Polaris (PII) Financials

$67.10 +3.51 (+5.52%)

As of 12:26 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	455	213	172	335	324	125	494	447	503	111	-466
Consolidated Net Income / (Loss)	455	213	172	335	324	125	494	448	503	111	-465
Net Income / (Loss) Continuing Operations	455	213	172	335	324	361	497	603	503	111	-465
Total Pre-Tax Income	686	313	319	429	408	450	629	761	620	141	-533
Total Operating Income	716	350	360	487	484	521	712	805	701	291	-349
Total Gross Profit	1,408	1,184	1,401	1,501	1,730	1,536	1,805	2,008	2,040	1,564	1,453
Total Revenue	4,789	4,595	5,505	6,079	6,863	6,281	7,493	8,637	9,015	7,273	7,236
Operating Revenue	4,789	4,595	5,505	6,079	6,863	6,281	7,493	8,637	9,015	7,273	7,236
Total Cost of Revenue	3,380	3,411	4,104	4,577	5,134	4,746	5,688	6,630	6,975	5,709	5,783
Operating Cost of Revenue	3,380	3,411	4,104	4,577	5,134	4,746	5,688	6,630	6,975	5,709	5,783
Total Operating Expenses	692	834	1,041	1,014	1,246	1,095	1,093	1,203	1,339	1,274	1,802
Selling, General & Admin Expense	209	306	331	350	394	296	306	356	423	437	542
Marketing Expense	317	342	472	492	559	430	458	481	542	500	505
Research & Development Expense	166	185	238	260	293	288	329	367	374	337	372
Impairment Charge	-	-	-	0.00	0.00	81	0.00	0.00	0.00	0.00	53
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	-	-	330
Total Other Income / (Expense), net	-30	-37	-41	-58	-76	-71	-83	-43	-81	-150	-184
Interest Expense	11	16	32	57	78	67	44	72	125	137	131
Other Income / (Expense), net	-12	-14	-1.95	28	6.80	-3.80	-39	29	45	-13	-53
Income Tax Expense	230	100	146	94	84	90	132	158	118	30	-68
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	-0.10	0.10	0.40	0.50	-0.10	0.40	0.70
Basic Earnings per Share	$6.90	$3.31	$2.74	$5.36	$5.27	$2.02	$8.06	$7.54	$8.80	$1.96	($8.18)
Weighted Average Basic Shares Outstanding	66.02M	64.30M	62.92M	62.50M	61.40M	61.90M	61.30M	59.30M	57.10M	56.50M	56.90M
Diluted Earnings per Share	$6.75	$3.27	$2.69	$5.24	$5.20	$1.99	$7.88	$7.44	$8.71	$1.95	($8.18)
Weighted Average Diluted Shares Outstanding	67.48M	65.16M	64.18M	63.90M	62.30M	62.60M	62.70M	60.10M	57.70M	56.80M	56.90M
Weighted Average Basic & Diluted Shares Outstanding	64.96M	64.30M	63M	62.50M	61.56M	61.97M	60.05M	57.08M	56.40M	56.10M	56.69M
Cash Dividends to Common per Share	$2.12	$2.20	$2.32	$2.40	$2.44	$2.48	$2.52	$2.56	$2.60	$2.64	$2.68

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	152	103	3.80	69	28	11	-67	-79	-16	-304	-47
Consolidated Net Income / (Loss)	152	103	3.90	69	28	11	-67	-79	-16	-303	-47
Net Income / (Loss) Continuing Operations	152	103	3.90	69	28	11	-67	-79	-16	-303	-47
Total Pre-Tax Income	182	121	7.70	86	35	12	-71	-93	-12	-357	-58
Total Operating Income	201	143	39	120	66	66	-36	-13	20	-320	-39
Total Gross Profit	509	557	330	424	355	456	245	359	380	469	335
Total Revenue	2,249	2,370	1,736	1,961	1,722	1,853	1,536	1,853	1,842	2,006	1,659
Operating Revenue	2,249	2,370	1,736	1,961	1,722	1,853	1,536	1,853	1,842	2,006	1,659
Total Cost of Revenue	1,740	1,812	1,406	1,537	1,368	1,398	1,291	1,494	1,461	1,538	1,324
Operating Cost of Revenue	1,740	1,812	1,406	1,537	1,368	1,398	1,291	1,494	1,461	1,538	1,324
Total Operating Expenses	308	415	291	304	289	390	281	372	360	789	374
Selling, General & Admin Expense	91	137	99	110	101	126	103	127	118	194	163
Marketing Expense	145	127	126	133	128	114	118	125	127	136	114
Research & Development Expense	92	93	88	87	84	78	83	90	93	106	82
Other Operating Expenses / (Income)	-21	-	-22	-26	-24	-	-22	-23	-20	-	-16
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	-	-	-	32
Total Other Income / (Expense), net	-19	-22	-31	-34	-31	-54	-35	-80	-33	-37	-19
Interest Expense	33	33	32	35	36	34	34	33	33	31	30
Other Income / (Expense), net	13	11	0.60	0.80	5.10	-19	-0.90	-47	0.60	-5.80	12
Income Tax Expense	30	18	3.80	17	7.40	1.40	-4.40	-14	3.60	-54	-11
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.20	-0.10	0.10	0.20	-0.10	0.20	0.10	0.20	0.10	0.30	0.20
Basic Earnings per Share	$2.66	$1.81	$0.07	$1.21	$0.49	$0.19	($1.17)	($1.39)	($0.28)	($5.34)	($0.83)
Weighted Average Basic Shares Outstanding	57M	57.10M	56.90M	56.60M	56.20M	56.50M	56.90M	57M	56.90M	56.90M	57.40M
Diluted Earnings per Share	$2.62	$1.82	$0.07	$1.21	$0.49	$0.18	($1.17)	($1.39)	($0.28)	($5.34)	($0.83)
Weighted Average Diluted Shares Outstanding	57.80M	57.70M	57.20M	56.90M	56.50M	56.80M	56.90M	57M	56.90M	56.90M	57.40M
Weighted Average Basic & Diluted Shares Outstanding	56.47M	56.40M	56.51M	55.75M	55.77M	56.10M	56.20M	56.22M	56.25M	56.69M	56.89M
Cash Dividends to Common per Share	$0.65	-	$0.66	$0.66	$0.66	-	$0.67	$0.67	$0.67	-	$0.68

