Harley-Davidson, Inc. (HOG) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Auto - Recreational Vehicles
EV/EBITDA
↓
5.29
↓-52% vs avg
5yr avg: 11.03
30Y Low5.0·High58.5
P/FCF
↓
6.37
↓-26% vs avg
5yr avg: 8.57
30Y Low4.6·High72.3
P/B Ratio
↓
0.91
↓-44% vs avg
5yr avg: 1.62
30Y Low0.8·High9.5
ROE
↓
10.7%
↑-49% vs avg
5yr avg: 21.1%
30Y Low-3%·High37%
Debt/EBITDA
↓
6.20
↓-22% vs avg
5yr avg: 7.92
30Y Low0.7·High46.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HOG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Harley-Davidson, Inc. trades at 8.5x earnings, roughly in line with its 5-year average of 8.2x, sitting at the 14th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.4x, the stock trades at a discount of 56%. On a free-cash-flow basis, the stock trades at 6.4x P/FCF, 26% below the 5-year average of 8.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.6B | $2.5B | $4.0B | $5.3B | $6.2B | $5.8B | $5.6B | $5.9B | $5.7B | $8.8B | $10.5B |
| Enterprise Value | $2.6B | $2.4B | $9.4B | $11.0B | $11.7B | $10.9B | $11.4B | $12.5B | $12.1B | $15.1B | $16.6B |
| P/E Ratio → | 8.50 | 7.37 | 8.76 | 7.56 | 8.39 | 9.00 | 4369.05 | 13.88 | 10.70 | 16.85 | 15.23 |
| P/S Ratio | 0.59 | 0.56 | 0.77 | 0.92 | 1.08 | 1.09 | 1.39 | 1.09 | 0.99 | 1.56 | 1.76 |
| P/B Ratio | 0.91 | 0.79 | 1.26 | 1.64 | 2.14 | 2.29 | 3.28 | 3.25 | 3.20 | 4.77 | 5.49 |
| P/FCF | 6.37 | 5.98 | 4.60 | 9.76 | 15.66 | 6.83 | 5.40 | 8.54 | 5.72 | 11.02 | 11.47 |
| P/OCF | 4.65 | 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
HOG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Harley-Davidson, Inc.'s enterprise value stands at 5.3x EBITDA, 52% below its 5-year average of 11.0x. The Consumer Cyclical sector median is 11.4x, placing the stock at a 53% discount on an enterprise-value basis.
| 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 | 5.29 | 4.97 | 16.32 | 11.75 | 11.06 | 11.03 | 58.47 | 15.91 | 12.34 | 13.67 | 13.20 |
| EV / EBIT | 6.74 | 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 |
HOG Profitability
Margins and return-on-capital ratios measuring operating efficiency
Harley-Davidson, Inc. earns an operating margin of 8.6%, above the Consumer Cyclical sector average of 2.9%. Operating margins have compressed from 13.3% to 8.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 10.7% is modest. ROIC of 5.0% represents below-average returns on invested capital versus a sector median of 5.8%.
Margins
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% |
Return on Capital
| 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% |
HOG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Harley-Davidson, Inc. carries a Debt/EBITDA ratio of 6.2x, which is highly leveraged (41% above the sector average of 4.4x). The company holds a net cash position — cash of $3.1B exceeds total debt of $3.1B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 14.7x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 6.20 | 6.20 | 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 | -0.08 | -0.08 | 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)
HOG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Harley-Davidson, Inc.'s current ratio of 2.10x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.53x to 2.10x over the past 3 years.
| 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 |
HOG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Harley-Davidson, Inc. returns 16.4% to shareholders annually — split between a 3.0% dividend yield and 13.4% buyback yield. The payout ratio of 25.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 11.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 3.0% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.8% | 13.6% | 11.4% | 13.2% | 11.9% | 11.1% | 0.0% | 7.2% | 9.3% | 5.9% | 6.6% |
| FCF Yield | 15.7% | 16.7% | 21.8% | 10.2% | 6.4% | 14.6% | 18.5% | 11.7% | 17.5% | 9.1% | 8.7% |
| Buyback Yield | 13.4% | 14.2% | 11.5% | 6.8% | 5.5% | 0.2% | 0.1% | 5.1% | 6.9% | 5.3% | 4.4% |
| Total Shareholder Yield | 16.4% | 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 |
Peer Comparison
Compare HOG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HOGYou | $3B | 8.5 | 5.3 | 6.4 | 30.2% | 8.6% | 10.7% | 5.0% | 6.2 |
 PII | $4B | -8.2 | 20.2 | 6.8 | 18.5% | -0.4% | -43.6% | -0.8% | 6.0 |
 FOXF | $779M | -1.4 | — | 28.9 | 30.2% | -35.6% | -58.2% | -24.2% | — |
 MBLY | $7B | -18.5 | 70.0 | 13.8 | 47.7% | -23.2% | -3.3% | -3.2% | — |
 F | $48B | -5.9 | 22.5 | 3.8 | 12.2% | 1.4% | -20.2% | 1.0% | 19.7 |
 GM | $71B | 24.0 | 10.3 | 6.4 | 10.9% | 1.6% | 4.2% | 1.3% | 7.4 |
 TSLA | $1.5T | 381.3 | 146.4 | 248.4 | 18.0% | 4.6% | 4.8% | 4.5% | 0.8 |
 RACE | $60B | 32.0 | 21.8 | 19.1 | 51.7% | 29.5% | 42.8% | 30.2% | 1.2 |
 LCII | $3B | 15.4 | 9.6 | 10.2 | 23.8% | 6.8% | 13.7% | 9.1% | 3.1 |
 ALV | $9B | 12.7 | 7.3 | 12.6 | 19.2% | 10.1% | 30.3% | 19.4% | 1.6 |
 BWA | $12B | 45.5 | 6.8 | 10.2 | 18.7% | 9.2% | 4.9% | 12.9% | 2.0 |
| Consumer Cyclical Median | — | 19.4 | 11.4 | 15.3 | 36.8% | 2.9% | 5.7% | 5.8% | 4.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonHOG — Frequently Asked Questions
Quick answers to the most common questions about buying HOG stock.
What is Harley-Davidson, Inc.'s P/E ratio?
Harley-Davidson, Inc.'s current P/E ratio is 8.5x. The historical average is 19.4x. This places it at the 14th percentile of its historical range.
What is Harley-Davidson, Inc.'s EV/EBITDA?
Harley-Davidson, Inc.'s current EV/EBITDA is 5.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
What is Harley-Davidson, Inc.'s ROE?
Harley-Davidson, Inc.'s return on equity (ROE) is 10.7%. The historical average is 24.6%.
Is HOG stock overvalued?
Based on historical data, Harley-Davidson, Inc. is trading at a P/E of 8.5x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Harley-Davidson, Inc.'s dividend yield?
Harley-Davidson, Inc.'s current dividend yield is 3.02% with a payout ratio of 25.5%.
What are Harley-Davidson, Inc.'s profit margins?
Harley-Davidson, Inc. has 30.2% gross margin and 8.6% operating margin.
How much debt does Harley-Davidson, Inc. have?
Harley-Davidson, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.