Morningstar Rating

Stock Research and Analysis

by Jaime M. Katz, CFA

Bulls Say

Polaris has a strong reputation for innovation, and newer product lines along with acquisitions have supported its strong performance in a difficult environment.
Retail sales trends are impressive, with annual revenue growth above 15% for each of the past four years, outstripping other discretionary industries.
Polaris has established a reputation as a phenomenal executor, expanding its gross margin over the past few years even when volume was weak. Management remains focused on lean production and operating as a best-in-class manufacturer. Read more 

Bears Say

Sustained increases in input costs due to commodity prices could weigh on profitability.
Polaris competes with some formidable brand names, such as Harley-Davidson in the motorcycle industry and Honda in the ATV sector.
Business is highly dependent on credit availability in the wholesale and retail segments. The withdrawal of any financing sources could prevent inventory from moving through the channel. Read more 

Management

We view Polaris' stewardship of shareholder capital to be exemplary. CEO Scott Wine, appointed in August 2008, has international experience at a range of companies, including Honeywell and Fire Safety Americas, where he was president. Since taking the   Read more 

Profile

Polaris designs and manufactures off-road vehicles, including all-terrain vehicles and side-by-side vehicles for recreational and utility use, snowmobiles, and on-road vehicles,  Read more 

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