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Polaris

PII NYSE Leisure Products Financials FY2016–FY2025

Polaris' revenue fell 0.3% to $7.2 billion in fiscal 2025. Its operating margin was −4.9%, down from 4.0% a year earlier. Free cash flow was $558 million, up 8486.1%. It paid out $153 million in dividends and buybacks, 27% of free cash flow. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$54.82

3.3%
Value it Compare
Revenue Total sales reported in the income statement.
$7.2B
0.3% vs prior year
Operating margin Operating income as a share of revenue.
−4.9%
8.9 pts
Net income Profit after all expenses, interest and tax.
−$466M
520.1%
Free cash flow Cash from operations minus capital spending.
$558M
8,486.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−10.5%
18.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Net debt to EBITDA for 2025 is left blank: an operating loss made EBITDA negative.

What Polaris does

No business description yet.

Legal name
Polaris Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-008033
0000931015

Revenue and margins

Polaris had $7.2B of revenue in fiscal 2025, down 0.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $558M in fiscal 2025, 7.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Polaris returned $153M to shareholders in fiscal 2025, 27% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Polaris yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.4B and divides by 56.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Polaris can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $502M$325M$368M$288M$138M
Debt incl. finance leases $1.7B$2.0B$1.9B$2.0B$1.5B
Net debt / EBITDA 1.3x1.6x1.6x3.0x—
Debt / equity 1.4x1.8x1.3x1.6x1.8x
Interest coverage 16.1x11.2x5.6x2.1x−2.7x
Current ratio 1.2x1.2x1.4x1.2x1.0x
Quick ratio 0.5x0.4x0.5x0.4x0.4x
Total assets $5.0B$5.2B$5.5B$5.5B$4.9B
Total liabilities $3.8B$4.1B$4.1B$4.2B$4.1B
Shareholders' equity $1.2B$1.1B$1.4B$1.3B$828M
Net debt (− = net cash) $1.2B$1.7B$1.5B$1.8B$1.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.2M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Feb 12, 2026 Robert Paul MackCFO, EVP - Finance + Corp Dev Sold 7,786 $66.83 $0.5M Form 4
Feb 11, 2026 Benjamin D DukePresident-Marine Sold 10,090 $66.82 $0.7M Form 4
Feb 11, 2026 Michael T SpeetzenCEO Sold 35,086 $66.83 $2.3M Form 4
Feb 3, 2026 James P WilliamsSvp-chro Sold 5,243 $67.17 $0.4M Form 4
Dec 5, 2025 James P WilliamsSvp-chro Sold 4,554 $67.53 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 94 / 93 / 9
Accruals ratio −7.9%−2.9%−23.2%
Altman Z'' 2.261.17−0.62

