Polaris (PII) Financials

$39.09 -1.41 (-3.48%)

As of 01:35 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Net Income / (Loss) Attributable to Common Shareholders	111	503	447	494	125	324	335	172	213	455	454
Consolidated Net Income / (Loss)	111	503	448	494	125	324	335	172	213	455	454
Net Income / (Loss) Continuing Operations	111	503	603	497	361	324	335	172	213	455	454
Total Pre-Tax Income	141	620	761	629	450	408	429	319	313	686	699
Total Operating Income	291	701	805	712	521	484	487	360	350	716	715
Total Gross Profit	1,564	2,040	2,008	1,805	1,536	1,730	1,501	1,401	1,184	1,408	1,381
Total Revenue	7,273	9,015	8,637	7,493	6,281	6,863	6,079	5,505	4,595	4,789	4,541
Operating Revenue	7,273	9,015	8,637	7,493	6,281	6,863	6,079	5,505	4,595	4,789	4,541
Total Cost of Revenue	5,709	6,975	6,630	5,688	4,746	5,134	4,577	4,104	3,411	3,380	3,160
Operating Cost of Revenue	5,709	6,975	6,630	5,688	4,746	5,134	4,577	4,104	3,411	3,380	3,160
Total Operating Expenses	1,274	1,339	1,203	1,093	1,095	1,246	1,014	1,041	834	692	666
Selling, General & Admin Expense	437	423	356	306	296	394	350	331	306	209	203
Marketing Expense	500	542	481	458	430	559	492	472	342	317	314
Research & Development Expense	337	374	367	329	288	293	260	238	185	166	148
Impairment Charge	0.00	0.00	0.00	0.00	81	0.00	0.00	-	-	-	-
Total Other Income / (Expense), net	-150	-81	-43	-83	-71	-76	-58	-41	-37	-30	-15
Interest Expense	137	125	72	44	67	78	57	32	16	11	11
Other Income / (Expense), net	-13	45	29	-39	-3.80	6.80	28	-1.95	-14	-12	-0.01
Income Tax Expense	30	118	158	132	90	84	94	146	100	230	245
Net Income / (Loss) Discontinued Operations	0.00	0.00	-156	-2.30	-236	-	-	-	-	-	-
Net Income / (Loss) Attributable to Noncontrolling Interest	0.40	-0.10	0.50	0.40	0.10	-0.10	0.00	0.00	-	-	-
Basic Earnings per Share	$1.96	$8.80	$7.54	$8.06	$2.02	$5.27	$5.36	$2.74	$3.31	$6.90	$6.86
Weighted Average Basic Shares Outstanding	56.50M	57.10M	59.30M	61.30M	61.90M	61.40M	62.50M	62.92M	64.30M	66.02M	66.18M
Diluted Earnings per Share	$1.95	$8.71	$7.44	$7.88	$1.99	$5.20	$5.24	$2.69	$3.27	$6.75	$6.65
Weighted Average Diluted Shares Outstanding	56.80M	57.70M	60.10M	62.70M	62.60M	62.30M	63.90M	64.18M	65.16M	67.48M	68.23M
Weighted Average Basic & Diluted Shares Outstanding	56.10M	56.40M	57.08M	60.05M	61.97M	61.56M	62.50M	63M	64.30M	64.96M	66.20M
Cash Dividends to Common per Share	$2.64	$2.60	$2.56	$2.52	$2.48	$2.44	$2.40	$2.32	$2.20	$2.12	$1.92

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-67	11	28	69	3.80	103	152	134	113	196	186
Consolidated Net Income / (Loss)	-67	11	28	69	3.90	103	152	134	114	196	187
Net Income / (Loss) Continuing Operations	-67	11	28	69	3.90	103	152	134	114	197	191
Total Pre-Tax Income	-71	12	35	86	7.70	121	182	173	145	247	242
Total Operating Income	-36	66	66	120	39	143	201	196	161	257	254
Total Gross Profit	245	456	355	424	330	557	509	505	469	599	571
Total Revenue	1,536	1,853	1,722	1,961	1,736	2,370	2,249	2,217	2,180	2,430	2,353
Operating Revenue	1,536	1,853	1,722	1,961	1,736	2,370	2,249	2,217	2,180	2,440	2,353
Total Cost of Revenue	1,291	1,398	1,368	1,537	1,406	1,812	1,740	1,712	1,711	1,831	1,781
Operating Cost of Revenue	1,291	1,398	1,368	1,537	1,406	1,812	1,740	1,712	1,711	1,831	1,781
Total Operating Expenses	281	390	289	304	291	415	308	309	308	342	317
Selling, General & Admin Expense	103	126	101	110	99	137	91	104	91	97	98
Marketing Expense	118	114	128	133	126	127	145	133	138	133	121
Research & Development Expense	83	78	84	87	88	93	92	93	97	101	99
Other Operating Expenses / (Income)	-22	-	-24	-26	-22	-	-21	-21	-17	-	-
Total Other Income / (Expense), net	-35	-54	-31	-34	-31	-22	-19	-23	-16	-10	-13
Interest Expense	34	34	36	35	32	33	33	31	28	25	20
Other Income / (Expense), net	-0.90	-19	5.10	0.80	0.60	11	13	8.10	12	15	7.40
Income Tax Expense	-4.40	1.40	7.40	17	3.80	18	30	38	32	50	51
Net Income / (Loss) Attributable to Noncontrolling Interest	0.10	0.20	-0.10	0.20	0.10	-0.10	-0.20	0.00	0.20	-	0.30
Basic Earnings per Share	($1.17)	$0.19	$0.49	$1.21	$0.07	$1.81	$2.66	$2.35	$1.98	$3.31	$3.15
Weighted Average Basic Shares Outstanding	56.90M	56.50M	56.20M	56.60M	56.90M	57.10M	57M	57.20M	57.40M	59.30M	59.20M
Diluted Earnings per Share	($1.17)	$0.18	$0.49	$1.21	$0.07	$1.82	$2.62	$2.32	$1.95	$3.28	$3.10
Weighted Average Diluted Shares Outstanding	56.90M	56.80M	56.50M	56.90M	57.20M	57.70M	57.80M	57.80M	58.10M	60.10M	60M
Weighted Average Basic & Diluted Shares Outstanding	56.20M	56.10M	55.77M	55.75M	56.51M	56.40M	56.47M	56.69M	56.91M	57.08M	57.96M

