Mattel vs Polaris
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The short version
- Polaris is the larger business, with $7.2B of revenue in fiscal 2025 against $5.3B for Mattel.
- Mattel kept more of each dollar of sales as operating profit (10.2% operating margin, against −4.9%).
- Mattel turned more of its sales into free cash flow (9.0% FCF margin, against 7.8%).
- Mattel earned a higher return on the capital invested in it (13.5%, against −10.5%).
| Latest fiscal year | MAT · FY25 | PII · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.7B | $3.1B |
| Revenue | $5.3B | $7.2B |
| Free cash flow | $483M | $558M |
| Net income | $398M | −$466M |
| Growth | ||
| Revenue growth | −0.6% | −0.3% |
| 5-year growth | 3.1% | 2.6% |
| Share count change | −6.3% | 0.2% |
| Profitability | ||
| Gross margin | 48.7% | 19.1% |
| Operating margin | 10.2% | −4.9% |
| Net margin | 7.4% | −6.5% |
| FCF margin | 9.0% | 7.8% |
| Return on capital | 13.5% | −10.5% |
| Return on equity | 17.7% | −44.0% |
| Balance sheet | ||
| Net debt | $1.1B | $1.4B |
| Net debt / EBITDA | 1.5x | — |
| Dividends and buybacks | $600M | $153M |
| Valuation & quality | ||
| P/E | 12.1x | — |
| Piotroski F-score | 5 | 3 |
Revenue
FY16
MAT $5.5B
PII $4.5B
FY17
MAT $4.9B
PII $5.4B
FY18
MAT $4.5B
PII $6.1B
FY19
MAT $4.5B
PII $6.8B
FY20
MAT $4.6B
PII $6.3B
FY21
MAT $5.5B
PII $7.4B
FY22
MAT $5.4B
PII $8.6B
FY23
MAT $5.4B
PII $8.9B
FY24
MAT $5.4B
PII $7.2B
FY25
MAT $5.3B
PII $7.2B
MAT
PII
Operating margin
FY16
MAT 9.5%
PII 7.8%
FY17
MAT −6.9%
PII 6.6%
FY18
MAT −5.2%
PII 8.0%
FY19
MAT 0.8%
PII 7.1%
FY20
MAT 8.2%
PII 8.3%
FY21
MAT 13.4%
PII 9.6%
FY22
MAT 12.4%
PII 9.4%
FY23
MAT 10.3%
PII 7.8%
FY24
MAT 12.9%
PII 4.1%
FY25
MAT 10.2%
PII −4.9%
MAT
PII
Free cash flow
FY16
MAT $454M
PII $380M
FY17
MAT −$157M
PII $401M
FY18
MAT −$102M
PII $252M
FY19
MAT $118M
PII $404M
FY20
MAT $226M
PII $814M
FY21
MAT $408M
PII $10.9M
FY22
MAT $337M
PII $202M
FY23
MAT $784M
PII $513M
FY24
MAT $665M
PII $6.5M
FY25
MAT $483M
PII $558M
MAT
PII
Return on capital
FY16
MAT 10.5%
PII 15.3%
FY17
MAT −7.4%
PII 11.0%
FY18
MAT −5.9%
PII 17.9%
FY19
MAT 1.0%
PII 15.0%
FY20
MAT 8.7%
PII 18.7%
FY21
MAT 23.9%
PII 25.8%
FY22
MAT 14.0%
PII 24.3%
FY23
MAT 8.2%
PII 19.9%
FY24
MAT 17.9%
PII 7.7%
FY25
MAT 13.5%
PII −10.5%
MAT
PII
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.