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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. In the quarter to June 2026, revenue grew 9.18%, EPS grew 233.1%, free cash flow fell 33.5% and total debt rose 37.6%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.

51.60 1.21 −2.29%
Market cap
$3.0B
P/E
0.0×
Fwd P/E
70.0×
Dividend yield
5.25%
F-score
4/9
Altman Z
1.61
Beneish M
−3.47
Dividend safety
45/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 4.20
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — 4 — — — — — — — —
Insider Ownership 7.48%

Capital & Financial Ratios $m

Market Cap 3,010.00
Revenue 7,445.00
Net Income (259.60)
Free Cash Flow 66.90
Net Debt 1,614.40
Current Ratio 1.20
Debt/Equity 2.28 (above 2: weak)
P/E ratio 0.00
Fwd P/E 70.00 (above 35: high)
P/S ratio 0.40
P/B ratio 3.53
Past 5Y EPS Growth —
This Y EPS Growth 31,509.40% (at or above 15%: strong)
Next Y EPS Growth 9.02%
Next Y revenue growth 4.00%
Next 5Y EPS Growth 2.53%

Green and red mark values outside typical ranges. 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 4.43%
10-year low 10-year high
P/B against its own 10 years 15.81%
10-year low 10-year high
EV/Sales against its own 10 years 6.13%
10-year low 10-year high
EV/FCF against its own 10 years 92.34%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 2.71
Annual Dividend Yield 5.25%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.72
0.68
0.68
0.68
2025 2.68
0.67
0.67
0.67
0.67
2024 2.64
0.66
0.66
0.66
0.66
2023 2.60
0.65
0.65
0.65
0.65
2022 2.56
0.64
0.64
0.64
0.64
2021 3.15
0.63
0.63
0.63
0.63
0.63
2020 2.48
0.62
0.62
0.62
0.62
2019 2.44
0.61
0.61
0.61
0.61
2018 2.40
0.60
0.60
0.60
0.60
2017 2.32
0.58
0.58
0.58
0.58
2016 2.20
0.55
0.55
0.55
0.55
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 368 288 138 302
Receivables 315 207 240 314
Inventory 1,811 1,742 1,412 1,566
Other — — — —
2,692 2,632 2,207 2,568
2023 2024 2025 Q'26
Payables 713 563 763 883
ST’ Debt — — — —
Other 43 36 91 38
1,934 2,293 2,243 2,141

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 1,659 2,023 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.83) 1.82 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 67.80 77.91 70.27 74.60 37.35 94.42 91.86 82.00 55.55 30.92

