Latest Ratios: P/E Ratio -26.2x · EV/EBITDA N/A · ROE 10.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $2.5B | $4.0B | $5.3B | $6.2B | $5.8B | $5.6B | $5.9B | $5.7B | $8.8B | $10.5B |
| Enterprise Value | $3.4B | $2.4B | $9.4B | $11.0B | $11.7B | $10.9B | $11.4B | $12.5B | $12.1B | $15.1B | $16.6B |
| P/E Ratio → | -26.22 | 7.37 | 8.76 | 7.56 | 8.39 | 9.00 | 4369.05 | 13.88 | 10.70 | 16.85 | 15.23 |
| P/S Ratio | 0.89 | 0.56 | 0.77 | 0.92 | 1.08 | 1.09 | 1.39 | 1.09 | 0.99 | 1.56 | 1.76 |
| P/B Ratio | 1.25 | 0.79 | 1.26 | 1.64 | 2.14 | 2.29 | 3.28 | 3.25 | 3.20 | 4.77 | 5.49 |
| P/FCF | 11.02 | 5.98 | 4.60 | 9.76 | 15.66 | 6.83 | 5.40 | 8.54 | 5.72 | 11.02 | 11.47 |
| P/OCF | 6.04 | 4.37 | 3.75 | 7.08 | 11.33 | 5.99 | 4.80 | 6.76 | 4.71 | 8.75 | 8.97 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.55 | 1.82 | 1.89 | 2.04 | 2.04 | 2.82 | 2.34 | 2.11 | 2.67 | 2.76 |
| EV / EBITDA | — | 4.38 | 16.32 | 11.75 | 11.06 | 11.03 | 58.47 | 15.91 | 12.34 | 13.67 | 13.20 |
| EV / EBIT | 8.79 | 4.97 | 17.20 | 12.26 | 12.19 | 12.82 | 742.33 | 21.31 | 16.83 | 16.87 | 15.74 |
| EV / FCF | — | 5.89 | 10.86 | 20.11 | 29.57 | 12.74 | 10.91 | 18.26 | 12.17 | 18.90 | 18.06 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.2% | 30.2% | 34.9% | 37.4% | 37.1% | 35.6% | 33.8% | 35.8% | 38.0% | 38.9% | 40.0% |
| Operating Margin | 8.6% | 8.6% | 8.0% | 13.3% | 15.8% | 15.4% | 0.2% | 10.4% | 12.5% | 15.6% | 17.4% |
| Net Profit Margin | 7.6% | 7.6% | 8.8% | 12.1% | 12.9% | 12.2% | 0.0% | 7.9% | 9.3% | 9.2% | 11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 14.2% | 22.9% | 27.2% | 30.4% | 0.1% | 23.7% | 29.4% | 27.7% | 36.8% |
| ROA | 3.4% | 3.4% | 3.8% | 6.0% | 6.6% | 5.6% | 0.0% | 4.0% | 5.2% | 5.3% | 7.0% |
| ROIC | 5.0% | 5.0% | 3.6% | 6.7% | 8.5% | 8.2% | 0.1% | 5.0% | 6.6% | 8.2% | 9.8% |
| ROCE | 5.6% | 5.6% | 4.9% | 9.3% | 11.6% | 10.5% | 0.1% | 7.7% | 10.3% | 12.7% | 14.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 2.22 | 2.21 | 2.39 | 2.72 | 5.24 | 4.16 | 4.28 | 3.79 | 3.55 |
| Debt / EBITDA | 5.46 | 5.46 | 12.17 | 7.68 | 6.55 | 7.02 | 46.23 | 9.53 | 7.77 | 6.33 | 5.42 |
| Net Debt / Equity | — | -0.01 | 1.72 | 1.74 | 1.90 | 1.98 | 3.35 | 3.70 | 3.61 | 3.42 | 3.15 |
| Net Debt / EBITDA | -0.07 | -0.07 | 9.42 | 6.04 | 5.20 | 5.12 | 29.56 | 8.47 | 6.54 | 5.71 | 4.82 |
| Debt / FCF | — | -0.09 | 6.27 | 10.34 | 13.92 | 5.92 | 5.52 | 9.72 | 6.44 | 7.89 | 6.59 |
| Interest Coverage | 14.72 | 14.72 | 17.82 | 29.16 | 30.81 | 27.45 | 0.49 | 18.94 | 23.23 | 28.86 | 35.51 |
Net cash position: cash ($3.1B) exceeds total debt ($3.1B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.10 | 2.10 | 1.40 | 1.53 | 1.34 | 1.36 | 1.47 | 1.31 | 1.25 | 1.23 | 1.35 |
| Quick Ratio | 1.83 | 1.83 | 1.19 | 1.25 | 1.08 | 1.15 | 1.34 | 1.13 | 1.09 | 1.06 | 1.17 |
| Cash Ratio | 1.16 | 1.16 | 0.45 | 0.45 | 0.41 | 0.56 | 0.82 | 0.26 | 0.34 | 0.22 | 0.27 |
| Asset Turnover | — | 0.56 | 0.44 | 0.48 | 0.50 | 0.48 | 0.34 | 0.51 | 0.54 | 0.57 | 0.61 |
| Inventory Turnover | 4.27 | 4.27 | 4.53 | 3.93 | 3.81 | 4.82 | 5.12 | 5.70 | 6.37 | 6.41 | 7.20 |
| Days Sales Outstanding | — | 18.42 | 159.45 | 148.90 | 129.05 | 112.70 | 148.78 | 172.35 | 160.95 | 157.42 | 143.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 3.5% | 2.3% | 1.8% | 1.5% | 1.6% | 1.2% | 4.0% | 4.3% | 2.9% | 2.4% |
| Payout Ratio | 25.5% | 25.5% | 20.0% | 13.6% | 12.6% | 14.2% | 5245.5% | 56.0% | 46.3% | 48.3% | 36.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 13.6% | 11.4% | 13.2% | 11.9% | 11.1% | 0.0% | 7.2% | 9.3% | 5.9% | 6.6% |
| FCF Yield | 9.1% | 16.7% | 21.8% | 10.2% | 6.4% | 14.6% | 18.5% | 11.7% | 17.5% | 9.1% | 8.7% |
| Buyback Yield | 10.3% | 14.2% | 11.5% | 6.8% | 5.5% | 0.2% | 0.1% | 5.1% | 6.9% | 5.3% | 4.4% |
| Total Shareholder Yield | 12.5% | 17.7% | 13.8% | 8.6% | 7.0% | 1.8% | 1.3% | 9.1% | 11.2% | 8.2% | 6.8% |
| Shares Outstanding | — | $121M | $132M | $145M | $149M | $155M | $154M | $158M | $167M | $173M | $181M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HOG stock.
