Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Distress
Financial health
-0.6
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-45.6%
ROE
$4.1B
Market cap
3.96%
Dividend yield
Polaris Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -0.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-11%Return on invested capital.Return on invested capital is -11% and slipping from 20% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$134MGoodwill impairments.Took $134M of goodwill writedowns across 2 year(s) (FY2020 ($81M), FY2025 ($53M)) — about 11% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
-2%Dividend — cut.The payout was CUT ~2% in FY2022 (from FY2021). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-6.5%
Debt / Equity1.86x
Free Cash Flow$558.1M
Latest Revenue$7.15B
Return on Equity-56.2%
Revenue Growth YoY-0.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Polaris Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PII's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown