Harley-Davidson, Inc. (HOG) Key Metrics
HOG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.78B
- Enterprise value
- $3.12B
- P/E (TTM)
- 14.7 10-yr median 9.0
- Forward P/E
- 12.3
- PEG ratio
- 2.02
- Price / sales
- 0.7 10-yr median 1.1
- Price / book
- 0.9 10-yr median 2.7
- EV / EBITDA
- 5.6 10-yr median 12.7
- Dividend yield
- 2.80% $0.75 a year
- Beta
- 1.32
HOG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHOG valuation Price multiples at each fiscal year-end price.
HOG returns How much profit the business earns on the capital it uses.
HOG per-share figures Results divided by the shares outstanding at year-end.
HOG financial health Debt, liquidity and how easily interest is covered.
HOG efficiency & capital use Working capital cycle and where the cash goes.
HOG valuation history
HOG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HOG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HOG cash returned to shareholders
HOG price vs earnings per share
HOG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.48B | $3.99B | $5.35B | $6.21B | $5.84B | $5.65B | $5.87B | $5.68B | $8.80B | $10.53B |
| Enterprise value | $2.45B | $9.42B | $11.01B | $11.74B | $10.90B | $11.43B | $12.54B | $12.07B | $15.10B | $16.57B |
| P/E ratio | 7.3 | 8.8 | 7.6 | 8.4 | 9.0 | — | 13.9 | 10.7 | 16.9 | 15.2 |
| Price / sales | 0.6 | 0.8 | 0.9 | 1.1 | 1.1 | 1.4 | 1.1 | 1.0 | 1.6 | 1.8 |
| Price / book | 0.8 | 1.3 | 1.6 | 2.1 | 2.3 | 3.3 | 3.3 | 3.2 | 4.8 | 5.5 |
| Price / free cash flow | 6.0 | 4.6 | 9.8 | 15.7 | 6.8 | 5.4 | 8.5 | 5.7 | 11.0 | 11.5 |
| Price / operating cash flow | 4.4 | 3.7 | 7.1 | 11.3 | 6.0 | 4.8 | 6.8 | 4.7 | 8.8 | 9.0 |
| EV / sales | 0.5 | 1.8 | 1.9 | 2.0 | 2.0 | 2.8 | 2.3 | 2.1 | 2.7 | 2.8 |
| EV / EBITDA | 3.7 | 13.3 | 10.4 | 10.5 | 10.7 | 56.8 | 15.3 | 12.3 | 13.6 | 13.2 |
| EV / free cash flow | 5.9 | 10.9 | 20.1 | 29.6 | 12.7 | 10.9 | 18.3 | 12.2 | 18.9 | 18.1 |
| Earnings yield | 13.6% | 11.4% | 13.2% | 11.9% | 11.1% | 0.0% | 7.2% | 9.4% | 5.9% | 6.6% |
| Free cash flow yield | 16.7% | 21.8% | 10.2% | 6.4% | 14.6% | 18.5% | 11.7% | 17.5% | 9.1% | 8.7% |
| Dividend yield | 3.5% | 2.3% | 1.8% | 1.5% | 1.6% | 1.2% | 4.0% | 4.3% | 2.9% | 2.4% |
| Shareholder yield (dividends + buybacks) | 17.7% | 13.8% | 8.6% | 7.0% | 1.8% | 1.3% | 9.1% | 11.2% | 8.2% | 6.8% |
| Share price at fiscal year-end | $20.49 | $30.13 | $36.84 | $41.60 | $37.69 | $36.70 | $37.19 | $34.12 | $50.88 | $58.34 |
| Per share | ||||||||||
| Revenue per share | $36.89 | $39.21 | $40.22 | $38.53 | $34.43 | $26.34 | $33.98 | $34.33 | $32.66 | $33.21 |
| Earnings per share | $2.79 | $3.44 | $4.87 | $4.96 | $4.19 | $0.01 | $2.68 | $3.19 | $3.02 | $3.83 |