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	18	-10	16	32	3.20	461	-128	-189	43	-80	-67
Net Cash From Operating Activities	440	590	585	477	655	1,019	294	509	926	268	741
Net Cash From Continuing Operating Activities	440	590	585	477	655	962	287	535	926	250	766
Net Income / (Loss) Continuing Operations	455	213	172	335	324	361	497	461	503	111	-465
Consolidated Net Income / (Loss)	455	213	172	335	324	125	494	448	503	111	-465
Depreciation Expense	152	168	191	211	235	236	216	233	259	286	287
Non-Cash Adjustments To Reconcile Net Income	4.67	38	52	50	48	130	84	180	15	7.00	531
Changes in Operating Assets and Liabilities, net	-172	171	170	-119	49	236	-521	-349	149	-154	413
Net Cash From Investing Activities	-289	-909	-151	-960	-239	-151	-304	-325	-462	-271	-140
Net Cash From Continuing Investing Activities	-289	-909	-151	-960	-239	-141	-288	-319	-462	-271	-140
Purchase of Property, Plant & Equipment	-249	-209	-184	-225	-251	-204	-283	-307	-413	-262	-183
Acquisitions	-41	-724	-	-760	-1.80	-	0.00	0.00	-23	-63	0.00
Purchase of Investments	-18	-12	-0.63	-1.10	-17	-37	-42	-59	-64	-10	-14
Sale and/or Maturity of Investments	43	44	58	39	-	-	-23	-26	-	-4.70	-3.90
Other Investing Activities, net	-23	-8.64	-25	-12	31	100	60	31	37	68	62
Net Cash From Financing Activities	-120	314	-428	523	-412	-415	-108	-363	-431	-59	-693
Net Cash From Continuing Financing Activities	-120	314	-428	523	-412	-415	-108	-363	-431	-59	-693
Repayment of Debt	-2,385	-2,553	-2,421	-2,580	-3,639	-1,612	-2,073	-2,730	-2,928	-3,529	-3,685
Repurchase of Common Equity	-294	-246	-90	-349	-8.40	-50	-462	-505	-179	-83	-2.40
Payment of Dividends	-139	-140	-145	-149	-149	-153	-153	-150	-147	-148	-151
Issuance of Debt	2,631	3,232	2,187	3,553	3,369	1,366	2,424	2,988	2,770	3,695	3,142
Issuance of Common Equity	33	18	43	47	16	34	156	34	53	6.00	3.70
Cash Interest Paid	11	16	31	51	77	67	45	71	121	142	126
Cash Income Taxes Paid	244	127	46	74	88	66	124	194	187	124	47

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-45	72	-49	35	-31	-3.40	4.10	33	12	-115	62
Net Cash From Operating Activities	28	550	-105	146	21	206	83	320	159	179	-320
Net Cash From Continuing Operating Activities	20	550	-105	146	21	206	83	342	159	181	-320
Net Income / (Loss) Continuing Operations	152	103	3.90	69	28	11	-67	-79	-16	-303	-47
Consolidated Net Income / (Loss)	152	103	3.90	69	28	11	-67	-79	-16	-303	-47
Depreciation Expense	66	72	63	70	74	80	73	73	73	68	63
Non-Cash Adjustments To Reconcile Net Income	-9.50	5.60	-1.90	2.60	-4.90	11	0.40	132	50	348	44
Changes in Operating Assets and Liabilities, net	-188	369	-170	5.30	-76	87	76	217	52	69	-380
Net Cash From Investing Activities	-156	-116	-57	-109	-52	-53	-28	-31	-17	-63	-122
Net Cash From Continuing Investing Activities	-156	-116	-57	-78	-52	-53	-28	-31	-17	-63	-122
Purchase of Property, Plant & Equipment	-106	-101	-72	-67	-53	-69	-36	-41	-42	-65	-30
Purchase of Investments	-	-42	-	10	-	-4.80	0.00	-	-	-14	-20
Other Investing Activities, net	-	-	15	-	-	-	7.30	9.10	25	20	-72
Net Cash From Financing Activities	89	-370	116	-28	-4.60	-142	-57	-272	-130	-234	507
Net Cash From Continuing Financing Activities	89	-370	116	-28	-4.60	-142	-57	-272	-130	-234	507
Repayment of Debt	-403	-1,175	-677	-786	-1,111	-956	-6.90	-910	-550	-1,503	-6.70
Repurchase of Common Equity	-58	-19	-16	-66	-	-0.40	-2.40	-	-	-	-9.20
Payment of Dividends	-37	-37	-37	-37	-37	-37	-38	-38	-38	-38	-39
Issuance of Debt	560	860	842	860	1,143	850	-11	674	457	1,306	559
Issuance of Common Equity	27	1.90	3.70	0.90	0.80	0.60	1.40	0.90	0.80	0.60	2.60
Effect of Exchange Rate Changes	-	8.60	-2.80	-5.00	4.80	-	6.10	-	-	-	-2.90
Cash Interest Paid	38	24	38	32	42	30	37	34	33	22	40
Cash Income Taxes Paid	60	30	16	28	63	17	8.10	14	10	15	28

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,386	3,100	3,090	4,125	4,431	4,633	5,048	5,218	5,516	5,525	4,894
Total Current Assets	1,153	1,191	1,254	1,486	1,627	2,208	2,559	2,768	2,692	2,632	2,207
Cash & Equivalents	155	127	138	161	157	635	502	325	368	288	138
Accounts Receivable	151	175	200	197	190	257	228	343	306	192	238
Inventories, net	710	747	784	970	1,121	1,178	1,511	1,896	1,811	1,742	1,412
Prepaid Expenses	91	92	101	121	126	134	151	184	198	396	367
Current Deferred & Refundable Income Taxes	46	51	30	36	33	3.90	4.00	20	9.00	15	2.00
Other Current Nonoperating Assets	-	-	-	-	-	-	163	-	-	0.00	50
Plant, Property, & Equipment, net	651	728	747	843	900	889	928	1,018	1,202	1,187	1,031
Total Noncurrent Assets	582	1,181	1,089	1,796	1,904	1,536	1,561	1,432	1,623	1,706	1,657
Long-Term Investments	99	94	89	92	111	59	49	93	141	137	132
Goodwill	236	793	781	1,518	-	1,084	935	911	906	936	800
Noncurrent Deferred & Refundable Income Taxes	167	188	116	87	93	178	163	211	296	385	526
Other Noncurrent Operating Assets	80	106	104	99	210	216	188	218	280	249	200
Total Liabilities & Shareholders' Equity	2,386	3,100	3,090	4,125	4,431	4,633	5,048	5,218	5,516	5,525	4,894
Total Liabilities	1,395	2,224	2,146	3,251	3,309	3,476	3,810	4,104	4,085	4,225	4,054
Total Current Liabilities	827	960	1,130	1,197	1,528	1,889	2,230	2,329	1,934	2,293	2,243
Short-Term Debt	5.06	3.85	48	67	167	142	553	554	54	434	35
Accounts Payable	300	274	317	346	450	782	776	848	713	563	763
Accrued Expenses	286	440	472	487	540	571	757	897	1,124	1,260	1,355
Other Current Liabilities	123	118	114	125	181	156	19	31	43	36	41
Other Current Nonoperating Liabilities	-	-	-	-	-	-	108	-	-	0.00	51
Total Noncurrent Liabilities	568	1,264	1,016	2,054	1,781	1,586	1,580	1,775	2,151	1,932	1,811
Long-Term Debt	437	1,121	847	1,880	1,512	1,294	1,235	1,504	1,854	1,638	1,505
Other Noncurrent Operating Liabilities	74	90	120	123	222	259	248	271	297	293	306
Redeemable Noncontrolling Interest	9.65	8.73	12	6.84	14	12	11	13	10	6.40	6.70
Total Equity & Noncontrolling Interests	981	867	932	867	1,108	1,145	1,226	1,102	1,421	1,294	833
Total Preferred & Common Equity	981	867	932	867	1,108	1,145	1,224	1,099	1,418	1,290	828
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	981	867	932	867	1,108	1,145	1,224	1,099	1,418	1,290	828
Common Stock	597	651	735	809	893	985	1,144	1,153	1,232	1,267	1,330
Retained Earnings	447	300	243	121	287	218	157	34	244	149	-469
Accumulated Other Comprehensive Income / (Loss)	-62	-84	-46	-63	-73	-58	-77	-88	-58	-126	-32
Noncontrolling Interest	-	-	-	0.28	0.20	0.30	2.00	2.50	2.40	4.20	4.50

