Polaris vs Thor Industries
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The short version
- 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%).
| Latest fiscal year | PII · FY25 | THO · FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.1B | $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 |
Revenue
FY17
PII $5.4B
THO $7.2B
FY18
PII $6.1B
THO $8.3B
FY19
PII $6.8B
THO $7.9B
FY20
PII $6.3B
THO $8.2B
FY21
PII $7.4B
THO $12.3B
FY22
PII $8.6B
THO $16.3B
FY23
PII $8.9B
THO $11.1B
FY24
PII $7.2B
THO $10.0B
FY25
PII $7.2B
THO $9.6B
FY26
PII —
THO $9.6B
PII
THO
Operating margin
FY17
PII 6.6%
THO —
FY18
PII 8.0%
THO —
FY19
PII 7.1%
THO —
FY20
PII 8.3%
THO —
FY21
PII 9.6%
THO —
FY22
PII 9.4%
THO —
FY23
PII 7.8%
THO —
FY24
PII 4.1%
THO —
FY25
PII −4.9%
THO —
FY26
PII —
THO —
PII
THO
Free cash flow
FY17
PII $401M
THO $304M
FY18
PII $252M
THO $328M
FY19
PII $404M
THO $381M
FY20
PII $814M
THO $435M
FY21
PII $10.9M
THO $395M
FY22
PII $202M
THO $750M
FY23
PII $513M
THO $773M
FY24
PII $6.5M
THO $406M
FY25
PII $558M
THO $456M
FY26
PII —
THO $169M
PII
THO
Return on capital
FY17
PII 11.0%
THO 26.1%
FY18
PII 17.9%
THO 27.4%
FY19
PII 15.0%
THO 6.9%
FY20
PII 18.7%
THO 8.7%
FY21
PII 25.8%
THO 19.2%
FY22
PII 24.3%
THO 26.2%
FY23
PII 19.9%
THO 9.0%
FY24
PII 7.7%
THO 7.1%
FY25
PII −10.5%
THO 6.5%
FY26
PII —
THO 4.4%
PII
THO
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.