PII
Polaris Inc.
Is PII Halal?
Powersports vehicle maker — a permissible manufacturing business, with debt and a finance JV to screen.
What You Should Know
Polaris Inc. designs and manufactures powersports vehicles, snowmobiles, motorcycles and marine products. Its March 31, 2026 Form 10-Q reports assets of $5,241.5 million, interest-bearing debt of $2,091.0 million, cash of $282.0 million and trade receivables of $249.0 million. Debt/assets is 39.89%, liquidity/assets is 5.38% and receivables-plus-cash/assets is 10.13%; the debt screen fails. The filing reports interest expense but no reproducible non-compliant-income numerator, while finance services and dealer arrangements remain qualitative.
⚠️ Concerns
- •Debt/assets is 39.89%, above examined 33% limits
- •Retail-finance and dealer-floorplan arrangements require qualitative review
- •No reproducible gross non-compliant-income numerator is disclosed
- •Highly cyclical with consumer-discretionary demand
- •Re-screen before each purchase given leverage
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
2,091 / 5,241.5
282 / 5,241.5
531 / 5,241.5
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.89%, above the examined 33.333% limit; business disclosure remains qualitative.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.89%, above the examined MSCI limit; the asset-based screen fails.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 39.89%, above the examined Malaysia limit; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the debt screen already fails.
Business-activity disclosure
Polaris manufactures powersports vehicles and equipment, with an affiliated financial-services component. Manufacturing is generally permissible, while finance income, dealer arrangements and government/defense products require qualitative review.
Limitation: The filing does not provide a universal prohibited-revenue or non-compliant-income numerator for financing, customer use or product end markets.
Purification
The filing reports interest expense but no reproducible gross non-compliant-income numerator; no fixed purification percentage is asserted.
Inputs, assumptions and primary sources
- Amounts are USD millions from Polaris's March 31, 2026 Form 10-Q.
- Debt combines current financing obligations of $34.8 million and long-term financing obligations of $2,056.2 million.
- Cash is $282.0 million; the filing does not identify a separate interest-bearing securities balance.
- Trade receivables, net are $249.0 million; income-tax receivables are excluded from the operating receivable proxy.
- The filing reports interest expense but does not provide a reproducible non-compliant-income numerator; powersports manufacturing and finance services require qualitative review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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