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	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,093	5,290	5,470	5,733	5,567	5,709	5,630	5,450	5,388	5,305	5,242
Total Current Assets	2,835	2,787	2,888	3,043	2,733	2,800	2,728	2,594	2,613	2,603	2,590
Cash & Equivalents	319	323	340	295	319	323	291	292	324	336	282
Accounts Receivable	330	325	293	478	254	255	224	211	225	230	249
Inventories, net	1,929	1,947	2,024	2,052	1,953	2,001	1,999	1,748	1,698	1,697	1,568
Prepaid Expenses	158	190	211	177	196	211	156	314	321	311	434
Current Deferred & Refundable Income Taxes	99	2.50	20	41	11	11	58	29	45	29	36
Other Current Nonoperating Assets	0.00	-	-	-	-	-	-	-	-	-	22
Plant, Property, & Equipment, net	958	1,058	1,119	1,162	1,215	1,213	1,200	1,159	1,147	1,082	996
Total Noncurrent Assets	1,301	1,444	1,463	1,528	1,620	1,696	1,702	1,698	1,628	1,621	1,656
Long-Term Investments	59	97	99	110	140	142	140	141	143	128	134
Goodwill	908	908	903	907	900	960	958	933	881	875	795
Noncurrent Deferred & Refundable Income Taxes	150	221	238	247	300	317	330	379	406	424	521
Other Noncurrent Operating Assets	184	219	223	264	281	276	274	244	198	195	206
Total Liabilities & Shareholders' Equity	5,093	5,290	5,470	5,733	5,567	5,709	5,630	5,450	5,388	5,305	5,242
Total Liabilities	4,062	4,121	4,205	4,387	4,176	4,357	4,275	4,215	4,194	4,145	4,481
Total Current Liabilities	2,213	2,298	2,415	2,438	1,861	1,975	2,253	2,312	2,504	2,548	2,134
Short-Term Debt	554	554	554	554	54	54	454	434	435	435	35
Accounts Payable	851	870	897	882	779	785	701	724	774	809	834
Accrued Expenses	773	832	932	968	988	1,094	1,058	1,116	1,253	1,266	1,226
Other Current Liabilities	22	43	32	34	40	41	40	38	42	38	33
Other Current Nonoperating Liabilities	0.00	-	-	-	-	-	-	-	-	-	6.50
Total Noncurrent Liabilities	1,849	1,823	1,790	1,948	2,315	2,382	2,022	1,904	1,690	1,598	2,347
Long-Term Debt	1,572	1,549	1,508	1,656	2,014	2,089	1,726	1,621	1,392	1,300	2,056
Other Noncurrent Operating Liabilities	249	274	282	293	301	293	297	282	298	298	291
Redeemable Noncontrolling Interest	12	14	16	11	11	9.10	9.40	4.50	4.50	6.50	5.80
Total Equity & Noncontrolling Interests	1,019	1,155	1,249	1,335	1,381	1,343	1,346	1,231	1,189	1,154	755
Total Preferred & Common Equity	1,017	1,152	1,247	1,333	1,378	1,338	1,342	1,226	1,185	1,150	750
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	1,017	1,152	1,247	1,333	1,378	1,338	1,342	1,226	1,185	1,150	750
Common Stock	1,156	1,170	1,188	1,222	1,244	1,244	1,255	1,279	1,301	1,318	1,349
Retained Earnings	-20	57	122	191	197	183	173	45	-72	-127	-560
Accumulated Other Comprehensive Income / (Loss)	-119	-75	-63	-80	-64	-88	-86	-98	-44	-41	-39
Noncontrolling Interest	2.50	2.70	2.70	2.50	2.50	4.70	4.00	4.20	4.30	4.40	4.70

