A Business at a Glance
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MARINEMAX INC
HZO
$804M
Mkt Cap
$36.33
+8.22%
MARINEMAX INC (HZO) has a 5-year average return on invested capital (ROIC) of 17.7%. This indicates strong capital allocation and a potential competitive advantage.
MARINEMAX INC (HZO) has a market capitalization of $800M. It is classified as a small-cap stock.
MARINEMAX INC (HZO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.43%.
MARINEMAX INC (HZO) operates in the Retail-Auto & Home Supply Stores industry, within the Consumer Cyclical sector.
MARINEMAX INC (HZO) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
MARINEMAX INC (HZO) has a net profit margin of -1.4%. The company is currently unprofitable.
MARINEMAX INC (HZO) generated $12 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Our Company We believe we are the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company. As of September 30, 2025, we have over 120 locations worldwide, including over 70 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, as of September 30, 2025, we own or operate over 65 marina and storage locations worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, Aviara luxury dayboats, and Intrepid Powerboats all manufacture boats and yachts and recognize sales through our select retail dealership locations and through independent dealers. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.2B | 2.3B | 2.4B | 2.4B | 2.3B | 2.1B |
| Net Income | -64M | -32M | 38M | 109M | 198M | 155M |
| EPS | $-2.95 | $-1.43 | $1.65 | $4.87 | $8.84 | $6.78 |
| Free Cash Flow | 169M | 12M | -86M | -288M | 18M | 348M |
| ROIC | -0.5% | 1.8% | 5.2% | 12.4% | 34.0% | 35.1% |
| Gross Margin | 32.7% | 32.5% | 33.0% | 34.9% | 34.9% | 32.0% |
| Debt/Equity | 1.14 | 1.18 | 1.13 | 1.05 | 0.23 | 0.13 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -12M | 34M | 128M | 201M | 265M | 209M |
| Operating Margin | -0.5% | 1.5% | 5.3% | 8.4% | 11.5% | 10.2% |
| ROE | -6.8% | -3.3% | 4.0% | 12.9% | 28.7% | 29.5% |
| Shares Outstanding | 22M | 22M | 23M | 22M | 22M | 23M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 625M | 751M | 942M | 1.1B | 1.2B | 1.2B | 1.5B | 2.1B | 2.3B | 2.4B | 2.4B | 2.3B | 2.2B |
| Gross Margin | 25.9% | 24.6% | 24.0% | 25.2% | 25.3% | 26.1% | 26.4% | 32.0% | 34.9% | 34.9% | 33.0% | 32.5% | 32.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 146M | 159M | 186M | 220M | 235M | 262M | 292M | 450M | 541M | 635M | 673M | 647M | 676M |
| EBIT | 15M | 25M | 40M | 45M | 63M | 61M | 107M | 209M | 265M | 201M | 128M | 34M | -12M |
| Op. Margin | 2.5% | 3.4% | 4.3% | 4.3% | 5.4% | 4.9% | 7.1% | 10.2% | 11.5% | 8.4% | 5.3% | 1.5% | -0.5% |
| Net Income | 11M | 48M | 23M | 24M | 39M | 36M | 75M | 155M | 198M | 109M | 38M | -32M | -64M |
