MarineMax, Inc. (HZO) vs Winmark Corporation (WINA)

MarineMax, Inc. and Winmark Corporation are both Specialty Retail companies. MarineMax, Inc. is the larger, with a market value of $1.2B against $956.0M — 1.2× the size. MarineMax, Inc. has negative trailing earnings, so its P/E is not meaningful; Winmark Corporation trades at 23.1×. Winmark Corporation grew revenue faster over the last twelve months: 8.61% against −6.29%. Winmark Corporation has the higher net margin (45.1% vs −0.38%) and the lower return on invested capital (0.00% vs 1.82%). Across the 20 metrics below, Winmark Corporation leads on 12 and MarineMax, Inc. on 8.

Valuation

Metric HZO WINA Specialty Retail median
P/E n/m 23.07 19.32
P/S 0.54 10.43 0.59
P/B 1.23 n/m 2.19
Price to free cash flow 6.13 23.08 12.81
EV/EBITDA 16.81 17.92 7.94
EV/Sales 0.91 10.84 0.75
Earnings yield (0.64%) 4.33% 4.27%
Free cash flow yield 16.32% 4.33% 3.23%

Profitability

Metric HZO WINA Specialty Retail median
Gross margin 34.85% 92.38% 36.02%
Operating margin 2.37% 59.70% 4.14%
Net margin (0.38%) 45.13% 2.85%
Free cash flow margin 0.00% 45.21% 2.61%
Return on equity (0.87%) (129.99%) 4.17%
Return on assets (0.34%) 83.88% 1.43%
Return on invested capital 1.82% 0.00% 1.82%

Growth

Metric HZO WINA Specialty Retail median
Revenue growth (TTM) (6.29%) 8.61% 3.53%
EPS growth (last fiscal year) 76.34% 3.76% 26.01%
Revenue growth, 5-year CAGR 0.96% 5.43% 3.84%
Net income growth, 5-year CAGR 0.00% 6.91% 0.00%

Health

Metric HZO WINA Specialty Retail median
Debt to equity 1.03 (1.60) 0.26
Current ratio 1.19 3.20 1.38
Net debt to EBITDA 15.86 0.89 0.35

Dividend

Metric HZO WINA Specialty Retail median
Dividend yield — 1.12% 1.27%
Payout ratio — 0.27 0.26

Size

Metric HZO WINA Specialty Retail median
Market cap 1.16b 955.96m 569.27m

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