LVWR Consumer Cyclical

LiveWire Group, Inc.

$0.60-1.63%

Price as of close on Nov 3, 2026 · Financials updated Oct 31, 2026

Basics

Sector: Consumer Cyclical
Industry: Recreational Vehicles
Country: United States
Market cap: 123.7M USD
Enterprise value: 342.3M USD
Full-time employees: 151

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: more debt relative to equity (6.44× vs a peer median of 0.46×)higher risk: more debt vs equity (6.44× vs peers 0.46×)

Ranks #1,376 of 1,502 consumer cyclical companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $4M over the 3 fiscal years to 2025 with -$256M of free cash flow.
LiveWire returned $4M in buybacks and dividends over three fiscal years while its free cash flow totalled -$256M. The money came from its cash pile or from borrowing.
Stock pay outran buybacks. Stock-based pay expense $18M vs $4M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +1.5% from December 2022 to August 2026.
Over three fiscal years LiveWire recorded $18M of stock-based pay expense and spent $4M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years LiveWire recorded $18M of stock-based pay expense and spent $4M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Much more borrowing than peers. Debt is 6.4× equity vs a peer median of 0.5×.Debt is 6.4× equity vs peers 0.5×.
Debt is 6.4× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 6.4× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.
LiveWire paid employees $5M in stock in 2025, 19% of its $26M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

StockQuotient Score

23/ 100▲ 1 since Oct 27 close

Oct 5 22 → Nov 4 23 (+1)

Valuation

Is the price right?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-24.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield-19.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.90Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield-17.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.13Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield4.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

73/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 11.6%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.33Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth-6.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -1.75Sector median: 0.0425 · MAD: 0.0636

Revenue growth31.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 4.23Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-230.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -4.25Sector median: 0.0638 · MAD: 0.0461

Return on assets-62.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-159.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.50Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin-10.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-615.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 11 → 13

Company's reported figures updated-11
Peer companies moved+13

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.6345 · MAD: 0.2980

Current ratio4.16×

SEC filings · latest balance sheetReported value33% base weight · Z-score 4.81Sector median: 1.4800 · MAD: 0.5570

Debt / equity6.44×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -9.02Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about LiveWire

Is LiveWire getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 23/100, up 1 since Oct 28, 2026.
How is LiveWire valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -24.5% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -24.5% vs peers 4.4% (weaker than 100% of peers).
Is LiveWire growing?: Yes, faster than most of its peers. Growth scores 73/100 against 1,612 consumer cyclical peers. Revenue growth 31.3% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 31.3% vs peers 3.7% (stronger than 95% of peers). 3-year revenue growth -6.9% vs a peer median of 4.3% (weaker than 88% of peers).3-year revenue growth -6.9% vs peers 4.3% (weaker than 88% of peers).
How profitable is LiveWire?: Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -230.9% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -230.9% vs peers 6.4% (weaker than 100% of peers).
How risky is LiveWire?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 4.16× vs a peer median of 1.48× (stronger than 93% of peers).Current ratio 4.16× vs peers 1.48× (stronger than 93% of peers). Debt / equity 6.44× vs a peer median of 0.46× (weaker than 100% of peers).Debt / equity 6.44× vs peers 0.46× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: LiveWire is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	28.0M USD	31.3M USD	+11.6%
Net income (12 months)	−74.0M USD	−73.4M USD	−0.8%
Operating margin	-258.5%	-230.9%	+27.6 pts
Free cash flow (12 months)	−52.9M USD	−50.9M USD	−3.9%
Debt	74.2M USD	76.8M USD	+3.5%
Cash	67.5M USD	52.9M USD	−21.7%
Shares outstanding	204.8M	205.4M	+0.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Recreational Vehicles companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	-7.2%	6.2%	-15.2%	-48.0%	-17.3%	▲ 31 pts
Operating margin	-190.4%	-181.4%	-305.0%	-414.4%	-294.0%	▲ 120 pts
Net margin	-190.7%	-168.6%	-288.1%	-352.7%	-292.6%	▲ 60 pts
Return on assets (ROA)	-110.2%	-22.4%	-41.2%	-63.5%	-51.3%	▲ 12 pts
Return on equity (ROE)	-342.7%	-25.7%	-53.2%	-81.6%	-163.2%	▼ 82 pts
Free cash flow margin	-236.0%	-221.6%	-254.9%	-382.7%	-223.4%	▲ 159 pts
Current ratio	1.07×	8.77×	4.55×	3.29×	4.63×	▲ 40%
Quick ratio	0.47×	7.92×	3.86×	2.39×	3.95×	▲ 65%
Debt to equity	—	—	—	0.00×	1.63×	—
Interest coverage	—	—	—	—	-296.02×	—