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	4.10	-3.40	-31	35	-80	72	-45	28	-12	5.00	-4.90
Net Cash From Operating Activities	83	206	21	146	-105	550	28	224	124	395	171
Net Cash From Continuing Operating Activities	83	206	21	146	-105	550	20	232	124	395	179
Net Income / (Loss) Continuing Operations	-67	11	28	69	3.90	103	152	134	114	197	190
Consolidated Net Income / (Loss)	-67	11	28	69	3.90	103	152	134	114	196	187
Depreciation Expense	73	80	74	70	63	72	66	59	62	63	56
Non-Cash Adjustments To Reconcile Net Income	0.40	11	-4.90	2.60	-1.90	5.60	-9.50	14	5.30	-1.50	15
Changes in Operating Assets and Liabilities, net	76	87	-76	5.30	-170	369	-188	25	-57	127	-82
Net Cash From Investing Activities	-28	-53	-52	-109	-57	-116	-156	-101	-89	-166	-50
Net Cash From Continuing Investing Activities	-28	-53	-52	-78	-88	-116	-156	-90	-100	-166	-50
Purchase of Property, Plant & Equipment	-36	-69	-53	-67	-72	-101	-106	-112	-94	-113	-74
Other Investing Activities, net	7.30	-	-	-	-	-	-	-	-	31	-17
Net Cash From Financing Activities	-57	-142	-4.60	-28	116	-370	89	-109	-42	-238	-112
Net Cash From Continuing Financing Activities	-57	-142	-4.60	-28	116	-370	89	-109	-42	-238	-112
Repayment of Debt	-723	-956	-1,111	-786	-677	-1,175	-403	-821	-528	-1,702	-130
Repurchase of Common Equity	-2.40	-0.40	-	-66	-16	-19	-58	-38	-63	-127	-206
Payment of Dividends	-38	-37	-37	-37	-37	-37	-37	-37	-37	-37	-38
Issuance of Debt	705	850	1,143	860	842	860	560	777	573	1,624	248
Issuance of Common Equity	1.40	0.60	0.80	0.90	3.70	1.90	27	11	13	3.40	13
Effect of Exchange Rate Changes	6.10	-	4.80	-5.00	-2.80	8.60	-	-	4.90	-	-13
Cash Interest Paid	37	30	42	32	38	24	38	27	32	20	26
Cash Income Taxes Paid	8.10	17	63	28	16	30	60	85	12	42	57

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

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	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	5,450	5,630	5,709	5,567	5,733	5,470	5,290	5,093
Total Current Assets	2,594	2,728	2,800	2,733	3,043	2,888	2,787	2,835
Cash & Equivalents	292	291	323	319	295	340	323	319
Accounts Receivable	211	224	255	254	478	293	325	330
Inventories, net	1,748	1,999	2,001	1,953	2,052	2,024	1,947	1,929
Prepaid Expenses	314	156	211	196	177	211	190	158
Current Deferred & Refundable Income Taxes	29	58	11	11	41	20	2.50	99
Plant, Property, & Equipment, net	1,159	1,200	1,213	1,215	1,162	1,119	1,058	958
Total Noncurrent Assets	1,698	1,702	1,696	1,620	1,528	1,463	1,444	1,301
Long-Term Investments	141	140	142	140	110	99	97	59
Goodwill	933	958	960	900	907	903	908	908
Noncurrent Deferred & Refundable Income Taxes	379	330	317	300	247	238	221	150
Other Noncurrent Operating Assets	244	274	276	281	264	223	219	184
Total Liabilities & Shareholders' Equity	5,450	5,630	5,709	5,567	5,733	5,470	5,290	5,093
Total Liabilities	4,215	4,275	4,357	4,176	4,387	4,205	4,121	4,062
Total Current Liabilities	2,312	2,253	1,975	1,861	2,438	2,415	2,298	2,213
Short-Term Debt	434	454	54	54	554	554	554	554
Accounts Payable	724	701	785	779	882	897	870	851
Accrued Expenses	1,116	1,058	1,094	988	968	932	832	773
Other Current Liabilities	38	40	41	40	34	32	43	22
Total Noncurrent Liabilities	1,904	2,022	2,382	2,315	1,948	1,790	1,823	1,849
Long-Term Debt	1,621	1,726	2,089	2,014	1,656	1,508	1,549	1,572
Other Noncurrent Operating Liabilities	282	297	293	301	293	282	274	249
Redeemable Noncontrolling Interest	4.50	9.40	9.10	11	11	16	14	12
Total Equity & Noncontrolling Interests	1,231	1,346	1,343	1,381	1,335	1,249	1,155	1,019
Total Preferred & Common Equity	1,226	1,342	1,338	1,378	1,333	1,247	1,152	1,017
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,226	1,342	1,338	1,378	1,333	1,247	1,152	1,017
Common Stock	1,279	1,255	1,244	1,244	1,222	1,188	1,170	1,156
Retained Earnings	45	173	183	197	191	122	57	-20
Accumulated Other Comprehensive Income / (Loss)	-98	-86	-88	-64	-80	-63	-75	-119
Noncontrolling Interest	4.20	4.00	4.70	2.50	2.50	2.70	2.70	2.50

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.32%	4.37%	15.27%	19.29%	-8.48%	12.91%	10.42%	19.80%	-4.04%	5.45%	18.79%
EBITDA Growth	-43.83%	-5.78%	19.86%	18.10%	3.86%	-0.21%	32.38%	8.90%	-41.14%	1.66%	24.74%
EBIT Growth	-62.73%	-10.53%	23.81%	30.10%	5.44%	-4.85%	44.11%	6.32%	-52.21%	-1.50%	22.58%
NOPAT Growth	-59.59%	-10.92%	13.36%	34.86%	8.54%	0.90%	95.66%	-18.27%	-49.93%	2.49%	21.03%
Net Income Growth	-77.88%	12.31%	-9.45%	295.76%	-61.44%	-3.40%	94.39%	-19.00%	-53.24%	0.29%	20.34%
EPS Growth	-77.61%	17.07%	-5.58%	295.98%	-61.73%	-0.76%	94.80%	-17.74%	-51.56%	1.50%	24.30%
Operating Cash Flow Growth	-71.03%	82.03%	73.17%	-71.17%	55.49%	37.31%	-18.50%	-0.72%	33.94%	-16.82%	7.52%
Free Cash Flow Firm Growth	-77.28%	218.09%	-24.53%	-80.51%	150.35%	173.24%	-258.47%	200.45%	-337.48%	-41.68%	793.76%
Invested Capital Growth	4.16%	2.77%	21.27%	18.69%	-24.88%	-1.38%	58.55%	-9.30%	49.92%	37.05%	30.45%
Revenue Q/Q Growth	-6.63%	-0.67%	7.49%	6.57%	-6.16%	3.24%	1.90%	4.02%	2.53%	-3.44%	4.56%
EBITDA Q/Q Growth	-15.01%	-9.78%	18.46%	-33.57%	125.25%	0.12%	2.50%	8.40%	-10.15%	-5.28%	5.91%
EBIT Q/Q Growth	-27.83%	-13.67%	23.29%	-40.52%	528.43%	-1.12%	3.13%	10.89%	-15.83%	-6.69%	5.66%
NOPAT Q/Q Growth	-23.54%	-12.75%	12.18%	-35.60%	172.71%	0.71%	26.63%	-18.55%	-15.85%	-4.80%	6.72%
Net Income Q/Q Growth	-45.41%	-15.50%	32.07%	-18.47%	397.61%	2.36%	21.81%	-15.28%	-18.43%	-5.15%	6.25%
EPS Q/Q Growth	-45.68%	-14.36%	33.57%	-18.85%	503.03%	2.36%	22.72%	-15.14%	-17.42%	-4.53%	6.74%
Operating Cash Flow Q/Q Growth	-56.16%	20.08%	100.32%	-40.82%	13.85%	17.18%	7.83%	-11.37%	46.50%	-28.17%	7.68%
Free Cash Flow Firm Q/Q Growth	-67.85%	70.50%	-14.43%	-52.99%	36.09%	40.25%	0.36%	260.07%	-557.79%	-56.64%	20.48%
Invested Capital Q/Q Growth	-5.00%	-10.17%	-1.22%	-5.39%	-2.51%	-1.34%	3.33%	0.32%	54.96%	25.47%	8.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.51%	22.63%	23.25%	24.09%	24.45%	25.20%	24.70%	25.45%	25.77%	29.41%	30.41%
EBITDA Margin	7.76%	11.14%	12.34%	11.87%	11.99%	10.56%	11.95%	9.97%	10.97%	17.88%	18.55%
Operating Margin	4.00%	7.78%	9.31%	9.50%	8.29%	7.05%	8.02%	6.53%	7.62%	14.96%	15.74%
EBIT Margin	3.82%	8.27%	9.65%	8.98%	8.23%	7.15%	8.48%	6.50%	7.32%	14.70%	15.74%
Profit (Net Income) Margin	1.53%	5.58%	5.18%	6.60%	1.99%	4.72%	5.52%	3.13%	4.63%	9.51%	10.00%
Tax Burden Percent	78.98%	81.03%	58.79%	78.62%	27.73%	79.43%	78.12%	54.11%	67.98%	66.40%	64.92%
Interest Burden Percent	50.68%	83.23%	91.39%	93.43%	87.08%	83.14%	83.26%	89.12%	93.11%	97.41%	97.85%
Effective Tax Rate	21.02%	18.97%	20.75%	21.01%	19.96%	20.57%	21.88%	45.89%	32.02%	33.60%	35.08%
Return on Invested Capital (ROIC)	7.94%	20.34%	25.37%	26.88%	18.69%	14.98%	18.08%	11.36%	15.90%	45.89%	60.09%
ROIC Less NNEP Spread (ROIC-NNEP)	0.18%	16.05%	11.16%	19.27%	-8.08%	11.13%	14.28%	8.61%	11.44%	26.34%	44.20%
Return on Net Nonoperating Assets (RNNOA)	0.20%	19.16%	12.70%	14.41%	-7.73%	17.48%	18.82%	7.60%	6.91%	2.92%	3.91%
Return on Equity (ROE)	8.14%	39.50%	38.07%	41.28%	10.96%	32.46%	36.90%	18.96%	22.81%	48.81%	64.00%
Cash Return on Invested Capital (CROIC)	3.87%	17.61%	6.15%	9.79%	47.11%	16.36%	-27.21%	21.12%	-24.05%	14.63%	33.66%
Operating Return on Assets (OROA)	5.03%	13.89%	16.23%	13.90%	11.41%	11.47%	14.29%	11.56%	12.27%	31.57%	38.01%
Return on Assets (ROA)	2.01%	9.37%	8.72%	10.21%	2.76%	7.57%	9.30%	5.57%	7.76%	20.42%	24.15%
Return on Common Equity (ROCE)	8.07%	39.07%	37.61%	40.84%	10.83%	32.12%	36.52%	18.75%	22.59%	48.20%	63.01%
Return on Equity Simple (ROE_SIMPLE)	8.62%	35.44%	40.73%	40.37%	10.91%	29.23%	38.69%	18.51%	24.56%	46.40%	52.72%
Net Operating Profit after Tax (NOPAT)	230	568	638	562	417	384	381	195	238	476	464
NOPAT Margin	3.16%	6.30%	7.38%	7.51%	6.64%	5.60%	6.26%	3.54%	5.18%	9.93%	10.22%
Net Nonoperating Expense Percent (NNEP)	7.76%	4.29%	14.21%	7.61%	26.77%	3.85%	3.80%	2.75%	4.46%	19.55%	15.89%
Return On Investment Capital (ROIC_SIMPLE)	6.82%	17.06%	20.18%	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	78.49%	77.37%	76.75%	75.91%	75.55%	74.80%	75.30%	74.55%	74.23%	70.59%	69.59%
