BRP (DOO)
Market Price (9/26/2026): $57.11 | Market Cap: $4.2 BilSector: Consumer Discretionary | Industry: Leisure Products
BRP (DOO)
Market Price (9/26/2026): $57.11Market Cap: $4.2 BilSector: Consumer DiscretionaryIndustry: Leisure Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 29% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Electric Vehicles & Autonomous Driving. Themes include Luxury Consumer Goods, Travel & Leisure Tech, Show more. | Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -98% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.9% Key risksDOO key risks include [1] a high debt level described as a "mountain of leverage", Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 29% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Electric Vehicles & Autonomous Driving. Themes include Luxury Consumer Goods, Travel & Leisure Tech, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -98% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.9% |
| Key risksDOO key risks include [1] a high debt level described as a "mountain of leverage", Show more. |
Qualitative Assessment
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BRP (DOO) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2027 Results Offset by Raised Full-Year Guidance.
BRP Inc., which has a fiscal year ending on January 31, reported its second quarter fiscal year 2027 (Q2 FY27, ending July 31, 2026) results on September 3, 2026. The company posted an 18.5% year-over-year increase in revenue, reaching $2.24 billion, which surpassed expectations due to higher Off-Road Vehicle (ORV) shipments and a favorable Side-by-Side Vehicle (SSV) product mix. However, this revenue growth was accompanied by a reported net loss of $136.8 million and a normalized diluted loss per share of $0.18 for the quarter. Despite the Q2 net loss and a 34.9% decline in normalized EBITDA to $138.8 million, BRP simultaneously raised its full-year fiscal 2027 revenue guidance to between $9.225 billion and $9.475 billion, and normalized diluted earnings per share (EPS) guidance to $4.00 to $4.50. This blend of strong top-line performance, short-term profitability challenges, and optimistic future guidance created a balanced outlook that kept the stock largely stable.
2. Significant Financial Impact from Tariffs and Supplier Restructuring.
A core reason for the stock's constrained movement was the notable negative impact from Section 232 tariffs and a supplier financial restructuring. In Q2 FY27 alone, these factors adversely affected BRP's gross profit and gross profit margin by $74.8 million, or 330 basis points. The company anticipates an ongoing net tariff exposure of approximately $200 million for the entire fiscal year 2027. These quantifiable headwinds on profitability, despite healthy revenue growth, acted as a dampener on investor sentiment and prevented significant upward movement in the stock.
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BRP (DOO) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2027 Results Offset by Raised Full-Year Guidance.
BRP Inc., which has a fiscal year ending on January 31, reported its second quarter fiscal year 2027 (Q2 FY27, ending July 31, 2026) results on September 3, 2026. The company posted an 18.5% year-over-year increase in revenue, reaching $2.24 billion, which surpassed expectations due to higher Off-Road Vehicle (ORV) shipments and a favorable Side-by-Side Vehicle (SSV) product mix. However, this revenue growth was accompanied by a reported net loss of $136.8 million and a normalized diluted loss per share of $0.18 for the quarter. Despite the Q2 net loss and a 34.9% decline in normalized EBITDA to $138.8 million, BRP simultaneously raised its full-year fiscal 2027 revenue guidance to between $9.225 billion and $9.475 billion, and normalized diluted earnings per share (EPS) guidance to $4.00 to $4.50. This blend of strong top-line performance, short-term profitability challenges, and optimistic future guidance created a balanced outlook that kept the stock largely stable.
2. Significant Financial Impact from Tariffs and Supplier Restructuring.
A core reason for the stock's constrained movement was the notable negative impact from Section 232 tariffs and a supplier financial restructuring. In Q2 FY27 alone, these factors adversely affected BRP's gross profit and gross profit margin by $74.8 million, or 330 basis points. The company anticipates an ongoing net tariff exposure of approximately $200 million for the entire fiscal year 2027. These quantifiable headwinds on profitability, despite healthy revenue growth, acted as a dampener on investor sentiment and prevented significant upward movement in the stock.
