Revenue
$2.04B
Fiscal year ended 2026-09-30Operating income
$73.40M
Fiscal year ended 2026-09-30Free cash flow
$315.30M
Fiscal year ended 2026-09-30Valuation, from the filing
| Public float | $2.29B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $40.32 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / revenue | 0.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
39.4× earnings today, against a median of 22.7× across 9 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2024-06-30 | $4.37B | 39.4× | |
| 2023-06-30 | $6.85B | 13.6× | |
| 2022-06-30 | $5.91B | 13.2× | |
| 2021-06-30 | $8.30B | 16.8× | |
| 2020-06-30 | $5.68B | 45.5× | |
| 2019-06-28 | $5.58B | 17.2× | |
| 2018-06-29 | $7.60B | 22.7× | |
| 2017-06-30 | $5.77B | 33.4× | |
| 2016-06-30 | $5.24B | 24.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
Polaris Inc. (PII) reported revenue of $2.04B and net income of $38.40M for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Polaris Inc.’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.04B | $2.02B | $1.66B | $1.92B | $1.84B | $1.85B | $1.54B | $1.76B | $1.72B | $1.96B |
| Cost of revenue | $1.61B | $1.54B | $1.32B | $1.54B | $1.46B | $1.49B | $1.29B | $1.40B | $1.37B | $1.54B |
| Gross profit | $432.40M | $478.30M | $334.80M | $384.20M | $380.30M | $359.20M | $245.00M | $357.90M | $354.60M | $424.00M |
| Operating income | $73.40M | $148.80M | -$39.10M | -$320.10M | $20.40M | -$12.90M | -$36.10M | $65.80M | $66.10M | $119.70M |
| Net income | $38.40M | $106.40M | -$47.40M | -$303.60M | -$15.80M | -$79.30M | -$66.80M | $10.60M | $27.70M | $68.70M |
| Research & development | $88.20M | $93.60M | $82.30M | $105.90M | $92.80M | $90.30M | $82.90M | $78.20M | $84.10M | $86.80M |
| Weighted-average diluted shares | shares 58.50M | shares 58.30M | shares 57.40M | Unavailable | shares 56.90M | shares 57.00M | shares 56.90M | Unavailable | shares 56.50M | shares 56.90M |
| Pretax income | $56.20M | $133.40M | -$57.70M | -$356.90M | -$12.10M | -$92.60M | -$71.10M | $12.20M | $35.00M | $85.90M |
| Income tax expense | $17.60M | $26.80M | -$10.50M | -$53.60M | $3.60M | -$13.50M | -$4.40M | $1.40M | $7.40M | $17.00M |
| Diluted EPS | $0.66 | $1.82 | $-0.83 | Unavailable | $-0.28 | $-1.39 | $-1.17 | Unavailable | $0.49 | $1.21 |
| Selling, general & administrative | $285.50M | $255.20M | $276.10M | $330.00M | $244.50M | $252.00M | $220.30M | $240.00M | $228.50M | $243.00M |
| General & administrative | $160.60M | $142.90M | $162.50M | $193.90M | $117.80M | $127.40M | $102.70M | $126.20M | $100.90M | $110.40M |
| Selling & marketing | $124.90M | $112.30M | $113.60M | $136.10M | $126.70M | $124.60M | $117.60M | $113.80M | $127.60M | $132.60M |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $301.70M | $302.10M | $282.00M | $138.00M | $335.50M | $324.30M | $291.70M | $287.80M | $291.30M | $322.70M |
| Total assets | $5.05B | $5.20B | $5.24B | $4.89B | $5.31B | $5.39B | $5.45B | $5.53B | $5.63B | $5.71B |
| Current assets | $2.44B | $2.57B | $2.59B | $2.21B | $2.60B | $2.61B | $2.59B | $2.63B | $2.73B | $2.80B |
| Total liabilities | $4.20B | $4.35B | $4.48B | $4.05B | $4.14B | $4.19B | $4.22B | $4.22B | $4.27B | $4.36B |
| Current liabilities | $2.29B | $2.14B | $2.13B | $2.24B | $2.55B | $2.50B | $2.31B | $2.29B | $2.25B | $1.98B |
| Total equity incl. NCI | $848.90M | $841.00M | $755.10M | $832.90M | $1.15B | $1.19B | $1.23B | $1.29B | $1.35B | $1.34B |
