MarineMax, Inc.
HZO Consumer Cyclical Specialty Retail
MarineMax, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $2.3 billion, down 5.01% from fiscal 2024. In the quarter to June 2026, revenue fell 6.98%, EPS grew 128.9%, free cash flow was flat and total debt fell 14.5%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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MarineMax, Inc. (HZO) Altman Z-score
MarineMax, Inc.'s Altman Z-score for fiscal 2025 is 1.72, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.72 | (0.18) |
| FY2024 | 1.90 | (0.21) |
| FY2023 | 2.11 | (1.88) |
| FY2022 | 3.99 | (1.21) |
| FY2021 | 5.20 | 0.91 |
| FY2020 | 4.30 | 1.37 |
| FY2019 | 2.93 | (0.92) |
| FY2018 | 3.85 | 0.73 |
| FY2017 | 3.12 | (0.76) |
| FY2016 | 3.88 | 0.35 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.10 | |
| Retained earnings / total assets | 0.30 | — | 0.42 | |
| EBIT / total assets | 0.01 | — | 0.05 | |
| Market value of equity / total liabilities | 0.37 | — | 0.22 | |
| Sales / total assets | 0.93 | — | 0.93 | |
| Altman Z-score | Distress zone | 1.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.25 | ||
Z and Z″ put MarineMax, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WINA Winmark Corporation compare | 18.0× |
| BWMX Betterware de Mexico SAPI de C compare | 3.1× |
| SBH Sally Beauty Holdings, Inc. compare | 2.9× |
| ARHS Arhaus, Inc. compare | 2.5× |
| EYE National Vision Holdings, Inc. compare | 2.3× |
| HZO MarineMax, Inc. | 1.7× |
| SVV Savers Value Village, Inc. compare | 1.4× |
| RH RH compare | 1.4× |
| WOOF Petco Health and Wellness Company, Inc. compare | 1.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets