Harley-Davidson (HOG) Financials

$26.00 +0.65 (+2.56%)

As of 05/20/2025 03:58 PM Eastern

Annual Income Statements for Harley-Davidson

This table shows Harley-Davidson's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	455	707	741	650	1.30	424	531	522	692	752
Consolidated Net Income / (Loss)	445	695	739	650	1.30	424	531	522	692	752
Net Income / (Loss) Continuing Operations	445	695	739	650	1.30	424	531	522	692	752
Total Pre-Tax Income	517	867	931	819	-16	557	687	864	1,024	1,150
Total Operating Income	417	779	909	823	9.68	556	714	882	1,046	1,156
Total Gross Profit	1,934	2,287	2,206	2,068	1,437	1,787	2,258	2,062	2,434	2,538
Total Revenue	5,187	5,836	5,755	5,336	4,054	5,362	5,717	5,647	5,996	5,995
Operating Revenue	5,187	5,836	5,755	5,336	4,054	5,362	5,717	5,647	5,996	5,995
Total Cost of Revenue	3,253	3,549	3,549	3,268	2,618	3,575	3,459	3,585	3,563	3,458
Operating Cost of Revenue	3,006	3,322	3,404	3,243	2,436	3,440	3,352	3,453	3,426	3,356
Other Cost of Revenue	247	227	145	25	182	135	107	132	137	101
Total Operating Expenses	1,517	1,508	1,297	1,245	1,427	1,231	1,545	1,180	1,388	1,382
Selling, General & Admin Expense	1,145	1,176	1,079	1,052	1,051	1,199	1,258	1,180	1,214	1,220
Other Operating Expenses / (Income)	372	332	218	193	246	-	193	-	174	162
Total Other Income / (Expense), net	101	88	22	-4.20	-25	1.81	-27	-18	-22	-5.53
Interest Expense	31	31	31	31	31	31	31	31	30	12
Interest & Investment Income	59	47	4.54	6.69	7.56	16	0.95	3.58	4.65	6.59
Other Income / (Expense), net	72	72	49	20	-1.85	17	3.04	9.18	2.64	-
Income Tax Expense	72	172	192	169	-17	134	155	342	332	398
Net Income / (Loss) Attributable to Noncontrolling Interest	-10	-12	-2.19	0.00	0.00	-	-	-	-	-
Basic Earnings per Share	$3.46	$4.96	$5.01	$4.23	$0.01	$2.70	$3.21	$3.03	$3.85	$3.71
Weighted Average Basic Shares Outstanding	124.54M	136.56M	146.19M	153.88M	153.31M	152.81M	165.60M	172.20M	179.68M	202.68M
Diluted Earnings per Share	$3.44	$4.87	$4.96	$4.19	$0.01	$2.68	$3.19	$3.02	$3.83	$3.69
Weighted Average Diluted Shares Outstanding	124.54M	136.56M	146.19M	153.88M	153.31M	152.81M	165.60M	172.20M	179.68M	202.68M
Weighted Average Basic & Diluted Shares Outstanding	124.54M	136.56M	146.19M	153.88M	153.31M	152.81M	165.60M	172.20M	179.68M	202.68M
Cash Dividends to Common per Share	$0.69	$0.66	$0.63	$0.60	$0.44	$1.50	$1.48	$1.46	$1.40	$1.24

This table shows Harley-Davidson's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/25/2022
Net Income / (Loss) Attributable to Common Shareholders	133	-117	119	218	235	26	199	178	304	42	261
Consolidated Net Income / (Loss)	131	-118	116	215	232	23	196	174	302	40	261
Net Income / (Loss) Continuing Operations	131	-118	116	215	232	23	196	174	302	40	261
Total Pre-Tax Income	178	-170	133	264	290	4.57	238	232	392	23	342
Total Operating Income	160	-193	106	241	263	-21	209	221	370	3.71	339
Total Gross Profit	505	176	474	639	645	366	595	598	729	410	665
Total Revenue	1,329	688	1,151	1,619	1,730	1,053	1,549	1,446	1,789	1,142	1,649
Operating Revenue	1,329	688	1,151	1,619	1,730	1,053	1,549	1,446	1,789	1,142	1,649
Total Cost of Revenue	824	512	677	980	1,085	688	954	848	1,060	732	983
Operating Cost of Revenue	771	440	619	924	1,024	631	893	791	1,007	682	947
Other Cost of Revenue	53	72	58	56	61	57	61	57	52	51	37
Total Operating Expenses	345	369	368	398	382	387	386	376	359	406	327
Selling, General & Admin Expense	256	274	274	304	293	298	301	290	286	339	266
Other Operating Expenses / (Income)	89	95	94	94	89	89	84	86	74	67	61
Total Other Income / (Expense), net	18	23	27	23	27	26	29	11	22	19	2.96
Interest Expense	7.69	7.68	7.71	7.68	7.68	7.68	7.69	7.70	7.72	7.68	8.12
Interest & Investment Income	8.94	13	16	15	14	16	9.87	11	10	8.32	1.72
Other Income / (Expense), net	16	17	18	16	21	18	27	7.23	20	18	9.36
Income Tax Expense	47	-52	17	49	58	-19	42	58	90	-17	80
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.31	-1.54	-3.07	-2.86	-2.71	-2.52	-2.55	-4.21	-2.26	-2.19	0.00
Basic Earnings per Share	$1.07	($0.83)	$0.92	$1.64	$1.73	$0.24	$1.40	$1.24	$2.08	$0.29	$1.79
Weighted Average Basic Shares Outstanding	121.49M	124.54M	127.33M	131.62M	134.51M	136.56M	139.27M	141.69M	143.76M	146.19M	146.18M
Diluted Earnings per Share	$1.07	($0.82)	$0.91	$1.63	$1.72	$0.23	$1.38	$1.22	$2.04	$0.27	$1.78
Weighted Average Diluted Shares Outstanding	121.49M	124.54M	127.33M	131.62M	134.51M	136.56M	139.27M	141.69M	143.76M	146.19M	146.18M
Weighted Average Basic & Diluted Shares Outstanding	121.49M	124.54M	127.33M	131.62M	134.51M	136.56M	139.27M	141.69M	143.76M	146.19M	146.18M
Cash Dividends to Common per Share	$0.18	$0.17	$0.17	$0.17	$0.17	$0.16	$0.17	$0.17	$0.17	$0.16	$0.16

