BRP Inc. DOO
TorontoAutos and vehiclesFinancials to Jul 31, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| CA$B | Jan 31 | Jul 31 |
|---|---|---|
| Cash | 0.4 | 0.6 |
| Securities | 0.0 | 0.0 |
| Debt | 2.4 | 2.5 |
| Net cash | -2.0 | -1.9 |
| Equity | 0.6 | 0.3 |
- Debt / EBITDA
- 2.95×
- Debt / equity
- 7.60×
- Leases (7/31/26)
- CA$500M
- Diluted shares
- 73M
- Book value / share
- CA$4.52
- Price / book
- 20.3×
- Net cash / share
- −CA$25.45
- Market cap
- CA$6.7B
- Enterprise value
- CA$8.5B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 18.5% | +14.2 pts | |
| Operating margin | -2.2% | -7.0 pts | |
| FCF margin | 8.6% | +6.6 pts | |
| Capex / revenue | 3.1% | -1.1 pts | |
| North American powersports retail sales growth | +1% | +12 pts | |
| North American dealer inventories growth | +2% | +22 pts | |
| Year-Round Products revenue | CA$1.5B | – | |
| Seasonal Products revenue | CA$428M | – | |
| PA&A, OEM Engines and Others revenue | CA$324M | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About DOO
BRP makes Can-Am off-road and three-wheel vehicles, Ski-Doo/Lynx snowmobiles, Sea-Doo watercraft and related parts and engines. FY2026 continuing revenue was 56.9% Year-Round Products, 27.1% Seasonal Products and 16.0% PA&A, OEM Engines and Others.
- Brand Trust
Can-Am combines number-two global positions in ATV and recreational SSV with broad model lineups; current North American ORV gains support continued relevance, though the share evidence is management-estimated.
- Distribution Control
A large dealer and distributor footprint supports global reach and after-sales service, but the channel is independent, generally non-exclusive, and often shared with competitors, so it is a modest access advantage rather than true control.
- Brand Trust
Ski-Doo/Lynx and Sea-Doo brands are positioned as market leaders; management states leading global market-share positions in both snowmobiles and PWCs.
- Installed Base Consumables
Vehicle-specific parts and accessories monetize BRP's installed base and carry high margins, but the disclosed category combines PA&A with OEM engines and other products and BRP does not quantify repeat or captive revenue.
- Oct 1, 2026
Minh Thanh Tran succeeded Sébastien Martel as CFO; Martel remains an executive advisor until his planned April 2027 retirement.
- Sep 3, 2026
BRP reported a CA$74.8m supplier restructuring charge and seasonal share pressure while ORV gained share, making profit recovery depend on costs as well as sales.
- Aug 24, 2026
BRP Financial Services began its US retail financing program, giving dealers another way to finance customer purchases.
- Aug 18, 2026
BRP announced new Can-Am and Sea-Doo models, including the Defender HD10 and Senna 350 PWC, and promised major off-road launches every six months.
- Jul 31, 2026 · Restructuring charge −CA$75M
A supplier financial restructuring raised cost of sales and reduced gross profit. The supplier stress also tests manufacturing continuity.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (CA$) | |||||||||||||
| Revenue | 36.85 | 41.26 | 52.65 | 64.52 | 67.18 | 89.70 | 123.95 | 127.91 | 105.96 | 114.25 | 128.32 | +13.4%/yr | |
| Cash flow | 4.47 | 5.20 | 5.64 | 5.92 | 10.77 | 9.03 | 8.02 | 21.12 | 9.23 | 16.41 | 20.98 | +15.5%/yr | |
| Earnings | 2.27 | 2.21 | 2.28 | 3.96 | 4.10 | 9.31 | 10.67 | 11.91 | 0.86 | 4.64 | 1.58 | +8.3%/yr | |
| Free cash flow | 2.82 | 3.06 | 2.64 | 2.40 | 7.61 | 0.85 | -0.12 | 13.66 | 3.51 | 11.79 | 16.38 | +17.2%/yr | |
| Capex | 1.65 | 2.13 | 3.00 | 3.53 | 3.16 | 8.18 | 8.15 | 7.46 | 5.72 | 4.62 | 4.60 | +12.1%/yr | |
| Dividends | 0.00 | 0.23 | 0.35 | 0.40 | 0.11 | 0.51 | 0.63 | 0.71 | 0.83 | 0.85 | 0.93 | – | |
| Book value | 1.42 | -2.75 | -3.29 | -6.33 | -5.40 | -1.59 | 6.61 | 10.30 | 3.24 | 8.17 | 4.52 | +21.5%/yr | |
| Diluted shares (M) | 113 | 108 | 100 | 94 | 89 | 85 | 81 | 79 | 75 | 74 | 73 | -4.6%/yr | |
| Totals (CA$B) | |||||||||||||
