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ONEW

OneWater Marine Inc.

ONEW

OneWater Marine Inc. • NASDAQ
$12.15 ▼ -2.96% (-0.37)
Market Cap $198.90 M
52w High $22.47
52w Low $10.32
Dividend Yield 0%
P/E -1.68
Volume 149.05K
Outstanding Shares 16.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $460.135M ▼ $84.296M ▼ $-112.958M ▼ -24.549% ▼ $-6.9 ▼ $-134.549M ▼
Q3-2025 $552.864M ▲ $98.284M ▲ $10.715M ▲ 1.938% ▲ $0.66 ▲ $37.06M ▲
Q2-2025 $483.521M ▲ $94.14M ▲ $-368K ▲ -0.076% ▲ $-0.023 ▲ $22.65M ▲
Q1-2025 $375.814M ▼ $87.027M ▲ $-11.971M ▼ -3.185% ▼ $-0.81 ▼ $6.119M ▼
Q4-2024 $377.855M $86.16M $-9.249M -2.448% $-0.63 $11.3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $64.82M ▼ $1.404B ▼ $1.119B ▼ $284.953M ▼
Q3-2025 $70.146M ▲ $1.54B ▼ $1.147B ▼ $393.229M ▲
Q2-2025 $67.461M ▲ $1.644B ▲ $1.262B ▲ $381.615M ▲
Q1-2025 $22.711M ▲ $1.612B ▲ $1.228B ▲ $354.777M ▼
Q4-2024 $16.849M $1.59B $1.199B $360.81M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10.715M ▲ $90.801M ▲ $-2.121M ▲ $-82.28M ▼ $6.353M ▼ $88.618M ▲
Q2-2025 $-375K ▲ $28.461M ▲ $-3.844M ▼ $14.399M ▼ $38.995M ▲ $23.782M ▲
Q1-2025 $-13.612M ▼ $-37.442M ▼ $-2.776M ▲ $49.419M ▲ $9.221M ▲ $-40.407M ▼
Q4-2024 $-10.411M ▼ $27.332M ▼ $-4.258M ▲ $-47.648M ▲ $-24.593M ▼ $23.012M ▼
Q3-2024 $14.683M $93.835M $-12.199M $-87.897M $-6.255M $86.772M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Finance and Insurance Income
Finance and Insurance Income
 $0 ▲$10.00M ▲$20.00M ▲$20.00M ▲
New Sales
New Sales
 $550.00M ▲$250.00M ▼$310.00M ▲$330.00M ▲
PreOwned
PreOwned
 $180.00M ▲$60.00M ▼$90.00M ▲$130.00M ▲
Service Parts Other
Service Parts Other
 $160.00M ▲$60.00M ▼$70.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully from earlier years but has recently pulled back a bit, suggesting the post‑pandemic boating boom is normalizing. Profitability tells a tougher story: margins were healthy a few years ago but have been squeezed, and earnings have swung from solid profits to losses in the last two years. The most recent year does show some improvement versus the prior year’s deeper loss, which hints that management is working through the downturn, but the business is clearly more pressured than it was at its peak.

Balance Sheet

Balance Sheet The company has grown significantly in size, but it has done so using a lot more debt. Assets and equity have both increased, yet borrowings now represent a large share of the capital structure, while cash on hand remains quite modest. This combination points to elevated financial leverage: it can amplify returns in good times but leaves less room for error if sales or margins weaken further or if credit conditions tighten.

Cash Flow

Cash Flow Cash generation has been uneven. A few years ago, the business produced solid cash from operations and healthy free cash flow. More recently, cash from the core business has been thin and at times negative, largely reflecting working capital swings and the more challenging demand environment. Capital spending itself is not heavy, so the main question is the consistency of cash coming in from operations; right now that looks volatile and closely tied to the cycle.

Competitive Edge

Competitive Edge OneWater benefits from being one of the larger players in a very fragmented marine dealership market. Its roll‑up strategy gives it scale advantages, bargaining power with boat manufacturers, and broader geographic coverage than most local dealers. It also has a more diversified mix of revenue, including parts, accessories, finance and insurance, and service, which helps smooth out boat‑sales volatility. On the other hand, the core market is discretionary and highly cyclical, integration of many acquisitions is complex, and heavier debt use raises the stakes if the industry faces a prolonged downturn.

Innovation and R&D

Innovation and R&D The company is not a classic high‑R&D story, but it is leaning into practical innovation. It has built proprietary software for customer management, inventory, and dealership operations, aiming for a more data‑driven and standardized network. The acquisition and development of Boatsforsale.com add a digital marketplace layer, extending reach beyond physical showrooms. Its parts and accessories arm (T‑H Marine) also provides a platform for ongoing product development. Overall, innovation here is more about digital tools, process improvement, and ecosystem building than about breakthrough technology.

Summary

OneWater has grown rapidly into a leading marine retailer with a broad footprint and a more diversified, service‑heavy business model than traditional single‑store dealers. However, the financial picture has shifted: revenue has cooled from peak levels, margins have compressed, and earnings have turned negative, even as debt has climbed and cash flows have become choppy. The strategic upside lies in scale, diversification, and digital initiatives that could deepen customer relationships and stabilize results over time. The main watchpoints are profitability recovery, the company’s ability to consistently convert sales into cash, and how comfortably it can manage its higher debt load through the industry cycle.

NEWS

November 19, 2025 · 7:00 AM UTC

OneWater Marine Inc. Extends Term Loan and Floor Plan Credit Facilities

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November 13, 2025 · 7:00 AM UTC

OneWater Marine Inc. Announces Fiscal Fourth Quarter and Full-Year 2025 Results

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October 30, 2025 · 7:30 AM UTC

OneWater Marine Inc. Announces Fiscal Fourth Quarter and Full-Year 2025 Earnings Release Date and Conference Call Information

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