# Polaris Inc. (PII)

> Source: Nexqual · https://nexqual.com/PII · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Polaris Inc. (PII), nexqual.com/PII" · informational, not investment advice.

**Price:** USD 56.69 (+4.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 54.29 · day 54.43–57.04 · 52w 47.14–77.98 · market cap $3.23B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.45B, net income -$260M (-3.5% margin), free cash flow $66.9M (SEC filings).
- 1 of 80 tracked superinvestors hold PII (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.78 on a 1–5 scale) (18 analysts), mean target USD 69.27 (range 46–85).
- Total return with dividends: 1Y -13.2% vs S&P 500 +14.9%; 5Y -46.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0.59, revenue estimate $1.90B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.44B | $8.59B | $8.93B | $7.18B | $7.15B | $7.45B |
| Gross profit | $1.75B | $1.96B | $1.96B | $1.47B | $1.37B | — |
| Operating income | $712M | $805M | $701M | $291M | -$349M | -$190M |
| Net income | $494M | $447M | $503M | $111M | -$466M | -$260M |
| EPS (diluted) | $7.88 | $7.44 | $8.71 | $1.95 | -$8.18 | — |
| Free cash flow | $10.9M | $202M | $513M | $6.5M | $558M | $66.9M |
| Gross margin | 23.5% | 22.8% | 21.9% | 20.4% | 19.1% | — |
| Operating margin | 9.6% | 9.4% | 7.8% | 4.0% | -4.9% | -2.6% |
| Net margin | 6.6% | 5.2% | 5.6% | 1.5% | -6.5% | -3.5% |
| Revenue growth | +18.4% | +15.5% | +4.0% | -19.7% | -0.3% | — |
| Cash + short-term investments | $502M | $325M | $368M | $288M | $138M | — |
| Total debt | $1.80B | $2.06B | $1.86B | $2.03B | $1.51B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.4x · EV/EBITDA 71.0x · EV/Sales 0.7x · P/FCF 48.2x · P/B 3.9x · FCF yield 2.07% · Earnings yield -8.07% · Dividend yield (paid, TTM) 4.74% · Buyback yield (TTM) 0.29% · Net debt $1.61B · EV $4.84B
P/E at fiscal year-ends: Dec 2024 29.5x, Dec 2023 10.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PII. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.04% | $4.2M | Reduced -1.9% |

## Analysts
Consensus Hold (mean 2.78 on a 1–5 scale), 18 analysts; mean target USD 69.27 (low 46, high 85).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Citigroup | Target lowered | Neutral | $67 → $56 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $70 → $55 |
| 2026-10-07 | Baird | Target lowered | Neutral | $72 → $65 |
| 2026-09-18 | UBS | Target lowered | Neutral | $67 → $61 |
| 2026-09-09 | Citigroup | Target lowered | Neutral | $73 → $67 |
| 2026-07-30 | Citigroup | Target raised | Neutral | $70 → $73 |
| 2026-07-29 | Wells Fargo | Target raised | Equal-Weight | $65 → $70 |
| 2026-07-29 | RBC Capital | Target raised | Sector Perform | $65 → $75 |
| 2026-07-29 | Baird | Target raised | Neutral | $70 → $72 |
| 2026-07-10 | Wells Fargo | Target raised | Equal-Weight | $60 → $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -13.2% | -46.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -13.2% | -11.8% |
| Volatility (annualized) | 46.5% | 38.3% |
| Max drawdown | -34.2% (Jan 2026→Apr 2026) | -73.8% (Jul 2023→Apr 2025) |

## Peers (Recreational Vehicles)
HOG (Harley-Davidson, Inc.) USD 29.11 +6.47% · THO (Thor Industries, Inc.) USD 70.71 +6.44% · DOO (BRP Inc.) USD 58.54 +4.78% · BC (Brunswick Corporation) USD 68.29 +4.29% · PATK (Patrick Industries, Inc.) USD 70.27 +4.41% · LCII (LCI Industries) USD 86.6 +4.15%

## More
Full page: https://nexqual.com/PII · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name PII in their own reports (relationship from PII's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | LCI INDUSTRIES (LCII) | 10-K 2026-02-26 | "Major customers include Brunswick Corporation (symbol: BC), Polaris Inc. (symbol: PII), Blue Bird Corporation (symbol: BLBD), Skyline Champion Corporation (symbol: SKY), and Cavco Industries, Inc. (sy…" |
| supplier | Otter Tail Corp (OTTR) | 10-K 2026-02-18 | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Ka…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Polaris Powersports | $1.72B | 84.8% | +17.5% |
| Marine | $179.5M | 8.9% | +15.6% |
| Aixam & Goupil | $85.8M | 4.2% | +5.7% |
| Total revenue | $2.02B | 100% | — |
The lines above cover 97.9% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Wholegoods | $1.22B | 60.5% | +16.1% |
| PG&A | $491.9M | 24.3% | +21.1% |
| Total revenue | $2.02B | 100% | — |
The lines above cover 84.8% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.65B | 81.8% | +11.9% |
| EMEA | $183.6M | 9.1% | -7.6% |
| Canada | $101.5M | 5.0% | -4.0% |
| APLA | $83.9M | 4.1% | +19.2% |
| Total revenue | $2.02B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.59 | $0.68 | -13.9% | $1.90B | 16 |
| Next quarter (ends 2026-12-31) | $0.46 | $0.28 | +64.3% | $1.85B | 16 |
| Current fiscal year (ends 2026-12-31) | $3.14 | $1.83 | +72.1% | $7.44B | 17 |
| Next fiscal year (ends 2027-12-31) | $3.37 | $3.12 | +7.8% | $7.68B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-26): ±13.2%; last 8 reports averaged ±7.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 58.4% | ±13.2% |
| 2026-12-18 | 56 | 50.8% | ±15.9% |
| 2027-01-15 | 84 | 51.2% | ±19.2% |
| 2027-03-19 | 147 | 52.9% | ±26.0% |
| 2027-06-17 | 237 | 51.5% | ±31.6% |