3. Strategic Focus on Off-Road Vehicles and Accelerated Product Innovation.
BRP's strategic initiatives, particularly its emphasis on the Off-Road Vehicle (ORV) market, provided underlying support for the stock. The company views ORV as a consistently growing segment and has committed to launching a major ORV innovation every six months over the next four years to strengthen its market position and competitive advantage. In Q2 FY27, North American Powersports retail sales increased by 1% year-over-year, with BRP gaining market share in ORV, ATV, and Personal Watercraft (PWC). This aggressive product pipeline and market share gains offered a long-term positive outlook, counterbalancing the immediate financial pressures and contributing to the stock's stability.
4. Generally Positive Analyst Sentiment with Moderate Upside Expectations.
Analyst ratings and price targets during the period reflected a consensus that, while generally positive, did not suggest a dramatic surge in BRP's stock price. As of September 4, 2026, 20 analysts polled by S&P Global assigned BRP a "Buy" consensus rating with an average 1-year price target of $101.60, representing a potential upside of 9.18% from the then-current stock price. Similarly, by September 16, 2026, a consensus of "Moderate Buy" from 16 research firms indicated an average 12-month price target of C$103.93. This consistent but not overwhelmingly bullish analyst sentiment implied that the stock was considered to be reasonably valued with moderate growth potential, contributing to its tendency to trade within a relatively stable range.
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Stock Movement Drivers
Fundamental Drivers
The -0.8% change in DOO stock from 5/31/2026 to 9/25/2026 was primarily driven by a -60.0% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.61 | 57.17 | -0.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,988 | 9,336 | 3.9% |
| Net Income Margin (%) | 3.0% | 1.2% | -60.0% |
| P/E Multiple | 15.6 | 36.9 | 137.3% |
| Shares Outstanding (Mil) | 73 | 73 | 0.5% |
| Cumulative Contribution | -0.8% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| DOO | -0.8% | |
| Market (SPY) | 2.2% | 34.4% |
| Sector (XLY) | -8.3% | 26.4% |
Fundamental Drivers
The -21.6% change in DOO stock from 2/28/2026 to 9/25/2026 was primarily driven by a -83.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.96 | 57.17 | -21.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,104 | 9,336 | 15.2% |
| Net Income Margin (%) | 0.3% | 1.2% | 300.9% |
| P/E Multiple | 218.7 | 36.9 | -83.1% |
| Shares Outstanding (Mil) | 73 | 73 | 0.5% |
| Cumulative Contribution | -21.6% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| DOO | -21.6% | |
| Market (SPY) | 13.0% | 22.1% |
| Sector (XLY) | -5.0% | 18.0% |
Fundamental Drivers
The -8.3% change in DOO stock from 8/31/2025 to 9/25/2026 was primarily driven by a -23.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 62.36 | 57.17 | -8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,827 | 9,336 | 19.3% |
| P/S Multiple | 0.6 | 0.4 | -23.4% |
| Shares Outstanding (Mil) | 73 | 73 | 0.4% |
| Cumulative Contribution | -8.3% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| DOO | -8.3% | |
| Market (SPY) | 20.9% | 25.0% |
| Sector (XLY) | -3.8% | 21.9% |
Fundamental Drivers
The -22.7% change in DOO stock from 8/31/2023 to 9/25/2026 was primarily driven by a -85.7% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.97 | 57.17 | -22.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,654 | 9,336 | -12.4% |
| Net Income Margin (%) | 8.4% | 1.2% | -85.7% |
| P/E Multiple | 6.5 | 36.9 | 467.7% |
| Shares Outstanding (Mil) | 79 | 73 | 8.4% |
| Cumulative Contribution | -22.7% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| DOO | -22.7% | |
| Market (SPY) | 77.8% | 33.3% |
| Sector (XLY) | 32.7% | 33.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DOO Return | 34% | -12% | -5% | -28% | 41% | -21% | -12% |
| Peers Return | 27% | -23% | 15% | -7% | 27% | -10% | 20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| DOO Win Rate | 50% | 42% | 42% | 50% | 67% | 56% | |
