PII Consumer Cyclical

Polaris Inc.

$62.90+0.53%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Consumer Cyclical
Industry: Recreational Vehicles
Country: United States
Market cap: 3.6B USD
Enterprise value: 4.6B USD
Full-time employees: 14,500

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.34 vs a peer median of 0.63) and more debt relative to equity (2.33× vs a peer median of 0.46×)higher risk: bigger price swings (beta 1.34 vs peers 0.63) and more debt vs equity (2.33× vs peers 0.46×)

Ranks #1,455 of 1,502 consumer cyclical companies (bottom 4%)

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $167M vs $264M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −0.2% from December 2022 to July 2026.
Over three fiscal years Polaris recorded $167M of stock-based pay expense and spent $264M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−0.2%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Polaris recorded $167M of stock-based pay expense and spent $264M repurchasing shares. The share count barely moved (−0.2%), so much of the repurchasing offset new employee shares rather than shrinking the count.
Operating margin at a 6-year low. -4.9% in 2025, the weakest of the last 6 years.
Polaris's operating margin fell to -4.9% in 2025, its lowest in the 6 years of filings we have.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $106M profit in the quarter to June 2026.
Polaris reported a net loss over the last twelve months, but its most recent quarter was profitable ($106M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.
More volatile share price. Beta 1.34: tends to move more than the market.
Polaris's shares have swung more with the market than most peers' (beta 1.34, above the market's 1.0).

StockQuotient Score

15/ 100

Oct 5 15 → Nov 4 15

Valuation

Is the price right?

13/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-7.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield1.5%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.57Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield1.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.78Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield23.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

28/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.3%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.22Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth-6.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -1.71Sector median: 0.0425 · MAD: 0.0636

Revenue growth8.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.72Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 2.3 points to -2.6%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-2.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.94Sector median: 0.0638 · MAD: 0.0461

Return on assets-5.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-6.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.23Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin21.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-31.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.34

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.35Sector median: 0.6345 · MAD: 0.2980

Current ratio1.20×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.50Sector median: 1.4800 · MAD: 0.5570

Debt / equity2.33×

SEC filings · latest balance sheetReported value33% base weight · Z-score -5.25Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Polaris

Is Polaris getting weaker?: Its latest SEC filing (Jul 28, 2026) got stronger: operating margin rose 2.3 points to -2.6%. Its overall score is unchanged at 15/100 since Oct 28, 2026.
How is Polaris valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 13/100 against 1,612 consumer cyclical peers. Earnings yield -7.3% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -7.3% vs peers 4.4% (weaker than 100% of peers).
Is Polaris growing?: More slowly than most of its peers. Growth scores 28/100 against 1,612 consumer cyclical peers. Revenue growth 8.4% vs a peer median of 3.7% (stronger than 69% of peers).Revenue growth 8.4% vs peers 3.7% (stronger than 69% of peers). 3-year revenue growth -6.6% vs a peer median of 4.3% (weaker than 87% of peers).3-year revenue growth -6.6% vs peers 4.3% (weaker than 87% of peers).
How profitable is Polaris?: Less profitable than most of its peers. Profitability scores 7/100 against 1,612 consumer cyclical peers. Return on assets -5.0% vs a peer median of 3.3% (weaker than 100% of peers).Return on assets -5.0% vs peers 3.3% (weaker than 100% of peers).
How risky is Polaris?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 2.33× vs a peer median of 0.46× (weaker than 89% of peers).Debt / equity 2.33× vs peers 0.46× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 2.3 points to -2.6%

Worth watching: Polaris is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	7.3B USD	7.4B USD	+2.3%
Net income (12 months)	−446.1M USD	−260.4M USD	−41.6%
Operating margin	-4.8%	-2.6%	+2.3 pts
Free cash flow (12 months)	160.6M USD	66.9M USD	−58.3%
Debt	2.1B USD	2.0B USD	−6.7%
Cash	282.0M USD	302.1M USD	+7.1%
Shares outstanding	56.9M	56.9M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Recreational Vehicles companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	23.5%	22.8%	21.9%	20.4%	19.1%	▼ 1.3 pts
Operating margin	9.6%	9.4%	7.8%	4.0%	-4.9%	▼ 8.9 pts
Net margin	6.6%	5.2%	5.6%	1.5%	-6.5%	▼ 8.1 pts
Return on assets (ROA)	9.8%	8.6%	9.1%	2.0%	-9.5%	▼ 12 pts
Return on equity (ROE)	40.3%	40.7%	35.4%	8.6%	-56.2%	▼ 65 pts
Free cash flow margin	0.1%	2.4%	5.7%	0.1%	7.8%	▲ 7.7 pts
Current ratio	1.15×	1.19×	1.39×	1.15×	0.98×	▼ 14%
Quick ratio	0.47×	0.37×	0.46×	0.39×	0.35×	▼ 8.9%
Debt to equity	1.47×	1.87×	1.35×	1.61×	1.86×	▲ 16%
Interest coverage	16.11×	11.22×	5.61×	2.12×	-2.65×	▼ 225%

