Is the business good?
How good a business is HOG?
Harley-Davidson, Inc. earns 5.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.8%
Return on invested capital · cost of capital 9.0% · 3.2 points below what the capital costs: growth destroys value
- Operating margin
- 5.8%
Operating margin · Consumer Cyclical median 8.4% · 12 months to Q1 2026
- Cash conversion
- 0.19×
Cash conversion · 2.61× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- −11%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 0.24% |
| FY2021 | 15% |
| FY2022 | 16% |
| FY2023 | 13% |
| FY2024 | 8.0% |
| FY2025 | 8.6% |
Details›
- Gross margin12 months to Q1 2026
- 36%
- Operating margin12 months to Q1 2026
- 5.8%
- Net margin12 months to Q1 2026
- 5.3%
- Free cash flow margin
- 1.0%
- Revenue, trailing twelve months
- $4.32B
- Free cash flow, trailing twelve months
- $44M
- Net income, trailing twelve months
- $230M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.