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Polaris PII $3.1B −0.3% −4.9% 7.8% −10.5% — 3
Hasbro HAS $16.8B 13.1% 0.2% 15.5% 0.3% 21.0x 5 Compare →
Brunswick BC $4.3B 2.4% −0.8% 7.4% −0.8% — 4 Compare →
Mattel MAT $4.7B −0.6% 10.2% 9.0% 13.5% 12.1x 5 Compare →
Thor Industries THO $3.7B 0.3% — 1.8% 4.4% 20.7x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $4.5B $5.4B $6.1B $6.8B $6.3B $7.4B $8.6B $8.9B $7.2B $7.2B
Gross profit $1.1B $1.3B $1.5B $1.6B $1.5B $1.8B $2.0B $2.0B $1.5B $1.4B
Research and development $185M $238M $260M $293M $288M $329M $367M $374M $337M $372M
Operating income $350M $360M $487M $484M $521M $712M $805M $701M $291M −$349M
Interest expense $16.3M $32.2M $57.0M $77.6M $66.8M $44.2M $71.7M $125M $137M $131M
Pretax income $313M $319M $429M $408M $450M $629M $761M $620M $141M −$533M
Income tax $100M $146M $93.9M $83.9M $89.9M $132M $158M $118M $29.6M −$67.9M
Net income $213M $173M $335M $324M $125M $494M $447M $503M $111M −$466M
Diluted EPS $3.27 $2.69 $5.24 $5.20 $1.99 $7.88 $7.44 $8.71 $1.95 −$8.18
Diluted shares 0.07B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $590M $585M $477M $655M $1.0B $294M $509M $926M $268M $741M
Capital expenditure $209M $184M $225M $251M $204M $283M $307M $413M $262M $183M
Free cash flow $380M $401M $252M $404M $814M $10.9M $202M $513M $6.5M $558M
Depreciation and amortization $168M $191M $211M $235M $236M $216M $233M $259M $286M $287M
Stock-based compensation $57.9M $50.1M $64.0M $75.0M $65.3M $60.6M $62.9M $57.4M $49.2M $59.9M
Acquisitions $724M $1.6M $760M $1.8M $0.0M $0.0M $42.2M $22.7M $0.0M $0.0M
Share buybacks $246M $90.5M $349M $8.4M $50.3M $462M $505M $179M $82.7M $2.4M
Dividends paid $140M $145M $149M $149M $153M $153M $150M $147M $148M $150M
Dividends and buybacks $386M $236M $498M $158M $203M $615M $655M $326M $230M $153M
Balance sheet
Cash and short-term investments $127M $138M $161M $157M $632M $502M $325M $368M $288M $138M
Total debt $1.1B $883M $1.9B $1.6B $1.4B $1.7B $2.0B $1.9B $2.0B $1.5B
Finance lease liabilities $0.0M $0.0M $0.0M $16.1M $16.2M $13.5M $11.4M $10.3M $8.1M $7.3M
Current assets $1.2B $1.3B $1.5B $1.6B $2.2B $2.6B $2.8B $2.7B $2.6B $2.2B
Current liabilities $960M $1.1B $1.2B $1.5B $1.9B $2.2B $2.3B $1.9B $2.3B $2.2B
Inventory $747M $784M $970M $1.1B $1.2B $1.5B $1.9B $1.8B $1.7B $1.4B
Property and equipment, net $728M $747M $843M $900M $889M $928M $1.0B $1.2B $1.2B $1.0B
Total assets $3.1B $3.1B $4.1B $4.4B $4.6B $5.0B $5.2B $5.5B $5.5B $4.9B
Total liabilities $2.2B $2.1B $3.3B $3.3B $3.5B $3.8B $4.1B $4.1B $4.2B $4.1B
Shareholders' equity $867M $932M $867M $1.1B $1.1B $1.2B $1.1B $1.4B $1.3B $828M
Margins
Gross margin 24.5% 24.4% 24.7% 24.3% 24.5% 23.5% 22.8% 21.9% 20.4% 19.1%
Operating margin 7.8% 6.6% 8.0% 7.1% 8.3% 9.6% 9.4% 7.8% 4.1% −4.9%
EBITDA margin 11.5% 10.2% 11.5% 10.6% 12.1% 12.5% 12.1% 10.7% 8.0% −0.9%
Net margin 4.7% 3.2% 5.5% 4.8% 2.0% 6.6% 5.2% 5.6% 1.5% −6.5%
FCF margin 8.4% 7.4% 4.1% 6.0% 13.0% 0.2% 2.4% 5.7% 0.1% 7.8%
Returns
Return on capital 15.3% 11.0% 17.9% 15.0% 18.7% 25.8% 24.3% 19.9% 7.7% −10.5%
Return on capital employed 18.9% 17.6% 20.0% 16.6% 18.5% 25.6% 28.2% 21.7% 8.5% −11.9%
Return on equity 23.0% 19.2% 37.3% 32.8% 11.1% 41.7% 38.5% 40.0% 8.2% −44.0%
Return on assets 7.8% 5.6% 9.3% 7.6% 2.8% 10.2% 8.7% 9.4% 2.0% −8.9%
Growth
Revenue growth −4.3% 20.2% 12.0% 11.6% −7.4% 18.4% 15.5% 4.0% −19.7% −0.3%
Net income growth −53.2% −19.0% 94.4% −3.4% −61.5% 295.8% −9.5% 12.5% −78.0% −520.1%
EPS growth −51.6% −17.7% 94.8% −0.8% −61.7% 296.0% −5.6% 17.1% −77.6% −519.5%
FCF growth 99.5% 5.4% −37.2% 60.4% 101.7% −98.7% 1,753.2% 154.1% −98.7% 8,486.2%
Share count change −3.5% −1.5% −0.4% −2.5% 0.5% 0.2% −4.2% −4.0% −1.6% 0.2%
Financial health
Net debt / EBITDA 1.9x 1.4x 2.4x 2.0x 1.0x 1.3x 1.6x 1.6x 3.0x —
Debt / equity 1.3x 1.0x 2.2x 1.5x 1.2x 1.4x 1.8x 1.3x 1.6x 1.8x
Interest coverage 21.5x 11.2x 8.6x 6.2x 7.8x 16.1x 11.2x 5.6x 2.1x −2.7x
Current ratio 1.2x 1.1x 1.2x 1.1x 1.2x 1.2x 1.2x 1.4x 1.2x 1.0x
Quick ratio 0.5x 0.4x 0.4x 0.3x 0.6x 0.5x 0.4x 0.5x 0.4x 0.4x
Capital allocation
Capex / revenue 4.6% 3.4% 3.7% 3.7% 3.3% 3.8% 3.6% 4.6% 3.7% 2.6%
Stock comp / revenue 1.3% 0.9% 1.1% 1.1% 1.0% 0.8% 0.7% 0.6% 0.7% 0.8%
Payouts / FCF 101.5% 58.8% 197.7% 39.0% 24.9% 5,642.2% 324.3% 63.5% 3,544.6% 27.4%
Quality scores
Piotroski F-score 4.0 5.0 8.0 5.0 6.0 4.0 6.0 8.0 4.0 3.0
Altman Z'' 2.0 1.8 1.6 1.4 1.7 1.8 1.9 2.3 1.2 −0.6
Accruals ratio −13.7% −13.3% −3.9% −7.7% −19.7% 4.1% −1.2% −7.9% −2.9% −23.2%

Source: SEC EDGAR XBRL filings (CIK 0000931015). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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