PII Polaris Inc. Common Stock

NYSE · Leisure Products · View on SEC EDGAR ↗

$60.39

Price · May 20, 2026

Fundamentals as of Apr 28, 2026

PII Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$60.38

Market Cap

$3.57B

P/E (TTM)

-7.7

EPS (TTM)

$-8.18

Revenue (TTM)

$7.15B

Div Yield

4.2%

ROE

-44.0%

Debt/Equity

—

52W Range

$37 – $75

PII Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $7.15B

2016-12-31 → 2025-12-31

EPS $-8.18

2016-12-31 → 2025-12-31

Free Cash Flow $558M

2016-12-31 → 2025-12-31

Margins -6.5%

2016-12-31 → 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

PII

Peer Median

P/E (TTM)

-7.7

23.9

P/S (TTM)

0.5

1.1

P/B

4.3

3.6

Price / FCF

6.4

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

PII

Peer Median

Gross Margin

19.1%

49.1%

Operating Margin

-4.9%

—

Net Profit Margin

-6.5%

-1.2%

ROA

-8.9%

-1.0%

ROE

-44.0%

-2.0%

ROIC

-36.7%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

PII

Peer Median

Current Ratio

1.0

1.8

Quick Ratio

0.2

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

PII

Peer Median

Revenue YoY

-0.33%

—

Revenue CAGR 3Y

-5.9%

—

Revenue CAGR 5Y

2.6%

—

EPS YoY

-77.6%

—

Net Income YoY

-78.0%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

PII

Peer Median

EPS (Diluted)

$-8.18

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

PII

Peer Median

Payout Ratio

-32.3%

—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

4.2%

Payout Ratio

-32.3%

5Y Div CAGR

—

Ex-date	Amount
March 2, 2026	$0.6800
Dec. 1, 2025	$0.6700
Sept. 2, 2025	$0.6700
June 2, 2025	$0.6700
March 3, 2025	$0.6700
Dec. 2, 2024	$0.6600
Sept. 3, 2024	$0.6600
June 3, 2024	$0.6600
Feb. 29, 2024	$0.6600
Nov. 30, 2023	$0.6500
Aug. 31, 2023	$0.6500
May 31, 2023	$0.6500
Feb. 28, 2023	$0.6500
Nov. 30, 2022	$0.6400
Aug. 31, 2022	$0.6400
May 31, 2022	$0.6400
Feb. 28, 2022	$0.6400
Nov. 30, 2021	$0.6300
Aug. 31, 2021	$0.6300
May 28, 2021	$0.6300

PII Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 22 analysts

Strong Buy 3 13.6%
Buy 4 18.2%
Hold 14 63.6%
Sell 1 4.5%
Strong Sell 0 0.0%

12-Month Price Target

15 analysts · 2026-05-18

Median $70.00

Now $60.38

Low $43.00

High $84.00

Median target $70.00 +15.9%

Mean target $68.33 +13.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.25%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$0.13	$-0.40	0.53%
Dec. 31, 2025	$0.08	$0.06	0.02%
Sept. 30, 2025	$0.41	$0.12	0.29%
June 30, 2025	$0.40	$0.00	0.40%
March 31, 2025	$-0.90	$-0.92	0.02%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
PII	$3.57B	-7.7	-0.33%	-6.5%	-44.0%	19.1%
HAS	—	-35.9	13.1%	-6.0%	-77.2%	—
GOLF	—	25.7	4.1%	7.4%	24.3%	47.7%
BC	$4.82B	-35.7	2.4%	-2.6%	-7.8%	—
MAT	—	16.0	-0.59%	7.4%	18.1%	48.7%
YETI	$3.36B	22.1	2.1%	8.8%	22.8%	57.4%
CALY	$2.17B	-5.3	-0.85%	-19.9%	-18.0%	42.1%
PTON	—	-23.1	-7.8%	-4.8%	26.1%	50.9%
TRON	$324M	-7.8	10.0%	-354.6%	-10.4%	25.3%
SWBI	$420M	31.8	-11.4%	2.8%	3.6%	26.8%
RGR	—	-120.9	1.9%	-0.80%	-1.5%	14.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17

