Polaris Inc
PII—
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Polaris Inc AI Insights
Informational only. Not investment advice.Snapshot
- Net loss of -151.3M TTM with interest expense of 134.7M consuming 51% of EBITDA (269.5M) - debt burden unsustainable at current profitability.[Interest Expense TTM]
- Inventory of 1.7B is 148% of equity and 5x receivables - significant working capital trapped and potential write-down risk.[Inventory]
- FCF of 581.4M TTM despite net loss - cash conversion masks earnings quality issues; P/CF of 4.9x vs industry 9.4x median.[Free Cash Flow TTM]
Watch Triggers
- Inventory: Exceeds 1.8B or inventory/revenue ratio rises above 25% — Current 24% ratio already elevated; further build signals demand collapse and impairment risk.
- Interest Expense TTM: Interest coverage (EBITDA/Interest) falls below 1.5x — Currently 2.0x - any margin compression threatens debt serviceability.
- Free Cash Flow TTM: FCF turns negative or falls below 400M — FCF is only positive metric; loss would eliminate dividend capacity (152M annual).
Bull Case
FCF yield of 15.4% (581M/3.8B market cap) with P/S of 0.54x vs 0.85x median offers deep value if operations stabilize.
Free Cash Flow TTMPS RatioPCF Ratio
Asset turnover of 1.28x nearly 2x industry median (0.68x) demonstrates operational efficiency despite revenue headwinds.
Asset Turnover TTMTotal Revenue TTM
Bear Case
Debt/equity of 1.61x with net debt of 1.4B and ROIC of -4.5% - destroying value while overleveraged; tangible book only 275M.
Debt to EquityROIC TTMTangible Book Value
EPS declined -35% 5Y and -54% 3Y with negative net margin of -2.2% - profitability deterioration accelerating, not stabilizing.
EPS Growth 5YEPS Growth 3YNet Margin TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Margin recovery unlikely without revenue stabilization; 3Y revenue CAGR of -7.7% signals structural demand weakness.
1-3ymed
- Revenue declining -7.7% 3Y CAGR while fixed costs remain elevated
- Gross margin 19.2% near industry median but operating margin only 1.9%
- R&D spend of 344M (4.9% of revenue) pressures near-term profitability
Total Revenue 3Y Growth: -7.7%Operating Margin TTM: 1.9% vs 3.6% industry medianEPS 3Y Growth: -54%
Valuation Context
Caveats
Public Strategies Rankings
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PII Fundamentals
Manufacturing → Transportation Equipment Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.06B | — | ||
$4.58B | — | ||
0.00 | — | ||
$7.15B | -0.3% | — | |
$-8.18 | — | ||
0.48% | -3.6% | — | |
-6.51% | -8.1% | — | |
$558.1M | — | ||
-44.0% | -52.1% | — | |
Beta 5Y (Monthly) | unknown | — |
PII Dividend History
105 dividends
2026
$0.680003/02/26$0.6800
2025
$2.680012/01/25$0.6700
09/02/25$0.6700
06/02/25$0.6700
03/03/25$0.6700
2024
$2.640012/02/24$0.6600
09/03/24$0.6600
06/03/24$0.6600
02/29/24$0.6600
2023
$2.600011/30/23$0.6500
08/31/23$0.6500
05/31/23$0.6500
02/28/23$0.6500
2022
$2.560011/30/22$0.6400
08/31/22$0.6400
05/31/22$0.6400
02/28/22$0.6400
2021
$2.520011/30/21$0.6300
08/31/21$0.6300
05/28/21$0.6300
02/26/21$0.6300
2020
$2.480011/30/20$0.6200
08/31/20$0.6200
06/04/20$0.6200
02/28/20$0.6200
2019
$2.440011/29/19$0.6100
08/30/19$0.6100
05/31/19$0.6100
02/28/19$0.6100
2018
$2.400011/30/18$0.6000
08/30/18$0.6000
05/31/18$0.6000
02/28/18$0.6000
2017
$2.320011/30/17$0.5800
08/30/17$0.5800
05/30/17$0.5800
02/27/17$0.5800
2016
$2.200011/29/16$0.5500
08/30/16$0.5500
05/27/16$0.5500
02/26/16$0.5500
2015
$2.120011/27/15$0.5300
08/28/15$0.5300
05/28/15$0.5300
02/26/15$0.5300
2014
$1.920011/26/14$0.4800
08/28/14$0.4800
05/29/14$0.4800
02/27/14$0.4800
2013
$1.680011/27/13$0.4200
08/29/13$0.4200
05/30/13$0.4200
02/27/13$0.4200
2012
$1.480011/28/12$0.3700
08/29/12$0.3700
05/30/12$0.3700
02/28/12$0.3700
2011
$0.900010/28/11$0.2250
07/28/11$0.2250
04/28/11$0.2250
01/28/11$0.2250
2010
$0.800010/28/10$0.2000
07/29/10$0.2000
04/29/10$0.2000
01/28/10$0.2000
2009
$0.780010/29/09$0.1950
07/30/09$0.1950
04/29/09$0.1950
01/30/09$0.1950
2008
$0.760010/30/08$0.1900
07/30/08$0.1900
04/29/08$0.1900
01/30/08$0.1900
2007
$0.680010/30/07$0.1700
07/30/07$0.1700
04/27/07$0.1700
01/30/07$0.1700
2006
$0.620010/30/06$0.1550
07/28/06$0.1550
04/27/06$0.1550
01/30/06$0.1550
2005
$0.560010/28/05$0.1400
07/28/05$0.1400
04/28/05$0.1400
01/28/05$0.1400
2004
$0.460010/28/04$0.1150
07/29/04$0.1150
04/29/04$0.1150
01/29/04$0.1150
2003
$0.310010/30/03$0.0775
07/30/03$0.0775
04/29/03$0.0775
01/29/03$0.0775
2002
$0.280010/30/02$0.0700
07/30/02$0.0700
04/29/02$0.0700
01/30/02$0.0700
2001
$0.250010/30/01$0.0625
07/30/01$0.0625
04/27/01$0.0625
01/30/01$0.0625
2000
$0.220010/30/00$0.0550
07/28/00$0.0550
04/27/00$0.0550
01/28/00$0.0550
PII Stock Splits
2 stock splits
09/13/110.5:1 split
03/09/040.5:1 split
PII SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/13/26 | 12/31/25 | 10-K | |
10/28/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/18/25 | 12/31/24 | Unknown | |
10/22/24 | 09/30/24 | 10-Q | |
07/23/24 | 06/30/24 | 10-Q | |
04/23/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
10/24/23 | 09/30/23 | 10-Q | |
07/25/23 | 06/30/23 | 10-Q | |
04/25/23 | 03/31/23 | 10-Q | |
02/17/23 | 12/31/22 | 10-K | |
10/25/22 | 09/30/22 | 10-Q | |
07/26/22 | 06/30/22 | 10-Q | |
04/26/22 | 03/31/22 | 10-Q | |
02/15/22 | 12/31/21 | 10-K | |
10/26/21 | 09/30/21 | 10-Q | |
07/27/21 | 06/30/21 | 10-Q | |
04/27/21 | 03/31/21 | 10-Q | |
02/16/21 | 12/31/20 | 10-K | |
10/27/20 | 09/30/20 | 10-Q | |
07/28/20 | 06/30/20 | 10-Q | |
04/28/20 | 03/31/20 | 10-Q | |
02/14/20 | 12/31/19 | 10-K | |
10/22/19 | 09/30/19 | 10-Q | |
07/23/19 | 06/30/19 | 10-Q | |
04/24/19 | 03/31/19 | 10-Q | |
02/14/19 | 12/31/18 | 10-K | |
10/24/18 | 09/30/18 | 10-Q | |
07/25/18 | 06/30/18 | 10-Q | |
04/26/18 | 03/31/18 | 10-Q | |
02/15/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/24/17 | 06/30/17 | 10-Q | |
04/27/17 | 03/31/17 | 10-Q | |
02/16/17 | 12/31/16 | 10-K | |
10/27/16 | 09/30/16 | 10-Q | |
07/22/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
02/19/16 | 12/31/15 | 10-K | |
10/27/15 | 09/30/15 | 10-Q | |
07/24/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/25/14 | 06/30/14 | 10-Q | |
04/30/14 | 03/31/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
10/29/13 | 09/30/13 | 10-Q | |
07/23/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
07/31/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/07/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
03/01/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/06/10 | 03/31/10 | 10-Q | |
03/01/10 | 12/31/09 | 10-K | |
10/30/09 | 09/30/09 | 10-Q | |
08/04/09 | 06/30/09 | 10-Q | |
05/05/09 | 03/30/09 | 10-Q | |
03/02/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/05/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
10/31/07 | 09/30/07 | 10-Q | |
07/31/07 | 06/30/07 | 10-Q | |
04/27/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 10-K | |
10/27/06 | 09/30/06 | 10-Q | |
08/07/06 | 06/30/06 | 10-Q | |
05/09/06 | 03/30/06 | Unknown | -- |
03/01/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | 10-Q | |
07/29/05 | 06/30/05 | 10-Q | |
05/05/05 | 03/30/05 | Unknown | -- |
03/01/05 | 12/31/04 | 10-K | |
11/05/04 | 09/30/04 | 10-Q | |
08/05/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/30/04 | Unknown | -- |
03/11/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/17/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/09/02 | 06/30/02 | 10-Q | |
05/10/02 | 03/30/02 | Unknown | -- |
03/22/02 | 12/31/01 | 10-K | |
11/14/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | 10-Q | |
05/10/01 | 03/30/01 | Unknown | -- |
03/28/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/30/00 | Unknown | -- |