Harley-Davidson Inc

HOG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Innovation and Dealer Satisfaction Are Key Factors in Resurrecting Harley's Demand and Profit Growth

Jaime M Katz

Jul 24, 2026

Business Strategy and Outlook

We lowered Harley-Davidson’s moat to narrow from wide in 2024. We still see brand equity stemming from a long history of innovation, manufacturing experience, and a dealer network that has given Harley a dominant position in the US motorcycle market. However, we think its brand intangible advantage has declined in recent years, lowering our conviction in Harley’s ability to maintain market share and restore historical operating margin metrics, resulting in more tepid economic profits ahead.

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Harley-Davidson Inc

Innovation and Dealer Satisfaction Are Key Factors in Resurrecting Harley's Demand and Profit Growth

Business Strategy and Outlook

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