| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 201.46 | 224.33 | 170.35 | 174.78 |
| Receivables | 85.78 | 106.41 | 108.29 | 95.11 |
| Inventory | 812.83 | 906.64 | 867.33 | 788.64 |
| Other | 18.00 | — | — | — |
| 1,123.18 | 1,273.21 | 1,180.88 | 1,086.78 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 71.71 | 54.48 | 56.38 | 43.86 |
| ST’ Debt | 570.83 | 742.76 | 751.27 | 635.85 |
| Other | 81.70 | 64.85 | 45.70 | 61.39 |
| 847.05 | 1,069.14 | 984.88 | 880.96 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 505.18 | 527.41 | 611.26 | — |
—
|
| ’25 | 468.46 | 631.52 | 657.16 | 552.15 |
2,309.29
|
| ’24 | 527.27 | 582.89 | 757.72 | 563.12 |
2,431.01
|
| ’23 | 507.93 | 570.34 | 721.84 | 594.60 |
2,394.71
|
| ’22 | 472.69 | 610.11 | 688.54 | 536.76 |
2,308.10
|
| ’21 | 411.52 | 523.10 | 666.33 | 462.31 |
2,063.26
|
| ’20 | 304.17 | 308.48 | 498.30 | 398.76 |
1,509.71
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 16.88 | 55.47 | 85.21 | — |
—
|
| ’25 | (146.08) | 72.50 | 84.94 | 61.45 |
72.81
|
| ’24 | (89.09) | (22.09) | 86.30 | (0.78) |
(25.66)
|
| ’23 | (156.29) | (94.23) | 53.59 | (25.30) |
(222.23)
|
| ’22 | 8.08 | 81.02 | 33.94 | (46.44) |
76.60
|
| ’21 | (12.84) | 159.48 | 182.97 | 44.27 |
373.88
|
| ’20 | (19.30) | 0.69 | 239.94 | 83.34 |
304.68
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | 19.35 | 45.40 | 77.25 | — |
—
|
| ’25 | (158.71) | 62.70 | 76.84 | 48.12 |
28.94
|
| ’24 | (102.41) | (37.19) | 71.33 | (17.35) |
(85.63)
|
| ’23 | (166.71) | (109.63) | 30.79 | (39.36) |
(284.90)
|
| ’22 | (15.68) | 73.10 | 22.84 | (61.42) |
18.84
|
| ’21 | (19.75) | 154.43 | 176.71 | 36.72 |
348.11
|
| ’20 | (23.70) | 1.36 | 237.84 | 78.82 |
294.33
|
| Dec | Mar | Jun | Sep | Year | |
|---|---|---|---|---|---|
| ’26 | (0.36) | (0.12) | 0.66 | — |
—
|
| ’25 | 0.77 | 0.14 | (2.42) | (0.04) |
(1.43)
|
| ’24 | 0.04 | 0.07 | 1.37 | 0.17 |
1.65
|
| ’23 | 0.89 | 1.35 | 1.98 | 0.67 |
4.87
|
| ’22 | 1.59 | 2.37 | 3.17 | 1.73 |
8.84
|
| ’21 | 1.04 | 1.69 | 2.59 | 1.45 |
6.78
|
| ’20 | 0.41 | 0.23 | 1.58 | 1.13 |
3.37
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 27.40 | 25.60 | 22.51 | 16.85 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 61.06 | 42.88 | 39.36 | 33.28 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,410 | 3,928 | 4,050 | 3,385 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.68 | 0.61 | 0.60 | 0.68 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,308.10 | 2,394.71 | 2,431.01 | 2,309.29 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 34.91% | 34.88% | 32.96% | 32.49% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 261.92 | 147.44 | 54.33 | (37.14) | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.35% | 6.16% | 2.23% | (1.61%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 197.99 | 109.48 | 38.74 | (30.77) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.42 | 41.03 | 44.49 | 118.38 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 106.33 | 109.59 | 109.15 | 104.72 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 9.12 | 5.00 | 1.71 | (1.43) | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.53 | (10.17) | (1.15) | 3.30 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.66) | (2.87) | (2.69) | (1.99) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.87 | (13.04) | (3.84) | 1.31 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36.06 | 42.03 | 44.28 | 43.02 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.71 | 21.85 | 22.27 | 22.05 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.26 | 6.59 | 20.63 | 0.00 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.28 | 0.30 | 0.32 | 0.24 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.83 | 0.78 | 0.80 | 0.59 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.26 | 0.62 | 0.68 | 0.65 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.77 | (5.19) | (19.38) | 65.69 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 76.60 | (222.23) | (25.66) | 72.81 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (57.75) | (62.67) | (59.97) | (43.87) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.84 | (284.90) | (85.63) | 28.94 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 341.23 | 276.13 | 204.07 | 196.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 180.21 | 960.06 | 1,098.67 | 1,107.51 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (48.06) | 758.60 | 874.34 | 937.16 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 782.67 | 918.42 | 986.25 | 948.75 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.77% | 5.79% | 1.51% | (1.25%) | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 22.56% | 7.48% | 4.31% | 1.13% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.74% | 12.85% | 4.00% | (3.27%) | — | — | — |
ROE
|
MarineMax (HZO), the U.S.’s largest recreational boat retailer, rode a decade-long revenue surge from $942 million in 2016 to a 2024 peak of $2.43 billion, fueled by post-recession recovery and COVID-era demand for outdoor escapes. Yet, rising interest rates, softening sales, and inventory gluts triggered sharp reversals, with profitability cratering—net income down 80% to $39 million in 2024 and a projected 2025 loss of $31 million amid eroding margins from 35% to negative territory. Employee efficiency waned as headcount ballooned to 4,050, and cash flows swung wildly from $305 million positive in 2020 to negative territory recently.
The balance sheet reflects aggressive expansion, with debt exploding to $1.1 billion and net debt at $937 million, pressuring leverage despite healthy working capital. Valuation metrics signal caution but opportunity: PS at 0.3x, PB at 0.8x (down 76% from peaks), and stock trading even with low-end targets—12% below average, 21% under high—implying limited downside if recovery materializes. Analysts forecast revenue stabilization with 3-4% growth post-2025 dip, EPS rebounding to $2.26 by 2028, and ROE normalizing to 10-15%.
Insider activity is muted with net selling, but easing rates could mirror past cycles, unlocking 10-15% annualized returns for patient investors. Key risks loom from prolonged high rates, recession, or sector shifts like electric boats. Monitor Q1 2026 earnings for cash flow inflection—HZO remains a compelling watchlist play at derated levels.
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