SG&A Expenses to Revenue	6.00%	4.69%	4.12%	4.08%	4.71%	5.74%	5.75%	6.02%	6.67%	4.37%	4.48%
R&D to Revenue	4.63%	4.15%	4.25%	4.39%	4.59%	4.27%	4.27%	4.33%	4.03%	3.48%	3.27%
Operating Expenses to Revenue	17.51%	14.86%	13.93%	14.58%	17.43%	18.15%	16.68%	18.92%	18.15%	14.46%	14.67%
Earnings before Interest and Taxes (EBIT)	278	745	833	673	517	491	516	358	336	704	715
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	564	1,004	1,066	889	753	725	727	549	504	856	842
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.49	3.65	5.03	5.12	4.73	5.03	4.76	7.09	5.06	4.66	9.31
Price to Tangible Book Value (P/TBV)	9.09	10.12	29.33	21.67	88.97	0.00	0.00	43.74	59.28	6.13	12.58
Price to Revenue (P/Rev)	0.44	0.57	0.64	0.84	0.86	0.81	0.68	1.20	0.96	0.95	1.76
Price to Earnings (P/E)	29.00	10.30	12.36	12.68	43.34	17.20	12.31	38.31	20.62	10.04	17.65
Dividend Yield	4.58%	2.83%	2.68%	2.44%	2.83%	2.68%	3.59%	2.20%	3.21%	3.04%	1.59%
Earnings Yield	3.45%	9.71%	8.09%	7.88%	2.31%	5.81%	8.12%	2.61%	4.85%	9.96%	5.66%
Enterprise Value to Invested Capital (EV/IC)	1.65	2.33	2.61	3.31	3.23	2.75	2.26	4.48	2.96	4.00	9.18
Enterprise Value to Revenue (EV/Rev)	0.67	0.73	0.83	1.00	0.98	1.02	0.96	1.33	1.16	1.00	1.77
Enterprise Value to EBITDA (EV/EBITDA)	8.64	6.56	6.74	8.46	8.21	9.67	8.04	13.31	10.56	5.59	9.53
Enterprise Value to EBIT (EV/EBIT)	17.54	8.84	8.62	11.19	11.95	14.30	11.34	20.42	15.81	6.80	11.23
Enterprise Value to NOPAT (EV/NOPAT)	21.23	11.61	11.26	13.38	14.82	18.26	15.35	37.54	22.34	10.07	17.30
Enterprise Value to Operating Cash Flow (EV/OCF)	18.17	7.12	14.12	25.63	6.07	10.71	12.25	12.48	9.02	10.87	15.17
Enterprise Value to Free Cash Flow (EV/FCFF)	43.61	13.41	46.47	36.75	5.88	16.71	0.00	20.20	0.00	31.57	30.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.59	1.33	1.85	1.46	1.25	1.51	2.25	0.97	1.30	0.47	0.26
Long-Term Debt to Equity	1.26	1.30	1.35	1.01	1.13	1.36	2.17	0.92	1.30	0.46	0.26
Financial Leverage	1.12	1.19	1.14	0.75	0.96	1.57	1.32	0.88	0.60	0.11	0.09
Leverage Ratio	4.04	4.22	4.37	4.04	3.98	4.29	3.97	3.40	2.94	2.39	2.65
Compound Leverage Factor	2.05	3.51	3.99	3.78	3.46	3.56	3.31	3.03	2.74	2.33	2.59
Debt to Total Capital	61.44%	57.15%	64.88%	59.27%	55.63%	60.15%	69.19%	49.18%	56.60%	31.77%	20.54%
Short-Term Debt to Total Capital	12.88%	1.62%	17.45%	18.21%	5.45%	5.92%	2.35%	2.57%	0.19%	0.35%	0.23%
Long-Term Debt to Total Capital	48.57%	55.53%	47.42%	41.06%	50.18%	54.23%	66.85%	46.61%	56.40%	31.42%	20.31%
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	0.31%	0.38%	0.48%	0.43%	0.48%	0.49%	0.25%	0.63%	0.43%	0.66%	1.23%
Common Equity to Total Capital	38.24%	42.47%	34.65%	40.30%	43.89%	39.36%	30.56%	50.19%	42.97%	67.57%	78.23%
Debt to EBITDA	3.67	1.90	1.93	2.02	1.93	2.34	2.70	1.66	2.27	0.54	0.27
Net Debt to EBITDA	2.92	1.39	1.54	1.40	1.00	1.97	2.35	1.25	1.83	0.24	0.00
Long-Term Debt to EBITDA	2.90	1.85	1.41	1.40	1.74	2.11	2.61	1.58	2.26	0.53	0.27
Debt to NOPAT	9.03	3.36	3.23	3.20	3.48	4.41	5.15	4.69	4.80	0.97	0.49
Net Debt to NOPAT	7.18	2.46	2.57	2.22	1.81	3.71	4.49	3.52	3.87	0.44	0.00
Long-Term Debt to NOPAT	7.14	3.27	2.36	2.22	3.14	3.97	4.98	4.45	4.78	0.96	0.48
Altman Z-Score	2.05	3.07	3.10	3.03	2.81	3.04	2.77	4.17	3.25	5.37	7.75
Noncontrolling Interest Sharing Ratio	0.85%	1.09%	1.20%	1.08%	1.16%	1.05%	1.04%	1.12%	0.98%	1.24%	1.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.39	1.19	1.15	1.17	1.06	1.24	1.11	1.24	1.39	1.29
Quick Ratio	0.21	0.35	0.29	0.33	0.47	0.23	0.30	0.30	0.31	0.37	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	112	492	155	205	1,051	420	-573	362	-360	152	260
Operating Cash Flow to CapEx	102.48%	224.38%	165.88%	103.85%	498.58%	260.58%	211.67%	317.49%	281.93%	176.46%	258.08%
Free Cash Flow to Firm to Interest Expense	0.82	3.93	2.16	4.63	15.73	5.41	-10.06	11.25	-22.06	13.23	23.13
Operating Cash Flow to Interest Expense	1.96	7.41	7.09	6.64	15.25	8.44	8.37	18.21	36.13	38.43	47.09
Operating Cash Flow Less CapEx to Interest Expense	0.05	4.11	2.82	0.25	12.19	5.20	4.42	12.47	23.32	16.65	28.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.32	1.68	1.68	1.55	1.39	1.60	1.69	1.78	1.68	2.15	2.42