This table details how cash moves in and out of Harley-Davidson's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-956	-687	-975	-2,344	2,504	-354	-677	-1,113	-5.72	-1,270
Net Cash From Operating Activities	1,064	755	548	976	1,178	868	1,206	1,005	1,174	1,100
Net Cash From Continuing Operating Activities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Income / (Loss) Continuing Operations	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash From Investing Activities	-383	-512	-773	-459	-67	-508	-662	-562	-393	-916
Net Cash From Continuing Investing Activities	-383	-512	-773	-459	-67	-508	-662	-562	-393	-916
Purchase of Property, Plant & Equipment	-197	-207	-152	-120	-131	-181	-214	-206	-256	-260
Purchase of Investments	-3,639	-3,874	-4,559	-4,244	-3,497	-3,847	-3,763	-3,592	-3,664	-3,752
Other Investing Activities, net	3,453	3,569	3,937	3,904	3,562	3,521	3,314	3,229	3,175	3,144
Net Cash From Financing Activities	-572	-175	-202	-1,885	1,374	-712	-15	-550	-778	-354
Net Cash From Continuing Financing Activities	-572	-175	-202	-1,885	1,374	-712	-15	-550	-778	-354
Repayment of Debt	-2,234	-2,488	-2,682	-3,260	-2,316	-2,581	-1,483	-1,421	-1,334	-1,210
Repurchase of Common Equity	-460	-364	-339	-12	-8.01	-297	-391	-465	-465	-1,537
Payment of Dividends	-91	-96	-93	-92	-68	-237	-246	-252	-252	-249
Issuance of Debt	2,111	2,643	2,771	1,269	3,686	2,403	2,102	1,576	1,256	2,619
Other Financing Activities, net	102	130	141	210	80	0.00	-	-	2.25	3.47

This table details how cash moves in and out of Harley-Davidson's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/25/2022
Net Change in Cash & Equivalents	215	-783	53	-80	-145	-421	55	-433	112	-451	-946
Net Cash From Operating Activities	142	133	353	474	104	48	296	364	47	-26	331
Net Cash From Continuing Operating Activities	0.00	-	-	-	0.00	-	-	-	0.00	-	-
Net Income / (Loss) Continuing Operations	0.00	-	-	-	0.00	-	-	-	0.00	-	-
Net Cash From Investing Activities	61	103	-89	-285	-113	-1.17	-166	-275	-71	-27	-252
Net Cash From Continuing Investing Activities	61	103	-89	-285	-113	-1.17	-166	-275	-71	-27	-252
Purchase of Property, Plant & Equipment	-30	-56	-53	-41	-46	-69	-52	-41	-45	-67	-30
Purchase of Investments	-737	-637	-907	-1,188	-908	-711	-1,034	-1,212	-917	-785	-1,263
Other Investing Activities, net	828	796	870	945	842	778	920	979	892	824	1,040
Net Cash From Financing Activities	150	-886	131	208	-26	-428	229	-154	179	-423	-463
Net Cash From Continuing Financing Activities	150	-886	131	208	-26	-428	229	-154	179	-423	-463
Repayment of Debt	-498	-869	-353	-790	-222	-356	-224	-914	-993	-387	-550
Repurchase of Common Equity	-93	-100	-150	-102	-108	-125	-70	-73	-97	-0.13	-13
Payment of Dividends	-23	-22	-22	-23	-24	-24	-25	-24	-24	-23	-23
Issuance of Debt	802	104	612	1,060	335	107	508	787	1,241	-	23
Other Financing Activities, net	-37	1.38	45	63	-6.76	-31	39	70	52	-13	99
Effect of Exchange Rate Changes	3.30	-	11	-3.80	-7.02	-	-7.93	-4.31	3.82	-	-

This table presents Harley-Davidson's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	11,882	12,141	11,492	11,051	12,011	10,528	10,666	9,973	9,890	9,973
Total Current Assets	4,997	5,164	4,751	4,550	5,845	4,203	4,484	3,885	3,854	3,978
Cash & Equivalents	1,590	1,534	1,433	1,875	3,257	834	1,204	688	760	722
Restricted Cash	136	105	135	129	132	65	49	48	53	188
Note & Lease Receivable	2,031	2,114	1,783	1,466	1,510	2,273	2,214	2,106	2,076	2,054
Accounts Receivable	234	267	252	182	143	259	306	330	285	247
Inventories, net	746	930	951	713	523	604	556	538	500	586
Other Current Assets	260	214	196	186	280	169	144	176	174	133
Plant, Property, & Equipment, net	757	732	690	684	744	847	904	968	982	942
Total Noncurrent Assets	6,128	6,245	6,052	5,817	5,421	5,478	5,277	5,120	5,055	5,053
Noncurrent Note & Lease Receivables	5,257	5,385	5,356	5,106	4,933	5,102	5,008	4,859	4,759	4,815
Goodwill	62	63	62	63	66	64	55	56	53	54
Noncurrent Deferred & Refundable Income Taxes	176	161	135	83	159	101	141	109	168	100
Employee Benefit Assets	441	413	320	386	96	56	0.00	20	0.00	-
Other Noncurrent Operating Assets	193	224	179	178	168	155	73	76	74	84
Total Liabilities & Shareholders' Equity	11,882	12,141	11,492	11,051	12,011	10,528	10,666	9,973	9,890	9,973
Total Liabilities	8,723	8,888	8,586	8,498	10,288	8,724	8,892	8,128	7,970	8,133
Total Current Liabilities	3,557	3,384	3,534	3,343	3,982	3,197	3,598	3,158	2,863	2,747
Short-Term Debt	2,492	2,135	2,455	2,294	3,054	2,320	2,712	2,401	2,141	2,040
Accounts Payable	299	349	378	375	291	294	285	228	235	236
Accrued Expenses	594	647	621	602	557	582	601	530	487	472
Customer Deposits	173	253	80	72	80	0.00	-	-	-	-
Total Noncurrent Liabilities	5,166	5,504	5,052	5,155	6,306	5,527	5,294	4,970	5,108	5,386
Long-Term Debt	4,469	4,991	4,457	4,596	5,933	5,125	4,888	4,587	4,667	4,832
Capital Lease Obligations	47	52	27	-	30	44	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	17	34	30	9.26	8.61	8.14	0.00	-	-	-
Noncurrent Employee Benefit Liabilities	54	60	68	95	114	129	202	173	258	359
Other Noncurrent Operating Liabilities	579	368	470	455	220	221	204	210	183	195
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-
Total Equity & Noncontrolling Interests	3,159	3,252	2,907	2,553	1,723	1,804	1,774	1,844	1,920	1,840
Total Preferred & Common Equity	3,166	3,253	2,904	2,553	1,723	1,804	1,774	1,844	1,920	1,840
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,166	3,253	2,904	2,553	1,723	1,804	1,774	1,844	1,920	1,840
Common Stock	1,794	1,754	1,690	1,549	1,509	1,493	1,461	1,425	1,384	1,332
Retained Earnings	3,465	3,101	2,491	1,842	1,285	2,194	2,008	1,608	1,338	8,962
Accumulated Other Comprehensive Income / (Loss)	-333	-305	-342	-241	-483	-537	-630	-500	-565	-615
Other Equity Adjustments	-1,761	-	-935	-	-	-	-	-	-	-
Noncontrolling Interest	-7.55	-0.51	3.29	0.00	-	-	-	-	-	-

This table presents Harley-Davidson's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/25/2022
Total Assets	12,382	13,027	12,760	12,335	12,462	12,016	12,030	11,928
Total Current Assets	5,647	5,890	5,638	5,386	5,423	5,014	5,291	5,012
Cash & Equivalents	1,931	2,244	1,849	1,465	1,878	1,522	1,561	1,730
Restricted Cash	150	148	137	130	131	136	165	287
Note & Lease Receivable	2,287	2,301	2,473	2,523	2,102	1,980	2,246	1,808
Accounts Receivable	313	308	321	306	315	329	334	300
Inventories, net	712	682	669	780	769	846	831	681
Other Current Assets	254	208	188	183	228	202	155	206
Plant, Property, & Equipment, net	751	728	720	719	703	688	690	642
Total Noncurrent Assets	5,984	6,408	6,402	6,230	6,336	6,313	6,049	6,274
Noncurrent Note & Lease Receivables	5,113	5,500	5,546	5,383	5,553	5,530	5,328	5,535
Goodwill	62	63	62	62	62	62	62	60
Noncurrent Deferred & Refundable Income Taxes	159	169	159	154	145	145	141	70
Employee Benefit Assets	454	453	439	427	369	353	337	425
Other Noncurrent Operating Assets	196	224	197	204	207	222	181	184
Total Liabilities & Shareholders' Equity	12,382	13,027	12,760	12,335	12,462	12,016	12,030	11,928
Total Liabilities	9,209	9,602	9,327	8,999	9,151	8,826	8,934	9,087
Total Current Liabilities	3,622	4,170	3,764	3,491	2,673	2,466	3,085	3,680
Short-Term Debt	2,338	3,059	2,519	2,221	1,454	1,300	1,910	2,433
Accounts Payable	443	306	377	398	382	359	404	439
Accrued Expenses	663	626	661	633	586	591	625	711
Customer Deposits	178	179	207	240	251	216	145	98
Total Noncurrent Liabilities	5,587	5,432	5,563	5,508	6,478	6,359	5,849	5,407
Long-Term Debt	4,963	4,740	4,950	4,989	5,856	5,765	5,275	4,738
Capital Lease Obligations	48	52	45	48	52	56	27	24
Noncurrent Deferred & Payable Income Tax Liabilities	17	33	33	34	30	32	31	8.31
Noncurrent Employee Benefit Liabilities	53	59	59	59	68	67	67	93
Other Noncurrent Operating Liabilities	506	549	475	377	472	440	449	544
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,174	3,425	3,433	3,336	3,311	3,190	3,096	2,840
Total Preferred & Common Equity	3,182	3,431	3,438	3,338	3,310	3,189	3,093	2,840
Total Common Equity	3,182	3,431	3,438	3,338	3,310	3,189	3,093	2,840
Common Stock	1,800	1,786	1,777	1,765	1,740	1,725	1,709	1,577
Retained Earnings	3,575	3,604	3,507	3,311	3,099	2,925	2,771	2,472
Accumulated Other Comprehensive Income / (Loss)	-338	-299	-338	-333	-357	-356	-355	-274
Other Equity Adjustments	-1,854	-1,660	-1,508	-1,406	-1,172	-1,104	-	-935
Noncontrolling Interest	-8.49	-6.19	-4.44	-1.64	1.25	0.96	2.79	0.00

