HARLEY-DAVIDSON, INC.
HOG · Motorcycles, Bicycles & Parts · 105.3M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $281M (gross $364M, SBC $83M)
Reference price $23.87 · est. market cap ~$2.5B — last insider sale, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C66Iconic brand and strong balance sheet, but the core motorcycle business swung to an operating loss as retail demand fell sharply.
Strengths
- Top-decile cash/investments ($3.1B, 92nd pct) and net cash position (net debt/EBITDA -2.58); FCF $415M (81st pct)
- Decent returns vs sector — ROA 4.2% (71st pct), ROE 10.8% (63rd pct), with premium brand pricing power
Risks
- HDMC core segment posted a $28.7M operating loss vs $277.8M prior-year income; worldwide retail unit sales down 12.4% and net income down 25.6% (28th pct)
- Premium-discretionary cyclicality plus rising tariff costs ($67M in 2025, $75–105M est. 2026) pressuring margins
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $3.1B cash & investments
- Insider buyingInsider buying — 3 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$411,996, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -2%/yr over 4y
- Insider sellingInsider selling — 5 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$312,901, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
38.7%
Operating margin
8.6%
Net margin
7.6%
Return on equity
10.8%
Return on assets
4.2%
ROIC
6.4%
Revenue growth (QoQ)
136.3%
Net-income growth
-25.6%
Debt / equity
0.5×
Net debt / EBITDA
-2.6×
Current ratio
2.1×
Free cash flow
$415M
EBITDA
$559M
Tangible book value
$3.1B
Cash & investments
$3.1B
Stock comp / revenue
0.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Root Jonathan R | Sell | 1.6K | $23.87 |
| 2026-05-21 | Reintjes Matthew J | Grant | 2.5K | — |
| 2026-05-21 | NOVA DANIEL J | Grant | 4.7K | — |
| 2026-05-19 | Root Jonathan R | Sell | 1.6K | $24.21 |
| 2026-05-14 | Masood Rafeh | Option exercise | 6.0K | — |
| 2026-05-14 | Alstead Troy | Option exercise | 6.0K | — |
| 2026-05-14 | Golston Allan C. | Option exercise | 3.0K | — |
| 2026-05-14 | FARLEY JR JAMES D | Option exercise | 6.0K | — |
| 2026-05-14 | Sylvester Maryrose | Option exercise | 6.0K | — |
| 2026-05-14 | Flees Lori Ann | Option exercise | 6.0K | — |
| 2026-05-11 | Krause Paul J | Sell | 1.6K | $26.00 |
| 2026-03-12 | Do Charles | Sell | 4.2K | $18.09 |
| 2026-03-09 | Starrs Artie | Buy | 15K | $19.10 |
| 2026-03-09 | Flees Lori Ann | Buy | 4.0K | $18.89 |
| 2026-02-27 | Masood Rafeh | Buy | 2.8K | $18.00 |
| 2026-02-25 | FARLEY JR JAMES D | Sell | 6.5K | $18.71 |
| 2026-02-17 | Termaat Tori | Tax withheld | 1.2K | $20.42 |
| 2026-02-17 | Krause Paul J | Tax withheld | 1.8K | $20.42 |
| 2026-02-17 | Krause Paul J | Grant | 3.8K | — |
| 2026-02-17 | Root Jonathan R | Tax withheld | 821 | $20.42 |
| 2026-02-17 | Koval Glen | Grant | 2.3K | — |
| 2026-02-17 | Koval Glen | Tax withheld | 742 | $20.42 |
| 2026-02-17 | Termaat Tori | Grant | 2.5K | — |
| 2026-02-17 | Root Jonathan R | Grant | 2.8K | — |
| 2026-02-13 | Root Jonathan R | Tax withheld | 821 | $20.42 |
| 2026-02-13 | Krause Paul J | Grant | 3.8K | — |
| 2026-02-13 | Krause Paul J | Tax withheld | 1.8K | $20.42 |
| 2026-02-13 | Koval Glen | Grant | 2.3K | — |
| 2026-02-13 | Koval Glen | Tax withheld | 742 | $20.42 |
| 2026-02-13 | Termaat Tori | Grant | 2.5K | — |
| 2026-02-13 | Termaat Tori | Tax withheld | 1.2K | $20.42 |
| 2026-02-13 | Root Jonathan R | Grant | 2.8K | — |
| 2026-02-09 | Koval Glen | Tax withheld | 362 | $20.49 |
| 2026-02-09 | Beck Bryan Andrew | Option exercise | 398 | — |
| 2026-02-09 | Beck Bryan Andrew | Tax withheld | 135 | $20.49 |
| 2026-02-09 | Koval Glen | Option exercise | 968 | — |
| 2026-02-09 | Termaat Tori | Option exercise | 1.1K | — |
| 2026-02-09 | Termaat Tori | Tax withheld | 562 | $20.49 |
| 2026-02-09 | Root Jonathan R | Option exercise | 1.2K | — |
| 2026-02-09 | Root Jonathan R | Tax withheld | 348 | $20.49 |
| 2026-02-09 | Krause Paul J | Option exercise | 1.6K | — |
| 2026-02-09 | Krause Paul J | Tax withheld | 748 | $20.49 |
| 2026-02-06 | Termaat Tori | Tax withheld | 1.6K | $20.01 |
| 2026-02-06 | Beck Bryan Andrew | Option exercise | 1.1K | — |
| 2026-02-06 | Koval Glen | Option exercise | 3.9K | — |
| 2026-02-06 | Koval Glen | Tax withheld | 1.5K | $20.01 |
| 2026-02-06 | Beck Bryan Andrew | Tax withheld | 372 | $20.01 |
| 2026-02-06 | Root Jonathan R | Option exercise | 10.0K | — |
| 2026-02-06 | Root Jonathan R | Tax withheld | 3.0K | $20.01 |
| 2026-02-06 | Krause Paul J | Tax withheld | 2.4K | $20.01 |
| 2026-02-06 | Krause Paul J | Option exercise | 4.8K | — |
| 2026-02-06 | Do Charles | Option exercise | 5.2K | — |
| 2026-02-06 | Do Charles | Tax withheld | 1.9K | $20.01 |
| 2026-02-06 | Termaat Tori | Option exercise | 3.1K | — |
| 2026-02-05 | Do Charles | Tax withheld | 571 | $20.51 |
| 2026-02-05 | Koval Glen | Option exercise | 1.4K | — |
| 2026-02-05 | Koval Glen | Tax withheld | 510 | $20.51 |
| 2026-02-05 | Termaat Tori | Option exercise | 1.5K | — |
| 2026-02-05 | Termaat Tori | Tax withheld | 793 | $20.51 |
| 2026-02-05 | Beck Bryan Andrew | Tax withheld | 201 | $20.51 |
| 2026-02-05 | Root Jonathan R | Option exercise | 3.2K | — |
| 2026-02-05 | Root Jonathan R | Tax withheld | 1.1K | $20.51 |
| 2026-02-05 | Beck Bryan Andrew | Option exercise | 590 | — |
| 2026-02-05 | Do Charles | Option exercise | 1.5K | — |
| 2026-02-05 | Krause Paul J | Option exercise | 2.2K | — |
| 2026-02-05 | Krause Paul J | Tax withheld | 1.2K | $20.51 |
| 2025-11-20 | Mansfield Luke Christopher | Sell | 12K | $23.21 |
| 2025-11-07 | Do Charles | Sell | 4.1K | $25.51 |
| 2025-10-31 | Do Charles | Tax withheld | 1.5K | $26.65 |
| 2025-10-31 | Do Charles | Option exercise | 4.7K | — |
| 2025-09-24 | NOVA DANIEL J | Grant | 2.9K | — |
| 2025-08-05 | Masood Rafeh | Buy | 2.1K | $24.06 |
| 2025-05-16 | FARLEY JR JAMES D | Option exercise | 4.2K | — |
| 2025-05-16 | Golston Allan C. | Option exercise | 2.1K | — |
| 2025-05-16 | Sylvester Maryrose | Option exercise | 4.2K | — |
| 2025-05-16 | Alstead Troy | Option exercise | 4.2K | — |
| 2025-05-14 | LINEBARGER NORMAN THOMAS | Grant | 4.4K | — |
| 2025-05-14 | Flees Lori Ann | Grant | 2.2K | — |
| 2025-02-13 | Mansfield Luke Christopher | Sell | 3.4K | $25.96 |
| 2025-02-09 | Krause Paul J | Tax withheld | 747 | $26.82 |
| 2025-02-09 | ZEITZ JOCHEN | Option exercise | 45K | — |
| 2025-02-09 | ZEITZ JOCHEN | Tax withheld | 19K | $26.82 |
| 2025-02-09 | Termaat Tori | Option exercise | 1.1K | — |
| 2025-02-09 | Termaat Tori | Tax withheld | 529 | $26.82 |
| 2025-02-09 | Termaat Tori | Option exercise | 1.1K | — |
| 2025-02-09 | Termaat Tori | Tax withheld | 505 | $26.82 |
| 2025-02-09 | Root Jonathan R | Option exercise | 1.3K | — |
| 2025-02-09 | Root Jonathan R | Tax withheld | 384 | $26.82 |
| 2025-02-09 | Root Jonathan R | Option exercise | 1.2K | — |
| 2025-02-09 | Root Jonathan R | Tax withheld | 348 | $26.82 |
| 2025-02-09 | Mansfield Luke Christopher | Option exercise | 1.2K | — |
| 2025-02-09 | Mansfield Luke Christopher | Tax withheld | 395 | $26.82 |
| 2025-02-09 | Mansfield Luke Christopher | Option exercise | 1.1K | — |
| 2025-02-09 | Mansfield Luke Christopher | Tax withheld | 357 | $26.82 |
| 2025-02-09 | Krishnan Jagdish | Option exercise | 2.0K | — |
| 2025-02-09 | Krishnan Jagdish | Tax withheld | 611 | $26.82 |
| 2025-02-09 | Krishnan Jagdish | Option exercise | 2.0K | — |
| 2025-02-09 | Krishnan Jagdish | Tax withheld | 582 | $26.82 |
| 2025-02-09 | Krause Paul J | Option exercise | 1.7K | — |
| 2025-02-09 | Krause Paul J | Tax withheld | 782 | $26.82 |
| 2025-02-09 | Krause Paul J | Option exercise | 1.6K | — |
| 2025-02-09 | Koval Glen | Option exercise | 1.8K | — |
| 2025-02-09 | Koval Glen | Tax withheld | 658 | $26.82 |
| 2025-02-09 | Koval Glen | Option exercise | 968 | — |
| 2025-02-09 | Koval Glen | Tax withheld | 362 | $26.82 |
| 2025-02-09 | KORNETZKE MARK R | Option exercise | 1.1K | — |
| 2025-02-09 | KORNETZKE MARK R | Tax withheld | 313 | $26.82 |
| 2025-02-09 | KORNETZKE MARK R | Option exercise | 1.3K | — |
| 2025-02-09 | KORNETZKE MARK R | Tax withheld | 385 | $26.82 |
| 2025-02-06 | Termaat Tori | Grant | 4.5K | — |
| 2025-02-06 | Termaat Tori | Tax withheld | 2.3K | $26.72 |
| 2025-02-06 | Root Jonathan R | Grant | 5.3K | — |
| 2025-02-06 | Root Jonathan R | Tax withheld | 1.6K | $26.72 |
| 2025-02-06 | Mansfield Luke Christopher | Grant | 5.0K | — |
| 2025-02-06 | Mansfield Luke Christopher | Tax withheld | 1.7K | $26.72 |
| 2025-02-06 | Krishnan Jagdish | Grant | 8.3K | — |
| 2025-02-06 | Krishnan Jagdish | Tax withheld | 2.5K | $26.72 |
| 2025-02-06 | Krause Paul J | Grant | 6.7K | — |
| 2025-02-06 | Krause Paul J | Tax withheld | 3.3K | $26.72 |
| 2025-02-05 | ZEITZ JOCHEN | Option exercise | 64K | — |
| 2025-02-05 | ZEITZ JOCHEN | Tax withheld | 23K | $26.82 |
| 2025-02-05 | Termaat Tori | Option exercise | 1.5K | — |
| 2025-02-05 | Termaat Tori | Tax withheld | 793 | $26.82 |
| 2025-02-05 | Root Jonathan R | Option exercise | 3.2K | — |
| 2025-02-05 | Root Jonathan R | Tax withheld | 1.1K | $26.82 |
| 2025-02-05 | Mansfield Luke Christopher | Option exercise | 2.1K | — |
| 2025-02-05 | Mansfield Luke Christopher | Tax withheld | 775 | $26.82 |
| 2025-02-05 | Krishnan Jagdish | Option exercise | 3.2K | — |
| 2025-02-05 | Do Charles | Tax withheld | 570 | $26.82 |
| 2025-02-05 | Do Charles | Option exercise | 1.5K | — |
| 2025-02-05 | KORNETZKE MARK R | Tax withheld | 683 | $26.82 |
| 2025-02-05 | KORNETZKE MARK R | Option exercise | 1.8K | — |
| 2025-02-05 | Koval Glen | Tax withheld | 510 | $26.82 |
| 2025-02-05 | Koval Glen | Option exercise | 1.4K | — |
| 2025-02-05 | Krause Paul J | Tax withheld | 1.2K | $26.82 |
| 2025-02-05 | Krishnan Jagdish | Tax withheld | 1.1K | $26.82 |
| 2025-02-05 | Krause Paul J | Option exercise | 2.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (1)
- First Brands Group, LLC
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Exec/director change | filing ↗ |
| 2026-05-28 | Exec/director changeShareholder vote | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-03-06 | Other | filing ↗ |
| 2026-02-10 | ResultsExec/director changeExhibits | filing ↗ |
| 2025-12-10 | Exec/director change | filing ↗ |
| 2025-12-05 | Exec/director change | filing ↗ |
| 2025-11-06 | Material agreementAcquisition/dispositionExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-26 | 0000793952-26-000050 ↗ |
| 8-K | 2026-05-28 | 2026-05-21 | 0000793952-26-000038 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0000793952-26-000032 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0000793952-26-000029 ↗ |
| 8-K | 2026-03-06 | 2026-03-06 | 0000793952-26-000014 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0000793952-26-000011 ↗ |
| 8-K | 2026-02-10 | 2026-02-09 | 0000793952-26-000004 ↗ |
| 8-K | 2025-12-10 | 2025-12-10 | 0000793952-25-000193 ↗ |
| 8-K | 2025-12-05 | 2025-12-05 | 0000793952-25-000191 ↗ |
| 8-K | 2025-11-06 | 2025-10-31 | 0001104659-25-107721 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0000793952-25-000188 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001104659-25-105891 ↗ |