Holley
Holley's revenue rose 1.9% to $614 million in fiscal 2025. Its operating margin was 13.4%, up from 2.4% a year earlier. Free cash flow was $34 million, down 15.4%. The diluted share count rose 1.4%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Holley does
Holley designs, makes and sells performance parts for cars and trucks, aimed at automotive enthusiasts mainly in the United States, Canada and Europe. Its products include carburetors, fuel pumps, fuel injection systems, superchargers, exhaust headers and mufflers, ignition components, engine tuners, shifters, transmissions and related software. It has locations in the United States, Canada, Italy and China.
It owns over 65 brands in over 35 product categories, including Holley, Holley EFI, MSD, Simpson, Flowmaster, EDGE, Cataclean and Accel. Its top five brands generated 49% of 2025 sales. Holley EFI, its largest brand, was 17% of sales.
It sells through e-tailers, warehouse distributors, traditional retailers and jobber/installers. Its top ten distribution partners made up 42% of 2025 sales, and the largest alone 22%. It says it can expand into new areas such as exterior accessories and mobile electronics.
Its biggest risks, as it describes them
- Higher tariffs and trade limits on the products and materials it imports.
- Weaker consumer spending on hobby purchases in a slow economy, and fuel shortages or high fuel prices.
- A shift toward electric vehicles, or away from vehicle ownership, that reduces demand for its parts.
- Relying on a few distribution partners and on foreign suppliers.
- Supply disruptions and rising raw material costs.
Income statement
From fiscal 2019 to 2025, earnings per share grew 58.7% a year and net income 78.2% a year, as new shares raised the share count by 77% and diluted each share's earnings.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 36 | 26 | 41 | 56 | 37 |
| Debt incl. finance leases | 659 | 651 | 584 | 553 | 523 |
| Net debt (negative means net cash) | 622 | 624 | 543 | 496 | 485 |
| Net debt to EBITDA | 6.0x | 8.3x | 4.6x | 12.7x | 4.6x |
| Debt to equity | 2.2x | 1.6x | 1.3x | 1.3x | 1.2x |
| Interest coverage | 2.0x | 1.3x | 1.6x | 0.3x | 1.6x |
| Current ratio | 3.2x | 3.2x | 3.2x | 3.1x | 2.8x |
| Quick ratio | 1.2x | 0.9x | 1.1x | 1.1x | 1.0x |
Cash flow
Projections
Project Holley's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Holley reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | 5 of 9 | 5 of 9 | 7 of 9 |
| Rule of 40 | 8.3% | −2.1% | 7.4% |
| Altman Z'' | 2.43 | 2.01 | 2.45 |
| Accruals ratio | −5.6% | −6.0% | −2.4% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Fail | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Pass | Pass |
| Current ratio rose | Fail | Fail | Fail |
| Share count didn't rise | Fail | Pass | Fail |
| Gross margin rose | Pass | Pass | Pass |
| Revenue rose relative to assets | Fail | Fail | Pass |
| F-score | 5 of 9 | 5 of 9 | 7 of 9 |
Compare
Put Holley side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Holley | FY25 | 1.9% | 13.4% | 5.5% | 6.0% | 4.6x | 7 | |
| Strattec | FY26 | 2.5% | 4.6% | 6.7% | — | — | — | Compare |
| XPEL | FY25 | 13.3% | 13.2% | 13.2% | 23.0% | −0.7x | 5 | Compare |
| Fox Factory | FY25 | 5.3% | −35.6% | 1.8% | −29.3% | — | 4 | Compare |
| Gentherm | FY25 | 2.9% | 5.5% | 4.1% | 5.8% | 0.2x | 6 | Compare |
7 years of figures
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 369 | 504 | 693 | 688 | 660 | 602 | 614 |
| Revenue growth | — | 36.8% | 37.4% | −0.6% | −4.2% | −8.7% | 1.9% |
| Gross profit | 149 | 208 | 287 | 254 | 256 | 238 | 266 |
| Research and development | 21 | 24 | 28 | 29 | 24 | 19 | 19 |
| Operating income | 46 | 86 | 78 | 51 | 94 | 15 | 82 |
| Net income | 1 | 33 | −27 | 74 | 19 | −23 | 19 |
| Diluted EPS (US$) | 0.01 | 0.49 | −0.30 | 0.14 | 0.16 | −0.20 | 0.16 |
| Diluted shares (millions) | 68 | 68 | 90 | 117 | 118 | 118 | 120 |
| Cash flow | |||||||
| Cash from operations | 9 | 88 | 22 | 12 | 88 | 47 | 46 |
| Capital expenditure | 7 | 9 | 15 | 14 | 6 | 7 | 12 |
| Free cash flow | 2 | 79 | 6 | −1 | 82 | 40 | 34 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 6 | 157 | 119 | 14 | 0 | 0 | 0 |
| Stock-based compensation | 0 | 0 | 5 | — | — | — | — |
| Balance sheet at fiscal year end | |||||||
| Cash and short-term investments | 8 | 72 | 36 | 26 | 41 | 56 | 37 |
| Debt incl. finance leases | — | 655 | 659 | 651 | 584 | 553 | 523 |
| Total assets | — | 1,065 | 1,193 | 1,250 | 1,203 | 1,133 | 1,164 |
| Total liabilities | — | 825 | 889 | 834 | 762 | 712 | 715 |
| Shareholders' equity | 205 | 240 | 304 | 416 | 441 | 421 | 449 |
| Margins and ratios | |||||||
| Gross margin | 40.4% | 41.3% | 41.4% | 36.9% | 38.8% | 39.6% | 43.4% |
| Operating margin | 12.5% | 16.9% | 11.2% | 7.4% | 14.2% | 2.4% | 13.4% |
| Net margin | 0.1% | 6.5% | −3.9% | 10.7% | 2.9% | −3.9% | 3.1% |
| Free cash flow margin | 0.5% | 15.7% | 0.9% | −0.2% | 12.4% | 6.7% | 5.5% |
| Rule of 40 (growth + FCF margin) | — | 52.4% | 38.3% | −0.8% | 8.3% | −2.1% | 7.4% |
| Return on capital | — | — | 7.0% | 4.9% | 6.5% | 1.2% | 6.0% |
| Return on equity | — | — | −10.0% | 20.5% | 4.5% | −5.4% | 4.4% |
| Return on assets | — | — | −2.4% | 6.0% | 1.6% | −2.0% | 1.7% |
| Net debt to EBITDA | — | 5.6x | 6.0x | 8.3x | 4.6x | 12.7x | 4.6x |