Polaris Inc. (PII) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Auto - Recreational Vehicles
EV/EBITDA
↑
21.14
↑+92% vs avg
5yr avg: 11.04
30Y Low5.0·High19.4
P/FCF
↓
7.25
↓-95% vs avg
5yr avg: 137.67
30Y Low6.4·High42.7
P/B Ratio
↓
4.84
+11% vs avg
5yr avg: 4.36
30Y Low2.5·High19.2
ROE
↓
-43.6%
↑-326% vs avg
5yr avg: 19.3%
30Y Low-44%·High76%
Debt/EBITDA
↑
5.98
↑+76% vs avg
5yr avg: 3.40
30Y Low0.1·High6.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PII Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Polaris Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 7.2x P/FCF, 95% below the 5-year average of 137.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $3.6B | $3.3B | $5.5B | $6.1B | $6.9B | $6.0B | $6.3B | $4.9B | $8.0B | $5.4B |
| Enterprise Value | $5.4B | $5.0B | $5.2B | $7.2B | $7.9B | $8.3B | $6.9B | $8.0B | $6.7B | $8.7B | $6.4B |
| P/E Ratio → | -8.72 | — | 29.55 | 10.88 | 10.30 | 13.95 | 47.88 | 19.56 | 14.61 | 46.09 | 25.20 |
| P/S Ratio | 0.57 | 0.50 | 0.46 | 0.61 | 0.71 | 0.93 | 0.85 | 0.93 | 0.81 | 1.47 | 1.19 |
| P/B Ratio | 4.84 | 4.29 | 2.53 | 3.85 | 5.51 | 5.62 | 5.21 | 5.72 | 5.65 | 8.54 | 6.19 |
| P/FCF | 7.25 | 6.45 | 503.51 | 10.66 | 30.05 | — | 7.41 | 15.69 | 19.47 | 20.12 | 14.80 |
| P/OCF | 5.46 | 4.86 | 12.20 | 5.91 | 11.93 | 23.46 | 5.86 | 9.67 | 10.27 | 13.72 | 9.39 |
P/E links to full P/E history page with 30-year chart
PII EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Polaris Inc.'s enterprise value stands at 21.1x EBITDA, 92% above its 5-year average of 11.0x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 74% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.70 | 0.72 | 0.80 | 0.92 | 1.11 | 0.98 | 1.18 | 1.10 | 1.61 | 1.41 |
| EV / EBITDA | 21.14 | 19.41 | 10.23 | 8.05 | 8.02 | 9.47 | 8.92 | 12.55 | 10.98 | 14.77 | 14.64 |
| EV / EBIT | — | — | 18.32 | 9.48 | 9.49 | 12.46 | 34.20 | 16.48 | 13.78 | 24.88 | 19.37 |
| EV / FCF | — | 8.96 | 797.83 | 13.94 | 39.18 | — | 8.58 | 19.78 | 26.62 | 22.07 | 17.60 |
PII Profitability
Margins and return-on-capital ratios measuring operating efficiency
Polaris Inc. earns an operating margin of -0.4%, below the Consumer Cyclical sector average of 2.0%. Operating margins have compressed from 7.0% to -0.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -43.6% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.5% | 18.5% | 19.6% | 21.3% | 22.2% | 22.8% | 23.1% | 23.2% | 23.4% | 25.9% | 24.4% |
| Operating Margin | -0.4% | -0.4% | 3.1% | 7.0% | 8.8% | 8.8% | 7.3% | 5.9% | 6.6% | 7.4% | 5.9% |
| Net Profit Margin | -6.5% | -6.5% | 1.5% | 5.6% | 6.9% | 6.6% | 1.8% | 4.8% | 5.5% | 3.2% | 4.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -43.6% | -43.6% | 8.2% | 39.9% | 50.7% | 41.7% | 11.1% | 32.8% | 37.3% | 19.2% | 23.0% |
| ROA | -8.9% | -8.9% | 2.0% | 9.4% | 11.5% | 10.2% | 2.8% | 7.6% | 9.3% | 5.6% | 7.8% |
| ROIC | -0.8% | -0.8% | 5.2% | 15.6% | 20.3% | 21.0% | 15.9% | 11.1% | 13.7% | 16.7% | 12.7% |
| ROCE | -1.0% | -1.0% | 6.5% | 19.4% | 26.4% | 23.7% | 18.2% | 13.8% | 16.3% | 19.5% | 14.5% |
PII Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Polaris Inc. carries a Debt/EBITDA ratio of 6.0x, which is highly leveraged (25% above the sector average of 4.8x). Net debt stands at $1.4B ($1.5B total debt minus $138M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.83 | 1.83 | 1.70 | 1.44 | 1.97 | 1.54 | 1.38 | 1.63 | 2.26 | 0.98 | 1.32 |
| Debt / EBITDA | 5.98 | 5.98 | 4.34 | 2.31 | 2.20 | 2.16 | 2.04 | 2.84 | 3.22 | 1.54 | 2.62 |
| Net Debt / Equity | — | 1.67 | 1.48 | 1.19 | 1.67 | 1.13 | 0.82 | 1.49 | 2.08 | 0.83 | 1.17 |
| Net Debt / EBITDA | 5.44 | 5.44 | 3.78 | 1.90 | 1.87 | 1.59 | 1.22 | 2.59 | 2.95 | 1.31 | 2.33 |
