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Polaris Inc.

PII Consumer Cyclical Recreational Vehicles

Polaris Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, roughly unchanged from fiscal 2024.

Revenue
+10.9%
EPS
+339.3%
Free cash flow
−33.5%
Total debt
+22.6%

Quarter to September 2026, against a year earlier

62.30 2.89 +4.86%
Market cap
$3.4B
P/E
0.0×
Fwd P/E
28.3×
Dividend yield
4.35%
F-score
4/9
Altman Z
1.61
Beneish M
−3.47
Dividend safety
45/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 4.20
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 4 — — — — — — — — —
Insider Ownership 7.60%

Capital & Financial Ratios $m

Size
Market Cap 3,380.00
Revenue ttm 7,646.00
Net income ttm (205.30)
Free cash flow ttm 265.50
Net debt Q 1,291.50
Valuation
P/E 0.00
Forward P/E 28.30
Price / sales 0.47
Forward P/S Powerpack
Price / FCF 13.52
Price / book 4.23
Financial health
Current ratio Q 1.06
Debt / equity Q 1.88
Interest coverage Q 2.60
Growth
Revenue growth Q +10.91% (above 0%: growing)
Operating income growth Q +259.81% (above 0%: growing)
EPS, this year +34,928.06% (at or above 15%: strong)
EPS, next year A −9.00% (below 0%: weak)
Revenue, next year A +5.83%
EPS, past 5 yrs —
EPS, next 5 yrs A +2.53%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 1.1×; over the ten years it ranged from 0.5× in 2025 to 1.7× in 2017.
P/S against its own 10 years 9.58%
10-year low 10-year high
P/B against its own 10 years 24.74%
10-year low 10-year high
EV/Sales against its own 10 years 8.66%
10-year low 10-year high
EV/FCF against its own 10 years 48.38%
10-year low 10-year high

Dividends raised 3 years running

Yield
4.35%
Annual rate
2.71
Payout ratio
—
Growth, 2016–25
+2.22%/yr
  1. 2.20 ’16
  2. 2.32 ’17 +5%
  3. 2.40 ’18 +3%
  4. 2.44 ’19 +2%
  5. 2.48 ’20 +2%
  6. 3.15 ’21 +27%
  7. 2.56 ’22 −19%
  8. 2.60 ’23 +2%
  9. 2.64 ’24 +2%
  10. 2.68 ’25 +2%
  11. 2.70 ’26e +1%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 368 288 138 302
Receivables 315 207 240 298
Inventory 1,811 1,742 1,412 1,545
Other — — — —
2,692 2,632 2,207 2,439
2023 2024 2025 Q'26
Payables 713 563 763 903
ST’ Debt — — — —
Other 43 36 91 42
1,934 2,293 2,243 2,293

Compound Annual Growth %

10y 5y 3y
Sales 4.24% 2.63% (5.92%)
Cash Flow 5.34% (6.17%) 13.37%
Earnings 0.00% 0.00% 0.00%
Book Value (1.63%) (6.16%) (8.90%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.62 Actual 1.08