This table displays calculated financial ratios and metrics derived from Harley-Davidson's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.13%	1.41%	7.85%	31.62%	-24.38%	-6.21%	1.23%	-5.82%	0.02%	-3.74%
EBITDA Growth	-42.54%	-11.17%	13.56%	10,671.49%	-98.63%	-20.16%	-19.60%	-15.03%	-9.24%	-9.78%
EBIT Growth	-42.54%	-11.17%	13.56%	10,671.49%	-98.63%	-20.16%	-19.60%	-15.03%	-9.24%	-9.78%
NOPAT Growth	-42.58%	-13.46%	10.47%	9,543.23%	-98.40%	-23.54%	3.66%	-24.67%	-6.42%	-10.35%
Net Income Growth	-35.95%	-5.98%	13.72%	49,978.89%	-99.69%	-20.29%	1.86%	-24.62%	-7.98%	-10.94%
EPS Growth	-29.36%	-1.81%	18.38%	41,800.00%	-99.63%	-15.99%	5.63%	-21.15%	3.79%	-4.90%
Operating Cash Flow Growth	40.93%	37.64%	-43.79%	-17.17%	35.66%	-28.00%	19.98%	-14.41%	6.75%	-4.06%
Free Cash Flow Firm Growth	540.15%	195.01%	-120.62%	-46.21%	664.35%	-74.51%	56.25%	-47.21%	160.57%	-44.24%
Invested Capital Growth	-3.98%	6.21%	11.27%	1.20%	-12.44%	3.51%	0.16%	2.37%	0.68%	6.87%
Revenue Q/Q Growth	-6.58%	-1.50%	2.24%	5.77%	-7.88%	-1.35%	-1.43%	2.14%	-1.15%	-0.32%
EBITDA Q/Q Growth	-26.07%	-2.90%	1.16%	18.70%	-94.67%	2.10%	-11.84%	4.90%	0.21%	-2.62%
EBIT Q/Q Growth	-26.07%	-2.90%	1.16%	18.70%	-94.67%	2.10%	-11.84%	4.90%	0.21%	-2.62%
NOPAT Q/Q Growth	-28.18%	-3.36%	1.87%	18.88%	-94.70%	1.45%	-0.55%	-6.98%	0.49%	-3.44%
Net Income Q/Q Growth	-24.15%	-2.30%	2.51%	22.17%	-98.83%	3.17%	-1.45%	-6.93%	0.73%	-4.11%
EPS Q/Q Growth	-23.39%	-0.81%	2.90%	21.80%	-98.63%	2.68%	-1.85%	-5.92%	-0.26%	-1.86%
Operating Cash Flow Q/Q Growth	8.69%	10.93%	-12.23%	0.76%	2.01%	-6.84%	2.32%	-15.94%	16.62%	-49.25%
Free Cash Flow Firm Q/Q Growth	153.49%	52,613.95%	-273.35%	-25.81%	20.36%	-61.62%	44.26%	-35.65%	10.34%	-34.72%
Invested Capital Q/Q Growth	-4.98%	1.47%	3.24%	0.85%	-3.13%	0.73%	-2.00%	0.03%	-1.84%	-1.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.28%	39.18%	38.34%	38.75%	35.44%	33.33%	39.50%	36.52%	40.59%	42.33%
EBITDA Margin	9.43%	14.58%	16.64%	15.81%	0.19%	10.67%	12.53%	15.78%	17.49%	19.28%
Operating Margin	8.03%	13.35%	15.80%	15.43%	0.24%	10.36%	12.48%	15.62%	17.45%	19.28%
EBIT Margin	9.43%	14.58%	16.64%	15.81%	0.19%	10.67%	12.53%	15.78%	17.49%	19.28%
Profit (Net Income) Margin	8.58%	11.91%	12.84%	12.18%	0.03%	7.90%	9.30%	9.24%	11.54%	12.55%
Tax Burden Percent	86.08%	80.18%	79.38%	79.35%	-8.25%	76.00%	77.40%	60.40%	67.60%	65.40%
Interest Burden Percent	105.77%	101.88%	97.21%	97.12%	-200.87%	97.43%	95.82%	96.92%	97.61%	99.52%
Effective Tax Rate	13.92%	19.82%	20.62%	20.66%	0.00%	24.00%	22.60%	39.60%	32.40%	34.60%
Return on Invested Capital (ROIC)	4.16%	7.32%	9.19%	8.84%	0.09%	5.12%	6.82%	6.66%	8.97%	9.94%
ROIC Less NNEP Spread (ROIC-NNEP)	5.76%	8.61%	9.53%	8.77%	0.00%	5.14%	6.48%	6.48%	8.72%	9.87%
Return on Net Nonoperating Assets (RNNOA)	9.73%	15.25%	17.89%	21.57%	-0.01%	18.56%	22.56%	21.06%	27.85%	21.74%
Return on Equity (ROE)	13.89%	22.57%	27.08%	30.40%	0.07%	23.68%	29.38%	27.72%	36.82%	31.68%
Cash Return on Invested Capital (CROIC)	8.23%	1.30%	-1.48%	7.64%	13.35%	1.67%	6.66%	4.31%	8.29%	3.30%
Operating Return on Assets (OROA)	4.07%	7.20%	8.50%	7.32%	0.07%	5.40%	6.94%	8.97%	10.56%	11.85%
Return on Assets (ROA)	3.71%	5.88%	6.56%	5.64%	0.01%	4.00%	5.15%	5.25%	6.97%	7.71%
Return on Common Equity (ROCE)	13.91%	22.56%	27.06%	30.40%	0.07%	23.68%	29.38%	27.72%	36.82%	31.68%
Return on Equity Simple (ROE_SIMPLE)	14.06%	21.37%	25.46%	25.46%	0.08%	23.48%	29.96%	28.29%	36.05%	40.89%
Net Operating Profit after Tax (NOPAT)	359	625	722	653	6.78	422	552	533	707	756
NOPAT Margin	6.91%	10.70%	12.54%	12.24%	0.17%	7.88%	9.66%	9.43%	11.80%	12.61%
Net Nonoperating Expense Percent (NNEP)	-1.60%	-1.29%	-0.34%	0.06%	0.09%	-0.02%	0.33%	0.18%	0.25%	0.07%
Return On Investment Capital (ROIC_SIMPLE)	3.53%	5.99%	7.33%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	62.72%	60.82%	61.66%	61.25%	64.56%	66.67%	60.50%	63.48%	59.41%	57.67%
SG&A Expenses to Revenue	22.08%	20.14%	18.75%	19.71%	25.91%	22.36%	22.01%	20.90%	20.24%	20.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.25%	25.84%	22.54%	23.32%	35.20%	22.97%	27.02%	20.90%	23.14%	23.05%
Earnings before Interest and Taxes (EBIT)	489	851	958	844	7.83	572	717	891	1,049	1,156
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	489	851	958	844	7.83	572	717	891	1,049	1,156
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.21	1.55	2.02	2.17	3.08	2.95	2.79	3.99	4.49	3.84
Price to Tangible Book Value (P/TBV)	1.24	1.58	2.06	2.23	3.20	3.06	2.88	4.12	4.62	3.96
Price to Revenue (P/Rev)	0.74	0.86	1.02	1.04	1.31	0.99	0.87	1.30	1.44	1.18
Price to Earnings (P/E)	8.42	7.12	7.89	8.54	4,082.88	12.57	9.31	14.10	12.45	9.39
Dividend Yield	2.29%	1.83%	1.57%	1.66%	2.36%	4.35%	4.87%	3.34%	2.87%	3.37%
Earnings Yield	11.87%	14.04%	12.67%	11.72%	0.02%	7.96%	10.75%	7.09%	8.03%	10.65%
Enterprise Value to Invested Capital (EV/IC)	1.08	1.20	1.36	1.40	1.49	1.42	1.39	1.68	1.85	1.65
Enterprise Value to Revenue (EV/Rev)	1.76	1.81	1.95	1.96	2.70	2.22	1.97	2.41	2.44	2.17
Enterprise Value to EBITDA (EV/EBITDA)	18.64	12.42	11.72	12.37	1,395.43	20.83	15.74	15.27	13.92	11.23
Enterprise Value to EBIT (EV/EBIT)	18.64	12.42	11.72	12.37	1,395.43	20.83	15.74	15.27	13.92	11.23
Enterprise Value to NOPAT (EV/NOPAT)	25.40	16.92	15.55	15.97	1,612.87	28.22	20.43	25.55	20.65	17.17
Enterprise Value to Operating Cash Flow (EV/OCF)	8.56	14.00	20.47	10.69	9.28	13.72	9.36	13.54	12.44	11.80
Enterprise Value to Free Cash Flow (EV/FCFF)	12.85	95.46	0.00	18.46	10.40	86.67	20.92	39.44	22.34	51.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.22	2.21	2.39	2.70	5.23	4.15	4.28	3.79	3.55	3.74
Long-Term Debt to Equity	1.43	1.55	1.54	1.80	3.46	2.87	2.76	2.49	2.43	2.63
Financial Leverage	1.69	1.77	1.88	2.46	3.46	3.61	3.48	3.25	3.19	2.20
Leverage Ratio	3.75	3.84	4.13	5.39	6.39	5.92	5.70	5.28	5.28	4.11
Compound Leverage Factor	3.96	3.91	4.01	5.24	-12.84	5.77	5.47	5.11	5.16	4.09