Accounts Receivable Turnover	29.17	27.76	30.26	30.89	28.07	35.43	30.60	29.36	28.22	26.93	23.22
Inventory Turnover	3.21	3.76	3.89	4.23	4.13	4.91	5.22	5.36	4.68	5.30	6.43
Fixed Asset Turnover	6.09	8.12	8.88	8.25	7.02	7.88	7.64	7.47	6.67	7.94	8.99
Accounts Payable Turnover	8.95	8.94	8.17	7.30	7.70	12.89	13.79	13.88	11.90	10.51	10.87
Days Sales Outstanding (DSO)	12.51	13.15	12.06	11.82	13.00	10.30	11.93	12.43	12.93	13.55	15.72
Days Inventory Outstanding (DIO)	113.56	96.99	93.78	86.25	88.40	74.32	69.91	68.06	77.93	68.87	56.80
Days Payable Outstanding (DPO)	40.79	40.84	44.70	49.99	47.39	28.31	26.46	26.29	30.68	34.72	33.58
Cash Conversion Cycle (CCC)	85.28	69.30	61.15	48.07	54.01	56.31	55.38	54.21	60.18	47.71	38.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,948	2,831	2,754	2,271	1,914	2,548	2,583	1,629	1,796	1,198	874
Invested Capital Turnover	2.52	3.23	3.44	3.58	2.82	2.68	2.89	3.21	3.07	4.62	5.88
Increase / (Decrease) in Invested Capital	118	76	483	358	-634	-36	954	-167	598	324	204
Enterprise Value (EV)	4,872	6,593	7,182	7,527	6,178	7,013	5,844	7,306	5,320	4,787	8,028
Market Capitalization	3,213	5,181	5,526	6,264	5,409	5,574	4,128	6,608	4,390	4,570	8,015
Book Value per Share	$23.13	$25.12	$18.96	$20.18	$18.55	$18.11	$14.03	$14.90	$13.53	$14.97	$12.97
Tangible Book Value per Share	$6.34	$9.07	$3.25	$4.76	$0.99	($6.25)	($10.54)	$2.42	$1.16	$11.37	$9.60
Total Capital	3,373	3,340	3,172	3,038	2,608	2,815	2,836	1,856	2,018	1,453	1,101
Total Debt	2,072	1,908	2,058	1,801	1,451	1,694	1,963	913	1,142	461	226
Total Long-Term Debt	1,638	1,854	1,504	1,247	1,309	1,527	1,896	865	1,138	456	224
Net Debt	1,648	1,400	1,640	1,249	757	1,426	1,709	686	921	207	-0.56
Capital Expenditures (CapEx)	262	413	307	283	204	251	225	184	209	249	205
Debt-free, Cash-free Net Working Capital (DFCFNWC)	486	444	668	380	-175	109	194	33	108	176	111
Debt-free Net Working Capital (DFNWC)	774	812	993	882	460	266	355	171	235	331	248
Net Working Capital (NWC)	339	758	439	329	318	99	288	123	231	326	246
Net Nonoperating Expense (NNE)	118	65	190	68	292	60	45	22	25	20	9.98
Net Nonoperating Obligations (NNO)	1,648	1,400	1,640	1,034	757	1,426	1,709	686	921	207	-0.56
Total Depreciation and Amortization (D&A)	286	259	233	216	236	235	211	191	168	152	128
Debt-free, Cash-free Net Working Capital to Revenue	6.68%	4.93%	7.74%	5.07%	-2.78%	1.58%	3.19%	0.59%	2.35%	3.67%	2.44%
Debt-free Net Working Capital to Revenue	10.64%	9.01%	11.49%	11.77%	7.33%	3.87%	5.84%	3.11%	5.12%	6.92%	5.47%
Net Working Capital to Revenue	4.66%	8.41%	5.08%	4.39%	5.06%	1.44%	4.74%	2.24%	5.03%	6.81%	5.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.96	$8.80	$7.54	$8.06	$2.02	$5.27	$5.36	$2.74	$3.31	$6.90	$6.86
Adjusted Weighted Average Basic Shares Outstanding	56.50M	57.10M	59.30M	61.30M	61.90M	61.44M	62.51M	62.92M	64.30M	66.02M	66.18M
Adjusted Diluted Earnings per Share	$1.95	$8.71	$7.44	$7.88	$1.99	$5.20	$5.24	$2.69	$3.27	$6.75	$6.65
Adjusted Weighted Average Diluted Shares Outstanding	56.80M	57.70M	60.10M	62.70M	62.60M	62.29M	63.95M	64.18M	65.16M	67.48M	68.23M
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	56.10M	56.40M	57.08M	60.05M	61.97M	61.56M	60.96M	63.06M	62.94M	64.96M	66.32M
Normalized Net Operating Profit after Tax (NOPAT)	230	568	638	562	482	384	381	195	238	476	464
Normalized NOPAT Margin	3.16%	6.30%	7.38%	7.51%	7.67%	5.60%	6.26%	3.54%	5.18%	9.93%	10.22%
Pre Tax Income Margin	1.94%	6.88%	8.82%	8.39%	7.17%	5.94%	7.06%	5.79%	6.82%	14.32%	15.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.03	5.96	11.62	15.22	7.74	6.32	9.04	11.12	20.62	61.45	63.59
NOPAT to Interest Expense	1.68	4.54	8.89	12.72	6.24	4.95	6.68	6.05	14.59	41.51	41.29
EBIT Less CapEx to Interest Expense	0.12	2.66	7.34	8.83	4.68	3.08	5.09	5.39	7.80	39.67	45.34
NOPAT Less CapEx to Interest Expense	-0.24	1.24	4.62	6.33	3.18	1.71	2.73	0.32	1.78	19.73	23.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	133.36%	29.30%	33.51%	31.03%	122.10%	46.03%	44.44%	84.31%	65.90%	30.59%	27.95%
Augmented Payout Ratio	207.73%	64.83%	146.34%	124.42%	162.37%	48.63%	148.43%	136.75%	181.34%	95.07%	45.97%

