Polaris Inc. (PII) intrinsic value & 10-year financials
Polaris Inc. (PII) has a Graham intrinsic value of $31.93 per share. At $52.15 on Oct 17, 2026, the stock trades 63% above that value. Over the last 10 fiscal years revenue grew 5.2% a year to $7.2B, with an average return on invested capital of 14.1%.
- Graham intrinsic value
- $31.93
- Share price (Oct 17, 2026)
- $52.15
- Price vs Graham value
- 63% above
- Market cap
- $3.0B
- Revenue (FY2025)
- $7.2B
- Revenue growth (10-yr CAGR)
- 5.2%
- ROIC (10-yr avg)
- 14.1%
- Free cash flow (FY2025)
- $558.1M
PII 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $7.2B | -$465.5M | -$8.18 | $558.1M | -4.9% | -12.6% |
| FY2024 | $7.2B | $110.8M | $1.95 | $6.5M | 4.0% | 8.3% |
| FY2023 | $8.9B | $502.8M | $8.71 | $513.2M | 7.8% | 21.9% |
| FY2022 | $8.6B | $447.1M | $7.44 | $202.0M | 9.4% | 28.0% |
| FY2021 | $8.2B | $493.9M | $7.88 | -$4.6M | 8.6% | 29.6% |
| FY2020 | $7.0B | $124.8M | $1.99 | $804.7M | 3.0% | 8.7% |
| FY2019 | $6.8B | $324.0M | $5.20 | $403.7M | 7.1% | 15.1% |
| FY2018 | $6.1B | $335.3M | $5.24 | $251.7M | 8.0% | 17.9% |
| FY2017 | $5.4B | $172.5M | $2.69 | $395.6M | 6.6% | 11.0% |
| FY2016 | $4.5B | $212.9M | $3.27 | $362.6M | 7.8% | 12.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Polaris Inc. has demonstrated mature, steady growth, with revenue compounding at 5.2% annually over the past decade.
Polaris Inc. returns on capital have been average, hovering around 14.1% ROIC over the decade.
Over the decade, Polaris Inc. shows that management has aggressively returned capital to shareholders by retiring 12.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Polaris Inc. is modeled at 5.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.93 per share.