| Peers Win Rate | 57% | 37% | 50% | 50% | 63% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| DOO Max Drawdown | -24% | -33% | -37% | -36% | -39% | -37% | |
| Peers Max Drawdown | -19% | -37% | -29% | -26% | -33% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HAS, BC, GOLF, DOO, MAT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | DOO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 43 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.2% | -6.7% |
| % Gain to Breakeven | 25.3% | 7.1% |
| Time to Breakeven | 54 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.0% | -24.5% |
| % Gain to Breakeven | 49.3% | 32.4% |
| Time to Breakeven | 330 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.0% | -33.7% |
| % Gain to Breakeven | 300.0% | 50.9% |
| Time to Breakeven | 158 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.1% | -19.2% |
| % Gain to Breakeven | 92.6% | 23.8% |
| Time to Breakeven | 324 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -14.0% | -3.7% |
| % Gain to Breakeven | 16.3% | 3.9% |
| Time to Breakeven | 23 days | 6 days |
In The Past
BRP's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | DOO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 43 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.2% | -6.7% |
| % Gain to Breakeven | 25.3% | 7.1% |
| Time to Breakeven | 54 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.0% | -24.5% |
| % Gain to Breakeven | 49.3% | 32.4% |
| Time to Breakeven | 330 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -75.0% | -33.7% |
| % Gain to Breakeven | 300.0% | 50.9% |
| Time to Breakeven | 158 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -48.1% | -19.2% |
| % Gain to Breakeven | 92.6% | 23.8% |
| Time to Breakeven | 324 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -49.6% | -12.2% |
| % Gain to Breakeven | 98.5% | 13.9% |
| Time to Breakeven | 222 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -56.9% | -6.8% |
| % Gain to Breakeven | 131.9% | 7.3% |
| Time to Breakeven | 414 days | 15 days |
In The Past
BRP's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BRP (DOO)
BRP Inc., trading under the symbol DOO, is a leading global company specializing in the design, development, manufacture, distribution, and marketing of powersports vehicles and marine products. Headquartered in Canada, the company operates across two primary segments: Powersports and Marine. Its core business involves bringing recreational and utility vehicles to consumers and businesses worldwide.
The company's extensive product portfolio includes popular powersports vehicles such as all-terrain vehicles (ATVs), side-by-side vehicles (SxS), and distinctive three-wheeled vehicles. BRP is also renowned for its seasonal products, including snowmobiles and personal watercraft. Furthermore, it produces engines for a variety of applications, such as jet boats, outboards, karts, motorcycles, and recreational aircraft. Complementing its vehicle and engine offerings, BRP provides a comprehensive range of parts, accessories, and apparel.
BRP primarily reaches its customers through an expansive network of independent dealers and distributors, catering to recreational enthusiasts and utility users across the globe. The company also supplies engines to original equipment manufacturers (OEMs). With a strong international footprint, BRP serves major markets in the United States, Canada, Europe, the Asia Pacific region, Mexico, Austria, and various other countries internationally.
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Here are 1-3 brief analogies to describe BRP (DOO):
The Honda of recreational powersports and marine vehicles.
Like Harley-Davidson, but for snowmobiles, jet skis, and ATVs too.
Imagine a vehicle manufacturer like Ford or General Motors, but solely focused on 'fun' vehicles like snowmobiles, jet skis, and ATVs.
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- All-Terrain Vehicles (ATVs): Off-road vehicles designed for diverse terrains and utility or recreational purposes.
- Side-by-Side Vehicles (SxS): Multi-passenger utility or sport vehicles primarily used for off-road recreation and work.
- Three-Wheeled Vehicles: Unique on-road or off-road vehicles that combine motorcycle and car features for distinct riding experiences.
- Snowmobiles: Motorized vehicles specifically engineered for travel over snow and ice.
- Personal Watercraft (PWC): Small recreational watercraft designed for one or more riders to operate on water.
- Engines: Propulsion systems manufactured for various applications including marine vessels, karts, motorcycles, and recreational aircraft.
- Parts, Accessories, and Apparel: Complementary products sold to enhance the functionality, performance, or appearance of vehicles, alongside rider gear.
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BRP Inc. (DOO) sells its products primarily to other companies.
Based on the provided background information, BRP's major customers are categorized as:
- Independent dealers
- Distributors
- Original equipment manufacturers (OEMs)
The provided background information does not list the specific names of these customer companies or their public symbols.
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Denis Le Vot, President and Chief Executive Officer
Denis Le Vot was appointed President and Chief Executive Officer of BRP Inc. effective February 1, 2026. He brings a successful 30-year career in the automotive industry to BRP, having previously served as Executive Vice-President, Chief Executive Officer of the Dacia Brand at Renault Group. He is recognized as a dynamic leader with a proven track record in various key executive roles across different countries, driving international growth. His expertise includes managing global dealer networks, brand building, and enhancing customer experience.
Sébastien Martel, Chief Financial Officer
Sébastien Martel has served as the Chief Financial Officer of BRP since 2014. Prior to this role, he was the Senior Vice-President, Strategy and Business Development, starting in 2011. Mr. Martel joined BRP in 2004 as Director, Financial Information, and later became Vice-President, Finance. Before his tenure at BRP, he worked at Lazard Frères in New York. He holds a bachelor's degree in Finance from HEC Montréal.
Sandy Scullion, President, Powersports and Marine
Sandy Scullion was appointed President, Powersports and Marine in January 2024. In this role, he oversees the profit and loss responsibility for both businesses, with direct oversight of global retail and services. Mr. Scullion has over 30 years of experience at BRP, demonstrating a deep understanding of the business and the global market.
Patrick Dussault, Executive Vice-President, Global Manufacturing Operations, Powersports and Marine
Patrick Dussault was appointed Executive Vice-President, Global Manufacturing Operations, Powersports and Marine in January 2024, joining BRP's Executive Leadership Team. He has been with BRP for over 25 years, holding key roles in manufacturing operations and procurement. Mr. Dussault is credited with instigating and implementing BRP's innovative and agile manufacturing strategy and successfully leading the establishment of new manufacturing sites. He previously led the manufacturing operations for Powersports.
Anne-Marie LaBerge, Senior Vice-President, Global Brands & Communication
Anne-Marie LaBerge joined BRP in October 2016 as Senior Vice-President, Global Brands & Communication. Since her arrival, she has focused on building long-lasting relationships with global communities and shifting the company's brand focus to promote the riding experience. Before joining BRP, Ms. LaBerge spent two decades in various marketing positions at Telus.
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Key Risks
- Economic Uncertainty and Weak Discretionary Consumer Spending: BRP's business is highly sensitive to economic conditions and consumer confidence, as its products are largely discretionary purchases. High interest rates, the risk of recession, and a return to pre-pandemic demand levels have led to softening consumer demand, declining retail sales, and elevated dealer inventories, making big-ticket powersports purchases less attractive. This also encompasses the inherent cyclicality of the powersports industry and seasonality, where external economic and environmental factors directly influence demand for recreational products.
- Tariff Volatility and Geopolitical/Trade Risks: The company is exposed to significant risks related to international trade policies, particularly concerning the United States-Mexico-Canada Agreement (USMCA) and potential tariffs. Given that a substantial portion of BRP's revenue originates from the U.S. and its production facilities are primarily located in Mexico and Canada, trade uncertainties and tariff escalations can lead to higher input costs and impact profitability.
- Supply Chain and Input Cost Pressures: BRP is susceptible to increased input costs for raw materials and components, which can be exacerbated by global supply chain disruptions and geopolitical factors. These higher costs can put significant pressure on the company's margins if they cannot be fully offset by pricing adjustments or efficiencies.
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The emergence of a widespread "access over ownership" model, driven by sharing economy platforms, poses a clear emerging threat. Similar to how Netflix disrupted Blockbuster by offering access to content without ownership, or Uber challenged traditional taxi services by providing on-demand access to transportation, a robust sharing economy for recreational vehicles could reduce demand for new unit sales of BRP's products. If consumers increasingly opt to rent or subscribe to powersports vehicles (such as ATVs, side-by-sides, snowmobiles, and personal watercraft) for intermittent use, rather than purchasing and maintaining them, BRP's core business model of manufacturing and selling units through dealers could be significantly impacted. While rental and boat club models currently exist, a more integrated, app-based, and scalable sharing platform could emerge to challenge traditional ownership, particularly among demographics that prioritize flexibility and access over outright possession of high-value, often seasonally used assets.
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For BRP Inc. (symbol: DOO), the addressable markets for its main products and services are as follows:
- All-Terrain Vehicles (ATVs) and Side-by-Side Vehicles (UTVs): The global ATV and UTV market was valued at approximately USD 11.95 billion in 2024 and is projected to reach USD 21.60 billion by 2033. North America is a dominant region, with its ATV and UTV market estimated at USD 10.96 billion in 2025, projected to grow to USD 16.95 billion by 2031.
- 3-Wheeled Vehicles: Null
- Snowmobiles: The global snowmobile market size was estimated at USD 1.87 billion in 2025 and is projected to reach USD 2.46 billion in 2030. North America represents the largest snowmobile market globally, accounting for the majority of the market share. In 2022, the North America snowmobile market generated approximately USD 570 million in revenue.
- Personal Watercraft (PWC): The global personal watercraft market is estimated to be valued at USD 3.03 billion in 2025 and is expected to reach USD 4.83 billion by 2032. North America dominates this market, with an estimated market share of 40.3% in 2025. The U.S. is the largest market globally for personal watercraft.
- Jet Boats: The global jet boats market was valued at USD 2.07 billion in 2023 and is expected to grow to USD 3.10 billion by 2032. North America is the leading market for jet boats, accounting for approximately 45% of the global market share.
- Outboard Engines: The global outboard engines market size was estimated at USD 11.17 billion in 2024 and is predicted to increase to approximately USD 19.04 billion by 2034. The U.S. outboard engines market was valued at USD 4.52 billion in 2024 and is anticipated to reach around USD 7.71 billion by 2033. North America held the largest market share globally for outboard engines in 2024.
- Parts, Accessories, and Apparel (Powersports and Marine): Null
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Here are 3-5 expected drivers of future revenue growth for BRP (symbol: DOO) over the next 2-3 years:
- New Product Launches and Electrification Initiatives: BRP is heavily investing in innovation and new product development, particularly in electric vehicles. The company's roadmap includes the launch of electric Can-Am motorcycles (Origin and Pulse) in 2024 and new electric snowmobile models (Ski-Doo Expedition Electric and Lynx Adventure Electric) for 2025. BRP aims to have at least one electric model in each product line by the end of 2026, with a long-term goal for 50% of units sold to be electric by 2035. These new offerings are expected to drive sales and expand market share.
- Strategic Focus on High-Margin Powersports and Parts, Accessories, and Apparel (PA&A) Segments: BRP has strategically divested its marine businesses (excluding Sea-Doo personal watercraft) to concentrate on its higher-margin Powersports segment. The company is also expanding into new product categories within powersports, such as motorcycles, and strengthening its presence in year-round offerings like side-by-side vehicles (SSVs) and all-terrain vehicles (ATVs). The lucrative Parts, Accessories, and Apparel (PA&A) business also provides a steady income stream with higher profit margins, further contributing to revenue growth.
