Polaris (PII) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Polaris

NYSE•Consumer Cyclical•Recreational Vehicles

$56.69+2.40(0.04%)After hours

Market Cap

$3.47B

P/S

0.5x

P/B

4.1x

Polaris Inc. designs, engineers, manufactures, and markets powersports vehicles in the United States, Canada, and internationally. It operates through three segments: Off Road, On Road, and Marine. The company offers off-road vehicles (ORVs), including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; motorcycles; moto-roadsters; quadricycles; and pontoon and deck boats. It also provides source parts, garments, and accessories, such as helmets, jackets, gloves, pants, and hats; and snowmobile accessories comprising covers, traction products, reverse kits, electric starters, tracks, pull-behinds, bags, and windshields, as well as gear and apparel for its snowmobiles consisting of helmets, jackets, goggles, gloves, boots, bibs, pants, and hats. In addition, the company offers ORV accessories, including winches, bumper/brushguards, plows, racks, wheels and tires, cab systems, lighting and audio systems, cargo box accessories, and tracks, as well as replacement parts and lubricants. Further, it provides motorcycle accessories, such as performance enhancements, saddle bags, handlebars, backrests, exhausts, windshields, seats, and various chrome accessories, as well as light duty hauling and passenger vehicles. The company sells its products through dealers and distributors, as well as online. The company was formerly known as Polaris Industries Inc. Polaris Inc. was founded in 1945 and is headquartered in Medina, Minnesota.

How this company scores

AverageMetricSide Score: 41/100

Strongest: Cash & Earnings Quality (15/25); weakest: Profitability (6/25).

Profitability6/25

Growth12/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality15/25

Strengths

Cash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 57.9x5y range 10.0x – 57.9x

Currently above its 14-quarter median.

P/S · 0.5x5y range 0.3x – 0.8x

Currently near its 20-quarter median.

P/B · 4.1x5y range 1.9x – 6.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 545.6% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $3.47B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $7.65B
Q. Revenue: $2.04B
TTM EBITDA: $126.70M
TTM Op. Income: $-137.00M
Q. Op. Income: $73.40M
TTM Net Income: $-206.20M
Q. Net Income: $38.40M
EPS: $0.67
Shares Out.: $57.60M

$7.65B in TTM revenue grew 9.5% YoY, reaching $2.04B last quarter. TTM EBITDA of $126.70M and TTM operating income of $-137.00M show growth is flowing through to the bottom line. However, net income is negative at $206.20M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 21.2%
EBITDA Margin: 6.9%
Op. Margin: 3.6%
Net Margin: 1.9%

Op. margin of 3.6% is up 2.5% YoY — cost efficiency is improving. Net margin at 1.9% and gross margin of 21.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 224% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.5x
P/B Ratio: 4.1x

P/S of 0.5x and P/B of 4.1x. P/S is low relative to typical market levels. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $5.05B
Cash: $301.70M
Long-Term Debt: $1.59B
Book Value: $844.50M
D/E Ratio: 1.9
Debt/EBITDA: 11.3

With $5.05B in assets and $1.59B in long-term debt, D/E is 1.9and book value is $844.50M — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $381.80M
TTM Free Cash Flow: $265.50M
FCF Margin: 3.5%
FCF / Net Income: -1.3

TTM FCF of $265.50M on $381.80M in operating cash flow. The FCF / Net Income ratio of -1.3x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 54% — an improving trend.