| Net Margin | 1.8% | 6.4% | 2.4% | 2.2% | 3.3% | 2.9% | 4.9% | 7.5% | 8.6% | 4.6% | 1.6% | -1.4% | -2.8% |
| Non-Recurring | 821K | 1.8M | -51K | -306K | -330K | -956K | -366K | 0 | 108K | 354K | -432K | 69M | 69M |
| Returns on Capital | |||||||||||||
| ROIC | 4.7% | 7.0% | 6.3% | 5.9% | 9.0% | 7.7% | 14.9% | 35.1% | 34.0% | 12.4% | 5.2% | 1.8% | -0.5% |
| ROE | 4.9% | 18.5% | 7.6% | 7.7% | 12.0% | 10.0% | 18.1% | 29.5% | 28.7% | 12.9% | 4.0% | -3.3% | -6.8% |
| ROA | 2.9% | 11.1% | 4.5% | 4.0% | 6.1% | 5.1% | 9.6% | 17.4% | 16.8% | 5.8% | 1.5% | -1.2% | -2.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 11M | 3.1M | 23M | 4.7M | 70M | -12M | 305M | 374M | 77M | -222M | -26M | 73M | 219M |
| Free Cash Flow | 1.6M | -6.7M | 10.0M | -9.6M | 57M | -29M | 292M | 348M | 18M | -288M | -86M | 12M | 169M |
| Owner Earnings | 942K | -7.8M | 11M | -11M | 54M | -31M | 284M | 349M | 41M | -285M | -94M | 4.1M | 153M |
| CapEx | 9.2M | 9.7M | 13M | 14M | 14M | 17M | 13M | 26M | 58M | 65M | 60M | 61M | 49M |
| Maint. CapEx | 7.3M | 7.9M | 8.0M | 9.4M | 11M | 12M | 13M | 16M | 19M | 41M | 44M | 49M | 51M |
| Growth CapEx | 1.9M | 1.9M | 4.9M | 5.0M | 3.1M | 5.5M | 35K | 11M | 39M | 24M | 16M | 12M | 0 |
| D&A | 7.3M | 7.9M | 8.0M | 9.4M | 11M | 12M | 13M | 16M | 19M | 41M | 44M | 49M | 51M |
| CapEx/OCF | 85.1% | 317.6% | 56.5% | 302.8% | 19.6% | N/A | 4.2% | 7.0% | 76.3% | N/A | N/A | 83.6% | 22.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 10M | 5.5M | 43M | 695K | 28M | 631K | 24M | 21M | 0 | 2.1M | 27M | 27M |
| Buyback Yield | N/A | 3.0% | 1.0% | 10.5% | 0.1% | 7.9% | 0.1% | 2.1% | 3.0% | N/A | 0.3% | 4.7% | 3.4% |
| Stock-Based Comp | 2.6M | 3.0M | 4.2M | 6.2M | 6.2M | 6.5M | 7.5M | 9.7M | 16M | 22M | 24M | 19M | 15M |
| Debt Repayment | 2.0M | 13M | 16M | 71M | 43M | 86M | 41K | 2.4M | 2.9M | 25M | 34M | 34M | 34M |
| Balance Sheet | |||||||||||||
| Net Debt | 97M | 105M | 128M | 212M | 164M | 274M | -3.3M | -147M | -48M | 759M | 874M | 937M | 875M |
| Cash & Equiv. | 28M | 33M | 39M | 42M | 49M | 39M | 155M | 222M | 228M | 201M | 224M | 170M | 189M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 7.3M | 47M | 45M | 389M | 356M | 356M | 339M |
| Debt/Equity | 0.52 | 0.48 | 0.53 | 0.84 | 0.60 | 0.85 | 0.33 | 0.13 | 0.23 | 1.05 | 1.13 | 1.18 | 1.14 |
| Interest Coverage | 3.8 | 5.7 | 7.4 | 6.1 | 6.4 | 5.2 | 11.5 | 57.2 | 80.8 | 3.8 | 1.7 | 0.5 | 0.5 |
| Equity | 239M | 284M | 312M | 302M | 353M | 369M | 455M | 595M | 783M | 916M | 976M | 937M | 932M |
| Total Assets | 403M | 468M | 547M | 640M | 641M | 784M | 775M | 1.0B | 1.4B | 2.4B | 2.6B | 2.5B | 2.4B |
| Total Liabilities | 163M | 184M | 234M | 338M | 287M | 415M | 320M | 413M | 570M | 1.5B | 1.6B | 1.5B | 1.5B |
| Intangibles | N/A | N/A | N/A | N/A | 27M | 64M | 84M | 5.6M | 11M | 24M | 19M | 15M | 35M |
| Retained Earnings | 27M | 75M | 103M | 127M | 166M | 202M | 278M | 433M | 631M | 740M | 778M | 746M | 736M |
