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Polaris Inc. (PII) 10-Year Financial Performance & Capital Metrics

PII • • Industrial / General
Consumer CyclicalRecreational VehiclesPowersports VehiclesMotorcycle & Powersports Manufacturers
AboutPolaris Inc. designs, engineers, manufactures, and markets power sports vehicles worldwide. 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; snowmobiles and snow bikes conversion kit systems; motorcycles; and low emission, light duty hauling, passenger, and industrial vehicles. It also provides quadricycles and moto-roadsters; ORV accessories comprising winches, bumper, plows, racks, wheels and tires, pull-behinds, cab systems, lighting and audio systems, cargo box accessories, tracks, and oil; snowmobile accessories, which include covers, traction products, electric starters, reverse kits, tracks, bags, windshields, oil, and lubricants; and motorcycle accessories, such as saddle bags, handlebars, backrests, exhausts, windshields, seats, oil, and various chrome accessories. In addition, the company offers gear and apparel, such as helmets, jackets, gloves, pants, hats, goggles, boots, bibs, and leathers; and pontoon and deck boats. The company provides its products through dealers and distributors, and online; and aftermarket parts, garments, and accessories through 101 brick-and-mortar retail centers, call centers, and e-commerce sites. The company was formerly known as Polaris Industries Inc. Polaris Inc. was founded in 1954 and is headquartered in Medina, Minnesota.Show more
  • Revenue $7.18B -19.7%
  • EBITDA $507M -42.9%
  • Net Income $111M -78.0%
  • EPS (Diluted) 1.95 -77.6%
  • Gross Margin 19.57% -8.3%
  • EBITDA Margin 7.06% -29.0%
  • Operating Margin 3.07% -56.4%
  • Net Margin 1.54% -72.6%
  • ROE 8.16% -79.5%
  • ROIC 5.24% -66.4%
  • Debt/Equity 1.70 +17.7%
  • Interest Coverage 1.55 -67.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Dividend Aristocrat: 28 years of consecutive increases
  • ✓Excellent 3Y average ROE of 32.9%
  • ✓Momentum leader: RS Rating 84 (top 16%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy dividend yield of 3.7%
  • ✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

  • ✗Profits declining 19.3% over 5 years
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.82%
5Y1.13%
3Y-1.2%
TTM-9.39%

Profit (Net Income) CAGR

10Y-13.15%
5Y-19.31%
3Y-39.24%
TTM-174.31%

EPS CAGR

10Y-11.55%
5Y-17.81%
3Y-37.22%
TTM-174.1%

ROCE

10Y Avg20.47%
5Y Avg18.84%
3Y Avg17.45%
Latest6.47%

Peer Comparison

Motorcycle & Powersports Manufacturers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
MAMOMassimo Group Common Stock157.4M3.7888.32-4.97%-1.16%-3.8%3.99%0.70
PIIPolaris Inc.3.98B70.7936.30-19.69%-2.17%-13.04%0.16%1.70
HOGHarley-Davidson, Inc.2.49B21.076.13-11.13%11.4%14.07%34.84%2.22
DOOOBRP Inc.2.86B78.66-27.31-24.47%-0.48%-7.62%10.96%12.68

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+4.72B4.52B5.43B6.08B6.78B7.03B7.44B8.59B8.93B7.18B
Revenue Growth %0.05%-0.04%0.2%0.12%0.12%0.04%0.06%0.15%0.04%-0.2%
Cost of Goods Sold+3.38B3.41B4.02B4.65B5.21B5.4B5.74B6.68B7.03B5.77B
COGS % of Revenue0.72%0.76%0.74%0.77%0.77%0.77%0.77%0.78%0.79%0.8%
Gross Profit+1.34B1.1B1.41B1.43B1.57B1.63B1.7B1.91B1.91B1.4B
Gross Margin %0.28%0.24%0.26%0.23%0.23%0.23%0.23%0.22%0.21%0.2%
Gross Profit Growth %0.01%-0.18%0.28%0.01%0.1%0.03%0.04%0.12%-0%-0.26%
Operating Expenses+692.21M833.8M1.01B1.03B1.17B1.11B1.04B1.15B1.28B1.18B
OpEx % of Revenue0.15%0.18%0.19%0.17%0.17%0.16%0.14%0.13%0.14%0.16%
Selling, General & Admin452.03M453.68M624.1M661.18M877.52M817.7M710.2M787.5M902.5M846.6M
SG&A % of Revenue0.1%0.1%0.11%0.11%0.13%0.12%0.1%0.09%0.1%0.12%
Research & Development166.46M185.13M238.3M259.68M292.94M295.6M328.7M366.7M374.3M336.9M
R&D % of Revenue0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.05%
Other Operating Expenses73.72M195M145.71M105.02M000000
Operating Income+645.28M268.62M400.2M399.3M401.89M513.5M657.7M754M629.2M220.4M
Operating Margin %0.14%0.06%0.07%0.07%0.06%0.07%0.09%0.09%0.07%0.03%
Operating Income Growth %-0.02%-0.58%0.49%-0%0.01%0.28%0.28%0.15%-0.17%-0.65%
EBITDA+797.42M436.13M591.3M610.33M636.4M774.2M874.1M986.8M888.1M506.7M
EBITDA Margin %0.17%0.1%0.11%0.1%0.09%0.11%0.12%0.11%0.1%0.07%
EBITDA Growth %0.02%-0.45%0.36%0.03%0.04%0.22%0.13%0.13%-0.1%-0.43%
D&A (Non-Cash Add-back)152.14M167.51M191.11M211.04M234.51M260.7M216.4M232.8M258.9M286.3M
EBIT697.19M329.57M350.95M486.22M484.49M202M664.8M834.1M754.2M283.1M
Net Interest Income+-11.46M-16.32M-32.16M-56.97M-76.69M-60.6M-36.1M-72.7M-133.8M-142.3M
Interest Income0000000000
Interest Expense11.46M16.32M32.16M56.97M76.69M60.6M36.1M72.7M133.8M142.3M
Other Income/Expense40.46M44.63M-81.41M29.95M5.91M-372.1M-29M7.4M-8.8M-79.6M
Pretax Income+685.74M313.25M318.79M429.25M407.8M141.4M628.7M761.4M620.4M140.8M
Pretax Margin %0.15%0.07%0.06%0.07%0.06%0.02%0.08%0.09%0.07%0.02%
Income Tax+230.38M100.3M146.3M93.99M83.92M16.5M132.1M158M117.7M29.6M
Effective Tax Rate %0.66%0.68%0.54%0.78%0.79%0.88%0.79%0.77%0.81%0.79%
Net Income+455.36M212.95M172.49M335.26M323.96M124.8M493.9M589.7M502.8M110.8M
Net Margin %0.1%0.05%0.03%0.06%0.05%0.02%0.07%0.07%0.06%0.02%
Net Income Growth %0%-0.53%-0.19%0.94%-0.03%-0.61%2.96%0.19%-0.15%-0.78%
Net Income (Continuing)455.36M212.95M172.49M335.26M323.88M124.9M496.6M603.4M502.7M111.2M
Discontinued Operations000000-2.3M-13.2M00
Minority Interest000279K200K300K2M2.5M2.4M4.2M
EPS (Diluted)+6.753.272.695.255.201.997.889.818.711.95
EPS Growth %0.02%-0.52%-0.18%0.95%-0.01%-0.62%2.96%0.24%-0.11%-0.78%
EPS (Basic)6.903.312.745.365.272.028.069.948.811.96
Diluted Shares Outstanding67.48M65.16M64.18M63.9M62.29M62.6M62.7M60.1M57.7M56.8M
Basic Shares Outstanding66.02M64.3M62.92M62.5M61.44M61.9M61.3M59.3M57.1M56.5M
Dividend Payout Ratio0.31%0.66%0.84%0.44%0.46%1.22%0.31%0.25%0.29%1.33%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+1.15B1.19B1.25B1.49B1.63B2.21B2.56B2.77B2.69B2.63B