Annual Income Statement data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$7.15B	$7.18B	$8.93B	$8.59B	$7.44B	$6.28B	$6.78B	$6.08B	$5.43B	$4.52B	$4.72B	$4.48B
Cost of Revenue	$5.78B	$5.71B	$6.97B	$6.63B	$5.69B	$4.75B	$5.13B	$4.58B	$4.10B	$3.41B	$3.38B	$3.16B
Gross Profit	$1.37B	$1.47B	$1.96B	$1.96B	$1.75B	$1.54B	$1.65B	$1.50B	$1.32B	$1.11B	$1.34B	$1.32B
R&D Expense	$372M	$337M	$374M	$367M	$329M	$288M	$293M	$260M	$238M	$185M	$166M	$148M
SG&A Expense	$542M	$436M	$423M	$356M	$306M	$296M	$394M	$350M	$331M	$306M	$209M	$203M
Operating Expenses	$1.80B	$1.27B	$1.34B	$1.20B	$1.09B	$1.10B	$1.25B	$1.10B	$1.04B	$834M	$692M	$666M
Operating Income	$-349M	$291M	$701M	$804M	$712M	$521M	$484M	$487M	$360M	$350M	$716M	$715M
Interest Expense	$131M	$137M	$125M	$72M	$44M	$67M	$78M	$57M	$32M	$16M	$11M	$11M
Other Non-op	$-53M	$-13M	$44M	$29M	$-2M	$-4M	$7M	$28M	$-2M	$-14M	$-12M	$-10.0K
Pretax Income	$-533M	$141M	$620M	$761M	$629M	$450M	$408M	$429M	$319M	$313M	$686M	$699M
Income Tax	$-68M	$30M	$118M	$158M	$132M	$90M	$84M	$94M	$146M	$100M	$230M	$245M
Net Income	$-466M	$111M	$503M	$447M	$494M	$125M	$324M	$335M	$172M	$213M	$455M	$454M
EPS (Basic)	$-8.18	$1.96	$8.80	$7.54	$8.06	$2.02	$5.27	$5.36	$2.74	$3.31	$6.90	$6.86
EPS (Diluted)	$-8.18	$1.95	$8.71	$7.44	$7.88	$1.99	$5.20	$5.24	$2.69	$3.27	$6.75	$6.65
Shares (Basic)	56,900,000	56,500,000	57,100,000	59,300,000	61,300,000	61,900,000	61,400,000	62,500,000	62,916,000	64,296,000	66,020,000	66,175,000
Shares (Diluted)	56,900,000	56,800,000	57,700,000	60,100,000	62,700,000	62,600,000	62,300,000	63,900,000	64,180,000	65,158,000	67,484,000	68,229,000
EBITDA	$-62M	$577M	$960M	$1.04B	$946M	$473M	$718M	$698M	$551M	$518M	$868M	$842M

Balance Sheet 28

Annual Balance Sheet data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$138M	$288M	$368M	$324M	$502M	$632M	$157M	$161M	$138M	$127M	$155M	$138M
Receivables	$238M	$192M	$306M	$343M	$228M	$257M	$190M	$197M	$200M	$175M	$151M	$205M
Inventory	$1.41B	$1.74B	$1.81B	$1.90B	$1.51B	$1.18B	$1.12B	$970M	$784M	$747M	$710M	$566M
Prepaid Expense	$367M	$396M	$198M	$184M	$151M	$134M	$126M	$121M	$101M	$92M	$91M	$72M
Current Assets	$2.21B	$2.63B	$2.69B	$2.77B	$2.56B	$2.21B	$1.63B	$1.49B	$1.25B	$1.19B	$1.15B	$1.10B
PP&E (Net)	$1.03B	$1.19B	$1.20B	$1.02B	$928M	$889M	$900M	$843M	$747M	$728M	$651M	$555M
PP&E (Gross)	$2.33B	$2.47B	$2.39B	$2.18B	$2.10B	$2.02B	$1.89B	$1.71B	$1.55B	$1.47B	$1.30B	$1.10B
Accum. Depreciation	$1.29B	$1.28B	$1.18B	$1.17B	$1.17B	$1.13B	$994M	$864M	$801M	$739M	$647M	$544M
Goodwill	$349M	$394M	$394M	$386M	$391M	$397M	$660M	$647M	$433M	$422M	$131M	$123M
Intangibles	$451M	$543M	$512M	$524M	$544M	$686M	$830M	$871M	$347M	$371M	$105M	$101M
Other Non-current Assets	$78M	$121M	$136M	$107M	$97M	$90M	$99M	$99M	$104M	$106M	$80M	$69M
Total Assets	$4.89B	$5.53B	$5.52B	$5.22B	$5.05B	$4.63B	$4.43B	$4.12B	$3.09B	$3.10B	$2.39B	$2.07B
Accounts Payable	$762M	$563M	$713M	$848M	$776M	$782M	$450M	$346M	$317M	$274M	$300M	$343M
Accrued Liabilities	$1.35B	$1.26B	$1.12B	$897M	$756M	·	·	·	·	·	·	·
Current Liabilities	$2.24B	$2.29B	$1.93B	$2.33B	$2.23B	$1.89B	$1.53B	$1.20B	$1.13B	$960M	$827M	$851M
Capital Leases	$97M	$100M	$115M	$87M	$71M	$92M	$15M	$16M	$18M	$18M	$20M	$24M
Deferred Tax	$7M	$6M	$3M	$5M	$6M	$4M	$4M	$6M	$10M	$9M	$14M	$18M
Other Non-current Liabilities	$306M	$293M	$297M	$271M	$177M	$166M	$144M	$123M	$120M	$90M	$74M	$97M
Total Liabilities	$4.05B	$4.22B	$4.09B	$4.10B	$3.81B	$3.48B	$3.31B	$3.25B	$2.15B	$2.22B	$1.39B	$1.20B
Long-term Debt	$1.51B	$2.03B	$1.86B	$1.99B	$1.73B	$1.36B	$1.60B	$1.86B	$883M	$1.11B	$426M	$200M
Total Debt	·	·	·	$2.06B	$1.80B	$1.45B	$1.69B	$1.96B	$913M	$1.14B	$463M	$226M
Common Stock	$600.0K	$600.0K	$600.0K	$600.0K	$600.0K	$600.0K	$600.0K	$609.0K	$631.0K	$631.0K	$653.0K	$663.0K
Paid-in Capital	$1.33B	$1.27B	$1.23B	$1.15B	$1.14B	$984M	$893M	$808M	$734M	$650M	$596M	$486M
Retained Earnings	$-469M	$149M	$244M	$34M	$157M	$218M	$287M	$121M	$243M	$300M	$447M	$402M
AOCI	$-32M	$-126M	$-58M	$-88M	$-77M	$-58M	$-73M	$-63M	$-46M	$-84M	$-62M	$-27M
Stockholders' Equity	$828M	$1.29B	$1.42B	$1.10B	$1.22B	$1.14B	$1.11B	$867M	$932M	$867M	$981M	$861M
Liabilities + Equity	$4.89B	$5.53B	$5.52B	$5.22B	$5.05B	$4.63B	$4.43B	$4.12B	$3.09B	$3.10B	$2.39B	$2.07B
Shares Outstanding	56,500,000	56,100,000	56,500,000	57,000,000	60,400,000	61,900,000	61,400,000	60,890,000	63,075,000	63,109,000	65,309,000	66,307,000