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.55%	-21.80%	-23.41%	-11.52%	-20.34%	-2.49%	-4.41%	6.93%	22.35%	32.94%	31.51%
EBITDA Growth	-64.49%	-44.15%	-48.11%	-27.70%	-56.44%	-32.56%	-11.73%	3.71%	46.97%	98.63%	49.32%
EBIT Growth	-193.43%	-69.73%	-66.76%	-40.96%	-77.18%	-43.45%	-18.15%	3.97%	67.63%	137.83%	65.32%
NOPAT Growth	-227.93%	-52.27%	-68.91%	-37.01%	-84.33%	-40.40%	-16.46%	0.83%	55.66%	47.31%	59.79%
Net Income Growth	-1,810.26%	-89.55%	-81.78%	-48.70%	-96.57%	-47.16%	-18.81%	3,152.27%	62.52%	125.23%	62.54%
EPS Growth	-1,771.43%	-90.11%	-81.30%	-47.84%	-96.41%	-44.51%	-15.48%	3,000.00%	71.05%	132.62%	68.48%
Operating Cash Flow Growth	178.94%	-62.48%	-25.27%	-34.60%	-184.86%	39.19%	-83.53%	2,931.65%	352.95%	181.54%	504.27%
Free Cash Flow Firm Growth	191.20%	-230.23%	151.01%	-74.62%	-133.95%	116.43%	-4.25%	93.38%	90.03%	-27.29%	40.09%
Invested Capital Growth	-4.78%	4.16%	-1.50%	4.96%	5.24%	2.77%	13.00%	6.63%	6.80%	21.27%	16.15%
Revenue Q/Q Growth	-17.12%	7.58%	-12.18%	12.95%	-26.72%	5.37%	1.46%	1.69%	-10.31%	3.29%	13.49%
EBITDA Q/Q Growth	-71.11%	-13.46%	-23.37%	85.37%	-54.57%	-19.60%	6.77%	11.69%	-29.66%	5.22%	25.45%
EBIT Q/Q Growth	-179.57%	-34.69%	-40.91%	204.29%	-74.22%	-28.29%	4.95%	17.64%	-36.12%	3.78%	33.32%
NOPAT Q/Q Growth	-143.38%	11.75%	-45.71%	386.05%	-83.81%	-27.22%	10.01%	20.93%	-38.44%	1.99%	32.79%
Net Income Q/Q Growth	-717.59%	-60.87%	-59.94%	1,666.67%	-96.22%	-31.82%	12.81%	18.22%	-41.89%	4.77%	4,340.91%
EPS Q/Q Growth	-750.00%	-63.27%	-59.50%	1,628.57%	-96.15%	-30.53%	12.93%	18.97%	-40.55%	5.81%	3,975.00%
Operating Cash Flow Q/Q Growth	-59.67%	882.38%	-85.65%	238.80%	-119.17%	1,856.58%	-87.44%	80.11%	-68.56%	131.54%	2,259.49%
Free Cash Flow Firm Q/Q Growth	298.70%	-159.90%	310.25%	63.55%	-383.74%	123.46%	-619.79%	51.17%	80.07%	-48.83%	54.28%
Invested Capital Q/Q Growth	-3.07%	-5.00%	2.42%	0.96%	6.04%	-10.17%	9.14%	1.22%	3.55%	-1.22%	2.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.95%	24.58%	20.59%	21.62%	19.02%	23.52%	22.62%	22.78%	21.53%	24.65%	24.28%
EBITDA Margin	2.37%	6.80%	8.45%	9.69%	5.90%	9.52%	12.48%	11.86%	10.80%	13.76%	13.51%
Operating Margin	-2.35%	3.55%	3.84%	6.10%	2.25%	6.02%	8.94%	8.84%	7.39%	10.57%	10.81%
EBIT Margin	-2.41%	2.51%	4.13%	6.14%	2.28%	6.48%	9.52%	9.21%	7.96%	11.18%	11.12%
Profit (Net Income) Margin	-4.34%	0.58%	1.60%	3.51%	0.22%	4.36%	6.74%	6.06%	5.21%	8.04%	7.93%
Tax Burden Percent	93.81%	88.52%	78.86%	80.21%	50.65%	85.51%	83.38%	77.76%	78.24%	79.25%	77.24%
Interest Burden Percent	192.16%	26.24%	49.16%	71.29%	19.44%	78.65%	84.83%	84.62%	83.69%	90.83%	92.32%
Effective Tax Rate	0.00%	11.48%	21.14%	19.79%	49.35%	14.49%	16.62%	22.24%	21.76%	20.31%	21.07%
Return on Invested Capital (ROIC)	-3.97%	7.91%	7.54%	13.76%	3.33%	16.62%	22.79%	22.56%	18.92%	28.96%	26.42%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.54%	4.80%	6.16%	12.12%	2.37%	15.39%	21.88%	21.45%	18.15%	28.27%	25.46%
Return on Net Nonoperating Assets (RNNOA)	-8.04%	5.35%	8.10%	15.28%	3.05%	18.38%	32.77%	29.62%	25.42%	32.14%	33.08%
Return on Equity (ROE)	-12.01%	13.27%	15.64%	29.04%	6.38%	35.01%	55.55%	52.18%	44.34%	61.10%	59.51%
Cash Return on Invested Capital (CROIC)	9.72%	3.87%	11.11%	9.20%	10.99%	17.61%	9.71%	18.04%	18.15%	6.15%	6.96%
Operating Return on Assets (OROA)	-3.09%	3.31%	5.67%	9.14%	3.60%	10.89%	15.97%	15.79%	13.81%	18.81%	17.94%
Return on Assets (ROA)	-5.58%	0.77%	2.20%	5.23%	0.35%	7.32%	11.29%	10.39%	9.04%	13.54%	12.79%
Return on Common Equity (ROCE)	-11.91%	13.15%	15.48%	28.69%	6.30%	34.63%	54.89%	51.47%	43.76%	60.36%	58.77%
Return on Equity Simple (ROE_SIMPLE)	3.31%	0.00%	15.18%	24.48%	28.52%	0.00%	44.64%	50.54%	42.64%	0.00%	33.33%
Net Operating Profit after Tax (NOPAT)	-25	58	52	96	20	122	168	152	126	205	201
NOPAT Margin	-1.65%	3.14%	3.03%	4.90%	1.14%	5.15%	7.46%	6.88%	5.78%	8.42%	8.53%
Net Nonoperating Expense Percent (NNEP)	2.56%	3.11%	1.38%	1.64%	0.96%	1.23%	0.91%	1.12%	0.77%	0.69%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	-0.77%	1.73%	-	-	-	3.67%	-	-	-	6.48%	-
Cost of Revenue to Revenue	84.05%	75.42%	79.41%	78.38%	80.98%	76.48%	77.38%	77.22%	78.47%	75.35%	75.72%
SG&A Expenses to Revenue	6.69%	6.81%	5.86%	5.63%	5.70%	5.78%	4.06%	4.68%	4.17%	4.00%	4.16%
R&D to Revenue	5.40%	4.22%	4.88%	4.43%	5.06%	3.92%	4.08%	4.20%	4.43%	4.14%	4.19%
Operating Expenses to Revenue	18.30%	21.03%	16.75%	15.52%	16.78%	17.50%	13.68%	13.94%	14.14%	14.08%	13.47%