Debt to Total Capital	68.93%	68.82%	70.48%	72.96%	83.96%	80.59%	81.07%	79.12%	78.00%	78.88%
Short-Term Debt to Total Capital	24.51%	20.47%	24.94%	24.29%	28.44%	24.97%	28.93%	27.18%	24.53%	23.41%
Long-Term Debt to Total Capital	44.42%	48.35%	45.54%	48.67%	55.52%	55.62%	52.15%	51.94%	53.47%	55.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.07%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	31.14%	31.19%	29.49%	27.04%	16.04%	19.41%	18.93%	20.88%	22.00%	21.12%
Debt to EBITDA	14.33	8.44	7.24	8.17	1,151.44	13.09	10.61	7.84	6.49	5.95
Net Debt to EBITDA	10.80	6.51	5.61	5.79	718.69	11.52	8.84	7.02	5.71	5.12
Long-Term Debt to EBITDA	9.24	5.93	4.68	5.45	761.47	9.04	6.82	5.15	4.45	4.18
Debt to NOPAT	19.54	11.49	9.61	10.54	1,330.85	17.74	13.76	13.12	9.62	9.09
Net Debt to NOPAT	14.73	8.87	7.44	7.48	830.68	15.61	11.47	11.74	8.47	7.83
Long-Term Debt to NOPAT	12.59	8.07	6.21	7.03	880.12	12.24	8.85	8.61	6.60	6.39
Altman Z-Score	1.39	1.59	1.62	1.49	0.98	1.46	1.45	1.72	1.91	2.91
Noncontrolling Interest Sharing Ratio	-0.13%	0.05%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.53	1.34	1.36	1.47	1.31	1.25	1.23	1.35	1.45
Quick Ratio	1.08	1.16	0.98	1.05	1.23	1.05	1.04	0.99	1.09	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	709	111	-117	565	1,051	137	539	345	654	251
Operating Cash Flow to CapEx	541.22%	363.97%	361.62%	811.86%	898.81%	478.55%	564.79%	487.20%	458.26%	423.16%
Free Cash Flow to Firm to Interest Expense	23.05	3.60	-3.73	18.25	33.77	4.42	17.46	11.13	22.04	20.71
Operating Cash Flow to Interest Expense	34.60	24.52	17.56	31.50	37.85	27.94	39.05	32.42	39.58	90.79
Operating Cash Flow Less CapEx to Interest Expense	28.21	17.78	12.70	27.62	33.64	22.10	32.13	25.76	30.94	69.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.49	0.51	0.46	0.36	0.51	0.55	0.57	0.60	0.61
Accounts Receivable Turnover	20.68	22.47	26.50	32.82	20.15	18.95	17.96	18.36	22.52	24.22
Inventory Turnover	3.88	3.77	4.27	5.29	4.65	6.17	6.32	6.91	6.56	6.68
Fixed Asset Turnover	6.97	8.21	8.38	7.48	5.10	6.12	6.11	5.79	6.23	6.57
Accounts Payable Turnover	10.04	9.76	9.43	9.82	8.94	12.34	13.50	15.49	15.13	15.99
Days Sales Outstanding (DSO)	17.65	16.24	13.77	11.12	18.11	19.26	20.32	19.88	16.21	15.07
Days Inventory Outstanding (DIO)	94.01	96.71	85.57	69.04	78.58	59.21	57.74	52.85	55.62	54.62
Days Payable Outstanding (DPO)	36.35	37.39	38.72	37.18	40.81	29.57	27.04	23.57	24.12	22.83
Cash Conversion Cycle (CCC)	75.31	75.56	60.62	42.98	55.89	48.89	51.02	49.16	47.71	46.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,441	8,791	8,277	7,439	7,351	8,395	8,110	8,097	7,910	7,856
Invested Capital Turnover	0.60	0.68	0.73	0.72	0.52	0.65	0.71	0.71	0.76	0.79
Increase / (Decrease) in Invested Capital	-350	514	838	88	-1,044	285	13	188	53	505
Enterprise Value (EV)	9,111	10,570	11,227	10,434	10,928	11,915	11,282	13,612	14,606	12,980
Market Capitalization	3,836	5,032	5,853	5,548	5,300	5,324	4,946	7,359	8,617	7,064
Book Value per Share	$24.87	$23.36	$19.86	$16.59	$11.24	$11.69	$10.89	$10.96	$10.86	$9.59
Tangible Book Value per Share	$24.38	$22.91	$19.44	$16.18	$10.81	$11.28	$10.56	$10.63	$10.56	$9.31
Total Capital	10,166	10,430	9,846	9,443	10,740	9,293	9,373	8,832	8,728	8,712
Total Debt	7,008	7,177	6,939	6,889	9,017	7,489	7,599	6,988	6,808	6,872
Total Long-Term Debt	4,516	5,042	4,484	4,596	5,963	5,169	4,888	4,587	4,667	4,832
Net Debt	5,283	5,539	5,370	4,886	5,628	6,591	6,336	6,253	5,989	5,916
Capital Expenditures (CapEx)	197	207	152	120	131	181	214	206	256	260
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,206	2,276	2,103	1,497	1,529	2,428	2,335	2,392	2,314	2,314
Debt-free Net Working Capital (DFNWC)	3,931	3,914	3,672	3,501	4,917	3,326	3,598	3,127	3,132	3,270
Net Working Capital (NWC)	1,439	1,779	1,217	1,207	1,863	1,006	887	727	991	1,231
Net Nonoperating Expense (NNE)	-87	-70	-17	3.33	5.48	-1.37	21	11	15	3.62
Net Nonoperating Obligations (NNO)	5,283	5,539	5,370	4,886	5,628	6,591	6,336	6,253	5,989	6,017
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	42.52%	39.00%	36.55%	28.06%	37.70%	45.28%	40.85%	42.36%	38.59%	38.60%
Debt-free Net Working Capital to Revenue	75.79%	67.07%	63.80%	65.61%	121.29%	62.03%	62.94%	55.38%	52.23%	54.55%
Net Working Capital to Revenue	27.75%	30.49%	21.14%	22.62%	45.96%	18.76%	15.51%	12.87%	16.53%	20.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.46	$4.96	$5.01	$4.23	$0.01	$2.70	$3.21	$3.03	$3.85	$3.71
Adjusted Weighted Average Basic Shares Outstanding	124.54M	136.56M	146.19M	153.88M	153.31M	152.81M	159.54M	168.41M	176.34M	184.03M
Adjusted Diluted Earnings per Share	$3.44	$4.87	$4.96	$4.19	$0.01	$2.68	$3.19	$3.02	$3.83	$3.69
Adjusted Weighted Average Diluted Shares Outstanding	124.54M	136.56M	146.19M	153.88M	153.31M	152.81M	159.54M	168.41M	176.34M	184.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$2.70	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	124.54M	136.56M	146.19M	153.88M	153.31M	152.81M	159.54M	168.41M	176.34M	184.03M
Normalized Net Operating Profit after Tax (NOPAT)	359	625	722	653	98	447	625	533	707	756
Normalized NOPAT Margin	6.91%	10.70%	12.54%	12.24%	2.41%	8.33%	10.92%	9.43%	11.80%	12.61%
Pre Tax Income Margin	9.97%	14.85%	16.18%	15.35%	-0.39%	10.40%	12.01%	15.30%	17.08%	19.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.90	27.64	30.67	27.23	0.25	18.41	23.20	28.75	35.35	95.38
NOPAT to Interest Expense	11.66	20.29	23.11	21.10	0.22	13.59	17.88	17.18	23.84	62.38
EBIT Less CapEx to Interest Expense	9.51	20.90	25.81	23.35	-3.96	12.57	16.29	22.09	26.72	73.92
NOPAT Less CapEx to Interest Expense	5.27	13.55	18.25	17.21	-3.99	7.75	10.97	10.53	15.20	40.92
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.49%	13.86%	12.61%	14.22%	5,245.53%	56.00%	46.25%	48.27%	36.45%	33.14%
Augmented Payout Ratio	123.78%	66.23%	58.41%	16.01%	5,862.33%	125.99%	119.75%	137.44%	103.68%	237.47%