Cash Flow 18

Annual Cash Flow data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$286M	$286M	$259M	$233M	$216M	$236M	$234M	$211M	$191M	$168M	$152M	$128M
Stock-based Comp	$60M	$49M	$57M	$63M	$61M	$65M	$75M	$64M	$50M	$58M	$62M	$63M
Deferred Tax	$-139M	$-87M	$-87M	$-49M	$15M	$-84M	$-10M	$23M	$74M	$-26M	$-16M	$-50M
Amort. of Intangibles	$23M	$22M	$18M	$19M	$23M	$24M	$41M	$33M	$26M	$17M	$12M	$12M
Other Non-cash	$999M	$-91M	$194M	$-185M	$-513M	$652M	$31M	$-157M	$93M	$159M	$-213M	$-65M
Operating Cash Flow	$741M	$268M	$926M	$509M	$294M	$1.02B	$655M	$477M	$585M	$590M	$440M	$529M
CapEx	$183M	$262M	$413M	$307M	$283M	$204M	$251M	$225M	$184M	$209M	$249M	$205M
Investing Cash Flow	$-140M	$-271M	$-462M	$-325M	$-304M	$-151M	$-239M	$-960M	$-151M	$-909M	$-289M	$-247M
Debt Issued	$3.14B	$3.69B	$2.77B	$2.99B	$2.42B	$1.37B	$3.37B	·	·	·	·	·
Net Debt Issued	$3.14B	$3.69B	$2.77B	$2.99B	$2.42B	·	·	·	·	·	·	·
Stock Repurchased	$2M	$83M	$179M	$505M	$462M	$50M	$8M	$349M	$90M	$246M	$294M	$82M
Net Stock Activity	$-2M	$-83M	$-179M	$-505M	$-462M	$-50M	$-8M	$-349M	$-90M	$-246M	$-294M	$-82M
Dividends Paid	$150M	$148M	$147M	$150M	$153M	$152M	$149M	$149M	$145M	$140M	$139M	$127M
Financing Cash Flow	$-693M	$-59M	$-431M	$-363M	$-108M	$-415M	$-412M	$523M	$-428M	$314M	$-120M	$-223M
Net Change in Cash	$-67M	$-80M	$43M	$-189M	$-128M	$461M	$3M	$32M	$16M	$-10M	$18M	$45M
Taxes Paid	$47M	$124M	$187M	$194M	$124M	·	·	·	·	·	·	·
Free Cash Flow	$558M	$6M	$513M	$202M	$-5M	$805M	$404M	$252M	$396M	$363M	$191M	$324M
Levered FCF	$443M	$-102M	$412M	$145M	$-40M	$746M	$342M	$207M	$378M	$352M	$183M	$317M

Profitability 8

Annual Profitability data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	19.1%	20.4%	21.9%	22.8%	23.7%	24.3%	24.3%	24.7%	24.4%	24.5%	28.4%	29.4%
Operating Margin	-4.9%	4.0%	7.8%	9.4%	8.6%	3.0%	7.1%	8.0%	6.6%	7.8%	15.2%	16.0%
Net Margin	-6.5%	1.5%	5.6%	5.2%	6.0%	1.8%	4.8%	5.5%	3.2%	4.7%	9.7%	10.1%
Pretax Margin	-7.4%	2.0%	6.9%	8.9%	7.6%	2.0%	6.0%	7.1%	5.9%	6.9%	14.5%	15.6%
EBITDA Margin	-0.87%	8.0%	10.7%	12.1%	11.5%	6.7%	10.6%	11.5%	10.2%	11.5%	18.4%	18.8%
ROA	-8.9%	2.0%	9.4%	8.7%	10.2%	2.8%	7.6%	9.3%	5.6%	7.8%	20.4%	24.1%
ROE	-44.0%	8.2%	40.0%	38.5%	41.7%	11.1%	32.8%	37.3%	19.2%	23.0%	49.4%	65.0%
ROIC	-36.7%	17.8%	40.0%	20.2%	18.5%	7.2%	13.7%	13.5%	10.5%	11.8%	32.9%	42.7%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	1.0	1.1	1.4	1.2	1.1	1.2	1.1	1.2	1.1	1.2	1.4	1.3
Quick Ratio	0.2	0.2	0.3	0.3	0.3	0.5	0.2	0.3	0.3	0.3	0.4	0.4
Debt / Equity	·	·	·	1.9	1.5	1.3	1.5	2.3	1.0	1.3	0.5	0.3
LT Debt / Equity	·	·	·	1.4	1.0	1.1	1.4	2.2	0.9	1.3	0.5	0.3
Interest Coverage	-2.7	2.1	5.6	11.2	16.0	3.2	6.2	8.6	11.2	21.5	62.5	63.6

Efficiency 3

Annual Efficiency data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	1.4	1.3	1.7	1.7	1.7	1.6	1.6	1.7	1.8	1.6	2.1	2.4
Inventory Turnover	3.7	3.2	3.8	3.9	4.4	4.6	4.9	5.2	5.4	4.7	5.3	6.4
Receivables Turnover	33.3	28.8	27.5	30.1	32.9	31.4	35.0	30.6	29.0	27.7	26.5	22.9

Per Share 7

Annual Per Share data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$14.66	$22.99	$25.10	$19.28	$20.27	$18.49	$18.11	$14.24	$14.77	$13.74	$15.03	$12.99
Revenue / Share	$125.69	$126.33	$154.84	$142.91	$130.75	$112.27	$108.88	$95.05	$84.58	$69.32	$69.93	$65.66
Cash Flow / Share	$13.02	$4.72	$16.05	$8.46	$4.68	$16.27	$10.52	$7.46	$9.04	$8.78	$6.52	$7.76
Cash / Share	$2.44	$5.13	$6.51	$5.69	$8.43	$10.25	$2.57	$2.65	$2.19	$2.02	$2.38	$2.08
Dividend / Share	·	·	·	·	·	$2	$2	$2	$2	$2	$2	$2
Dividend Paid / Share	$3	$3	$3	$3	$3	$2	$2	$2	$2	$2	$2	$2
EPS (TTM)	$-8.18	$1.95	$8.71	$7.44	$7.88	$1.99	$5.20	$5.24	$2.69	$3.27	$6.75	$6.65

Growth Rates 8

Annual Growth Rates data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	-0.33%	-19.7%	4.0%	15.5%	18.4%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-5.9%	-1.2%	12.5%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	2.6%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	·	-77.6%	17.1%	-5.6%	296.0%	·	·	·	·	·	·	·
EPS CAGR 3Y	·	-37.2%	63.6%	·	·	·	·	·	·	·	·	·
Net Income YoY	·	-78.0%	12.5%	-9.5%	295.8%	·	·	·	·	·	·	·
Net Income CAGR 3Y	·	-39.2%	59.1%	·	·	·	·	·	·	·	·	·
Dividend CAGR 5Y	-0.29%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Annual Valuation (TTM) data for PII
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$7.15B	$7.18B	$8.93B	$8.59B	$7.44B	$6.28B	$6.78B	$6.08B	$5.43B	$4.52B	$4.72B	$4.48B
Net Income TTM	$-466M	$111M	$503M	$447M	$494M	$125M	$324M	$335M	$172M	$213M	$455M	$454M
Market Cap	$3.57B	$3.23B	$5.35B	$5.76B	$6.64B	$5.90B	$6.22B	$4.67B	$7.82B	$5.20B	$5.61B	$10.03B
Enterprise Value	·	·	·	$7.49B	$7.93B	$6.71B	$7.76B	$6.47B	$8.60B	$6.21B	$5.92B	$10.12B
P/E	-7.7	29.5	10.9	13.6	13.9	47.9	19.6	14.6	46.1	25.2	12.7	22.7
P/S	0.5	0.5	0.6	0.7	0.9	0.9	0.9	0.8	1.4	1.2	1.2	2.2
P/B	4.3	2.5	3.8	5.2	5.4	5.2	5.6	5.4	8.4	6.0	5.7	11.6
P / Tangible Book	125.8	9.1	10.5	30.6	23.0	96.5	·	·	·	·	·	·
P / Cash Flow	4.8	12.1	5.8	11.3	22.6	5.8	9.5	9.8	13.5	9.1	12.8	18.9
P / FCF	6.4	497.3	10.4	28.5	-1443.2	7.3	15.4	18.6	19.8	14.3	29.4	30.9
EV / EBITDA	·	·	·	7.2	8.4	14.2	10.8	9.3	15.6	12.0	6.8	12.0
EV / FCF	·	·	·	37.1	-1723.9	8.3	19.2	25.7	21.7	17.1	31.0	31.2
EV / Revenue	·	·	·	0.9	1.1	1.1	1.1	1.1	1.6	1.4	1.3	2.3
Dividend Yield	4.2%	4.6%	2.8%	2.6%	2.3%	2.6%	2.4%	3.2%	1.9%	2.7%	2.5%	1.3%
Earnings Yield	-12.9%	3.4%	9.2%	7.4%	7.2%	2.1%	5.1%	6.8%	2.2%	4.0%	7.8%	4.4%
Payout Ratio	-32.3%	133.3%	29.3%	33.6%	31.1%	122.2%	46.0%	44.5%	84.3%	65.9%	30.6%	28.0%
Annual Payout	$150M	$148M	$147M	$150M	$153M	$152M	$149M	$149M	$145M	$140M	$139M	$127M

