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) Beneish M-score
OneWater Marine Inc.'s Beneish M-score for fiscal 2025 is −3.33; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.33 | (0.50) |
| FY2024 | −2.83 | (1.29) |
| FY2023 | −1.54 | (0.11) |
| FY2022 | −1.42 | 0.74 |
| FY2021 | −2.16 | 1.68 |
| FY2020 | −3.84 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.79 | — | 0.72 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 0.93 | — | 0.38 | |
| Sales growth index | 1.06 | — | 0.94 | |
| Depreciation index | 0.91 | — | 0.10 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.15) | — | −0.69 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.33 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NAAS NaaS Technology Inc. Sponsored ADR compare | −9.9× |
| ABLV Able View Global Inc. compare | −3.6× |
| CHPT ChargePoint Holdings, Inc. compare | −3.6× |
| FLWS 1-800 FLOWERS.COM, Inc. compare | −3.6× |
| ONEW OneWater Marine Inc. | −3.3× |
| GRWG GrowGeneration Corp. compare | −2.7× |
| BARK BARK, Inc. compare | −2.4× |
| BBW Build-A-Bear Workshop, Inc. compare | −2.3× |
| HTLM HomesToLife Ltd compare | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI