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Iconic US manufacturer of heavyweight cruiser and touring motorcycles, plus riding gear and financial services.
Iconic US manufacturer of heavyweight cruiser and touring motorcycles, plus riding gear and financial services.
Sells motorcycles through independent dealers, recording revenue when dealers take delivery, and also earns on parts, riding gear and financing for buyers. Touring and cruiser bikes carry the business. LiveWire, its electric unit, listed separately in 2022 through a merger with a blank-check company.
Moat: narrow (brand, distribution, installed base). Deep brand loyalty and dealer network, but aging core rider base and fewer new entrants.
Headquarters: Milwaukee, Wisconsin, United States · Founded: 1903 · Employees: 5,500
Size Harley-Davidson (HOG) is a United States Consumer Discretionary company (Motor Vehicles) with a market value of $3.40B, the 1458th largest of 3,117 United States companies the cockpit tracks. Shares closed at $32.66 on 6 Nov 2026.
Performance Over six months the shares gained 28.5%, against -14.8% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 14.6% over the last twelve months (peer median +7.0%); the operating margin is -4.4% (peer median 3.5%).
Valuation It trades at 18.6× forward earnings against a peer median of 12.3× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.1 points below its cost of capital (9.0% WACC).
Credit Harley-Davidson has 4 bonds outstanding ($1.62B), rated BB+ by the agencies and trading like BB at a weighted spread of 203 bp.
Short interest Short interest is 19.9% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.98B | $4.47B | $5.19B | $5.84B | $5.76B |
| Revenue growth | — | -14% | -11% | +1% | — |
| Gross profit | $1.06B | $1.35B | $1.79B | $2.08B | $1.95B |
| EBITDA | n/a | $416M | $608M | $896M | $1.08B |
| Net income | -$132M | $339M | $455M | $707M | $741M |
| Free cash flow | $312M | $415M | $867M | $547M | $397M |
| Capital expenditure | $116M | $154M | $197M | $207M | $152M |
| Total debt | $2.34B | $3.05B | $7.03B | $7.20B | $6.96B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Harley-Davidson HOG | $3.40B | +28% | -15% | -4% | 18.6× | 0.4% |
| Polaris PII | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% |
| Honda Motor Co., Ltd. Sponsored ADR HMC | $44.2B | +46% | +1% | -1% | 21.6× | 18.3% |
| Yamaha Motor 7272.T | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% |
| Bayerische Motoren Werke BMW.DE | $40.3B | -22% | -6% | 6% | 9.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HOG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +22.1% | -2.3% | highest of 21 |
| 6-month return | +28.5% | -14.8% | highest of 21 |
| Distance from 52-week high | -6.3% | -32.0% | 2nd highest of 21 |
| Revenue growth (TTM) | -14.6% | +7.0% | 2nd lowest of 21 |
| Operating margin | -4.4% | 3.5% | 3rd lowest of 21 |
| Forward P/E | 18.6× | 12.3× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 0.4% | 0.5% | 7th least demanding of 13 |
| Growth delivered (Del g) | +2.0% | +11.1% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | -1.5 pp | -11.2 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -13.1 pp | -1.5 pp | 2nd lowest of 20 |
| Bond spread | 203 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harley-Davidson HOG | United States | $3.40B | +28% | -15% | -4% | 18.6× | 0.4% | +2.0% |
| Yadea 1585.HK | Hong Kong | $3.36B | -28% | +13% | 7% | 8.9× | -11.2% | +13.0% |
| Minth 0425.HK | Hong Kong | $3.45B | -37% | +14% | 11% | 7.5× | 2.7% | +14.8% |
| Sinotruk Jinan Truck 000951.SZ | China | $3.46B | -10% | +36% | 4% | 11.2× | -5.8% | -0.8% |
| Mitsubishi Motor 7211.T | Japan | $3.21B | +13% | +5% | 3% | 17.9× | n/a | n/a |
| Volvo Car VOLCAR-B.ST | Sweden | $3.63B | -45% | -17% | 0% | n/a | n/a | n/a |
| Trigano TRI.PA | France | $2.93B | -16% | +2% | 9% | 9.4× | -6.0% | +10.9% |
| Beiqi Foton Motor 600166.SS | China | $2.88B | -31% | +13% | 1% | 10.1× | -1.2% | +1.3% |
| BAIC BluePark New Energy Technology 600733.SS | China | $4.02B | -41% | +54% | -19% | n/a | n/a | n/a |
| FAW Jiefang 000800.SZ | China | $4.11B | -17% | +22% | -1% | 29.5× | n/a | n/a |
| Aima Technology 603529.SS | China | $2.67B | -11% | -11% | 5% | 12.7× | n/a | n/a |
| Force Motors FORCEMOT.NS | India | $2.64B | -8% | +16% | 12% | n/a | 25.2% | +35.4% |
| Mazda Motor 7261.T | Japan | $4.52B | +12% | +4% | 3% | 6.9× | -14.8% | +11.3% |
| Thule THULE.ST | Sweden | $2.39B | -6% | +2% | 17% | 18.3× | 9.3% | +5.9% |
| Chongqing Afari Technology 601777.SS | China | $4.94B | -35% | +17% | -11% | 208.0× | n/a | n/a |
| Loncin Motor 603766.SS | China | $4.97B | +5% | +2% | 9% | 15.9× | -5.5% | +12.7% |
| ARCHION 543A.T | Japan | $5.11B | -9% | +9% | 5% | 2.4× | 7.4% | +0.9% |
| China Railway Materials 000927.SZ | China | $2.20B | -14% | +1% | 2% | n/a | 6.3% | -5.0% |
| Iveco IVG.MI | Italy | $5.55B | +3% | -5% | 3% | 12.7× | n/a | n/a |
| Nissan Motor 7201.T | Japan | $5.98B | -24% | -1% | 2% | 23.1× | n/a | n/a |
| Zhejiang Taotao Vehicles 301345.SZ | China | $1.91B | -54% | +53% | 25% | 11.9× | 2.2% | +23.3% |
Harley-Davidson has 4 bonds outstanding with $1.62B face value. The agencies rate it BB+; its bonds trade like BB. Weighted yield 5.80%, a spread of 203 bp over government bonds.