Polaris
PII on NYSE. Polaris sells off-road vehicles, snowmobiles, boats and parts to dealers and distributors. Market value $3.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Retail & consumer stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.23 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 19 cents a year. Above 10 is good.
Quality score: 72 of 100. Price score: 12 of 100. Our list needs 70 on quality and 60 on price.
$52.66 a share, 12% above its 1-year low
Over the past year the price has ranged from $47.14 to $77.98.
Dividend: 5.0% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $67 million in the past 12 months, $558 million in the year to December 2025.
| Revenue | |||||
| Revenue | $7.4bn | $8.6bn | $8.9bn | $7.2bn | $7.2bn |
| Operating margin | |||||
| Operating margin | 9.6% | 9.4% | 7.8% | 4.0% | -4.9% |
| Debt to equity | |||||
| Debt to equity | 1.47 | 1.87 | 1.35 | 1.61 | 1.86 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt1.86× equity
- Revenue growth, five yearsSlow, 2.6% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 billion last quarter, up 9% on a year ago.
- Profit: $106 million, after a loss of $79 million a year ago.
- It loses 3 cents on each $1 of sales, after keeping 1 cents a year earlier.
- Spare cash over the past 12 months: $67 million, down from $432 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.6 billion more than cash, up from $1.5 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.7bn |
| December 2024 | $1.8bn |
| March 2025 | $1.5bn |
| June 2025 | $1.9bn |
| September 2025 | $1.8bn |
| December 2025 | $1.9bn |
| March 2026 | $1.7bn |
| June 2026 | $2.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $28m |
| December 2024 | $11m |
| March 2025 | -$67m |
| June 2025 | -$79m |
| September 2025 | -$16m |
| December 2025 | -$304m |
| March 2026 | -$47m |
| June 2026 | $106m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
7 long-term investors we follow own it, unchanged from 7 last quarter. 478 funds in all.
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $8m
- Share of fund
- <0.1%
- Mairs & PowerAndy Adams
- Value
- $4m
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $2m
- Share of fund
- <0.1%
- Barrow HanleyBarrow Hanley team
- Value
- $10,677
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $45m | 0.1% | Cut |
| Hotchkis & WileyHotchkis & Wiley team | $8m | <0.1% | |
| Mairs & PowerAndy Adams | $4m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $2m | <0.1% | |
| GMOJeremy Grantham | $395,857 | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $10,677 | <0.1% | |
| Select Equity GroupGeorge Loening | $10,198 | <0.1% | Cut |
Largest holders overall
- BlackRock$501mAdded
- Vanguard Portfolio Management$198mAdded
- State Street$184mAdded
- AQR Capital Management$176mAdded
- Vanguard Capital Management$167m
- American Century Companies$138mAdded
- Capital World Investors$110mCut
- Geode Capital Management$99mAdded
- Dimensional Fund Advisors LP$92mCut
- Canada Pension Plan Investment Board$78mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor11.3%Since 30 June 2025
- Vanguard Portfolio ManagementPassive investor5.2%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 31 March 2026
- Capital World InvestorsPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.3% | 30 June 2025 | |
Vanguard Portfolio Management Passive investor | 5.2% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 31 March 2026 | |
Capital World Investors Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $4m.
- Mack Robert PaulCFO, EVP - Finance + Corp DevSold
- Date
- 12 February 2026
- Shares
- 7,786
- Price
- $66.83
- Value
- $520,335
- Duke Benjamin DPresident-MarineSold
- Date
- 11 February 2026
- Shares
- 10,090
- Price
- $66.82
- Value
- $674,190
- Speetzen Michael TCEOSold
- Date
- 11 February 2026
- Shares
- 35,086
- Price
- $66.83
- Value
- $2m
- Williams James PSVP-CHROSold
- Date
- 3 February 2026
- Shares
- 5,243
- Price
- $67.17
- Value
- $352,172
- Williams James PSVP-CHROSold
- Date
- 5 December 2025
- Shares
- 4,554
- Price
- $67.53
- Value
- $307,532
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 February 2026 | Mack Robert Paul CFO, EVP - Finance + Corp Dev | Sold | 7,786 | $66.83 | $520,335 |
| 11 February 2026 | Duke Benjamin D President-Marine | Sold | 10,090 | $66.82 | $674,190 |
| 11 February 2026 | Speetzen Michael T CEO | Sold | 35,086 | $66.83 | $2m |
| 3 February 2026 | Williams James P SVP-CHRO | Sold | 5,243 | $67.17 | $352,172 |
| 5 December 2025 | Williams James P SVP-CHRO | Sold | 4,554 | $67.53 | $307,532 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.