3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Harley-Davidson's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 8.51%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Harley-Davidson's 3-Year ROIIC % or its related term are showing as below:
HOG's 3-Year ROIIC % is ranked better than 57.88% of 1256
companies
in the Vehicles & Parts industry
Industry Median: 4.08
vs HOG: 8.51
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Harley-Davidson 3-Year ROIIC % Related Terms
Harley-Davidson 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Harley-Davidson's 3-Year ROIIC % 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.
For the Recreational Vehicles subindustry, Harley-Davidson's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Harley-Davidson's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Harley-Davidson's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Harley-Davidson (HOG) has a 3-Year ROIIC % of 8.51 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Harley-Davidson and its competitors. According to the industry distribution chart, Harley-Davidson ranks #529 out of 1256 companies in the Vehicles & Parts industry, placing it in the top 42.1%.
Is Harley-Davidson's 3-Year ROIIC % too high?
Harley-Davidson's current 3-Year ROIIC % is 8.51. The Vehicles & Parts industry median 3-Year ROIIC % is 4.08. Harley-Davidson's value of 8.51 is 108.6% above this industry median. Based on the distribution chart, Harley-Davidson ranks #529 out of 1256 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Harley-Davidson has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Harley-Davidson's 3-Year ROIIC % compare to LCII and PATK?
According to the Vehicles & Parts industry distribution chart, Harley-Davidson ranks #529 out of 1256 companies for 3-Year ROIIC %. This puts Harley-Davidson in the upper half of its industry. The industry median 3-Year ROIIC % is 4.08. Harley-Davidson's value of 8.51 is 108.6% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Vehicles & Parts company?
The median 3-Year ROIIC % among Vehicles & Parts companies is 4.08, based on 1,256 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Harley-Davidson's current 3-Year ROIIC % of 8.51 is 108.6% above 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Harley-Davidson and its competitors. For the Vehicles & Parts industry, the median 3-Year ROIIC % is 4.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Harley-Davidson's current 3-Year ROIIC % is 8.51. 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 (HOG) is currently considered Modestly Undervalued. The stock's GF Value™ is $27.95, compared to a current price of $24.96 — trading 10.7% below its estimated fair value. The current 3-Year ROIIC % is 8.51 and 108.6% above the Vehicles & Parts industry median of 4.08. Harley-Davidson's overall GF Score™ is 80/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Harley-Davidson (HOG), the current 3-Year ROIIC % is 8.51 as of Dec. 2025. 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 (HOG) Overvalued in 2026?
Based on GuruFocus' analysis, Harley-Davidson stock appears to be undervalued.
The current stock price of $24.96 is trading 10.7% below its estimated GF Value™ of $27.95.
GuruFocus considers Harley-Davidson to be Modestly Undervalued.
Key valuation signals for HOG:
3-Year ROIIC %: 8.51
GF Value™: $27.95 vs. price of $24.96 (10.7% below fair value)
Industry Position: 108.6% above the Vehicles & Parts median (#529 of 1256)
No single metric tells the full story. See the 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.
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