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Polaris Inc. (PII) stock

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NYSE: PII NYSE Leisure Products Next results ~January 25, 2027

C Fundamentals grade

Polaris Inc. is a US-listed company in the leisure products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($109.18) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($109.18) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Polaris Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds251 adding, 198 cuttingOf 61 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Polaris files

10-Q filed October 27: Polaris

Revenue for the twelve months to September 2026 was $7.65bn, up 9.5% on a year earlier, faster than the 8.4% growth a quarter earlier. Free-cash-flow margin fell to 3.5% from 8.3% a year earlier. Operating margin narrowed to -1.8% from 0.5%. Its fundamentals grade moves from D to C.

Our model value for Polaris is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Polaris

Revenue for the twelve months to June 2026 was $7.65bn, up 9.5% on a year earlier, faster than the 8.4% growth a quarter earlier. Free-cash-flow margin fell to 3.5% from 8.3% a year earlier. Operating margin narrowed to -1.8% from 0.5%. Its fundamentals grade moves from C to D.

10-Q on SEC EDGAR

Where Polaris stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.45bn, up 8.4% on a year earlier, faster than the 4.3% growth a quarter earlier. Free-cash-flow margin fell to 0.9% from 6.3% a year earlier. Operating margin narrowed to -2.6% from 1.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 7 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Polaris Inc.'s trailing-twelve-month revenue grew 9.5% year on year, with a free-cash-flow margin of 3.5%. Where it stands out: days sales outstanding of 13 days ranks 4 of 27 leisure products companies we cover. Where it lags: gross margin of 21.3% ranks 22 of 27 leisure products companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$76–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 84% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Loss-making. Operating margin is -1.8%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 1.3 against the S&P 500.
  • Below peers: gross margin. Gross margin of 21.3% ranks 22 of 27 leisure products companies we cover (median 39.7%).
  • Heavily shorted. 15.8% of the shares available to trade are sold short (6.5 days of average volume to cover).
  • Earnings expected to fall. The consensus expects earnings per share to fall 9% next year.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$1.08 against an average estimate of $0.59: beat by 83.9%
Revenue
$2.04bn, up 10.9% on a year earlier
Share reaction
+6.3% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Next report
January 25, 2027; average EPS estimate $0.42

Polaris' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.3%
  • 1 week+13.5%
  • 1 month+16.5%
  • This year+2.1%
  • 1 year-1.3%
  • 5 years-39.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.6B
Operating margin
-1.8%
Net margin
-2.7%
EPS (TTM, diluted)
$-3.57

Growth

Revenue growth
+9.5%
Change in growth rate
+1.0 pts
Share count change
+1.6%

Cash

Free cash flow (TTM)
$266M
FCF margin
3.5%
Stock pay % of revenue
0.7%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Dividend
  3. Results
  4. Our research
  5. Partnership
  6. Product
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Polaris Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($109.18) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Polaris Inc.'s free cash flow after stock-based pay ( $454M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Polaris Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$76–$150 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$48 ~$41–$70 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$16–$24 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$21 ~$19–$24 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Polaris Inc. with Leisure Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$62.88$61.80$95.29$60.26$82.17$79.07$93.10$87.51$84.19$52.88$61.29$62.57
Market value$4.2bn$4.0bn$6.1bn$3.9bn$5.1bn$4.9bn$5.8bn$5.3bn$4.9bn$3.0bn$3.5bn$3.6bn
+ Net debt (− = net cash)$306m$1.0bn$775m$1.8bn$1.5bn$819m$1.3bn$1.7bn$1.5bn$1.8bn$1.4bn$1.3bn
Enterprise value$4.5bn$5.0bn$6.9bn$5.7bn$6.7bn$5.8bn$7.1bn$7.0bn$6.4bn$4.8bn$4.9bn$4.9bn
Multiples
Price / sales 0.9x0.9x1.1x0.6x0.8x0.8x0.8x0.6x0.5x0.4x0.5x0.5x
Price / earnings 9.3x18.9x35.5x11.5x15.8x39.7x11.8x11.8x9.7x27.1x——
Price / free cash flow 22.2x10.6x15.3x15.3x12.7x6.1xn/m26.0x9.5xn/m6.2x13.6x
EV / EBITDA 5.2x9.7x12.5x8.1x9.3x7.6x7.7x6.7x6.7x8.3x—42.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

54 /100

Moderate moat

How hard Polaris's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.4% of total assets over 10 years.

