Is Harley-Davidson, Inc. overvalued or undervalued?

As of 17 October 2025, Harley-Davidson, Inc. has moved from an attractive to a fair valuation grade. The company appears to be fairly valued based on its current metrics. Key ratios include a P/E ratio of 10, an EV to EBITDA of 19.36, and a Price to Book Value of 1.06. In comparison, Oshkosh Corp. has a more attractive P/E ratio of 15.10 and an EV to EBITDA of 9.50, indicating that Harley may be lagging behind its peers in terms of valuation attractiveness.
Recent stock performance shows that while Harley-Davidson outperformed the S&P 500 over the past week with a return of 2.61% compared to 1.70%, it has significantly underperformed over longer periods, including a 1-year return of -27.04% versus the S&P 500's 14.08%. This trend reinforces the notion that the stock may be fairly valued but lacks momentum relative to broader market performance.