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HARLEY-DAVIDSON, INC. (HOG) financial health, profit and balance sheet · Scorvest

HOG · NYSE · United States · Motorcycles, Bicycles & Parts

HARLEY-DAVIDSON, INC.

Milwaukee, WI · Fiscal year ends in December · Figures in USD

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In shortHARLEY-DAVIDSON, INC. is profitable, generates cash and holds more cash than debt, with revenue shrinking (−13.8% last year).

Financial health

Solid

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability46

Operating marginShare of each sale left after running the business, before interest and tax.	8.6%	45/100
Net marginShare of each sale left as profit after every cost, interest and tax.	7.6%	50/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	10.7%	54/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	4.9%	33/100

Weight in the score: 25%

Balance sheet92

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	2.10×	100/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.79×	67/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	Net cash	100/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	11.56×	96/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	4.89	97/100

Weight in the score: 25%

Cash generation86

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	9.3%	57/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	1.23×	100/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability63
Profitable years (last 5) 5 of 5 100/100
Years of revenue decline (last 5) 2 of 5 33/100
Revenue growth volatility 18.2% 44/100
Operating margin volatility 3.7% 75/100
Weight in the score: 20%
Growth0
Revenue growth, 3-year average -8.1% 0/100
EPS growth, 3-year average -17.6% 0/100
Weight in the score: 10%

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	2 of 5	33/100
Revenue growth volatility	18.2%	44/100
Operating margin volatility	3.7%	75/100

Revenue growth, 3-year average	-8.1%	0/100
EPS growth, 3-year average	-17.6%	0/100

Fiscal year 2025 · change vs prior year

Revenue: $4.5B; ▼ 13.8%
Net income: $338.7M; ▼ 25.6%
Free cash flow: $415.2M; ▼ 52.1%
Operating margin: 8.6%; +0.6 pts
Cash & investments: $3.1B; –
Total debt: $2.5B; ▼ 60.9%
Diluted EPS: $2.78; ▼ 19.2%
Return on equity: 10.7%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	5,336	5,755	5,836	5,187	4,473
Cost of revenue	3,243	3,404	3,322	3,006	2,742
Gross profit	2,093	2,351	2,514	2,181	1,731
Research & development	175	159	159	–	–
Selling, general & admin	1,052	1,079	1,176	1,145	1,147
Operating income	823	909	779	417	387
Interest expense	31	31	31	31	33
Pre-tax income	819	931	867	517	459
Income tax	169	192	172	72	130
Net income	650	741	707	455	339
Diluted EPS	$4.19	$4.96	$4.87	$3.44	$2.78
Diluted shares (millions)	155	149	145	132	121

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Quarterly results

The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.

The last 8 quarters of HARLEY-DAVIDSON, INC. are included in the Investor plan. Try free for 7 days →

Risk checks

Altman Z'' score

4.89 Safe zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

8/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: passed
Cash flow exceeds net income: passed
Long-term debt ratio fell: passed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: failed
Asset turnover improved: passed

Sources

10-QPeriod ending Jun 30, 2026Filed Aug 5, 2026Open the report ↗
10-QPeriod ending Mar 31, 2026Filed May 6, 2026Open the report ↗
10-KPeriod ending Dec 31, 2025Filed Feb 26, 2026Open the report ↗
10-QPeriod ending Sep 30, 2025Filed Nov 5, 2025Open the report ↗
10-QPeriod ending Jun 30, 2025Filed Aug 6, 2025Open the report ↗
10-QPeriod ending Mar 31, 2025Filed May 6, 2025Open the report ↗
10-KPeriod ending Dec 31, 2024Filed Feb 26, 2025Open the report ↗
10-QPeriod ending Sep 30, 2024Filed Nov 6, 2024Open the report ↗