Cash & Short-Term Investments155.35M127.33M138.34M161.16M157.1M634.7M502.3M324.5M367.8M287.8M
Cash Only155.35M127.33M138.34M161.16M157.1M634.7M502.3M324.5M367.8M287.8M
Short-Term Investments0000000000
Accounts Receivable196.95M225.49M229.75M233.56M222.9M261.1M231.9M363.3M315.4M207.4M
Days Sales Outstanding15.2318.2215.4514.021213.5611.3815.4412.8910.55
Inventory710M746.53M783.96M969.51M1.12B1.18B1.51B1.9B1.81B1.74B
Days Inventory Outstanding76.6379.8171.1876.0578.5479.5896.02103.5994.02110.14
Other Current Assets000000153.6M183.7M198M395.7M
Total Non-Current Assets+1.23B1.91B1.84B2.64B2.8B2.43B2.49B2.45B2.82B2.89B
Property, Plant & Equipment650.68M727.6M747.19M843.12M1.01B1.01B1.02B1.13B1.35B1.31B
Fixed Asset Turnover7.25x6.21x7.27x7.21x6.72x6.93x7.31x7.60x6.64x5.46x
Goodwill131.01M421.56M433.37M647.08M659.9M397.3M391.3M386.2M394.4M393.5M
Intangible Assets105.1M371.42M347.21M870.52M830.3M686.4M543.9M524.4M512M542.7M
Long-Term Investments99.07M94.01M88.76M92.06M110.6M59.4M49.3M93.1M141.1M136.7M
Other Non-Current Assets80.33M105.55M104.04M98.96M99.4M90.2M323.2M106.7M135.8M121.4M
Total Assets+2.39B3.1B3.09B4.12B4.43B4.63B5.05B5.22B5.52B5.53B
Asset Turnover1.98x1.46x1.76x1.47x1.53x1.52x1.47x1.65x1.62x1.30x
Asset Growth %0.15%0.3%-0%0.34%0.07%0.05%0.09%0.03%0.06%0%
Total Current Liabilities+826.78M959.75M1.13B1.2B1.53B1.89B2.23B2.33B1.93B2.29B
Accounts Payable299.66M273.74M317.38M346.29M450.2M782.2M776M847.6M713.1M562.8M
Days Payables Outstanding32.3429.2628.8227.1631.5452.8649.3246.3137.0335.59
Short-Term Debt5.06M3.85M47.75M66.54M166.7M142.1M553.3M553.6M54M434.3M
Deferred Revenue (Current)0000000000
Other Current Liabilities162.96M241.49M291.85M289.68M320.7M356.2M107.8M212.3M212.7M145.9M
Current Ratio1.39x1.24x1.11x1.24x1.06x1.17x1.15x1.19x1.39x1.15x
Quick Ratio0.54x0.46x0.42x0.43x0.33x0.55x0.47x0.37x0.46x0.39x
Cash Conversion Cycle59.5268.7757.8162.915940.2858.0872.7269.8885.09
Total Non-Current Liabilities+577.4M1.27B1.03B2.06B1.79B1.6B1.59B1.79B2.16B1.94B
Long-Term Debt436.76M1.12B846.91M1.88B1.51B1.29B1.24B1.5B1.85B1.64B
Capital Lease Obligations19.66M17.54M18.35M16.14M92.7M107M83.4M87M115.1M99.7M
Deferred Tax Liabilities13.73M9.13M10.13M6.49M4M4.4M5.5M4.6M2.7M6.1M
Other Non-Current Liabilities107.25M125.62M152.23M158.01M185.6M193.2M267.2M192M189.5M194M
Total Liabilities1.4B2.23B2.16B3.26B3.32B3.49B3.82B4.12B4.1B4.23B
Total Debt+461.48M1.14B913.01M1.96B1.81B1.58B1.89B2.17B2.05B2.2B
Net Debt306.13M1.01B774.67M1.8B1.65B943M1.39B1.84B1.69B1.91B
Debt / Equity0.47x1.32x0.98x2.26x1.63x1.38x1.54x1.97x1.44x1.70x
Debt / EBITDA0.58x2.62x1.54x3.22x2.84x2.04x2.16x2.20x2.31x4.34x
Net Debt / EBITDA0.38x2.33x1.31x2.95x2.59x1.22x1.59x1.87x1.90x3.78x
Interest Coverage56.33x16.46x12.45x7.01x5.24x8.47x18.22x10.37x4.70x1.55x
Total Equity+981.48M867.04M931.66M867.01M1.11B1.14B1.23B1.1B1.42B1.29B
Equity Growth %0.14%-0.12%0.07%-0.07%0.28%0.03%0.07%-0.1%0.29%-0.09%
Book Value per Share14.5413.3114.5213.5717.7918.2919.5618.3324.6222.78
Total Shareholders' Equity981.48M867.04M931.66M866.74M1.11B1.14B1.22B1.1B1.42B1.29B