LVWR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: more debt relative to equity (6.44× vs a peer median of 0.46×)higher risk: more debt vs equity (6.44× vs peers 0.46×)

Ranks #1,376 of 1,502 consumer cyclical companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Paying shareholders without free cash flow. Paid out $4M over the 3 fiscal years to 2025 with -$256M of free cash flow.

LiveWire returned $4M in buybacks and dividends over three fiscal years while its free cash flow totalled -$256M. The money came from its cash pile or from borrowing.

Stock pay outran buybacks. Stock-based pay expense $18M vs $4M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +1.5% from December 2022 to August 2026.

Over three fiscal years LiveWire recorded $18M of stock-based pay expense and spent $4M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years LiveWire recorded $18M of stock-based pay expense and spent $4M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Much more borrowing than peers. Debt is 6.4× equity vs a peer median of 0.5×.Debt is 6.4× equity vs peers 0.5×.

Debt is 6.4× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 6.4× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.

LiveWire paid employees $5M in stock in 2025, 19% of its $26M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Questions investors ask about LiveWire

Is LiveWire getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 23/100, up 1 since Oct 28, 2026.

How is LiveWire valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 6/100 against 1,612 consumer cyclical peers. Earnings yield -24.5% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -24.5% vs peers 4.4% (weaker than 100% of peers).

Is LiveWire growing?

Yes, faster than most of its peers. Growth scores 73/100 against 1,612 consumer cyclical peers. Revenue growth 31.3% vs a peer median of 3.7% (stronger than 95% of peers).Revenue growth 31.3% vs peers 3.7% (stronger than 95% of peers). 3-year revenue growth -6.9% vs a peer median of 4.3% (weaker than 88% of peers).3-year revenue growth -6.9% vs peers 4.3% (weaker than 88% of peers).

How profitable is LiveWire?

Less profitable than most of its peers. Profitability scores 0/100 against 1,612 consumer cyclical peers. Operating margin -230.9% vs a peer median of 6.4% (weaker than 100% of peers).Operating margin -230.9% vs peers 6.4% (weaker than 100% of peers).

How risky is LiveWire?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 4.16× vs a peer median of 1.48× (stronger than 93% of peers).Current ratio 4.16× vs peers 1.48× (stronger than 93% of peers). Debt / equity 6.44× vs a peer median of 0.46× (weaker than 100% of peers).Debt / equity 6.44× vs peers 0.46× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

28.0M USD

31.3M USD

+11.6%

Net income (12 months)

−74.0M USD

−73.4M USD

−0.8%

Operating margin

-258.5%

-230.9%

+27.6 pts

Free cash flow (12 months)

−52.9M USD

−50.9M USD

−3.9%

Debt

74.2M USD

76.8M USD

+3.5%

Cash

67.5M USD

52.9M USD

−21.7%

Shares outstanding

204.8M

205.4M

+0.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

-7.2%

6.2%

-15.2%

-48.0%

-17.3%

▲ 31 pts

Operating margin

-190.4%

-181.4%

-305.0%

-414.4%

-294.0%

▲ 120 pts

Net margin

-190.7%

-168.6%

-288.1%

-352.7%

-292.6%

▲ 60 pts

Return on assets (ROA)

-110.2%

-22.4%

-41.2%

-63.5%

-51.3%

▲ 12 pts

Return on equity (ROE)

-342.7%

-25.7%

-53.2%

-81.6%

-163.2%

▼ 82 pts

Free cash flow margin

-236.0%

-221.6%

-254.9%

-382.7%

-223.4%

▲ 159 pts

Current ratio

1.07×

8.77×

4.55×

3.29×

4.63×

▲ 40%

Quick ratio

0.47×

7.92×

3.86×

2.39×

3.95×

▲ 65%

Debt to equity

—

0.00×

1.63×

—

Interest coverage

—

-296.02×

—