Harley-Davidson, Inc. (HOG)

Harley-Davidson's stock has experienced fluctuations, with a recent share price decrease of 13.54% over the past 30 days and 28.60% over the past 12 months as of November 24, 2025. Q1 2025 financial results showed a 23% year-over-year revenue drop and a 43% decrease in net income, leading to the withdrawal of its 2025 financial outlook due to tariffs and economic uncertainty. LiveWire also saw a 72% year-over-year decline in EV sales in Q1 2025. Harley-Davidson declared a consistent quarterly dividend of $0.18 per share and reported impressive third-quarter results, with GAAP earnings per share of $3.10 and revenue reaching $1.34 billion. Harley-Davidson Financial Services, Inc. also announced pricing for cash tender offers to repurchase medium-term notes due in 2028 and 2029 in November 2025. Analyst ratings have seen some adjustments, with Morgan Stanley and UBS lowering their price targets for HOG in November 2025.

Demand for Harley-Davidson's products, particularly touring motorcycle sales, exhibits strong seasonal fluctuations. Revenue typically increases in anticipation of the warmer spring and summer months, which constitute the traditional riding season, and then declines during the winter. To mitigate this seasonality, Harley-Davidson has implemented a "surge manufacturing" strategy, allowing it to increase production quickly before and during peak sales months to better match supply with market demand.

Harley-Davidson, Inc. designs, manufactures, and sells a diverse range of motorcycles, including cruiser, trike, touring, standard, sportbike, adventure, and dual sport models. Beyond motorcycles, the company also offers motorcycle parts, accessories, and apparel. Harley-Davidson has expanded into the electric vehicle market with its LiveWire brand, which sells electric motorcycles and balance bikes for children. Additionally, the company provides financial services through Harley-Davidson Financial Services (HDFS), offering wholesale financing to dealers and retail financing, insurance, and voluntary protection products to customers.

Harley-Davidson manufactures its motorcycles at facilities in York, Pennsylvania; Menomonee Falls, Wisconsin; Tomahawk, Wisconsin; Manaus, Brazil; and Rayong, Thailand. While motorcycles sold in the United States are assembled domestically, parts manufacturing occurs globally, including in Mexico, Germany, Italy, Taiwan, and Japan. The United States represents the largest portion of Harley-Davidson's total revenue, accounting for approximately 70.98%. Harley-Davidson Financial Services primarily conducts business in the United States and Canada, with third-party financial institutions providing financing options for dealers and retail customers in Europe, the Middle East, Africa, Asia Pacific, and Latin America.

Harley-Davidson is widely recognized as an iconic brand with a loyal following and a strong brand heritage. The company's brand value is estimated at $7.4 billion, with approximately 1.2 million active Harley Owners Group (H.O.G.) members worldwide and a 94% customer retention rate among core motorcycle enthusiasts. However, the brand's reputation has faced some challenges, with reports indicating that Harley-Davidson was experiencing a "massive downfall after going woke," with plummeting sales and furious riders.

Harley-Davidson, Inc. is a publicly traded company with a diverse ownership structure. Institutional shareholders hold approximately 87.03% of the company, while insiders own about 3.83%, and retail investors hold 9.14%. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., Beutel, Goodman & Co Ltd., Donald Smith & Co., Inc., Dimensional Fund Advisors Lp, Fmr Llc, H Partners Management, Llc, Lsv Asset Management, Boston Partners, and American Century Companies Inc. Jeffrey L. Bleustein is the largest individual Harley-Davidson shareholder, owning 2.10 million shares, representing 1.78% of the company. As of October 1, 2025, Artie Starrs serves as the President and CEO.