This table displays calculated financial ratios and metrics derived from Harley-Davidson's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/25/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-23.15%	-34.71%	-25.72%	11.99%	-3.30%	-7.80%	-6.04%	-1.60%	19.63%	12.38%	20.75%
EBITDA Growth	-37.68%	-4,960.59%	-47.39%	12.43%	-27.22%	-115.86%	-32.17%	-20.55%	29.79%	100.31%	69.74%
EBIT Growth	-37.68%	-4,960.59%	-47.39%	12.43%	-27.22%	-115.86%	-32.17%	-20.55%	29.79%	100.31%	69.74%
NOPAT Growth	-43.96%	-25.56%	-46.42%	18.58%	-26.06%	-1,751.17%	-33.48%	-23.50%	28.49%	122.97%	53.65%
Net Income Growth	-43.68%	-608.64%	-40.86%	23.92%	-23.06%	-41.32%	-24.92%	-19.47%	35.65%	83.97%	60.26%
EPS Growth	-37.79%	-456.52%	-34.06%	33.61%	-15.69%	-14.81%	-22.47%	-16.44%	40.69%	107.69%	69.52%
Operating Cash Flow Growth	36.09%	176.76%	19.16%	30.18%	122.80%	283.36%	-10.37%	246.96%	-66.50%	-152.33%	17.52%
Free Cash Flow Firm Growth	425.74%	134.56%	73.10%	75.59%	69.62%	25.26%	-23.94%	-5.45%	-2,513.15%	-613.81%	-200.41%
Invested Capital Growth	-6.20%	-3.98%	2.54%	3.55%	4.87%	6.21%	8.06%	7.71%	12.71%	11.27%	8.69%
Revenue Q/Q Growth	93.31%	-40.24%	-28.92%	-6.40%	64.22%	-32.01%	7.16%	-19.19%	56.59%	-30.71%	12.22%
EBITDA Q/Q Growth	200.49%	-241.63%	-51.67%	-9.40%	8,260.04%	-101.47%	3.30%	-41.35%	1,677.69%	-93.70%	21.00%
EBIT Q/Q Growth	200.49%	-241.63%	-51.67%	-9.40%	8,260.04%	-101.47%	3.30%	-41.35%	1,677.69%	-93.70%	21.00%
NOPAT Q/Q Growth	187.12%	-246.66%	-53.07%	-6.54%	295.19%	-162.58%	3.87%	-41.73%	4,259.10%	-97.48%	19.44%
Net Income Q/Q Growth	210.44%	-202.12%	-46.16%	-7.25%	897.39%	-88.13%	12.81%	-42.41%	660.72%	-84.81%	21.00%
EPS Q/Q Growth	230.49%	-190.11%	-44.17%	-5.23%	647.83%	-83.33%	13.11%	-40.20%	655.56%	-84.83%	21.92%
Operating Cash Flow Q/Q Growth	6.27%	-62.27%	-25.47%	355.44%	116.12%	-83.76%	-18.58%	679.49%	277.86%	-107.94%	215.18%
Free Cash Flow Firm Q/Q Growth	214.78%	268.53%	-15.17%	46.69%	66.61%	-31.19%	-4.50%	33.63%	17.85%	-117.54%	11.09%
Invested Capital Q/Q Growth	0.00%	-4.98%	-0.86%	-0.43%	2.37%	1.47%	0.12%	0.84%	3.68%	3.24%	-0.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.00%	25.56%	41.20%	39.46%	37.29%	34.70%	38.40%	41.34%	40.76%	35.88%	40.36%
EBITDA Margin	13.30%	-25.58%	10.79%	15.87%	16.40%	-0.33%	15.24%	15.81%	21.79%	1.92%	21.11%
Operating Margin	12.07%	-28.12%	9.19%	14.89%	15.21%	-2.01%	13.51%	15.31%	20.66%	0.33%	20.55%
EBIT Margin	13.30%	-25.58%	10.79%	15.87%	16.40%	-0.33%	15.24%	15.81%	21.79%	1.92%	21.11%
Profit (Net Income) Margin	9.84%	-17.22%	10.08%	13.31%	13.43%	2.21%	12.66%	12.03%	16.87%	3.47%	15.84%
Tax Burden Percent	73.47%	69.55%	87.23%	81.56%	79.98%	509.72%	82.30%	74.92%	77.00%	175.83%	76.44%
Interest Burden Percent	100.71%	96.81%	107.04%	102.77%	102.37%	-131.42%	100.92%	101.51%	100.59%	102.94%	98.16%
Effective Tax Rate	26.53%	0.00%	12.77%	18.44%	20.02%	-409.72%	17.70%	25.08%	23.00%	-75.83%	23.56%
Return on Invested Capital (ROIC)	4.87%	-11.85%	5.08%	8.21%	8.00%	-7.00%	7.90%	8.28%	11.88%	0.42%	11.49%
ROIC Less NNEP Spread (ROIC-NNEP)	5.10%	-11.54%	5.51%	8.55%	8.39%	-4.60%	8.35%	8.43%	12.21%	1.07%	11.53%
Return on Net Nonoperating Assets (RNNOA)	8.57%	-19.47%	8.85%	14.19%	14.54%	-8.14%	14.30%	15.72%	23.07%	2.00%	22.78%
Return on Equity (ROE)	13.44%	-31.32%	13.92%	22.39%	22.53%	-15.14%	22.20%	24.01%	34.95%	2.42%	34.26%
Cash Return on Invested Capital (CROIC)	9.46%	8.23%	3.19%	3.09%	1.50%	1.30%	0.00%	1.37%	-2.27%	-1.48%	0.87%
Operating Return on Assets (OROA)	5.15%	-11.05%	4.70%	7.63%	7.78%	-0.16%	7.41%	7.89%	11.50%	0.98%	10.28%
Return on Assets (ROA)	3.81%	-7.44%	4.39%	6.39%	6.37%	1.09%	6.15%	6.00%	8.90%	1.77%	7.71%
Return on Common Equity (ROCE)	13.46%	-31.36%	13.93%	22.41%	22.53%	-15.13%	22.19%	24.00%	34.94%	2.42%	34.26%
Return on Equity Simple (ROE_SIMPLE)	10.80%	0.00%	17.10%	19.40%	18.74%	0.00%	21.49%	24.35%	26.46%	0.00%	25.39%
Net Operating Profit after Tax (NOPAT)	118	-135	92	197	210	-108	172	166	285	6.53	259
NOPAT Margin	8.87%	-19.68%	8.02%	12.15%	12.17%	-10.24%	11.12%	11.47%	15.91%	0.57%	15.71%
Net Nonoperating Expense Percent (NNEP)	-0.24%	-0.31%	-0.44%	-0.34%	-0.39%	-2.40%	-0.45%	-0.15%	-0.33%	-0.65%	-0.04%
Return On Investment Capital (ROIC_SIMPLE)	1.12%	-1.33%	-	-	-	-1.03%	-	-	-	0.07%	-
Cost of Revenue to Revenue	62.00%	74.44%	58.80%	60.54%	62.71%	65.30%	61.60%	58.66%	59.24%	64.12%	59.64%
SG&A Expenses to Revenue	19.23%	39.89%	23.80%	18.78%	16.95%	28.29%	19.46%	20.08%	15.98%	29.65%	16.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.92%	53.68%	32.01%	24.57%	22.08%	36.71%	24.89%	26.03%	20.09%	35.56%	19.81%
Earnings before Interest and Taxes (EBIT)	177	-176	124	257	284	-3.48	236	229	390	22	348
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	177	-176	124	257	284	-3.48	236	229	390	22	348
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.99	1.21	1.48	1.31	1.82	1.55	1.39	1.56	1.75	2.02	1.87
Price to Tangible Book Value (P/TBV)	1.01	1.24	1.51	1.34	1.85	1.58	1.41	1.59	1.79	2.06	1.91
Price to Revenue (P/Rev)	0.66	0.74	0.91	0.76	1.05	0.86	0.78	0.82	0.90	1.02	0.94
Price to Earnings (P/E)	8.90	8.42	8.48	6.66	9.51	7.12	6.36	6.32	6.58	7.89	7.37
Dividend Yield	2.76%	2.29%	1.77%	2.01%	1.53%	1.83%	2.01%	1.87%	1.72%	1.57%	1.71%
Earnings Yield	11.24%	11.87%	11.79%	15.02%	10.52%	14.04%	15.73%	15.82%	15.20%	12.67%	13.57%
Enterprise Value to Invested Capital (EV/IC)	1.00	1.08	1.18	1.12	1.30	1.20	1.15	1.21	1.27	1.36	1.31
Enterprise Value to Revenue (EV/Rev)	1.76	1.76	1.90	1.69	2.03	1.81	1.68	1.73	1.80	1.95	1.86
Enterprise Value to EBITDA (EV/EBITDA)	22.00	18.64	15.91	12.98	15.74	12.42	11.35	10.55	10.41	11.72	11.08
Enterprise Value to EBIT (EV/EBIT)	22.00	18.64	15.91	12.98	15.74	12.42	11.35	10.55	10.41	11.72	11.08
Enterprise Value to NOPAT (EV/NOPAT)	31.51	25.40	21.07	17.33	21.33	16.92	15.39	14.22	13.90	15.55	14.81
Enterprise Value to Operating Cash Flow (EV/OCF)	7.63	8.56	10.75	10.88	14.43	14.00	14.62	14.59	23.92	20.47	16.79
Enterprise Value to Free Cash Flow (EV/FCFF)	10.19	12.85	37.63	36.91	89.03	95.46	47,359.40	91.44	0.00	0.00	156.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.32	2.22	2.29	2.19	2.18	2.21	2.22	2.23	2.33	2.39	2.53
Long-Term Debt to Equity	1.58	1.43	1.40	1.45	1.51	1.55	1.78	1.83	1.71	1.54	1.68
Financial Leverage	1.68	1.69	1.60	1.66	1.73	1.77	1.71	1.86	1.89	1.88	1.98
Leverage Ratio	3.80	3.75	3.78	3.74	3.79	3.84	3.96	4.14	4.09	4.13	4.47