| Operating cash flow per share | $4.69 | $8.04 | $5.20 | $3.67 | $6.30 | $7.65 | $5.50 | $7.24 | $5.81 | $6.50 |
| Free cash flow per share | $3.42 | $6.56 | $3.77 | $2.66 | $5.52 | $6.80 | $4.35 | $5.96 | $4.62 | $5.09 |
| Cash per share | $25.50 | $12.02 | $10.57 | $9.60 | $12.10 | $21.16 | $5.28 | $7.29 | $3.98 | $4.24 |
| Book value per share | $25.90 | $23.93 | $22.42 | $19.44 | $16.47 | $11.19 | $11.43 | $10.65 | $10.66 | $10.64 |
| Tangible book value per share | $25.37 | $23.42 | $21.94 | $18.98 | $16.02 | $10.70 | $10.96 | $10.29 | $10.30 | $10.28 |
| Dividends per share | $0.71 | $0.69 | $0.66 | $0.62 | $0.60 | $0.44 | $1.50 | $1.48 | $1.46 | $1.40 |
| Capex per share | $1.27 | $1.49 | $1.43 | $1.02 | $0.78 | $0.85 | $1.15 | $1.28 | $1.19 | $1.42 |
| Debt per share | $25.18 | $53.11 | $49.59 | $46.57 | $44.76 | $58.70 | $47.58 | $45.64 | $40.41 | $37.71 |
| Shares outstanding | 121.3M | 132.3M | 145.1M | 149.4M | 155.0M | 153.9M | 157.8M | 166.5M | 172.9M | 180.5M |
| Change in shares outstanding | −8.3% | −8.8% | −2.8% | −3.6% | +0.7% | −2.5% | −5.2% | −3.7% | −4.2% | −11.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.7% | 14.2% | 23.0% | 27.2% | 30.4% | 0.1% | 23.7% | 29.4% | 27.7% | 36.8% |
| Return on invested capital (ROIC) | 4.7% | 4.1% | 7.2% | 9.0% | 8.6% | 0.1% | 5.1% | 6.8% | 6.7% | 8.9% |
| Return on assets (ROA) | 3.4% | 3.8% | 6.0% | 6.6% | 5.6% | 0.0% | 4.0% | 5.2% | 5.3% | 7.0% |
| Return on tangible assets | 4.2% | 3.9% | 5.9% | 6.5% | 5.9% | 0.0% | 4.1% | 5.0% | 5.3% | 7.0% |
| Free cash flow margin | 9.3% | 16.7% | 9.4% | 6.9% | 16.0% | 25.8% | 12.8% | 17.4% | 14.1% | 15.3% |
| Income quality (OCF / net income) | 1.68 | 2.34 | 1.07 | 0.74 | 1.50 | 907.47 | 2.05 | 2.27 | 1.93 | 1.70 |
| Financial health | ||||||||||
| Total debt | $3.05B | $7.03B | $7.20B | $6.96B | $6.94B | $9.03B | $7.51B | $7.60B | $6.99B | $6.81B |
| Cash & short-term investments | $3.09B | $1.59B | $1.53B | $1.43B | $1.87B | $3.26B | $833.9M | $1.21B | $687.5M | $765.5M |
| Net debt | −$38.0M | $5.44B | $5.66B | $5.52B | $5.06B | $5.78B | $6.67B | $6.39B | $6.30B | $6.04B |
| Debt / equity | 0.97 | 2.22 | 2.21 | 2.40 | 2.72 | 5.24 | 4.16 | 4.28 | 3.79 | 3.55 |
| Debt / assets | 0.38 | 0.59 | 0.59 | 0.61 | 0.63 | 0.75 | 0.71 | 0.71 | 0.70 | 0.69 |
| Net debt / EBITDA | −0.06 | 7.67 | 5.36 | 4.96 | 4.99 | 28.73 | 8.13 | 6.50 | 5.66 | 4.80 |
| Current ratio | 2.10 | 1.40 | 1.53 | 1.34 | 1.36 | 1.47 | 1.31 | 1.25 | 1.23 | 1.35 |
| Quick ratio | 1.83 | 1.19 | 1.25 | 1.08 | 1.15 | 1.34 | 1.13 | 1.09 | 1.06 | 1.17 |
| Interest coverage | 11.6 | 13.5 | 25.3 | 29.1 | 26.6 | 0.3 | 17.9 | 23.1 | 28.7 | 35.4 |
| Working capital | $2.93B | $1.44B | $1.78B | $1.22B | $1.21B | $1.86B | $1.01B | $886.8M | $726.6M | $991.3M |
| Invested capital | $3.10B | $8.60B | $8.92B | $8.43B | $7.62B | $7.50B | $8.48B | $8.16B | $8.14B | $7.96B |
| Tangible asset value | $3.09B | $3.09B | $3.18B | $2.84B | $2.48B | $1.65B | $1.73B | $1.71B | $1.78B | $1.86B |
| Net current asset value | $699.0M | −$3.73B | −$3.72B | −$3.84B | −$3.95B | −$4.44B | −$4.52B | −$4.41B | −$4.24B | −$4.12B |
| Graham number | $40.35 | $43.05 | $49.56 | $46.60 | $39.43 | $1.46 | $26.28 | $27.66 | $26.91 | $30.29 |
| Graham net-net per share | −$10.40 | −$38.26 | −$35.17 | −$34.49 | −$32.46 | −$35.93 | −$36.05 | −$33.09 | −$30.91 | −$28.71 |
| Capital allocation | ||||||||||
| Dividends paid | $86.4M | $91.2M | $96.3M | $93.2M | $92.4M | $68.1M | $237.2M | $245.8M | $251.9M | $252.3M |
| Share buybacks (net) | $353.3M | $459.8M | $364.0M | $338.6M | $11.6M | $8.0M | $296.5M | $390.6M | $465.3M | $465.3M |
| Dividend payout ratio | 25.5% | 20.0% | 13.6% | 12.6% | 14.2% | — | 56.0% | 46.3% | 48.3% | 36.5% |
| Dividends + buybacks / free cash flow | 105.9% | 63.5% | 84.1% | 108.8% | 12.2% | 7.3% | 77.7% | 64.1% | 89.8% | 78.2% |
| Capex / revenue | 3.4% | 3.8% | 3.6% | 2.6% | 2.3% | 3.2% | 3.4% | 3.7% | 3.7% | 4.3% |
| Capex / operating cash flow | 27.0% | 18.5% | 27.5% | 27.7% | 12.3% | 11.1% | 20.9% | 17.7% | 20.5% | 21.8% |
| Capex / depreciation | 0.89 | 1.22 | 1.31 | 1.00 | 0.73 | 0.71 | 0.78 | 0.81 | 0.93 | 1.22 |
| Stock-based compensation / revenue | 0.7% | 0.9% | 1.4% | 0.9% | 0.8% | 0.6% | 0.6% | 0.6% | 0.6% | 0.5% |
| R&D / revenue | — | 3.1% | 2.7% | 2.8% | 3.3% | 5.0% | 4.0% | 3.4% | 3.1% | 2.9% |
| SG&A / revenue | 21.6% | 18.1% | 16.0% | 16.3% | 16.6% | 22.1% | 19.0% | 19.3% | 20.9% | 20.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 101.7 | 163.5 | 138.1 | 116.8 | 112.9 | 188.4 | 172.0 | 158.2 | 155.0 | 141.9 |
| Days of inventory on hand | 86.4 | 90.5 | 93.9 | 83.9 | 65.7 | 76.7 | 61.5 | 56.3 | 50.9 | 51.2 |
| Days payables outstanding | 40.2 | 35.0 | 36.3 | 37.9 | 35.4 | 39.8 | 30.7 | 26.4 | 22.7 | 22.2 |
| Cash conversion cycle (days) | 147.8 | 219.0 | 195.7 | 162.7 | 143.2 | 225.2 | 202.8 | 188.2 | 183.3 | 170.9 |
| Receivables turnover | 3.59 | 2.23 | 2.64 | 3.13 | 3.23 | 1.94 | 2.12 | 2.31 | 2.35 | 2.57 |
| Payables turnover | 9.07 | 10.43 | 10.05 | 9.62 | 10.32 | 9.17 | 11.88 | 13.84 | 16.07 | 16.43 |
| Inventory turnover | 4.23 | 4.03 | 3.89 | 4.35 | 5.56 | 4.76 | 5.93 | 6.48 | 7.16 | 7.13 |
| Asset turnover | 0.45 | 0.43 | 0.49 | 0.51 | 0.46 | 0.36 | 0.51 | 0.55 | 0.57 | 0.60 |
| Average receivables | $1.25B | $2.32B | $2.21B | $1.84B | $1.65B | $2.09B | $2.53B | $2.48B | $2.40B | $2.33B |
| Average payables | $344.0M | $323.9M | $363.6M | $376.5M | $332.9M | $292.6M | $289.6M | $256.2M | $231.5M | $235.5M |