| Working Capital | 126M | 152M | 159M | 139M | 179M | 156M | 231M | 266M | 341M | 276M | 204M | 196M | 178M |
| Current Assets | 289M | 336M | 391M | 474M | 465M | 569M | 503M | 518M | 754M | 1.1B | 1.3B | 1.2B | 1.2B |
| Current Liabilities | 163M | 183M | 232M | 335M | 286M | 413M | 273M | 251M | 413M | 847M | 1.1B | 985M | 983M |
| Per Share Data | |||||||||||||
| EPS | 0.46 | 1.92 | 0.91 | 0.95 | 1.71 | 1.57 | 3.37 | 6.78 | 8.84 | 4.87 | 1.65 | -1.43 | -2.95 |
| Owner EPS | 0.04 | -0.31 | 0.43 | -0.44 | 2.33 | -1.33 | 12.84 | 15.25 | 1.84 | -12.70 | -4.08 | 0.19 | 6.93 |
| Book Value | 9.77 | 11.28 | 12.59 | 12.19 | 15.36 | 16.09 | 20.56 | 26.03 | 34.95 | 40.81 | 42.30 | 42.37 | 42.32 |
| Cash Flow/Share | 0.44 | 0.12 | 0.92 | 0.19 | 3.06 | -0.54 | 13.76 | 16.36 | 3.42 | -9.90 | -1.11 | 3.29 | -0.58 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 24.5M | 25.2M | 24.8M | 24.8M | 23.0M | 22.9M | 22.1M | 22.9M | 22.4M | 22.4M | 23.1M | 22.1M | 22.0M |
| Valuation | |||||||||||||
| P/E Ratio | 38.1 | 7.3 | 23.3 | 17.4 | 12.4 | 9.7 | 7.8 | 7.3 | 3.6 | 6.6 | 21.6 | N/A | -12.3 |
| P/FCF | 265.7 | N/A | 52.9 | N/A | 8.6 | N/A | 2.0 | 3.3 | 38.9 | N/A | N/A | 48.5 | 4.7 |
| EV/EBIT | 34.2 | 18.1 | 16.3 | 13.7 | 10.3 | 10.3 | 5.4 | 4.7 | 2.5 | 7.4 | 11.5 | 39.6 | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.8 | 0.6 | 0.9 |
| Price/Sales | 0.6 | 0.7 | 0.5 | 0.4 | 0.4 | 0.3 | 0.3 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.4 |
| FCF Yield | 0.4% | -1.9% | 1.9% | -2.4% | 11.6% | -8.4% | 49.9% | 30.7% | 2.6% | -39.6% | -10.5% | 2.1% | 21.2% |
| Market Cap | 429M | 355M | 527M | 409M | 489M | 350M | 585M | 1.1B | 705M | 726M | 822M | 580M | 800M |
| Avg. Price | 15.86 | 21.03 | 17.73 | 19.06 | 20.60 | 18.09 | 19.17 | 45.09 | 44.55 | 31.78 | 31.41 | 26.29 | 36.33 |
| Year-End Price | 17.51 | 14.10 | 21.23 | 16.50 | 21.25 | 15.26 | 26.40 | 49.56 | 31.48 | 32.36 | 35.62 | 26.21 | 36.33 |
MARINEMAX INC passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 4.3x vs a median of 23.7x. The company's 5-year average ROIC is 17.7% with a gross margin of 33.4%. Total shareholder yield (buybacks) is 3.4%. At current prices, the estimated annualized return to fair value is +39.1%.
MARINEMAX INC (HZO) has a debt-to-equity ratio of 1.18. This indicates moderate leverage.
MARINEMAX INC (HZO) reported earnings per share (EPS) of $-1.43 in its most recent fiscal year.
MARINEMAX INC (HZO) has a return on equity (ROE) of -3.3%. A negative ROE may indicate losses or negative equity.
MARINEMAX INC (HZO) has a 5-year average gross margin of 33.4%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for MARINEMAX INC (HZO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MARINEMAX INC (HZO) has a book value per share of $42.37, based on its most recent annual SEC filing.