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HZO

MarineMax, Inc.

HZO

MarineMax, Inc. • NYSE
$23.38 ▼ -2.91% (-0.70)
Market Cap $511.31 M
52w High $34.09
52w Low $16.85
Dividend Yield 0%
P/E -16.35
Volume 152.76K
Outstanding Shares 21.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $552.153M ▼ $177.598M ▼ $-854K ▲ -0.155% ▲ $-0.04 ▲ $26.775M ▼
Q3-2025 $657.159M ▲ $241.161M ▲ $-52.146M ▼ -7.935% ▼ $-2.42 ▼ $40.051M ▲
Q2-2025 $631.515M ▲ $166.77M ▲ $3.3M ▼ 0.523% ▼ $0.15 ▼ $34.993M ▲
Q1-2025 $468.461M ▼ $130.682M ▼ $18.066M ▲ 3.856% ▲ $0.8 ▲ $24.752M ▼
Q4-2024 $563.122M $166.396M $3.999M 0.71% $0.18 $32.777M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $170.351M ▲ $2.47B ▼ $1.522B ▼ $937.19M ▼
Q3-2025 $151.017M ▼ $2.488B ▼ $1.536B ▼ $940.53M ▼
Q2-2025 $203.507M ▲ $2.673B ▲ $1.67B ▲ $993.449M ▼
Q1-2025 $145.01M ▼ $2.634B ▲ $1.631B ▲ $993.459M ▲
Q4-2024 $224.326M $2.605B $1.619B $975.795M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-51.97M ▼ $84.937M ▲ $-16.322M ▲ $-122.528M ▼ $-52.49M ▼ $68.498M ▲
Q2-2025 $3.162M ▼ $72.498M ▲ $-19.281M ▼ $4.736M ▼ $58.497M ▲ $59.839M ▲
Q1-2025 $18.124M ▲ $-146.081M ▼ $-6.462M ▲ $74.692M ▲ $-79.316M ▼ $-164.397M ▼
Q4-2024 $3.999M ▼ $-781.999K ▼ $-16.523M ▼ $-1.62M ▲ $-18.098M ▼ $-17.523M ▼
Q3-2024 $31.713M $86.304M $-14.935M $-45.315M $25.74M $71.13M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Product Manufacturing
Product Manufacturing
 $40.00M ▲$40.00M ▲$30.00M ▼$30.00M ▲
Retail Operations
Retail Operations
 $470.00M ▲$630.00M ▲$660.00M ▲$550.00M ▼

Five-Year Company Overview

Income Statement

Income Statement MarineMax’s sales have grown steadily over the last few years, but profits have moved in the opposite direction. Revenue is holding up, yet both operating profit and net income have compressed materially from their peak, suggesting rising costs, a less favorable sales mix, or heavier discounting. Profit per share has fallen sharply, which indicates that the business is now earning much less on each dollar of sales than it did a few years ago. Overall, the income statement tells a story of a company still generating solid demand but struggling to turn that demand into strong earnings.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting acquisitions, more locations, and larger operations. Assets have grown quickly, but this growth has been funded in large part with additional borrowing, so leverage is noticeably higher than it was a few years ago. Shareholders’ equity has also increased, which provides a buffer, but the business is clearly more debt‑dependent than before. The key implication is that MarineMax has scaled up and invested heavily, but now carries more financial risk if market conditions weaken or cash generation remains soft.

Cash Flow

Cash Flow Cash generation has weakened meaningfully. A few years ago, the business was producing healthy cash from operations and positive free cash flow; more recently, operating cash flow has dipped into slightly negative territory, and free cash flow has followed. This often points to working capital pressure in a retail model, such as higher inventory levels, coupled with continued capital spending to support growth. In practical terms, MarineMax is currently relying more on external financing and less on internally generated cash to fund its expansion and operations, which is a key risk to watch if the cycle turns.

Competitive Edge

Competitive Edge MarineMax holds a leading position as the largest recreational boat and yacht retailer, with a broad network of dealerships, marinas, storage, and service locations. Its “one‑stop‑shop” approach—covering sales, financing, insurance, maintenance, brokerage, charter, and lifestyle events—creates a stickier relationship with customers and multiple revenue streams from each boat. Exclusive relationships with premium brands and ownership of certain manufacturers and marinas deepen this advantage and raise the bar for smaller rivals. At the same time, the business is exposed to discretionary spending and economic cycles, so its strong competitive position still operates within a volatile end market.

Innovation and R&D

Innovation and R&D MarineMax focuses more on commercial and digital innovation than on traditional lab‑style R&D. The company is investing in a digital ecosystem—apps for service and ownership, online buying platforms, and software tools for marinas and maintenance—that aim to make boat ownership easier and more connected. Through New Wave Innovations and acquisitions like Boatzon and Boatyard, it is trying to move ahead of the industry’s shift toward online research, financing, and transaction processing. Control of certain manufacturing brands also gives room to introduce new models and technologies over time, including potential moves toward more advanced propulsion and onboard systems. Overall, its innovation strategy is about owning more of the customer journey and data rather than just selling hardware.

Summary

MarineMax today looks like a scaled, diversified marine lifestyle company with a strong physical footprint and a growing digital presence, but it is in a more demanding financial phase. Sales are solid, yet margins and earnings have come under pressure, and cash flow has weakened, while debt has risen to support acquisitions and expansion. The strategic logic—owning marinas, services, finance, brokerage, charter, and some manufacturing—does build a defensible ecosystem and pushes the business toward higher‑margin activities over time. The main trade‑off is higher financial and cyclical risk in the near term as the company digests its growth, manages inventory, and works to restore stronger profitability and cash generation. How well MarineMax balances its ambitious expansion and digital initiatives against tighter margins and higher leverage will likely shape its performance in the coming years.

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