PII Financials Polaris Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 2.6% per year over the past 5 years.
Operating margin has contracted, at -4.9% in the latest year.
Free cash flow has declined 7.3% per year over the past 5 years.

Financial health

Total debt ($1.5B) exceeds cash ($138M); net debt is $1.4B.
Total debt has grown in line with revenue (2.0% vs 2.6% per year).
Operating income covered interest expense -2.7× in the latest year, down from 7.8× 5 years ago.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 26.9% of free cash flow.
The dividend has declined 0.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$7.2B	-$466M	19.1%	-4.9%	$558M	$1.5B	$138M
2024	$7.2B	$111M	20.4%	4.0%	$7M	$2.0B	$288M
2023	$8.9B	$503M	21.9%	7.8%	$513M	$1.9B	$368M
2022	$8.6B	$447M	22.8%	9.4%	$202M	$2.0B	$325M
2021	$7.4B	$494M	23.5%	9.6%	$11M	$1.7B	$502M
2020	$6.3B	$125M	24.4%	8.3%	$814M	$1.4B	$632M
2019	$6.8B	$324M	24.3%	7.1%	$404M	$1.6B	$157M
2018	$6.1B	$335M	24.7%	8.0%	$252M	$1.9B	$161M
2017	$5.4B	$172M	24.4%	6.6%	$401M	$883M	$138M
2016	$4.5B	$213M	24.5%	7.8%	$380M	$1.1B	$127M
2015	—	$455M	—	—	$191M	$426M	$155M
2014	—	$454M	—	—	$324M	$200M	$138M
2013	—	$377M	—	—	$241M	$281M	$92M
2012	—	$312M	—	—	$313M	$100M	$417M
2011	—	$228M	—	—	$218M	$100M	$325M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$1.7B	-$47M	20.2%	-2.4%	-$350M	—	$282M
Dec '25	$1.9B	-$304M	20.0%	-16.7%	$114M	$1.5B	$138M
Sep '25	$1.8B	-$16M	20.7%	1.1%	$117M	—	$336M
Jun '25	$1.9B	-$79M	19.4%	-0.7%	$280M	—	$324M
Mar '25	$1.5B	-$67M	16.0%	-2.4%	$48M	—	$292M
Dec '24	$1.8B	$11M	20.4%	3.7%	$137M	$2.0B	$288M
Sep '24	$1.7B	$28M	20.6%	3.8%	-$32M	—	$291M
Jun '24	$2.0B	$69M	21.6%	6.1%	$79M	—	$323M
Mar '24	$1.7B	$4M	19.0%	2.2%	-$178M	—	$319M
Dec '23	$2.3B	$103M	20.8%	6.2%	$449M	$1.9B	$368M
Sep '23	$2.2B	$152M	22.6%	8.9%	-$77M	—	$295M
Jun '23	$2.2B	$134M	22.8%	8.8%	$112M	—	$340M
Mar '23	$2.2B	$113M	21.5%	7.4%	$30M	—	$323M
Dec '22	$2.4B	$196M	23.8%	10.7%	$282M	$2.0B	$325M
Sep '22	$2.3B	$186M	23.9%	10.9%	$96M	—	$319M
Jun '22	$2.1B	-$5M	23.0%	9.4%	-$72M	—	$314M
Mar '22	$1.8B	$70M	19.8%	5.6%	-$105M	—	$367M
Dec '21	$2.0B	$87M	20.2%	8.0%	$47M	$1.7B	$502M
Sep '21	$1.8B	$115M	23.6%	8.9%	-$122M	—	$310M
Jun '21	$1.9B	$158M	26.0%	11.0%	$76M	—	$278M

Valuation over time

How the market has priced PII against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 14.1× (Mar '23) to 34.1× (Nov '25).
The price-to-sales ratio has fallen from 0.7× (Mar '23) to 0.6× (Jun '26).
The dividend yield has risen from 2.4% (Mar '23) to 3.7% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is PII growing its revenue and profit?

Over the past 5 years, Polaris Inc.'s revenue has grown 2.6% per year. These are computed facts, not advice.

How much debt does PII have?

As of FY2025, Polaris Inc. reported $1.5B of total debt against $138M of cash; operating income covered interest expense -2.7×.

What is PII's profit margin?

In FY2025, gross margin was 19.1%, operating margin -4.9%, and net margin -6.5%.

What is PII's P/E ratio?

As of Jun '26, Polaris Inc. traded at a price-to-earnings ratio of about 34.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.