50% 21.70% 14.40% 10.70% 2016201720182019202020212022202320242025
Shares outstanding
180.5M 172.9M 166.5M 157.8M 153.9M 155.0M 149.4M 145.1M 132.3M 121.3M 2016201720182019202020212022202320242025
Net debt ($)
$4.99B $5.03B $5.26B $6.04B $4.72B $4.26B $4.71B $4.71B $4.73B -$622.5M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
7.00% 5.20% 5.00% 4.00% 0.00% 5.90% 6.50% 5.80% 3.80% 4.20% 2016201720182019202020212022202320242025
Free cash flow margin (%)
15.30% 14.10% 17.40% 12.80% 25.80% 16.00% 6.90% 9.40% 16.70% 9.30% 2016201720182019202020212022202320242025
Debt / equity (×)
3.00× 3.10× 3.64× 3.81× 4.63× 2.40× 2.11× 1.92× 2.00× 0.78× 2016201720182019202020212022202320242025
EPS ($)
$3.83 $3.02 $3.19 $2.68 $0.01 $4.19 $4.96 $4.87 $3.44 $2.78 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

HARLEY-DAVIDSON, INC. trades at about 9.3× earnings — below its 10-year norm (10-year range 6.7×–4009×, median 11.6×).

6.7× 4009×

Shaded band = 10-year range (6.7×–4009×); dot = today's 9.3×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin8.6%8.0%13.3%15.8%15.4%0.2%10.4%12.5%15.6%17.4%
Net margin7.6%8.8%12.1%12.9%12.2%0.0%7.9%9.3%9.2%11.5%
FCF margin9.3%16.7%9.4%6.9%16.0%25.8%12.8%17.4%14.1%15.3%
Return on assets4.2%3.8%5.8%6.5%5.9%0.0%4.0%5.0%5.2%7.0%
Return on equity10.7%14.4%21.7%25.5%25.5%0.1%23.5%30.0%28.3%36.0%
Debt / equity0.78×2.00×1.92×2.11×2.40×4.63×3.81×3.64×3.10×3.00×
Current ratio2.101.401.531.341.361.471.311.251.231.35

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.