Latest Ratios: P/E Ratio -7.8x · EV/EBITDA 19.6x · ROE -43.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $3.6B | $3.3B | $5.5B | $6.1B | $6.9B | $6.0B | $6.3B | $4.9B | $8.0B | $5.4B |
| Enterprise Value | $5.0B | $5.0B | $5.2B | $7.2B | $7.9B | $8.3B | $6.9B | $8.0B | $6.7B | $8.7B | $6.4B |
| P/E Ratio → | -7.85 | — | 29.55 | 10.88 | 10.30 | 13.95 | 47.88 | 19.56 | 14.61 | 46.09 | 25.20 |
| P/S Ratio | 0.51 | 0.50 | 0.46 | 0.61 | 0.71 | 0.93 | 0.85 | 0.93 | 0.81 | 1.47 | 1.19 |
| P/B Ratio | 4.35 | 4.29 | 2.53 | 3.85 | 5.51 | 5.62 | 5.21 | 5.72 | 5.65 | 8.54 | 6.19 |
| P/FCF | 6.52 | 6.45 | 503.51 | 10.66 | 30.05 | — | 7.41 | 15.69 | 19.47 | 20.12 | 14.80 |
| P/OCF | 4.91 | 4.86 | 12.20 | 5.91 | 11.93 | 23.46 | 5.86 | 9.67 | 10.27 | 13.72 | 9.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.70 | 0.72 | 0.80 | 0.92 | 1.11 | 0.98 | 1.18 | 1.10 | 1.61 | 1.41 |
| EV / EBITDA | 19.56 | 19.41 | 10.23 | 8.05 | 8.02 | 9.47 | 8.92 | 12.55 | 10.98 | 14.77 | 14.64 |
| EV / EBIT | — | — | 18.32 | 9.48 | 9.49 | 12.46 | 34.20 | 16.48 | 13.78 | 24.88 | 19.37 |
| EV / FCF | — | 8.96 | 797.83 | 13.94 | 39.18 | — | 8.58 | 19.78 | 26.62 | 22.07 | 17.60 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.5% | 18.5% | 19.6% | 21.3% | 22.2% | 22.8% | 23.1% | 23.2% | 23.4% | 25.9% | 24.4% |
| Operating Margin | -0.4% | -0.4% | 3.1% | 7.0% | 8.8% | 8.8% | 7.3% | 5.9% | 6.6% | 7.4% | 5.9% |
| Net Profit Margin | -6.5% | -6.5% | 1.5% | 5.6% | 6.9% | 6.6% | 1.8% | 4.8% | 5.5% | 3.2% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -43.6% | -43.6% | 8.2% | 39.9% | 50.7% | 41.7% | 11.1% | 32.8% | 37.3% | 19.2% | 23.0% |
| ROA | -8.9% | -8.9% | 2.0% | 9.4% | 11.5% | 10.2% | 2.8% | 7.6% | 9.3% | 5.6% | 7.8% |
| ROIC | -0.8% | -0.8% | 5.2% | 15.6% | 20.3% | 21.0% | 15.9% | 11.1% | 13.7% | 16.7% | 12.7% |
| ROCE | -1.0% | -1.0% | 6.5% | 19.4% | 26.4% | 23.7% | 18.2% | 13.8% | 16.3% | 19.5% | 14.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.83 | 1.83 | 1.70 | 1.44 | 1.97 | 1.54 | 1.38 | 1.63 | 2.26 | 0.98 | 1.32 |
| Debt / EBITDA | 5.98 | 5.98 | 4.34 | 2.31 | 2.20 | 2.16 | 2.04 | 2.84 | 3.22 | 1.54 | 2.62 |
| Net Debt / Equity | — | 1.67 | 1.48 | 1.19 | 1.67 | 1.13 | 0.82 | 1.49 | 2.08 | 0.83 | 1.17 |
| Net Debt / EBITDA | 5.44 | 5.44 | 3.78 | 1.90 | 1.87 | 1.59 | 1.22 | 2.59 | 2.95 | 1.31 | 2.33 |
| Debt / FCF | — | 2.51 | 294.32 | 3.28 | 9.13 | — | 1.17 | 4.09 | 7.16 | 1.96 | 2.80 |
| Interest Coverage | -3.01 | -3.01 | 1.99 | 5.64 | 11.47 | 18.42 | 3.33 | 6.32 | 8.54 | 10.91 | 20.20 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.98 | 0.98 | 1.15 | 1.39 | 1.19 | 1.15 | 1.17 | 1.06 | 1.24 | 1.11 | 1.24 |
| Quick Ratio | 0.35 | 0.35 | 0.39 | 0.46 | 0.37 | 0.47 | 0.55 | 0.33 | 0.43 | 0.42 | 0.46 |
| Cash Ratio | 0.06 | 0.06 | 0.13 | 0.19 | 0.14 | 0.23 | 0.34 | 0.10 | 0.13 | 0.12 | 0.13 |
| Asset Turnover | — | 1.46 | 1.30 | 1.62 | 1.65 | 1.47 | 1.52 | 1.53 | 1.47 | 1.76 | 1.46 |
| Inventory Turnover | 4.13 | 4.13 | 3.31 | 3.88 | 3.52 | 3.80 | 4.59 | 4.65 | 4.80 | 5.13 | 4.57 |
| Days Sales Outstanding | — | 12.22 | 10.55 | 12.89 | 15.44 | 11.38 | 13.56 | 12.00 | 14.02 | 15.45 | 18.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 4.2% | 4.5% | 2.7% | 2.5% | 2.2% | 2.6% | 2.4% | 3.0% | 1.8% | 2.6% |
| Payout Ratio | — | — | 133.3% | 29.3% | 25.4% | 31.1% | 122.2% | 46.0% | 44.5% | 84.3% | 65.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 3.4% | 9.2% | 9.7% | 7.2% | 2.1% | 5.1% | 6.8% | 2.2% | 4.0% |
| FCF Yield | 15.3% | 15.5% | 0.2% | 9.4% | 3.3% | — | 13.5% | 6.4% | 5.1% | 5.0% | 6.8% |
| Buyback Yield | 0.1% | 0.1% | 2.5% | 3.3% | 8.3% | 6.7% | 0.8% | 0.1% | 7.1% | 1.1% | 4.6% |
| Total Shareholder Yield | 4.2% | 4.2% | 7.0% | 6.0% | 10.8% | 8.9% | 3.4% | 2.5% | 10.2% | 3.0% | 7.2% |
| Shares Outstanding | — | $57M | $57M | $58M | $60M | $63M | $63M | $62M | $64M | $64M | $65M |