| Average inventory | $738.3M | $837.9M | $940.5M | $832.0M | $618.2M | $563.5M | $579.8M | $547.2M | $519.1M | $542.9M |
| Intangibles / total assets | 0.8% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.7% | 0.6% | 0.6% | 0.6% |
Computed from HOG's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HOG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Harley-Davidson traded at 7.3 times earnings, against a 10-year median of 9.0. Based on the latest twelve months, the trailing P/E is 14.7 and the forward P/E is 12.3. Harley-Davidson earned a return on equity of 10.7% and a return on invested capital of 4.7% in fiscal 2025. It ended the year with $3.1 billion of debt and $3.1 billion in cash and short-term investments, a net cash position of $38.0 million. It returned $439.7 million to shareholders: $86.4 million in dividends and $353.3 million in share buybacks, 106% of free cash flow. The share count fell 32.8% from 180.5M to 121.3M over 9 years.
See the HOG income statement, the HOG chart for price history, or the HOG stock overview for the latest quote and news.
HOG key metrics FAQ
What is Harley-Davidson's P/E ratio?
Harley-Davidson's trailing P/E ratio is 14.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.3. At the end of fiscal 2025 it was 7.3, compared with a 10-year median of 9.0.
What is Harley-Davidson's EV/EBITDA?
Harley-Davidson's enterprise value was 3.7 times EBITDA at the end of fiscal 2025 (enterprise value $2.4 billion, EBITDA $664.5 million); the current EV/EBITDA is 5.6.
What is Harley-Davidson's return on equity?
Harley-Davidson's return on equity (ROE) was 10.7% in fiscal 2025: net income of $338.7 million on average shareholders' equity of $3.2 billion.
What is Harley-Davidson's ROIC?
Harley-Davidson's return on invested capital was 4.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Harley-Davidson have?
Harley-Davidson had total debt of $3.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.97 and more cash than debt.
What is Harley-Davidson's dividend yield?
Harley-Davidson's forward dividend yield is 2.80%. Harley-Davidson paid $86.4 million in dividends in fiscal 2025 ($0.71 per share), a payout ratio of 25.5%.
Does Harley-Davidson buy back its shares?
Yes. Harley-Davidson spent $353.3 million on net share repurchases in fiscal 2025 Shares outstanding changed −8.3% over the year, to 121.3M..
What is Harley-Davidson's free cash flow yield?
Harley-Davidson generated $415.2 million of free cash flow in fiscal 2025, a free cash flow yield of 16.7% on its market value at year-end ($2.5 billion).
What is Harley-Davidson's current ratio?
Harley-Davidson's current ratio was 2.10 at the end of fiscal 2025: current assets were 2.10 times current liabilities.