| Debt / FCF | — | 2.51 | 294.32 | 3.28 | 9.13 | — | 1.17 | 4.09 | 7.16 | 1.96 | 2.80 |
| Interest Coverage | -3.01 | -3.01 | 1.99 | 5.64 | 11.47 | 18.42 | 3.33 | 6.32 | 8.54 | 10.91 | 20.20 |
PII Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.98x is below 1.0, meaning current liabilities exceed current assets. The quick ratio of 0.35x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.39x to 0.98x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 1.15 | 1.39 | 1.19 | 1.15 | 1.17 | 1.06 | 1.24 | 1.11 | 1.24 |
| Quick Ratio | 0.35 | 0.35 | 0.39 | 0.46 | 0.37 | 0.47 | 0.55 | 0.33 | 0.43 | 0.42 | 0.46 |
| Cash Ratio | 0.06 | 0.06 | 0.13 | 0.19 | 0.14 | 0.23 | 0.34 | 0.10 | 0.13 | 0.12 | 0.13 |
| Asset Turnover | — | 1.46 | 1.30 | 1.62 | 1.65 | 1.47 | 1.52 | 1.53 | 1.47 | 1.76 | 1.46 |
| Inventory Turnover | 4.13 | 4.13 | 3.31 | 3.88 | 3.52 | 3.80 | 4.59 | 4.65 | 4.80 | 5.13 | 4.57 |
| Days Sales Outstanding | — | 12.22 | 10.55 | 12.89 | 15.44 | 11.38 | 13.56 | 12.00 | 14.02 | 15.45 | 18.22 |
PII Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Polaris Inc. returns 3.8% to shareholders annually — split between a 3.7% dividend yield and 0.1% buyback yield.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 4.2% | 4.5% | 2.7% | 2.5% | 2.2% | 2.6% | 2.4% | 3.0% | 1.8% | 2.6% |
| Payout Ratio | — | — | 133.3% | 29.3% | 25.4% | 31.1% | 122.2% | 46.0% | 44.5% | 84.3% | 65.9% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 3.4% | 9.2% | 9.7% | 7.2% | 2.1% | 5.1% | 6.8% | 2.2% | 4.0% |
| FCF Yield | 13.8% | 15.5% | 0.2% | 9.4% | 3.3% | — | 13.5% | 6.4% | 5.1% | 5.0% | 6.8% |
| Buyback Yield | 0.1% | 0.1% | 2.5% | 3.3% | 8.3% | 6.7% | 0.8% | 0.1% | 7.1% | 1.1% | 4.6% |
| Total Shareholder Yield | 3.8% | 4.2% | 7.0% | 6.0% | 10.8% | 8.9% | 3.4% | 2.5% | 10.2% | 3.0% | 7.2% |
| Shares Outstanding | — | $57M | $57M | $58M | $60M | $63M | $63M | $62M | $64M | $64M | $65M |
Peer Comparison
Compare PII with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PIIYou | $4B | -8.7 | 21.1 | 7.2 | 18.5% | -0.4% | -43.6% | -0.8% | 6.0 |
 HOG | $3B | 9.2 | 5.8 | 6.9 | 30.2% | 8.6% | 10.7% | 5.0% | 6.2 |
 FOXF | $783M | -1.4 | — | 29.1 | 30.2% | -35.6% | -58.2% | -24.2% | — |
 MBUU | $535M | 35.9 | 8.7 | 18.7 | 17.8% | 2.7% | 2.8% | 3.2% | 0.4 |
 BC | $5B | -40.2 | 30.0 | 13.7 | 24.8% | -0.7% | -7.8% | -0.8% | 9.6 |
 DOOO | $2B | -31.1 | 6.3 | 10.4 | 22.7% | 7.0% | -40.2% | 12.8% | 3.2 |
 HMC | $34B | -12.6 | 14.8 | 9.9 | 16.5% | -1.9% | -3.6% | -2.0% | 14.4 |
 MCFT | $379M | 54.2 | 16.8 | 14.4 | 20.0% | 4.0% | 3.8% | 4.4% | — |
 MOD | $16B | 132.8 | 37.7 | 149.0 | 23.0% | 11.0% | 11.5% | 17.0% | 1.4 |
 ALSN | $10B | 16.2 | 10.3 | 15.3 | 48.4% | 32.3% | 35.4% | 22.2% | 2.7 |
 SMP | $873M | 21.4 | 6.5 | 46.6 | 30.2% | 10.3% | 6.2% | 10.8% | 3.0 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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PII — Frequently Asked Questions
Quick answers to the most common questions about buying PII stock.
What is Polaris Inc.'s P/E ratio?
Polaris Inc.'s current P/E ratio is -8.7x. The historical average is 19.5x.
What is Polaris Inc.'s EV/EBITDA?
Polaris Inc.'s current EV/EBITDA is 21.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
What is Polaris Inc.'s ROE?
Polaris Inc.'s return on equity (ROE) is -43.6%. The historical average is 39.5%.
Is PII stock overvalued?
Based on historical data, Polaris Inc. is trading at a P/E of -8.7x. Compare with industry peers and growth rates for a complete picture.
What is Polaris Inc.'s dividend yield?
Polaris Inc.'s current dividend yield is 3.70%.
What are Polaris Inc.'s profit margins?
Polaris Inc. has 18.5% gross margin and -0.4% operating margin.
How much debt does Polaris Inc. have?
Polaris Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.