Polaris (PII) Financials

$33.93 +0.10 (+0.30%)

As of 03:58 PM Eastern

Annual Income Statements for Polaris

This table shows Polaris' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	454	455	213	172	335	324	125	494	447	503	111
Consolidated Net Income / (Loss)	454	455	213	172	335	324	125	494	448	503	111
Net Income / (Loss) Continuing Operations	454	455	213	172	335	324	361	497	603	503	111
Total Pre-Tax Income	699	686	313	319	429	408	450	629	761	620	141
Total Operating Income	715	716	350	360	487	484	521	712	805	701	291
Total Gross Profit	1,381	1,408	1,184	1,401	1,501	1,730	1,536	1,805	2,008	2,040	1,564
Total Revenue	4,541	4,789	4,595	5,505	6,079	6,863	6,281	7,493	8,637	9,015	7,273
Operating Revenue	4,541	4,789	4,595	5,505	6,079	6,863	6,281	7,493	8,637	9,015	7,273
Total Cost of Revenue	3,160	3,380	3,411	4,104	4,577	5,134	4,746	5,688	6,630	6,975	5,709
Operating Cost of Revenue	3,160	3,380	3,411	4,104	4,577	5,134	4,746	5,688	6,630	6,975	5,709
Total Operating Expenses	666	692	834	1,041	1,014	1,246	1,095	1,093	1,203	1,339	1,274
Selling, General & Admin Expense	203	209	306	331	350	394	296	306	356	423	437
Marketing Expense	314	317	342	472	492	559	430	458	481	542	500
Research & Development Expense	148	166	185	238	260	293	288	329	367	374	337
Impairment Charge	-	-	-	-	0.00	0.00	81	0.00	0.00	0.00	0.00
Total Other Income / (Expense), net	-15	-30	-37	-41	-58	-76	-71	-83	-43	-81	-150
Interest Expense	11	11	16	32	57	78	67	44	72	125	137
Other Income / (Expense), net	-0.01	-12	-14	-1.95	28	6.80	-3.80	-39	29	45	-13
Income Tax Expense	245	230	100	146	94	84	90	132	158	118	30
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-236	-2.30	-156	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	-0.10	0.10	0.40	0.50	-0.10	0.40
Basic Earnings per Share	$6.86	$6.90	$3.31	$2.74	$5.36	$5.27	$2.02	$8.06	$7.54	$8.80	$1.96
Weighted Average Basic Shares Outstanding	66.18M	66.02M	64.30M	62.92M	62.50M	61.40M	61.90M	61.30M	59.30M	57.10M	56.50M
Diluted Earnings per Share	$6.65	$6.75	$3.27	$2.69	$5.24	$5.20	$1.99	$7.88	$7.44	$8.71	$1.95
Weighted Average Diluted Shares Outstanding	68.23M	67.48M	65.16M	64.18M	63.90M	62.30M	62.60M	62.70M	60.10M	57.70M	56.80M
Weighted Average Basic & Diluted Shares Outstanding	66.20M	64.96M	64.30M	63M	62.50M	61.56M	61.97M	60.05M	57.08M	56.40M	56.10M
Cash Dividends to Common per Share	$1.92	$2.12	$2.20	$2.32	$2.40	$2.44	$2.48	$2.52	$2.56	$2.60	$2.64

This table shows Polaris' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	186	196	113	134	152	103	3.80	69	28	11	-67
Consolidated Net Income / (Loss)	187	196	114	134	152	103	3.90	69	28	11	-67
Net Income / (Loss) Continuing Operations	191	197	114	134	152	103	3.90	69	28	11	-67
Total Pre-Tax Income	242	247	145	173	182	121	7.70	86	35	12	-71
Total Operating Income	254	257	161	196	201	143	39	120	66	66	-36
Total Gross Profit	571	599	469	505	509	557	330	424	355	456	245
Total Revenue	2,353	2,430	2,180	2,217	2,249	2,370	1,736	1,961	1,722	1,853	1,536
Operating Revenue	2,353	2,440	2,180	2,217	2,249	2,370	1,736	1,961	1,722	1,853	1,536
Total Cost of Revenue	1,781	1,831	1,711	1,712	1,740	1,812	1,406	1,537	1,368	1,398	1,291
Operating Cost of Revenue	1,781	1,831	1,711	1,712	1,740	1,812	1,406	1,537	1,368	1,398	1,291
Total Operating Expenses	317	342	308	309	308	415	291	304	289	390	281
Selling, General & Admin Expense	98	97	91	104	91	137	99	110	101	126	103
Marketing Expense	121	133	138	133	145	127	126	133	128	114	118
Research & Development Expense	99	101	97	93	92	93	88	87	84	78	83
Other Operating Expenses / (Income)	-	-	-17	-21	-21	-	-22	-26	-24	-	-22
Total Other Income / (Expense), net	-13	-10	-16	-23	-19	-22	-31	-34	-31	-54	-35
Interest Expense	20	25	28	31	33	33	32	35	36	34	34
Other Income / (Expense), net	7.40	15	12	8.10	13	11	0.60	0.80	5.10	-19	-0.90
Income Tax Expense	51	50	32	38	30	18	3.80	17	7.40	1.40	-4.40
Net Income / (Loss) Attributable to Noncontrolling Interest	0.30	-	0.20	0.00	-0.20	-0.10	0.10	0.20	-0.10	0.20	0.10
Basic Earnings per Share	$3.15	$3.31	$1.98	$2.35	$2.66	$1.81	$0.07	$1.21	$0.49	$0.19	($1.17)
Weighted Average Basic Shares Outstanding	59.20M	59.30M	57.40M	57.20M	57M	57.10M	56.90M	56.60M	56.20M	56.50M	56.90M
Diluted Earnings per Share	$3.10	$3.28	$1.95	$2.32	$2.62	$1.82	$0.07	$1.21	$0.49	$0.18	($1.17)
Weighted Average Diluted Shares Outstanding	60M	60.10M	58.10M	57.80M	57.80M	57.70M	57.20M	56.90M	56.50M	56.80M	56.90M
Weighted Average Basic & Diluted Shares Outstanding	57.96M	57.08M	56.91M	56.69M	56.47M	56.40M	56.51M	55.75M	55.77M	56.10M	56.20M