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.45%	-4.04%	19.80%	10.42%	12.91%	-8.48%	19.29%	15.27%	4.37%	-19.32%	-0.50%
EBITDA Growth	1.66%	-41.14%	8.90%	32.38%	-0.21%	3.86%	18.10%	19.86%	-5.78%	-43.83%	-120.35%
EBIT Growth	-1.50%	-52.21%	6.32%	44.11%	-4.85%	5.44%	30.10%	23.81%	-10.53%	-62.73%	-244.46%
NOPAT Growth	2.49%	-49.93%	-18.27%	95.66%	0.90%	8.54%	34.86%	13.36%	-10.92%	-59.59%	-206.35%
Net Income Growth	0.29%	-53.24%	-19.00%	94.39%	-3.40%	-61.44%	295.76%	-9.45%	12.31%	-77.88%	-517.99%
EPS Growth	1.50%	-51.56%	-17.74%	94.80%	-0.76%	-61.73%	295.98%	-5.58%	17.07%	-77.61%	-519.49%
Operating Cash Flow Growth	-16.82%	33.94%	-0.72%	-18.50%	37.31%	55.49%	-71.17%	73.17%	82.03%	-71.03%	176.29%
Free Cash Flow Firm Growth	-41.68%	-337.48%	200.45%	-258.47%	173.24%	150.35%	-80.51%	-24.53%	218.09%	-77.28%	431.75%
Invested Capital Growth	37.05%	49.92%	-9.30%	58.55%	-1.38%	-24.88%	18.69%	21.27%	2.77%	4.16%	-28.43%
Revenue Q/Q Growth	-3.44%	2.53%	4.02%	1.90%	3.24%	-6.16%	6.57%	7.49%	-0.67%	-6.63%	2.16%
EBITDA Q/Q Growth	-5.28%	-10.15%	8.40%	2.50%	0.12%	125.25%	-33.57%	18.46%	-9.78%	-15.01%	-142.60%
EBIT Q/Q Growth	-6.69%	-15.83%	10.89%	3.13%	-1.12%	528.43%	-40.52%	23.29%	-13.67%	-27.83%	-1,288.58%
NOPAT Q/Q Growth	-4.80%	-15.85%	-18.55%	26.63%	0.71%	172.71%	-35.60%	12.18%	-12.75%	-23.54%	-1,037.37%
Net Income Q/Q Growth	-5.15%	-18.43%	-15.28%	21.81%	2.36%	397.61%	-18.47%	32.07%	-15.50%	-45.41%	-208.43%
EPS Q/Q Growth	-4.53%	-17.42%	-15.14%	22.72%	2.36%	503.03%	-18.85%	33.57%	-14.36%	-45.68%	-207.52%
Operating Cash Flow Q/Q Growth	-28.17%	46.50%	-11.37%	7.83%	17.18%	13.85%	-40.82%	100.32%	20.08%	-56.16%	-3.59%
Free Cash Flow Firm Q/Q Growth	-56.64%	-557.79%	260.07%	0.36%	40.25%	36.09%	-52.99%	-14.43%	70.50%	-67.85%	-14.87%
Invested Capital Q/Q Growth	25.47%	54.96%	0.32%	3.33%	-1.34%	-2.51%	-5.39%	-1.22%	-10.17%	-5.00%	-13.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.41%	25.77%	25.45%	24.70%	25.20%	24.45%	24.09%	23.25%	22.63%	21.51%	20.08%
EBITDA Margin	17.88%	10.97%	9.97%	11.95%	10.56%	11.99%	11.87%	12.34%	11.14%	7.76%	-1.59%
Operating Margin	14.96%	7.62%	6.53%	8.02%	7.05%	8.29%	9.50%	9.31%	7.78%	4.00%	-4.82%
EBIT Margin	14.70%	7.32%	6.50%	8.48%	7.15%	8.23%	8.98%	9.65%	8.27%	3.82%	-5.55%
Profit (Net Income) Margin	9.51%	4.63%	3.13%	5.52%	4.72%	1.99%	6.60%	5.18%	5.58%	1.53%	-6.42%
Tax Burden Percent	66.40%	67.98%	54.11%	78.12%	79.43%	27.73%	78.62%	58.79%	81.03%	78.98%	87.25%
Interest Burden Percent	97.41%	93.11%	89.12%	83.26%	83.14%	87.08%	93.43%	91.39%	83.23%	50.68%	132.74%
Effective Tax Rate	33.60%	32.02%	45.89%	21.88%	20.57%	19.96%	21.01%	20.75%	18.97%	21.02%	0.00%
Return on Invested Capital (ROIC)	45.89%	15.90%	11.36%	18.08%	14.98%	18.69%	26.88%	25.37%	20.34%	7.94%	-9.65%
ROIC Less NNEP Spread (ROIC-NNEP)	26.34%	11.44%	8.61%	14.28%	11.13%	-8.08%	19.27%	11.16%	16.05%	0.18%	-24.77%
Return on Net Nonoperating Assets (RNNOA)	2.92%	6.91%	7.60%	18.82%	17.48%	-7.73%	14.41%	12.70%	19.16%	0.20%	-33.79%
Return on Equity (ROE)	48.81%	22.81%	18.96%	36.90%	32.46%	10.96%	41.28%	38.07%	39.50%	8.14%	-43.44%
Cash Return on Invested Capital (CROIC)	14.63%	-24.05%	21.12%	-27.21%	16.36%	47.11%	9.79%	6.15%	17.61%	3.87%	23.48%
Operating Return on Assets (OROA)	31.57%	12.27%	11.56%	14.29%	11.47%	11.41%	13.90%	16.23%	13.89%	5.03%	-7.70%
Return on Assets (ROA)	20.42%	7.76%	5.57%	9.30%	7.57%	2.76%	10.21%	8.72%	9.37%	2.01%	-8.92%
Return on Common Equity (ROCE)	48.20%	22.59%	18.75%	36.52%	32.12%	10.83%	40.84%	37.61%	39.07%	8.07%	-42.99%
Return on Equity Simple (ROE_SIMPLE)	46.40%	24.56%	18.51%	38.69%	29.23%	10.91%	40.37%	40.73%	35.44%	8.62%	0.00%
Net Operating Profit after Tax (NOPAT)	476	238	195	381	384	417	562	638	568	230	-244
NOPAT Margin	9.93%	5.18%	3.54%	6.26%	5.60%	6.64%	7.51%	7.38%	6.30%	3.16%	-3.37%
Net Nonoperating Expense Percent (NNEP)	19.55%	4.46%	2.75%	3.80%	3.85%	26.77%	7.61%	14.21%	4.29%	7.76%	15.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	20.18%	17.06%	6.82%	-10.29%
Cost of Revenue to Revenue	70.59%	74.23%	74.55%	75.30%	74.80%	75.55%	75.91%	76.75%	77.37%	78.49%	79.92%
SG&A Expenses to Revenue	4.37%	6.67%	6.02%	5.75%	5.74%	4.71%	4.08%	4.12%	4.69%	6.00%	7.49%
R&D to Revenue	3.48%	4.03%	4.33%	4.27%	4.27%	4.59%	4.39%	4.25%	4.15%	4.63%	5.14%
Operating Expenses to Revenue	14.46%	18.15%	18.92%	16.68%	18.15%	17.43%	14.58%	13.93%	14.86%	17.51%	24.90%
Earnings before Interest and Taxes (EBIT)	704	336	358	516	491	517	673	833	745	278	-401
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	856	504	549	727	725	753	889	1,066	1,004	564	-115
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.66	5.06	7.09	4.76	5.03	4.73	5.12	5.03	3.65	2.49	4.29
Price to Tangible Book Value (P/TBV)	6.13	59.28	43.74	0.00	0.00	88.97	21.67	29.33	10.12	9.09	125.27
Price to Revenue (P/Rev)	0.95	0.96	1.20	0.68	0.81	0.86	0.84	0.64	0.57	0.44	0.49
Price to Earnings (P/E)	10.04	20.62	38.31	12.31	17.20	43.34	12.68	12.36	10.30	29.00	0.00
Dividend Yield	3.04%	3.21%	2.20%	3.59%	2.68%	2.83%	2.44%	2.68%	2.83%	4.58%	4.24%
Earnings Yield	9.96%	4.85%	2.61%	8.12%	5.81%	2.31%	7.88%	8.09%	9.71%	3.45%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.00	2.96	4.48	2.26	2.75	3.23	3.31	2.61	2.33	1.65	2.29
Enterprise Value to Revenue (EV/Rev)	1.00	1.16	1.33	0.96	1.02	0.98	1.00	0.83	0.73	0.67	0.67
Enterprise Value to EBITDA (EV/EBITDA)	5.59	10.56	13.31	8.04	9.67	8.21	8.46	6.74	6.56	8.64	0.00
Enterprise Value to EBIT (EV/EBIT)	6.80	15.81	20.42	11.34	14.30	11.95	11.19	8.62	8.84	17.54	0.00
Enterprise Value to NOPAT (EV/NOPAT)	10.07	22.34	37.54	15.35	18.26	14.82	13.38	11.26	11.61	21.23	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.87	9.02	12.48	12.25	10.71	6.07	25.63	14.12	7.12	18.17	6.53
Enterprise Value to Free Cash Flow (EV/FCFF)	31.57	0.00	20.20	0.00	16.71	5.88	36.75	46.47	13.41	43.61	8.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	1.30	0.97	2.25	1.51	1.25	1.46	1.85	1.33	1.59	1.83
Long-Term Debt to Equity	0.46	1.30	0.92	2.17	1.36	1.13	1.01	1.35	1.30	1.26	1.79
Financial Leverage	0.11	0.60	0.88	1.32	1.57	0.96	0.75	1.14	1.19	1.12	1.36
Leverage Ratio	2.39	2.94	3.40	3.97	4.29	3.98	4.04	4.37	4.22	4.04	4.87
Compound Leverage Factor	2.33	2.74	3.03	3.31	3.56	3.46	3.78	3.99	3.51	2.05	6.46
Debt to Total Capital	31.77%	56.60%	49.18%	69.19%	60.15%	55.63%	59.27%	64.88%	57.15%	61.44%	64.71%
Short-Term Debt to Total Capital	0.35%	0.19%	2.57%	2.35%	5.92%	5.45%	18.21%	17.45%	1.62%	12.88%	1.46%
Long-Term Debt to Total Capital	31.42%	56.40%	46.61%	66.85%	54.23%	50.18%	41.06%	47.42%	55.53%	48.57%	63.25%
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	0.66%	0.43%	0.63%	0.25%	0.49%	0.48%	0.43%	0.48%	0.38%	0.31%	0.47%
Common Equity to Total Capital	67.57%	42.97%	50.19%	30.56%	39.36%	43.89%	40.30%	34.65%	42.47%	38.24%	34.82%
Debt to EBITDA	0.54	2.27	1.66	2.70	2.34	1.93	2.02	1.93	1.90	3.67	-13.41
Net Debt to EBITDA	0.24	1.83	1.25	2.35	1.97	1.00	1.40	1.54	1.39	2.92	-11.06
Long-Term Debt to EBITDA	0.53	2.26	1.58	2.61	2.11	1.74	1.40	1.41	1.85	2.90	-13.11
Debt to NOPAT	0.97	4.80	4.69	5.15	4.41	3.48	3.20	3.23	3.36	9.03	-6.31
Net Debt to NOPAT	0.44	3.87	3.52	4.49	3.71	1.81	2.22	2.57	2.46	7.18	-5.20
Long-Term Debt to NOPAT	0.96	4.78	4.45	4.98	3.97	3.14	2.22	2.36	3.27	7.14	-6.16
Altman Z-Score	5.37	3.25	4.17	2.77	3.04	2.81	3.03	3.10	3.07	2.05	1.59
Noncontrolling Interest Sharing Ratio	1.24%	0.98%	1.12%	1.04%	1.05%	1.16%	1.08%	1.20%	1.09%	0.85%	1.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.39	1.24	1.11	1.24	1.06	1.17	1.15	1.19	1.39	1.15	0.98
Quick Ratio	0.37	0.31	0.30	0.30	0.23	0.47	0.33	0.29	0.35	0.21	0.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	152	-360	362	-573	420	1,051	205	155	492	112	594
Operating Cash Flow to CapEx	176.46%	281.93%	317.49%	211.67%	260.58%	498.58%	103.85%	165.88%	224.38%	102.48%	405.14%
Free Cash Flow to Firm to Interest Expense	13.23	-22.06	11.25	-10.06	5.41	15.73	4.63	2.16	3.93	0.82	4.52
Operating Cash Flow to Interest Expense	38.43	36.13	18.21	8.37	8.44	15.25	6.64	7.09	7.41	1.96	5.64
Operating Cash Flow Less CapEx to Interest Expense	16.65	23.32	12.47	4.42	5.20	12.19	0.25	2.82	4.11	0.05	4.25
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.15	1.68	1.78	1.69	1.60	1.39	1.55	1.68	1.68	1.32	1.39
Accounts Receivable Turnover	26.93	28.22	29.36	30.60	35.43	28.07	30.89	30.26	27.76	29.17	33.67
Inventory Turnover	5.30	4.68	5.36	5.22	4.91	4.13	4.23	3.89	3.76	3.21	3.67
Fixed Asset Turnover	7.94	6.67	7.47	7.64	7.88	7.02	8.25	8.88	8.12	6.09	6.53
Accounts Payable Turnover	10.51	11.90	13.88	13.79	12.89	7.70	7.30	8.17	8.94	8.95	8.73
Days Sales Outstanding (DSO)	13.55	12.93	12.43	11.93	10.30	13.00	11.82	12.06	13.15	12.51	10.84
Days Inventory Outstanding (DIO)	68.87	77.93	68.06	69.91	74.32	88.40	86.25	93.78	96.99	113.56	99.53
Days Payable Outstanding (DPO)	34.72	30.68	26.29	26.46	28.31	47.39	49.99	44.70	40.84	40.79	41.82
Cash Conversion Cycle (CCC)	47.71	60.18	54.21	55.38	56.31	54.01	48.07	61.15	69.30	85.28	68.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,198	1,796	1,629	2,583	2,548	1,914	2,271	2,754	2,831	2,948	2,110
Invested Capital Turnover	4.62	3.07	3.21	2.89	2.68	2.82	3.58	3.44	3.23	2.52	2.86
Increase / (Decrease) in Invested Capital	324	598	-167	954	-36	-634	358	483	76	118	-838
Enterprise Value (EV)	4,787	5,320	7,306	5,844	7,013	6,178	7,527	7,182	6,593	4,872	4,839
Market Capitalization	4,570	4,390	6,608	4,128	5,574	5,409	6,264	5,526	5,181	3,213	3,558
Book Value per Share	$14.97	$13.53	$14.90	$14.03	$18.11	$18.55	$20.18	$18.96	$25.12	$23.13	$14.73
Tangible Book Value per Share	$11.37	$1.16	$2.42	($10.54)	($6.25)	$0.99	$4.76	$3.25	$9.07	$6.34	$0.50
Total Capital	1,453	2,018	1,856	2,836	2,815	2,608	3,038	3,172	3,340	3,373	2,379
Total Debt	461	1,142	913	1,963	1,694	1,451	1,801	2,058	1,908	2,072	1,540
Total Long-Term Debt	456	1,138	865	1,896	1,527	1,309	1,247	1,504	1,854	1,638	1,505
Net Debt	207	921	686	1,709	1,426	757	1,249	1,640	1,400	1,648	1,270
Capital Expenditures (CapEx)	249	209	184	225	251	204	283	307	413	262	183
Debt-free, Cash-free Net Working Capital (DFCFNWC)	176	108	33	194	109	-175	380	668	444	486	-140
Debt-free Net Working Capital (DFNWC)	331	235	171	355	266	460	882	993	812	774	-1.90
Net Working Capital (NWC)	326	231	123	288	99	318	329	439	758	339	-37
Net Nonoperating Expense (NNE)	20	25	22	45	60	292	68	190	65	118	221
Net Nonoperating Obligations (NNO)	207	921	686	1,709	1,426	757	1,034	1,640	1,400	1,648	1,271
Total Depreciation and Amortization (D&A)	152	168	191	211	235	236	216	233	259	286	287
Debt-free, Cash-free Net Working Capital to Revenue	3.67%	2.35%	0.59%	3.19%	1.58%	-2.78%	5.07%	7.74%	4.93%	6.68%	-1.93%
Debt-free Net Working Capital to Revenue	6.92%	5.12%	3.11%	5.84%	3.87%	7.33%	11.77%	11.49%	9.01%	10.64%	-0.03%
Net Working Capital to Revenue	6.81%	5.03%	2.24%	4.74%	1.44%	5.06%	4.39%	5.08%	8.41%	4.66%	-0.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.90	$3.31	$2.74	$5.36	$5.27	$2.02	$8.06	$7.54	$8.80	$1.96	($8.18)
Adjusted Weighted Average Basic Shares Outstanding	66.02M	64.30M	62.92M	62.51M	61.44M	61.90M	61.30M	59.30M	57.10M	56.50M	56.90M
Adjusted Diluted Earnings per Share	$6.75	$3.27	$2.69	$5.24	$5.20	$1.99	$7.88	$7.44	$8.71	$1.95	($8.18)
Adjusted Weighted Average Diluted Shares Outstanding	67.48M	65.16M	64.18M	63.95M	62.29M	62.60M	62.70M	60.10M	57.70M	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	64.96M	62.94M	63.06M	60.96M	61.56M	61.97M	60.05M	57.08M	56.40M	56.10M	56.69M
Normalized Net Operating Profit after Tax (NOPAT)	476	238	195	381	384	482	562	638	568	230	24
Normalized NOPAT Margin	9.93%	5.18%	3.54%	6.26%	5.60%	7.67%	7.51%	7.38%	6.30%	3.16%	0.33%
Pre Tax Income Margin	14.32%	6.82%	5.79%	7.06%	5.94%	7.17%	8.39%	8.82%	6.88%	1.94%	-7.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	61.45	20.62	11.12	9.04	6.32	7.74	15.22	11.62	5.96	2.03	-3.05
NOPAT to Interest Expense	41.51	14.59	6.05	6.68	4.95	6.24	12.72	8.89	4.54	1.68	-1.86
EBIT Less CapEx to Interest Expense	39.67	7.80	5.39	5.09	3.08	4.68	8.83	7.34	2.66	0.12	-4.45
NOPAT Less CapEx to Interest Expense	19.73	1.78	0.32	2.73	1.71	3.18	6.33	4.62	1.24	-0.24	-3.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	30.59%	65.90%	84.31%	44.44%	46.03%	122.10%	31.03%	33.51%	29.30%	133.36%	-32.42%
Augmented Payout Ratio	95.07%	181.34%	136.75%	148.43%	48.63%	162.37%	124.42%	146.34%	64.83%	207.73%	-32.94%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	56,690,669.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	56,690,669.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.84