Analyst estimates 2026–2028

Powerpack
High 104.25 134.67 137.66 104.37 110.30 147.73 127.37 138.49 100.91 75.25
People
People Employees 8,600 11,000 12,000 14,000 15,000 16,000 16,200 18,500 15,000 14,500
Revenue/emp, $m 0.53 0.49 0.51 0.48 0.42 0.46 0.53 0.48 0.48 0.49
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
Gross margin, % 24.48 24.40 24.70 24.31 24.45 23.54 22.81 21.94 20.44 19.14
EBT 313 319 429 408 450 629 761 620 141 (533)
EBT margin, % 6.94 5.87 7.06 6.01 7.17 8.45 8.86 6.94 1.96 (7.45)
Net income 213 172 335 324 125 494 448 503 111 (465)
Depreciation 168 191 211 235 317 216 233 259 286 287
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
Earnings 3.31 2.74 5.36 5.27 2.02 8.06 7.54 8.80 1.96 (8.18)
Cash flow 9.17 9.30 7.63 10.67 16.46 4.79 8.58 16.21 4.75 13.02
Capex (3.25) (2.93) (3.61) (4.09) (3.30) (4.61) (5.17) (7.23) (4.63) (3.21)
Free cash flow 5.92 6.37 4.03 6.57 13.16 0.18 3.41 8.99 0.12 9.81
Book value 13.49 14.81 13.87 18.05 18.49 20.00 18.58 24.88 22.90 14.64
Shares, m 64 63 63 61 62 61 59 57 57 57
Valuation, ×
Valuation, × P/E 25.03 45.91 14.28 19.26 47.88 13.67 13.21 10.71 29.40 0.00
P/S 1.18 1.46 0.79 0.92 0.94 0.91 0.69 0.60 0.45 0.50
P/B 6.13 8.53 5.53 5.63 5.15 5.49 5.41 3.79 2.52 4.32
EV/Sales 1.40 1.60 1.08 1.15 1.07 1.08 0.90 0.83 0.72 0.77
EV/FCF 16.63 21.63 26.19 19.27 8.24 737.24 38.08 14.47 793.76 9.89
Cash, $m
Cash, $m Operating cash flow 590 585 477 655 1,019 294 509 926 268 741
Capex (209) (184) (225) (251) (204) (283) (307) (413) (262) (183)
Free cash flow 380 401 252 404 814 11 202 513 7 558
Balance, $m
Balance, $m Working capital 231 123 288 99 318 329 439 758 339 (37)
Total debt 1,142 913 1,963 1,694 1,451 1,801 2,058 1,854 1,638 1,505
Net debt 1,015 775 1,802 1,536 816 1,298 1,733 1,487 1,350 1,367
Shareholders’ equity 867 932 867 1,108 1,145 1,226 1,102 1,421 1,294 833
Returns, %
Returns, % ROA 7.76 5.57 9.30 7.57 2.75 10.20 8.71 9.37 2.01 (8.94)
ROIC 11.63 13.17 11.41 11.43 16.61 17.63 17.74 15.07 6.87 (9.91)
ROE 23.04 19.18 37.28 32.81 11.08 41.66 38.41 39.87 8.16 (43.77)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $4.0B — (loss-making) 21.9× +7.66% (above 0%: growing) +88.76% (above 0%: growing) +0.80% (above 0%: growing) 28.10% 8.31% Compare
DOO BRP Inc. $3.9B 46.5× — +16.59% (above 0%: growing) n/m +116.16% (above 0%: growing) 11.74% (2.24%) Compare
THO Thor Industries, Inc. $3.4B 18.8× 15.7× −8.41% (below 0%: shrinking) −66.96% (below 0%: shrinking) −26.73% (below 0%: shrinking) 12.36% 2.19% Compare
PII Polaris Inc. $3.0B — (loss-making) 70.0× +9.18% (above 0%: growing) n/m −33.49% (below 0%: shrinking) 23.65% 7.36%
HOG Harley-Davidson, Inc. $2.8B 16.0× 65.6× −5.86% (below 0%: shrinking) −14.61% (below 0%: shrinking) −53.23% (below 0%: shrinking) 31.74% 6.18% Compare
PATK Patrick Industries, Inc. $2.1B 13.9× 17.4× −0.56% (below 0%: shrinking) +36.00% (above 0%: growing) −49.38% (below 0%: shrinking) 23.77% 7.40% Compare
LCII LCI Industries $2.0B 9.0× 10.6× −12.52% (below 0%: shrinking) +20.52% (above 0%: growing) +88.04% (above 0%: growing) 31.09% 9.91% Compare
WGO Winnebago Industries, Inc. $696.8M 17.2× 16.1× −9.86% (below 0%: shrinking) −19.05% (below 0%: shrinking) +155.68% (above 0%: growing) 13.58% 3.29% Compare
MCFT MASTERCRAFT BOAT HOLDINGS, INC. $474.6M — (loss-making) 12.7× +63.41% (above 0%: growing) n/m −18.29% (below 0%: shrinking) 22.56% (4.86%) Compare
Median of peers $2.4B 16.6× 16.1× −3.21% +2.95% −8.74% 23.17% 4.74%

All 16 Recreational Vehicles stocks →

Polaris Inc. (PII) key facts

  • Concern: Polaris Inc. reported a net loss of $464.8 million, or a loss of $8.18 per share, for fiscal 2025.
  • Polaris Inc. (PII) is a Recreational Vehicles company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
  • Polaris Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, roughly unchanged from fiscal 2024.
  • As of October 9, 2026, PII traded at $51.60, a market capitalization of $3.0 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 0.4× sales.
  • Polaris Inc. pays an annual dividend of $2.71 per share, a yield of 5.25%.
  • Return on equity was −43.8% and debt-to-equity 2.28.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 1.61 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Polaris Inc. (PII) Latest News

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stockrow.com/PII · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com