Harley-davidson, Inc. key statistics and ratios
In fiscal 2025, Harley-davidson, Inc. had return on equity of 10.7%, an operating margin of 8.6%, debt equal to 94.5% of equity and a current ratio of 2.10. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | 42.9% | 42.1% | 41.4% | 39.8% | 39.9% | 39.2% | 40.9% | 43.1% | 42.0% | 38.7% | 33.4% |
| Operating margin | 4.1% | 11.5% | 15.6% | 17.9% | 19.6% | 20.6% | 19.3% | 17.4% | 15.6% | 12.5% | 10.4% | 0.2% | 15.4% | 15.8% | 13.3% | 8.0% | 8.6% | 5.0% |
| Net margin | −1.2% | 3.0% | 11.3% | 11.2% | 12.4% | 13.6% | 12.5% | 11.5% | 9.2% | 9.3% | 7.9% | 0.0% | 12.2% | 12.9% | 12.1% | 8.8% | 7.6% | 4.8% |
| Free-cash-flow margin | 10.3% | 20.4% | 13.1% | 11.0% | 13.0% | 14.7% | 14.0% | 15.3% | 14.1% | 17.4% | 12.8% | 25.8% | 16.0% | 6.9% | 9.4% | 16.7% | 9.3% | −3.1% |
| Return on equity | −2.6% | 6.8% | 25.9% | 25.1% | 26.4% | 28.5% | 31.7% | 36.8% | 27.7% | 29.4% | 23.7% | 0.1% | 30.4% | 27.2% | 23.0% | 14.2% | 10.7% | 6.5% |
| Return on assets | −0.6% | 1.6% | 6.3% | 6.6% | 7.9% | 8.9% | 7.7% | 7.0% | 5.3% | 5.2% | 4.0% | 0.0% | 5.6% | 6.6% | 6.0% | 3.8% | 3.4% | 2.7% |
| Asset turnover | 0.52 | 0.52 | 0.56 | 0.59 | 0.64 | 0.66 | 0.62 | 0.60 | 0.57 | 0.55 | 0.51 | 0.36 | 0.46 | 0.51 | 0.49 | 0.43 | 0.45 | 0.55 |
| Current ratio | 1.91 | 2.02 | 1.68 | 2.70 | 1.59 | 1.65 | 1.45 | 1.35 | 1.23 | 1.25 | 1.31 | 1.47 | 1.36 | 1.34 | 1.53 | 1.40 | 2.10 | 1.90 |
| Debt to equity | 267.4% | 260.7% | 236.4% | 199.5% | 174.8% | 189.2% | 374.5% | 355.7% | 380.0% | 429.5% | 413.9% | 523.4% | 270.7% | 238.1% | 219.1% | 219.8% | 94.5% | 72.4% |
| Interest cover (operating income ÷ interest) | 9.0x | 6.2x | 18.3x | 21.7x | 25.5x | — | 95.4x | 35.3x | 28.5x | 23.1x | 17.9x | 0.3x | 26.6x | 29.1x | 25.3x | 13.5x | 11.6x | 8.4x |
| Effective tax rate | 60.5% | 33.5% | 30.9% | 35.1% | 34.1% | 34.2% | 34.6% | 32.4% | 39.6% | 22.6% | 24.0% | — | 20.7% | 20.6% | 19.8% | 13.9% | 28.2% | 32.0% |
| R&D as % of revenue | 3.0% | 2.8% | 2.7% | 2.5% | 2.6% | 2.2% | 2.7% | 2.9% | 3.1% | 3.4% | 4.0% | 5.0% | 3.3% | 2.8% | 2.7% | — | — | — |
| SG&A as % of revenue | 20.5% | 21.0% | 20.0% | 19.9% | 19.1% | 18.6% | 20.4% | 20.2% | 20.9% | 22.0% | 22.4% | 25.9% | 19.7% | 18.8% | 20.1% | 22.1% | 25.7% | 28.1% |
| Capital spending as % of revenue | 2.4% | 3.5% | 3.6% | 3.4% | 3.5% | 3.7% | 4.3% | 4.3% | 3.7% | 3.7% | 3.4% | 3.2% | 2.3% | 2.6% | 3.6% | 3.8% | 3.4% | 3.1% |
| Free cash flow ÷ net income | — | 677.3% | 116.2% | 98.2% | 104.7% | 108.3% | 111.7% | 132.6% | 153.1% | 186.7% | 162.1% | >999% | 131.6% | 53.5% | 77.5% | 190.5% | 122.6% | −65.7% |
| Dividends ÷ net income | — | 64.2% | 18.5% | 22.7% | 25.6% | 28.2% | 33.1% | 36.5% | 48.3% | 46.3% | 56.0% | >999% | 14.2% | 12.6% | 13.6% | 20.0% | 25.5% | 40.9% |
| Dividends and buybacks ÷ free cash flow | 19.4% | 9.7% | 48.2% | 74.0% | 86.8% | 93.4% | 212.6% | 78.2% | 89.8% | 64.1% | 77.7% | 7.3% | 12.2% | 108.8% | 84.1% | 63.5% | 105.9% | — |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 46.2% | 36.1% | 42.0% | 42.6% | 40.4% | 15.0% | 32.3% | 34.2% |
| Operating margin | 9.2% | −28.1% | 12.1% | 8.6% | 35.4% | −72.8% | 2.0% | 6.2% |
| Net margin | 10.3% | −17.0% | 10.0% | 8.2% | 28.1% | −56.3% | 2.1% | 6.5% |
| Free-cash-flow margin | 26.1% | 11.2% | 8.4% | 25.4% | −9.6% | 20.2% | −22.2% | 12.6% |
| Current ratio | 1.41 | 1.40 | 1.56 | 1.37 | 2.51 | 2.10 | 1.91 | 1.90 |
| Debt to equity | 212.8% | 199.6% | 213.8% | 191.5% | 125.3% | 78.6% | 53.3% | 52.6% |
| SG&A as % of revenue | 23.8% | 39.9% | 19.2% | 23.0% | 21.8% | 60.1% | 25.8% | 24.1% |
Financial health
- Short-term assets cover short-term liabilities $4.6bn of assets due within a year against $2.4bn of liabilities due within a year.
- Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
- More cash than debt $1.9bn of cash against $1.6bn of debt.
- Debt below 40% of shareholders' equity Debt is 53% of equity.
- Debt burden no higher than five years ago Debt to equity moved from 180% to 53% over five years.
- A year's operating cash flow covers at least 20% of debt −$255,000 of operating cash flow against $1.6bn of debt.
- Operating profit covers interest at least five times over Operating income of $213m against $25m of interest.
Moat
Moderate moat
How hard Harley-davidson's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 10 / 20
Cash operating profit has been a median 8.3% of total assets over 8 years.
- Pricing power 13 / 20
Gross margin has been a median 40.7%, moving by 2.9 percentage points (standard deviation) across 8 years.
- Durability 6 / 20
Operating margin has been a median 12.5%; its worst year was 2.7%.
- Cash conversion 16 / 20
Free cash flow was positive in 9 of 10 years, at a median 14.8% of revenue.
- Discipline 20 / 20
The diluted share count fell 26.0% over five years; stock-based pay has been a median 0.7% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (65 before it).
Compare with peers
Head to head: HOG vs LVWRHOG vs LOBO
More: Motorcycle Manufacturers stocks compared, Consumer Discretionary sector, rankings of US companies