Forensic Analysis · Aerospace & Defense · as of Nov 9, 2026

Polaris Inc. (PII)

A forensic read on Polaris Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-0.6

Distress distance

Clean

Earnings quality

Forensic signals

-44.0%

ROE

-0.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Polaris Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.6, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-9.3%

FY2025

Return on invested capital. Return on invested capital is -9.3% in the latest fiscal year and slipping across FY2023–FY2025 from 17.4%. After-tax operating profit was $568M in FY2023 and ($275M) in FY2025, with operating income at 7.8% of revenue in FY2023, 4.0% in FY2024 and -4.9% in FY2025. The capital base behind it went from $3.3B in FY2023 to $3.0B in FY2025 (-9%), while the revenue it carried went from $8.9B to $7.2B. FY2025's operating profit carried a $156M asset write-down and a $53M goodwill write-off that alone took about 5.6 points off that year's return, so about 5.6 of the 26.7-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.

$53M

FY2025

Goodwill impairments. Took $53M of goodwill writedowns across 1 year (FY2025 ($53M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$7.15B

Revenue Growth YoY-0.3%

Revenue CAGR (2yr)-10.5%

Net Margin-6.5%

Free Cash Flow$558.1M

Return on Equity-44.0%

Debt / Equity1.86x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.