Earnings before Interest and Taxes (EBIT)	-37	47	71	121	40	154	214	204	174	272	262
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	36	126	146	190	103	226	281	263	235	335	318
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.87	2.49	3.46	3.31	4.07	3.65	4.30	5.37	5.30	5.03	5.35
Price to Tangible Book Value (P/TBV)	7.84	9.09	12.10	11.71	11.73	10.12	13.45	19.48	24.96	29.33	49.79
Price to Revenue (P/Rev)	0.32	0.44	0.60	0.53	0.65	0.57	0.63	0.73	0.68	0.64	0.68
Price to Earnings (P/E)	57.13	29.00	22.79	13.51	14.27	10.30	9.63	10.63	12.44	12.36	16.08
Dividend Yield	6.47%	4.58%	3.16%	3.35%	2.63%	2.83%	2.56%	2.20%	2.40%	2.68%	2.79%
Earnings Yield	1.75%	3.45%	4.39%	7.40%	7.01%	9.71%	10.39%	9.41%	8.04%	8.09%	6.22%
Enterprise Value to Invested Capital (EV/IC)	1.37	1.65	2.06	2.02	2.41	2.33	2.39	2.89	2.74	2.61	2.59
Enterprise Value to Revenue (EV/Rev)	0.56	0.67	0.82	0.74	0.84	0.73	0.83	0.91	0.86	0.83	0.90
Enterprise Value to EBITDA (EV/EBITDA)	7.89	8.64	9.65	7.66	8.30	6.56	6.78	7.24	6.84	6.74	8.02
Enterprise Value to EBIT (EV/EBIT)	19.52	17.54	16.63	11.59	11.83	8.84	8.74	9.14	8.64	8.62	10.67
Enterprise Value to NOPAT (EV/NOPAT)	27.84	21.23	21.33	14.72	15.36	11.61	11.59	12.17	11.43	11.26	12.69
Enterprise Value to Operating Cash Flow (EV/OCF)	8.60	18.17	10.47	9.89	10.39	7.12	9.79	9.12	11.44	14.12	28.41
Enterprise Value to Free Cash Flow (EV/FCFF)	13.80	43.61	18.43	22.47	22.49	13.41	26.16	16.51	15.56	46.47	39.94
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.66	1.59	1.61	1.59	1.49	1.33	1.64	1.63	1.80	1.85	2.07
Long-Term Debt to Equity	1.31	1.26	1.27	1.55	1.45	1.30	1.23	1.19	1.33	1.35	1.53
Financial Leverage	1.23	1.12	1.32	1.26	1.29	1.19	1.50	1.38	1.40	1.14	1.30
Leverage Ratio	4.19	4.04	4.21	4.27	4.24	4.22	4.55	4.56	4.53	4.37	4.42
Compound Leverage Factor	8.06	1.06	2.07	3.05	0.82	3.32	3.86	3.86	3.79	3.97	4.08
Debt to Total Capital	62.47%	61.44%	61.67%	61.32%	59.77%	57.15%	62.14%	61.97%	64.28%	64.88%	67.42%
Short-Term Debt to Total Capital	13.20%	12.88%	12.85%	1.55%	1.56%	1.62%	15.58%	16.65%	16.92%	17.45%	17.48%
Long-Term Debt to Total Capital	49.27%	48.57%	48.82%	59.78%	58.21%	55.53%	46.56%	45.33%	47.36%	47.42%	49.94%
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	0.26%	0.31%	0.38%	0.39%	0.40%	0.38%	0.39%	0.55%	0.50%	0.48%	0.46%
Common Equity to Total Capital	37.27%	38.24%	37.95%	38.28%	39.83%	42.47%	37.48%	37.48%	35.22%	34.65%	32.12%
Debt to EBITDA	4.13	3.67	3.28	2.68	2.37	1.90	1.98	1.79	1.84	1.93	2.37
Net Debt to EBITDA	3.26	2.92	2.63	2.10	1.85	1.39	1.62	1.41	1.48	1.54	1.95
Long-Term Debt to EBITDA	3.26	2.90	2.60	2.62	2.31	1.85	1.49	1.31	1.36	1.41	1.76
Debt to NOPAT	14.57	9.03	7.26	5.16	4.39	3.36	3.39	3.01	3.08	3.23	3.76
Net Debt to NOPAT	11.50	7.18	5.83	4.04	3.42	2.46	2.77	2.37	2.47	2.57	3.09
Long-Term Debt to NOPAT	11.49	7.14	5.75	5.03	4.28	3.27	2.54	2.20	2.27	2.36	2.78
Altman Z-Score	1.68	1.91	2.22	2.35	2.61	2.71	2.66	2.89	2.83	2.75	2.69
Noncontrolling Interest Sharing Ratio	0.85%	0.85%	1.00%	1.23%	1.18%	1.09%	1.19%	1.36%	1.30%	1.20%	1.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	1.15	1.21	1.42	1.47	1.39	1.25	1.20	1.21	1.19	1.28
Quick Ratio	0.22	0.21	0.23	0.29	0.31	0.35	0.32	0.26	0.28	0.29	0.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	118	-60	99	-47	-130	46	-195	-27	-55	-278	-187
Operating Cash Flow to CapEx	233.71%	298.99%	39.33%	217.71%	-146.19%	544.90%	26.64%	200.09%	131.57%	349.56%	229.92%
Free Cash Flow to Firm to Interest Expense	3.47	-1.74	2.75	-1.37	-4.07	1.39	-6.00	-0.86	-1.96	-11.18	-9.30
Operating Cash Flow to Interest Expense	2.44	6.01	0.58	4.23	-3.30	16.76	0.86	7.12	4.39	15.86	8.49
Operating Cash Flow Less CapEx to Interest Expense	1.40	4.00	-0.90	2.29	-5.56	13.69	-2.38	3.56	1.05	11.33	4.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.28	1.32	1.37	1.49	1.58	1.68	1.68	1.71	1.73	1.68	1.61
Accounts Receivable Turnover	30.39	29.17	22.21	30.35	29.62	27.76	22.48	31.10	31.39	30.26	28.09
Inventory Turnover	3.02	3.21	3.02	3.23	3.42	3.76	3.51	3.58	3.61	3.89	3.37
Fixed Asset Turnover	5.96	6.09	6.60	7.13	7.54	8.12	8.56	8.92	8.87	8.88	8.51
Accounts Payable Turnover	7.44	8.95	7.74	7.72	8.09	8.94	8.07	7.50	7.48	8.17	7.02
Days Sales Outstanding (DSO)	12.01	12.51	16.44	12.03	12.32	13.15	16.23	11.74	11.63	12.06	13.00
Days Inventory Outstanding (DIO)	120.75	113.56	120.72	113.08	106.71	96.99	103.89	102.02	101.05	93.78	108.22
