Harley-Davidson Inc (HOG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Harley-Davidson Inc stock $65.04, price $32.66, upside +99.1%, quality 63 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $16.94 – $47.20 · fair‑value band $50.52 – $79.55 · the $32.66 price screens below the $65.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Harley-Davidson, Inc. manufactures and sells motorcycles in the United States and internationally. The company operates in three segments: Harley-Davidson Motor Company, LiveWire, and Harley-Davidson Financial Services.
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The Harley-Davidson Motor Company segment designs, manufactures, and sells motorcycles, including cruiser, trike, Grand American touring, standard, sportbike, adventure touring, and dual sport, as well as motorcycle parts, accessories, and apparel, as well as licenses its trademarks and related services.
This segment sells its products to retail customers through a network of independent dealers, as well as e-commerce channels. The LiveWire segment sells electric motorcycles, balance bikes for kids, electric bikes, parts and accessories, apparel, and related parts and services.
The Harley-Davidson Financial Services segment provides wholesale financing services, such as floorplan and open-account financing of motorcycles, and parts and accessories; and retail financing services, such as installment lending for the purchase of new and used Harley-Davidson motorcycles, as well as point-of-sale insurance and voluntary protection products.
This segment also licenses third-party financial institutions that issue credit cards bearing the Harley-Davidson brand. Harley-Davidson, Inc. was founded in 1903 and is based in Milwaukee, Wisconsin.
Stock analysis
Harley-Davidson Inc (HOG) currently trades at $32.66, while our model-based Fair Value estimate is $65.04, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $70.15 per share, and 20 of the 25 models we run sit above the $32.66 price.
Bear case: the Asset-Based group reads lowest at $6.56, and 5 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: $50.52 (bear) to $79.55 (bull), the price of $32.66 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Harley-Davidson Inc reported revenue of $4.5B in FY2025 versus $5.3B in FY2021, a compound −4.3%/yr. Reported net income was $339M in FY2025, compounding −15.0%/yr from FY2021.
Key figures
Market cap $3.5B Mid · P/S ratio 0.82 · EPS (TTM) $1.82 · Dividend yield 2.3% · Net margin 7.6% · Return on equity −4.2% · Return on assets (EBIT) 6.0% (5-year average) · Operating margin 3.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 26 out of 100 (low confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 6% below its 52-week high and 93% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 14% fair-value upside, at 99%, HOG screens cheaper than that median.
Fair Value models
Bear$50.52Fair Value $65.04Bull$79.55
Price $32.66 · Upside +99.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.9275 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 3 officers or directors bought shares worth $1.4M, most recently on Aug 11, 2026. Over the same period, 2 people sold shares worth $272,783. Buying cluster
SaleJonathan R RootCFO and CCO6× since May 19, 2026: 9,329 shares, avg. $24.88$232,119Oct 1, 202610b5-1 plan
BuyGayle LittletonCLO, CCO, CAO & Corp Sec7,500 shares at $26.38$197,850Aug 11, 2026
BuyArtie StarrsPresident & CEO, Director2× since Mar 9, 2026: 25,000 shares, avg. $21.82$545,400Aug 10, 2026
BuyDaniel J NovaDirector40,000 shares at $24.57$982,800Jul 31, 2026
SalePaul J KrauseChief Legal Officer1,564 shares at $26.00$40,664May 11, 202610b5-1 plan
SaleCharles DoSr. Vice President, HDFSI4,241 shares at $18.10$76,762Mar 12, 2026
BuyLori Ann FleesDirector4,000 shares at $18.89$75,560Mar 9, 2026
BuyRafeh MasoodDirector2,775 shares at $18.00$49,950Feb 27, 2026
SaleJr James D FarleyDirector6,454 shares at $18.71$120,754Feb 25, 2026
SaleLuke Christopher MansfieldChief Commercial Officer11,500 shares at $23.21$266,915Nov 20, 2025
Plus 9 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.7%
Revenue growth 39 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.9%
Dividend (yield on the price)2.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.0.8% vs −3.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.0% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+0.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −7.2% a year for the price and −2.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Brand recognition forms the main strength, yet a limited economic moat shown by weak returns, thin innovation and low ROE and ROA remains the key weakness.
Main risk: External pressures on discretionary spending form the biggest risk as they could limit demand in the premium motorcycle market.
Harley-Davidson is cutting fixed costs by more than 150 million dollars by 2027 under its Back to the Bricks plan, pairing that with new models and signs of retail sales momentum. Our models see the shares as undervalued. Will the focus on core strengths and efficiency lift demand enough to offset a still-soft market for premium motorcycles, or will external pressures on discretionary spending limit the gains?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Recreational Vehicles · 33 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+99.1% · Top 25%
Profitability
Return on assets4.2% · Above median
Net margin (12 months)−3.3% · Bottom 25%
Operating margin (12 months)3.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)−19.2% · Bottom 25%
Dividend yield (12 months)2.3% · Below median
Balance sheet
Debt / equity0.53× · Highest 25%
Valuation Multiplesvs Recreational Vehicles median · lower = cheaper
P/B1.13× · Cheaper than median
P/S (12 months)0.89× · Pricier than median
Price / free cash flow (fiscal year)8.5× · Cheaper than median
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Cite: Fair Value Calculator (2026). "Harley-Davidson Inc Fair Value". https://www.fairvalue-calculator.com/stock/HOG
Frequently asked questions
Is Harley-Davidson Inc (HOG) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $65.04 versus a price of $32.66, about +99% upside (undervalued).
What is the fair value of HOG?
Our model-based fair value for Harley-Davidson Inc is $65.04 (as of Nov 6, 2026), built from audited fundamentals. The current price: $32.66.
What is the quality score of HOG?
Harley-Davidson Inc has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Harley-Davidson Inc (HOG)?
Our model-based price target is the fair value of $65.04 (as of Nov 6, 2026) from 25 valuation models. Cautious scenario $50.52, optimistic scenario $79.55. It is a calculation from audited fundamentals, not an analyst target.
What is the Harley-Davidson Inc stock forecast for 2026?
Our models put fair value at $65.04, about +99% upside versus a price of $32.66 (undervalued). Cautious scenario $50.52, optimistic scenario $79.55. The calculation is refreshed regularly with new filings.
What is the revenue of Harley-Davidson Inc (HOG)?
Harley-Davidson Inc reported trailing-twelve-month revenue of about $4.0B (latest available figure, as of Nov 6, 2026).
Does Harley-Davidson Inc pay a dividend?
Harley-Davidson Inc currently shows a dividend yield of 2.25% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Harley-Davidson Inc (HOG) and when is the ex-dividend date?
Harley-Davidson Inc pays a dividend of $0.735 per share a year, a dividend yield of 2.3%. The last ex-dividend date was Sep 15, 2026. A dividend has been paid every year since 1993. The payout ratio is 40.4% of earnings. Free cash flow covers the dividend 5.43 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Harley-Davidson Inc (HOG)?
For today's price to be fair in a discounted-cash-flow model, Harley-Davidson Inc would have to grow free cash flow by -5.0 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of HOG use?
Our models discount Harley-Davidson Inc at 10.5 %: a base by market capitalisation (mid), damped by beta 1.32, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Harley-Davidson Inc that is -5.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Harley-Davidson Inc (HOG) delivered so far?
Over the past 5 years revenue at Harley-Davidson Inc grew +2.0 % a year. The price currently implies free-cash-flow growth of -5.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Harley-Davidson Inc (HOG) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Harley-Davidson Inc (-5.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Harley-Davidson Inc (HOG)?
The free-cash-flow yield on the price is 11.74 %: that much free cash flow Harley-Davidson Inc produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Harley-Davidson Inc (HOG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Harley-Davidson Inc it is $65.04 per share (as of Nov 6, 2026), against a price of $32.66. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Harley-Davidson Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HOG trades below its calculated fair value: price $32.66, fair value $65.04, a gap of about +99% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HOG?
No. The price is what the market pays today ($32.66); the fair value is what the company's own numbers justify ($65.04). For Harley-Davidson Inc the two are $32.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Harley-Davidson Inc worth?
The market values Harley-Davidson Inc at about $3.5B (market capitalisation, as of Nov 6, 2026). Per share that is $32.66; our models calculate a fair value of $65.04 per share.
What do the bullish and bearish scenarios say about HOG?
Our models span a range for Harley-Davidson Inc: cautious scenario $50.52, base $65.04, optimistic $79.55 per share (as of Nov 6, 2026, price $32.66). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of HOG?
The PEG ratio of Harley-Davidson Inc is 2.36 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Harley-Davidson Inc (HOG)?
Balance-sheet figures for Harley-Davidson Inc (as of Nov 6, 2026): return on equity −4.2%, debt of 0.53 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is HOG from its 52-week high?
Harley-Davidson Inc trades at $32.66, about 6% below its 52-week high of $34.59 and 93% above the low of $16.94 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $65.04 is for.
Which stocks are comparable to Harley-Davidson Inc?
From the same area (Consumer Cyclical) we also value Zhejiang Cfmoto Power Co, Brunswick Corporation, BRP Inc, THOR Industries, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Harley-Davidson Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $32.66, calculated fair value $65.04 (+99%), Quality Score 63/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HOG calculated?
We run Harley-Davidson Inc through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $65.04 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Harley-Davidson Inc currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Harley-Davidson Inc (HOG)?
The closing price on Nov 6, 2026 was $32.66. Our model-based fair value is $65.04, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Harley-Davidson Inc right now?
The price is below even our cautious bear case ($50.52). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Harley-Davidson Inc (HOG) come from?
Earnings per share at Harley-Davidson Inc grew −0.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.8 %, EBIT margin −6.7 %, tax rate +2.1 %, residual (interest, one-offs) +2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Harley-Davidson Inc
How large is the market capitalisation of Harley-Davidson Inc (HOG)?
The market capitalisation of Harley-Davidson Inc is $3.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Harley-Davidson Inc (HOG)?
The price-to-sales ratio of Harley-Davidson Inc is 0.82 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Harley-Davidson Inc (HOG)?
Earnings per share at Harley-Davidson Inc are $1.82. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Harley-Davidson Inc (HOG)?
The dividend yield of Harley-Davidson Inc is 2.3% (payout 40.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Harley-Davidson Inc (HOG)?
The net margin of Harley-Davidson Inc is 7.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Harley-Davidson Inc (HOG)?
The return on equity (ROE) of Harley-Davidson Inc is −4.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Harley-Davidson Inc (HOG)?
On an EBIT basis the return on assets of Harley-Davidson Inc is 6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Harley-Davidson Inc (HOG)?
The operating margin of Harley-Davidson Inc is 3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Harley-Davidson Inc (HOG)?
Revenue at Harley-Davidson Inc is growing −19.2% versus a year earlier (3y avg −8.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Harley-Davidson Inc (HOG)?
Earnings per share at Harley-Davidson Inc are growing −87.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Harley-Davidson Inc (HOG) hold?
Harley-Davidson Inc holds more cash than debt, $38.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 6, 2026