Harley-Davidson (HOG) Financials

$22.60 +0.06 (+0.27%)

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-946	-451	112	-433	55	-421	-145	-80	53	-783
Net Cash From Operating Activities	331	-26	47	364	296	48	104	474	353	133
Net Cash From Investing Activities	-252	-27	-71	-275	-166	-1.17	-113	-285	-89	103
Net Cash From Continuing Investing Activities	-252	-27	-71	-275	-166	-1.17	-113	-285	-89	103
Purchase of Property, Plant & Equipment	-30	-67	-45	-41	-52	-69	-46	-41	-53	-56
Purchase of Investments	-1,263	-785	-917	-1,212	-1,034	-711	-908	-1,188	-907	-637
Other Investing Activities, net	1,040	824	892	979	920	778	842	945	870	796
Net Cash From Financing Activities	-463	-423	179	-154	229	-428	-26	208	131	-886
Net Cash From Continuing Financing Activities	-463	-423	179	-154	229	-428	-26	208	131	-886
Repayment of Debt	-550	-387	-993	-914	-224	-356	-222	-790	-353	-869
Repurchase of Common Equity	-13	-0.13	-97	-73	-70	-125	-108	-102	-150	-100
Payment of Dividends	-23	-23	-24	-24	-25	-24	-24	-23	-22	-22
Issuance of Debt	23	-	1,241	787	508	107	335	1,060	612	104
Other Financing Activities, net	99	-13	52	70	39	-31	-6.76	63	45	1.38

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

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

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

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

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

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

Frequently Asked Questions About Harley-Davidson's Financials

When does Harley-Davidson's financial year end?

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

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

In the past 9 years, Harley-Davidson's net income has ranged from $1.30 million in 2020 to $752.21 million in 2015, and is currently $445.18 million as of their latest financial filing in 2024.

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 4/14/2025 by MarketBeat.com Staff

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Harley-Davidson (HOG) Financials

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Harley-Davidson (HOG) Financials

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