Common Stock653K631K631K609K600K600K600K600K600K600K
Retained Earnings447.17M300.08M242.76M121.11M287.3M218.4M157.3M33.8M243.5M148.9M
Treasury Stock0000000000
Accumulated OCI-62.49M-83.84M-45.63M-62.97M-72.7M-58.4M-77.4M-87.5M-57.5M-125.5M
Minority Interest000279K200K300K2M2.5M2.4M4.2M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+440.23M571.78M579.98M477.11M655.04M1.02B293.7M508.6M925.8M268.2M
Operating CF Margin %0.09%0.13%0.11%0.08%0.1%0.14%0.04%0.06%0.1%0.04%
Operating CF Growth %-0.17%0.3%0.01%-0.18%0.37%0.56%-0.71%0.73%0.82%-0.71%
Net Income455.36M212.95M172.49M335.26M323.88M124.9M494.3M603.4M502.8M111.2M
Depreciation & Amortization152.14M167.51M191.11M211.04M234.51M260.7M237.1M232.8M258.9M286.3M
Stock-Based Compensation61.93M57.93M50.05M63.97M74.96M65.3M60.6M62.9M57.4M49.2M
Deferred Taxes-51M-29.63M73.61M23.44M-9.48M-83.7M15.2M-48.9M-86.8M-86.7M
Other Non-Cash Items-22.6M-16.65M1.77M-14.36M-27.34M362.6M34.2M-41.5M-42.4M-24.2M
Working Capital Changes-155.6M179.68M90.94M-142.23M58.5M288.8M-547.7M-300.1M235.9M-67.6M
Change in Receivables48.8M2.03M-17.06M20.69M6.81M-56.2M-200K-122.6M49M103.4M
Change in Inventory-148.72M112M-26.96M-149.7M-149.87M-44.9M-503.1M-391.1M115.1M39.5M
Change in Payables-46.09M-62.69M39.52M-984K103.77M326.6M27.1M71.7M-143.8M-141.8M
Cash from Investing+-289.09M-909.26M-151.1M-959.49M-239.29M-150.7M-303.9M-324.6M-462M-270.9M
Capital Expenditures-249.49M-209.14M-184.39M-225.41M-251.37M-213.9M-298.3M-306.6M-412.6M-261.7M
CapEx % of Revenue0.05%0.05%0.03%0.04%0.04%0.03%0.04%0.04%0.05%0.04%
Acquisitions----------
Investments----------
Other Investing1.59M23.58M33.29M25.7M12.1M53.6M-15.5M-5.3M-26.7M-9.2M
Cash from Financing+-120.13M314.49M-427.68M523.42M-411.83M-415.4M-107.6M-363.2M-431.3M-59.2M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-139.28M-140.34M-145.42M-149.03M-149.1M-152.5M-153.4M-150M-147.3M-147.7M
Share Repurchases----------
Other Financing67.19M21.27M42.74M47.45M15.68M33.6M156.1M34.1M52.8M5.4M
Net Change in Cash----------
Free Cash Flow+190.75M362.65M395.59M251.7M403.66M804.7M-4.6M202M513.2M6.5M
FCF Margin %0.04%0.08%0.07%0.04%0.06%0.11%-0%0.02%0.06%0%
FCF Growth %-0.41%0.9%0.09%-0.36%0.6%0.99%-1.01%44.91%1.54%-0.99%
FCF per Share2.835.576.163.946.4812.85-0.073.368.890.11
FCF Conversion (FCF/Net Income)0.97x2.69x3.36x1.42x2.02x8.16x0.59x0.86x1.84x2.42x
Interest Paid11.45M15.83M30.88M51M77M67M44.8M71.2M120.6M141.5M
Taxes Paid244.33M126.8M46.31M74M87.8M65.5M124.4M194.4M187.2M123.6M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)49.42%23.04%19.18%37.28%32.8%11.08%41.66%50.67%39.87%8.16%
Return on Invested Capital (ROIC)43.21%12.71%16.73%13.69%11.11%15.9%20.98%20.34%15.6%5.24%
Gross Margin28.34%24.41%25.94%23.45%23.18%23.15%22.81%22.22%21.33%19.57%
Net Margin9.65%4.71%3.18%5.52%4.78%1.78%6.64%6.87%5.63%1.54%
Debt / Equity0.47x1.32x0.98x2.26x1.63x1.38x1.54x1.97x1.44x1.70x
Interest Coverage56.33x16.46x12.45x7.01x5.24x8.47x18.22x10.37x4.70x1.55x
FCF Conversion0.97x2.69x3.36x1.42x2.02x8.16x0.59x0.86x1.84x2.42x
Revenue Growth5.35%-4.29%20.19%11.98%11.58%3.62%5.85%15.46%4.02%-19.69%