| Temporary (mezzanine) equity | $2.70M | $4.30M | $5.80M | $6.70M | $6.50M | $4.50M | $4.50M | $6.40M | $9.40M | $9.10M |
| Inventory | $1.54B | $1.57B | $1.57B | $1.41B | $1.70B | $1.70B | $1.75B | $1.74B | $2.00B | $2.00B |
| Accounts receivable | $276.80M | $284.90M | $249.00M | $237.50M | $230.30M | $225.20M | $211.30M | $192.30M | $223.70M | $254.90M |
| Goodwill | $348.70M | $348.60M | $348.80M | $348.80M | $348.60M | $348.60M | $396.30M | $393.50M | $399.10M | $395.70M |
| Long-term debt | $1.59B | $1.92B | $2.06B | $1.50B | $1.30B | $1.39B | $1.62B | $1.64B | $1.73B | $2.09B |
| Accounts payable | $903.40M | $883.00M | $833.50M | $762.50M | $808.80M | $773.90M | $723.60M | $562.80M | $700.70M | $785.40M |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $381.80M | $230.20M | -$320.20M | $178.70M | $158.80M | $320.30M | $83.20M | $206.30M | $21.00M | $146.30M |
| Capital expenditures | $66.50M | $44.10M | $29.70M | $64.70M | $42.10M | $40.50M | $35.60M | $69.00M | $53.40M | $67.20M |
| Investing cash flow | -$17.60M | -$31.40M | -$121.60M | -$62.70M | -$17.10M | -$31.40M | -$28.30M | -$52.70M | -$52.40M | -$109.10M |
| Financing cash flow | -$361.50M | -$178.80M | $506.60M | -$233.80M | -$130.30M | -$272.00M | -$56.90M | -$142.00M | -$4.60M | -$28.30M |
| Net change in cash | -$200.00K | $20.10M | $61.90M | -$115.20M | $11.60M | $32.80M | $4.10M | -$3.40M | -$31.20M | $3.90M |
| Stock-based compensation | $14.00M | $14.20M | $20.70M | $10.80M | $16.30M | $20.20M | $12.60M | $10.80M | $10.00M | $15.90M |
| Common dividends paid | $38.70M | $38.90M | $38.70M | $37.30M | $37.90M | $37.60M | $37.50M | $37.00M | $36.60M | $36.80M |
| Common share repurchases | $0 | $100.00K | $9.20M | $0 | $0 | $0 | $2.40M | $400.00K | $0 | $66.30M |
| Depreciation & amortization | $67.60M | $65.30M | $63.20M | $67.60M | $72.60M | $72.90M | $73.40M | $79.50M | $74.40M | $69.50M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $315.30M | $186.10M | -$349.90M | $114.00M | $116.70M | $279.80M | $47.60M | $137.30M | -$32.40M | $79.10M |
| Gross margin | 21.2% | 23.6% | 20.2% | 20.0% | 20.7% | 19.4% | 16.0% | 20.4% | 20.6% | 21.6% |
| Operating margin | 3.6% | 7.4% | -2.4% | -16.7% | 1.1% | -0.7% | -2.4% | 3.7% | 3.8% | 6.1% |
| FCF margin | 15.4% | 9.2% | -21.1% | 5.9% | 6.3% | 15.1% | 3.1% | 7.8% | -1.9% | 4.0% |
| SBC / revenue | 0.7% | 0.7% | 1.2% | 0.6% | 0.9% | 1.1% | 0.8% | 0.6% | 0.6% | 0.8% |
| Current ratio | 1.06x | 1.20x | 1.21x | 0.98x | 1.02x | 1.04x | 1.12x | 1.15x | 1.21x | 1.42x |
| Revenue YoY growth | 10.9% | 9.2% | 8.0% | 9.5% | 6.9% | -5.5% | -11.6% | -23.3% | -23.4% | -11.5% |
| Net margin | 1.9% | 5.3% | -2.9% | -15.8% | -0.9% | -4.3% | -4.3% | 0.6% | 1.6% | 3.5% |
| R&D / revenue | 4.3% | 4.6% | 5.0% | 5.5% | 5.0% | 4.9% | 5.4% | 4.5% | 4.9% | 4.4% |
| CapEx / revenue | 3.3% | 2.2% | 1.8% | 3.4% | 2.3% | 2.2% | 2.3% | 3.9% | 3.1% | 3.4% |
| Long-term debt / equity | 1.88x | Unavailable | Unavailable | 1.81x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 31.3% | 20.1% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 11.5% | 21.1% | 19.8% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open PII in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-10-27View SEC filing
10-Q · Filed 2026-07-28View SEC filing
10-Q · Filed 2026-04-28View SEC filing
10-K · Filed 2026-02-13View SEC filing
10-Q · Filed 2025-10-28View SEC filing
10-Q · Filed 2025-07-29View SEC filing
Companies in the same industry
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.