Harley-Davidson, Inc. (HOG)

Harley-Davidson, Inc. manufactures and sells motorcycles in the United States and internationally. The company operates in three segments: Harley-Davidson Motor Company, LiveWire, and Harley-Davidson Financial Services. The Harley-Davidson Motor Company segment designs, manufactures, and sells motorcycles, including cruiser, trike, Grand American touring, standard, sportbike, adventure touring, and dual sport, as well as motorcycle parts, accessories, and apparel, as well as licenses its trademarks and related services. This segment sells its products to retail customers through a network of independent dealers, as well as e-commerce channels. The LiveWire segment sells electric motorcycles, balance bikes for kids, electric bikes, parts and accessories, apparel, and related parts and services. The Harley-Davidson Financial Services segment provides wholesale financing services, such as floorplan and open-account financing of motorcycles, and parts and accessories; and retail financing services, such as installment lending for the purchase of new and used Harley-Davidson motorcycles, as well as point-of-sale insurance and voluntary protection products. This segment also licenses third-party financial institutions that issue credit cards bearing the Harley-Davidson brand. Harley-Davidson, Inc. was founded in 1903 and is based in Milwaukee, Wisconsin.

Ticker: HOG
Exchange: NYSE
Sector: Consumer Cyclical
Industry: Recreational Vehicles
Market cap: $3.38B
52-week range: $17.09 - $34.84

Valuation

Share price: $32.66 (close of Nov 6, 2026)
P/E (TTM): -37.54x
Price to book: 1.11x
Price to free cash flow: 10.82x
Enterprise value: $3.70B
Book value per share: $29.50

Price performance

Period	Change
1 day	+0.25%
5 days	+4.61%
1 month	+21.23%
3 months	+27.08%
6 months	+37.00%
Year to date	+59.39%
1 year	+29.91%
3 years	+17.61%
5 years	-14.30%
10 years	-41.55%
All time	+9,401.09%

Short interest

As of: Oct 15, 2026
Short % of float: 26.96%
Shares short: 20.67M
Days to cover: 9.72
Change since prior report: -2.09%
Source: FINRA consolidated short interest

Members of Congress who disclosed HOG trades

Tim Moore · Jefferson Shreve

Super investors holding HOG

Third Avenue Management (Third Avenue Management LLC) · Ray Dalio (Bridgewater Associates) · Ken Griffin (Citadel) · Mairs & Power (Mairs & Power Inc)

Profitability and growth

Return on equity: 10.73%
Return on invested capital: 4.14%
Return on assets: 4.21%
Return on capital employed: 7.18%
Gross margin: 38.71%
Net margin: 7.57%
EBITDA margin: 12.50%
Revenue growth: -13.76%
Net income growth: -25.61%
Free cash flow growth: -52.12%

Cash flow and balance sheet

Free cash flow yield (TTM): 9.24%
Current ratio: 1.97x
Net debt to EBITDA: 7.34x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $4.47B
Cost of revenue: $2.74B
Gross profit: $1.73B
EBITDA: $559.01M
Net income: $338.74M
Earnings per share: $2.82
Interest expense: $33.44M
Shares outstanding: 120.07M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$4.47B	$1.73B	$338.74M	$2.82
2024-12-31	$5.19B	$2.18B	$455.36M	$3.46
2023-12-31	$5.84B	$2.51B	$706.59M	$4.96
2022-12-31	$5.76B	$2.35B	$741.41M	$5.01
2021-12-31	$5.34B	$2.09B	$650.02M	$4.23
2020-12-31	$4.05B	$1.62B	$1.30M	$0.01
2019-12-31	$5.36B	$2.13B	$423.63M	$2.70
2018-12-31	$5.72B	$2.37B	$531.45M	$3.21
2017-12-31	$5.65B	$2.37B	$521.76M	$3.03
2016-12-31	$6.00B	$2.57B	$692.16M	$3.85

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	38.71%	7.57%	10.73%	4.14%
2024-12-31	42.05%	8.78%	14.42%	3.38%
2023-12-31	43.08%	12.11%	21.73%	5.81%
2022-12-31	40.86%	12.88%	25.51%	7.27%
2021-12-31	39.22%	12.18%	25.46%	6.89%
2020-12-31	39.92%	0.03%	0.08%	0.09%
2019-12-31	39.76%	7.90%	23.48%	4.53%
2018-12-31	41.37%	9.30%	29.96%	5.95%
2017-12-31	42.05%	9.24%	28.29%	6.11%
2016-12-31	42.87%	11.54%	36.05%	8.18%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$3.09B	$1.65B
2024-12-31	$1.59B	$4.47B
2023-12-31	$1.53B	$4.99B
2022-12-31	$1.43B	$4.46B
2021-12-31	$1.87B	$4.60B
2020-12-31	$3.26B	$5.93B
2019-12-31	$833.87M	$5.12B
2018-12-31	$1.20B	$4.89B
2017-12-31	$687.52M	$4.59B
2016-12-31	$765.50M	$4.67B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$415.24M	$31.75M
2024-12-31	$867.27M	$49.01M
2023-12-31	$547.48M	$82.90M
2022-12-31	$396.79M	$54.35M
2021-12-31	$855.52M	$42.16M
2020-12-31	$1.05B	$23.49M
2019-12-31	$686.83M	$33.73M
2018-12-31	$992.40M	$35.54M
2017-12-31	$798.77M	$32.49M
2016-12-31	$918.08M	$32.34M

Dividend history

Most recent payment: Sep 15, 2026
Paid in the last twelve months: $0.74

Payment date	Dividend per share
2026-09-15	$0.19
2026-06-08	$0.19
2026-03-02	$0.19
2025-12-09	$0.18
2025-09-10	$0.18
2025-06-02	$0.18
2025-02-28	$0.18
2024-12-10	$0.17

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-29	Sep 2026	$0.44
2026-07-23	Jun 2026	$0.62
2026-05-05	Mar 2026	$0.34
2026-02-10	Dec 2025	-$0.92
2025-11-04	Sep 2025	$1.38
2025-07-30	Jun 2025	$0.99
2025-05-01	Mar 2025	$0.80
2025-02-05	Dec 2024	-$0.68

Filings and sources

Company website: harley-davidson.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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