| Revenue | 4.2 | 4.5 | 5.2 | 6.1 | 6.0 | 7.6 | 10.0 | 10.0 | 7.9 | 8.4 | 9.3 | +8.1%/yr | |
| Operating income | 0.3 | 0.4 | 0.5 | 0.6 | 0.5 | 1.2 | 1.4 | 1.4 | 0.6 | 0.4 | 0.4 | +3.0%/yr | |
| Net income | 0.3 | 0.2 | 0.2 | 0.4 | 0.4 | 0.8 | 0.9 | 0.9 | 0.1 | 0.3 | 0.1 | +3.2%/yr | |
| Free cash flow | 0.3 | 0.3 | 0.3 | 0.2 | 0.7 | 0.1 | -0.0 | 1.1 | 0.3 | 0.9 | 1.2 | +11.8%/yr | |
| Buybacks | 0.1 | 0.5 | 0.2 | 0.4 | 0.2 | 0.7 | 0.3 | 0.4 | 0.2 | 0.1 | 0.2 | -4.0%/yr | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | – | |
| Net cash | -0.6 | -0.8 | -1.1 | -1.6 | -1.1 | -1.8 | -2.6 | -2.3 | -2.7 | -2.0 | -1.9 | −CA$1.4B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 24.2 | 23.5 | 23.9 | 24.0 | 24.7 | 27.9 | 24.9 | 26.3 | 22.5 | 22.4 | 20.6 | -1.8 pts | |
| Operating margin | 7.3 | 8.5 | 9.0 | 10.0 | 7.8 | 15.5 | 13.6 | 14.1 | 7.0 | 4.7 | 4.2 | -2.6 pts | |
| Net margin | 6.2 | 5.4 | 4.3 | 6.1 | 6.1 | 10.4 | 8.6 | 9.3 | 0.8 | 4.1 | 1.2 | -2.1 pts | |
| FCF margin | 7.6 | 7.4 | 5.0 | 3.7 | 11.3 | 0.9 | -0.1 | 10.7 | 3.3 | 10.3 | 12.8 | +2.7 pts | |
| ROIC | 31.2 | 61.5 | 48.0 | 47.9 | 61.6 | 58.0 | 35.0 | 36.7 | 14.9 | 12.2 | 14.3 | -19.0 pts | |
| R&D % of revenue | 4.4 | 4.5 | 4.2 | 3.9 | 4.1 | 3.8 | 3.7 | 4.0 | 4.9 | 5.1 | 4.9 | +0.7 pts | |
| Stock pay % of revenue | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | – | +0.1 pts | |
| Capex % of revenue | 4.5 | 5.2 | 5.7 | 5.5 | 4.7 | 9.1 | 6.6 | 5.8 | 5.4 | 4.0 | 3.6 | -0.4 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- widening
- Pricing power
- moderate
- Powersports - Year-Round Products56.9%2 claims
- Powersports - Seasonal Products27.1%1 claim
- Powersports - PA&A, OEM Engines and Others16.0%1 claim
- Telwater Marine Boats (Held for Sale/Discontinued)0.0%Not scored: evidence insufficient
Moat claims
- Applies to
- Powersports - Year-Round Products
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Sep 3, 2026
Can-Am combines number-two global positions in ATV and recreational SSV with broad model lineups; current North American ORV gains support continued relevance, though the share evidence is management-estimated.
North American ORV gained share in Q2 FY2027 as total powersports retail units rose 1%; higher Year-Round shipments and lower promotions support Can-Am, but tariffs weaken profit conversion.
- North American powersports retail sales growth+1%
- North American dealer inventories growth+2%
- Year-Round Products revenueCA$1.5B
- Promotional intensity and price competition
- Low-cost entrants expanding in North America
- Electrification transition execution risk
- FilingBRP Inc. Form 40-F (Exhibit 99.1 Annual Information Form)Mar 26, 2026
- FilingBRP Inc. Form 40-F (Exhibit 99.1 Annual Information Form)Mar 26, 2026
- SourceBRP Fiscal Year 2027 First Quarter ResultsMay 28, 2026
- NewsBRP Q2 FY2027 resultsSep 3, 2026
- Applies to
- Powersports - Year-Round Products
- Confidence
- Durability
- medium
- Trajectory
- stableas of Sep 3, 2026
A large dealer and distributor footprint supports global reach and after-sales service, but the channel is independent, generally non-exclusive, and often shared with competitors, so it is a modest access advantage rather than true control.
About 2,050 direct dealers and 140 distributors support reach, while Q2 North American network inventories rose 2%; independent dealers remain free to stock competitors.
- North American powersports retail sales growth+1%
- North American dealer inventories growth+2%
- Direct dealers~2,050
- Dealer consolidation and multi-branding
- Direct-to-consumer shift in discovery/lead gen
- Dealer financing stress during downturns
- FilingBRP Inc. Form 40-F (Exhibit 99.1 Annual Information Form)Mar 26, 2026
- Applies to
- Powersports - Seasonal Products
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Sep 3, 2026
Ski-Doo/Lynx and Sea-Doo brands are positioned as market leaders; management states leading global market-share positions in both snowmobiles and PWCs.
In Q2 FY2027 seasonal retail declined in the low single digits while the industry grew in the low single digits, and first-half PWC and pontoon share losses weakened the combined seasonal brand advantage.
- North American powersports retail sales growth+1%
- North American dealer inventories growth+2%
- Seasonal Products revenueCA$428M
- Warm winters and climate variability (snowmobiles)
- Consumer discretionary downturns
- Competitors close technology/performance gap
- FilingBRP Inc. Form 40-F (Exhibit 99.1 Annual Information Form)Mar 26, 2026
- FilingBRP Inc. Form 40-F (Exhibit 99.1 Annual Information Form)Mar 26, 2026
- SourceBRP Q1 FY2027 Earnings PresentationMay 28, 2026
- Applies to
- Powersports - PA&A, OEM Engines and Others
- Confidence
- Durability
- medium
- Trajectory
- stableas of Sep 3, 2026
Vehicle-specific parts and accessories monetize BRP's installed base and carry high margins, but the disclosed category combines PA&A with OEM engines and other products and BRP does not quantify repeat or captive revenue.
PA&A, OEM Engines and Others revenue reached CA$324.0m in Q2 FY2027, up 6.3%, but the category also includes engines and does not disclose captive parts retention.
- PA&A, OEM Engines and Others revenueCA$324M
- Third-party aftermarket and e-commerce price pressure
- Higher durability of products reduces parts turnover
- FilingBRP Inc. Form 40-F (Exhibit 99.1 Annual Information Form)Mar 26, 2026
Profile change log
- Oct 6, 2026 · analyst revision
The four claims now show dated trajectories: Can-Am brand strength is widening, seasonal brand strength is narrowing, and distribution and installed-base parts advantages are stable. Telwater has zero continuing-revenue weight and remains unscored because captive boat economics are not established.
- Oct 6, 2026 · business change
Minh Thanh Tran succeeded Sébastien Martel as CFO; Martel remains an executive advisor until his planned April 2027 retirement.
- Oct 6, 2026 · business change
BRP reported a CA$74.8m supplier restructuring charge and seasonal share pressure while ORV gained share, making profit recovery depend on costs as well as sales.
- Oct 6, 2026 · business change
BRP Financial Services began its US retail financing program, giving dealers another way to finance customer purchases.
- Oct 6, 2026 · business change
BRP announced new Can-Am and Sea-Doo models, including the Defender HD10 and Senna 350 PWC, and promised major off-road launches every six months.
- Oct 6, 2026 · business change
BRP disclosed a CA$229.8m impairment of EV and light mobility assets, showing that earlier growth assumptions had weakened.
- Oct 6, 2026 · business change
Denis Le Vot became CEO after José Boisjoli retired, placing product and capital allocation decisions under new leadership.
- Oct 6, 2026 · business change
The ACCC opposed the Telwater sale to Yamaha, leaving the Australian boat assets with BRP and delaying the marine exit.
- Oct 6, 2026 · business change
BRP sold the Manitou assets to Bentley Pontoons owners, further concentrating investment on powersports.
- Oct 6, 2026 · business change
BRP sold the Alumacraft assets to Bryton Marine Group, reducing its exposure to the boat business.
Industry & peers
Peer map
Global year-round powersports vehicles
ATVs, recreational and utility side-by-side vehicles, three-wheel road vehicles and small electric motorcycles sold through dealers. Recreational utility and sports demand differs from agricultural or industrial fleet demand.
- BRP
- Polaris
- Honda
- Yamaha
- Kawasaki
- CFMoto
- John Deere
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| DOO | 75 | 20.6% | 4.2% | |
| Industry median | 3 | 75 | – | – |
| Sector median | 85 | 74 | 55.3% | 17.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Higher disposable income and cheaper consumer loans can bring forward vehicle replacement; utility use helps some categories through recessions.
- New model performance and useful features shift retail share among established brands.
- US demand is particularly important; currency translation and Mexico/Canada/US production costs can move differently.
- Efficient dealer service and retail financing reduce friction in buying and owning a vehicle.
- Demand is highly discretionary and financing-sensitive; dealers can cut orders faster than consumer retail falls.
- Low-cost manufacturers and multi-brand dealers weaken price premiums.
- Metal tariffs, energy and freight costs, and financially weak suppliers can absorb benefits from higher volumes.
- Safety recalls, emissions and noise rules, and restrictions on trail access can raise costs or narrow usage.
Bulls & bears
Can Can-Am market share and parts revenue turn into sustained cash profit after tariffs, supplier stress and weaker seasonal demand?
Arguments
What to watch
- 1North American retail units versus dealer inventory units
- 2Year-Round and Seasonal category revenue and gross profit
- 3PA&A, OEM Engines and Others revenue and continuing operating profit
Next check: FY2027 Q3 results, tentatively December 3, 2026; compare seasonal retail with the industry and check supplier costs and tariff mitigation.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 75/100 by <a href="https://www.findmymoat.com/stocks/XTSE:DOO">Find My Moat</a> (as of September 2026)Curation & Accuracy
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