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Harley-Davidson Inc HOG

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Stock XNYS Rating as of
$27.56 +0.59 (2.19%)
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As of Cboe BZX Real-Time Price Open

Company Report

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

Jaime M Katz

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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Price vs Fair Value

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HOG is trading at a LOCK|sCVV#H premium.
Price
$26.96
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Harley-Davidson's brand is more than 120 years old and resonates globally with a wide consumer base, particularly its core market (men older than 35). Successful efforts to connect with its core consumer could lead to a unit demand uptick faster than we anticipate.

Bears

Harley's traditional focus on heavyweight bikes could reduce the demand for the firm's products as consumer preferences shift to other types of bike products. To mitigate the lost revenue from this consumer, less profitable opportunities may be pursued.

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Trading Information

Previous Close Price
$26.96
Day Range
$27.24–27.56
52-Week Range
$17.10–31.22
Bid/Ask
$27.54 / $27.58
Shares Outstanding
104.07M
Market Cap
$2.84B
Volume/Avg
96,866 / 2M

Key Statistics

Price/Earnings (Normalized)
16.54
Price/Sales
0.72
Dividend Yield (Trailing)
2.73%
Dividend Yield (Forward)
2.78%
Dividend Payment Schedule
Mar, Jun, Sep, Dec
Total Yield
33.04%

Company Profile

Harley-Davidson is a leading global manufacturer of heavyweight motorcycles across the custom, cruising, and touring categories, as well as related merchandise, parts, and accessories. In recent years, the firm has expanded into the adventure touring market with its Pan America model, into electric with the LiveWire brand, and is returning to smaller-displacement bikes with the Sprint. Its captive finance arm, Harley-Davidson Financial Services, provides wholesale financing to dealers and retail financing and insurance brokerage services to customers. Harley captured around 34% of the heavyweight domestic market in 2025.
Sector
Consumer Cyclical
Industry
Recreational Vehicles
Stock Style Box
Small Value
Total Number of Employees
7,200
Website
https://www.harley-davidson.com

Competitors

Valuation

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Metric
HOG
MBUU
PII
Price/Earnings (Normalized)
 16.5416.1122.37
Price/Book Value
 0.980.943.94
Price/Sales
 0.720.530.45
Price/Cash Flow
 —9.2510.17
Price/Earnings
HOG
MBUU
PII

Financial Strength

Metric
HOG
MBUU
PII
Quick Ratio
 1.590.560.29
Current Ratio
 1.901.431.20
Interest Coverage
 12.401.69−1.29
Quick Ratio
HOG
MBUU
PII

Profitability

Metric
HOG
MBUU
PII
Return on Assets (Normalized)
 2.41%3.49%2.89%
Return on Equity (Normalized)
 6.72%5.73%15.81%
Return on Invested Capital (Normalized)
 3.27%5.32%9.09%
Return on Assets
HOG
MBUU
PII

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