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Makes off-road vehicles, snowmobiles, motorcycles and boats, including the Indian Motorcycle and RZR brands.
Makes off-road vehicles, snowmobiles, motorcycles and boats, including the Indian Motorcycle and RZR brands.
Sells vehicles to independent dealers and books revenue when dealers take delivery, so dealer stock levels move its results as much as retail demand. Parts, garments, accessories and financing support add smaller streams. Off-road vehicles and snowmobiles are the established core, with buying concentrated in the riding and snow seasons.
Moat: narrow (brand, distribution). Strong dealer network and long-standing off-road/snowmobile brand leadership.
Headquarters: Medina, Minnesota, US · Founded: 1954 · Employees: 14,500
Size Polaris (PII) is a United States Consumer Discretionary company (Recreational Products) with a market value of $3.59B, the 1416th largest of 3,117 United States companies the cockpit tracks. Shares closed at $63.07 on 6 Nov 2026.
Performance Over six months the shares fell 7.6%, against +4.5% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 9.5% over the last twelve months (peer median +6.8%); the operating margin is 2.2% (peer median 9.8%).
Valuation It trades at 22.2× forward earnings against a peer median of 17.9× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.8 points below its cost of capital (9.6% WACC).
Credit Polaris has 2 bonds outstanding ($1.00B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 128 bp.
Short interest Short interest is 9.7% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.65B | $7.15B | $7.18B | $8.93B | $8.59B |
| Revenue growth | — | 0% | -20% | +4% | — |
| Gross profit | $1.46B | $1.30B | $1.40B | $1.91B | $1.91B |
| EBITDA | $434M | $265M | $507M | $888M | $987M |
| Net income | -$206M | -$466M | $111M | $503M | $590M |
| Free cash flow | $327M | $620M | $74.7M | $550M | $233M |
| Capital expenditure | $205M | $183M | $324M | $413M | $307M |
| Total debt | $1.76B | $1.66B | $2.20B | $2.05B | $2.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Polaris PII | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% |
| Textron TXT | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% |
| BRP DOO.TO | $4.65B | +20% | +20% | 7% | 19.6× | -0.1% |
| Harley-Davidson HOG | $3.40B | +28% | -15% | -4% | 18.6× | 0.4% |
| Yamaha Motor 7272.T | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PII | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.4% | +3.7% | 4th highest of 21 |
| 6-month return | -7.6% | +4.5% | 7th lowest of 21 |
| Distance from 52-week high | -19.1% | -19.3% | 11th highest of 21 |
| Revenue growth (TTM) | +9.5% | +6.8% | 8th highest of 21 |
| Operating margin | 2.2% | 9.8% | 2nd lowest of 21 |
| Forward P/E | 22.2× | 17.9× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 18.1% | 2.5% | 3rd most demanding of 18 |
| Growth delivered (Del g) | +0.4% | +7.9% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | +17.8 pp | -5.2 pp | 4th most demanding of 18 |
| ROIC minus cost of capital | -3.8 pp | +3.6 pp | 2nd lowest of 20 |
| EV / EBITDA | 11.6× | 10.7× | 8th most expensive of 19 |
| Net debt / EBITDA | 3.4× | -0.0× | 2nd most indebted of 20 |
| Bond spread | 128 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Polaris PII | United States | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% | +0.4% |
| Yamaha 7951.T | Japan | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% | +4.5% |
| Hayward HAYW | United States | $3.38B | +11% | +8% | 22% | 17.9× | 9.9% | +5.1% |
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Asmodee ASMDEE-B.ST | Sweden | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% | +11.9% |
| Fluidra FDR.MC | Spain | $4.12B | +4% | +2% | 14% | 14.9× | 5.4% | +8.0% |
| Thor Industries THO | United States | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% | -4.8% |
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| Mattel MAT | United States | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% | +3.1% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Acushnet GOLF | United States | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% | +9.7% |
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |
| Games Workshop GAW.L | United Kingdom | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% | +12.3% |
| VTech 0303.HK | Hong Kong | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% | -3.0% |
| Bloks 0325.HK | Hong Kong | $1.56B | -23% | +30% | 21% | 12.4× | -1.0% | +102.8% |
| Spin Master TOY.TO | Canada | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% | +7.0% |
| Sanlorenzo SL.MI | Italy | $1.46B | -7% | +2% | 14% | 11.8× | -2.0% | +13.7% |
| New Gonow Recreational Vehicles 0805.HK | Hong Kong | $1.36B | +491% | +13% | 2% | n/a | n/a | n/a |
| Yonex 7906.T | Japan | $1.31B | -10% | +15% | 10% | 14.6× | n/a | n/a |
| Mips MIPS.ST | Sweden | $1.24B | +75% | +41% | 37% | 47.3× | 32.9% | +7.9% |
Polaris has 2 bonds outstanding with $1.00B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.82%, a spread of 128 bp over government bonds.