Harley-Davidson, Inc.
- Open
- 24.44
- Day high
- 24.45
- Day low
- 24.00
- Prev close
- 24.46
- Volume
- 688K
- Mkt cap
- $2.6B
- P/E (TTM)
- 13.4
- EPS (TTM)
- $1.81
- P/B
- 0.8
- P/S
- 0.6
- Yield
- 3.03%
- Per share
- $0.73
- ▼Insiders net selling -$78K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Harley-Davidson, Inc. (HOG) is a Consumer Cyclical company listed on NYSE. The stock is down 2% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Harley-Davidson, Inc. (HOG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HOG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.34 | $0.22 | -35.3% | $1.1B | +4.5% |
| Jul 30, 2025 | $0.99 | $0.88 | -11.1% | $1.3B | +24.6% |
| May 1, 2025 | $0.80 | $1.07 | +33.8% | $1.3B | +12.5% |
| Feb 5, 2025 | $-0.65 | $-0.93 | -43.1% | $688M | -49.9% |
| Oct 24, 2024 | $0.79 | $0.91 | +15.2% | $1.2B | +148.5% |
| Jul 25, 2024 | $1.40 | $1.63 | +16.4% | $1.6B | +26.2% |
| Apr 25, 2024 | $1.51 | $1.72 | +13.9% | $1.7B | +29.1% |
| Feb 8, 2024 | $0.04 | $0.18 | +374.7% | $1.1B | +19.4% |
| Oct 26, 2023 | $1.36 | $1.38 | +1.5% | $1.5B | +14.3% |
| Jul 27, 2023 | $1.25 | $1.22 | -2.4% | $1.4B | +12.0% |
| Apr 27, 2023 | $1.39 | $2.04 | +46.8% | $1.8B | +31.7% |
| Feb 2, 2023 | $0.06 | $0.28 | +366.7% | $1.1B | +24.5% |
HOG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 26, 2026 | Flees Lori Anndirector | Grant | 8,621 | — |
| May 26, 2026 | Reintjes Matthew Jdirector | Grant | 6,250 | — |
| May 26, 2026 | Sylvester Maryrosedirector | Grant | 6,250 | — |
| May 26, 2026 | Golston Allan C.director | Grant | 6,250 | — |
| May 26, 2026 | Reintjes Matthew Jdirector | Grant | 2,479 | — |
| May 26, 2026 | NOVA DANIEL Jdirector | Grant | 4,742 | — |
| May 26, 2026 | Alstead Troydirector | Grant | 6,250 | — |
| May 26, 2026 | NOVA DANIEL Jdirector | Grant | 6,520 | — |
| May 26, 2026 | Masood Rafehdirector | Grant | 11,207 | — |
| May 21, 2026 | Root Jonathan Rofficer: CFO and CCO | Sell | 1,554 | $24.21 |
| May 18, 2026 | Flees Lori Anndirector | Option | 6,015 | — |
| May 18, 2026 | Masood Rafehdirector | Option | 6,015 | — |
| May 18, 2026 | Golston Allan C.director | Option | 3,008 | — |
| May 18, 2026 | FARLEY JR JAMES Ddirector | Option | 6,015 | — |
| May 18, 2026 | Alstead Troydirector | Option | 6,015 | — |
Source: HOG SEC Form 4 filings, latest May 26, 2026. For informational purposes only — not investment advice.
See the full HOG insider & 13F page →Harley-Davidson, Inc. company profile
Overview
Harley-Davidson, Inc. (NYSE:HOG) is an American motorcycle manufacturer founded in 1903 in Milwaukee, Wisconsin. The company has become synonymous with heavyweight motorcycles and American motorcycle culture, building a legendary brand around cruiser and touring motorcycles. After going public in 1986, Harley-Davidson has evolved from a traditional motorcycle manufacturer into a diversified company that also provides financial services and has ventured into electric motorcycles through its LiveWire subsidiary. The company operates globally through a network of independent dealers and has maintained its position as a premium motorcycle brand despite facing challenges from changing demographics, economic pressures, and evolving transportation preferences.
Business
Harley-Davidson operates in the recreational vehicle industry, specifically focusing on heavyweight motorcycles typically weighing over 650 pounds. The motorcycle industry serves enthusiasts who view motorcycles not just as transportation but as lifestyle products that represent freedom, rebellion, and American heritage. The company operates through three main business segments: 1. Motorcycles and Related Products (HDMC) - approximately 85-90% of total revenue: This segment designs, manufactures, and sells Harley-Davidson motorcycles across several categories including cruiser motorcycles (the classic Harley style with low-slung seats and forward foot controls), touring motorcycles (equipped for long-distance travel with fairings and storage), standard motorcycles, sportbikes, and dual-purpose models. The segment also sells motorcycle parts, accessories, apparel, and related services. Key product lines include the iconic Street Glide and Road Glide touring models, CVO (Custom Vehicle Operations) premium motorcycles, and the Pan America adventure touring bike. 2. Financial Services (HDFS) - approximately 8-12% of total revenue: This segment provides wholesale financing to dealers (helping them stock inventory through floorplan financing) and retail financing to customers purchasing motorcycles. Services include installment lending for new and used Harley-Davidson motorcycles, motorcycle insurance, extended service contracts, and maintenance protection products. The segment also licenses third-party financial institutions to issue Harley-Davidson branded credit cards. 3. LiveWire - less than 2% of total revenue: This is Harley-Davidson's electric motorcycle division, which became a separate public company in 2022 before being reintegrated. LiveWire produces electric motorcycles targeting urban riders and environmentally conscious consumers, representing the company's attempt to adapt to changing transportation trends and environmental regulations.
