A Business at a Glance
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Polaris Inc.
PII
$4.2B
Mkt Cap
$73.04
+0.68%
Polaris Inc. (PII) has a 5-year average return on invested capital (ROIC) of 5.2%. This is below average and may indicate limited pricing power.
Polaris Inc. (PII) has a market capitalization of $4.2B. It is classified as a mid-cap stock.
Yes, Polaris Inc. (PII) pays a dividend with a trailing twelve-month yield of 3.65%. The company also returns capital through share buybacks, with a buyback yield of 0.22%.
Polaris Inc. (PII) operates in the Miscellaneous Transportation Equipment industry, within the Industrials sector.
Polaris Inc. (PII) reported annual revenue of $7.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Polaris Inc. (PII) has a net profit margin of -6.5%. The company is currently unprofitable.
Polaris Inc. (PII) generated $558 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Polaris Inc. designs, engineers, manufactures, and markets powersports vehicles across three business segments: Off Road (all-terrain vehicles, side-by-side vehicles, and snowmobiles), On Road (moto-roadsters and quadricycles), and Marine (boats including pontoons). The company also designs and manufactures or sources parts, garments, and accessories for aftermarket use. Polaris operates a dealer-centric distribution model, selling through approximately 2,400 independent dealers in North America and 25 subsidiaries serving over 1,500 international dealers and 70 distributors across more than 90 countries, with a concentration in the United States, Canada, Western Europe, Australia, and Mexico. The Off Road segment, particularly ORVs and snowmobiles, represents the company's core business, with Polaris holding the North America market share leader position in off-road vehicles and the number two position in snowmobiles; the company competes on price, quality, reliability, styling, product features, and warranties. Revenue is generated through direct sales to dealers and distributors who place orders based on retail demand, supported by the Retail Flow Management ordering system that enables daily dealer ordering and reduces fulfillment times. The company's competitive moat is built on continuous product innovation, a broad portfolio spanning entry-level to extreme-performance vehicles, strong dealer partnerships, and operational improvements including lean manufacturing and supply chain localization that enhance unit economics and reduce costs.
【Tariff mitigation and operational leverage】 Management expects 2026 to benefit from operational efficiencies and lean initiatives across manufacturing facilities, with over $30 million in absorption benefit from modest production increases, while tariff mitigation efforts aim to reduce China-sourced material costs from 14% to below 5% of cost of goods sold by end of 2027. The company anticipates a relatively flat retail environment with utility segments offsetting continued pressure in recreation, supported by strong product innovation and dealer inventory alignment with demand. Capital allocation remains balanced between core growth investments and debt reduction, with management targeting a return to investment-grade leverage ratios in the 1–2 range as EBITDA recovers and tariffs decline. The Indian Motorcycle separation, expected to close in early 2026, is projected to unlock approximately $50 million in EBITDA accretion and approximately $1 in adjusted EPS benefit, freeing resources for higher-growth and higher-margin opportunities within the core Polaris business.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 7.3B | 7.2B | 7.2B | 8.9B | 8.6B | 7.4B |
| Net Income | -446M | -466M | 111M | 503M | 447M | 494M |
| EPS | $-7.90 | $-8.18 | $1.95 | $8.71 | $7.44 | $7.88 |
| Free Cash Flow | 161M | 558M | 6.5M | 513M | 202M | 11M |
| ROIC | -10.9% | -17.7% | 4.4% | 11.2% | 14.1% | 14.1% |
| Gross Margin | 20.0% | 19.1% | 20.4% | 21.9% | 22.8% | 23.5% |
| Debt/Equity | 2.79 | 4.41 | 3.39 | 2.97 | 3.86 | 2.77 |
| Dividends/Share | $2.66 | $2.68 | $2.64 | $2.60 | $2.56 | $2.52 |
| Operating Income | -352M | -349M | 291M | 701M | 805M | 712M |
| Operating Margin | -4.8% | -4.9% | 4.0% | 7.8% | 9.4% | 9.6% |
| ROE | -59.4% | -44.0% | 8.2% | 39.9% | 38.5% | 41.7% |
| Shares Outstanding | 57M | 57M | 57M | 58M | 60M | 63M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 4.5B | 4.7B | 4.5B | 5.4B | 6.1B | 6.8B | 6.3B | 7.4B | 8.6B | 8.9B | 7.2B | 7.2B | 7.3B |
| Gross Margin | 29.4% | 28.4% | 24.5% | 24.4% | 24.7% | 24.3% | 24.4% | 23.5% | 22.8% | 21.9% | 20.4% | 19.1% | 20.0% |
| R&D | 148M | 166M | 185M | 238M | 260M | 293M | 288M | 329M | 367M | 374M | 337M | 372M | 371M |
| SG&A | 203M | 209M | 306M | 331M | 350M | 394M | 296M | 306M | 356M | 423M | 437M | 542M | 602M |
| EBIT | 715M | 716M | 350M | 360M | 487M | 484M | 521M | 712M | 805M | 701M | 291M | -349M | -352M |
| Op. Margin | 16.0% | 15.2% | 7.8% | 6.6% | 8.0% | 7.1% | 8.3% | 9.6% | 9.4% | 7.8% | 4.0% | -4.9% | -4.8% |
| Net Income | 454M | 455M | 213M | 172M | 335M | 324M | 125M | 494M | 447M | 503M | 111M | -466M | -446M |
| Net Margin | 10.1% | 9.6% | 4.7% | 3.2% | 5.5% | 4.8% | 2.0% | 6.6% | 5.2% | 5.6% | 1.5% | -6.5% | -6.1% |
| Non-Recurring | 0 | 0 | 0 | 25M | 24M | 0 | 81M | -37M | 0 | 8.2M | 23M | 73M | 73M |
| Returns on Capital | |||||||||||||
| ROIC | 57.0% | 41.7% | 11.3% | 8.1% | 10.9% | 8.7% | 9.8% | 14.1% | 14.1% | 11.2% | 4.4% | -17.7% | -10.9% |
| ROE | 52.7% | 46.4% | 23.0% | 19.2% | 37.3% | 32.8% | 11.1% | 41.7% | 38.5% | 39.9% | 8.2% | -44.0% | -59.4% |
| ROA | 21.9% | 19.1% | 7.8% | 5.6% | 9.3% | 7.6% | 2.8% | 10.2% | 8.7% | 9.4% | 2.0% | -8.9% | -8.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 529M | 440M | 590M | 585M | 477M | 655M | 1.0B | 294M | 509M | 926M | 268M | 741M | 338M |
| Free Cash Flow | 324M | 191M | 380M | 401M | 252M | 404M | 814M | 11M | 202M | 513M | 6.5M | 558M | 161M |
| Owner Earnings | 339M | 226M | 364M | 344M | 202M | 346M | 717M | 17M | 213M | 609M | -67M | 395M | -6.7M |
| CapEx | 205M | 249M | 209M | 184M | 225M | 251M | 204M | 283M | 307M | 413M | 262M | 183M | 177M |
| Maint. CapEx | 128M | 152M | 168M | 191M | 211M | 235M | 236M | 216M | 233M | 259M | 286M | 287M | 276M |
| Growth CapEx | 78M | 97M | 42M | 0 | 14M | 17M | 0 | 66M | 74M | 154M | 0 | 0 | 0 |
| D&A | 128M | 152M | 168M | 191M | 211M | 235M | 236M | 216M | 233M | 259M | 286M | 287M | 276M |
| CapEx/OCF | 38.7% | 56.7% | 35.5% | 31.5% | 47.2% | 38.4% | 20.1% | 96.3% | 60.3% | 44.6% | 97.6% | 24.7% | 52.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 127M | 139M | 140M | 145M | 149M | 149M | 153M | 153M | 150M | 147M | 148M | 150M | 152M |
| Dividend Yield | 1.8% | 2.1% | 3.3% | 3.0% | 2.7% | 3.3% | 3.3% | 2.3% | 2.6% | 2.6% | 3.5% | 5.3% | 3.6% |
| Share Buybacks | 82M | 294M | 246M | 90M | 349M | 8.4M | 50M | 462M | 505M | 179M | 83M | 2.4M | 9.2M |
| Buyback Yield | 1.1% | 6.7% | 6.1% | 1.4% | 9.0% | 0.2% | 1.0% | 7.9% | 9.7% | 3.6% | 2.7% | 0.1% | 0.2% |
| Stock-Based Comp | 63M | 62M | 58M | 50M | 64M | 75M | 65M | 61M | 63M | 57M | 49M | 60M | 68M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 3.6B | 1.6B | 2.1B | 2.7B | 2.9B | 3.5B | 3.7B | 3.7B |
| Balance Sheet | |||||||||||||
| Net Debt | -47M | 158M | 1.7B | 1.9B | 3.3B | 3.6B | 2.8B | 2.9B | 3.9B | 3.8B | 4.1B | 3.5B | 1.8B |
| Cash & Equiv. | 138M | 155M | 127M | 138M | 161M | 157M | 632M | 502M | 325M | 368M | 288M | 138M | 282M |
| Long-Term Debt | 224M | 458M | 1.1B | 865M | 1.9B | 1.5B | 1.3B | 1.2B | 1.5B | 1.9B | 1.6B | 1.5B | 2.1B |
| Debt/Equity | 0.27 | 0.48 | 2.05 | 2.20 | 3.96 | 3.36 | 3.02 | 2.77 | 3.86 | 2.97 | 3.39 | 4.41 | 2.79 |
| Interest Coverage | 63.6 | 62.5 | 21.5 | 11.2 | 8.6 | 6.2 | 7.8 | 16.1 | 11.2 | 5.6 | 2.1 | -2.7 | -2.7 |
| Equity | 861M | 981M | 867M | 932M | 867M | 1.1B | 1.1B | 1.2B | 1.1B | 1.4B | 1.3B | 828M | 750M |
| Total Assets | 2.1B | 2.4B | 3.1B | 3.1B | 4.1B | 4.4B | 4.6B | 5.0B | 5.2B | 5.5B | 5.5B | 4.9B | 5.2B |
| Total Liabilities | 1.2B | 1.4B | 2.2B | 2.1B | 3.3B | 3.3B | 3.5B | 3.8B | 4.1B | 4.1B | 4.2B | 4.1B | 4.5B |
| Intangibles | 0 | 0 | 371M | 347M | 871M | 830M | 686M | 544M | 524M | 512M | 543M | 451M | 446M |
| Retained Earnings | 402M | 447M | 300M | 243M | 121M | 287M | 218M | 157M | 34M | 244M | 149M | -469M | -560M |
| Working Capital | 246M | 326M | 231M | 123M | 288M | 99M | 318M | 329M | 439M | 758M | 339M | -37M | 456M |
| Current Assets | 1.1B | 1.2B | 1.2B | 1.3B | 1.5B | 1.6B | 2.2B | 2.6B | 2.8B | 2.7B | 2.6B | 2.2B | 2.6B |
| Current Liabilities | 851M | 827M | 960M | 1.1B | 1.2B | 1.5B | 1.9B | 2.2B | 2.3B | 1.9B | 2.3B | 2.2B | 2.1B |
| Per Share Data | |||||||||||||
| EPS | 6.65 | 6.75 | 3.27 | 2.69 | 5.24 | 5.20 | 1.99 | 7.88 | 7.44 | 8.71 | 1.95 | -8.18 | -7.90 |
| Owner EPS | 4.96 | 3.35 | 5.59 | 5.37 | 3.16 | 5.55 | 11.44 | 0.27 | 3.54 | 10.56 | -1.18 | 6.93 | -0.12 |
| Book Value | 12.61 | 14.55 | 13.31 | 14.53 | 13.55 | 17.79 | 18.25 | 19.53 | 18.29 | 24.57 | 22.70 | 14.56 | 13.19 |
| Cash Flow/Share | 7.75 | 6.53 | 9.05 | 9.13 | 7.46 | 10.51 | 16.24 | 4.69 | 8.46 | 16.04 | 4.72 | 13.02 | -2.98 |
| Dividends/Share | 1.92 | 2.12 | 2.20 | 2.32 | 2.40 | 2.44 | 2.48 | 2.52 | 2.56 | 2.60 | 2.64 | 2.68 | 2.66 |
