We introduce the cave polynomial of a polymatroid and show that it yields a valuative function on polymatroids. The support of this polynomial after homogenization is again a polymatroid. The cave polynomial gives a $K$-theoretic description of a polymatroid in the augmented $K$-ring of a multisymmetric lift. As applications, we settle two conjectures: one by Bandari, Bayati, and Herzog regarding polymatroidal ideals, and another by Castillo, Cid-Ruiz, Mohammadi, and Montaño regarding the Möbius support of a polymatroid.