This table details how cash moves in and out of Polaris' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	45	18	-10	16	32	3.20	461	-128	-189	43	-80
Net Cash From Operating Activities	529	440	590	585	477	655	1,019	294	509	926	268
Net Cash From Continuing Operating Activities	529	440	590	585	477	655	962	287	535	926	268
Net Income / (Loss) Continuing Operations	454	455	213	172	335	324	361	497	461	503	111
Consolidated Net Income / (Loss)	454	455	213	172	335	324	125	494	448	503	111
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-236	-2.30	-13	0.00	0.00
Depreciation Expense	128	152	168	191	211	235	236	216	233	259	286
Non-Cash Adjustments To Reconcile Net Income	14	4.67	38	52	50	48	130	84	180	15	7.00
Changes in Operating Assets and Liabilities, net	-66	-172	171	170	-119	49	236	-521	-349	149	-154
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	57	6.90	-26	0.00	0.00
Net Cash From Investing Activities	-247	-289	-909	-151	-960	-239	-151	-304	-325	-462	-271
Net Cash From Continuing Investing Activities	-247	-289	-909	-151	-960	-239	-141	-288	-319	-462	-271
Purchase of Property, Plant & Equipment	-205	-249	-209	-184	-225	-251	-204	-283	-307	-413	-262
Acquisitions	-28	-41	-724	-	-760	-1.80	-	0.00	0.00	-23	-63
Purchase of Investments	-12	-18	-12	-0.63	-1.10	-17	-37	-42	-59	-64	-10
Divestitures	-	-	-	1.65	-	-	0.00	-	42	-	0.00
Sale and/or Maturity of Investments	31	43	44	58	39	-	-	-23	-26	-	-4.70
Other Investing Activities, net	-33	-23	-8.64	-25	-12	31	100	60	31	37	68
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-9.60	-16	-5.30	0.00	0.00
Net Cash From Financing Activities	-223	-120	314	-428	523	-412	-415	-108	-363	-431	-59
Net Cash From Continuing Financing Activities	-223	-120	314	-428	523	-412	-415	-108	-363	-431	-59
Repayment of Debt	-2,229	-2,385	-2,553	-2,421	-2,580	-3,639	-1,612	-2,073	-2,730	-2,928	-3,529
Repurchase of Common Equity	-82	-294	-246	-90	-349	-8.40	-50	-462	-505	-179	-83
Payment of Dividends	-127	-139	-140	-145	-149	-149	-153	-153	-150	-147	-148
Issuance of Debt	2,146	2,631	3,232	2,187	3,553	3,369	1,366	2,424	2,988	2,770	3,695
Issuance of Common Equity	31	33	18	43	47	16	34	156	34	53	6.00
Cash Interest Paid	11	11	16	31	51	77	67	45	71	121	142
Cash Income Taxes Paid	262	244	127	46	74	88	66	124	194	187	124

This table details how cash moves in and out of Polaris' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-4.90	5.00	-12	28	-45	72	-80	35	-31	-3.40	4.10
Net Cash From Operating Activities	171	395	124	224	28	550	-105	146	21	206	83
Net Cash From Continuing Operating Activities	179	395	124	232	20	550	-105	146	21	206	83
Net Income / (Loss) Continuing Operations	190	197	114	134	152	103	3.90	69	28	11	-67
Consolidated Net Income / (Loss)	187	196	114	134	152	103	3.90	69	28	11	-67
Depreciation Expense	56	63	62	59	66	72	63	70	74	80	73
Non-Cash Adjustments To Reconcile Net Income	15	-1.50	5.30	14	-9.50	5.60	-1.90	2.60	-4.90	11	0.40
Changes in Operating Assets and Liabilities, net	-82	127	-57	25	-188	369	-170	5.30	-76	87	76
Net Cash From Investing Activities	-50	-166	-89	-101	-156	-116	-57	-109	-52	-53	-28
Net Cash From Continuing Investing Activities	-50	-166	-100	-90	-156	-116	-88	-78	-52	-53	-28
Purchase of Property, Plant & Equipment	-74	-113	-94	-112	-106	-101	-72	-67	-53	-69	-36
Other Investing Activities, net	-17	31	-	-	-	-	-	-	-	-	7.30
Net Cash From Financing Activities	-112	-238	-42	-109	89	-370	116	-28	-4.60	-142	-57
Net Cash From Continuing Financing Activities	-112	-238	-42	-109	89	-370	116	-28	-4.60	-142	-57
Repayment of Debt	-130	-1,702	-528	-821	-403	-1,175	-677	-786	-1,111	-956	-723
Repurchase of Common Equity	-206	-127	-63	-38	-58	-19	-16	-66	-	-0.40	-2.40
Payment of Dividends	-38	-37	-37	-37	-37	-37	-37	-37	-37	-37	-38
Issuance of Debt	248	1,624	573	777	560	860	842	860	1,143	850	705
Issuance of Common Equity	13	3.40	13	11	27	1.90	3.70	0.90	0.80	0.60	1.40
Effect of Exchange Rate Changes	-13	-	4.90	-	-	8.60	-2.80	-5.00	4.80	-	6.10
Cash Interest Paid	26	20	32	27	38	24	38	32	42	30	37
Cash Income Taxes Paid	57	42	12	85	60	30	16	28	63	17	8.10

This table presents Polaris' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	2,075	2,386	3,100	3,090	4,125	4,431	4,633	5,048	5,218	5,516	5,525
Total Current Assets	1,097	1,153	1,191	1,254	1,486	1,627	2,208	2,559	2,768	2,692	2,632
Cash & Equivalents	138	155	127	138	161	157	635	502	325	368	288
Accounts Receivable	205	151	175	200	197	190	257	228	343	306	192
Inventories, net	566	710	747	784	970	1,121	1,178	1,511	1,896	1,811	1,742
Prepaid Expenses	72	91	92	101	121	126	134	151	184	198	396
Current Deferred & Refundable Income Taxes	117	46	51	30	36	33	3.90	4.00	20	9.00	15
Plant, Property, & Equipment, net	555	651	728	747	843	900	889	928	1,018	1,202	1,187
Total Noncurrent Assets	423	582	1,181	1,089	1,796	1,904	1,536	1,561	1,432	1,623	1,706
Long-Term Investments	89	99	94	89	92	111	59	49	93	141	137
Goodwill	224	236	793	781	1,518	-	1,084	935	911	906	936
Noncurrent Deferred & Refundable Income Taxes	41	167	188	116	87	93	178	163	211	296	385
Other Noncurrent Operating Assets	69	80	106	104	99	210	216	188	218	280	249
Total Liabilities & Shareholders' Equity	2,075	2,386	3,100	3,090	4,125	4,431	4,633	5,048	5,218	5,516	5,525
Total Liabilities	1,200	1,395	2,224	2,146	3,251	3,309	3,476	3,810	4,104	4,085	4,225
Total Current Liabilities	851	827	960	1,130	1,197	1,528	1,889	2,230	2,329	1,934	2,293
Short-Term Debt	2.53	5.06	3.85	48	67	167	142	553	554	54	434
Accounts Payable	343	300	274	317	346	450	782	776	848	713	563
Accrued Expenses	271	286	440	472	487	540	571	757	897	1,124	1,260
Other Current Liabilities	120	123	118	114	125	181	156	19	31	43	36
Total Noncurrent Liabilities	349	568	1,264	1,016	2,054	1,781	1,586	1,580	1,775	2,151	1,932
Long-Term Debt	200	437	1,121	847	1,880	1,512	1,294	1,235	1,504	1,854	1,638
Other Noncurrent Operating Liabilities	97	74	90	120	123	222	259	248	271	297	293
Redeemable Noncontrolling Interest	14	9.65	8.73	12	6.84	14	12	11	13	10	6.40
Total Equity & Noncontrolling Interests	861	981	867	932	867	1,108	1,145	1,226	1,102	1,421	1,294
Total Preferred & Common Equity	861	981	867	932	867	1,108	1,145	1,224	1,099	1,418	1,290
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	861	981	867	932	867	1,108	1,145	1,224	1,099	1,418	1,290
Common Stock	487	597	651	735	809	893	985	1,144	1,153	1,232	1,267
Retained Earnings	402	447	300	243	121	287	218	157	34	244	149
Accumulated Other Comprehensive Income / (Loss)	-27	-62	-84	-46	-63	-73	-58	-77	-88	-58	-126
Noncontrolling Interest	-	-	-	-	0.28	0.20	0.30	2.00	2.50	2.40	4.20

This table presents Polaris' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Total Assets	5,093	5,290	5,470	5,733	5,567	5,709	5,630	5,450
Total Current Assets	2,835	2,787	2,888	3,043	2,733	2,800	2,728	2,594
Cash & Equivalents	319	323	340	295	319	323	291	292
Accounts Receivable	330	325	293	478	254	255	224	211
Inventories, net	1,929	1,947	2,024	2,052	1,953	2,001	1,999	1,748
Prepaid Expenses	158	190	211	177	196	211	156	314
Current Deferred & Refundable Income Taxes	99	2.50	20	41	11	11	58	29
Plant, Property, & Equipment, net	958	1,058	1,119	1,162	1,215	1,213	1,200	1,159
Total Noncurrent Assets	1,301	1,444	1,463	1,528	1,620	1,696	1,702	1,698
Long-Term Investments	59	97	99	110	140	142	140	141
Goodwill	908	908	903	907	900	960	958	933
Noncurrent Deferred & Refundable Income Taxes	150	221	238	247	300	317	330	379
Other Noncurrent Operating Assets	184	219	223	264	281	276	274	244
Total Liabilities & Shareholders' Equity	5,093	5,290	5,470	5,733	5,567	5,709	5,630	5,450
Total Liabilities	4,062	4,121	4,205	4,387	4,176	4,357	4,275	4,215
Total Current Liabilities	2,213	2,298	2,415	2,438	1,861	1,975	2,253	2,312
Short-Term Debt	554	554	554	554	54	54	454	434
Accounts Payable	851	870	897	882	779	785	701	724
Accrued Expenses	773	832	932	968	988	1,094	1,058	1,116
Other Current Liabilities	22	43	32	34	40	41	40	38
Total Noncurrent Liabilities	1,849	1,823	1,790	1,948	2,315	2,382	2,022	1,904
Long-Term Debt	1,572	1,549	1,508	1,656	2,014	2,089	1,726	1,621
Other Noncurrent Operating Liabilities	249	274	282	293	301	293	297	282
Redeemable Noncontrolling Interest	12	14	16	11	11	9.10	9.40	4.50
Total Equity & Noncontrolling Interests	1,019	1,155	1,249	1,335	1,381	1,343	1,346	1,231
Total Preferred & Common Equity	1,017	1,152	1,247	1,333	1,378	1,338	1,342	1,226
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,017	1,152	1,247	1,333	1,378	1,338	1,342	1,226
Common Stock	1,156	1,170	1,188	1,222	1,244	1,244	1,255	1,279
Retained Earnings	-20	57	122	191	197	183	173	45
Accumulated Other Comprehensive Income / (Loss)	-119	-75	-63	-80	-64	-88	-86	-98
Noncontrolling Interest	2.50	2.70	2.70	2.50	2.50	4.70	4.00	4.20

This table displays calculated financial ratios and metrics derived from Polaris' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.79%	5.45%	-4.04%	19.80%	10.42%	12.91%	-8.48%	19.29%	15.27%	4.37%	-19.32%
EBITDA Growth	24.74%	1.66%	-41.14%	8.90%	32.38%	-0.21%	3.86%	18.10%	19.86%	-5.78%	-43.83%
EBIT Growth	22.58%	-1.50%	-52.21%	6.32%	44.11%	-4.85%	5.44%	30.10%	23.81%	-10.53%	-62.73%
NOPAT Growth	21.03%	2.49%	-49.93%	-18.27%	95.66%	0.90%	8.54%	34.86%	13.36%	-10.92%	-59.59%
Net Income Growth	20.34%	0.29%	-53.24%	-19.00%	94.39%	-3.40%	-61.44%	295.76%	-9.45%	12.31%	-77.88%
EPS Growth	24.30%	1.50%	-51.56%	-17.74%	94.80%	-0.76%	-61.73%	295.98%	-5.58%	17.07%	-77.61%
Operating Cash Flow Growth	7.52%	-16.82%	33.94%	-0.72%	-18.50%	37.31%	55.49%	-71.17%	73.17%	82.03%	-71.03%
Free Cash Flow Firm Growth	793.76%	-41.68%	-337.48%	200.45%	-258.47%	173.24%	150.35%	-80.51%	-24.53%	218.09%	-77.28%
Invested Capital Growth	30.45%	37.05%	49.92%	-9.30%	58.55%	-1.38%	-24.88%	18.69%	21.27%	2.77%	4.16%
Revenue Q/Q Growth	4.56%	-3.44%	2.53%	4.02%	1.90%	3.24%	-6.16%	6.57%	7.49%	-0.67%	-6.63%
EBITDA Q/Q Growth	5.91%	-5.28%	-10.15%	8.40%	2.50%	0.12%	125.25%	-33.57%	18.46%	-9.78%	-15.01%
EBIT Q/Q Growth	5.66%	-6.69%	-15.83%	10.89%	3.13%	-1.12%	528.43%	-40.52%	23.29%	-13.67%	-27.83%
NOPAT Q/Q Growth	6.72%	-4.80%	-15.85%	-18.55%	26.63%	0.71%	172.71%	-35.60%	12.18%	-12.75%	-23.54%
Net Income Q/Q Growth	6.25%	-5.15%	-18.43%	-15.28%	21.81%	2.36%	397.61%	-18.47%	32.07%	-15.50%	-45.41%
EPS Q/Q Growth	6.74%	-4.53%	-17.42%	-15.14%	22.72%	2.36%	503.03%	-18.85%	33.57%	-14.36%	-45.68%
Operating Cash Flow Q/Q Growth	7.68%	-28.17%	46.50%	-11.37%	7.83%	17.18%	13.85%	-40.82%	100.32%	20.08%	-56.16%
Free Cash Flow Firm Q/Q Growth	20.48%	-56.64%	-557.79%	260.07%	0.36%	40.25%	36.09%	-52.99%	-14.43%	70.50%	-67.85%
Invested Capital Q/Q Growth	8.60%	25.47%	54.96%	0.32%	3.33%	-1.34%	-2.51%	-5.39%	-1.22%	-10.17%	-5.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.41%	29.41%	25.77%	25.45%	24.70%	25.20%	24.45%	24.09%	23.25%	22.63%	21.51%
EBITDA Margin	18.55%	17.88%	10.97%	9.97%	11.95%	10.56%	11.99%	11.87%	12.34%	11.14%	7.76%
Operating Margin	15.74%	14.96%	7.62%	6.53%	8.02%	7.05%	8.29%	9.50%	9.31%	7.78%	4.00%
EBIT Margin	15.74%	14.70%	7.32%	6.50%	8.48%	7.15%	8.23%	8.98%	9.65%	8.27%	3.82%
Profit (Net Income) Margin	10.00%	9.51%	4.63%	3.13%	5.52%	4.72%	1.99%	6.60%	5.18%	5.58%	1.53%
Tax Burden Percent	64.92%	66.40%	67.98%	54.11%	78.12%	79.43%	27.73%	78.62%	58.79%	81.03%	78.98%
Interest Burden Percent	97.85%	97.41%	93.11%	89.12%	83.26%	83.14%	87.08%	93.43%	91.39%	83.23%	50.68%
Effective Tax Rate	35.08%	33.60%	32.02%	45.89%	21.88%	20.57%	19.96%	21.01%	20.75%	18.97%	21.02%
Return on Invested Capital (ROIC)	60.09%	45.89%	15.90%	11.36%	18.08%	14.98%	18.69%	26.88%	25.37%	20.34%	7.94%
ROIC Less NNEP Spread (ROIC-NNEP)	44.20%	26.34%	11.44%	8.61%	14.28%	11.13%	-8.08%	19.27%	11.16%	16.05%	0.18%
Return on Net Nonoperating Assets (RNNOA)	3.91%	2.92%	6.91%	7.60%	18.82%	17.48%	-7.73%	14.41%	12.70%	19.16%	0.20%
Return on Equity (ROE)	64.00%	48.81%	22.81%	18.96%	36.90%	32.46%	10.96%	41.28%	38.07%	39.50%	8.14%
Cash Return on Invested Capital (CROIC)	33.66%	14.63%	-24.05%	21.12%	-27.21%	16.36%	47.11%	9.79%	6.15%	17.61%	3.87%
Operating Return on Assets (OROA)	38.01%	31.57%	12.27%	11.56%	14.29%	11.47%	11.41%	13.90%	16.23%	13.89%	5.03%
Return on Assets (ROA)	24.15%	20.42%	7.76%	5.57%	9.30%	7.57%	2.76%	10.21%	8.72%	9.37%	2.01%
Return on Common Equity (ROCE)	63.01%	48.20%	22.59%	18.75%	36.52%	32.12%	10.83%	40.84%	37.61%	39.07%	8.07%
Return on Equity Simple (ROE_SIMPLE)	52.72%	46.40%	24.56%	18.51%	38.69%	29.23%	10.91%	40.37%	40.73%	35.44%	8.62%
Net Operating Profit after Tax (NOPAT)	464	476	238	195	381	384	417	562	638	568	230
NOPAT Margin	10.22%	9.93%	5.18%	3.54%	6.26%	5.60%	6.64%	7.51%	7.38%	6.30%	3.16%
Net Nonoperating Expense Percent (NNEP)	15.89%	19.55%	4.46%	2.75%	3.80%	3.85%	26.77%	7.61%	14.21%	4.29%	7.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	20.18%	17.06%	6.82%
Cost of Revenue to Revenue	69.59%	70.59%	74.23%	74.55%	75.30%	74.80%	75.55%	75.91%	76.75%	77.37%	78.49%
SG&A Expenses to Revenue	4.48%	4.37%	6.67%	6.02%	5.75%	5.74%	4.71%	4.08%	4.12%	4.69%	6.00%
R&D to Revenue	3.27%	3.48%	4.03%	4.33%	4.27%	4.27%	4.59%	4.39%	4.25%	4.15%	4.63%
Operating Expenses to Revenue	14.67%	14.46%	18.15%	18.92%	16.68%	18.15%	17.43%	14.58%	13.93%	14.86%	17.51%
Earnings before Interest and Taxes (EBIT)	715	704	336	358	516	491	517	673	833	745	278
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	842	856	504	549	727	725	753	889	1,066	1,004	564
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.31	4.66	5.06	7.09	4.76	5.03	4.73	5.12	5.03	3.65	2.49
Price to Tangible Book Value (P/TBV)	12.58	6.13	59.28	43.74	0.00	0.00	88.97	21.67	29.33	10.12	9.09
Price to Revenue (P/Rev)	1.76	0.95	0.96	1.20	0.68	0.81	0.86	0.84	0.64	0.57	0.44
Price to Earnings (P/E)	17.65	10.04	20.62	38.31	12.31	17.20	43.34	12.68	12.36	10.30	29.00
Dividend Yield	1.59%	3.04%	3.21%	2.20%	3.59%	2.68%	2.83%	2.44%	2.68%	2.83%	4.58%
Earnings Yield	5.66%	9.96%	4.85%	2.61%	8.12%	5.81%	2.31%	7.88%	8.09%	9.71%	3.45%
Enterprise Value to Invested Capital (EV/IC)	9.18	4.00	2.96	4.48	2.26	2.75	3.23	3.31	2.61	2.33	1.65
Enterprise Value to Revenue (EV/Rev)	1.77	1.00	1.16	1.33	0.96	1.02	0.98	1.00	0.83	0.73	0.67
Enterprise Value to EBITDA (EV/EBITDA)	9.53	5.59	10.56	13.31	8.04	9.67	8.21	8.46	6.74	6.56	8.64
Enterprise Value to EBIT (EV/EBIT)	11.23	6.80	15.81	20.42	11.34	14.30	11.95	11.19	8.62	8.84	17.54
Enterprise Value to NOPAT (EV/NOPAT)	17.30	10.07	22.34	37.54	15.35	18.26	14.82	13.38	11.26	11.61	21.23
Enterprise Value to Operating Cash Flow (EV/OCF)	15.17	10.87	9.02	12.48	12.25	10.71	6.07	25.63	14.12	7.12	18.17
Enterprise Value to Free Cash Flow (EV/FCFF)	30.88	31.57	0.00	20.20	0.00	16.71	5.88	36.75	46.47	13.41	43.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.47	1.30	0.97	2.25	1.51	1.25	1.46	1.85	1.33	1.59
Long-Term Debt to Equity	0.26	0.46	1.30	0.92	2.17	1.36	1.13	1.01	1.35	1.30	1.26
Financial Leverage	0.09	0.11	0.60	0.88	1.32	1.57	0.96	0.75	1.14	1.19	1.12
Leverage Ratio	2.65	2.39	2.94	3.40	3.97	4.29	3.98	4.04	4.37	4.22	4.04
Compound Leverage Factor	2.59	2.33	2.74	3.03	3.31	3.56	3.46	3.78	3.99	3.51	2.05
Debt to Total Capital	20.54%	31.77%	56.60%	49.18%	69.19%	60.15%	55.63%	59.27%	64.88%	57.15%	61.44%
Short-Term Debt to Total Capital	0.23%	0.35%	0.19%	2.57%	2.35%	5.92%	5.45%	18.21%	17.45%	1.62%	12.88%
Long-Term Debt to Total Capital	20.31%	31.42%	56.40%	46.61%	66.85%	54.23%	50.18%	41.06%	47.42%	55.53%	48.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.23%	0.66%	0.43%	0.63%	0.25%	0.49%	0.48%	0.43%	0.48%	0.38%	0.31%
Common Equity to Total Capital	78.23%	67.57%	42.97%	50.19%	30.56%	39.36%	43.89%	40.30%	34.65%	42.47%	38.24%
Debt to EBITDA	0.27	0.54	2.27	1.66	2.70	2.34	1.93	2.02	1.93	1.90	3.67
Net Debt to EBITDA	0.00	0.24	1.83	1.25	2.35	1.97	1.00	1.40	1.54	1.39	2.92
Long-Term Debt to EBITDA	0.27	0.53	2.26	1.58	2.61	2.11	1.74	1.40	1.41	1.85	2.90
Debt to NOPAT	0.49	0.97	4.80	4.69	5.15	4.41	3.48	3.20	3.23	3.36	9.03
Net Debt to NOPAT	0.00	0.44	3.87	3.52	4.49	3.71	1.81	2.22	2.57	2.46	7.18
Long-Term Debt to NOPAT	0.48	0.96	4.78	4.45	4.98	3.97	3.14	2.22	2.36	3.27	7.14
Altman Z-Score	7.75	5.37	3.25	4.17	2.77	3.04	2.81	3.03	3.10	3.07	2.05
Noncontrolling Interest Sharing Ratio	1.55%	1.24%	0.98%	1.12%	1.04%	1.05%	1.16%	1.08%	1.20%	1.09%	0.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.29	1.39	1.24	1.11	1.24	1.06	1.17	1.15	1.19	1.39	1.15
Quick Ratio	0.40	0.37	0.31	0.30	0.30	0.23	0.47	0.33	0.29	0.35	0.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	260	152	-360	362	-573	420	1,051	205	155	492	112
Operating Cash Flow to CapEx	258.08%	176.46%	281.93%	317.49%	211.67%	260.58%	498.58%	103.85%	165.88%	224.38%	102.48%
Free Cash Flow to Firm to Interest Expense	23.13	13.23	-22.06	11.25	-10.06	5.41	15.73	4.63	2.16	3.93	0.82
Operating Cash Flow to Interest Expense	47.09	38.43	36.13	18.21	8.37	8.44	15.25	6.64	7.09	7.41	1.96
Operating Cash Flow Less CapEx to Interest Expense	28.85	16.65	23.32	12.47	4.42	5.20	12.19	0.25	2.82	4.11	0.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.42	2.15	1.68	1.78	1.69	1.60	1.39	1.55	1.68	1.68	1.32
Accounts Receivable Turnover	23.22	26.93	28.22	29.36	30.60	35.43	28.07	30.89	30.26	27.76	29.17
Inventory Turnover	6.43	5.30	4.68	5.36	5.22	4.91	4.13	4.23	3.89	3.76	3.21
Fixed Asset Turnover	8.99	7.94	6.67	7.47	7.64	7.88	7.02	8.25	8.88	8.12	6.09
Accounts Payable Turnover	10.87	10.51	11.90	13.88	13.79	12.89	7.70	7.30	8.17	8.94	8.95
Days Sales Outstanding (DSO)	15.72	13.55	12.93	12.43	11.93	10.30	13.00	11.82	12.06	13.15	12.51
Days Inventory Outstanding (DIO)	56.80	68.87	77.93	68.06	69.91	74.32	88.40	86.25	93.78	96.99	113.56
Days Payable Outstanding (DPO)	33.58	34.72	30.68	26.29	26.46	28.31	47.39	49.99	44.70	40.84	40.79
Cash Conversion Cycle (CCC)	38.94	47.71	60.18	54.21	55.38	56.31	54.01	48.07	61.15	69.30	85.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	874	1,198	1,796	1,629	2,583	2,548	1,914	2,271	2,754	2,831	2,948
Invested Capital Turnover	5.88	4.62	3.07	3.21	2.89	2.68	2.82	3.58	3.44	3.23	2.52
Increase / (Decrease) in Invested Capital	204	324	598	-167	954	-36	-634	358	483	76	118
Enterprise Value (EV)	8,028	4,787	5,320	7,306	5,844	7,013	6,178	7,527	7,182	6,593	4,872
Market Capitalization	8,015	4,570	4,390	6,608	4,128	5,574	5,409	6,264	5,526	5,181	3,213
Book Value per Share	$12.97	$14.97	$13.53	$14.90	$14.03	$18.11	$18.55	$20.18	$18.96	$25.12	$23.13
Tangible Book Value per Share	$9.60	$11.37	$1.16	$2.42	($10.54)	($6.25)	$0.99	$4.76	$3.25	$9.07	$6.34
Total Capital	1,101	1,453	2,018	1,856	2,836	2,815	2,608	3,038	3,172	3,340	3,373
Total Debt	226	461	1,142	913	1,963	1,694	1,451	1,801	2,058	1,908	2,072
Total Long-Term Debt	224	456	1,138	865	1,896	1,527	1,309	1,247	1,504	1,854	1,638
Net Debt	-0.56	207	921	686	1,709	1,426	757	1,249	1,640	1,400	1,648
Capital Expenditures (CapEx)	205	249	209	184	225	251	204	283	307	413	262
Debt-free, Cash-free Net Working Capital (DFCFNWC)	111	176	108	33	194	109	-175	380	668	444	486
Debt-free Net Working Capital (DFNWC)	248	331	235	171	355	266	460	882	993	812	774
Net Working Capital (NWC)	246	326	231	123	288	99	318	329	439	758	339
Net Nonoperating Expense (NNE)	9.98	20	25	22	45	60	292	68	190	65	118
Net Nonoperating Obligations (NNO)	-0.56	207	921	686	1,709	1,426	757	1,034	1,640	1,400	1,648
Total Depreciation and Amortization (D&A)	128	152	168	191	211	235	236	216	233	259	286
Debt-free, Cash-free Net Working Capital to Revenue	2.44%	3.67%	2.35%	0.59%	3.19%	1.58%	-2.78%	5.07%	7.74%	4.93%	6.68%
Debt-free Net Working Capital to Revenue	5.47%	6.92%	5.12%	3.11%	5.84%	3.87%	7.33%	11.77%	11.49%	9.01%	10.64%
Net Working Capital to Revenue	5.41%	6.81%	5.03%	2.24%	4.74%	1.44%	5.06%	4.39%	5.08%	8.41%	4.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.86	$6.90	$3.31	$2.74	$5.36	$5.27	$2.02	$8.06	$7.54	$8.80	$1.96
Adjusted Weighted Average Basic Shares Outstanding	66.18M	66.02M	64.30M	62.92M	62.51M	61.44M	61.90M	61.30M	59.30M	57.10M	56.50M
Adjusted Diluted Earnings per Share	$6.65	$6.75	$3.27	$2.69	$5.24	$5.20	$1.99	$7.88	$7.44	$8.71	$1.95
Adjusted Weighted Average Diluted Shares Outstanding	68.23M	67.48M	65.16M	64.18M	63.95M	62.29M	62.60M	62.70M	60.10M	57.70M	56.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	66.32M	64.96M	62.94M	63.06M	60.96M	61.56M	61.97M	60.05M	57.08M	56.40M	56.10M
Normalized Net Operating Profit after Tax (NOPAT)	464	476	238	195	381	384	482	562	638	568	230
Normalized NOPAT Margin	10.22%	9.93%	5.18%	3.54%	6.26%	5.60%	7.67%	7.51%	7.38%	6.30%	3.16%
Pre Tax Income Margin	15.40%	14.32%	6.82%	5.79%	7.06%	5.94%	7.17%	8.39%	8.82%	6.88%	1.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	63.59	61.45	20.62	11.12	9.04	6.32	7.74	15.22	11.62	5.96	2.03
NOPAT to Interest Expense	41.29	41.51	14.59	6.05	6.68	4.95	6.24	12.72	8.89	4.54	1.68
EBIT Less CapEx to Interest Expense	45.34	39.67	7.80	5.39	5.09	3.08	4.68	8.83	7.34	2.66	0.12
NOPAT Less CapEx to Interest Expense	23.04	19.73	1.78	0.32	2.73	1.71	3.18	6.33	4.62	1.24	-0.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.95%	30.59%	65.90%	84.31%	44.44%	46.03%	122.10%	31.03%	33.51%	29.30%	133.36%
Augmented Payout Ratio	45.97%	95.07%	181.34%	136.75%	148.43%	48.63%	162.37%	124.42%	146.34%	64.83%	207.73%

This table displays calculated financial ratios and metrics derived from Polaris' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	31.51%	32.94%	22.35%	6.93%	-4.41%	-2.49%	-20.34%	-11.52%	-23.41%	-21.80%	-11.55%
EBITDA Growth	49.32%	98.63%	46.97%	3.71%	-11.73%	-32.56%	-56.44%	-27.70%	-48.11%	-44.15%	-64.49%
EBIT Growth	65.32%	137.83%	67.63%	3.97%	-18.15%	-43.45%	-77.18%	-40.96%	-66.76%	-69.73%	-193.43%
NOPAT Growth	59.79%	47.31%	55.66%	0.83%	-16.46%	-40.40%	-84.33%	-37.01%	-68.91%	-52.27%	-227.93%
Net Income Growth	62.54%	125.23%	62.52%	3,152.27%	-18.81%	-47.16%	-96.57%	-48.70%	-81.78%	-89.55%	-1,810.26%
EPS Growth	68.48%	132.62%	71.05%	3,000.00%	-15.48%	-44.51%	-96.41%	-47.84%	-81.30%	-90.11%	-1,771.43%
Operating Cash Flow Growth	504.27%	181.54%	352.95%	2,931.65%	-83.53%	39.19%	-184.86%	-34.60%	-25.27%	-62.48%	178.94%
Free Cash Flow Firm Growth	40.09%	-27.29%	90.03%	93.38%	-4.25%	116.43%	-133.95%	-74.62%	151.01%	-230.23%	191.20%
Invested Capital Growth	16.15%	21.27%	6.80%	6.63%	13.00%	2.77%	5.24%	4.96%	-1.50%	4.16%	-4.78%
Revenue Q/Q Growth	13.49%	3.29%	-10.31%	1.69%	1.46%	5.37%	-26.72%	12.95%	-12.18%	7.58%	-17.12%
EBITDA Q/Q Growth	25.45%	5.22%	-29.66%	11.69%	6.77%	-19.60%	-54.57%	85.37%	-23.37%	-13.46%	-71.11%
EBIT Q/Q Growth	33.32%	3.78%	-36.12%	17.64%	4.95%	-28.29%	-74.22%	204.29%	-40.91%	-34.69%	-179.57%
NOPAT Q/Q Growth	32.79%	1.99%	-38.44%	20.93%	10.01%	-27.22%	-83.81%	386.05%	-45.71%	11.75%	-143.38%
Net Income Q/Q Growth	4,340.91%	4.77%	-41.89%	18.22%	12.81%	-31.82%	-96.22%	1,666.67%	-59.94%	-60.87%	-717.59%
EPS Q/Q Growth	3,975.00%	5.81%	-40.55%	18.97%	12.93%	-30.53%	-96.15%	1,628.57%	-59.50%	-63.27%	-750.00%
Operating Cash Flow Q/Q Growth	2,259.49%	131.54%	-68.56%	80.11%	-87.44%	1,856.58%	-119.17%	238.80%	-85.65%	882.38%	-59.67%
Free Cash Flow Firm Q/Q Growth	54.28%	-48.83%	80.07%	51.17%	-619.79%	123.46%	-383.74%	63.55%	310.25%	-159.90%	298.70%
Invested Capital Q/Q Growth	2.98%	-1.22%	3.55%	1.22%	9.14%	-10.17%	6.04%	0.96%	2.42%	-5.00%	-3.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.28%	24.65%	21.53%	22.78%	22.62%	23.52%	19.02%	21.62%	20.59%	24.58%	15.95%
EBITDA Margin	13.51%	13.76%	10.80%	11.86%	12.48%	9.52%	5.90%	9.69%	8.45%	6.80%	2.37%
Operating Margin	10.81%	10.57%	7.39%	8.84%	8.94%	6.02%	2.25%	6.10%	3.84%	3.55%	-2.35%
EBIT Margin	11.12%	11.18%	7.96%	9.21%	9.52%	6.48%	2.28%	6.14%	4.13%	2.51%	-2.41%
Profit (Net Income) Margin	7.93%	8.04%	5.21%	6.06%	6.74%	4.36%	0.22%	3.51%	1.60%	0.58%	-4.34%
Tax Burden Percent	77.24%	79.25%	78.24%	77.76%	83.38%	85.51%	50.65%	80.21%	78.86%	88.52%	93.81%
Interest Burden Percent	92.32%	90.83%	83.69%	84.62%	84.83%	78.65%	19.44%	71.29%	49.16%	26.24%	192.16%
Effective Tax Rate	21.07%	20.31%	21.76%	22.24%	16.62%	14.49%	49.35%	19.79%	21.14%	11.48%	0.00%
Return on Invested Capital (ROIC)	26.42%	28.96%	18.92%	22.56%	22.79%	16.62%	3.33%	13.76%	7.54%	7.91%	-3.97%
ROIC Less NNEP Spread (ROIC-NNEP)	25.46%	28.27%	18.15%	21.45%	21.88%	15.39%	2.37%	12.12%	6.16%	4.80%	-6.54%
Return on Net Nonoperating Assets (RNNOA)	33.08%	32.14%	25.42%	29.62%	32.77%	18.38%	3.05%	15.28%	8.10%	5.35%	-8.04%
Return on Equity (ROE)	59.51%	61.10%	44.34%	52.18%	55.55%	35.01%	6.38%	29.04%	15.64%	13.27%	-12.01%
Cash Return on Invested Capital (CROIC)	6.96%	6.15%	18.15%	18.04%	9.71%	17.61%	10.99%	9.20%	11.11%	3.87%	9.72%
Operating Return on Assets (OROA)	17.94%	18.81%	13.81%	15.79%	15.97%	10.89%	3.60%	9.14%	5.67%	3.31%	-3.09%
Return on Assets (ROA)	12.79%	13.54%	9.04%	10.39%	11.29%	7.32%	0.35%	5.23%	2.20%	0.77%	-5.58%
Return on Common Equity (ROCE)	58.77%	60.36%	43.76%	51.47%	54.89%	34.63%	6.30%	28.69%	15.48%	13.15%	-11.91%
Return on Equity Simple (ROE_SIMPLE)	33.33%	0.00%	42.64%	50.54%	44.64%	0.00%	28.52%	24.48%	15.18%	0.00%	3.31%
Net Operating Profit after Tax (NOPAT)	201	205	126	152	168	122	20	96	52	58	-25
NOPAT Margin	8.53%	8.42%	5.78%	6.88%	7.46%	5.15%	1.14%	4.90%	3.03%	3.14%	-1.65%
Net Nonoperating Expense Percent (NNEP)	0.96%	0.69%	0.77%	1.12%	0.91%	1.23%	0.96%	1.64%	1.38%	3.11%	2.56%
Return On Investment Capital (ROIC_SIMPLE)	-	6.48%	-	-	-	3.67%	-	-	-	1.73%	-0.77%
Cost of Revenue to Revenue	75.72%	75.35%	78.47%	77.22%	77.38%	76.48%	80.98%	78.38%	79.41%	75.42%	84.05%
SG&A Expenses to Revenue	4.16%	4.00%	4.17%	4.68%	4.06%	5.78%	5.70%	5.63%	5.86%	6.81%	6.69%
R&D to Revenue	4.19%	4.14%	4.43%	4.20%	4.08%	3.92%	5.06%	4.43%	4.88%	4.22%	5.40%
Operating Expenses to Revenue	13.47%	14.08%	14.14%	13.94%	13.68%	17.50%	16.78%	15.52%	16.75%	21.03%	18.30%
Earnings before Interest and Taxes (EBIT)	262	272	174	204	214	154	40	121	71	47	-37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	318	335	235	263	281	226	103	190	146	126	36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.35	5.03	5.30	5.37	4.30	3.65	4.07	3.31	3.46	2.49	1.87
Price to Tangible Book Value (P/TBV)	49.79	29.33	24.96	19.48	13.45	10.12	11.73	11.71	12.10	9.09	7.84
Price to Revenue (P/Rev)	0.68	0.64	0.68	0.73	0.63	0.57	0.65	0.53	0.60	0.44	0.32
Price to Earnings (P/E)	16.08	12.36	12.44	10.63	9.63	10.30	14.27	13.51	22.79	29.00	57.13
Dividend Yield	2.79%	2.68%	2.40%	2.20%	2.56%	2.83%	2.63%	3.35%	3.16%	4.58%	6.47%
Earnings Yield	6.22%	8.09%	8.04%	9.41%	10.39%	9.71%	7.01%	7.40%	4.39%	3.45%	1.75%
Enterprise Value to Invested Capital (EV/IC)	2.59	2.61	2.74	2.89	2.39	2.33	2.41	2.02	2.06	1.65	1.37
Enterprise Value to Revenue (EV/Rev)	0.90	0.83	0.86	0.91	0.83	0.73	0.84	0.74	0.82	0.67	0.56
Enterprise Value to EBITDA (EV/EBITDA)	8.02	6.74	6.84	7.24	6.78	6.56	8.30	7.66	9.65	8.64	7.89
Enterprise Value to EBIT (EV/EBIT)	10.67	8.62	8.64	9.14	8.74	8.84	11.83	11.59	16.63	17.54	19.52
Enterprise Value to NOPAT (EV/NOPAT)	12.69	11.26	11.43	12.17	11.59	11.61	15.36	14.72	21.33	21.23	27.84
Enterprise Value to Operating Cash Flow (EV/OCF)	28.41	14.12	11.44	9.12	9.79	7.12	10.39	9.89	10.47	18.17	8.60
Enterprise Value to Free Cash Flow (EV/FCFF)	39.94	46.47	15.56	16.51	26.16	13.41	22.49	22.47	18.43	43.61	13.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.07	1.85	1.80	1.63	1.64	1.33	1.49	1.59	1.61	1.59	1.66
Long-Term Debt to Equity	1.53	1.35	1.33	1.19	1.23	1.30	1.45	1.55	1.27	1.26	1.31
Financial Leverage	1.30	1.14	1.40	1.38	1.50	1.19	1.29	1.26	1.32	1.12	1.23
