MarineMax Inc HZO

Consumer DiscretionaryLeisure ProductsUnited States of America

Last close 52.70 USD on Nov 2, 2026, +117.5% year to date

Quant rating

Quant rating B Rank 83 of 344 in Consumer Discretionary

Growth B 53 of 344
Valuation C 150 of 344
Quality D 245 of 344
Revisions B 111 of 344
Momentum A 31 of 344

Wall Street consensus Hold (2.78)Average target 49.40 USD −6.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 2.0B
52-week range: 21.42 – 52.84
3-year range: 17.66 – 52.84
Dividend yield: –
Beta (5 years): 1.73
Shares outstanding: 22.1M
Next earnings: Nov 4, 2026

About the company

MarineMax, Inc. is a lifestyle retailer of recreational boats and yachts, as well as yacht concierge and superyacht services. It has over120 locations worldwide, including over 70 dealerships and 65 marina and storage facilities. Its segments include Retail Operations and Product Manufacturing. Its integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, superyacht brokerage and luxury yacht services companies; Cruisers Yachts, manufacturers of sport yachts, motor yachts and Aviara luxury dayboats, and Intrepid Powerboats, a manufacturer of powerboats. It provides financing and insurance services as well as digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. It also operates MarineMax Vacations in Tortola, British Virgin Islands, which offers luxury boating adventures.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,309	2,431	2,395	2,308	2,063	–
Revenue growth	−5.0%	1.5%	3.8%	11.9%	36.7%	8.9%
EPS (basic, normalized)	0.61	2.13	5.21	8.84	6.78	–
EPS growth	−71.4%	−59.1%	−41.1%	30.4%	–	–
Gross margin	32.5%	33.0%	34.9%	34.9%	32.0%	33.4%
Net margin	−1.4%	1.6%	4.6%	8.6%	7.5%	4.2%
ROE	−3.3%	4.0%	12.9%	28.7%	29.5%	14.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	175
Current ratio	1.23x
Long-term debt (mil)	335
Net debt (mil)	808
Total equity (mil)	952
Net debt / equity	0.85x
Net debt / EBITDA	7.36x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,309	−5.0%	0.9x	110	−30.2%	18.0x	0.61	−71.4%	86.4x
2026	2,185	−5.4%	0.9x	116	+5.4%	17.0x	0.69	+12.5%	76.8x
2027	2,284	+4.5%	0.9x	140	+20.7%	14.1x	1.59	+131.8%	33.1x
2028	2,399	+5.1%	0.8x	146	+4.4%	13.5x	2.75	+72.7%	19.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,185	0.0%	0.0%	−4.2%	0.69	0.0%	0.0%	−1.0%
2027	2,284	0.0%	0.0%	−4.4%	1.59	0.0%	0.0%	+4.5%
2028	2,399	0.0%	0.0%	−3.1%	2.75	0.0%	0.0%	+10.1%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	583	758	563	468	632	657	552	505	527	611
Sales mean (mil)	590	726	583	491	579	743	533	484	611	682
Surprise	−1.2%	+4.4%	−3.5%	−4.5%	+9.1%	−11.6%	+3.6%	+4.3%	−13.7%	−10.4%
EPS reported	0.18	1.51	0.24	0.17	0.23	0.49	−0.04	−0.21	0.04	0.81
EPS mean	0.66	1.40	0.30	−0.19	0.12	1.19	−0.13	−0.06	0.05	0.83
Surprise	−72.6%	+7.6%	−20.2%	−190.4%	+85.3%	−58.7%	+68.3%	−234.0%	−17.2%	−2.0%

Peer comparison Leisure Products

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HZO MarineMax Inc	1.2B	7.36x	−1.4%	1.22x	76.8x	33.1x	17.0x	14.1x
HAS Hasbro, Inc.	16.6B	1.55x	−6.9%	18.18x	16.6x	16.8x	11.6x	11.3x
POOL Pool Corporation	7.7B	1.62x	7.6%	6.25x	19.6x	18.7x	13.4x	12.8x
MAT Mattel Inc	4.4B	1.95x	7.4%	2.22x	12.0x	9.9x	7.4x	6.8x
GOLF Acushnet Holdings Corp	5.2B	2.18x	7.4%	5.65x	22.0x	21.7x	13.3x	13.4x
BC Brunswick Corp	5.1B	2.73x	−2.5%	3.05x	17.3x	14.7x	9.6x	8.7x
Mean		2.90x	1.9%	6.10x	27.4x	19.1x	12.0x	11.2x
Median		2.07x	3.0%	4.35x	18.4x	17.7x	12.4x	12.1x

Technical analysis

1M+0.7%
3M+52.9%
1Y+112.8%
3Y+82.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, MarineMax Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,309	2,431	2,395	2,308	2,063	1,510
Cost of revenue	1,559	1,630	1,559	1,502	1,404	1,111
Gross profit	750	801	835	806	659	399
Selling, general & administrative expenses	647	673	635	541	450	290
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	69.1	–	–	–	0	1.7
Other operating expenses	0	0	0	0	0	0
Operating income	34.0	128	201	265	209	107
Net interest income (expense)	−71.2	−73.9	−53.4	−3.3	−3.7	−9.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−37.1	54.3	147	262	206	97.4
Provision for taxes	−6.4	15.6	38.0	63.9	50.8	22.8
Minority interest	−0.9	−0.7	−0.2	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−31.6	38.1	109	198	155	74.6
Extraordinary items	–	–	–	–	–	–
Net income	−31.6	38.1	109	198	155	74.6
EBIT, normalized	103	128	201	265	209	108
EBITDA, normalized	152	173	242	285	225	121
Basic EPS, normalized	0.61	2.13	5.21	8.84	6.78	–

Balance sheet in millions of USD, fiscal years

Balance sheet, MarineMax Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	170	224	201	228	222	155
Receivables	113	112	91.1	56.2	47.7	40.2
Total inventory	867	907	813	454	231	298
Prepaid expenses	29.9	30.1	17.8	15.2	16.7	9.6
Other current assets	0	0	0	0	0	0
Total current assets	1,181	1,273	1,123	754	518	503
Property, plant & equipment	690	669	666	343	280	180
Goodwill	–	–	–	–	–	–
Intangibles	562	630	600	246	201	84.3
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	36.8	32.7	32.3	9.5	8.8	7.8
Total assets	2,470	2,605	2,421	1,353	1,008	775
Liabilities
Accounts payable	56.4	54.5	71.7	34.3	25.7	37.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	132	207	123	99.1	97.2	59.0
Short-term debt	716	709	537	132	23.9	144
Current portion of long-term debt	35.6	33.8	33.8	2.9	3.6	–
Other current liabilities	45.7	64.8	81.7	144	101	31.8
Total current liabilities	985	1,069	847	413	251	273
Long-term debt	356	356	389	45.3	47.5	7.3
Minority interest	11.6	10.5	2.6	–	–	–
Other liabilities	181	194	267	112	114	40.0
Total liabilities	1,533	1,629	1,505	570	413	320
Shareholders' equity
Preferred stock	–	0	0	–	–	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	361	344	323	303	289	280
Retained earnings (accumulated deficit)	746	778	740	631	433	278
Treasury stock	−178	−151	−149	−149	−127	−104
Other equity	8.2	4.6	1.3	−2.8	0.6	0.8
Total equity	937	976	916	783	595	455
Total liabilities & shareholders' equity	2,470	2,605	2,421	1,353	1,008	775

Cash flow statement in millions of USD, fiscal years

Cash flow statement, MarineMax Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−30.8	38.7	109	198	155	74.6
Depreciation, depletion & amortization	49.3	44.5	41.0	19.4	15.6	12.8
Deferred taxes	−12.9	3.4	23.1	2.1	4.8	3.2
Non-cash items	64.6	29.2	15.2	20.7	10.7	8.6
Changes in working capital	2.5	−142	−411	−164	188	206
Cash from operations	72.8	−25.7	−222	76.6	374	305
Investing activities
Capital expenditures	−60.9	−60.4	−65.4	−58.5	−26.1	−12.8
Other investing cash flows	5.2	−20.9	−511	−82.0	−135	−17.3
Cash from investing	−55.6	−81.3	−576	−140	−161	−30.1
Financing activities
Financing cash flow items	−56.1	−8.2	−11.4	−12.7	−5.9	−1.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−15.9	137	782	85.8	−140	−156
Cash from financing	−72.0	129	770	73.1	−146	−158
Foreign exchange effects	0.8	1.4	1.4	−3.1	−0.3	0.5
Net change in cash	−54.0	22.9	−26.8	6.1	66.7	117
Free cash flow	11.9	−86.1	−288	18.1	348	292

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.