Polaris Inc. PII
Polaris Inc., formerly known as Polaris Industries Inc., a Delaware corporation, was formed in 1994 and is the successor to Polaris Industries Partners LP. The terms "Polaris," the "Company," "we," "us," and "our" as used herein refer to the business and operations of Polaris Inc., its subsidiaries and its predecessors, which began doing business in 1954. We design, engineer, manufacture and market powersports vehicles which include: off-road vehicles ("ORV"), including all-terrain vehicles ("ATV") and side-by-side vehicles; military and commercial ORVs; snowmobiles; moto-roadsters; quadricycles; and boats. We also design and manufacture or source parts, garments and accessories ("PG&A"), which includes aftermarket accessories and apparel. Our products are sold online and through dealers and distributors principally located in the United States, Canada, Western Europe, Australia, and Mexico.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.15B | $7.18B | $8.93B | $8.59B | $7.44B | $6.28B | $6.78B | $6.08B | $5.43B | $4.52B |
| Cost of revenue | $5.78B | $5.71B | $6.97B | $6.63B | $5.69B | $4.75B | $5.13B | $4.58B | $4.10B | $3.41B |
| Gross profit | $1.37B | $1.47B | $1.96B | $1.96B | $1.75B | $1.54B | $1.65B | $1.50B | $1.32B | $1.11B |
| R&D | $371.9M | $336.9M | $374.3M | $366.7M | $328.7M | $288.1M | $292.9M | $259.7M | $238.3M | $185.1M |
| SG&A | $541.8M | $436.5M | $422.8M | $355.9M | $305.8M | $296.1M | $393.9M | $349.7M | $331.2M | $306.4M |
| Total operating expenses | $1.80B | $1.27B | $1.34B | $1.20B | $1.09B | $1.10B | $1.25B | $1.10B | $1.04B | $833.8M |
| Operating income | -$348.7M | $290.6M | $700.9M | $804.5M | $712.0M | $521.0M | $483.7M | $487.4M | $359.7M | $350.3M |
| Interest expense | $131.4M | $137.0M | $125.0M | $71.7M | $44.2M | $66.8M | $77.6M | $57.0M | $32.2M | $16.3M |
| Pre-tax income | -$532.7M | $140.8M | $620.4M | $761.4M | $628.7M | $450.4M | $407.8M | $429.2M | $318.8M | $313.3M |
| Income tax | $67.9M | $29.6M | $117.7M | $158.0M | $132.1M | $89.9M | $83.9M | $93.9M | $146.3M | $100.3M |
| Net income | -$465.5M | $110.8M | $502.8M | $447.1M | $493.9M | $124.8M | $324.0M | $335.3M | $172.5M | $212.9M |
| EPS, basic | -8.18 | 1.96 | 8.80 | 7.54 | 8.06 | 2.02 | 5.27 | 5.36 | 2.74 | 3.31 |
| EPS, diluted | -8.18 | 1.95 | 8.71 | 7.44 | 7.88 | 1.99 | 5.20 | 5.24 | 2.69 | 3.27 |
| Shares, diluted (wtd. avg.) | $56.9M | $56.8M | $57.7M | $60.1M | $62.7M | $62.6M | $62.3M | $63.9M | $64.2M | $65.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $138.0M | $287.8M | $367.8M | $339.7M | $529.1M | $657.5M | $196.3M | $193.1M | $161.6M | $145.2M |
| Receivables | $237.5M | $192.3M | $306.4M | $343.0M | $227.9M | $257.2M | $190.4M | $197.1M | $200.1M | $174.8M |
| Inventory | $1.41B | $1.74B | $1.81B | $1.90B | $1.51B | $1.18B | $1.12B | $969.5M | $784.0M | $746.5M |
| Total current assets | $2.21B | $2.63B | $2.69B | $2.77B | $2.56B | $2.21B | $1.63B | $1.49B | $1.25B | $1.19B |
| Property, plant and equipment | $1.03B | $1.19B | $1.20B | $1.02B | $927.7M | $888.8M | $899.8M | $843.1M | $747.2M | $727.6M |
| Goodwill | $348.8M | $393.5M | $394.4M | $386.2M | $391.3M | $397.3M | $659.9M | $647.1M | $433.4M | $421.6M |
| Other intangibles | $451.2M | $542.7M | $512.0M | $524.4M | $543.9M | $686.4M | $830.3M | $870.5M | $347.2M | $371.4M |
| Total assets | $4.89B | $5.53B | $5.52B | $5.22B | $5.05B | $4.63B | $4.43B | $4.12B | $3.09B | $3.10B |
| Accounts payable | $762.5M | $562.8M | $713.1M | $847.6M | $776.0M | $782.2M | $450.2M | $346.3M | $317.4M | $273.7M |
| Short-term debt | — | — | — | $553.6M | $553.3M | $142.1M | $166.7M | $66.5M | $47.7M | $3.8M |
| Total current liabilities | $2.24B | $2.29B | $1.93B | $2.33B | $2.23B | $1.89B | $1.53B | $1.20B | $1.13B | $959.8M |
| Long-term debt | $1.51B | $2.03B | $1.86B | $1.99B | $1.73B | $1.36B | $1.60B | $1.86B | $883.0M | $1.11B |
| Total liabilities | $4.05B | $4.22B | $4.09B | $4.10B | $3.81B | $3.48B | $3.31B | $3.25B | $2.15B | $2.22B |
| Retained earnings | -$469.0M | $148.9M | $243.5M | $33.8M | $157.3M | $218.4M | $287.3M | $121.1M | $242.8M | $300.1M |
| Total equity | $828.4M | $1.29B | $1.42B | $1.10B | $1.23B | $1.14B | $1.11B | $867.0M | $931.7M | $867.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $741.0M | $268.2M | $925.8M | $508.6M | $293.7M | $1.02B | $655.1M | $477.1M | $585.4M | $589.6M |
| Depreciation and amortisation | $286.5M | $286.3M | $258.9M | $232.8M | $216.4M | $235.8M | $234.5M | $211.0M | $191.1M | $167.5M |
| Stock-based compensation | $59.9M | $49.2M | $57.4M | $62.9M | $60.6M | $65.3M | $75.0M | $64.0M | $50.1M | $57.9M |
| Capital expenditure | $182.9M | $261.7M | $412.6M | $306.6M | $282.8M | $204.3M | $251.4M | $225.4M | $184.4M | $209.1M |
| Investing cash flow | -$139.5M | -$270.9M | -$462.0M | -$324.6M | -$303.9M | -$150.7M | -$239.3M | -$959.5M | -$151.1M | -$909.3M |
| Financing cash flow | -$693.0M | -$59.2M | -$431.3M | -$363.2M | -$107.6M | -$415.4M | -$411.8M | $523.4M | -$427.7M | $314.5M |
| Dividends paid | $150.3M | $147.7M | $147.3M | $150.0M | $153.4M | $152.5M | $149.1M | $149.0M | $145.4M | $140.3M |
| Buybacks | $2.4M | $82.7M | $178.6M | $505.0M | $461.6M | $50.3M | $8.4M | $348.7M | $90.5M | $245.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-008033.
Others in SIC 3790
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MAMO | Massimo Group | $41.2M | 24.8x | -34.3% |