Inventory-driven margin compression
According to recent market data, Polaris trades at a forward P/E of 38.86, which, when contrasted with a negative TTM P/E of -8.87, suggests that investors are pricing in a significant recovery in profitability that remains highly speculative given the current cyclical downturn in powersports demand.
The elevated forward multiple indicates that the market is looking past current losses, yet the P/S ratio of 0.58 suggests a deep discount compared to historical averages. This valuation disconnect implies that the market is currently treating the company as a distressed asset rather than a cyclical growth play.
Based on reported figures, ROIC has deteriorated to -1.7% in 2026Q1 from a positive 2.9% in 2023Q4, signaling that the company is currently failing to generate returns that exceed its cost of capital as manufacturing overheads and inventory carrying costs erode the underlying value of invested capital.
The consistent decline in ROIC over the last ten quarters highlights a structural inability to maintain efficiency during periods of volume contraction. Investors should monitor whether this trend is a temporary byproduct of inventory clearing or a permanent impairment of the company's ability to compound capital effectively.
As reported in financial statements, the cash conversion cycle has expanded to 60 days in 2026Q1, driven largely by a persistent DIO of 101 days, which indicates that Polaris is struggling to move inventory through its dealer network in a cooling consumer discretionary spending environment.
The lengthening of the cash conversion cycle suggests that the company is effectively financing its dealer network's inventory, which ties up critical liquidity. This inefficiency is particularly concerning given the current negative operating margins, as it forces the company to rely on external financing to bridge the gap.
Based on recent balance sheet filings, the debt-to-equity ratio has surged to 2.72 in 2026Q1, reflecting a rapid increase in leverage that appears increasingly unsustainable as the company continues to report negative operating income and faces a shrinking equity base due to cumulative net losses.
The lack of positive interest coverage, currently at -1.82, suggests that the company is no longer generating sufficient operating income to service its debt obligations comfortably. This leverage profile warrants close investigation, as it limits management's flexibility to navigate further cyclical volatility without potentially dilutive capital raises.
As indicated by historical performance, the P/E ratio is a fundamentally flawed metric for Polaris, as it obscures the extreme volatility of earnings caused by inventory-driven margin compression and the cyclical nature of the powersports industry, often leading to misleading signals at the bottom of the cycle.
Investors should instead focus on EV/Sales or normalized FCF multiples to gauge the company's true value, as these metrics are less sensitive to the accounting noise of one-time charges and inventory write-downs. Relying on P/E during a period of negative net margins provides no meaningful insight into the company's long-term earning power.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PII stock.
Polaris Inc.'s current P/E ratio is -7.8x. The historical average is 19.5x.
Polaris Inc.'s current EV/EBITDA is 19.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
Polaris Inc.'s return on equity (ROE) is -43.6%. The historical average is 39.5%.
Based on historical data, Polaris Inc. is trading at a P/E of -7.8x. Compare with industry peers and growth rates for a complete picture.
Polaris Inc.'s current dividend yield is 4.12%.
Polaris Inc. has 18.5% gross margin and -0.4% operating margin.
Polaris Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.