HOG vs THO: Harley-Davidson and Thor Industries compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Thor Industries is the larger company, worth $3.5B, about 1.2 times Harley-Davidson.
- Harley-Davidson grew revenue faster over the last year (+6.1% vs -8.4%).
- On earnings, Thor Industries is the cheaper stock (11.7x vs 13.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HOG | THO |
|---|---|---|
| Market cap | $2.8B | $3.5B |
| Share price | $26.90 | $65.84 |
| Revenue (last fiscal year) | $3.6B | $9.6B |
| Free cash flow (last fiscal year) | $415M | — |
| Revenue growth, last year | +6.1% | -8.4% |
| Revenue growth per year, last 5 fiscal years | -5.6% | -12.4% |
| Operating margin | 5.8% | — |
| Net margin | 5.6% | 1.9% |
| Return on equity | 6.5% | 4.2% |
| P/E (trailing) | 13.7x | 11.7x |
| Price / free cash flow | 6.71x | 7.60x |
| EV / EBITDA | 6.54x | 7.19x |
| FCF growth the price implies | -9.7% | — |
| Dividend yield | 2.7% | 3.2% |
| Debt / equity | 1.33x | 0.63x |
| Fundamental grade | C | D |
| Superinvestors holding it | 4 | 6 |
| Insider purchases, last 12 months | 6 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Harley-Davidson
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.5B | $856M | 18.1% |
| 2022 | $4.9B | $397M | 18.4% |
| 2023 | $4.9B | $547M | 16.0% |
| 2024 | $4.1B | $867M | 10.0% |
| 2025 | $3.6B | $415M | 10.7% |
Thor Industries
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $16.3B | $750M | — |
| 2023 | $11.1B | $773M | — |
| 2024 | $10.0B | $406M | — |
| 2025 | $9.6B | $456M | — |
| 2026 | $9.6B | — | — |
Where the revenue comes from
Harley-Davidson · by segments, 2025
HDMC$3.6B99%
LiveWire$26M1%
Thor Industries · by segments, 2026
European$3.3B37%
North American Towable$3.2B36%
North American Motorized$2.5B27%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HOG in InvestinglyQuestions
Which is bigger, Harley-Davidson or Thor Industries?
Thor Industries (THO), at $3.5B against $2.8B.
Is HOG or THO cheaper?
By trailing P/E, Thor Industries (11.7x) is cheaper than Harley-Davidson (13.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, HOG or THO?
Harley-Davidson: revenue grew +6.1% over the last year, against -8.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.