PIIPolaris Inc.
Miscellaneous Transportation Equipment
- Revenue
- $7.2B
- 0.3% YoY
- Operating margin
- -4.9%
- 220% YoY
- EBITDA
- −$62M
- 111% YoY
- Market cap
- $3.4B
- Employees
- 1,200
- $6M revenue each
- Net debt / EBITDA
- —
- $1.3B net debt
- AI in 10-K
- 0.6
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo21% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo7% of assetsOver 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$6M · 94th pctBottom quartile of its SIC industry
- Quiet on AIYes0.6 per 10K words · 23rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$4M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $7.4B | $8.6B | $8.9B | $7.2B | $7.2B | 0.3% |
| Operating income | $712M | $805M | $701M | $291M | −$349M | 220% |
| Net income | $494M | $447M | $503M | $111M | −$466M | 520% |
| Operating cash flow | $294M | $509M | $926M | $268M | $741M | 176% |
| Capex | $283M | $307M | $413M | $262M | $183M | 30% |
| Stock-based comp | $61M | $63M | $57M | $49M | $60M | 22% |
| Buybacks | $462M | $505M | $179M | $83M | $2M | 97% |
| Dividends | $153M | $150M | $147M | $148M | $150M | 1.8% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $4M · 8
- Net
- −$4M
Pay vs performance
No pay-versus-performance disclosure yet.