PII · Polaris Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $7.15B | $7.18B | $8.93B | $8.59B | $8.20B | $7.03B |
| Cost of Revenue | $5.78B | $5.71B | $6.97B | $6.63B | $6.26B | $5.32B |
| Gross Profit | $1.37B | $1.47B | $1.96B | $1.96B | $1.94B | $1.71B |
| R&D | $371.90M | $336.90M | $374.30M | $366.70M | $336.70M | $295.60M |
| SG&A | $541.80M | $436.50M | $422.80M | $355.90M | $366.00M | $359.20M |
| Total Operating Expenses | $1.80B | $1.27B | $1.34B | $1.20B | $1.29B | $1.58B |
| D&A | $286.50M | $286.30M | $258.90M | $232.80M | $237.10M | $260.70M |
| Operating Income | ($348.70M) | $290.60M | $700.90M | $804.50M | $709.00M | $212.30M |
| Interest Expense | $131.40M | $137.00M | $125.00M | $71.70M | $44.20M | $66.70M |
| Income Tax | ($67.90M) | $29.60M | $117.70M | $158.00M | $131.40M | $16.50M |
| Net Income | ($465.50M) | $110.80M | $502.80M | $447.10M | $493.90M | $124.80M |
| EPS - Basic | ($8.18) | $1.96 | $8.80 | $7.54 | $8.06 | $2.02 |
| EPS - Diluted | ($8.18) | $1.95 | $8.71 | $7.44 | $7.88 | $1.99 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $138.00M | $287.80M | $367.80M | $324.50M | $509.20M | $634.70M |
| Accounts Receivable | $237.50M | $192.30M | $306.40M | $343.00M | $240.50M | $257.20M |
| Inventory | $1.41B | $1.74B | $1.81B | $1.90B | $1.64B | $1.18B |
| Accounts Payable | $762.50M | $562.80M | $713.10M | $847.60M | $797.40M | $782.20M |
| Current Assets | $2.21B | $2.63B | $2.69B | $2.77B | $2.56B | $2.21B |
| Total Assets | $4.89B | $5.53B | $5.52B | $5.22B | $5.05B | $4.63B |
| Current Liabilities | $2.24B | $2.29B | $1.93B | $2.33B | $2.23B | $1.89B |
| Long-term Debt | $1.51B | $2.03B | $1.86B | $1.50B | $1.25B | $1.31B |
| Total Liabilities | $4.05B | $4.22B | $4.09B | $4.10B | $3.81B | $3.48B |
| Stockholders' Equity | $828.40M | $1.29B | $1.42B | $1.10B | $1.22B | $1.14B |
| Retained Earnings | ($469.00M) | $148.90M | $243.50M | $33.80M | $157.30M | $218.40M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $741.00M | $268.20M | $925.80M | $508.60M | $293.70M | $1.02B |
| Investing Cash Flow | ($139.50M) | ($270.90M) | ($462.00M) | ($324.60M) | ($303.90M) | ($150.70M) |
| Financing Cash Flow | ($693.00M) | ($59.20M) | ($431.30M) | ($363.20M) | ($107.60M) | ($415.40M) |
| CapEx | $182.90M | $261.70M | $412.60M | $306.60M | $298.30M | $213.90M |
| Free Cash Flow | $558.10M | $6.50M | $513.20M | $202.00M | ($4.60M) | $804.70M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 19.1% | 20.4% | 21.9% | 22.8% | 23.7% | 24.3% |
| Operating margin | -4.9% | 4.0% | 7.8% | 9.4% | 8.6% | 3.0% |
| EBITDA margin | -0.9% | 8.0% | 10.7% | 12.1% | 11.5% | 6.7% |
| Net margin | -6.5% | 1.5% | 5.6% | 5.2% | 6.0% | 1.8% |
| Free cash flow margin | 7.8% | 0.1% | 5.7% | 2.4% | -0.1% | 11.5% |
| FCF / Net income | -1.20 | 0.06 | 1.02 | 0.45 | -0.01 | 6.45 |
| R&D / Revenue | 5.2% | 4.7% | 4.2% | 4.3% | 4.1% | 4.2% |
| SG&A / Revenue | 7.6% | 6.1% | 4.7% | 4.1% | 4.5% | 5.1% |
| Effective tax rate | - | 21.1% | 19.0% | 26.1% | 21.0% | 11.7% |
| Return on assets | -9.5% | 2.0% | 9.1% | 8.6% | 9.8% | 2.7% |
| Return on equity | -56.2% | 8.6% | 35.4% | 40.7% | 40.3% | 10.9% |
| Return on invested capital | -11.8% | 6.9% | 17.3% | 22.8% | 22.7% | 7.6% |
| Liquidity | ||||||
| Current ratio | 0.98 | 1.15 | 1.39 | 1.19 | 1.15 | 1.17 |
| Quick ratio | 0.35 | 0.39 | 0.46 | 0.37 | 0.41 | 0.55 |
| Cash ratio | 0.06 | 0.13 | 0.19 | 0.14 | 0.23 | 0.34 |
| Leverage | ||||||
| Debt / Equity | 1.82 | 1.58 | 1.31 | 1.37 | 1.02 | 1.14 |
| Debt / Assets | 0.31 | 0.37 | 0.34 | 0.29 | 0.25 | 0.28 |
| Debt / EBITDA | - | 3.52 | 1.94 | 1.45 | 1.32 | 2.77 |
| Interest coverage | -2.7x | 2.1x | 5.6x | 11.2x | 16.0x | 3.2x |
| Equity multiplier | 5.91 | 4.28 | 3.89 | 4.75 | 4.12 | 4.05 |
| Liabilities / Assets | 0.83 | 0.76 | 0.74 | 0.79 | 0.75 | 0.75 |
| Efficiency | ||||||
| Asset turnover | 1.46 | 1.30 | 1.62 | 1.65 | 1.62 | 1.52 |
| Inventory turnover | 4.09 | 3.28 | 3.85 | 3.50 | 3.80 | 4.52 |
| Days sales outstanding | 12d | 10d | 13d | 15d | 11d | 13d |
| Days inventory outstanding | 89d | 111d | 95d | 104d | 96d | 81d |
| Days payable outstanding | 48d | 36d | 37d | 47d | 47d | 54d |
| Cash conversion cycle | 53d | 85d | 70d | 72d | 60d | 40d |
| Valuation | ||||||
| P / E | - | 29.5x | 10.9x | 13.6x | 13.9x | 47.9x |
| P / B | 4.3x | 2.5x | 3.9x | 5.5x | 5.6x | 5.2x |
| P / S | 0.5x | 0.5x | 0.6x | 0.7x | 0.8x | 0.8x |
| EV / EBITDA | - | 8.7x | 7.3x | 7.0x | 8.1x | 14.0x |
| Growth | ||||||
| Revenue growth (YoY) | -0.3% | -19.7% | 4.0% | 4.8% | 16.7% | 3.6% |
| Revenue CAGR (3y) | -5.9% | -4.3% | 8.3% | 8.2% | 22.0% | - |
| Revenue CAGR (5y) | 0.4% | 1.1% | 14.6% | - | - | - |
| Gross profit growth (YoY) | -6.7% | -25.2% | 0.0% | 0.9% | 13.6% | 3.7% |
| Operating income growth (YoY) | - | -58.5% | -12.9% | 13.5% | 234.0% | -56.1% |
| Net income growth (YoY) | - | -78.0% | 12.5% | -9.5% | 295.8% | -61.5% |
| EPS growth (YoY) | - | -77.6% | 17.1% | -5.6% | 296.0% | -61.7% |
| EPS CAGR (3y) | - | -37.2% | 63.6% | 12.7% | 14.6% | -9.6% |
| EPS CAGR (5y) | - | -17.8% | 10.7% | 22.6% | 19.2% | -21.7% |
| FCF growth (YoY) | 8486.2% | -98.7% | 154.1% | - | - | 99.3% |
| FCF CAGR (5y) | -7.1% | -56.2% | 15.3% | -12.6% | - | 33.4% |
| Book value growth (YoY) | -35.8% | -9.1% | 29.1% | -10.2% | 7.0% | 3.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$7.15B totalOff Road Segment$5.71B · 79.9%
On Road Segment$926.50M · 13.0%
Marine Segment$512.40M · 7.2%
Product / service
$5.71B totalWholegoods$4.03B · 70.6%
PGA$1.68B · 29.4%
Geographic
$5.71B totalUS$4.73B · 82.8%
CA$381.10M · 6.7%
EMEA$367.70M · 6.4%
APLA$231.30M · 4.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.24
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Miscellaneous Transportation Equipment
Comparing Polaris Inc. against the 2 most active filers in the same SIC group.
Dividends
$2.70/share trailing 12 months · +1.5% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.6800 |
| Mar 2, 2026 | $0.6800 |
| Dec 1, 2025 | $0.6700 |
| Sep 2, 2025 | $0.6700 |
| Jun 2, 2025 | $0.6700 |
| Mar 3, 2025 | $0.6700 |
| Dec 2, 2024 | $0.6600 |
| Sep 3, 2024 | $0.6600 |
| Jun 3, 2024 | $0.6600 |
| Feb 29, 2024 | $0.6600 |
| Nov 30, 2023 | $0.6500 |
| Aug 31, 2023 | $0.6500 |
| May 31, 2023 | $0.6500 |
| Feb 28, 2023 | $0.6500 |
| Nov 30, 2022 | $0.6400 |
| Aug 31, 2022 | $0.6400 |
| May 31, 2022 | $0.6400 |
| Feb 28, 2022 | $0.6400 |
| Nov 30, 2021 | $0.6300 |
| Aug 31, 2021 | $0.6300 |
| May 28, 2021 | $0.6300 |
| Feb 26, 2021 | $0.6300 |
| Nov 30, 2020 | $0.6200 |
| Aug 31, 2020 | $0.6200 |