HOG Chart
About

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, touring, standard, sportbike, adventure, 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, 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.

Fundamentals
Scroll to Statements
Sector Consumer Cyclical Industry Recreational Vehicles Market Cap 2.28B
Enterprise Value 2.10B Income 338.74M Sales 4.47B
Book/sh 27.62 Cash/sh 27.05 Dividend Yield 3.74%
Payout 25.90% Employees — IPO —
P/E 6.74 Forward P/E 9.42 PEG —
P/S 0.51 P/B 0.68 P/C —
EV/EBITDA 3.78 EV/Sales 0.47 Quick Ratio 1.72
Current Ratio 2.10 Debt/Eq 93.99 LT Debt/Eq —
EPS (ttm) 2.78 EPS next Y 1.99 EPS Growth —
Revenue Growth -27.80% Earnings 2026-04-30 ROA 2.42%
ROE 10.42% ROIC — Gross Margin 30.24%
Oper. Margin -72.77% Profit Margin 7.57% Shs Outstand 118.14M
Shs Float 113.27M Short Float 20.01% Short Ratio 6.38
Short Interest — 52W High 31.25 52W Low 18.70
Beta 1.42 Avg Volume 3.08M Volume 649.55K
Target Price $23.50 Recom Buy Prev Close $19.46
Price $18.74 Change -3.70%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$23.50
Mean price target
2. Current target
$18.76
Latest analyst target
3. DCF / Fair value
$157.31
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$18.76
Low
$12.00
High
$32.00
Mean
$23.50

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-01-14 main Citigroup Neutral → Neutral $23
2025-11-25 init Loop Capital — → Hold $21
2025-11-19 main Morgan Stanley Underweight → Underweight $21
2025-11-13 main UBS Neutral → Neutral $27
2025-11-10 main DA Davidson Buy → Buy $30
2025-10-27 down Morgan Stanley Equal-Weight → Underweight $25
2025-08-25 main DA Davidson Buy → Buy $34
2025-07-08 main UBS Neutral → Neutral $27
2025-06-16 main Citigroup Neutral → Neutral $27
2025-05-14 main Baird Neutral → Neutral $28
2025-05-02 main B of A Securities Buy → Buy $32
2025-04-17 main Citigroup Neutral → Neutral $23
2025-04-04 main Baird Neutral → Neutral $26
2025-04-02 main Citigroup Neutral → Neutral $28
2025-02-20 main UBS Neutral → Neutral $28
2025-02-06 main Morgan Stanley Equal-Weight → Equal-Weight $31
2025-02-06 main Citigroup Neutral → Neutral $29
2025-02-04 main DA Davidson Buy → Buy $31
2025-01-30 main B of A Securities Buy → Buy $35
2025-01-23 main Citigroup Neutral → Neutral $31
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 2538 — — Stock Award(Grant) at price 0.00 per share. TERMAAT TORI Officer — 2026-02-17 00:00:00 D
1 2287 — — Stock Award(Grant) at price 0.00 per share. KOVAL GLEN Officer — 2026-02-17 00:00:00 D
2 3757 — — Stock Award(Grant) at price 0.00 per share. KRAUSE PAUL J Officer — 2026-02-17 00:00:00 D
3 2800 — — Stock Award(Grant) at price 0.00 per share. ROOT JONATHAN R Chief Financial Officer — 2026-02-17 00:00:00 D
4 8635 nan — — KRAUSE PAUL J Officer — 2026-02-09 00:00:00 D
