Harley-Davidson - Public Comps and Valuation Multiples

Harley-Davidson Overview

About Harley-Davidson

Harley-Davidson is a leading global manufacturer of heavyweight motorcycles across the custom, cruising, and touring segments, as well as related merchandise, parts, and accessories. In recent years, the firm has expanded into the adventure touring market with its Pan America model and into electric with the LiveWire brand. Its captive finance arm, Harley-Davidson Financial Services, provides wholesale financing to dealers and retail financing and insurance brokerage services to customers. Harley captured around 37% of the heavyweight domestic market in 2024.

Founded

1981

HQ

Employees

5.9K+

Website

harley-davidson.com

Sectors

Automakers
AutomotiveTech

Financials

LTM Revenue $3.8B

LTM EBITDA $718M

EV

$8.6B

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Harley-Davidson Financials

As of September 2025, Harley-Davidson reported last 12-month revenue of $3.8B and EBITDA of $718M.

In the same period, Harley-Davidson generated $1.0B in LTM gross profit and $496M in net income.

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Harley-Davidson P&L

In the most recent fiscal year, Harley-Davidson reported revenue of $5.2B and EBITDA of $709M.

Harley-Davidson expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.8B	XXX	$5.2B	XXX	XXX	XXX
Gross Profit	$1.0B	XXX	$1.8B	XXX	XXX	XXX
Gross Margin	27%	XXX	35%	XXX	XXX	XXX
EBITDA	$718M	XXX	$709M	XXX	XXX	XXX
EBITDA Margin	19%	XXX	14%	XXX	XXX	XXX
EBIT	$500M	XXX	$417M	XXX	XXX	XXX
EBIT Margin	13%	XXX	8%	XXX	XXX	XXX
Net Profit	$496M	XXX	$455M	XXX	XXX	XXX
Net Margin	13%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$5.4B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Harley-Davidson including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.8B. EBITDA for the last twelve months was $718M. In the most recent fiscal year, Harley-Davidson achieved $5.2B in revenue and $709M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.8B	Analyst estimates available to subscribers	$5.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.0B	Analyst estimates available to subscribers	$1.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	27.4% gross margin	Analyst estimates available to subscribers	34.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$718M	Analyst estimates available to subscribers	$709M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	19.0% EBITDA margin	Analyst estimates available to subscribers	13.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$500M	Analyst estimates available to subscribers	$417M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	13.2% EBIT margin	Analyst estimates available to subscribers	8.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$496M	Analyst estimates available to subscribers	$455M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.1% net profit margin	Analyst estimates available to subscribers	8.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$5.4B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Harley-Davidson

This financial data table provides comprehensive performance metrics for Harley-Davidson, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Harley-Davidson generated $3.8B in revenue over the last twelve months.
The company achieved $718M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.0B.
Net income over the last twelve months reached $496M.

Fiscal Year Performance

In the most recent fiscal year, Harley-Davidson reported $5.2B in total revenue.
Fiscal year EBITDA was $709M.
The company maintained a gross profit margin of 34.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 13.7%.
Net profit margin reached 8.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Harley-Davidson. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Harley-Davidson Stock Performance

Harley-Davidson has current market cap of $3.3B, and EV of $8.6B.

Market Cap Evolution

Harley-Davidson Stock Data

As of October 17, 2025, Harley-Davidson's stock price is $27.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.6B	$3.3B	XXX	XXX	XXX	XXX	$4.02

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Harley-Davidson Valuation Multiples

Harley-Davidson's trades at 1.7x EV/Revenue multiple, and 12.1x EV/EBITDA.

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Harley-Davidson Financial Valuation Multiples

As of October 17, 2025, Harley-Davidson has market cap of $3.3B and EV of $8.6B.

Equity research analysts estimate Harley-Davidson's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Harley-Davidson has a P/E ratio of 6.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.3B	XXX	$3.3B	XXX	XXX	XXX
EV (current)	$8.6B	XXX	$8.6B	XXX	XXX	XXX
EV/Revenue	2.3x	XXX	1.7x	XXX	XXX	XXX
EV/EBITDA	11.9x	XXX	12.1x	XXX	XXX	XXX
EV/EBIT	17.2x	XXX	20.6x	XXX	XXX	XXX
EV/Gross Profit	8.3x	XXX	n/a	XXX	XXX	XXX
P/E	6.6x	XXX	7.2x	XXX	XXX	XXX
EV/FCF	2.7x	XXX	9.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Harley-Davidson Margins & Growth Rates

Harley-Davidson's last 12 month revenue growth is 1%

Harley-Davidson's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.2M for the same period.

Harley-Davidson's rule of 40 is 19% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Harley-Davidson's rule of X is 21% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Harley-Davidson Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	1%	XXX	-14%	XXX	XXX	XXX
EBITDA Margin	19%	XXX	14%	XXX	XXX	XXX
EBITDA Growth	-30%	XXX	-16%	XXX	XXX	XXX
Rule of 40	19%	XXX	15%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	21%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	27%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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