Polaris Inc.
PII · Miscellaneous Transportation Equipment · 56.9M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $121M (gross $179M, SBC $57M)
Reference price $67.08 · est. market cap ~$3.8B — last insider sale, 2026-02-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D51Market-leading powersports franchise posting a loss year driven by impairments, tariffs and high leverage.
Strengths
- #1 North America ORV share, $7.2B revenue, strong FCF $558M (85.3 pct) and 31-year dividend growth
- Positive adjusted EBITDA $410M despite the GAAP loss
Risks
- Net loss $465M (margin -6.5%), ROE -56% (18 pct), gross margin 19% (17.5 pct) compressed by tariffs
- D/E 1.82 (89.5 pct), quick ratio 0.35 (13.2 pct) and negative interest coverage
Notable findings
- No interest coverageInterest coverage -2.65 (cannot cover interest)
- Net lossNet loss (net margin -6.5%)
- Weak liquidityCurrent ratio 0.98 (<1)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Revenue declineRevenue -13.7% YoY
- Insider sellingInsider selling — 7 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$4M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
19.1%
Operating margin
-4.9%
Net margin
-6.5%
Return on equity
-56.2%
Return on assets
-9.5%
ROIC
-11.8%
Revenue growth (QoQ)
-13.7%
Net-income growth
-520.1%
Debt / equity
1.8×
Interest coverage
-2.7×
Current ratio
1.0×
Free cash flow
$558M
EBITDA
-$62M
Tangible book value
$28M
Cash & investments
$138M
Stock comp / revenue
0.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Mack Robert Paul | Option exercise | 23 | — |
| 2026-05-11 | Winings Matthew S | Tax withheld | 438 | $66.28 |
| 2026-04-30 | WIEHOFF JOHN | Grant | 2.6K | $66.27 |
| 2026-04-30 | Kingsley Lawrence D | Grant | 2.6K | $66.27 |
| 2026-04-30 | KESSLER BERND F | Grant | 2.6K | $66.27 |
| 2026-04-30 | Jackson Darryl R. | Grant | 2.6K | $66.27 |
| 2026-04-30 | Henricks Gwenne A. | Grant | 2.6K | $66.27 |
| 2026-04-30 | Bilicic George W | Grant | 2.6K | $66.27 |
| 2026-04-30 | Hendrickson Gary E | Grant | 2.6K | $66.27 |
| 2026-04-30 | Shotwell Gwynne | Grant | 2.6K | $66.27 |
| 2026-04-01 | Shotwell Gwynne | Grant | 560 | $54.70 |
| 2026-04-01 | KESSLER BERND F | Grant | 606 | $54.70 |
| 2026-04-01 | Henricks Gwenne A. | Grant | 560 | $54.70 |
| 2026-04-01 | Hendrickson Gary E | Grant | 651 | $54.70 |
| 2026-04-01 | Bilicic George W | Grant | 640 | $54.70 |
| 2026-03-02 | Mack Robert Paul | Option exercise | 23 | — |
| 2026-02-12 | Mack Robert Paul | Sell | 4.0K | $67.08 |
| 2026-02-12 | Mack Robert Paul | Sell | 3.8K | $66.57 |
| 2026-02-11 | Duke Benjamin D | Sell | 9.8K | $66.80 |
| 2026-02-11 | Speetzen Michael T | Sell | 12K | $66.54 |
| 2026-02-11 | Speetzen Michael T | Sell | 23K | $66.98 |
| 2026-02-11 | Duke Benjamin D | Sell | 296 | $67.40 |
| 2026-02-10 | Speetzen Michael T | Tax withheld | 10K | $67.70 |
| 2026-02-10 | Duke Benjamin D | Tax withheld | 2.6K | $67.70 |
| 2026-02-10 | Mack Robert Paul | Tax withheld | 6.6K | $67.70 |
