HOG (Harley-Davidson Inc) vs S&P 500 Comparison

HOG

S&P 500

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HOG

S&P 500

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HOG

S&P 500

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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S&P 500

HOG

BAJAJ-AUTO

EICHERMOT

TVSMOTOR

HEROMOTOCO

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Back to HOG Analysis

Harley-Davidson Inc
Glance View

Market Cap

4.1B USD

Industry

Automobiles

Harley-Davidson Inc., the iconic American motorcycle manufacturer, has built a legacy of freedom, rebellion, and the open road, a narrative deeply embedded within its brand. Born in a small wood shed in Milwaukee in 1903, Harley-Davidson rose to prominence by producing motorcycles that became synonymous with American culture itself. The company's motorcycles are renowned for their heavyweight design, thunderous engines, and a distinctive aesthetic appeal that attracts a cult-like following. Central to Harley-Davidson’s narrative is its ability to sell not just motorcycles, but a lifestyle. Through Harley Owners Group (HOG), leather jackets, branded accessories, and events like Harley-Davidson rallies, the company has cultivated a community of enthusiasts who contribute to and sustain the brand's mystique and loyalty. At its core, Harley-Davidson operates through two primary segments: Motorcycles and Related Products, and Financial Services. The Motorcycles segment encompasses the design, manufacturing, and sale of heavyweight motorcycles, a lucrative business that taps into both the premium and touring markets. Meanwhile, the Financial Services segment offers wholesale and retail financing services, which provide dealers and riders with flexible financial plans, thereby driving sales. Additionally, Harley-Davidson has dipped into electric transportation with its LiveWire line, seeking to expand its market and embrace environmental consciousness. These synergistic operations help Harley-Davidson maintain its status as a global leader in the motorcycle industry, while its strong brand equity ensures robust revenue streams from a dedicated, loyal customer base.

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HOG Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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IN		Eicher Motors Ltd NSE:EICHERMOT	Add
IN		TVS Motor Company Ltd NSE:TVSMOTOR	Add
IN	H	Hero MotoCorp Ltd NSE:HEROMOTOCO	Add
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IN		Bajaj Auto Ltd NSE:BAJAJ-AUTO	Select
IN		Eicher Motors Ltd NSE:EICHERMOT	Select
IN		TVS Motor Company Ltd NSE:TVSMOTOR	Select
IN	H	Hero MotoCorp Ltd NSE:HEROMOTOCO	Select
JP		Yamaha Motor Co Ltd TSE:7272	Select
CN		AIMA Technology Group Co Ltd SSE:603529	Select
CN		Yadea Group Holdings Ltd HKEX:1585	Select
IN	O	Ola Electric Mobility Ltd NSE:OLAELEC	Select
CN		Loncin Motor Co Ltd SSE:603766	Select
CN		CETC Acoustic-Optic-Electronic Technology Inc SSE:600877	Select

IN		Bajaj Auto Ltd NSE:BAJAJ-AUTO	Add
IN		Eicher Motors Ltd NSE:EICHERMOT	Add
IN		TVS Motor Company Ltd NSE:TVSMOTOR	Add
IN	H	Hero MotoCorp Ltd NSE:HEROMOTOCO	Add
JP		Yamaha Motor Co Ltd TSE:7272	Add
CN		AIMA Technology Group Co Ltd SSE:603529	Add
CN		Yadea Group Holdings Ltd HKEX:1585	Add
IN	O	Ola Electric Mobility Ltd NSE:OLAELEC	Add
CN		Loncin Motor Co Ltd SSE:603766	Add
CN		CETC Acoustic-Optic-Electronic Technology Inc SSE:600877	Add

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HOG

vs

S&P 500

Stocks Performance
HOG vs S&P 500

Performance Gap
HOG vs S&P 500

Performance By Year
HOG vs S&P 500

Competitors Performance
Harley-Davidson Inc vs Peers

Harley-Davidson Inc
Glance View

Company

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HOG vs S&P 500

Stocks Performance HOG vs S&P 500

Performance Gap HOG vs S&P 500

Performance By Year HOG vs S&P 500

Competitors Performance Harley-Davidson Inc vs Peers

Harley-Davidson Inc Glance View

Company

Help

Tools

Stocks

HOG

vs

S&P 500

Stocks Performance
HOG vs S&P 500

Performance Gap
HOG vs S&P 500

Performance By Year
HOG vs S&P 500

Competitors Performance
Harley-Davidson Inc vs Peers

Harley-Davidson Inc
Glance View