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.06 0.08 Beat by 0.02
Q1 FY26 −0.43 0.13 Beat by 0.56
Q2 FY26 0.77 1.97 Beat by 1.20
Q3 FY26 0.62 1.08 Beat by 0.46
Q4 FY26 0.43 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.83) 1.82 0.66 — —
’25 (1.17) (1.39) (0.28) (5.34) (8.18)
’24 0.07 1.21 0.49 0.19 1.95
’23 1.95 2.32 2.62 1.81 8.71
’22 1.14 (0.08) 3.10 3.34 7.44
’21 2.11 2.52 1.84 1.40 7.88
’20 (0.09) (3.82) 2.66 3.15 1.99
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,659 2,023 2,043 — —
’25 1,536 1,853 1,842 1,922 7,152
’24 1,736 1,961 1,722 1,755 7,175
’23 2,180 2,217 2,249 2,289 8,934
’22 1,782 2,063 2,341 2,404 8,589
’21 1,951 1,911 1,778 1,799 7,439
’20 1,405 1,512 1,955 1,410 6,281
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (320) 230 382 — —
’25 83 320 159 179 741
’24 (105) 146 21 206 268
’23 124 224 28 550 926
’22 (49) (8) 171 395 509
’21 56 140 (42) 140 294
’20 (71) 381 366 343 1,019
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (350) 186 315 — —
’25 48 280 117 114 558
’24 (177) 79 (32) 137 7
’23 30 112 (77) 449 513
’22 (105) (71) 96 282 202
’21 11 76 (122) 47 11
’20 (118) 340 322 270 814
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,517 5,428 6,079 6,783 6,281 7,439 8,589 8,934 7,175 7,152 7,646 +5.2% 7,569 7,795 8,092 +4.2%
Gross margin, % 24.48 24.40 24.70 24.31 24.45 23.54 22.81 21.94 20.44 19.14 21.31 (5.3) pt
EBT 313 319 429 408 450 629 761 620 141 (533) (225) n/m
EBT margin, % 6.94 5.87 7.06 6.01 7.17 8.45 8.86 6.94 1.96 (7.45) (2.94) (14.4) pt
Net income 213 172 335 324 125 494 448 503 111 (465) (205) n/m
Per share, $
Per share, $ Revenue 70.25 86.28 97.26 110.46 101.48 121.36 144.84 156.47 127.00 125.69 132.74 +6.7%
Earnings 3.31 2.74 5.36 5.27 2.02 8.06 7.54 8.80 1.96 (8.18) (3.65) n/m
Cash flow 9.17 9.30 7.63 10.67 16.46 4.79 8.58 16.21 4.75 13.02 8.17 +4.0%
Capex (3.25) (2.93) (3.61) (4.09) (3.30) (4.61) (5.17) (7.23) (4.63) (3.21) (3.56) (0.1%)
Free cash flow 5.92 6.37 4.03 6.57 13.16 0.18 3.41 8.99 0.12 9.81 4.61 +5.8%
Book value 13.49 14.81 13.87 18.05 18.49 20.00 18.58 24.88 22.90 14.64 14.74 +0.9%
Shares, m 64 63 63 61 62 61 59 57 57 57 57 (1.3%)
Valuation, ×
Valuation, × P/E 25.03 45.91 14.28 19.26 47.88 13.67 13.21 10.71 29.40 0.00 0.00 21.9
P/S 1.18 1.46 0.79 0.92 0.94 0.91 0.69 0.60 0.45 0.50 0.47 0.8
P/B 6.13 8.53 5.53 5.63 5.15 5.49 5.41 3.79 2.52 4.32 4.23 5.2
EV/Sales 1.40 1.60 1.08 1.15 1.07 1.08 0.90 0.83 0.72 0.77 0.71 1.1
EV/FCF 16.63 21.63 26.19 19.27 8.24 737.24 38.08 14.47 793.76 9.89 20.47 168.5
Cash, $m
Cash, $m Operating cash flow 590 585 477 655 1,019 294 509 926 268 741 471 +2.6%
Capex (209) (184) (225) (251) (204) (283) (307) (413) (262) (183) (205) (1.5%)
Free cash flow 380 401 252 404 814 11 202 513 7 558 266 +4.3%
Balance, $m
Balance, $m Working capital 231 123 288 99 318 329 439 758 339 (37) 146 n/m
Net debt 1,015 775 1,802 1,536 816 1,298 1,733 1,487 1,350 1,367 1,292 +3.4%
Shareholders’ equity 867 932 867 1,108 1,145 1,226 1,102 1,421 1,294 833 849 (0.4%)
Returns, %
Returns, % ROA 7.76 5.57 9.30 7.57 2.75 10.20 8.71 9.37 2.01 (8.94) (3.98) (16.7) pt
ROIC 11.63 13.17 11.41 11.43 16.61 17.63 17.74 15.07 6.87 (9.91) (4.00) (21.5) pt
ROE 23.04 19.18 37.28 32.81 11.08 41.66 38.41 39.87 8.16 (43.77) (20.59) (66.8) pt
People
People Employees 8,600 11,000 12,000 14,000 15,000 16,000 16,200 18,500 15,000 14,500 — +6.0%
Revenue/emp, $m 0.53 0.49 0.51 0.48 0.42 0.46 0.53 0.48 0.48 0.49 — (0.7%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Polaris Inc. vs peers in Recreational Vehicles (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BC Brunswick Corporation $4.9B 24.4× 19.1× +6.89% (above 0%: growing) n/m +0.80% (above 0%: growing) 28.32% 7.15% Compare
DOO BRP Inc. $4.4B 55.4× — +16.59% (above 0%: growing) n/m +116.16% (above 0%: growing) 11.74% (2.24%) Compare
THO Thor Industries, Inc. $3.8B 23.3× 20.2× −8.41% (below 0%: shrinking) −66.96% (below 0%: shrinking) −26.73% (below 0%: shrinking) 12.36% 2.19% Compare
PII Polaris Inc. $3.4B — (loss-making) 28.3× +10.91% (above 0%: growing) n/m −33.49% (below 0%: shrinking) 21.17% 3.59%
HOG Harley-Davidson, Inc. $3.3B — (loss-making) 39.8× −19.25% (below 0%: shrinking) −87.35% (below 0%: shrinking) −53.23% (below 0%: shrinking) 25.97% 3.45% Compare
PATK Patrick Industries, Inc. $2.5B 19.8× 18.8× −0.04% (below 0%: shrinking) −38.64% (below 0%: shrinking) −49.38% (below 0%: shrinking) 23.57% 5.11% Compare
LCII LCI Industries $2.4B 11.8× 11.8× −12.52% (below 0%: shrinking) +20.52% (above 0%: growing) +88.04% (above 0%: growing) 31.09% 9.91% Compare
WGO Winnebago Industries, Inc. $871.7M 26.6× 20.4× −17.01% (below 0%: shrinking) −30.61% (below 0%: shrinking) +155.68% (above 0%: growing) 12.51% 2.73% Compare
MCFT MASTERCRAFT BOAT HOLDINGS, INC. $520.6M — (loss-making) 12.7× +63.41% (above 0%: growing) n/m −18.29% (below 0%: shrinking) 22.56% (4.86%) Compare
Median of peers $2.9B 23.8× 19.1× −4.22% −38.64% −8.74% 23.07% 3.09%