Compound Leverage Factor	3.82	3.63	4.05	3.84	3.88	-5.04	4.00	4.21	4.11	4.25	4.39
Debt to Total Capital	69.84%	68.93%	69.62%	68.64%	68.51%	68.82%	68.98%	69.06%	69.97%	70.48%	71.70%
Short-Term Debt to Total Capital	22.22%	24.51%	27.13%	23.01%	20.96%	20.47%	13.62%	12.61%	18.53%	24.94%	24.24%
Long-Term Debt to Total Capital	47.62%	44.42%	42.49%	45.63%	47.55%	48.35%	55.36%	56.46%	51.44%	45.54%	47.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.08%	-0.07%	-0.05%	-0.04%	-0.02%	0.00%	0.01%	0.01%	0.03%	0.03%	0.00%
Common Equity to Total Capital	30.24%	31.14%	30.43%	31.40%	31.51%	31.19%	31.01%	30.93%	30.01%	29.49%	28.30%
Debt to EBITDA	19.24	14.33	11.87	9.72	9.74	8.44	8.40	7.21	6.89	7.24	7.60
Net Debt to EBITDA	13.79	10.80	8.25	7.15	7.60	6.51	6.11	5.53	5.24	5.61	5.47
Long-Term Debt to EBITDA	13.12	9.24	7.24	6.46	6.76	5.93	6.74	5.89	5.06	4.68	5.03
Debt to NOPAT	27.56	19.54	15.72	12.97	13.20	11.49	11.39	9.71	9.19	9.61	10.16
Net Debt to NOPAT	19.75	14.73	10.93	9.54	10.30	8.87	8.28	7.45	6.99	7.44	7.31
Long-Term Debt to NOPAT	18.79	12.59	9.59	8.62	9.16	8.07	9.14	7.94	6.76	6.21	6.72
Altman Z-Score	1.24	1.21	1.32	1.38	1.51	1.35	1.45	1.50	1.52	1.35	1.34
Noncontrolling Interest Sharing Ratio	-0.16%	-0.13%	-0.07%	-0.05%	0.02%	0.05%	0.02%	0.02%	0.05%	0.06%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.56	1.40	1.41	1.50	1.54	1.53	2.03	2.03	1.72	1.34	1.36
Quick Ratio	1.25	1.08	1.16	1.23	1.23	1.16	1.61	1.55	1.34	0.98	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	676	215	-127	-111	-208	-622	-474	-454	-683	-832	-382
Operating Cash Flow to CapEx	472.21%	237.23%	671.27%	1,141.89%	224.34%	70.25%	565.62%	878.59%	103.46%	-39.33%	1,104.23%
Free Cash Flow to Firm to Interest Expense	87.99	27.97	-16.54	-14.41	-27.04	-80.92	-61.64	-58.93	-88.51	-108.31	-47.07
Operating Cash Flow to Interest Expense	18.41	17.34	45.80	61.67	13.54	6.26	38.53	47.28	6.05	-3.42	40.68
Operating Cash Flow Less CapEx to Interest Expense	14.51	10.03	38.98	56.27	7.51	-2.65	31.72	41.90	0.20	-12.10	37.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.43	0.44	0.48	0.47	0.49	0.49	0.50	0.53	0.51	0.49
Accounts Receivable Turnover	15.46	20.68	17.82	18.29	18.07	22.47	19.25	19.08	20.58	26.50	19.31
Inventory Turnover	4.01	3.88	4.73	4.89	4.44	3.77	4.96	4.61	4.77	4.27	6.04
Fixed Asset Turnover	6.52	6.97	7.76	8.45	8.20	8.21	8.81	8.99	8.94	8.38	8.57
Accounts Payable Turnover	7.12	10.04	9.97	10.07	8.91	9.76	8.76	9.34	8.36	9.43	8.51
Days Sales Outstanding (DSO)	23.61	17.65	20.48	19.96	20.20	16.24	18.97	19.13	17.74	13.77	18.90
Days Inventory Outstanding (DIO)	90.98	94.01	77.21	74.59	82.21	96.71	73.60	79.21	76.52	85.57	60.39
Days Payable Outstanding (DPO)	51.27	36.35	36.60	36.26	40.94	37.39	41.67	39.09	43.66	38.72	42.87
Cash Conversion Cycle (CCC)	63.33	75.31	61.08	58.29	61.46	75.56	50.90	59.25	50.60	60.62	36.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,441	8,441	8,884	8,961	9,000	8,791	8,664	8,654	8,582	8,277	8,018
Invested Capital Turnover	0.55	0.60	0.63	0.68	0.66	0.68	0.71	0.72	0.75	0.73	0.73
Increase / (Decrease) in Invested Capital	-558	-350	220	307	418	514	646	619	968	838	641
Enterprise Value (EV)	8,404	9,111	10,524	10,035	11,723	10,570	9,948	10,428	10,902	11,227	10,492
Market Capitalization	3,145	3,836	5,071	4,511	6,062	5,032	4,594	4,963	5,414	5,853	5,315
Book Value per Share	$25.55	$24.87	$26.07	$25.56	$24.81	$23.36	$23.36	$22.18	$21.16	$19.86	$19.43
Tangible Book Value per Share	$25.05	$24.38	$25.59	$25.10	$24.35	$22.91	$22.92	$21.75	$20.73	$19.44	$19.02
Total Capital	10,523	10,166	11,275	10,948	10,594	10,430	10,673	10,311	10,308	9,846	10,035
Total Debt	7,349	7,008	7,850	7,514	7,258	7,177	7,362	7,121	7,212	6,939	7,195
Total Long-Term Debt	5,011	4,516	4,791	4,995	5,037	5,042	5,908	5,821	5,302	4,484	4,762
Net Debt	5,268	5,283	5,459	5,528	5,663	5,539	5,353	5,464	5,486	5,370	5,178
Capital Expenditures (CapEx)	30	56	53	41	46	69	52	41	45	67	30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,282	2,206	2,388	2,406	2,521	2,276	2,194	2,190	2,390	2,103	1,748
Debt-free Net Working Capital (DFNWC)	4,363	3,931	4,779	4,392	4,115	3,914	4,204	3,848	4,116	3,672	3,765
Net Working Capital (NWC)	2,026	1,439	1,720	1,873	1,895	1,779	2,750	2,548	2,206	1,217	1,332
Net Nonoperating Expense (NNE)	-13	-17	-24	-19	-22	-131	-24	-8.00	-17	-33	-2.26
Net Nonoperating Obligations (NNO)	5,268	5,283	5,459	5,528	5,663	5,539	5,353	5,464	5,486	5,370	5,178
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	47.67%	42.52%	43.00%	40.43%	43.63%	39.00%	37.03%	36.36%	39.51%	36.55%	31.05%
Debt-free Net Working Capital to Revenue	91.16%	75.79%	86.08%	73.81%	71.23%	67.07%	70.94%	63.87%	68.05%	63.80%	66.89%
Net Working Capital to Revenue	42.32%	27.75%	30.99%	31.48%	32.79%	30.49%	46.41%	42.29%	36.47%	21.14%	23.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.07	($0.83)	$0.92	$1.64	$1.73	$0.24	$1.40	$1.24	$2.08	$0.29	$1.79
Adjusted Weighted Average Basic Shares Outstanding	121.49M	124.54M	127.33M	131.62M	134.51M	136.56M	139.27M	141.69M	143.76M	146.19M	146.18M
Adjusted Diluted Earnings per Share	$1.07	($0.82)	$0.91	$1.63	$1.72	$0.23	$1.38	$1.22	$2.04	$0.27	$1.78
Adjusted Weighted Average Diluted Shares Outstanding	121.49M	124.54M	127.33M	131.62M	134.51M	136.56M	139.27M	141.69M	143.76M	146.19M	146.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	121.49M	124.54M	127.33M	131.62M	134.51M	136.56M	139.27M	141.69M	143.76M	146.19M	146.18M
Normalized Net Operating Profit after Tax (NOPAT)	118	-135	92	197	210	-15	172	166	285	2.60	259
Normalized NOPAT Margin	8.87%	-19.68%	8.02%	12.15%	12.17%	-1.41%	11.12%	11.47%	15.91%	0.23%	15.71%
Pre Tax Income Margin	13.39%	-24.77%	11.55%	16.31%	16.79%	0.43%	15.38%	16.05%	21.92%	1.98%	20.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	23.00	-22.90	16.12	33.46	36.94	-0.45	30.71	29.70	50.48	2.85	42.85
NOPAT to Interest Expense	15.34	-17.62	11.97	25.60	27.40	-14.03	22.40	21.55	36.86	0.85	31.87
EBIT Less CapEx to Interest Expense	19.10	-30.21	9.29	28.06	30.90	-9.37	23.90	24.32	44.64	-5.83	39.16
NOPAT Less CapEx to Interest Expense	11.44	-24.93	5.15	20.20	21.36	-22.95	15.59	16.17	31.02	-7.84	28.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	26.11%	20.49%	15.84%	14.31%	15.44%	13.86%	13.46%	12.13%	11.39%	12.61%	12.93%
Augmented Payout Ratio	155.60%	123.78%	98.38%	74.88%	75.40%	66.23%	47.14%	35.63%	32.61%	58.41%	59.89%