5 14334 nan — — ROOT JONATHAN R Chief Financial Officer — 2026-02-09 00:00:00 D
6 5732 nan — — TERMAAT TORI Officer — 2026-02-09 00:00:00 D
7 6263 nan — — KOVAL GLEN Officer — 2026-02-09 00:00:00 D
8 2085 nan — — BECK BRYAN ANDREW Officer — 2026-02-09 00:00:00 D
9 6749 nan — — DO CHARLES Officer — 2026-02-06 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems8.20M9.26M934.83K1.39M
TaxRateForCalcs0.140.200.210.21
NormalizedEBITDA649.60M1.01B1.11B1.01B
TotalUnusualItems58.96M46.77M4.54M6.69M
TotalUnusualItemsExcludingGoodwill58.96M46.77M4.54M6.69M
NetIncomeFromContinuingOperationNetMinorityInterest455.36M706.59M741.41M650.02M
ReconciledDepreciation160.67M158.11M151.94M165.19M
ReconciledCostOfRevenue3.38B3.65B3.62B3.44B
EBITDA708.56M1.06B1.11B1.02B
EBIT547.89M897.66M962.47M850.21M
NetInterestIncome-30.75M-30.79M-31.23M-30.97M
InterestExpense30.75M30.79M31.23M30.97M
NormalizedIncome404.59M669.08M737.80M644.72M
NetIncomeFromContinuingAndDiscontinuedOperation455.36M706.59M741.41M650.02M
TotalExpenses4.77B5.06B4.85B4.51B
TotalOperatingIncomeAsReported416.63M779.08M909.28M823.44M
DilutedAverageShares132.29M145.10M149.35M154.98M
BasicAverageShares131.45M142.38M148.01M153.75M
DilutedEPS3.444.874.964.19
BasicEPS3.464.965.014.23
DilutedNIAvailtoComStockholders455.36M706.59M741.41M650.02M
NetIncomeCommonStockholders455.36M706.59M741.41M650.02M
NetIncome455.36M706.59M741.41M650.02M
MinorityInterests10.18M11.54M2.19M0.00
NetIncomeIncludingNoncontrollingInterests445.18M695.05M739.21M650.02M
NetIncomeContinuousOperations445.18M695.05M739.21M650.02M
TaxProvision71.96M171.83M192.02M169.21M
PretaxIncome517.14M866.88M931.23M819.24M
OtherIncomeExpense131.26M118.58M53.19M26.77M
OtherNonOperatingIncomeExpenses72.30M71.81M48.65M20.08M
SpecialIncomeCharges544.00K-3.42M
RestructuringAndMergernAcquisition-544.00K3.42M
GainOnSaleOfSecurity58.96M46.77M4.54M6.69M
NetNonOperatingInterestIncomeExpense-30.75M-30.79M-31.23M-30.97M
InterestExpenseNonOperating30.75M30.79M31.23M30.97M
OperatingIncome416.63M779.08M909.28M823.44M
OperatingExpense1.39B1.40B1.22B1.08B
OtherOperatingExpenses247.22M227.16M145.13M25.05M
SellingGeneralAndAdministration1.15B1.18B1.08B1.05B
GrossProfit1.81B2.18B2.13B1.90B
CostOfRevenue3.38B3.65B3.62B3.44B
TotalRevenue5.19B5.84B5.76B5.34B
OperatingRevenue5.19B5.84B5.76B5.34B
Line Item2024-12-312023-12-312022-12-312021-12-31
TreasurySharesNumber47.70M34.91M24.54M15.80M
OrdinarySharesNumber124.28M136.31M145.86M153.57M
ShareIssued171.98M171.22M170.40M169.36M
NetDebt5.37B5.59B5.48B5.01B
TotalDebt7.03B7.20B6.96B6.94B
TangibleBookValue3.10B3.18B2.84B2.48B
InvestedCapital10.13B10.38B9.82B9.44B
WorkingCapital1.44B1.78B1.22B1.21B
NetTangibleAssets3.10B3.18B2.84B2.48B
CapitalLeaseObligations66.08M70.53M42.98M47.27M
CommonStockEquity3.17B3.25B2.90B2.55B
TotalCapitalization7.63B8.24B7.36B7.15B
TotalEquityGrossMinorityInterest3.16B3.25B2.91B2.55B
