Mattel vs Polaris
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KIRA’s take AI analyst
I put Mattel and Polaris side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Mattel
MAT
9/10
5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Polaris
PII
1/10
Revenue growth
Side by side
Best in the row
| Latest fiscal year | MAT FY25 | PII FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.5B | $3.3B |
| 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 | 11.3x | — |
| Piotroski F-score | 5 | 3 |
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.