- Geographical Expansion and Increased Global Market Share: BRP is actively pursuing market expansion by establishing new offices and strengthening its presence in key international markets. This includes focusing on regions such as Brazil, Finland, the Middle East, and Asia, particularly China, to increase its global market share.
- Optimized Inventory Management and Strong Dealer Network to Capitalize on Market Rebound: BRP has proactively managed dealer inventory levels, implementing a strategy to reduce production and dealer network inventory. This lean inventory position, coupled with a solid dealer network, is expected to protect brand value and dealer profitability, positioning the company favorably for a market rebound and enabling it to deliver solid growth.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- BRP regularly renews its Normal Course Issuer Bid (NCIB) to purchase subordinate voting shares for cancellation, typically authorizing the repurchase of up to 10% of its public float annually.
- Under the NCIB expiring in December 2024, BRP purchased 3,231,999 subordinate voting shares at a volume-weighted average price of $90.76.
- For the NCIB expiring in December 2023, BRP purchased 3,519,398 subordinate voting shares at a volume-weighted average price of $104.31.
Share Issuance
- In December 2025, a principal shareholder, Bain Capital Integral Investors II, L.P., sold 1,850,000 subordinate voting shares in a secondary offering for C$185,000,000; BRP Inc. did not receive any proceeds from this offering.
Outbound Investments
- In October 2022, BRP completed the acquisition of substantially all the assets related to the powersports business of Kongsberg Inc. in Shawinigan, Quebec (KA Shawinigan), to gain expertise in mechatronics and bolster its electrification plan.
- In 2022, BRP also acquired Pinion and GWM.
- As part of a strategic refocus, BRP signed deals in April 2025 to sell the bulk of its boat business, including Alumacraft and Manitou assets.
Capital Expenditures
- Capital expenditures were approximately $425.5 million in fiscal year 2025 (ended January 31, 2025), primarily focused on introducing new products and modernizing software infrastructure.
- For fiscal year 2026 (ending January 31, 2026), expected capital expenditures are around $380 million.
- BRP announced a five-year plan in March 2021 to invest $300 million in product development, specialized equipment, infrastructure, production tooling, and facilities to electrify its product lines by the end of 2026.
Peer Outperformance in Leisure Products
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DOO | BRP | -3.9% | 36.9x | -4.5% | -18.8% | -38.8% | — |
| HAS | Hasbro | -2.6% | 15.7x | 22.0% | 52.8% | 14.1% | +53pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -24.4% | 74.2% | 64.0% | LINC 257% · CVSA 212% · PRDO 210% |
| Homebuilding | 18 | -4.7% | 35.8% | 51.3% | GRBK 222% · PHM 164% · TOL 142% |
| Specialty Stores | 7 | 8.9% | 52.5% | 15.1% | SIG 35% · ASO 22% · DKS 17% |
| Home Improvement Retail | 5 | -26.0% | -3.6% | -1.4% | HVT 11% · LOW 0% · HD -1% |
| Hotels, Resorts & Cruise Lines | 22 | 18.8% | 46.8% | -1.9% | RCL 177% · MAR 141% · HLT 135% |
| Automotive Retail | 18 | -19.5% | -0.9% | -5.2% | MUSA 218% · PAG 121% · ORLY 106% |