Leverage Ratio	4.42	4.37	4.53	4.56	4.55	4.22	4.24	4.27	4.21	4.04	4.19
Compound Leverage Factor	4.08	3.97	3.79	3.86	3.86	3.32	0.82	3.05	2.07	1.06	8.06
Debt to Total Capital	67.42%	64.88%	64.28%	61.97%	62.14%	57.15%	59.77%	61.32%	61.67%	61.44%	62.47%
Short-Term Debt to Total Capital	17.48%	17.45%	16.92%	16.65%	15.58%	1.62%	1.56%	1.55%	12.85%	12.88%	13.20%
Long-Term Debt to Total Capital	49.94%	47.42%	47.36%	45.33%	46.56%	55.53%	58.21%	59.78%	48.82%	48.57%	49.27%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.46%	0.48%	0.50%	0.55%	0.39%	0.38%	0.40%	0.39%	0.38%	0.31%	0.26%
Common Equity to Total Capital	32.12%	34.65%	35.22%	37.48%	37.48%	42.47%	39.83%	38.28%	37.95%	38.24%	37.27%
Debt to EBITDA	2.37	1.93	1.84	1.79	1.98	1.90	2.37	2.68	3.28	3.67	4.13
Net Debt to EBITDA	1.95	1.54	1.48	1.41	1.62	1.39	1.85	2.10	2.63	2.92	3.26
Long-Term Debt to EBITDA	1.76	1.41	1.36	1.31	1.49	1.85	2.31	2.62	2.60	2.90	3.26
Debt to NOPAT	3.76	3.23	3.08	3.01	3.39	3.36	4.39	5.16	7.26	9.03	14.57
Net Debt to NOPAT	3.09	2.57	2.47	2.37	2.77	2.46	3.42	4.04	5.83	7.18	11.50
Long-Term Debt to NOPAT	2.78	2.36	2.27	2.20	2.54	3.27	4.28	5.03	5.75	7.14	11.49
Altman Z-Score	2.69	2.75	2.83	2.89	2.66	2.71	2.61	2.35	2.22	1.91	1.68
Noncontrolling Interest Sharing Ratio	1.24%	1.20%	1.30%	1.36%	1.19%	1.09%	1.18%	1.23%	1.00%	0.85%	0.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.28	1.19	1.21	1.20	1.25	1.39	1.47	1.42	1.21	1.15	1.12
Quick Ratio	0.29	0.29	0.28	0.26	0.32	0.35	0.31	0.29	0.23	0.21	0.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-187	-278	-55	-27	-195	46	-130	-47	99	-60	118
Operating Cash Flow to CapEx	229.92%	349.56%	131.57%	200.09%	26.64%	544.90%	-146.19%	217.71%	39.33%	298.99%	233.71%
Free Cash Flow to Firm to Interest Expense	-9.30	-11.18	-1.96	-0.86	-6.00	1.39	-4.07	-1.37	2.75	-1.74	3.47
Operating Cash Flow to Interest Expense	8.49	15.86	4.39	7.12	0.86	16.76	-3.30	4.23	0.58	6.01	2.44
Operating Cash Flow Less CapEx to Interest Expense	4.80	11.33	1.05	3.56	-2.38	13.69	-5.56	2.29	-0.90	4.00	1.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.61	1.68	1.73	1.71	1.68	1.68	1.58	1.49	1.37	1.32	1.28
Accounts Receivable Turnover	28.09	30.26	31.39	31.10	22.48	27.76	29.62	30.35	22.21	29.17	30.39
Inventory Turnover	3.37	3.89	3.61	3.58	3.51	3.76	3.42	3.23	3.02	3.21	3.02
Fixed Asset Turnover	8.51	8.88	8.87	8.92	8.56	8.12	7.54	7.13	6.60	6.09	5.96
Accounts Payable Turnover	7.02	8.17	7.48	7.50	8.07	8.94	8.09	7.72	7.74	8.95	7.44
Days Sales Outstanding (DSO)	13.00	12.06	11.63	11.74	16.23	13.15	12.32	12.03	16.44	12.51	12.01
Days Inventory Outstanding (DIO)	108.22	93.78	101.05	102.02	103.89	96.99	106.71	113.08	120.72	113.56	120.75
Days Payable Outstanding (DPO)	51.99	44.70	48.81	48.66	45.23	40.84	45.12	47.27	47.18	40.79	49.03
Cash Conversion Cycle (CCC)	69.22	61.15	63.87	65.09	74.90	69.30	73.91	77.84	89.98	85.28	83.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,788	2,754	2,852	2,887	3,151	2,831	3,002	3,030	3,104	2,948	2,858
Invested Capital Turnover	3.10	3.44	3.27	3.28	3.06	3.23	2.93	2.81	2.49	2.52	2.41
Increase / (Decrease) in Invested Capital	388	483	182	180	363	76	150	143	-47	118	-144
Enterprise Value (EV)	7,213	7,182	7,801	8,329	7,544	6,593	7,233	6,118	6,403	4,872	3,928
Market Capitalization	5,442	5,526	6,101	6,689	5,726	5,181	5,609	4,426	4,640	3,213	2,297
Book Value per Share	$17.07	$18.96	$20.19	$21.90	$23.51	$25.12	$24.22	$23.68	$24.06	$23.13	$21.86
Tangible Book Value per Share	$1.84	$3.25	$4.28	$6.03	$7.51	$9.07	$8.41	$6.69	$6.88	$6.34	$5.22
Total Capital	3,166	3,172	3,272	3,326	3,556	3,340	3,460	3,495	3,535	3,373	3,291
Total Debt	2,134	2,058	2,103	2,061	2,210	1,908	2,068	2,144	2,180	2,072	2,056
Total Long-Term Debt	1,581	1,504	1,549	1,508	1,656	1,854	2,014	2,089	1,726	1,638	1,621
Net Debt	1,757	1,640	1,684	1,622	1,805	1,400	1,610	1,678	1,749	1,648	1,623
Capital Expenditures (CapEx)	74	113	94	112	106	101	72	67	53	69	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	857	668	720	687	864	444	607	557	639	486	425
Debt-free Net Working Capital (DFNWC)	1,176	993	1,043	1,027	1,159	812	926	879	930	774	717
Net Working Capital (NWC)	622	439	489	473	605	758	872	825	476	339	282
Net Nonoperating Expense (NNE)	14	9.23	12	18	16	19	16	27	25	47	41
Net Nonoperating Obligations (NNO)	1,757	1,640	1,684	1,622	1,805	1,400	1,610	1,678	1,749	1,648	1,623
Total Depreciation and Amortization (D&A)	56	63	62	59	66	72	63	70	74	80	73
Debt-free, Cash-free Net Working Capital to Revenue	10.66%	7.74%	7.96%	7.48%	9.52%	4.93%	7.08%	6.69%	8.20%	6.68%	6.01%
Debt-free Net Working Capital to Revenue	14.63%	11.49%	11.54%	11.19%	12.77%	9.01%	10.80%	10.57%	11.94%	10.64%	10.13%
Net Working Capital to Revenue	7.74%	5.08%	5.41%	5.16%	6.67%	8.41%	10.17%	9.92%	6.10%	4.66%	3.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.15	$3.31	$1.98	$2.35	$2.66	$1.81	$0.07	$1.21	$0.49	$0.19	($1.17)
Adjusted Weighted Average Basic Shares Outstanding	59.20M	59.30M	57.40M	57.20M	57M	57.10M	56.90M	56.60M	56.20M	56.50M	56.90M
Adjusted Diluted Earnings per Share	$3.10	$3.28	$1.95	$2.32	$2.62	$1.82	$0.07	$1.21	$0.49	$0.18	($1.17)
Adjusted Weighted Average Diluted Shares Outstanding	60M	60.10M	58.10M	57.80M	57.80M	57.70M	57.20M	56.90M	56.50M	56.80M	56.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	57.96M	57.08M	56.91M	56.69M	56.47M	56.40M	56.51M	55.75M	55.77M	56.10M	56.20M
Normalized Net Operating Profit after Tax (NOPAT)	201	205	126	152	168	122	20	96	52	58	-25
Normalized NOPAT Margin	8.53%	8.42%	5.78%	6.88%	7.46%	5.15%	1.14%	4.90%	3.03%	3.14%	-1.65%
Pre Tax Income Margin	10.27%	10.15%	6.66%	7.79%	8.08%	5.10%	0.44%	4.38%	2.03%	0.66%	-4.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.02	10.91	6.13	6.50	6.59	4.68	1.24	3.48	1.97	1.36	-1.09
NOPAT to Interest Expense	9.99	8.22	4.45	4.85	5.16	3.72	0.62	2.77	1.44	1.70	-0.74
EBIT Less CapEx to Interest Expense	9.33	6.37	2.80	2.94	3.34	1.61	-1.02	1.54	0.49	-0.66	-2.13
NOPAT Less CapEx to Interest Expense	6.29	3.68	1.12	1.29	1.91	0.64	-1.64	0.83	-0.04	-0.31	-1.79
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	44.76%	33.51%	30.35%	23.48%	24.73%	29.30%	37.56%	45.02%	72.66%	133.36%	365.76%
Augmented Payout Ratio	171.29%	146.34%	110.85%	92.33%	72.79%	64.83%	71.09%	93.80%	122.48%	207.73%	535.96%

