Question 1

What is Polaris's P/FCF ratio?

Accepted Answer

Polaris (PII) P/FCF ratio is 26.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Polaris?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Polaris specifically, the relevant sector benchmark is the current sector median of 17.1×.

Question 5

Is Polaris's P/FCF ratio high or low?

Accepted Answer

Polaris's P/FCF ratio of 26.5× is below its own 5-year average of 90.7× and above the sector median of 17.1×. That places the current reading at the 83th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Polaris's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Polaris (PII) P/FCF ratio has ranged from a low of 4.9× in 2026 to a high of 1433.2× in 2022. The 5-year average is 90.7× and the 5-year median is 16.1×.

Question 7

What was Polaris's P/FCF ratio in 2025?

Accepted Answer

Polaris (PII) P/FCF ratio at the end of 2025 was 6.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Polaris's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$3.6B	$558M	6.4×	—	Dec 31, 2025
2024	$3.26B	-$56.2M	—	—	Dec 31, 2024
2023	$5.38B	$550M	9.8×	-19.1×	Dec 31, 2023
2022	$5.84B	$202M	28.9×	-1190.1×	Dec 31, 2022
2021	$6.7B	$5.5M	1219.0×	+1211.6×	Dec 31, 2021
2020	$5.92B	$805M	7.4×	-8.2×	Dec 31, 2020
2019	$6.26B	$404M	15.5×	-3.2×	Dec 31, 2019
2018	$4.71B	$252M	18.7×	-1.0×	Dec 31, 2018
2017	$7.81B	$396M	19.7×	+5.3×	Dec 31, 2017
2016	$5.24B	$363M	14.4×	-15.0×	Dec 31, 2016
2015	$5.62B	$191M	29.5×	-1.6×	Dec 31, 2015
2014	$10.1B	$324M	31.0×	-9.7×	Dec 31, 2014
2013	$9.8B	$241M	40.7×	+22.1×	Dec 31, 2013
2012	$5.82B	$313M	18.6×	+1.0×	Dec 31, 2012
2011	$3.84B	$218M	17.6×	+6.6×	Dec 31, 2011
2010	$2.66B	$242M	11.0×	+1.5×	Dec 31, 2010
2009	$1.42B	$149M	9.5×	+0.2×	Dec 31, 2009
2008	$920M	$99.2M	9.3×	-1.7×	Dec 31, 2008
2007	$1.61B	$146M	11.0×	-6.9×	Dec 31, 2007
2006	$1.66B	$93M	17.9×	-11.1×	Dec 31, 2006
2005	$2.08B	$71.8M	29.0×	+10.8×	Dec 31, 2005
2004	$2.88B	$158M	18.2×	-1.8×	Dec 31, 2004
2003	$1.89B	$94.3M	20.0×	+10.7×	Dec 31, 2003
2002	$1.27B	$136M	9.3×	—	Dec 31, 2002


DraftKings (DKNG)	15.5×
Avery Dennison (AVY)	15.2×
Wynn Resorts (WYNN)	15.1×
NVR (NVR)	14.9×
Booking Holdings (BKNG)	14.7×
D.R. Horton (DHI)	14.2×
V.F. (VFC)	12.6×
Deckers Outdoor (DECK)	12.0×
Carnival Corporation (CCL)	11.9×
Lululemon Athletica (LULU)	11.6×
Toll Brothers (TOL)	11.1×
Hasbro (HAS)	9.8×
PDD Holdings (PDD)	9.5×
LKQ (LKQ)	9.3×
KB Home (KBH)	8.8×
Mohawk Industries (MHK)	8.4×
MercadoLibre (MELI)	8.2×
Best Buy Co. (BBY)	7.9×
Etsy (ETSY)	7.2×
Leggett & Platt (LEG)	6.6×
Weyco Group (WEYS)	6.2×
Expedia Group (EXPE)	6.0×
MGM Resorts (MGM)	5.5×
Ford Motor (F)	4.8×
General Motors (GM)	4.3×

P/FCF Ratio for Polaris (PII) 2002-2026

P/FCF Ratio daily chart for Polaris (PII)

Historical P/FCF Ratio for Polaris (PII) from 2002 to 2025

About P/FCF Ratio at Polaris (PII)

Polaris P/FCF Ratio by Year

Polaris P/FCF Ratio 2025: 6.4×

Polaris P/FCF Ratio 2023: 9.8×

Polaris P/FCF Ratio 2022: 28.9×

Polaris P/FCF Ratio 2021: 1219.0×

Polaris P/FCF Ratio 2020: 7.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Polaris (PII) Key Financials