MinorityInterest-7.55M-513.00K3.29M0.00
StockholdersEquity3.17B3.25B2.90B2.55B
GainsLossesNotAffectingRetainedEarnings-332.71M-304.96M-341.93M-240.92M
OtherEquityAdjustments-332.71M-304.96M-341.93M-240.92M
TreasuryStock1.76B1.30B935.06M596.96M
RetainedEarnings3.47B3.10B2.49B1.84B
AdditionalPaidInCapital1.79B1.75B1.69B1.55B
CapitalStock1.72M1.71M1.70M1.69M
CommonStock1.72M1.71M1.70M1.69M
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest8.72B8.89B8.59B8.50B
TotalNonCurrentLiabilitiesNetMinorityInterest5.17B5.50B5.05B5.15B
OtherNonCurrentLiabilities578.74M368.27M470.45M424.84M
EmployeeBenefits53.87M59.77M67.95M95.30M
NonCurrentPensionAndOtherPostretirementBenefitPlans53.87M59.77M67.95M95.30M
NonCurrentDeferredLiabilities16.89M33.51M29.53M9.26M
NonCurrentDeferredTaxesLiabilities16.89M33.51M29.53M9.26M
LongTermDebtAndCapitalLeaseObligation4.52B5.04B4.48B4.63B
LongTermCapitalLeaseObligation47.42M51.85M26.78M29.90M
LongTermDebt4.47B4.99B4.46B4.60B
CurrentLiabilities3.56B3.38B3.53B3.34B
OtherCurrentLiabilities173.41M266.12M105.73M74.51M
CurrentDeferredLiabilities23.08M23.36M17.61M18.29M
CurrentDeferredRevenue23.08M23.36M17.61M18.29M
CurrentDebtAndCapitalLeaseObligation2.51B2.15B2.47B2.31B
CurrentCapitalLeaseObligation18.66M18.68M16.21M17.37M
CurrentDebt2.49B2.13B2.46B2.29B
OtherCurrentBorrowings1.85B1.26B1.68B1.54B
CommercialPaper640.20M878.93M770.47M751.29M
CurrentProvisions3.00M
PayablesAndAccruedExpenses850.63M941.17M939.10M935.94M
CurrentAccruedExpenses531.88M553.79M509.37M526.68M
InterestPayable85.92M84.31M55.67M54.00M
Payables318.75M387.38M429.73M409.26M
TotalTaxPayable20.03M38.22M51.73M34.28M
AccountsPayable298.72M349.16M378.00M374.98M
TotalAssets11.88B12.14B11.49B11.05B
TotalNonCurrentAssets6.88B6.98B6.74B6.50B
OtherNonCurrentAssets123.34M146.90M128.54M121.21M
DefinedPensionBenefit440.82M413.11M320.13M386.15M
NonCurrentDeferredAssets175.83M161.18M135.04M82.92M
NonCurrentDeferredTaxesAssets175.83M161.18M135.04M82.92M
NonCurrentAccountsReceivable5.26B5.38B5.36B5.11B
GoodwillAndOtherIntangibleAssets67.23M69.72M68.48M70.69M
OtherIntangibleAssets5.57M7.03M6.39M7.51M
Goodwill61.66M62.70M62.09M63.18M
NetPPE820.92M801.37M733.82M733.61M
AccumulatedDepreciation-2.14B-2.22B-2.20B-2.27B
GrossPPE2.96B3.02B2.93B3.00B
ConstructionInProgress246.93M243.01M189.49M113.61M
OtherProperties63.85M69.65M43.93M49.62M
MachineryFurnitureEquipment2.13B2.21B2.21B2.36B
BuildingsAndImprovements450.89M431.21M411.86M405.16M
LandAndImprovements68.14M66.94M71.36M71.55M
Properties0.000.000.000.00
CurrentAssets5.00B5.16B4.75B4.55B
OtherCurrentAssets259.76M214.40M196.24M185.78M
RestrictedCash135.66M104.64M135.42M128.94M
Inventory745.79M929.95M950.96M712.94M
InventoriesAdjustmentsAllowances-130.06M-125.08M-116.50M-84.12M
FinishedGoods411.44M514.96M549.04M345.96M
RawMaterials464.41M540.07M518.42M451.11M
Receivables2.27B2.38B2.03B1.65B
