PII Polaris margins

Relative Growth: Rel. Growth: 27

Relative Strength: Rel. Strength: 40

Relative Valuation: Rel. Valuation: 39

Relative Profitability: Rel. Profitability: 19

Gross margin

21.3%

Operating margin

-1.8%

EBITDA margin

2.1%

Net margin

-2.7%

Polaris records its operating margin is negative at -1.8%, and its net margin is negative at -2.7%, with a gross margin of 21.3%, an operating margin of -1.8%, an EBITDA margin of 2.1%, and a net margin of -2.7%. Margin expansion was strongest in gross margin, which rose by 2.1 percentage points. Operating margin had the strongest contraction, falling by 2.3 percentage points.

PII margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Polaris recorded average margins of 20.43% gross, 1.68% operating, 5.3% EBITDA, and -0.31% net. Polaris's current performance shows that gross margin is above its three-year average and operating, EBITDA, and net margins are below their three-year averages.

PII margin expansion

Year-over-year margin changes in percentage points

Gross margin expanded by 2.1 percentage points, while operating margin contracted by 2.3 percentage points, EBITDA margin by 1.7 percentage points, and net margin by 0.5 percentage points.

Gross margin expansion

2.1pp

Operating margin expansion

-2.3pp

EBITDA margin expansion

-1.7pp

Net margin expansion

-0.5pp

PII Gross margin

Over the last 3 years, Polaris's gross margin averaged 20.43%. Currently, Polaris's current gross margin is 21.3%, which is 0.9 percentage points above its three-year average. During this period, gross margin reached a high of 21.9% in Dec 2023 and a low of 19.1% in Dec 2025.

PII Operating margin

The average operating margin for Polaris was 1.68% during the last 3 years. Polaris currently reports an operating margin of -1.8%, 3.5 percentage points below its three-year average. The operating margin for Polaris moved between -4.9% in Dec 2025 and 7.8% in Dec 2023.

PII EBITDA margin

Over the last 3 years, the average EBITDA margin for Polaris was 5.3%. As of the latest period, Polaris's current EBITDA margin is 2.1%, which is 3.2 percentage points below its three-year average. Polaris's EBITDA margin ranged from a low of -1.6% in Dec 2025 to a high of 11.2% in Dec 2023.

PII Net margin

Across the last 3 years, Polaris had an average net margin of -0.31%. The latest net margin for Polaris is -2.7%, 2.4 percentage points below its three-year average. Looking back over the last 3 years, Polaris's net margin reached 5.6% at its highest point in Dec 2023 and -6.5% at its lowest in Dec 2025.

PII margin group comparison

Margins compared with peer-group, industry and sector averages

Polaris's gross margin of 21.3% is lower than the Consumer Cyclical sector, the industry and its peers average. In comparison with the Consumer Cyclical sector average of 36.3%, Polaris's gross margin is 41% lower.

PII margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Polaris's gross margin?

The current gross margin for PII is 21.3% as of Sep 30, 2026.

What is Polaris's operating margin?

For the period ending Sep 30, 2026, PII recorded an operating margin of -1.8%.

What is Polaris's EBITDA margin?

For the period ending Sep 30, 2026, PII recorded an EBITDA margin of 2.1%.

What is Polaris's net margin?

As of Sep 30, 2026, PII has a net margin of -2.7%.

What are the average margins of PII?

Over the last 3 years, Polaris's margins averaged 20.4% gross, 1.7% operating, 5.3% EBITDA, and -0.3% net.

What are the highest historical margins of PII?

Polaris's highest recorded margins during the past 5 years were 23.5% gross in Dec 2021, 9.6% operating in Mar 2023, 12.5% EBITDA in Jun 2023, and 6.9% net in Jun 2023.

What are the lowest historical margins of PII?

Looking back across 5 years, PII reached its lowest margins at 19.1% gross in Dec 2025, -4.9% operating in Dec 2025, -1.6% EBITDA in Dec 2025, and -6.5% net in Dec 2025.