  • Pricing power 9 / 20

    Gross margin has been a median 23.3%, moving by 1.9 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 6.9%; its worst year was -1.8%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 9 of 10 years, at a median 4.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.6% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (59 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 25, 2027, after the close. Analysts expect revenue of $1.9bn and EPS of $0.42 (range $0.35 to $0.61) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.50 +35114% $7.6bn +6%
Next $3.18 −9% $7.8bn +3%

Next year's EPS estimate has moved −3.0% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +24.0% on 90 days ago. In the last 30 days, 1 analyst raised Polaris Inc.'s forecast and 0 cut it.

Consensus EPS forecast Polaris Inc., last 90 days
$2.80 $3.00 $3.20 $3.40 $3.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.82 Current fiscal year, 60 days ago: $3.14 Current fiscal year, 30 days ago: $3.14 Current fiscal year, 7 days ago: $3.14 Current fiscal year, Now: $3.50 $3.50 Next fiscal year, 90 days ago: $3.27 Next fiscal year, 60 days ago: $3.40 Next fiscal year, 30 days ago: $3.40 Next fiscal year, 7 days ago: $3.37 Next fiscal year, Now: $3.18 $3.18

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.82$3.27
60 days ago $3.14$3.40
30 days ago $3.14$3.40
7 days ago $3.14$3.37
Now $3.50$3.18

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.59 $1.08 +83.9%
Jun 2026 $0.71 $1.97 +176.8%
Mar 2026 −$0.40 $0.13 +132.3%
Dec 2025 $0.04 $0.08 +100.1%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Polaris Inc.'s revenue by +1.6% next year and +2.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.4%, weight 69%) and the company's own record (+2.0%, weight 31%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy422%
Hold1372%
Sell16%

Monthly trend

  1. Oct 2026221318
  2. Sep 2026221318
  3. Aug 202621418
  4. Jul 202621418

Counts of recommendations published by analysts covering Polaris Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.8%
of tradable shares
Days to cover
6.53
at average volume
Short interest, 1 month
+24%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
6.3%
of shares
Employees
14,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −1.3%

$63.40 on October 31, 2025 to $62.57

ThenNowEffect
Revenue (last 12 months) $6.9bn $7.4bn +8.4%
P/S multiple 0.5x 0.5x −8.0%
Share count 57m 57m −1.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −23.4%

$81.69 on November 3, 2023 to $62.57

ThenNowEffect
Revenue (last 12 months) $9.1bn $7.4bn −18.6%
P/S multiple 0.5x 0.5x −8.0%
Share count 59m 57m +2.3%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PII+18%−6%−4%−37%+16%+2%
Industry peers (median)+14%−40%−8%−23%−15%+8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PII42%50%33%33%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PII−29%−26%−39%−42%−44%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 76% from April 23, 2021 to April 8, 2025. Getting back needed a 310% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$46.92 – $73.91
From 52-week high
−15.3%
vs 50-day average
+10.8%
vs 200-day average
+1.6%
Volatility (1 year)
46%
Beta vs S&P 500
1.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±7.8%
After a week
4 up, 7 down
typical move ±6.5%
After a month
5 up, 6 down
typical move ±12.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +6.3% +0.9% — —
July 28, 2026 −9.9% −1.3% −1.3% −14.7%
April 28, 2026 +10.1% −0.5% +8.3% +14.7%
January 27, 2026 −6.0% +0.4% −2.8% −7.6%
October 28, 2025 −5.0% +0.3% −10.1% −6.7%
October 14, 2025 +7.5% +0.3% +9.0% +7.5%
July 29, 2025 +7.2% −0.4% +7.0% +16.3%
April 29, 2025 +0.7% +0.7% −0.1% +18.2%
January 28, 2025 −13.7% +0.4% −19.1% −20.6%
October 22, 2024 −13.1% −1.0% −8.2% −18.7%
July 23, 2024 −11.2% −2.4% +2.2% +3.2%
April 23, 2024 −3.4% +1.1% −3.4% −7.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Polaris Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Polaris Inc.
$6B $7B $8B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8.9B Revenue (TTM), FY24 Q1: $8.5B Revenue (TTM), FY24 Q2: $8.2B Revenue (TTM), FY24 Q3: $7.7B Revenue (TTM), FY24 Q4: $7.2B Revenue (TTM), FY25 Q1: $7B Revenue (TTM), FY25 Q2: $6.9B Revenue (TTM), FY25 Q3: $7B Revenue (TTM), FY25 Q4: $7.2B Revenue (TTM), FY26 Q1: $7.3B Revenue (TTM), FY26 Q2: $7.4B Revenue (TTM), FY26 Q3: $7.6B $7.6B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8.9B
FY24 Q1 $8.5B
FY24 Q2 $8.2B
FY24 Q3 $7.7B
FY24 Q4 $7.2B
FY25 Q1 $7B
FY25 Q2 $6.9B
FY25 Q3 $7B
FY25 Q4 $7.2B
FY26 Q1 $7.3B
FY26 Q2 $7.4B
FY26 Q3 $7.6B
Revenue growth, TTM YoY Polaris Inc.
-20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.0% Revenue growth, TTM YoY, FY24 Q1: -5.5% Revenue growth, TTM YoY, FY24 Q2: -9.9% Revenue growth, TTM YoY, FY24 Q3: -14.8% Revenue growth, TTM YoY, FY24 Q4: -19.7% Revenue growth, TTM YoY, FY25 Q1: -17.9% Revenue growth, TTM YoY, FY25 Q2: -16.6% Revenue growth, TTM YoY, FY25 Q3: -9.4% Revenue growth, TTM YoY, FY25 Q4: -0.3% Revenue growth, TTM YoY, FY26 Q1: 4.3% Revenue growth, TTM YoY, FY26 Q2: 8.4% Revenue growth, TTM YoY, FY26 Q3: 9.5% 9.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.0%
FY24 Q1 -5.5%
FY24 Q2 -9.9%
FY24 Q3 -14.8%
FY24 Q4 -19.7%
FY25 Q1 -17.9%
FY25 Q2 -16.6%
FY25 Q3 -9.4%
FY25 Q4 -0.3%
FY26 Q1 4.3%
FY26 Q2 8.4%
FY26 Q3 9.5%
Operating margin (TTM) Polaris Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 7.8% Operating margin (TTM), FY24 Q1: 6.8% Operating margin (TTM), FY24 Q2: 6.1% Operating margin (TTM), FY24 Q3: 4.8% Operating margin (TTM), FY24 Q4: 4.0% Operating margin (TTM), FY25 Q1: 3.1% Operating margin (TTM), FY25 Q2: 1.2% Operating margin (TTM), FY25 Q3: 0.5% Operating margin (TTM), FY25 Q4: -4.9% Operating margin (TTM), FY26 Q1: -4.8% Operating margin (TTM), FY26 Q2: -2.6% Operating margin (TTM), FY26 Q3: -1.8% -1.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 7.8%
FY24 Q1 6.8%
FY24 Q2 6.1%
FY24 Q3 4.8%
FY24 Q4 4.0%
FY25 Q1 3.1%
FY25 Q2 1.2%
FY25 Q3 0.5%
FY25 Q4 -4.9%
FY26 Q1 -4.8%
FY26 Q2 -2.6%
FY26 Q3 -1.8%
FCF margin (TTM) Polaris Inc.
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.7% FCF margin (TTM), FY24 Q1: 3.6% FCF margin (TTM), FY24 Q2: 3.3% FCF margin (TTM), FY24 Q3: 4.1% FCF margin (TTM), FY24 Q4: 0.1% FCF margin (TTM), FY25 Q1: 3.3% FCF margin (TTM), FY25 Q2: 6.3% FCF margin (TTM), FY25 Q3: 8.3% FCF margin (TTM), FY25 Q4: 7.8% FCF margin (TTM), FY26 Q1: 2.2% FCF margin (TTM), FY26 Q2: 0.9% FCF margin (TTM), FY26 Q3: 3.5% 3.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.7%
FY24 Q1 3.6%
FY24 Q2 3.3%
FY24 Q3 4.1%
FY24 Q4 0.1%
FY25 Q1 3.3%
FY25 Q2 6.3%
FY25 Q3 8.3%
FY25 Q4 7.8%
FY26 Q1 2.2%
FY26 Q2 0.9%
FY26 Q3 3.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,566 1,991 2,657 3,210 3,777 4,480 4,719 4,517 5,428 6,079 6,783 6,281 7,439 8,589 8,934 7,175 7,152 7,646
Gross profit 393 530 741 925 1,121 1,319 1,339 1,106 1,325 1,501 1,649 1,536 1,751 1,960 1,960 1,467 1,369 1,630
EBITDA 230 287 416 549 670 842 868 518 551 698 718 757 928 1,037 960 577 −62 118
Operating income 165 221 350 478 578 715 716 350 360 487 484 521 712 805 701 291 −349 −137
Net income 101 147 228 312 377 454 455 213 172 335 324 125 494 447 503 111 −466 −206
Diluted EPS $1.53 $2.14 $3.20 $4.40 $5.35 $6.65 $6.75 $3.27 $2.69 $5.24 $5.20 $1.99 $7.88 $7.44 $8.71 $1.95 −$8.18 −$3.57
Growth (year on year)
Revenue −19.6% +27.2% +33.4% +20.8% +17.7% +18.6% +5.3% −4.3% +20.2% +12.0% +11.6% −7.4% +18.4% +15.5% +4.0% −19.7% −0.3% +9.5%
EBITDA −7.8% +25.1% +44.9% +31.9% +22.0% +25.7% +3.1% −40.4% +6.4% +26.8% +2.8% +5.4% +22.7% +11.7% −7.5% −39.9% −110.8% −63.7%
Operating income −9.8% +33.8% +58.5% +36.7% +20.8% +23.7% +0.2% −51.1% +2.7% +35.5% −0.8% +7.7% +36.7% +13.0% −12.9% −58.5% −220.0% —
Net income −14.0% +45.7% +54.7% +37.2% +20.8% +20.3% +0.3% −53.2% −19.0% +94.4% −3.4% −61.5% — −9.5% +12.5% −78.0% — —
Diluted EPS −12.6% +39.9% +49.5% +37.5% +21.6% +24.3% +1.5% −51.6% −17.7% +94.8% −0.8% −61.7% — −5.6% +17.1% −77.6% — —
Margins
Gross margin 25.1% 26.6% 27.9% 28.8% 29.7% 29.4% 28.4% 24.5% 24.4% 24.7% 24.3% 24.4% 23.5% 22.8% 21.9% 20.4% 19.1% 21.3%
EBITDA margin 14.7% 14.4% 15.7% 17.1% 17.7% 18.8% 18.4% 11.5% 10.1% 11.5% 10.6% 12.0% 12.5% 12.1% 10.7% 8.0% −0.9% 1.5%
Operating margin 10.5% 11.1% 13.2% 14.9% 15.3% 16.0% 15.2% 7.8% 6.6% 8.0% 7.1% 8.3% 9.6% 9.4% 7.8% 4.0% −4.9% −1.8%
Net margin 6.5% 7.4% 8.6% 9.7% 10.0% 10.1% 9.6% 4.7% 3.2% 5.5% 4.8% 2.0% 6.6% 5.2% 5.6% 1.5% −6.5% −2.7%
Free-cash-flow margin 9.5% 12.1% 8.2% 9.8% 6.4% 7.2% 4.0% 8.4% 7.4% 4.1% 6.0% 13.0% 0.1% 2.4% 5.7% 0.1% 7.8% 3.5%
Cash flow
Cash from operations 193 298 303 416 492 529 440 590 585 477 655 1,019 294 509 926 268 741 471
Capital spending 44 56 84 103 251 205 249 209 184 225 251 204 283 307 413 262 183 205
Free cash flow 149 242 218 313 241 324 191 380 401 252 404 814 11 202 513 7 558 266
Stock-based pay 10 18 21 35 58 63 62 58 50 64 75 65 61 63 57 49 60 53
Free cash flow after stock pay 139 224 197 278 183 261 129 323 351 188 329 749 −50 139 456 −43 498 213
Balance sheet
Cash 140 394 325 417 92 138 155 127 138 161 157 632 502 325 368 288 138 302
Total debt 0 200 100 100 288 226 461 1,142 913 1,963 1,694 1,451 1,801 2,058 1,908 2,072 1,540 1,628
Net debt (negative = net cash) −140 −194 −225 −317 195 89 306 1,015 775 1,801 1,536 819 1,298 1,733 1,541 1,785 1,402 1,327
Diluted shares 66m 69m 71m 71m 71m 68m 67m 65m 64m 64m 62m 63m 63m 60m 58m 57m 57m 58m
Returned to shareholders
Dividends 50 53 62 102 114 127 139 140 145 149 149 153 153 150 147 148 150 154
Buybacks 5 27 132 128 530 82 294 246 90 349 8 50 462 505 179 83 2 9
Total returned 55 81 194 229 644 209 433 386 236 498 158 203 615 655 326 230 153 163

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $5.1bn
Short-term assets $2.4bnLonger-term assets $2.6bn
What it owes, and who funded it · $5.0bn
Short-term liabilities $2.3bnLonger-term liabilities $1.9bnShareholders' equity $845m
  • Short-term assets cover short-term liabilities $2.4bn of assets due within a year against $2.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.4bn short-term assets against $1.9bn of longer-dated liabilities.
  • More cash than debt $302m of cash against $1.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 189% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 125% to 189% over five years.
  • A year's operating cash flow covers at least 20% of debt $470m of operating cash flow against $1.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$137m against $123m of interest.

From Polaris Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$9.3M
Dividends (TTM)
$154M
Returned to shareholders
61%
of free cash flow
Buybacks, last 3 fiscal years
$264M
Diluted share count
+1.6%
year over year
Total shareholder yield
4.6%
dividends 4.3% + buybacks 0.3% of market value
R&D spending
4.8%
of revenue
Days sales outstanding
13 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in leisure products
Last 12 months unless stated PII BC MAT HAS GOLF PTON Median
Revenue, last 12 months $7.6bn $5.6bn $5.5bn $5.2bn $2.7bn $2.4bn $349m
Revenue growth, last 12 months 9.5% 10.5% 2.9% 18.9% 8.8% −1.8% 7.6%
Revenue growth, 3-year average −5.5% −5.8% 2.8% −1.3% 4.4% −4.4% −2.5%
Revenue growth, latest quarter 10.9% 7.7% 10.5% 15.0% 13.8% 0.1% 10.9%
Gross margin 21.3% 25.6% 47.5% 74.0% 49.1% 52.6% 40.1%
Operating margin −1.8% −0.4% 7.8% 25.8% 13.7% 6.6% 1.0%
Operating margin, 3-year average 1.2% 4.5% 10.9% 2.5% 12.5% −4.8% 0.9%
Net margin −2.7% −1.5% 7.8% 18.4% 8.1% 2.6% −0.5%
Cash from operations / revenue 6.2% 9.3% 12.1% 25.3% 10.0% 15.8% 8.7%
Free-cash-flow margin 3.5% 6.1% 9.3% 23.7% 6.8% 15.4% 6.1%
Free-cash-flow margin, 3-year average 5.3% 7.2% 12.3% 20.3% 7.5% 8.4% 5.3%
Stock pay / revenue 0.7% 0.8% 1.3% 1.8% 1.2% 8.1% 1.3%
Change in share count 1.6% −1.2% −8.3% 0.2% −2.8% 11.8% 0.5%

Median of all 29 companies we cover in leisure products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 leisure products companies
Measure Company Peer median Rank
Revenue growth Growth 9.5% 7.6% 13 of 29
Change in growth rate Growth +1.0pp +3.1pp 21 of 29
Gross margin Profitability 21.3% 39.7% 22 of 27
Operating margin Profitability -1.8% 1.0% 19 of 29
Net margin Profitability -2.7% -0.5% 19 of 29
Free-cash-flow margin Cash generation 3.5% 6.1% 20 of 29
Stock pay as % of revenue Cash generation 0.7% 1.3% 6 of 27
Long-term debt as % of assets Balance sheet 31.5% 16.0% 14 of 20
Change in share count Balance sheet 1.6% 0.8% 16 of 24
Days sales outstanding Balance sheet 13 days 42 days 4 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Off Road $5.7B 79.9% ▲ 0.1%
On Road $927M 13.0% ▼ 6.2%
Marine $512M 7.2% ▲ 6.6%
Products and services
Line of business Revenue Share YoY
Wholegoods $5.3B 73.8% ▼ 3.4%
PGA $1.9B 26.2% ▲ 9.7%
Geography
Region Revenue Share YoY
United States $5.7B 79.2% ▲ 0.6%
EMEA $790M 11.0% ▼ 1.6%
Canada $420M 5.9% ▼ 5.9%
APLA $280M 3.9% ▼ 5.9%