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.41%	-2.49%	-20.34%	-11.52%	-23.41%	-21.80%	-11.55%	-5.53%	6.92%	8.27%	8.00%
EBITDA Growth	-11.73%	-32.56%	-56.44%	-27.70%	-48.11%	-44.15%	-64.49%	-92.89%	-35.71%	-305.00%	-1.37%
EBIT Growth	-18.15%	-43.45%	-77.18%	-40.96%	-66.76%	-69.73%	-193.43%	-149.29%	-70.51%	-800.86%	26.22%
NOPAT Growth	-16.46%	-40.40%	-84.33%	-37.01%	-68.91%	-52.27%	-227.93%	-109.41%	-72.60%	-484.67%	-8.31%
Net Income Growth	-18.81%	-47.16%	-96.57%	-48.70%	-81.78%	-89.55%	-1,810.26%	-214.80%	-156.88%	-2,908.33%	29.24%
EPS Growth	-15.48%	-44.51%	-96.41%	-47.84%	-81.30%	-90.11%	-1,771.43%	-214.88%	-157.14%	-3,066.67%	29.06%
Operating Cash Flow Growth	-83.53%	39.19%	-184.86%	-34.60%	-25.27%	-62.48%	178.94%	118.93%	656.19%	-13.38%	-484.86%
Free Cash Flow Firm Growth	-4.25%	116.43%	-133.95%	-74.62%	151.01%	-230.23%	191.20%	1,089.17%	589.95%	1,131.10%	246.35%
Invested Capital Growth	13.00%	2.77%	5.24%	4.96%	-1.50%	4.16%	-4.78%	-15.73%	-21.64%	-28.43%	-15.30%
Revenue Q/Q Growth	1.46%	5.37%	-26.72%	12.95%	-12.18%	7.58%	-17.12%	20.63%	-0.60%	8.94%	-17.32%
EBITDA Q/Q Growth	6.77%	-19.60%	-54.57%	85.37%	-23.37%	-13.46%	-71.11%	-62.91%	593.33%	-375.96%	113.90%
EBIT Q/Q Growth	4.95%	-28.29%	-74.22%	204.29%	-40.91%	-34.69%	-179.57%	-60.54%	135.35%	-1,651.90%	91.62%
NOPAT Q/Q Growth	10.01%	-27.22%	-83.81%	386.05%	-45.71%	11.75%	-143.38%	64.27%	258.14%	-1,669.12%	87.79%
Net Income Q/Q Growth	12.81%	-31.82%	-96.22%	1,666.67%	-59.94%	-60.87%	-717.59%	-18.59%	80.15%	-1,831.85%	84.44%
EPS Q/Q Growth	12.93%	-30.53%	-96.15%	1,628.57%	-59.50%	-63.27%	-750.00%	-18.80%	79.86%	-1,807.14%	84.46%
Operating Cash Flow Q/Q Growth	-87.44%	1,856.58%	-119.17%	238.80%	-85.65%	882.38%	-59.67%	284.98%	-50.42%	12.53%	-279.18%
Free Cash Flow Firm Q/Q Growth	-619.79%	123.46%	-383.74%	63.55%	310.25%	-159.90%	298.70%	295.31%	46.65%	-10.49%	-33.26%
Invested Capital Q/Q Growth	9.14%	-10.17%	6.04%	0.96%	2.42%	-5.00%	-3.07%	-10.65%	-4.76%	-13.22%	14.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.62%	23.52%	19.02%	21.62%	20.59%	24.58%	15.95%	19.39%	20.65%	23.35%	20.18%
EBITDA Margin	12.48%	9.52%	5.90%	9.69%	8.45%	6.80%	2.37%	0.73%	5.08%	-12.88%	2.16%
Operating Margin	8.94%	6.02%	2.25%	6.10%	3.84%	3.55%	-2.35%	-0.70%	1.11%	-15.96%	-2.36%
EBIT Margin	9.52%	6.48%	2.28%	6.14%	4.13%	2.51%	-2.41%	-3.21%	1.14%	-16.24%	-1.65%
Profit (Net Income) Margin	6.74%	4.36%	0.22%	3.51%	1.60%	0.58%	-4.34%	-4.27%	-0.85%	-15.12%	-2.85%
Tax Burden Percent	83.38%	85.51%	50.65%	80.21%	78.86%	88.52%	93.81%	85.42%	129.75%	84.98%	81.80%
Interest Burden Percent	84.83%	78.65%	19.44%	71.29%	49.16%	26.24%	192.16%	155.89%	-57.62%	109.51%	211.36%
Effective Tax Rate	16.62%	14.49%	49.35%	19.79%	21.14%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	22.79%	16.62%	3.33%	13.76%	7.54%	7.91%	-3.97%	-1.22%	1.98%	-31.95%	-4.60%
ROIC Less NNEP Spread (ROIC-NNEP)	21.88%	15.39%	2.37%	12.12%	6.16%	4.80%	-6.54%	-5.83%	0.00%	-37.38%	-5.81%
Return on Net Nonoperating Assets (RNNOA)	32.77%	18.38%	3.05%	15.28%	8.10%	5.35%	-8.04%	-6.96%	0.00%	-50.98%	-9.55%
Return on Equity (ROE)	55.55%	35.01%	6.38%	29.04%	15.64%	13.27%	-12.01%	-8.17%	1.98%	-82.93%	-14.15%
Cash Return on Invested Capital (CROIC)	9.71%	17.61%	10.99%	9.20%	11.11%	3.87%	9.72%	19.16%	25.21%	23.48%	7.24%
Operating Return on Assets (OROA)	15.97%	10.89%	3.60%	9.14%	5.67%	3.31%	-3.09%	-4.02%	1.48%	-22.57%	-2.27%
Return on Assets (ROA)	11.29%	7.32%	0.35%	5.23%	2.20%	0.77%	-5.58%	-5.36%	-1.10%	-21.00%	-3.92%
Return on Common Equity (ROCE)	54.89%	34.63%	6.30%	28.69%	15.48%	13.15%	-11.91%	-8.10%	1.96%	-82.09%	-14.02%
Return on Equity Simple (ROE_SIMPLE)	44.64%	0.00%	28.52%	24.48%	15.18%	0.00%	3.31%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	168	122	20	96	52	58	-25	-9.03	14	-224	-27
NOPAT Margin	7.46%	5.15%	1.14%	4.90%	3.03%	3.14%	-1.65%	-0.49%	0.78%	-11.17%	-1.65%
Net Nonoperating Expense Percent (NNEP)	0.91%	1.23%	0.96%	1.64%	1.38%	3.11%	2.56%	4.61%	1.99%	5.43%	1.21%
Return On Investment Capital (ROIC_SIMPLE)	-	3.67%	-	-	-	1.73%	-0.77%	-0.30%	0.49%	-9.44%	-0.96%
Cost of Revenue to Revenue	77.38%	76.48%	80.98%	78.38%	79.41%	75.42%	84.05%	80.61%	79.35%	76.65%	79.82%
SG&A Expenses to Revenue	4.06%	5.78%	5.70%	5.63%	5.86%	6.81%	6.69%	6.88%	6.40%	9.67%	9.80%
R&D to Revenue	4.08%	3.92%	5.06%	4.43%	4.88%	4.22%	5.40%	4.87%	5.04%	5.28%	4.96%
Operating Expenses to Revenue	13.68%	17.50%	16.78%	15.52%	16.75%	21.03%	18.30%	20.08%	19.54%	39.31%	22.54%
Earnings before Interest and Taxes (EBIT)	214	154	40	121	71	47	-37	-59	21	-326	-27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	281	226	103	190	146	126	36	14	94	-258	36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.30	3.65	4.07	3.31	3.46	2.49	1.87	1.93	2.84	4.29	4.12
Price to Tangible Book Value (P/TBV)	13.45	10.12	11.73	11.71	12.10	9.09	7.84	7.51	11.89	125.27	0.00
Price to Revenue (P/Rev)	0.63	0.57	0.65	0.53	0.60	0.44	0.32	0.33	0.46	0.49	0.42
Price to Earnings (P/E)	9.63	10.30	14.27	13.51	22.79	29.00	57.13	0.00	0.00	0.00	0.00
Dividend Yield	2.56%	2.83%	2.63%	3.35%	3.16%	4.58%	6.47%	6.54%	4.59%	4.24%	4.94%
Earnings Yield	10.39%	9.71%	7.01%	7.40%	4.39%	3.45%	1.75%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.39	2.33	2.41	2.02	2.06	1.65	1.37	1.43	1.87	2.29	1.97
Enterprise Value to Revenue (EV/Rev)	0.83	0.73	0.84	0.74	0.82	0.67	0.56	0.52	0.64	0.67	0.65
Enterprise Value to EBITDA (EV/EBITDA)	6.78	6.56	8.30	7.66	9.65	8.64	7.89	11.36	16.89	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	8.74	8.84	11.83	11.59	16.63	17.54	19.52	171.49	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	11.59	11.61	15.36	14.72	21.33	21.23	27.84	62.95	174.76	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.79	7.12	10.39	9.89	10.47	18.17	8.60	5.79	5.92	6.53	14.15
Enterprise Value to Free Cash Flow (EV/FCFF)	26.16	13.41	22.49	22.47	18.43	43.61	13.80	6.83	6.52	8.15	25.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.64	1.33	1.49	1.59	1.61	1.59	1.66	1.53	1.49	1.83	2.75
Long-Term Debt to Equity	1.23	1.30	1.45	1.55	1.27	1.26	1.31	1.17	1.12	1.79	2.70
Financial Leverage	1.50	1.19	1.29	1.26	1.32	1.12	1.23	1.19	1.20	1.36	1.64
Leverage Ratio	4.55	4.22	4.24	4.27	4.21	4.04	4.19	4.36	4.35	4.87	5.36