Income Statement 17

Quarterly Income Statement data for PII
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$1.66B	$1.92B	$1.84B	$1.85B	$1.54B	$1.76B	$1.72B	$1.96B	$1.74B	$2.29B	$2.25B	$2.22B	$2.18B	$2.40B	$2.34B	$2.06B
Cost of Revenue	$1.32B	$1.54B	$1.46B	$1.49B	$1.29B	$1.40B	$1.37B	$1.54B	$1.41B	$1.81B	$1.74B	$1.71B	$1.71B	$1.83B	$1.78B	$1.59B
Gross Profit	$335M	$384M	$380M	$359M	$245M	$358M	$355M	$424M	$330M	$477M	$509M	$505M	$469M	$573M	$559M	$474M
R&D Expense	$82M	$106M	$93M	$90M	$83M	$78M	$84M	$87M	$88M	$93M	$92M	$93M	$96M	$101M	$98M	$87M
SG&A Expense	$162M	$194M	$118M	$127M	$103M	$126M	$101M	$110M	$99M	$137M	$91M	$104M	$91M	$97M	$98M	$89M
Operating Expenses	$390M	$724M	$380M	$395M	$303M	$318M	$313M	$330M	$313M	$357M	$328M	$330M	$325M	$331M	$317M	$292M
Operating Income	$-39M	$-320M	$20M	$-13M	$-36M	$66M	$66M	$120M	$39M	$143M	$201M	$196M	$161M	$257M	$254M	$193M
Interest Expense	$30M	$31M	$33M	$33M	$34M	$34M	$36M	$35M	$32M	$33M	$32M	$31M	$28M	$25M	$20M	$15M
Other Non-op	$12M	$-6M	$600.0K	$-46M	$-900.0K	$-19M	$5M	$800.0K	$600.0K	$11M	$13M	$8M	$12M	$15M	$7M	$3M
Pretax Income	$-58M	$-357M	$-12M	$-93M	$-71M	$12M	$35M	$86M	$8M	$121M	$182M	$173M	$145M	$247M	$242M	$181M
Income Tax	$-10M	$-54M	$4M	$-14M	$-4M	$1M	$7M	$17M	$4M	$18M	$30M	$38M	$32M	$50M	$51M	$39M
Net Income	$-47M	$-304M	$-16M	$-79M	$-67M	$11M	$28M	$69M	$4M	$103M	$152M	$134M	$113M	$196M	$186M	$-5M
EPS (Basic)	$-0.83	$-5.34	$-0.28	$-1.39	$-1.17	$0.19	$0.49	$1.21	$0.07	$1.81	$2.66	$2.35	$1.98	$3.31	$3.15	$-0.08
EPS (Diluted)	$-0.83	$-5.34	$-0.28	$-1.39	$-1.17	$0.18	$0.49	$1.21	$0.07	$1.82	$2.62	$2.32	$1.95	$3.28	$3.10	$-0.08
Shares (Basic)	57,400,000	-113,900,000	56,900,000	57,000,000	56,900,000	-113,200,000	56,200,000	56,600,000	56,900,000	-114,500,000	57,000,000	57,200,000	57,400,000	-120,100,000	59,200,000	59,900,000
Shares (Diluted)	57,400,000	-113,900,000	56,900,000	57,000,000	56,900,000	-113,800,000	56,500,000	56,900,000	57,200,000	-116,000,000	57,800,000	57,800,000	58,100,000	-121,600,000	60,000,000	60,500,000
EBITDA	$24M	·	$20M	$-13M	$37M	·	$66M	$120M	$102M	·	$201M	$196M	$223M	·	$254M	$193M