Harley-Davidson, Inc.'s current P/E ratio is -26.2x. The historical average is 19.4x.
Harley-Davidson, Inc.'s return on equity (ROE) is 10.7%. The historical average is 24.6%.
Based on historical data, Harley-Davidson, Inc. is trading at a P/E of -26.2x. Compare with industry peers and growth rates for a complete picture.
Harley-Davidson, Inc.'s current dividend yield is 2.18% with a payout ratio of 25.5%.
Harley-Davidson, Inc. has 30.2% gross margin and 8.6% operating margin.
Harley-Davidson, Inc.'s Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent revenue contraction pressure
Metrics are mathematically derived from official filings.
Low Trailing Multiples Mask Forward Earnings Risk
Based on HOG's reported figures, the trailing P/E of 11.75 and EV/EBITDA of 6.08 look inexpensive, yet the forward P/E of 43.54 implies the market expects earnings to fall sharply from current levels.
The gap between trailing and forward multiples suggests investors are pricing in a meaningful earnings decline rather than a recovery, which is consistent with the 13.8% year-over-year revenue contraction. The PEG of 0.05 appears artificially low because it rests on a growth input that the forward multiple implies is negative, so it should not be read as evidence of undervaluation. Against a P/B of 1.25 and P/FCF of 8.28, the stock may be cheap only if cash generation proves durable, which warrants further investigation given the volatile quarterly free cash flow series.
Margin Recovery Lags Prior Peak Earnings Power
As reported in the quarterly income statements, HOG's operating margin recovered to 3.4% in the latest quarter, far below the 14.9% reached in Q2 2024, indicating earnings power has not yet rebuilt.
Gross margin has stabilized near 26%, but the drop in operating margin relative to gross margin points to elevated operating costs absorbing a larger share of a shrinking revenue base. The Q3 2025 operating margin of 35.7% appears to have been an outlier driven by favorable mix or timing, so it should not anchor normalized earnings estimates. Net margin of 3.9% in the latest quarter therefore likely understates the stable earning power only if volume recovers, which the revenue trend does not yet support.
Returns Compressed Well Below Historical Compounding
Based on reported figures, HOG's ROIC of 0.8% and ROE of 1.4% in the latest quarter are far below the 4.6% ROIC and 11.0% ROE posted in Q3 2025, suggesting returns on capital have decayed.
The decline in ROIC tracks the margin compression rather than any deterioration in asset turnover, which has held near 0.15, so the drivers appear to be margins rather than capital efficiency. Returns this low relative to a cost of capital typically imply value erosion on invested capital, though the quarterly noise makes a single-period conclusion unreliable. Investors should monitor whether the 1.0% ROIC run-rate persists across multiple quarters before inferring a structural decay in compounding ability.
Headline Leverage Likely Understates Captive Finance Exposure
According to reported quarterly figures, HOG's debt-to-equity fell from 2.29 in Q3 2024 to 0.79 in Q3 2026, and interest coverage of 16.96 appears comfortable on the surface.
The compression in D/E and the strong interest coverage in the latest quarter suggest near-term debt service is manageable on reported figures. However, the reported leverage appears low for a company with a captive lending subsidiary, which may indicate that financing-related liabilities sit outside the headline debt line. Interest coverage swings between 4.26 and 49.57 across recent quarters also warrant monitoring, as the volatility suggests earnings-based coverage metrics are unstable.
Misapplied Ratio: Debt-to-Equity for a Captive Lender
Based on the reported figures, debt-to-equity is the ratio most commonly misapplied to HOG, because it may exclude the financing liabilities of its captive finance arm and so understate true leverage.
Treating HOG as a conventional manufacturer makes a sub-1.0 D/E look conservative, but a captive lender typically funds its loan book with substantial debt that may not be fully captured in consolidated headline figures. A more informative approach would be to analyze the manufacturing segment and the financial services segment separately, using net debt to tangible equity and the funding structure of the loan portfolio. Investors should treat the reported D/E as a starting point rather than a conclusion until segment-level leverage is reconciled.