PII price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.34 vs a peer median of 0.63) and more debt relative to equity (2.33× vs a peer median of 0.46×)higher risk: bigger price swings (beta 1.34 vs peers 0.63) and more debt vs equity (2.33× vs peers 0.46×)

Ranks #1,455 of 1,502 consumer cyclical companies (bottom 4%)

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $167M vs $264M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −0.2% from December 2022 to July 2026.

Over three fiscal years Polaris recorded $167M of stock-based pay expense and spent $264M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−0.2%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Polaris recorded $167M of stock-based pay expense and spent $264M repurchasing shares. The share count barely moved (−0.2%), so much of the repurchasing offset new employee shares rather than shrinking the count.

Operating margin at a 6-year low. -4.9% in 2025, the weakest of the last 6 years.

Polaris's operating margin fell to -4.9% in 2025, its lowest in the 6 years of filings we have.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $106M profit in the quarter to June 2026.

Polaris reported a net loss over the last twelve months, but its most recent quarter was profitable ($106M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

More volatile share price. Beta 1.34: tends to move more than the market.

Polaris's shares have swung more with the market than most peers' (beta 1.34, above the market's 1.0).

Questions investors ask about Polaris

Is Polaris getting weaker?

Its latest SEC filing (Jul 28, 2026) got stronger: operating margin rose 2.3 points to -2.6%. Its overall score is unchanged at 15/100 since Oct 28, 2026.

How is Polaris valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 13/100 against 1,612 consumer cyclical peers. Earnings yield -7.3% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -7.3% vs peers 4.4% (weaker than 100% of peers).

Is Polaris growing?

More slowly than most of its peers. Growth scores 28/100 against 1,612 consumer cyclical peers. Revenue growth 8.4% vs a peer median of 3.7% (stronger than 69% of peers).Revenue growth 8.4% vs peers 3.7% (stronger than 69% of peers). 3-year revenue growth -6.6% vs a peer median of 4.3% (weaker than 87% of peers).3-year revenue growth -6.6% vs peers 4.3% (weaker than 87% of peers).

How profitable is Polaris?

Less profitable than most of its peers. Profitability scores 7/100 against 1,612 consumer cyclical peers. Return on assets -5.0% vs a peer median of 3.3% (weaker than 100% of peers).Return on assets -5.0% vs peers 3.3% (weaker than 100% of peers).

How risky is Polaris?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 2.33× vs a peer median of 0.46× (weaker than 89% of peers).Debt / equity 2.33× vs peers 0.46× (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

7.3B USD

7.4B USD

+2.3%

Net income (12 months)

−446.1M USD

−260.4M USD

−41.6%

Operating margin

-4.8%

-2.6%

+2.3 pts

Free cash flow (12 months)

160.6M USD

66.9M USD

−58.3%

Debt

2.1B USD

2.0B USD

−6.7%

Cash

282.0M USD

302.1M USD

+7.1%

Shares outstanding

56.9M

56.9M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

23.5%

22.8%

21.9%

20.4%

19.1%

▼ 1.3 pts

Operating margin

9.6%

9.4%

7.8%

4.0%

-4.9%

▼ 8.9 pts

Net margin

6.6%

5.2%

5.6%

1.5%

-6.5%

▼ 8.1 pts

Return on assets (ROA)

9.8%

8.6%

9.1%

2.0%

-9.5%

▼ 12 pts

Return on equity (ROE)

40.3%

40.7%

35.4%

8.6%

-56.2%

▼ 65 pts

Free cash flow margin

0.1%

2.4%

5.7%

0.1%

7.8%

▲ 7.7 pts

Current ratio

1.15×

1.19×

1.39×

1.15×

0.98×

▼ 14%

Quick ratio

0.47×

0.37×

0.46×

0.39×

0.35×

▼ 8.9%

Debt to equity

1.47×

1.87×

1.35×

1.61×

1.86×

▲ 16%

Interest coverage

16.11×

11.22×

5.61×

2.12×

-2.65×

▼ 225%