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Polaris price to free cash flow PII

Market value divided by free cash flow over the last twelve months, since 2011.

Today, Oct 23, 2026
46.6×
10-year median
16.9×
Against its 10-year history
96th
percentile: 0 is its lowest day, 100 its highest
10-year range
5.1× to 410×
Peer median
29.2×

Polaris' price to free cash flow is 46.6× as of Oct 23, 2026.

That is above its ten-year median of 16.9×, higher than on 96% of days in the last ten years.

Over that time it ranged from 5.1× in Mar 2026 to 410× in Mar 2025.

The median for 10 aerospace and defense stocks of a similar size is 29.2×.

Price to free cash flow over time

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

YearEnd of yearLowHigh
2026 so far46.6×5.1×60.9×
20256.4×6.2×410×
202410.1×9.6×17.7×
202315.5×10.2×32.7×
202234.1×29.9×34.1×
202131.0×8.2×35.1×
20208.4×5.9×20.5×
201920.5×18.5×30.6×
201820.8×15.0×26.8×
201716.9×13.7×38.5×
201636.0×10.8×39.2×
201513.9×13.7×36.2×
201435.2×27.5×38.6×
201331.7×17.1×32.4×
201220.8×15.9×26.3×
201115.1×14.2×19.7×

Against its peers

Companies in Aerospace & Defense nearest Polaris' size, closest first, today.

CompanyPrice to free cash flow
PIIPolaris46.6×
HOGHarley-Davidsonn/m
THOThor Industries21.4×
AIRAAR24.0×
ATROAstronics41.0×
KRMNKarmann/m
LOARLoar54.4×
SAROStandardAero32.9×
KTOSKratos Defense & Security Solutionsn/m
DRSLeonardo DRS25.4×
HIIHuntington Ingalls Industriesn/m
Peer median29.2×

What the price to free cash flow tells you

Market value divided by free cash flow: the cash left after running the business and paying for equipment. Cash is harder to manage than accounting earnings, so many investors trust this more than PE.

Lumpy: a big year of building factories drops cash flow and inflates the ratio without the business getting worse.

More on Polaris

Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.