Compound Leverage Factor	3.86	3.32	0.82	3.05	2.07	1.06	8.06	6.80	-2.50	5.33	11.32
Debt to Total Capital	62.14%	57.15%	59.77%	61.32%	61.67%	61.44%	62.47%	60.48%	59.92%	64.71%	73.32%
Short-Term Debt to Total Capital	15.58%	1.62%	1.56%	1.55%	12.85%	12.88%	13.20%	14.38%	15.02%	1.46%	1.22%
Long-Term Debt to Total Capital	46.56%	55.53%	58.21%	59.78%	48.82%	48.57%	49.27%	46.09%	44.90%	63.25%	72.10%
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	0.39%	0.38%	0.40%	0.39%	0.38%	0.31%	0.26%	0.29%	0.38%	0.47%	0.37%
Common Equity to Total Capital	37.48%	42.47%	39.83%	38.28%	37.95%	38.24%	37.27%	39.23%	39.71%	34.82%	26.31%
Debt to EBITDA	1.98	1.90	2.37	2.68	3.28	3.67	4.13	5.68	6.44	-13.41	-18.14
Net Debt to EBITDA	1.62	1.39	1.85	2.10	2.63	2.92	3.26	4.23	4.72	-11.06	-14.53
Long-Term Debt to EBITDA	1.49	1.85	2.31	2.62	2.60	2.90	3.26	4.33	4.82	-13.11	-17.83
Debt to NOPAT	3.39	3.36	4.39	5.16	7.26	9.03	14.57	31.48	66.61	-6.31	-8.49
Net Debt to NOPAT	2.77	2.46	3.42	4.04	5.83	7.18	11.50	23.43	48.83	-5.20	-6.80
Long-Term Debt to NOPAT	2.54	3.27	4.28	5.03	5.75	7.14	11.49	23.99	49.92	-6.16	-8.35
Altman Z-Score	2.66	2.71	2.61	2.35	2.22	1.91	1.68	1.59	1.80	1.64	1.76
Noncontrolling Interest Sharing Ratio	1.19%	1.09%	1.18%	1.23%	1.00%	0.85%	0.85%	0.89%	0.97%	1.02%	0.96%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.25	1.39	1.47	1.42	1.21	1.15	1.12	1.04	1.02	0.98	1.21
Quick Ratio	0.32	0.35	0.31	0.29	0.23	0.21	0.22	0.22	0.22	0.17	0.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-195	46	-130	-47	99	-60	118	468	686	614	410
Operating Cash Flow to CapEx	26.64%	544.90%	-146.19%	217.71%	39.33%	298.99%	233.71%	790.86%	377.20%	276.20%	-1,078.11%
Free Cash Flow to Firm to Interest Expense	-6.00	1.39	-4.07	-1.37	2.75	-1.74	3.47	14.09	20.72	19.81	13.48
Operating Cash Flow to Interest Expense	0.86	16.76	-3.30	4.23	0.58	6.01	2.44	9.65	4.80	5.76	-10.53
Operating Cash Flow Less CapEx to Interest Expense	-2.38	13.69	-5.56	2.29	-0.90	4.00	1.40	8.43	3.53	3.68	-11.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.68	1.68	1.58	1.49	1.37	1.32	1.28	1.26	1.30	1.39	1.38
Accounts Receivable Turnover	22.48	27.76	29.62	30.35	22.21	29.17	30.39	29.01	31.20	33.67	31.98
Inventory Turnover	3.51	3.76	3.42	3.23	3.02	3.21	3.02	3.00	3.05	3.67	3.51
Fixed Asset Turnover	8.56	8.12	7.54	7.13	6.60	6.09	5.96	5.90	6.21	6.53	6.83
Accounts Payable Turnover	8.07	8.94	8.09	7.72	7.74	8.95	7.44	7.12	7.48	8.73	7.47
Days Sales Outstanding (DSO)	16.23	13.15	12.32	12.03	16.44	12.51	12.01	12.58	11.70	10.84	11.41
Days Inventory Outstanding (DIO)	103.89	96.99	106.71	113.08	120.72	113.56	120.75	121.63	119.54	99.53	104.03
Days Payable Outstanding (DPO)	45.23	40.84	45.12	47.27	47.18	40.79	49.03	51.28	48.82	41.82	48.86
Cash Conversion Cycle (CCC)	74.90	69.30	73.91	77.84	89.98	85.28	83.73	82.93	82.42	68.54	66.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,151	2,831	3,002	3,030	3,104	2,948	2,858	2,554	2,432	2,110	2,421
Invested Capital Turnover	3.06	3.23	2.93	2.81	2.49	2.52	2.41	2.49	2.56	2.86	2.79
Increase / (Decrease) in Invested Capital	363	76	150	143	-47	118	-144	-477	-672	-838	-437
Enterprise Value (EV)	7,544	6,593	7,233	6,118	6,403	4,872	3,928	3,653	4,551	4,839	4,775
Market Capitalization	5,726	5,181	5,609	4,426	4,640	3,213	2,297	2,284	3,268	3,558	3,090
Book Value per Share	$23.51	$25.12	$24.22	$23.68	$24.06	$23.13	$21.86	$21.09	$20.44	$14.73	$13.24
Tangible Book Value per Share	$7.51	$9.07	$8.41	$6.69	$6.88	$6.34	$5.22	$5.41	$4.89	$0.50	($0.79)
Total Capital	3,556	3,340	3,460	3,495	3,535	3,373	3,291	3,021	2,895	2,379	2,852
Total Debt	2,210	1,908	2,068	2,144	2,180	2,072	2,056	1,827	1,735	1,540	2,091
Total Long-Term Debt	1,656	1,854	2,014	2,089	1,726	1,638	1,621	1,392	1,300	1,505	2,056
Net Debt	1,805	1,400	1,610	1,678	1,749	1,648	1,623	1,360	1,272	1,270	1,675
Capital Expenditures (CapEx)	106	101	72	67	53	69	36	41	42	65	30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	864	444	607	557	639	486	425	219	155	-140	209
Debt-free Net Working Capital (DFNWC)	1,159	812	926	879	930	774	717	544	491	-1.90	491
Net Working Capital (NWC)	605	758	872	825	476	339	282	109	56	-37	456
Net Nonoperating Expense (NNE)	16	19	16	27	25	47	41	70	30	79	20
Net Nonoperating Obligations (NNO)	1,805	1,400	1,610	1,678	1,749	1,648	1,623	1,360	1,272	1,271	1,660
Total Depreciation and Amortization (D&A)	66	72	63	70	74	80	73	73	73	68	63
Debt-free, Cash-free Net Working Capital to Revenue	9.52%	4.93%	7.08%	6.69%	8.20%	6.68%	6.01%	3.15%	2.19%	-1.93%	2.84%
Debt-free Net Working Capital to Revenue	12.77%	9.01%	10.80%	10.57%	11.94%	10.64%	10.13%	7.80%	6.92%	-0.03%	6.67%
Net Working Capital to Revenue	6.67%	8.41%	10.17%	9.92%	6.10%	4.66%	3.99%	1.57%	0.79%	-0.51%	6.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.66	$1.81	$0.07	$1.21	$0.49	$0.19	($1.17)	($1.39)	($0.28)	($5.34)	($0.83)
Adjusted Weighted Average Basic Shares Outstanding	57M	57.10M	56.90M	56.60M	56.20M	56.50M	56.90M	57M	56.90M	56.90M	57.40M
Adjusted Diluted Earnings per Share	$2.62	$1.82	$0.07	$1.21	$0.49	$0.18	($1.17)	($1.39)	($0.28)	($5.34)	($0.83)
Adjusted Weighted Average Diluted Shares Outstanding	57.80M	57.70M	57.20M	56.90M	56.50M	56.80M	56.90M	57M	56.90M	56.90M	57.40M
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	56.47M	56.40M	56.51M	55.75M	55.77M	56.10M	56.20M	56.22M	56.25M	56.69M	56.89M
Normalized Net Operating Profit after Tax (NOPAT)	168	122	20	96	52	58	-25	28	44	-224	-5.25
Normalized NOPAT Margin	7.46%	5.15%	1.14%	4.90%	3.03%	3.14%	-1.65%	1.50%	2.38%	-11.17%	-0.32%
Pre Tax Income Margin	8.08%	5.10%	0.44%	4.38%	2.03%	0.66%	-4.63%	-5.00%	-0.66%	-17.79%	-3.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.59	4.68	1.24	3.48	1.97	1.36	-1.09	-1.79	0.63	-10.51	-0.90
NOPAT to Interest Expense	5.16	3.72	0.62	2.77	1.44	1.70	-0.74	-0.27	0.43	-7.23	-0.90
EBIT Less CapEx to Interest Expense	3.34	1.61	-1.02	1.54	0.49	-0.66	-2.13	-3.01	-0.64	-12.60	-1.88
NOPAT Less CapEx to Interest Expense	1.91	0.64	-1.64	0.83	-0.04	-0.31	-1.79	-1.49	-0.84	-9.32	-1.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.73%	29.30%	37.56%	45.02%	72.66%	133.36%	365.76%	-139.20%	-100.07%	-32.42%	-34.11%
Augmented Payout Ratio	72.79%	64.83%	71.09%	93.80%	122.48%	207.73%	535.96%	-141.81%	-101.92%	-32.94%	-36.18%

