# Polaris Infrastructure Inc. (PIF.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Utilities / Independent Power and Renewable Electricity Producers. Price C$14.25, market value C$298 million.

## Valuation
- **P/E (trailing): 54.8×** (5-yr avg 155.6×, 3-yr avg 53.0×). Polaris Infrastructure Inc. trades at 54.8× trailing earnings, well below its own five-year average of 155.6×: cheap by its own standards. The Utilities median in the September 2026 study was 21.2×. Forward P/E is 18.8×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 2.8×**. Each dollar of revenue is priced at 2.8×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 6.2×**. Enterprise value is 6.2× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 14.5%** (5-yr avg 10.8%). Free cash flow equals 14.5% of the market value, above its five-year average of 10.8%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 1.8%**. The inverse of the P/E: 1.8% of the price is earned each year.

## Profitability
- **Gross margin: 38.9%**. Polaris Infrastructure Inc. keeps 38.9% of revenue after the direct cost of what it sells.
- **Operating margin: 31.2%**. 31.2% of revenue is left after running the business, an exceptional level.
- **Net margin: -3.4%**. The company reported a net loss over the last twelve months.
- **Return on equity: -1.2%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: 6.5%**. Return on all capital, debt included, is 6.5%.
- **Return on assets: 0.8%**. Each dollar of assets produces 0.8% of profit.

## Growth
- **Revenue growth (1 yr): 8.1%** (3-yr 9.4%/yr, 5-yr 1.8%/yr). Revenue grew 8.1% over the last year, against 1.8% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -192.9%**. Earnings per share fell 192.9%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 220.2%/yr**. Free cash flow has compounded at 220.2% a year over three years.

## Financial health
- **Debt to equity: 0.91**. Debt is 0.91 times equity, moderate leverage.
- **Net debt / EBITDA: 2.3×**. It would take 2.3 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: 1.1×**. Operating profit covers interest only 1.1×: fragile.
- **Current ratio: 5.25** (quick 5.25). Current assets cover the next year's liabilities 5.25 times.
- **Altman Z-score: 1.77**. A Z-score of 1.77 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 5.80%** (C$0.83 per share, trailing). Polaris Infrastructure Inc. yields 5.80%, an income-level yield.
- **Consecutive years of increases: 4**. 4 straight years of increases.
- **Dividend growth (5 yr): 0.9%/yr** (1-yr 2.3%). The dividend has grown 0.9% a year over five years.
- **Shareholder yield: 6.4%**. Dividends plus net buybacks return 6.4% of the market value a year.

## Price and momentum
- **Total return (1 yr): 20.2%** (YTD 24.8%, 3-mo 8.9%). The shares are up 20.2% over twelve months including dividends.
- **From 52-week high: -11.4%** (23.4% above the low). Trading 11% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 38**. An RSI of 38 is neutral.
- **Beta (1 yr): 0.41** (volatility 23%). Beta of 0.41 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=PIF.TO · Page: https://foliofundamentals.com/stocks/pif.to

Not investment advice.