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Harley-Davidson, Inc. (HOG) 10-Year Financial Performance & Capital Metrics

HOG • • Industrial / General
Consumer CyclicalRecreational VehiclesPowersports VehiclesMotorcycle & Powersports Manufacturers
AboutHarley-Davidson, Inc. manufactures and sells motorcycles. The company operates in two segments, Motorcycles and Related Products and Financial Services. The Motorcycles and Related Products segment designs, manufactures, and sells Harley-Davidson motorcycles, including cruiser, touring, standard, sportbike, and dual models, as well as motorcycle parts, accessories, apparel, and related services. This segment sells its products to retail customers through a network of independent dealers, as well as e-commerce channels in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific. The Financial Services segment provides wholesale financing services, such as floorplan and open account financing of motorcycles, and parts and accessories; and retail financing services, including installment lending for the purchase of new and used Harley-Davidson motorcycles, as well as point-of-sale protection products comprising motorcycle insurance, extended service contracts, and motorcycle maintenance protection. 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.Show more
  • Revenue $5.19B -11.1%
  • EBITDA $577M -38.4%
  • Net Income $455M -35.6%
  • EPS (Diluted) 3.44 -29.4%
  • Gross Margin 34.88% -6.7%
  • EBITDA Margin 11.13% -30.7%
  • Operating Margin 8.03% -39.8%
  • Net Margin 8.78% -27.5%
  • ROE 14.21% -38.1%
  • ROIC 3.57% -47.0%
  • Debt/Equity 2.22 +0.5%
  • Interest Coverage 13.55 -46.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 21.4%
  • ✓FCF machine: 16.7% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy dividend yield of 3.3%
  • ✓Share count reduced 8.8% through buybacks
  • ✓Trading at only 0.9x book value

✗Weaknesses

  • ✗High debt to equity ratio of 2.2x
  • ✗Weak momentum: RS Rating 16 (bottom 16%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.81%
5Y-0.66%
3Y-0.94%
TTM-20.79%

Profit (Net Income) CAGR

10Y-5.99%
5Y1.45%
3Y-11.19%
TTM-16.2%

EPS CAGR

10Y-1.2%
5Y5.12%
3Y-6.36%
TTM-7.21%

ROCE

10Y Avg9.79%
5Y Avg7.28%
3Y Avg8.6%
Latest4.88%

Peer Comparison

Motorcycle & Powersports Manufacturers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
MAMOMassimo Group Common Stock157.4M3.7888.32-4.97%-1.16%-3.8%3.99%0.70
PIIPolaris Inc.3.98B70.7936.30-19.69%-2.17%-13.04%0.16%1.70
HOGHarley-Davidson, Inc.2.49B21.076.13-11.13%11.4%14.07%34.84%2.22
DOOOBRP Inc.2.86B78.66-27.31-24.47%-0.48%-7.62%10.96%12.68

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+6B6B5.65B5.72B5.36B4.05B5.34B5.76B5.84B5.19B
Revenue Growth %-0.04%0%-0.06%0.01%-0.06%-0.24%0.32%0.08%0.01%-0.11%
Cost of Goods Sold+3.52B3.6B3.45B3.54B3.44B2.68B3.44B3.62B3.65B3.38B
COGS % of Revenue0.59%0.6%0.61%0.62%0.64%0.66%0.64%0.63%0.63%0.65%
Gross Profit+2.48B2.4B2.19B2.17B1.92B1.37B1.9B2.13B2.18B1.81B
Gross Margin %0.41%0.4%0.39%0.38%0.36%0.34%0.36%0.37%0.37%0.35%
Gross Profit Growth %-0.02%-0.03%-0.08%-0.01%-0.12%-0.29%0.38%0.12%0.02%-0.17%
Operating Expenses+1.32B1.35B1.31B1.46B1.37B1.36B1.08B1.22B1.4B1.39B
OpEx % of Revenue0.22%0.23%0.23%0.26%0.25%0.34%0.2%0.21%0.24%0.27%
Selling, General & Admin1.22B1.21B1.18B1.26B1.2B1.05B1.05B1.08B1.18B1.15B
SG&A % of Revenue0.2%0.2%0.21%0.22%0.22%0.26%0.2%0.19%0.2%0.22%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses101.34M136.62M132.44M200.27M166.89M311.88M25.05M145.13M227.16M247.22M
Operating Income+1.16B1.05B882.08M713.52M555.61M9.68M823.44M909.28M779.08M416.63M
Operating Margin %0.19%0.17%0.16%0.12%0.1%0%0.15%0.16%0.13%0.08%
Operating Income Growth %-0.1%-0.09%-0.16%-0.19%-0.22%-0.98%84.07%0.1%-0.14%-0.47%
EBITDA+1.35B1.26B1.1B978.39M788.14M195.39M988.62M1.06B937.2M577.3M
EBITDA Margin %0.23%0.21%0.2%0.17%0.15%0.05%0.19%0.18%0.16%0.11%
EBITDA Growth %-0.07%-0.07%-0.12%-0.11%-0.19%-0.75%4.06%0.07%-0.12%-0.38%
D&A (Non-Cash Add-back)198.07M209.56M222.19M264.86M232.54M185.72M165.19M151.94M158.11M160.67M
EBIT1.16B1.05B894.84M717.51M588.49M15.39M850.21M962.47M897.66M547.89M
Net Interest Income+-12.12M-29.67M-31M-30.88M-31.08M-31.12M-30.97M-31.23M-30.79M-30.75M
Interest Income0000000000
Interest Expense12.12M29.67M31M30.88M31.08M31.12M30.97M31.23M30.79M30.75M
Other Income/Expense-5.53M-22.38M-18.24M-26.89M1.81M-25.41M-4.2M21.95M87.79M100.51M
Pretax Income+1.15B1.02B863.84M686.63M557.41M-15.73M819.24M931.23M866.88M517.14M
Pretax Margin %0.19%0.17%0.15%0.12%0.1%-0%0.15%0.16%0.15%0.1%
Income Tax+397.96M331.75M342.08M155.18M133.78M-17.03M169.21M192.02M171.83M71.96M
Effective Tax Rate %0.65%0.68%0.6%0.77%0.76%-0.08%0.79%0.8%0.82%0.88%
Net Income+752.21M692.16M521.76M531.45M423.63M1.3M650.02M741.41M706.59M455.36M
Net Margin %0.13%0.12%0.09%0.09%0.08%0%0.12%0.13%0.12%0.09%
Net Income Growth %-0.11%-0.08%-0.25%0.02%-0.2%-1%499.79%0.14%-0.05%-0.36%
Net Income (Continuing)752.21M692.16M521.76M531.45M423.63M1.3M650.02M739.21M695.05M445.18M
Discontinued Operations0000000000
Minority Interest00000003.29M-513K-7.55M
EPS (Diluted)+3.693.833.023.192.680.014.194.964.873.44
EPS Growth %-0.05%0.04%-0.21%0.06%-0.16%-1%-0.18%-0.02%-0.29%
EPS (Basic)3.713.853.033.212.700.014.235.014.963.46
Diluted Shares Outstanding203.69M180.53M172.93M166.5M157.8M153.91M154.98M149.35M145.1M132.29M
Basic Shares Outstanding202.68M179.68M172M165.67M157.05M153.19M153.75M148.01M142.38M131.45M
Dividend Payout Ratio0.33%0.36%0.48%0.46%0.56%52.46%0.14%0.13%0.14%0.2%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+3.98B3.85B3.88B4.48B4.2B5.85B4.55B4.75B5.16B5B
Cash & Short-Term Investments767.4M765.5M687.52M1.21B833.87M3.26B1.87B1.43B1.53B1.59B
Cash Only722.21M759.98M687.52M1.2B833.87M3.26B1.87B1.43B1.53B1.59B
Short-Term Investments45.19M5.52M010.01M000000
Accounts Receivable2.3B2.36B2.44B2.52B2.53B1.65B1.65B2.03B2.38B2.27B
Days Sales Outstanding140.08143.73157.42160.95172.35148.78112.7129.05148.9159.45
Inventory585.91M499.92M538.2M556.13M603.57M523.5M712.94M950.96M929.95M745.79M
Days Inventory Outstanding60.7850.6956.957.2664.0471.2475.7395.8592.8880.59
Other Current Assets323.59M227.06M223.37M193.64M233.53M412.11M314.71M331.66M319.04M395.43M
Total Non-Current Assets+6B6.04B6.09B6.18B6.33B6.17B6.5B6.74B6.98B6.88B
Property, Plant & Equipment942.42M981.59M967.78M904.13M909M788.99M733.61M733.82M801.37M820.92M
Fixed Asset Turnover6.36x6.11x5.84x6.32x5.90x5.14x7.27x7.84x7.28x6.32x
Goodwill54.18M53.39M55.95M55.05M64.16M65.98M63.18M62.09M62.7M61.66M
Intangible Assets006.91M6M10.6M9.63M7.51M6.39M7.03M5.57M
Long-Term Investments0000000005.3B
Other Non-Current Assets4.9B4.83B4.95B5.07B5.24B5.14B5.61B5.8B5.94B516.51M
Total Assets+9.97B9.89B9.97B10.67B10.53B12.01B11.05B11.49B12.14B11.88B
Asset Turnover0.60x0.61x0.57x0.54x0.51x0.34x0.48x0.50x0.48x0.44x
Asset Growth %0.05%-0.01%0.01%0.07%-0.01%0.14%-0.08%0.04%0.06%-0.02%
Total Current Liabilities+2.75B2.86B3.16B3.6B3.2B3.98B3.34B3.53B3.38B3.56B
Accounts Payable235.61M235.32M227.6M284.86M294.38M290.9M374.98M378M349.16M298.72M
Days Payables Outstanding24.4423.8624.0629.3331.2339.5939.8338.134.8732.28
Short-Term Debt2.04B2.14B2.4B2.71B2.32B3.05B2.29B2.46B2.13B2.49B
Deferred Revenue (Current)000001000K1000K1000K1000K1000K
Other Current Liabilities0142K21.31M33.81M14.8M129.41M77.5M105.73M266.12M173.41M
Current Ratio1.45x1.35x1.23x1.25x1.31x1.47x1.36x1.34x1.53x1.40x
Quick Ratio1.23x1.17x1.06x1.09x1.13x1.34x1.15x1.08x1.25x1.19x
Cash Conversion Cycle176.42170.56190.26188.88205.16180.43148.6186.8206.9207.76
Total Non-Current Liabilities+5.39B5.11B4.97B5.29B5.53B6.31B5.15B5.05B5.5B5.17B
Long-Term Debt4.83B4.67B4.59B4.89B5.12B5.93B4.6B4.46B4.99B4.47B
Capital Lease Obligations000044.45M30.11M29.9M26.78M51.85M47.42M
Deferred Tax Liabilities00008.13M8.61M9.26M29.53M33.51M16.89M
Other Non-Current Liabilities553.55M440.55M382.97M406.45M349.98M334.21M520.14M538.4M428.05M632.61M
Total Liabilities8.13B7.97B8.13B8.89B8.72B10.29B8.5B8.59B8.89B8.72B
Total Debt+6.87B6.81B6.99B7.6B7.51B9.03B6.94B6.96B7.2B7.03B
Net Debt6.15B6.05B6.3B6.4B6.67B5.78B5.06B5.52B5.66B5.44B
Debt / Equity3.74x3.55x3.79x4.28x4.16x5.24x2.72x2.39x2.21x2.22x
Debt / EBITDA5.08x5.42x6.33x7.77x9.53x46.23x7.02x6.55x7.68x12.17x
Net Debt / EBITDA4.54x4.82x5.71x6.54x8.47x29.56x5.12x5.20x6.04x9.42x
Interest Coverage95.38x35.26x28.45x23.10x17.88x0.31x26.59x29.11x25.31x13.55x
Total Equity+1.84B1.92B1.84B1.77B1.8B1.72B2.55B2.91B3.25B3.16B
Equity Growth %-0.37%0.04%-0.04%-0.04%0.02%-0.05%0.48%0.14%0.12%-0.03%
Book Value per Share9.0310.6410.6610.6511.4311.1916.4719.4622.4123.88
Total Shareholders' Equity1.84B1.92B1.84B1.77B1.8B1.72B2.55B2.9B3.25B3.17B
Common Stock3.45M1.81M1.81M1.82M1.83M1.69M1.69M1.7M1.71M1.72M
Retained Earnings8.96B1.34B1.61B2.01B2.19B1.28B1.84B2.49B3.1B3.47B
Treasury Stock-7.84B-235.8M-687.87M-1.07B-1.35B-588.01M-596.96M-935.06M-1.3B-1.76B
Accumulated OCI-615.21M-565.38M-500.05M-629.68M-536.95M-483.42M-240.92M-341.93M-304.96M-332.71M
Minority Interest00000003.29M-513K-7.55M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+1.1B1.17B1.01B1.21B868.27M1.18B975.7M548.46M754.89M1.06B
Operating CF Margin %0.18%0.2%0.18%0.21%0.16%0.29%0.18%0.1%0.13%0.21%
Operating CF Growth %-0.04%0.07%-0.14%0.2%-0.28%0.36%-0.17%-0.44%0.38%0.41%
Net Income752.21M692.16M521.76M531.45M423.63M1.3M650.02M741.41M706.59M445.18M
Depreciation & Amortization198.07M209.56M222.19M264.86M232.54M185.72M165.19M151.94M158.11M160.67M
Stock-Based Compensation29.43M32.34M32.49M35.54M33.73M23.49M42.16M54.35M82.9M49.01M
Deferred Taxes-16.48M-165K50.85M-33.98M21.55M-44.08M-7.67M-15.94M-30.06M-26.28M
Other Non-Cash Items145.24M195.72M233.75M203.5M215.25M833.09M195.17M5.1M-186.97M336.8M
Working Capital Changes-8.35M44.73M-55.99M204.54M-58.43M178.38M-69.17M-388.4M24.32M98.45M
Change in Receivables-13.66M-45.93M-18.15M9.14M44.9M135.07M-53.46M-82.39M-11.78M19.81M
Change in Inventory-155.22M85.07M-20.58M-31.06M-47.58M80.86M-207.55M-254.17M21.26M164.61M
Change in Payables138.82M38.24M10.13M196.97M-29.58M-43.09M173.55M4.5M28.57M-55.44M
Cash from Investing+-915.85M-392.73M-562.47M-662.27M-508.13M-66.78M-459.45M-773.01M-512.3M-383.33M
Capital Expenditures-259.97M-256.26M-206.29M-213.52M-181.44M-131.05M-120.18M-151.67M-207.4M-196.56M
CapEx % of Revenue0.04%0.04%0.04%0.04%0.03%0.03%0.02%0.03%0.04%0.04%
Acquisitions----------
Investments----------
Other Investing-607.47M-176.48M-363.09M-438.75M-511.13M64.27M-339.27M-621.34M-304.9M-186.77M
Cash from Financing+-354.06M-734.39M-541.8M-14.76M-712.22M1.37B-1.88B-201.97M-174.65M-572.32M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-249.26M-252.32M-251.86M-245.81M-237.22M-68.09M-92.43M-93.18M-96.31M-91.22M
Share Repurchases----------
Other Financing14.88M61.53M03.52M3.59M80.04M212.6M138.69M131.8M102.13M
Net Change in Cash----------
Free Cash Flow+840.14M918.08M798.77M992.4M686.83M1.05B855.52M396.79M547.48M867.27M
FCF Margin %0.14%0.15%0.14%0.17%0.13%0.26%0.16%0.07%0.09%0.17%
FCF Growth %-0.08%0.09%-0.13%0.24%-0.31%0.52%-0.18%-0.54%0.38%0.58%
FCF per Share4.125.094.625.964.356.805.522.663.776.56
FCF Conversion (FCF/Net Income)1.46x1.70x1.93x2.27x2.05x907.47x1.50x0.74x1.07x2.34x
Interest Paid00000245.96M191.66M231.65M290.47M359M
Taxes Paid0000030.68M155.58M244.37M237.66M111.12M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)31.68%36.82%27.72%29.38%23.68%0.07%30.4%27.16%22.94%14.21%
Return on Invested Capital (ROIC)11.19%9.84%8.21%6.56%5.01%0.09%8.17%8.5%6.74%3.57%
Gross Margin41.32%39.97%38.86%37.99%35.84%33.84%35.61%37.08%37.38%34.88%
Net Margin12.55%11.54%9.24%9.3%7.9%0.03%12.18%12.88%12.11%8.78%
Debt / Equity3.74x3.55x3.79x4.28x4.16x5.24x2.72x2.39x2.21x2.22x
Interest Coverage95.38x35.26x28.45x23.10x17.88x0.31x26.59x29.11x25.31x13.55x
FCF Conversion1.46x1.70x1.93x2.27x2.05x907.47x1.50x0.74x1.07x2.34x
Revenue Growth-3.74%0.02%-5.82%1.23%-6.21%-24.38%31.62%7.85%1.41%-11.13%

Revenue by Segment

2015201620172018201920202021202220232024
Motorcycles5.31B5.27B4.92B4.97B4.57B3.26B4.54B4.93B3.8B3.14B
Motorcycles Growth--0.70%-6.76%1.09%-7.97%-28.62%39.10%8.68%-23.01%-17.42%
Financial Services686.66M725.08M732.2M748.23M789.11M790.32M796.07M820.63M953.59M1.04B
Financial Services Growth-5.60%0.98%2.19%5.46%0.15%0.73%3.08%16.20%8.91%
Parts & Accessories--------698.1M651.96M
Parts & Accessories Growth----------6.61%
Apparel--------244.33M237.27M
Apparel Growth----------2.89%
Product and Service, Other--------74.59M72.59M
Product and Service, Other Growth----------2.68%
Licensing--------28.6M22.75M
Licensing Growth----------20.46%

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES3.77B3.58B3.22B-------
UNITED STATES Growth--5.01%-10.16%-------
EMEA-798.49M790.73M-------
EMEA Growth---0.97%-------
Other Foreign Countries305.91M299.54M326.3M-------
Other Foreign Countries Growth--2.08%8.93%-------
CANADA178.04M212.1M232.88M-------
CANADA Growth-19.13%9.80%-------
JAPAN162.68M200.31M180.94M-------
JAPAN Growth-23.13%-9.67%-------
Australia And New Zealand-181.81M168.67M-------
Australia And New Zealand Growth---7.23%-------
Europe728.2M6.53M6.84M-------
Europe Growth--99.10%4.86%-------
AUSTRALIA165.85M---------
AUSTRALIA Growth----------

Frequently Asked Questions

Valuation & Price

Harley-Davidson, Inc. (HOG) has a price-to-earnings (P/E) ratio of 6.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Harley-Davidson, Inc. (HOG) reported $4.40B in revenue for fiscal year 2024. This represents a 17% decrease from $5.31B in 2011.

Harley-Davidson, Inc. (HOG) saw revenue decline by 11.1% over the past year.

Yes, Harley-Davidson, Inc. (HOG) is profitable, generating $501.1M in net income for fiscal year 2024 (8.8% net margin).

Dividend & Returns

Yes, Harley-Davidson, Inc. (HOG) pays a dividend with a yield of 3.27%. This makes it attractive for income-focused investors.

Harley-Davidson, Inc. (HOG) has a return on equity (ROE) of 14.2%. This is reasonable for most industries.

Harley-Davidson, Inc. (HOG) generated $391.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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