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Polaris Inc., formerly known as Polaris Industries Inc., a Delaware corporation, was formed in 1994 and is the successor to Polaris Industries Partners LP. The terms Polaris, the Company, we, us, and our as used herein refer to the business and operations of Polaris Inc., its subsidiaries and its predecessors, which began doing business in 1954.
The business is unprofitable at the operating level (-4.88% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 0.3% YoY. Margins deteriorated 8.9pp alongside, both lines moving the wrong way.
ROIC dropped from 7.07% to -8.61%, capital efficiency is deteriorating. Operating margin contracted 8.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$7.27B
▼ -0.3% YoY
Net Income (TTM)
-$446M
▼ -520.1% YoY
Op. Margin
-4.83%
▼ -8.9pp YoY
ROIC
-9.56%
▼ -15.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$161M
▲ +8486.2% YoY
Op. Cash Flow (TTM)
$338M
▲ +176.3% YoY
Net Debt
$1.93B
Cash & Equiv.
$282M
5Y CAGR: +2.6%
5Y CAGR: -7.3%
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