Mattel vs Polaris
Polaris is the larger business, with $7.15bn of revenue in fiscal 2025 against $5.35bn for Mattel (1.3 times as much). Polaris grew faster (-0.3% against -0.6%). Mattel kept more of each dollar of sales as profit: a net margin of 7.4% against -6.5%. Mattel carries less debt relative to equity (105.2% against 185.8%).
| Latest fiscal year | MattelMAT, 2025 | PolarisPII, 2025 |
|---|---|---|
| Revenue | $5.35bn | $7.15bn |
| Revenue growth | -0.6% | -0.3% |
| Net income | $398m | −$466m |
| Operating margin | 10.2% | -4.9% |
| Net margin | 7.4% | -6.5% |
| Return on equity | 17.7% | -44.0% |
| Free cash flow | $483m | $558m |
| Cash | $1.24bn | $138m |
| Total debt | $2.35bn | $1.54bn |
| Debt to equity | 105.2% | 185.8% |
| Dividend per share | — | $2.68 |
| Dividend yield | — | 4.3% |
| Share buybacks | $600m | $2.4m |
| Employees | 31,000 | 14,500 |
| Market value | $4.49bn | $3.56bn |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | 62 (Moderate) | 54 (Moderate) |
| Insider trades, 12 months | 1 buys, 1 sales | 0 buys, 8 sales |