Revenue by Segment

2015201620172018201920202021202220232024
Wholegoods---4.35B4.96B5.05B5.92B6.95B7.12B5.47B
Wholegoods Growth----14.07%1.87%17.14%17.34%2.54%-23.21%
PG&A---1.73B1.82B1.97B2.28B1.64B1.81B1.71B
PG&A Growth----5.32%8.37%15.41%-27.90%10.29%-5.84%
Off Road Vehicles / Snowmobiles3.71B3.36B3.57B-------
Off Road Vehicles / Snowmobiles Growth--9.48%6.35%-------
Aftermarket--884.89M-------
Aftermarket Growth----------
Motorcycles698.26M708.5M576.07M-------
Motorcycles Growth-1.47%-18.69%-------
Global Adjacent Markets312.1M341.94M396.76M-------
Global Adjacent Markets Growth-9.56%16.03%-------
Others-108.7M--------
Others Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES3.69B3.56B4.33B4.88B5.55B5.79B6.47B6.81B7.12B5.63B
UNITED STATES Growth--3.57%21.66%12.85%13.68%4.31%11.77%5.20%4.60%-20.97%
EMEA---602.9M639.94M614.8M803.2M844.7M886.2M802.9M
EMEA Growth----6.14%-3.93%30.64%5.17%4.91%-9.40%
CANADA378.73M307.09M375.58M390.22M394.9M396.1M602.1M606.7M584M446.2M
CANADA Growth--18.91%22.30%3.90%1.20%0.30%52.01%0.76%-3.74%-23.60%
APLA---201.61M195.97M225.9M320M328.4M342M297.3M
APLA Growth-----2.80%15.28%41.66%2.63%4.14%-13.07%
Other Foreign Country651.59M652.31M725.32M-------
Other Foreign Country Growth-0.11%11.19%-------

Frequently Asked Questions

Valuation & Price

Polaris Inc. (PII) has a price-to-earnings (P/E) ratio of 36.3x. This suggests investors expect higher future growth.

Growth & Financials

Polaris Inc. (PII) reported $6.99B in revenue for fiscal year 2024. This represents a 163% increase from $2.66B in 2011.

Polaris Inc. (PII) saw revenue decline by 19.7% over the past year.

Polaris Inc. (PII) reported a net loss of $151.3M for fiscal year 2024.

Dividend & Returns

Yes, Polaris Inc. (PII) pays a dividend with a yield of 3.67%. This makes it attractive for income-focused investors.

Polaris Inc. (PII) has a return on equity (ROE) of 8.2%. This is below average, suggesting room for improvement.

Polaris Inc. (PII) generated $581.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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