OneWater Marine Inc.
ONEW Consumer Cyclical Specialty Retail
OneWater Marine Inc.’s revenue for fiscal 2025 (year ended September 2025) was $1.9 billion, up 5.62% from fiscal 2024. In the quarter to June 2026, revenue fell 4.01%, EPS grew 6.06%, free cash flow fell 12.5% and total debt fell 16.8%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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OneWater Marine Inc. (ONEW) Altman Z-score
OneWater Marine Inc.'s Altman Z-score for fiscal 2025 is 1.39, 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 | 1.39 | (0.30) |
| FY2024 | 1.69 | 0.05 |
| FY2023 | 1.64 | (0.52) |
| FY2022 | 2.17 | (1.03) |
| FY2021 | 3.19 | (0.10) |
| FY2020 | 3.29 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.08 | |
| Retained earnings / total assets | 0.03 | — | 0.04 | |
| EBIT / total assets | (0.06) | — | −0.20 | |
| Market value of equity / total liabilities | 0.22 | — | 0.13 | |
| Sales / total assets | 1.33 | — | 1.33 | |
| Altman Z-score | Distress zone | 1.39 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.37 | ||
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 |
|---|---|
| BBW Build-A-Bear Workshop, Inc. compare | 5.2× |
| HTLM HomesToLife Ltd compare | 4.5× |
| ABLV Able View Global Inc. compare | 4.3× |
| FLWS 1-800 FLOWERS.COM, Inc. compare | 1.8× |
| ONEW OneWater Marine Inc. | 1.4× |
| GRWG GrowGeneration Corp. compare | −0.4× |
| BARK BARK, Inc. compare | −1.0× |
| CHPT ChargePoint Holdings, Inc. compare | −3.9× |
| NAAS NaaS Technology Inc. Sponsored ADR compare | −44.8× |
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