Balance Sheet 27

Quarterly Balance Sheet data for PII
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$282M	$138M	$336M	$324M	$292M	$288M	$291M	$323M	$319M	$368M	$295M	$340M	$323M	$324M	$319M	$314M
Receivables	$249M	$238M	$230M	$225M	$211M	$192M	$224M	$255M	$254M	·	$478M	$293M	$325M	·	$330M	$297M
Inventory	$1.57B	$1.41B	$1.70B	$1.70B	$1.75B	$1.74B	$2.00B	$2.00B	$1.95B	·	$2.05B	$2.02B	$1.95B	·	$1.93B	$1.91B
Prepaid Expense	$434M	$367M	$311M	$321M	$314M	$396M	$156M	$211M	$196M	·	$177M	$211M	$190M	·	$158M	$174M
Current Assets	$2.59B	$2.21B	$2.60B	$2.61B	$2.59B	$2.63B	$2.73B	$2.80B	$2.73B	·	$3.04B	$2.89B	$2.79B	·	$2.83B	$2.87B
PP&E (Net)	$996M	$1.03B	$1.08B	$1.15B	$1.16B	$1.19B	$1.20B	$1.21B	$1.21B	·	$1.16B	$1.12B	$1.06B	·	$958M	$940M
PP&E (Gross)	$2.34B	$2.33B	$2.56B	$2.57B	$2.51B	$2.47B	$2.55B	$2.50B	$2.44B	·	$2.48B	$2.38B	$2.28B	·	$2.22B	$2.20B
Accum. Depreciation	$1.34B	$1.29B	$1.48B	$1.42B	$1.35B	$1.28B	$1.35B	$1.28B	$1.23B	·	$1.32B	$1.26B	$1.22B	·	$1.27B	$1.26B
Goodwill	$349M	$349M	$349M	$349M	$396M	$394M	$399M	$396M	$392M	$394M	$389M	$387M	$388M	$386M	$380M	$386M
Intangibles	$446M	$451M	$526M	$532M	$537M	$543M	$559M	$564M	$507M	·	$518M	$516M	$520M	·	$528M	$533M
Other Non-current Assets	$92M	$78M	$76M	$74M	$120M	$121M	$142M	$139M	$137M	·	$133M	$103M	$107M	·	$79M	$86M
Total Assets	$5.24B	$4.89B	$5.31B	$5.39B	$5.45B	$5.53B	$5.63B	$5.71B	$5.57B	·	$5.73B	$5.47B	$5.29B	·	$5.09B	$5.24B
Accounts Payable	$834M	$762M	$809M	$774M	$724M	$563M	$701M	$785M	$779M	·	$882M	$897M	$870M	·	$851M	$979M
Accrued Liabilities	$1.23B	$1.35B	$1.27B	$1.25B	$1.12B	$1.26B	$1.06B	$1.09B	$988M	·	$968M	$932M	$832M	·	$773M	$678M
Current Liabilities	$2.13B	$2.24B	$2.55B	$2.50B	$2.31B	$2.29B	$2.25B	$1.98B	$1.86B	·	$2.44B	$2.41B	$2.30B	·	$2.21B	$2.34B
Capital Leases	$90M	$97M	$92M	$97M	$96M	$100M	$104M	$109M	$115M	·	$104M	$95M	$87M	·	$84M	$89M
Deferred Tax	$7M	$7M	$6M	$6M	$6M	$6M	$3M	$3M	$3M	·	$4M	$5M	$5M	·	$5M	$5M
Other Non-current Liabilities	$290M	$306M	$298M	$298M	$282M	$293M	$296M	$293M	$301M	·	$293M	$282M	$274M	·	$165M	$174M
Total Liabilities	$4.48B	$4.05B	$4.14B	$4.19B	$4.22B	$4.22B	$4.27B	$4.36B	$4.18B	·	$4.39B	$4.20B	$4.12B	·	$4.06B	$4.15B
Long-term Debt	·	$1.51B	·	·	·	$2.03B	·	·	·	$1.86B	·	·	·	$1.99B	·	·
Common Stock	$600.0K	$600.0K	$600.0K	$600.0K	$600.0K	$600.0K	$600.0K	$600.0K	$600.0K	·	$600.0K	$600.0K	$600.0K	·	$600.0K	$600.0K
Paid-in Capital	$1.35B	$1.33B	$1.32B	$1.30B	$1.28B	$1.27B	$1.25B	$1.24B	$1.24B	·	$1.22B	$1.19B	$1.17B	·	$1.16B	$1.16B
Retained Earnings	$-560M	$-469M	$-127M	$-72M	$45M	$149M	$173M	$183M	$197M	·	$191M	$122M	$57M	·	$-20M	$3M
AOCI	$-39M	$-32M	$-41M	$-44M	$-98M	$-126M	$-86M	$-88M	$-64M	·	$-80M	$-63M	$-75M	·	$-119M	$-94M
Stockholders' Equity	$750M	$828M	$1.15B	$1.19B	$1.23B	$1.29B	$1.34B	$1.34B	$1.38B	·	$1.33B	$1.25B	$1.15B	·	$1.02B	$1.07B
Liabilities + Equity	$5.24B	$4.89B	$5.31B	$5.39B	$5.45B	$5.53B	$5.63B	$5.71B	$5.57B	·	$5.73B	$5.47B	$5.29B	·	$5.09B	$5.24B
Shares Outstanding	56,900,000	56,500,000	56,200,000	56,200,000	56,200,000	56,100,000	55,800,000	55,700,000	56,500,000	·	56,500,000	56,600,000	56,900,000	·	58,000,000	59,500,000

Cash Flow 18

Quarterly Cash Flow data for PII
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
D&A	$63M	$68M	$73M	$73M	$73M	$80M	$74M	$70M	$63M	$72M	$66M	$59M	$62M	$63M	$56M	$52M
Stock-based Comp	$21M	$11M	$16M	$20M	$13M	$11M	$10M	$16M	$12M	$13M	$15M	$15M	$15M	$15M	$19M	$16M
Deferred Tax	$4M	$-101M	$-18M	$-26M	$6M	$-52M	$-13M	$-18M	$-4M	$-50M	$-10M	$-16M	$-10M	$-61M	$45M	$-42M
Amort. of Intangibles	$5M	$5M	$6M	$6M	$6M	$6M	$6M	$5M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$5M
Other Non-cash	$-361M	·	·	·	$58M	·	·	·	$-180M	·	·	·	$-55M	·	·	·
Operating Cash Flow	$-320M	$179M	$159M	$320M	$83M	$206M	$21M	$146M	$-105M	$550M	$28M	$224M	$124M	$395M	$171M	$-8M
CapEx	$30M	$65M	$42M	$40M	$36M	$69M	$53M	$67M	$72M	$101M	$106M	$112M	$94M	$113M	$74M	$62M
Investing Cash Flow	$-122M	$-63M	$-17M	$-31M	$-28M	$-53M	$-52M	$-109M	$-57M	$-116M	$-156M	$-101M	$-89M	$-166M	$-50M	$-69M
Debt Issued	·	$1.31B	$457M	$674M	$704M	$850M	$1.14B	$860M	$842M	$860M	$560M	$777M	$573M	$1.62B	$248M	$548M
Net Debt Issued	·	·	·	·	$704M	·	·	·	$842M	·	·	·	$573M	·	·	·
Stock Repurchased	$9M	$0	$0	$0	$2M	$400.0K	$0	$66M	$16M	$19M	$58M	$38M	$63M	$126M	$206M	$0
Net Stock Activity	$-9M	·	·	·	$-2M	·	·	·	$-16M	·	·	·	$-63M	·	·	·
Dividends Paid	$39M	$37M	$38M	$38M	$38M	$37M	$37M	$37M	$37M	$37M	$37M	$37M	$37M	$36M	$38M	$38M
Financing Cash Flow	$507M	$-234M	$-130M	$-272M	$-57M	$-142M	$-5M	$-28M	$116M	$-370M	$89M	$-109M	$-42M	$-238M	$-112M	$36M
Net Change in Cash	$62M	$-115M	$12M	$33M	$4M	$-3M	$-31M	$4M	$-49M	$72M	$-45M	$17M	$-2M	$5M	$-5M	$-52M
Taxes Paid	$28M	$15M	$10M	$14M	$8M	$17M	$62M	$28M	$16M	$30M	$60M	$85M	$12M	$42M	$56M	$86M
Free Cash Flow	$-350M	·	·	·	$48M	·	·	·	$-178M	·	·	·	$30M	·	·	·
Levered FCF	$-375M	·	·	·	$16M	·	·	·	$-194M	·	·	·	$8M	·	·	·

Profitability 8

Quarterly Profitability data for PII
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Gross Margin	20.2%	·	20.6%	19.4%	16.0%	·	20.6%	21.6%	19.0%	·	22.6%	22.8%	21.5%	·	23.9%	23.0%
Operating Margin	-2.4%	·	1.1%	-0.70%	-2.4%	·	3.8%	6.1%	2.2%	·	8.9%	8.8%	7.4%	·	10.9%	9.4%
Net Margin	-2.9%	·	-0.86%	-4.3%	-4.3%	·	1.6%	3.5%	0.22%	·	6.8%	6.1%	5.2%	·	8.0%	-0.22%
Pretax Margin	-3.5%	·	-0.66%	-5.0%	-4.6%	·	2.0%	4.4%	0.44%	·	8.1%	7.8%	6.7%	·	10.3%	8.8%
EBITDA Margin	1.5%	·	1.1%	-0.70%	2.4%	·	3.8%	6.1%	5.9%	·	8.9%	8.8%	10.2%	·	10.9%	9.4%
ROA	-0.89%	·	-0.29%	-1.4%	-1.2%	·	0.49%	1.2%	0.07%	·	2.8%	2.5%	2.2%	·	3.7%	-0.09%
ROE	-4.8%	·	-1.3%	-6.3%	-5.1%	·	2.1%	5.3%	0.30%	·	12.9%	11.6%	10.0%	·	16.7%	-0.42%
ROIC	-4.3%	·	2.3%	-0.93%	-2.8%	·	3.9%	7.2%	1.4%	·	12.6%	12.2%	10.9%	·	19.7%	14.1%

