HOGNYSEMotorcycles, Bicycles & PartsFiscal year ends December 31
HARLEY-DAVIDSON, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$26.73−0.03 (-0.11%)
Close on Oct 19, 2026
- Market cap
- $2.90B
- P/E (TTM)
- 16.0
- Dividend yield
- 2.69%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
38.7%−1.2 pts over 5 years
Operating margin
8.6%+8.4 pts over 5 years
Net margin
7.6%+7.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -13.8% | -8.1% | +2.0% | -2.9% | |
| Gross profit | -20.6% | -9.7% | +1.4% | -4.1% | |
| Operating income | -7.2% | -24.8% | +109.1% | -10.4% | |
| Net income | -25.6% | -23.0% | +204.3% | -7.7% | |
| EPS, diluted | -19.2% | -17.6% | +208.2% | -2.8% | |
| Free cash flow | -52.1% | +1.5% | -16.9% | -6.8% | |
| Dividend per share | +4.3% | +4.6% | +10.4% | -5.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 36.8% | 0.1% | 10.7% | |
| Return on assets | 7.0% | 0.0% | 3.4% | |
| Current ratio | 1.35 | 1.47 | 2.10 | |
| Debt to equity | 3.55 | 5.22 | 0.94 | |
| Net debt to EBITDA | 4.77× | 28.55× | -0.22× | |
| Interest coverage | 35.3× | 0.3× | 11.6× | |
| Inventory turnover | 6.3× | 4.3× | 3.7× | |
| Capex to revenue | 4.3% | 3.2% | 3.4% | |
| Diluted shares | 181M | 154M | 121M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Harley-Davidson generated $3.91B from operations and spent $2.82B on capital expenditure, dividends and share buybacks. 29% of that went back into the business.
Generated
$3.91B
Used
$2.82B
Capital expenditure$829.50M29%Dividends$459.53M16%Share buybacks$1.53B54%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.6%
×Asset turnover0.45×
×Equity multiplier3.16×
=Return on equity, FY202510.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.6% | 0.45× | 3.16× | 10.7% |
| FY2024 | 8.8% | 0.43× | 3.74× | 14.2% |
| FY2023 | 12.1% | 0.49× | 3.84× | 23.0% |
| FY2022 | 12.9% | 0.51× | 4.13× | 27.2% |
| FY2021 | 12.2% | 0.46× | 5.39× | 30.4% |
| FY2020 | 0.0% | 0.36× | 6.39× | 0.1% |
| FY2019 | 7.9% | 0.51× | 5.92× | 23.7% |
| FY2018 | 9.3% | 0.55× | 5.70× | 29.4% |
| FY2017 | 9.2% | 0.57× | 5.28× | 27.7% |
| FY2016 | 11.5% | 0.60× | 5.28× | 36.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$338.74M
- Cash generatingOperating cash flow above zero$568.92M
- Return on assets improvedROA up on the prior year3.8% → 2.9%
- Earnings backed by cashOperating cash flow above net income$568.92M vs $338.74M
- Less leverageLong-term debt to assets fell37.6% → 20.5%
- Better liquidityCurrent ratio rose1.40 → 2.10
- No dilutionShare count did not rise132M → 121M
- Gross margin improvedGross margin up on the prior year42.05% → 38.71%
- More efficientAsset turnover rose0.43 → 0.38