Is Harley-Davidson, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Harley-Davidson, Inc. has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be fairly valued based on its current metrics, which include a P/E ratio of 10, a price to book value of 1.06, and an EV to EBITDA ratio of 19.36. In comparison, Oshkosh Corp. has a more favorable P/E of 15.10 and an EV to EBITDA of 9.50, suggesting that Harley may not be as competitively valued within its industry.
Despite the fair valuation, Harley-Davidson has experienced significant underperformance relative to the S&P 500, with a year-to-date return of -11.25% compared to the S&P's 13.30%. Over the past five years, the stock has declined by 6.41%, while the S&P 500 has increased by 91.29%, reinforcing the notion that the stock may be under pressure despite its current valuation status.