Liquidity & Solvency 3

Quarterly Liquidity & Solvency data for PII
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	1.2	·	1.0	1.0	1.1	·	1.2	1.4	1.5	·	1.2	1.2	1.2	·	1.3	1.2
Quick Ratio	0.2	·	0.2	0.2	0.2	·	0.2	0.3	0.3	·	0.3	0.3	0.3	·	0.3	0.3
Interest Coverage	-1.3	·	0.6	-0.4	-1.1	·	·	3.5	1.2	·	6.2	6.2	5.7	·	12.7	13.0

Efficiency 3

Quarterly Efficiency data for PII
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover	0.3	·	0.3	0.3	0.3	·	0.3	0.4	0.3	·	0.4	0.4	0.4	·	0.5	0.4
Inventory Turnover	0.8	·	0.8	0.8	0.7	·	0.7	0.8	0.7	·	0.9	0.9	0.9	·	1.0	0.9
Receivables Turnover	7.2	·	8.1	7.7	6.6	·	4.9	7.2	6.0	·	5.6	7.5	7.6	·	8.2	8.0

Per Share 7

Quarterly Per Share data for PII
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$13.19	·	$20.45	$21.09	$21.82	·	$24.04	$24.02	$24.39	·	$23.59	$22.02	$20.25	·	$17.53	$18.01
Revenue / Share	$28.90	·	$32.37	$32.50	$26.99	·	$30.48	$34.47	$30.36	·	$38.91	$38.35	$37.52	·	$39.01	$34.10
Cash Flow / Share	$-5.58	·	·	·	$1.46	·	·	·	$-1.84	·	·	·	$2.14	·	·	·
Cash / Share	$4.96	·	$5.97	$5.77	$5.19	·	$5.22	$5.79	$5.64	·	$5.23	$6.01	$5.67	·	$5.50	$5.28
Dividend / Share	·	·	·	·	·	·	$1	·	·	·	$1	·	·	·	·	·
Dividend Paid / Share	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1
EPS (TTM)	$-3.67	·	$-2.35	$-0.86	$0.60	·	$4.39	$6.22	$6.96	·	$9.99	$7.29	$6.11	·	$6.00	$5.42

Valuation (TTM) 11

Quarterly Valuation (TTM) data for PII
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$6.89B	·	$6.95B	$7.07B	$6.96B	·	$7.67B	$8.16B	$8.38B	·	$8.99B	$8.80B	$8.36B	·	$7.96B	$7.53B
Net Income TTM	$-209M	·	$-134M	$-50M	$33M	·	$252M	$358M	$403M	·	$586M	$429M	$365M	·	$366M	$338M
Market Cap	$3.10B	·	$3.27B	$2.28B	$2.30B	·	$4.64B	$4.36B	$5.66B	·	$5.88B	$6.84B	$6.29B	·	$5.55B	$5.91B
P/E	-14.9	·	-24.7	-47.3	68.2	·	19.0	12.6	14.4	·	10.4	16.6	18.1	·	15.9	18.3
P/S	0.5	·	0.5	0.3	0.3	·	0.6	0.5	0.7	·	0.7	0.8	0.8	·	0.7	0.8
P/B	4.1	·	2.8	1.9	1.9	·	3.5	3.3	4.1	·	4.4	5.5	5.5	·	5.5	5.5
P / Tangible Book	·	·	11.9	7.5	7.9	·	12.1	11.5	11.8	·	13.8	19.9	25.8	·	50.8	38.7
P / Cash Flow	-9.7	·	·	·	27.7	·	·	·	-53.7	·	·	·	50.7	·	·	·
P / FCF	-8.9	·	·	·	48.3	·	·	·	-31.9	·	·	·	211.2	·	·	·
Earnings Yield	-6.7%	·	-4.0%	-2.1%	1.5%	·	5.3%	7.9%	7.0%	·	9.6%	6.0%	5.5%	·	6.3%	5.5%
Payout Ratio	-81.7%	·	·	·	-56.1%	·	·	·	981.6%	·	·	·	32.6%	·	·	·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$7.15B	$7.18B	$8.93B	$8.59B	$7.44B
Gross Margin %	19.1%	20.4%	21.9%	22.8%	23.7%
Operating Margin %	-4.9%	4.0%	7.8%	9.4%	8.6%
Net Income	$-466M	$111M	$503M	$447M	$494M
Diluted EPS	$-8.18	$1.95	$8.71	$7.44	$7.88

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	—	—	—	1.9	1.5
Current Ratio	1.0	1.1	1.4	1.2	1.1
Quick Ratio	0.2	0.2	0.3	0.3	0.3

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$558M	$6M	$513M	$202M	$-5M

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