HOGHARLEY-DAVIDSON, INC.

Motorcycles, Bicycles & Parts

Revenue: $3.6B; 13% YoY
Operating margin: 10.7%; 6.8% YoY
EBITDA: $559M; 3.2% YoY
Market cap: $3.5B
Employees: 5,500; $655K revenue each
Net debt / EBITDA: 0.6×; $347M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
168% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
77% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$655K · 78th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.5B	$4.9B	$4.9B	$4.1B	$3.6B	13%
Operating income	$823M	$909M	$779M	$417M	$387M	7.2%
Net income	$650M	$741M	$707M	$455M	$339M	26%
Operating cash flow	$976M	$548M	$755M	$1.1B	$569M	47%
Capex	$120M	$152M	$207M	$197M	$154M	22%
Stock-based comp	$42M	$54M	$83M	$49M	$32M	35%
Buybacks	$12M	$339M	$364M	$460M	$353M	23%
Dividends	$92M	$93M	$96M	$91M	$86M	5.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 16, 2025	H PARTNERS MANAGEMENT, LLC	SCHEDULE 13D/A	9.1%	Active
Apr 9, 2025	H PARTNERS MANAGEMENT, LLC	SCHEDULE 13D/A	9.1%	Passive
Feb 3, 2022	H PARTNERS MANAGEMENT, LLC	SC 13D/A	8.2%	Active
Dec 16, 2021	H PARTNERS MANAGEMENT, LLC	SC 13D	8.0%	Active

Insider trading

Open-market buys, 12 mo: $2M · 6
Open-market sells, 12 mo: $843K · 11
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	62	129
FY2024	—	—	88	137
FY2023	—	—	105	125
FY2022	—	—	117	101
FY2021	—	—	104	128