From Polaris Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.5B
Institutions reporting
478
Shares held vs prior quarter
▼ 7.7%
Positions opened / closed
84 / 53

Top buyers and sellers, Q2 2026: 251 institutions bought and 198 sold ; the biggest buyer was Balyasny Asset Management L.P (+1.1M shares) and the biggest seller Capital World Investors (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $501M 7.3M 14.3% ▲ 3.8%
Vanguard Portfolio Management LLC $198M 2.9M 5.7% ▲ 3.8%
State Street Corp $184M 2.7M 5.3% ▲ 4.7%
AQR Capital Management LLC $176M 2.6M 5.0% ▲ 18.0%
Vanguard Capital Management LLC $167M 2.4M 4.8% ▲ 1.1%
American Century Companies Inc $138M 2.0M 3.9% ▲ 2.3%
Capital World Investors $110M 1.6M 3.2% ▼ 58.7%
Geode Capital Management, LLC $98.9M 1.4M 2.8% ▲ 2.5%
Dimensional Fund Advisors LP $91.7M 1.3M 2.6% ▼ 13.3%
Canada Pension Plan Investment Board $77.8M 1.1M 2.2% ▼ 5.3%
Balyasny Asset Management L.P. $73.9M 1.1M 2.1% New
Auto-Owners Insurance Co $70.8M 1.0M 2.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Polaris Inc.'s complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.2M 8 trades by 4 insiders · 0% under pre-set plans
Net ▼ $4.2M net selling
Insider Date Trade Shares Price Value
Mack Robert Paul CFO, EVP - Finance + Corp Dev February 12, 2026 Sell 3,963 $67.08 $265,838
Mack Robert Paul CFO, EVP - Finance + Corp Dev February 12, 2026 Sell 3,823 $66.57 $254,497
Speetzen Michael T CEO February 11, 2026 Sell 22,894 $66.98 $1.5M
Speetzen Michael T CEO February 11, 2026 Sell 12,192 $66.54 $811,256
Duke Benjamin D President-Marine February 11, 2026 Sell 9,794 $66.80 $654,239
Duke Benjamin D President-Marine February 11, 2026 Sell 296 $67.40 $19,950
Williams James P SVP-CHRO February 3, 2026 Sell 5,243 $67.17 $352,172
Williams James P SVP-CHRO December 5, 2025 Sell 4,554 $67.53 $307,532

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

No trades in Polaris Inc. disclosed in the last 12 months; 19 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • January 27, 2026
  • October 28, 2025
  • October 14, 2025

Recent SEC filings

Data status

When each part of this page on Polaris Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Polaris Inc. in brief

What does Polaris Inc. do?
Polaris Inc. is a US-listed company in the leisure products industry. Its financial year ends in December.
What is Polaris Inc.'s stock ticker?
Polaris Inc. trades under the ticker PII on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Polaris Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Polaris Inc. reported revenue of $7.6B, 9.5% higher than a year earlier, according to its SEC filings.
What is Polaris Inc.'s free cash flow?
Polaris Inc.'s free-cash-flow margin is 3.5% of revenue over the trailing twelve months, ranking 20 of the 29 leisure products companies we cover.
Who are Polaris Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Polaris Inc. buying back stock, and does it pay a dividend?
Polaris Inc. spent $9.3M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.6% over the year.
What is Polaris Inc.'s market cap?
On November 2, 2026, Polaris Inc.'s market capitalisation was about $3.6B and net debt of $1.3B. Market figures come from third-party market data and may be delayed.
Does Polaris Inc. pay a dividend?
Yes: Polaris Inc. paid $154M in dividends over the trailing twelve months, a dividend yield of 4.31%.
How much debt does Polaris Inc. have?
Polaris Inc.'s debt-to-equity ratio is 188.7%, from its latest balance sheet (124.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Polaris Inc.'s competitors?
In our Leisure Products peer group, the companies closest to Polaris Inc. are Brunswick Corp, Mattel Inc, Hasbro, Acushnet Holdings Corp. and Peloton Interactive, Inc. The side-by-side comparison below sets their revenue, margins and growth against Polaris Inc.'s.
Are insiders buying or selling Polaris Inc. stock?
Over the last 12 months, Polaris Inc.'s directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Polaris Inc.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Polaris Inc. announces its own schedule.