PIINYSEMiscellaneous Transportation EquipmentFiscal year ends December 31
Polaris Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 28, 2026
$51.98−0.17 (-0.33%)
Close on Oct 19, 2026
- Market cap
- $3.03B
- P/E (TTM)
- –
- Dividend yield
- 5.16%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
19.1%−5.3 pts over 5 years
Operating margin
-4.9%−13.2 pts over 5 years
Net margin
-6.5%−8.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.3% | -5.9% | +2.6% | +4.2% | |
| Gross profit | -6.7% | -11.3% | -2.3% | +0.2% | |
| Free cash flow | +8486.2% | +40.3% | -7.3% | +11.3% | |
| Dividend per share | +1.5% | +1.5% | +1.6% | +2.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 23.0% | 11.1% | -44.0% | |
| Return on assets | 7.8% | 2.8% | -8.9% | |
| Current ratio | 1.24 | 1.17 | 0.98 | |
| Debt to equity | 1.32 | 1.27 | 1.86 | |
| Net debt to EBITDA | 1.92× | 1.05× | -22.53× | |
| Interest coverage | 21.5× | 7.8× | -2.7× | |
| Inventory turnover | 4.7× | 4.1× | 3.7× | |
| Capex to revenue | 4.6% | 3.3% | 2.6% | |
| Diluted shares | 65M | 63M | 57M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Polaris generated $2.74B from operations and spent $3.43B on capital expenditure, dividends and share buybacks. 42% of that went back into the business.
Generated
$2.74B
Used
$3.43B
Capital expenditure$1.45B42%Dividends$748.70M22%Share buybacks$1.23B36%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-6.5%
×Asset turnover1.37×
×Equity multiplier4.92×
=Return on equity, FY2025-44.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -6.5% | 1.37× | 4.92× | -44.0% |
| FY2024 | 1.5% | 1.30× | 4.08× | 8.2% |
| FY2023 | 5.6% | 1.66× | 4.26× | 39.9% |
| FY2022 | 5.2% | 1.67× | 4.42× | 38.5% |
| FY2021 | 6.6% | 1.54× | 4.09× | 41.7% |
| FY2020 | 2.0% | 1.39× | 4.02× | 11.1% |
| FY2019 | 4.8% | 1.59× | 4.33× | 32.8% |
| FY2018 | 5.5% | 1.69× | 4.01× | 37.3% |
| FY2017 | 3.2% | 1.75× | 3.44× | 19.2% |
| FY2016 | 4.7% | 1.65× | 2.97× | 23.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$465.50M
- Cash generatingOperating cash flow above zero$741.00M
- Return on assets improvedROA up on the prior year2.0% → -8.4%
- Earnings backed by cashOperating cash flow above net income$741.00M vs -$465.50M
- Less leverageLong-term debt to assets fell29.6% → 30.7%
- Better liquidityCurrent ratio rose1.15 → 0.98
- No dilutionShare count did not rise57M → 57M
- Gross margin improvedGross margin up on the prior year20.44% → 19.14%
- More efficientAsset turnover rose1.30 → 1.29