| Distributors | 4 | -10.2% | -23.8% | -13.5% | ARMK 142% · GPC 22% · LKQ -49% |
| Home Furnishings | 4 | -4.9% | 26.7% | -15.8% | SGI 36% · LZB 0% · MHK -32% |
| Specialized Consumer Services | 10 | -18.0% | 13.8% | -17.6% | HRB 95% · FTDR 75% · SCI 38% |
| Footwear | 10 | 55.9% | 53.4% | -18.1% | WEYS 174% · DECK 21% · SHOO 20% |
| Restaurants | 35 | -6.2% | -9.5% | -24.8% | EAT 301% · CAKE 137% · BH-A 104% |
| Leisure Products ← | 13 | -22.7% | -17.9% | -38.8% | GOLF 74% · HAS 14% · MCFT -19% |
| Household Appliances | 17 | -7.5% | 16.0% | -41.2% | FLXS 209% · HBB 168% · KEQU 157% |
| Automotive Parts & Equipment | 38 | -13.0% | -14.0% | -42.0% | MOD 1642% · GTX 269% · STRT 75% |
| Apparel Retail | 26 | -3.4% | 19.8% | -42.6% | ANF 239% · URBN 136% · ROST 115% |
| Apparel, Accessories & Luxury Goods | 28 | -8.7% | 9.2% | -43.2% | RL 238% · TPR 228% · ELA 210% |
| Leisure Facilities | 11 | -19.0% | -4.6% | -44.0% | OSW 134% · JAKK 123% · ESCA 24% |
| Casinos & Gaming | 20 | -16.8% | -25.3% | -48.6% | MCRI 96% · RRR 27% · BYD 16% |
| Computer & Electronics Retail | 3 | -7.4% | 39.4% | -49.5% | BBY 9% · GME -49% · UPBD -64% |
| Broadline Retail | 15 | -3.9% | 15.9% | -55.6% | DDS 311% · EBAY 61% · AMZN 46% |
| Automobile Manufacturers | 8 | -77.6% | -48.7% | -72.3% | GM 65% · TSLA 44% · F 26% |
| Consumer Electronics | 11 | -10.9% | -15.3% | -74.0% | AXIL 2283% · GRMN 89% · SONO -49% |
| Other Specialty Retail | 18 | -36.0% | -44.4% | -79.4% | TLF 110% · BBW 68% · WINA 60% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 67.19 |
| Mkt Cap | 4.4 |
| Rev LTM | 5,490 |
| Op Inc LTM | 454 |
| FCF LTM | 435 |
| FCF 3Y Avg | 597 |
| CFO LTM | 666 |
| CFO 3Y Avg | 796 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.5% |
| Rev Chg 3Y Avg | -2.6% |
| Rev Chg Q | 13.8% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | 18.8% |
| Op Inc Chg 3Y Avg | 6.2% |
| Op Mgn LTM | 8.3% |
| Op Mgn 3Y Avg | 11.1% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 12.1% |
| CFO/Rev 3Y Avg | 13.3% |
| FCF/Rev LTM | 7.9% |
| FCF/Rev 3Y Avg | 8.4% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Year-round products | 4,802 | 4,307 | |||
| Seasonal products | 2,292 | 2,370 | |||
| Parts, accessories and apparel (PA&A), original equipment manufacturer (OEM) Engines and Others | 1,349 | 1,225 | |||
| Single segment | 9,963 | ||||
| Inter-segment eliminations | -30 | -19 | |||
| Marine segment | 519 | 532 | |||
| Powersports segment | 9,545 | 7,136 | |||
| Total | 8,443 | 7,903 | 9,963 | 10,033 | 7,648 |
Price Behavior
| Market Price | $57.17 | |
| Market Cap ($ Bil) | 4.2 | |
| First Trading Date | 07/16/2013 | |
| Distance from 52W High | -29.6% | |
| 50 Days | 200 Days | |
| DMA Price | $62.07 | $65.47 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -7.9% | -12.7% |
| 3M | 1YR | |
| Volatility | 38.4% | 51.5% |
| Downside Capture | 201.12 | 123.79 |
| Upside Capture | 106.69 | 94.67 |
| Correlation (SPY) | 29.8% | 25.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.13 | 0.98 | 0.88 | 0.93 | 0.93 | 0.99 |
| Up Beta | 2.88 | 1.74 | 0.63 | 1.25 | 0.83 | 1.18 |
| Down Beta | -4.17 | -0.59 | 0.77 | 0.88 | 1.00 | 0.77 |
| Up Capture | 61% | 119% | 117% | 39% | 71% | 57% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 19 | 32 | 64 | 126 | 378 |