Frequently Asked Questions About Polaris' Financials

When does Polaris's fiscal year end?

According to the most recent income statement we have on file, Polaris' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Polaris' net income changed over the last 10 years?

Over the last 10 years, Polaris' net income changed from $454.03 million in 2014 to $111.20 million in 2024, a change of -75.5%.

What is Polaris's operating income?

Polaris's total operating income in 2024 was $290.60 million, based on the following breakdown:

Total Gross Profit: $1.56 billion
Total Operating Expenses: $1.27 billion

How has Polaris revenue changed over the last 10 years?

Over the last 10 years, Polaris' total revenue changed from $4.54 billion in 2014 to $7.27 billion in 2024, a change of 60.2%.

How much debt does Polaris have?

Polaris' total liabilities were at $4.22 billion at the end of 2024, a 3.4% increase from 2023, and a 252.0% increase since 2014.

How much cash does Polaris have?

In the past 10 years, Polaris' cash and equivalents has ranged from $127.33 million in 2016 to $634.70 million in 2020, and is currently $287.80 million as of their latest financial filing in 2024.

How has Polaris' book value per share changed over the last 10 years?

Over the last 10 years, Polaris' book value per share changed from 12.97 in 2014 to 23.13 in 2024, a change of 78.3%.

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This page (NYSE:PII) was last updated on 4/30/2025 by MarketBeat.com Staff

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Polaris (PII) Financials

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Polaris (PII) Financials

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