| Shares Out. | 68.3M | 67.5M | 65.1M | 64.1M | 64.0M | 62.3M | 62.7M | 62.7M | 60.1M | 57.7M | 56.8M | 56.9M | 56.9M |
| Valuation | |||||||||||||
| P/E Ratio | 16.7 | 9.6 | 18.9 | 36.9 | 11.5 | 16.1 | 41.7 | 11.9 | 11.7 | 10.0 | 27.6 | N/A | -9.2 |
| P/FCF | 23.4 | 22.8 | 10.6 | 15.9 | 15.4 | 12.9 | 6.4 | 538.5 | 25.8 | 9.8 | 470.2 | 6.7 | 25.9 |
| EV/EBIT | 11.3 | 7.1 | 16.2 | 23.0 | 14.7 | 17.9 | 15.2 | 9.2 | 8.9 | 8.9 | 17.2 | N/A | N/A |
| Price/Book | 8.8 | 4.4 | 4.6 | 6.8 | 4.5 | 4.7 | 4.5 | 4.8 | 4.7 | 3.5 | 2.4 | 4.5 | 5.5 |
| Price/Sales | 1.6 | 1.4 | 0.9 | 0.9 | 0.9 | 0.7 | 0.7 | 0.9 | 0.7 | 0.6 | 0.6 | 0.4 | 0.6 |
| FCF Yield | 4.3% | 4.4% | 9.4% | 6.3% | 6.5% | 7.8% | 15.7% | 0.2% | 3.9% | 10.2% | 0.2% | 15.0% | 3.9% |
| Market Cap | 7.6B | 4.4B | 4.0B | 6.4B | 3.9B | 5.2B | 5.2B | 5.9B | 5.2B | 5.0B | 3.1B | 3.7B | 4.2B |
| Avg. Price | 102.48 | 98.92 | 64.93 | 74.51 | 86.99 | 72.96 | 73.69 | 107.10 | 94.78 | 96.37 | 75.27 | 49.52 | 73.04 |
| Year-End Price | 111.30 | 64.60 | 61.87 | 99.28 | 60.40 | 83.59 | 82.90 | 93.64 | 86.83 | 86.90 | 53.78 | 65.51 | 73.04 |
Polaris Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 7.4x vs a median of 11.7x. The company's 5-year average ROIC is 5.2% with a gross margin of 21.6%. Total shareholder yield (dividends + buybacks) is 3.9%. At current prices, the estimated annualized return to fair value is -3.2%.
Polaris Inc. (PII) has a debt-to-equity ratio of 4.41. This indicates higher leverage, which may increase financial risk.
Polaris Inc. (PII) reported earnings per share (EPS) of $-8.18 in its most recent fiscal year.
Polaris Inc. (PII) has a return on equity (ROE) of -44.0%. A negative ROE may indicate losses or negative equity.
Polaris Inc. (PII) has a 5-year average gross margin of 21.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for Polaris Inc. (PII), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Polaris Inc. (PII) has a book value per share of $14.56, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to benefit from operational efficiencies and lean initiatives across manufacturing facilities, with over $30 million in absorption benefit from modest production increases, while tariff mitigation efforts aim to reduce China-sourced material costs from 14% to below 5% of cost of goods sold by end of 2027. The company anticipates a relatively flat retail environment with utility segments offsetting continued pressure in recreation, supported by strong product innovation and dealer inventory alignment with demand. Capital allocation remains balanced between core growth investments and debt reduction, with management targeting a return to investment-grade leverage ratios in the 1–2 range as EBITDA recovers and tariffs decline. The Indian Motorcycle separation, expected to close in early 2026, is projected to unlock approximately $50 million in EBITDA accretion and approximately $1 in adjusted EPS benefit, freeing resources for higher-growth and higher-margin opportunities within the core Polaris business.