| 2026-02-10 | Winings Matthew S | Tax withheld | 725 | $67.70 |
| 2026-02-03 | Williams James P | Sell | 5.2K | $67.17 |
| 2026-02-02 | Dougherty Michael D. | Tax withheld | 8.1K | $63.84 |
| 2026-02-01 | Mack Robert Paul | Tax withheld | 1.9K | $63.84 |
| 2026-02-01 | Speetzen Michael T | Tax withheld | 6.5K | $63.84 |
| 2026-02-01 | Duke Benjamin D | Tax withheld | 1.1K | $63.84 |
| 2026-02-01 | Dougherty Michael D. | Tax withheld | 815 | $63.84 |
| 2026-01-28 | Mack Robert Paul | Grant | 19K | $64.94 |
| 2026-01-28 | Duke Benjamin D | Grant | 9.2K | $64.94 |
| 2026-01-28 | Williams James P | Grant | 10K | $64.94 |
| 2026-01-28 | Speetzen Michael T | Grant | 65K | $64.94 |
| 2026-01-28 | Winings Matthew S | Grant | 9.2K | $64.94 |
| 2026-01-02 | Shotwell Gwynne | Grant | 461 | $66.48 |
| 2026-01-02 | Bilicic George W | Grant | 526 | $66.48 |
| 2026-01-02 | Hendrickson Gary E | Grant | 536 | $66.48 |
| 2026-01-02 | Henricks Gwenne A. | Grant | 461 | $66.48 |
| 2026-01-02 | KESSLER BERND F | Grant | 498 | $66.48 |
| 2025-12-12 | Speetzen Michael T | Gift | 216 | — |
| 2025-12-12 | Speetzen Michael T | Gift | 1.5K | — |
| 2025-12-12 | Speetzen Michael T | Gift | 216 | — |
| 2025-12-05 | Speetzen Michael T | Tax withheld | 4.8K | $67.45 |
| 2025-12-05 | Williams James P | Sell | 4.6K | $67.53 |
| 2025-12-05 | Dougherty Michael D. | Tax withheld | 750 | $67.45 |
| 2025-12-01 | Mack Robert Paul | Option exercise | 23 | — |
| 2025-10-01 | Henricks Gwenne A. | Grant | 497 | $61.68 |
| 2025-10-01 | KESSLER BERND F | Grant | 537 | $61.68 |
| 2025-10-01 | Hendrickson Gary E | Grant | 578 | $61.68 |
| 2025-10-01 | Bilicic George W | Grant | 567 | $61.68 |
| 2025-10-01 | Shotwell Gwynne | Grant | 497 | $61.68 |
| 2025-09-02 | Mack Robert Paul | Option exercise | 23 | — |
| 2025-07-01 | Shotwell Gwynne | Grant | 683 | $44.87 |
| 2025-07-01 | KESSLER BERND F | Grant | 738 | $44.87 |
| 2025-07-01 | Henricks Gwenne A. | Grant | 683 | $44.87 |
| 2025-07-01 | Hendrickson Gary E | Grant | 794 | $44.87 |
| 2025-07-01 | Bilicic George W | Grant | 780 | $44.87 |
| 2025-06-02 | Mack Robert Paul | Option exercise | 24 | — |
| 2025-05-05 | Duke Benjamin D | Tax withheld | 265 | $33.92 |
| 2025-05-01 | Shotwell Gwynne | Grant | 4.3K | $34.72 |
| 2025-05-01 | Hendrickson Gary E | Grant | 4.3K | $34.72 |
| 2025-05-01 | Henricks Gwenne A. | Grant | 4.3K | $34.72 |
| 2025-05-01 | WIEHOFF JOHN | Grant | 4.3K | $34.72 |
| 2025-05-01 | KESSLER BERND F | Grant | 4.3K | $34.72 |
| 2025-05-01 | FARR KEVIN M | Grant | 4.3K | $34.72 |
| 2025-05-01 | Bilicic George W | Grant | 4.3K | $34.72 |
| 2025-05-01 | Kingsley Lawrence D | Grant | 4.3K | $34.72 |
| 2025-05-01 | Jackson Darryl R. | Grant | 4.3K | $34.72 |
| 2025-04-01 | Henricks Gwenne A. | Grant | 740 | $41.37 |
| 2025-04-01 | KESSLER BERND F | Grant | 801 | $41.37 |
| 2025-04-01 | Bilicic George W | Grant | 846 | $41.37 |
| 2025-04-01 | Hendrickson Gary E | Grant | 861 | $41.37 |