Frequently Asked Questions About Harley-Davidson's Financials

When does Harley-Davidson's fiscal year end?

According to the most recent income statement we have on file, Harley-Davidson's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Harley-Davidson's net income changed over the last 9 years?

Harley-Davidson's net income were at $445.18 million at the end of 2024, a 36.0% decrease from 2023, and a 40.8% decrease since 2015. View Harley-Davidson's forecast to see where analysts expect Harley-Davidson to go next.

What is Harley-Davidson's operating income?

Harley-Davidson's total operating income in 2024 was $416.63 million, based on the following breakdown:

Total Gross Profit: $1.93 billion
Total Operating Expenses: $1.52 billion

How has Harley-Davidson revenue changed over the last 9 years?

Over the last 9 years, Harley-Davidson's total revenue changed from $6.00 billion in 2015 to $5.19 billion in 2024, a change of -13.5%.

How much debt does Harley-Davidson have?

Harley-Davidson's total liabilities were at $8.72 billion at the end of 2024, a 1.9% decrease from 2023, and a 7.3% increase since 2015.

How much cash does Harley-Davidson have?

In the past 9 years, Harley-Davidson's cash and equivalents has ranged from $687.52 million in 2017 to $3.26 billion in 2020, and is currently $1.59 billion as of their latest financial filing in 2024.

How has Harley-Davidson's book value per share changed over the last 9 years?

Over the last 9 years, Harley-Davidson's book value per share changed from 9.59 in 2015 to 24.87 in 2024, a change of 159.3%.

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This page (NYSE:HOG) was last updated on 5/21/2025 by MarketBeat.com Staff

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Harley-Davidson (HOG) Financials

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Harley-Davidson (HOG) Financials

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