Polaris vs Thor Industries
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KIRA’s take AI analyst
I put Polaris and Thor Industries side by side, using each one’s latest annual report. Here is what stands out:
- Thor Industries is the larger business, with $9.6B of revenue in fiscal 2026 against $7.2B for Polaris.
- Thor Industries grew revenue faster (0.3%, against −0.3%).
- Polaris turned more of its sales into free cash flow (7.8% FCF margin, against 1.8%).
- Thor Industries earned a higher return on the capital invested in it (4.4%, against −10.5%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Polaris
PII
3/9
5-year growthGross marginFCF margin
Thor Industries
THO
6/9
Revenue growthNet marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | PII FY25 | THO FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.2B | $3.7B |
| Revenue | $7.2B | $9.6B |
| Free cash flow | $558M | $169M |
| Net income | −$466M | $178M |
| Growth | ||
| Revenue growth | −0.3% | 0.3% |
| 5-year growth | 2.6% | −4.9% |
| Share count change | 0.2% | −1.6% |
| Profitability | ||
| Gross margin | 19.1% | 12.6% |
| Operating margin | −4.9% | — |
| Net margin | −6.5% | 1.9% |
| FCF margin | 7.8% | 1.8% |
| Return on capital | −10.5% | 4.4% |
| Return on equity | −44.0% | 4.2% |
| Balance sheet | ||
| Net debt | $1.4B | $448M |
| Net debt / EBITDA | — | 0.8x |
| Dividends and buybacks | $153M | $224M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 3 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.