Polaris Inc. — Earnings Quality Grade F
PII · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 12 days, change +2 days YoY
AR growth 23.5% exceeds revenue growth -0.3%
Revenue -0.3%, CFFO 176.3%. Cash follows revenue
Expense Quality
Inventory -18.9% vs COGS 1.3%. Normal
CapEx growth -43.6% vs revenue -0.3%. Normal
SG&A/Gross Profit = 76.5%, exceeds 70%
Gross margin 19.1%, change -1.3pp. Stable
Cash Flow Quality
CFFO/NI = -1.59. Below 1.0
FCF $0.6B, FCF/NI = -1.20
Accruals ratio = -24.7%. Low accruals
Cash $0.1B covers only 8% of debt $1.7B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 97% of equity. Over 50%
Interest coverage = 0.3x (<2x). Financial stress
Other assets -35.3% vs revenue -0.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -15% YoY. Normal
Manipulation Score
M-Score = -3.40 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25