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Harley-Davidson Inc HOG Stock Quote

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Morningstar‘s Stock Analysis HOG

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


Harley's Hardwire Initiative Yields Profit Gains, but Margin Upside Bound by Electric Unit Profits

Jaime M. Katz, CFA Senior Equity Analyst

Business Strategy and Outlook

| Jaime M. Katz, CFA |

With a long history of manufacturing experience, Harley-Davidson has brand strength and a dealer network that give the firm a wide economic moat and dominant position in the U.S. motorcycle market. However, there are no switching costs to protect Harley's brand when consumers replace their bikes, and the premium price Harley commands relative to its peers has proven problematic during cyclical downturns and periods of competitive pricing, hindering Harley's retail sales and shipments. In 2020, as a result of temporary factory shutdowns and dealer closures (as well as the pushback of product launches until spring 2021), Harley ceded massive market share. While still a significant market player, Harley's market share fell roughly 800 basis points, to 42.1% in 2020 from above 50% in 2019. Thankfully, it recovered 3% of share in 2021, a gain that it should maintain with the introduction of new products. We plan to monitor Harley's market share position to help determine whether Harley's wide moat rating deserves to stay intact.

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Key Statistics HOG

Company Profile HOG

Business Description

Harley-Davidson is a global leading manufacturer of heavyweight motorcycles, merchandise, parts, and accessories. It sells custom, cruiser, and touring motorcycles and offers a complete line of Harley-Davidson motorcycle parts, accessories, riding gear, and apparel, as well as merchandise. Harley-Davidson Financial Services provides wholesale financing to dealers and retail financing and insurance brokerage services to customers. Harley has historically captured about half of all heavyweight domestic retail motorcycle registrations, a metric it had ceded in 2020 as it repositioned the business, but a level it is working back toward. In recent years the firm has expanded into the adventure touring market with its Pan America model and into electric with the LiveWire brand.

3700 West Juneau Avenue
Milwaukee, WI, 53208
T +1 414 342-4680
Industry Recreational Vehicles
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 5,800

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