All 18 Recreational Vehicles stocks →

Pay and ownership Proxy statement filed 17 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.14m 14.53m 77.64
2024 9.03m 1.12m 66.94
2023 8.87m 6.09m 106.55
2022 8.76m 7.96m 110.71
2021 9.76m 10.91m 117.80

Ownership

Directors and executive officers, together 2.40%
Capital World Investors 11.84%
BlackRock, Inc. 11.18%
The Vanguard Group 10.24%
State Street Corporation 5.53%
Polaris Inc. Employee Stock Ownership Plan 5.14%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Polaris Inc. (PII) Latest News

30 Oct

Impact 3 · · StockStory
Impact 3 · · StockStory

29 Oct

Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · The Motley Fool
Impact 3 · · 24/7 Wall St.

27 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · StockStory earnings
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · PR Newswire earnings

26 Oct

Impact 4 · · PR Newswire
Impact 3 · · StockStory

23 Oct

Impact 4 · · PR Newswire

22 Oct

Impact 3 · · PR Newswire

17 Oct

Impact 4 · · Simply Wall St.

14 Oct

Impact 3 · · Insider Monkey

17 Sep

Impact 3 ·

5 Aug

Impact 3 ·

3 Aug

Impact 4 ·

29 Jul

Impact 3 · · Moby transcript

28 Jul

Impact 4 ·
Impact 4 ·
Impact 3 · · The Motley Fool transcript
Impact 3 ·
stockrow.com/PII · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com