AccountsReceivable2.27B2.38B2.03B1.65B
AllowanceForDoubtfulAccountsReceivable-75.60M-69.12M-65.38M-63.17M
GrossAccountsReceivable2.34B2.45B2.10B1.71B
CashCashEquivalentsAndShortTermInvestments1.59B1.53B1.43B1.87B
CashAndCashEquivalents1.59B1.53B1.43B1.87B
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow867.27M547.48M396.79M855.52M
RepurchaseOfCapitalStock-459.83M-363.99M-338.63M-11.62M
RepaymentOfDebt-2.23B-2.49B-2.70B-3.26B
IssuanceOfDebt2.11B2.64B2.79B1.27B
CapitalExpenditure-196.56M-207.40M-151.67M-120.18M
InterestPaidSupplementalData359.00M290.47M231.65M191.66M
IncomeTaxPaidSupplementalData111.12M237.66M244.37M155.58M
EndCashPosition1.74B1.65B1.58B2.03B
BeginningCashPosition1.65B1.58B2.03B3.41B
EffectOfExchangeRateChanges-16.14M1.70M-19.52M-15.27M
ChangesInCash108.19M67.94M-426.52M-1.37B
FinancingCashFlow-572.32M-174.65M-201.97M-1.88B
CashFlowFromContinuingFinancingActivities-572.32M-174.65M-201.97M-1.88B
NetOtherFinancingCharges102.13M131.80M138.69M212.60M
CashDividendsPaid-91.22M-96.31M-93.18M-92.43M
CommonStockDividendPaid-91.22M-96.31M-93.18M-92.43M
NetCommonStockIssuance-459.83M-363.99M-338.63M-11.62M
CommonStockPayments-459.83M-363.99M-338.63M-11.62M
NetIssuancePaymentsOfDebt-123.39M153.85M91.15M-1.99B
NetShortTermDebtIssuance-25.43M-87.80M161.34M-422.75M
ShortTermDebtPayments-495.42M-237.37M-302.92M-521.62M
ShortTermDebtIssuance469.99M149.57M464.26M98.86M
NetLongTermDebtIssuance-97.96M241.65M-70.18M-1.57B
LongTermDebtPayments-1.74B-2.25B-2.39B-2.74B
LongTermDebtIssuance1.64B2.49B2.32B1.17B
InvestingCashFlow-383.33M-512.30M-773.01M-459.45M
CashFlowFromContinuingInvestingActivities-383.33M-512.30M-773.01M-459.45M
NetOtherInvestingChanges-186.77M-304.90M-621.34M-339.27M
CapitalExpenditureReported-196.56M-207.40M-151.67M-120.18M
OperatingCashFlow1.06B754.89M548.46M975.70M
CashFlowFromContinuingOperatingActivities1.06B754.89M548.46M975.70M
ChangeInWorkingCapital98.45M24.32M-388.40M-69.17M
ChangeInOtherCurrentAssets-30.53M-13.73M-56.77M4.98M
ChangeInPayablesAndAccruedExpense-55.44M28.57M4.50M173.55M
ChangeInInventory164.61M21.26M-254.17M-207.55M
ChangeInReceivables19.81M-11.78M-81.97M-40.15M
ChangesInAccountReceivables19.78M-11.44M-82.39M-53.46M
OtherNonCashItems143.58M-334.97M-115.95M161.81M
StockBasedCompensation49.01M82.90M54.35M42.16M
ProvisionandWriteOffofAssets247.22M227.16M145.13M25.05M
DeferredTax-26.28M-30.06M-15.94M-7.67M
DeferredIncomeTax-26.28M-30.06M-15.94M-7.67M
DepreciationAmortizationDepletion160.67M158.11M151.94M165.19M
DepreciationAndAmortization160.67M158.11M151.94M165.19M
OperatingGainsLosses-54.01M-67.62M-21.89M8.32M
PensionAndEmployeeBenefitExpense-54.01M-67.62M-21.89M8.32M
NetIncomeFromContinuingOperations445.18M695.05M739.21M650.02M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for HOG
Date User Asset Broker Type Position Size Entry Price Patterns