| 2025-04-01 | Shotwell Gwynne | Grant | 740 | $41.37 |
| 2025-03-10 | Winings Matthew S | Grant | 6.3K | $47.45 |
| 2025-03-10 | Winings Matthew S | Grant | 11K | $47.45 |
| 2025-03-03 | Mack Robert Paul | Option exercise | 23 | — |
| 2025-02-26 | Speetzen Michael T | Gift | 388 | — |
| 2025-02-26 | Speetzen Michael T | Gift | 2.3K | — |
| 2025-02-26 | Speetzen Michael T | Gift | 389 | — |
| 2025-02-18 | Duke Benjamin D | Tax withheld | 140 | $46.25 |
| 2025-01-29 | Dougherty Michael D. | Grant | 20K | — |
| 2025-01-29 | Dougherty Michael D. | Grant | 353 | — |
| 2025-01-29 | Dougherty Michael D. | Tax withheld | 193 | $48.78 |
| 2025-01-29 | Williams James P | Grant | 28K | — |
| 2025-01-29 | Williams James P | Grant | 340 | — |
| 2025-01-29 | Duke Benjamin D | Grant | 27K | — |
| 2025-01-29 | Duke Benjamin D | Grant | 134 | — |
| 2025-01-29 | Duke Benjamin D | Tax withheld | 47 | $48.78 |
| 2025-01-29 | Speetzen Michael T | Grant | 75K | — |
| 2025-01-29 | Speetzen Michael T | Grant | 1.6K | — |
| 2025-01-29 | Speetzen Michael T | Tax withheld | 769 | $48.78 |
| 2025-01-29 | Mack Robert Paul | Grant | 43K | — |
| 2025-01-29 | Mack Robert Paul | Grant | 462 | — |
| 2025-01-29 | Mack Robert Paul | Tax withheld | 213 | $48.78 |
| 2025-01-24 | Dougherty Michael D. | Tax withheld | 1.3K | $53.83 |
| 2025-01-24 | Mack Robert Paul | Tax withheld | 1.9K | $53.83 |
| 2025-01-24 | Speetzen Michael T | Tax withheld | 4.6K | $53.83 |
| 2025-01-24 | Speetzen Michael T | Disposition | 3.9K | — |
| 2025-01-02 | KESSLER BERND F | Grant | 588 | $56.38 |
| 2025-01-02 | Hendrickson Gary E | Grant | 632 | $56.38 |
| 2025-01-02 | Shotwell Gwynne | Grant | 543 | $56.38 |
| 2025-01-02 | Bilicic George W | Grant | 621 | $56.38 |
| 2025-01-02 | Henricks Gwenne A. | Grant | 543 | $56.38 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-22 | Exec/director changeExhibits | filing ↗ |
| 2026-05-01 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-01-27 | ResultsExhibits | filing ↗ |
| 2026-01-09 | Exec/director change | filing ↗ |
| 2025-11-13 | OtherExhibits | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
| 2025-10-14 | ResultsImpairmentExec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-19 | 0001628280-26-044485 ↗ |
| 8-K | 2026-05-01 | 2026-04-30 | 0001628280-26-029305 ↗ |
| 10-Q | 2026-04-28 | 2026-03-31 | 0001628280-26-027854 ↗ |
| 8-K | 2026-04-28 | 2026-04-27 | 0001628280-26-027677 ↗ |
| 10-K | 2026-02-13 | 2025-12-31 | 0001628280-26-008033 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0001628280-26-003502 ↗ |
| 8-K | 2026-01-09 | 2026-01-08 | 0001628280-26-001582 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001193125-25-279172 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001628280-25-046532 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0001628280-25-046737 ↗ |
| 8-K | 2025-10-14 | 2025-10-10 | 0001628280-25-044839 ↗ |
| 8-K | 2025-07-29 | 2025-07-29 | 0001628280-25-036283 ↗ |