Filing Flows › Polaris (PII) › Takeover & LBO
Is Polaris (PII) a takeover target?
A leveraged buyout does not work for Polaris on its latest figures: its EBITDA margin is only 1.7% ($127M on revenue of $7.6B), too thin to carry buyout debt. Historically 7.2% of companies with its figures were bought within a year (1.44× the average).
Why a leveraged buyout does not fit
Polaris kept 1.7% of its revenue as EBITDA over the last 12 months ($127M on $7.6B). A margin that thin cannot carry the debt a leveraged buyout needs — a small dip in sales would leave nothing for interest — so the model gives no buyout price.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Polaris would cost about $88.38 a share, $5.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $72.41 | $4.2B |
| Median | 40% | $88.38 | $5.2B |
| High end (a quarter paid more) | 60.2% | $101.13 | $5.9B |
The odds, from history
Historically 7.2% of companies with its figures were bought within a year (1.44× the average). Its figures put it in decile 9 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Polaris' latest quarter
Polaris, Q3 2026: revenue $2.0B (+11% year over year), operating margin 3.6%, net earnings $38.6M, operating cash flow $382M. The chart follows the revenue to costs, profit and cash.
Questions
Is Polaris being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Polaris?
A leveraged buyout does not work for Polaris on its latest figures: its EBITDA margin is only 1.7% ($127M on revenue of $7.6B), too thin to carry buyout debt. A margin that thin leaves almost nothing to pay interest with, so buyout debt does not fit.
What would a takeover of Polaris cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Polaris would cost about $88.38 a share, $5.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.