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Harley-DavidsonBUE:HOG -3.20%65 Piotroski F-Score is 5 as of Jul. 24, 2026, which is at its 10-year median of 5.00. GuruFocus rates BUE:HOG with a GF Score™ of 65/100 and a GF Value™ of ARS14,623.35 (Fairly Valued). The stock has 8 warning signs investors should review. Among 1,284 Vehicles & Parts companies, Harley-Davidson ranks better than 51.4% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Harley-Davidson has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Harley-Davidson's Piotroski F-Score or its related term are showing as below:
BUE:HOG'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 5 Max: 8
Current: 5
During the past 13 years, the highest Piotroski F-Score of Harley-Davidson was 8. The lowest was 4. And the median was 5.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Harley-Davidson Piotroski F-Score Related Terms
Harley-Davidson Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Harley-Davidson's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BUE:HOG vs LCII, PATK, THO: Piotroski F-Score Comparison
For the Recreational Vehicles subindustry, Harley-Davidson's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Harley-Davidson Piotroski F-Score vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Harley-Davidson's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Harley-Davidson's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 512467.708 + -405405.229 + 34638.726 + 118207.407 = ARS259,909 Mil. Cash Flow from Operations was -125737.01 + 220653.904 + -318829.244 + 249339.791 = ARS25,427 Mil. Revenue was 1820700.808 + 720166.422 + 1639485.714 + 1822526.995 = ARS6,002,880 Mil. Gross Profit was 633029.333 + -80772.459 + 1514057.537 + 482393.754 = ARS2,548,708 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(14306688.456 + 14349280.518 + 11676960.385 + 10131209.921 + 10732597.087) / 5 = ARS12239347.2734 Mil. Total Assets at the begining of this year (Jun25) was ARS14,306,688 Mil. Long-Term Debt & Capital Lease Obligation was ARS1,675,014 Mil. Total Current Assets was ARS6,797,575 Mil. Total Current Liabilities was ARS3,571,844 Mil.
Net Income was 113147.515 + -118060.921 + 141893.781 + 127709.489 = ARS264,690 Mil.
Revenue was 1093735.549 + 694485.097 + 1416985.891 + 1551830.15 = ARS4,757,037 Mil. Gross Profit was 415988.208 + 154649.182 + 500493.682 + 549369.609 = ARS1,620,501 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(11426796.548 + 12381838.835 + 12000394.91 + 13200075.518 + 14306688.456) / 5 = ARS12663158.8534 Mil. Total Assets at the begining of last year (Jun24) was ARS11,426,797 Mil. Long-Term Debt & Capital Lease Obligation was ARS5,252,148 Mil. Total Current Assets was ARS6,112,607 Mil. Total Current Liabilities was ARS4,476,935 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Harley-Davidson's current Net Income (TTM) was 259,909.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Harley-Davidson's return on assets of this year was 0.01816693. Harley-Davidson's return on assets of last year was 0.02316396.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Harley-Davidson's gearing of this year was 0.13685485. Harley-Davidson's gearing of last year was 0.41475809.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Harley-Davidson's current ratio of this year was 1.90309971. Harley-Davidson's current ratio of last year was 1.36535515.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Harley-Davidson's number of shares in issue this year was 36.189. Harley-Davidson's number of shares in issue last year was 40.734.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Harley-Davidson's gross margin of this year was 0.4245809. Harley-Davidson's gross margin of last year was 0.34065339.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Harley-Davidson's asset turnover of this year was 0.41958556. Harley-Davidson's asset turnover of last year was 0.41630536.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Harley-Davidson has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
Harley-Davidson (BUE:HOG) has a Piotroski F-Score of 5 as of Jul. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Harley-Davidson and its competitors. This is near median its historical median of 5.00. Over the past decade, Harley-Davidson's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Harley-Davidson ranks #624 out of 1284 companies in the Vehicles & Parts industry, placing it in the top 48.6%.
Is Harley-Davidson's Piotroski F-Score too high?
Harley-Davidson's current Piotroski F-Score of 5 is near median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Vehicles & Parts industry median Piotroski F-Score is 5.00. Harley-Davidson's value of 5 is 0% at this industry median. Based on the distribution chart, Harley-Davidson ranks #624 out of 1284 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Harley-Davidson has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Harley-Davidson's Piotroski F-Score compare to LCII and PATK?
According to the Vehicles & Parts industry distribution chart, Harley-Davidson ranks #624 out of 1284 companies for Piotroski F-Score. This puts Harley-Davidson in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Harley-Davidson's value of 5 is 0% at this benchmark. Historically, Harley-Davidson's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Harley-Davidson has consistently been at the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Vehicles & Parts company?
The median Piotroski F-Score among Vehicles & Parts companies is 5.00, based on 1,284 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Harley-Davidson's current Piotroski F-Score of 5 is 0% at the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Harley-Davidson and its competitors. For the Vehicles & Parts industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Harley-Davidson's current Piotroski F-Score is 5, which is near median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harley-Davidson stock overvalued right now?
Based on GuruFocus' analysis, Harley-Davidson (BUE:HOG) is currently considered Fairly Valued. The stock's GF Value™ is ARS14,623.35, compared to a current price of ARS13,930.00 — trading 4.7% below its estimated fair value. The current Piotroski F-Score is 5, which is near median its 10-year median of 5.00 and 0% at the Vehicles & Parts industry median of 5.00. Harley-Davidson's overall GF Score™ is 65/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Harley-Davidson (BUE:HOG), the current Piotroski F-Score is 5 as of Jul. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Harley-Davidson (BUE:HOG) Overvalued in 2026?
Based on GuruFocus' analysis, Harley-Davidson stock appears to be undervalued.
The current stock price of ARS13,930.00 is trading 4.7% below its estimated GF Value™ of ARS14,623.35.
GuruFocus considers Harley-Davidson to be Fairly Valued.
Key valuation signals for BUE:HOG:
Piotroski F-Score: 5 (near median its 10-year median of 5.00)
GF Value™: ARS14,623.35 vs. price of ARS13,930.00 (4.7% below fair value)
Industry Position: 0% at the Vehicles & Parts median (#624 of 1284)
No single metric tells the full story. See the BUE:HOG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Harley-Davidson is a leading global manufacturer of heavyweight motorcycles across the custom, cruising, and touring categories, as well as related merchandise, parts, and accessories. In recent years, the firm has expanded into the adventure touring market with its Pan America model, into electric with the LiveWire brand, and is returning to smaller-displacement bikes with the Sprint. Its captive finance arm, Harley-Davidson Financial Services, provides wholesale financing to dealers and retail financing and insurance brokerage services to customers. Harley captured around 34% of the heavyweight domestic market in 2025.
65GF Score
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