PII
Polaris Inc.
PII lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
PII Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Weak |
PII's revenue is currently healthy, but its profitability, cash flow and balance sheet are under pressure.
PII PE Valuation
PII has no meaningful PE right now: it lost money over the past year.
PII Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for PII, with profitability improving. However, they disagree widely on these estimates.
PII Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.84 | — |
| Q3 2026 | -$3.69 | -$1.03 |
| Q2 2026 | -$4.63 | -$2.74 |
| Q1 2026 | -$7.84 | -1204% |
| Q4 2025 | -$8.18 | -519% |
| Q3 2025 | -$2.66 | -174% |
| Q2 2025 | -$1.89 | -133% |
| Q1 2025 | $0.71 | -90% |
| Q4 2024 | $1.95 | -78% |
PII lost $3.69 per share over the past year, a bigger loss than the year before.
PII Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +11% |
| Q2 2026 | $2B | +9.2% |
| Q1 2026 | $1.7B | +8% |
| Q4 2025 | $1.9B | +9.5% |
| Q3 2025 | $1.8B | +6.9% |
| Q2 2025 | $1.9B | -5.5% |
| Q1 2025 | $1.5B | -12% |
| Q4 2024 | $1.8B | -23% |
PII's revenue is recovering but still below its 2022 peak: $2B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.6% | +2.5 points |
| Q2 2026 | 7.4% | +8.1 points |
| Q1 2026 | -2.4% | 0 points |
| Q4 2025 | -17% | -20 points |
| Q3 2025 | 1.1% | -2.7 points |
| Q2 2025 | -0.7% | -6.8 points |
| Q1 2025 | -2.4% | -4.6 points |
| Q4 2024 | 3.8% | -2.5 points |
PII's operating margin was 3.6% last quarter, up 2.5 points from the same quarter a year ago.
PII Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $315.3M | +170% |
| Q2 2026 | $186.1M | -33% |
| Q1 2026 | -$349.9M | -835% |
| Q4 2025 | $114M | -17% |
| Q3 2025 | $116.7M | +$149.1M |
| Q2 2025 | $279.8M | +254% |
| Q1 2025 | $47.6M | +$225.1M |
| Q4 2024 | $137.3M | -69% |
PII still generates free cash flow, though less than at its 2023 peak: $266M over the past year.
PII Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +200K shares |
| 1 year | +2.8% | +1.6M shares |
| 3 years | +1.2% | +700K shares |
| 5 years | -6.1% | -3.8M shares |
| Available history | -6.1% | -3.8M shares |
PII has 59M diluted shares, up 2.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $100,000 |
| Q1 2026 | $9.2M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $2.4M |
| Q4 2024 | $400,000 |
PII spent $9M buying back its own shares over the past year, about three times what it spent the year before.
PII Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 10.5x | High |
| Q2 2026 | 21.0x | High |
| Q3 2025 | 4.2x | High |
| Q2 2025 | 3.9x | Elevated |
| Q1 2025 | 3.4x | Elevated |
| Q4 2024 | 3.1x | Elevated |
| Q3 2024 | 2.9x | Moderate |
| Q2 2024 | 2.4x | Moderate |
PII's net debt is about 10 years of its operating earnings (EBITDA), up from 3.4 years a year ago.
PII Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.6 | Neutral |
| Stochastic | 51.1 | Neutral |
PII's weekly RSI is 55 (neutral) and its Stochastic is 51 (neutral).
PII PE vs Consumer Cyclical Sector
| Metric | PII | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 18x | — |
PII has no meaningful PE right now: it lost money over the past year.
PII Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $56.6 | 14% above |
| 20 week MA | $62.0 | 4.3% above |
| 50 week MA | $63.5 | 2% above |
| 100 week MA | $56.8 | 14% above |
| 200 week MA | $76.1 | 15% below |
PII has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 15% below its 200-week average.
PII Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $101.4 | $98.7 | -2.6% |
| 2021 | $98.7 | $106.3 | +7.6% |
| 2022 | $106.3 | $100.8 | -5.2% |
| 2023 | $100.8 | $94.8 | -6% |
| 2024 | $94.8 | $57.4 | -39% |
| 2025 | $57.4 | $66.3 | +15% |
| 2026 YTD | $66.3 | $64.7 | -2.4% |
PII has finished lower in four of the last six years. It's down 2.4% so far in 2026.