| Down Capture | 104% | 99% | 89% | 103% | 101% | 103% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 23 | 32 | 63 | 125 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOO | |
|---|---|---|---|---|
| DOO | -5.0% | 51.4% | 0.11 | - |
| Sector ETF (XLY) | -7.2% | 19.5% | -0.51 | 21.8% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 25.6% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 13.6% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -15.3% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 22.3% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOO | |
|---|---|---|---|---|
| DOO | -8.8% | 43.5% | -0.07 | - |
| Sector ETF (XLY) | 4.6% | 24.1% | 0.15 | 46.6% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 46.7% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 10.2% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 7.9% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 41.0% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 19.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOO | |
|---|---|---|---|---|
| DOO | 8.0% | 49.3% | 0.39 | - |
| Sector ETF (XLY) | 12.0% | 22.2% | 0.49 | 50.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 50.7% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 6.7% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 18.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 46.6% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 18.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/28/2026 | 6-K |
| 01/31/2026 | 03/26/2026 | 40-F |
| 10/31/2025 | 12/04/2025 | 6-K |
| 07/31/2025 | 08/29/2025 | 6-K |
| 04/30/2025 | 05/29/2025 | 6-K |
| 01/31/2025 | 03/26/2025 | 40-F |
| 10/31/2024 | 12/06/2024 | 6-K |
| 07/31/2024 | 09/06/2024 | 6-K |
| 04/30/2024 | 05/31/2024 | 6-K |
| 01/31/2024 | 03/28/2024 | 40-F |
| 10/31/2023 | 11/30/2023 | 6-K |
| 07/31/2023 | 09/07/2023 | 6-K |
| 04/30/2023 | 06/01/2023 | 6-K |
| 01/31/2023 | 03/23/2023 | 40-F |
| 10/31/2022 | 11/30/2022 | 6-K |
| 07/31/2022 | 09/14/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/28/2026 | 6-K |
| 01/31/2026 | 03/26/2026 | 40-F |
| 10/31/2025 | 12/04/2025 | 6-K |
| 07/31/2025 | 08/29/2025 | 6-K |
| 04/30/2025 | 05/29/2025 | 6-K |
| 01/31/2025 | 03/26/2025 | 40-F |
| 10/31/2024 | 12/06/2024 | 6-K |
| 07/31/2024 | 09/06/2024 | 6-K |
| 04/30/2024 | 05/31/2024 | 6-K |
| 01/31/2024 | 03/28/2024 | 40-F |
| 10/31/2023 | 11/30/2023 | 6-K |
| 07/31/2023 | 09/07/2023 | 6-K |
| 04/30/2023 | 06/01/2023 | 6-K |
| 01/31/2023 | 03/23/2023 | 40-F |
| 10/31/2022 | 11/30/2022 | 6-K |
| 07/31/2022 | 09/14/2022 | 6-K |
| 04/30/2022 | 06/03/2022 | 6-K |
| 01/31/2022 | 03/25/2022 | 40-F |
| 10/31/2021 | 12/01/2021 | 6-K |
| 07/31/2021 | 09/02/2021 | 6-K |
| 04/30/2021 | 06/03/2021 | 6-K |
| 01/31/2021 | 03/25/2021 | 40-F |
| 10/31/2020 | 11/25/2020 | 6-K |
| 07/31/2020 | 08/27/2020 | 6-K |
| 04/30/2020 | 05/28/2020 | 6-K |
| 01/31/2020 | 04/09/2020 | 40-F |
| 10/31/2019 | 11/27/2019 | 6-K |
| 07/31/2019 | 08/29/2019 | 6-K |
Investor Activity (13F)
Updated Sep 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Leisure Products Resources |
| The Toy Book |
| Bicycle Retailer |
| SGB Media |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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