Days Payable Outstanding (DPO)	49.03	40.79	47.18	47.27	45.12	40.84	45.23	48.66	48.81	44.70	51.99
Cash Conversion Cycle (CCC)	83.73	85.28	89.98	77.84	73.91	69.30	74.90	65.09	63.87	61.15	69.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,858	2,948	3,104	3,030	3,002	2,831	3,151	2,887	2,852	2,754	2,788
Invested Capital Turnover	2.41	2.52	2.49	2.81	2.93	3.23	3.06	3.28	3.27	3.44	3.10
Increase / (Decrease) in Invested Capital	-144	118	-47	143	150	76	363	180	182	483	388
Enterprise Value (EV)	3,928	4,872	6,403	6,118	7,233	6,593	7,544	8,329	7,801	7,182	7,213
Market Capitalization	2,297	3,213	4,640	4,426	5,609	5,181	5,726	6,689	6,101	5,526	5,442
Book Value per Share	$21.86	$23.13	$24.06	$23.68	$24.22	$25.12	$23.51	$21.90	$20.19	$18.96	$17.07
Tangible Book Value per Share	$5.22	$6.34	$6.88	$6.69	$8.41	$9.07	$7.51	$6.03	$4.28	$3.25	$1.84
Total Capital	3,291	3,373	3,535	3,495	3,460	3,340	3,556	3,326	3,272	3,172	3,166
Total Debt	2,056	2,072	2,180	2,144	2,068	1,908	2,210	2,061	2,103	2,058	2,134
Total Long-Term Debt	1,621	1,638	1,726	2,089	2,014	1,854	1,656	1,508	1,549	1,504	1,581
Net Debt	1,623	1,648	1,749	1,678	1,610	1,400	1,805	1,622	1,684	1,640	1,757
Capital Expenditures (CapEx)	36	69	53	67	72	101	106	112	94	113	74
Debt-free, Cash-free Net Working Capital (DFCFNWC)	425	486	639	557	607	444	864	687	720	668	857
Debt-free Net Working Capital (DFNWC)	717	774	930	879	926	812	1,159	1,027	1,043	993	1,176
Net Working Capital (NWC)	282	339	476	825	872	758	605	473	489	439	622
Net Nonoperating Expense (NNE)	41	47	25	27	16	19	16	18	12	9.23	14
Net Nonoperating Obligations (NNO)	1,623	1,648	1,749	1,678	1,610	1,400	1,805	1,622	1,684	1,640	1,757
Total Depreciation and Amortization (D&A)	73	80	74	70	63	72	66	59	62	63	56
Debt-free, Cash-free Net Working Capital to Revenue	6.01%	6.68%	8.20%	6.69%	7.08%	4.93%	9.52%	7.48%	7.96%	7.74%	10.66%
Debt-free Net Working Capital to Revenue	10.13%	10.64%	11.94%	10.57%	10.80%	9.01%	12.77%	11.19%	11.54%	11.49%	14.63%
Net Working Capital to Revenue	3.99%	4.66%	6.10%	9.92%	10.17%	8.41%	6.67%	5.16%	5.41%	5.08%	7.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.17)	$0.19	$0.49	$1.21	$0.07	$1.81	$2.66	$2.35	$1.98	$3.31	$3.15
Adjusted Weighted Average Basic Shares Outstanding	56.90M	56.50M	56.20M	56.60M	56.90M	57.10M	57M	57.20M	57.40M	59.30M	59.20M
Adjusted Diluted Earnings per Share	($1.17)	$0.18	$0.49	$1.21	$0.07	$1.82	$2.62	$2.32	$1.95	$3.28	$3.10
Adjusted Weighted Average Diluted Shares Outstanding	56.90M	56.80M	56.50M	56.90M	57.20M	57.70M	57.80M	57.80M	58.10M	60.10M	60M
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	56.20M	56.10M	55.77M	55.75M	56.51M	56.40M	56.47M	56.69M	56.91M	57.08M	57.96M
Normalized Net Operating Profit after Tax (NOPAT)	-25	58	52	96	20	122	168	152	126	205	201
Normalized NOPAT Margin	-1.65%	3.14%	3.03%	4.90%	1.14%	5.15%	7.46%	6.88%	5.78%	8.42%	8.53%
Pre Tax Income Margin	-4.63%	0.66%	2.03%	4.38%	0.44%	5.10%	8.08%	7.79%	6.66%	10.15%	10.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.09	1.36	1.97	3.48	1.24	4.68	6.59	6.50	6.13	10.91	13.02
NOPAT to Interest Expense	-0.74	1.70	1.44	2.77	0.62	3.72	5.16	4.85	4.45	8.22	9.99
EBIT Less CapEx to Interest Expense	-2.13	-0.66	0.49	1.54	-1.02	1.61	3.34	2.94	2.80	6.37	9.33
NOPAT Less CapEx to Interest Expense	-1.79	-0.31	-0.04	0.83	-1.64	0.64	1.91	1.29	1.12	3.68	6.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	365.76%	133.36%	72.66%	45.02%	37.56%	29.30%	24.73%	23.48%	30.35%	33.51%	44.76%
Augmented Payout Ratio	535.96%	207.73%	122.48%	93.80%	71.09%	64.83%	72.79%	92.33%	110.85%	146.34%	171.29%

Frequently Asked Questions About Polaris' Financials

When does Polaris's financial year end?

According to the most recent income statement we have on file, Polaris' fiscal year ends in December. Their fiscal 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%. Find out what analysts predict for Polaris in the coming months.

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 5/21/2025 by MarketBeat.com Staff

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Polaris (PII) Financials

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Polaris (PII) Financials

Annual Income Statements for Polaris

Quarterly Income Statements for Polaris

Annual Cash Flow Statements for Polaris

Quarterly Cash Flow Statements for Polaris

Annual Balance Sheets for Polaris

Quarterly Balance Sheets for Polaris

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