Does POLARIS INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores POLARIS INC. (PII) 50.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 38, returns on capital 69, balance-sheet safety 28, capital discipline 64.

Is PII stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $87.93 per share versus a recent price of $73.20 — 17% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has PII's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 50.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

POLARIS INC.

PII · Consumer Discretionary · $4.1B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power38

Median gross margin 23.9% over 10y, stable.

Returns on capital69

Median ROIC 14.4%, above the 9% hurdle in 80% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -3x.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

17% below value

Owner earnings (normalized): $447.1M
Est. intrinsic value / share: $87.93
Recent price: $73.20
Discount to value: 17% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

POLARIS INC. booked $7.2B of revenue in FY2025 in the Consumer Discretionary sector and kept 19.1% of it as gross profit — a moderate-margin business by that measure. After every other cost, −6.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.9B (FY2008) to $7.2B (FY2025) — about 7.9% a year compounded over 17 years.

It earned −12.4% on invested capital in FY2025, with a median of 22.4% across 18 filed years. The Returns on Capital filter above scores it 69/100.

The balance sheet carried $1.5B of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 73.1% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 64/100.

Put together: Returns on Capital is the strongest of the four filters (69/100) and Balance-Sheet Safety the weakest (28/100), which is how PII lands at 50/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$7.2B FY2025

Gross marginRevenue kept after cost of goods19.1% FY2025

Return on invested capitalOperating profit on the capital employed−12.4% FY2025

Owner earningsCash an owner could take out−$361.9M FY2025

Gaps in a line mean that item isn’t in PII’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale50.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PII has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#151 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#149FOXF Fox Factory Holding Corp.50.5 out of 100, Shallow moatShallow moat
#150BROS DUTCH BROS INC.50.4 out of 100, Shallow moatShallow moat
#152REBN REBORN COFFEE, INC.49.8 out of 100, Shallow moatShallow moat
#153RICK RCI Hospitality Holdings, Inc.49.7 out of 100, Shallow moatShallow moat

Compare PII with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about PII

Does POLARIS INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores POLARIS INC. (PII) 50.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 38, returns on capital 69, balance-sheet safety 28, capital discipline 64.
Is PII stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $87.93 per share versus a recent price of $73.20 — 17% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has PII's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 50.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PII. See the disclaimer.