Financials Breakdown Chart

Key Financial Trends

Polaris Inc. (NYSE: PII) shows a mix of solid cash generation and ongoing profitability challenges when you compare its quarterly cash flow, income statement, and balance sheet over the last four years. Here are the most relevant takeaways for retail investors from the latest four years of quarterly data.

Positive operating cash flow in multiple 2025 quarters: Net cash from continuing operating activities was strong in Q2 2025 ($342.3M), and remained positive in Q3 2025 ($159.0M) and Q4 2025 ($181.3M), with Q1 2025 also positive ($83.2M).
Operating income improvement in Q3 2025: Polaris posted a positive total operating income of about $20.4M, signaling improving core profitability even as the company incurred net losses.
Gross margin expansion into late 2025: Q4 2025 gross margin reached roughly 23% (468.5M gross profit on 2,006.2M revenue), up from earlier 2025 quarters, indicating better cost discipline and pricing dynamics.
Revenue remains in a relatively stable, mid-to-high single-digit billion range across the period (roughly $1.5B–$2.0B per quarter), suggesting a steady but not rapidly growing top line.
Balance sheet size and leverage: Total assets around $5.3B and total liabilities typically in the $4.1B–$4.7B band, indicating a leveraged but sizable balance sheet with a meaningful equity base.
Persistent net losses: Net income has been negative in most quarters, including -$303.3M in Q4 2025 and -$15.7M in Q3 2025, underscoring ongoing profitability headwinds.
Leverage remains high: Long-term debt around $1.3B–$1.7B and overall liabilities above $4B keep interest costs a ongoing expense consideration for investors.
Cash dividends and some share activity: Quarterly dividends around $37.5M–$38M—and occasional stock activity—continue to drain cash, which could constrain liquidity if operating cash flow weakens.
Financing cash flow headwinds: Net financing cash flows frequently show outflows due to debt repayments and shareholder returns, offsetting debt and equity issuance in some periods.
EPS remains negative across recent periods: Q4 2025 Basic and Diluted EPS around -$5.34; Q3 2025 EPS -$0.28; Q2 2025 EPS -$1.39; Q1 2025 EPS -$5.34, reflecting ongoing profitability pressure despite cash flow improvements.

05/14/26 11:37 AM ETAI Generated. May Contain Errors.

Polaris Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Polaris' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Polaris' net income appears to be on a downward trend, with a most recent value of -$464.80 million in 2025, falling from $455.36 million in 2015. The previous period was $111.20 million in 2024. Find out what analysts predict for Polaris in the coming months.

Polaris' total operating income in 2025 was -$348.70 million, based on the following breakdown:

Total Gross Profit: $1.45 billion
Total Operating Expenses: $1.80 billion

Over the last 10 years, Polaris' total revenue changed from $4.79 billion in 2015 to $7.24 billion in 2025, a change of 51.1%.

Polaris' total liabilities were at $4.05 billion at the end of 2025, a 4.0% decrease from 2024, and a 190.7% increase since 2015.

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 $138 million as of their latest financial filing in 2025.

Over the last 10 years, Polaris' book value per share changed from 14.97 in 2015 to 14.73 in 2025, a change of -1.6%.

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Financial statements for NYSE:PII last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Polaris (PII) Financials

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Polaris (PII) Financials

Annual Income Statements for Polaris

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Annual Cash Flow Statements for Polaris

Quarterly Cash Flow Statements for Polaris

Annual Balance Sheets for Polaris

Quarterly Balance Sheets for Polaris

Annual Metrics And Ratios for Polaris

Quarterly Metrics And Ratios for Polaris

Financials Breakdown Chart

Key Financial Trends

Polaris Financials - Frequently Asked Questions

When does Polaris' fiscal year end?

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

What is Polaris' operating income?

How has Polaris' revenue changed over the last 10 years?

How much debt does Polaris have?

How much cash does Polaris have?

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

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