Revenue model
Harley-Davidson generates revenue primarily through direct product sales of motorcycles, parts, and accessories to a network of independent dealers worldwide, who then sell to retail customers. The company operates on a traditional manufacturing business model where it designs and produces motorcycles in its facilities, then sells them at wholesale prices to dealers who mark them up for retail sale. The Financial Services segment generates revenue through interest income on loans provided to both dealers and retail customers, as well as fees from insurance and extended warranty products. This creates a recurring revenue stream that complements the cyclical nature of motorcycle sales. Key factors that increase profitability include strong brand loyalty that allows premium pricing, operational efficiency improvements, favorable product mix toward higher-margin touring and CVO motorcycles, and economic conditions that support discretionary spending. The company has demonstrated pricing power, with per-unit profitability increasing significantly over recent years. Factors that decrease margins include rising raw material costs (steel, aluminum), supply chain disruptions, tariffs on imported components or finished goods, high interest rates that make financing more expensive for customers, economic downturns that reduce discretionary spending, and competitive pressure in certain motorcycle segments. The company is also vulnerable to seasonal patterns, with stronger sales typically occurring in spring and summer months. Additionally, demographic challenges pose long-term risks as the traditional Harley customer base ages, requiring investment in attracting younger riders while maintaining brand authenticity.
Competitive moat
Harley-Davidson possesses a moderately strong economic moat built primarily on brand strength and customer loyalty rather than operational advantages. The company's brand represents more than transportation - it embodies American heritage, freedom, and rebellion, creating deep emotional connections with customers. This brand loyalty is evidenced by high customer retention rates, strong aftermarket parts and accessories sales, and the ability to command premium pricing compared to competitors. The company maintains over 75% market share in the U.S. touring motorcycle segment and over 80% in large cruisers, demonstrating significant competitive positioning in its core categories. The extensive dealer network and established relationships provide distribution advantages, while the Financial Services segment creates customer stickiness through financing relationships. However, this moat faces several challenges. The brand's association with an aging demographic (average customer age around 45) creates long-term sustainability concerns. Younger consumers increasingly view motorcycles as recreational rather than lifestyle products, potentially weakening brand loyalty. Competition comes from established players like Indian Motorcycle (owned by Polaris) in the heritage cruiser segment, and from diverse manufacturers in adventure touring and electric motorcycles. The electric vehicle transition poses particular risks, as traditional automotive and technology companies enter the electric motorcycle space with potentially superior technological capabilities and manufacturing scale. Additionally, changing transportation preferences toward ride-sharing, urban mobility solutions, and environmental consciousness could erode the fundamental appeal of heavyweight motorcycles over time.
Risks & safety
The company presents moderate financial risk with some concerning leverage metrics but adequate liquidity: • Liquidity position: Strong with $1.9 billion in cash and short-term investments as of Q1 2025, current ratio of 1.56 • Debt levels: High debt-to-equity ratio of 2.31, primarily driven by Financial Services segment lending activities • Cash generation: Positive free cash flow of $112 million in Q1 2025, though down significantly from prior periods • Solvency risk: Low immediate risk given cash position, but high leverage limits financial flexibility Valuation metrics: • Trading at P/E ratio of 5.88 based on Q1 2025 results • Price-to-book ratio of 0.98, suggesting trading near book value • EV/EBITDA of 9.4x, reasonable for cyclical business • Graham number suggests potential undervaluation Other considerations: Cyclical earnings make valuation metrics volatile; tariff exposure of $130-175 million estimated for 2025; LiveWire segment continues burning cash with $20 million operating loss in Q1.
Recent development
Over the past few years, Harley-Davidson has undergone significant strategic evolution under its "Hardwire" strategy launched in 2020. The company has shifted from volume growth to profit optimization, deliberately reducing wholesale shipments and dealer inventory levels to improve per-unit profitability. This approach resulted in per-unit profit increases of $2,400 (185% improvement since 2019) by focusing on the most profitable motorcycle categories. Key strategic developments include a major refresh of the touring motorcycle lineup with new Street Glide and Road Glide models, which has helped the company maintain over 75% market share in the U.S. touring segment. The company has also selectively expanded into new categories, launching the Pan America adventure touring motorcycle and planning a return to entry-level motorcycles after previously exiting that segment. The LiveWire electric motorcycle initiative has been restructured multiple times, initially spun off as a separate public company in 2022 before being reintegrated. The company is now taking a more disciplined approach, reducing LiveWire's cash burn by 40% and exploring new market segments including electric maxi scooters planned for 2026. Financial Services has become an increasingly important profit center, with management exploring potential strategic partnerships to optimize capital allocation. The company has also implemented significant cost reduction programs, targeting $400 million in productivity improvements, and shifted its model year launch timing from spring to fall to better align with seasonal demand patterns. Recent challenges include managing tariff impacts estimated at $130-175 million for 2025 and addressing dealer inventory optimization while maintaining strong dealer relationships.
HOG company profile · for informational purposes only — not investment advice.
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