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Friday 6 November 2026
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Massimo Group
MAMO Consumer Cyclical Recreational Vehicles
Massimo Group’s revenue for fiscal 2025 (year ended December 2025) was $71.8 million, down 34.3% from fiscal 2024.
- Revenue
- −21.1%
- EPS
- +1,479.0%
- Free cash flow
- +164.8%
- Total debt
- −64.8%
Quarter to June 2026, against a year earlier
0.97
0.01
+1.04%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 83 | 87 | 115 | 109 | 72 | 66 | (3.4%) | — | — | — | — | |
| Gross margin, % | — | — | — | — | — | 20.64 | 25.66 | 31.22 | 29.69 | 37.52 | 42.98 | +16.9 pt | ||||||
| EBT | — | — | — | — | — | 5 | 4 | 13 | 2 | 2 | 5 | (19.0%) | ||||||
| EBT margin, % | — | — | — | — | — | 5.71 | 4.81 | 10.91 | 2.21 | 2.83 | 7.78 | (2.9) pt | ||||||
| Net income | — | — | — | — | — | 5 | 4 | 10 | 2 | 2 | 4 | (24.8%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 2.06 | 2.16 | 2.88 | 2.67 | 1.73 | 1.58 | (4.4%) | |||||
| Earnings | — | — | — | — | — | 0.12 | 0.08 | 0.26 | 0.04 | 0.04 | 0.10 | (23.7%) | ||||||
| Cash flow | — | — | — | — | — | (0.03) | 0.02 | 0.27 | 0.16 | 0.00 | 0.11 | (47.8%) | ||||||
| Capex | — | — | — | — | — | (0.01) | 0.00 | 0.00 | (0.01) | 0.00 | (0.02) | (28.1%) | ||||||
| Free cash flow | — | — | — | — | — | (0.04) | 0.01 | 0.27 | 0.16 | 0.00 | 0.09 | (43.5%) | ||||||
| Book value | — | — | — | — | — | 0.32 | 0.13 | 0.36 | 0.53 | 0.57 | 0.58 | +15.3% | ||||||
| Shares, m | — | — | — | — | — | 40 | 40 | 40 | 41 | 42 | 42 | +1.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 9.10 | 9.10 | 9.10 | 56.24 | 94.99 | 9.70 | 35.7 | |||||
| P/S | — | — | — | — | — | 0.95 | 0.95 | 0.95 | 0.96 | 2.31 | 0.62 | 1.2 | ||||||
| P/B | — | — | — | — | — | 6.64 | 6.64 | 6.64 | 4.86 | 6.98 | 1.68 | 6.3 | ||||||
| EV/Sales | — | — | — | — | — | 0.95 | 0.95 | 0.95 | 0.90 | 2.26 | 0.59 | 1.2 | ||||||
| EV/FCF | — | — | — | — | — | 12.81 | 12.81 | 12.81 | 15.19 | (774.79) | 10.01 | (144.2) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | (1) | 1 | 11 | 7 | 0 | 5 | (47.5%) | |||||
| Capex | — | — | — | — | — | 0 | 0 | 0 | 0 | 0 | (1) | (27.8%) | ||||||
| Free cash flow | — | — | — | — | — | (2) | 0 | 11 | 6 | 0 | 4 | (42.9%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 12 | 3 | 20 | 18 | 18 | 17 | +10.4% | |||||
| Net debt | — | — | — | — | — | 3 | 5 | 0 | (10) | (6) | (5) | n/m | ||||||
| Shareholders’ equity | — | — | — | — | — | 13 | 5 | 14 | 22 | 24 | 24 | +16.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | 9.01 | 26.43 | 3.64 | 2.84 | 8.38 | +2.8 pt | |||||
| ROIC | — | — | — | — | — | 17.39 | 29.39 | 57.27 | 27.38 | 6.90 | 16.61 | (10.5) pt | ||||||
| ROE | — | — | — | — | — | 0.00 | 36.57 | 106.50 | 9.74 | 6.65 | 17.93 | +6.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 122 | 126 | 100 | 100 | — | (6.4%) | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.71 | 0.91 | 1.09 | 0.72 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Massimo Group vs peers in Recreational Vehicles (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MCFT MASTERCRAFT BOAT HOLDINGS, INC. | $503.4M | — (loss-making) | 12.7× | +63.41% (above 0%: growing) | n/m | −18.29% (below 0%: shrinking) | 22.56% | (4.86%) | Compare |
| MBUU Malibu Boats, Inc. | $406.2M | 50.6× | 13.3× | +29.89% (above 0%: growing) | n/m | −1,808.53% (below 0%: shrinking) | 14.96% | 5.20% | Compare |
| LVWR LiveWire Group, Inc. | $111.0M | — (loss-making) | — | +37.92% (above 0%: growing) | n/m | +7.75% (above 0%: growing) | (4.77%) | (222.65%) | Compare |
| EMPD Empery Digital Inc. | $61.1M | — (loss-making) | — (loss-making) | −57.94% (below 0%: shrinking) | n/m | +58.28% (above 0%: growing) | (85.25%) | (52,585.50%) | Compare |
| MAMO Massimo Group | $39.9M | 9.7× | — | −21.13% (below 0%: shrinking) | +1,478.95% (above 0%: growing) | +164.77% (above 0%: growing) | 48.81% | 11.14% | |
| KNDI Kandi Technologies Group, Inc. | $33.5M | — (loss-making) | — (loss-making) | −16.71% (below 0%: shrinking) | n/m | −880.32% (below 0%: shrinking) | 31.30% | (22.47%) | Compare |
| VEEE Twin Vee PowerCats, Co. | $4.8M | — (loss-making) | 4.1× | −19.16% (below 0%: shrinking) | n/m | +37.70% (above 0%: growing) | (13.61%) | (112.15%) | Compare |
| VMAR Vision Marine Technologies Inc. | $3.6M | — (loss-making) | — (loss-making) | +8,619.13% (above 0%: growing) | n/m | +183.36% (above 0%: growing) | 17.35% | (29.11%) | Compare |
| FUVV Arcimoto, Inc. | $3.6M | — (loss-making) | — (loss-making) | −45.15% (below 0%: shrinking) | n/m | +69.65% (above 0%: growing) | (166.81%) | (686.82%) | Compare |
| Median of peers | $47.3M | — | 12.7× | +6.59% | — | +22.73% | 5.10% | (70.63%) |
Pay and ownership Proxy statement filed 29 April 2026
Ownership
Directors and executive officers, together
77.62%
David Shan
77.23%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement