A Business at a Glance
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OneWater Marine Inc. (“OneWater Inc.”) is a holding company and the sole managing member of One Water Marine Holdings, LLC (“OneWater LLC”), which became the principal operating subsidiary of OneWater Inc. on February 11, 2020 in the corporate reorganization (the “Reorganization”) completed in connection with OneWater Inc.’s initial public offering (the “IPO”), which closed on February 11, 2020. Except as otherwise indicated or required by the context, all references in this Annual Report on Form 10-K to the “Company,” “OneWater,” “we,” “us” or “our” relate to OneWater Inc. and its consolidated subsidiaries. We believe that we are one of the largest and fastest-growing marine retailers in the United States with 95 dealership locations, 9 distribution centers/warehouses and multiple online marketplaces as of September 30, 2025.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.9B | 1.8B | 1.9B | 1.7B | 1.2B |
| Net Income | -110M | -115M | -5.7M | -39M | 131M | 79M |
| EPS | $-6.67 | $-6.93 | $-0.35 | $-2.37 | $8.20 | $5.03 |
| Free Cash Flow | 42M | 80M | 8.9M | -151M | -4.0M | 150M |
| ROIC | -3.8% | -18.5% | 8.3% | 2.2% | 19.8% | 33.0% |
| Gross Margin | - | 22.8% | 24.5% | 27.6% | 31.7% | 29.1% |
| Debt/Equity | 0.28 | 1.45 | 1.17 | 1.28 | 1.15 | 0.51 |
| Dividends/Share | $0.00 | - | - | - | - | $0.07 |
| Operating Income | -89M | -85M | 65M | 18M | 218M | 149M |
| Operating Margin | -4.7% | -4.6% | 3.7% | 0.9% | 12.5% | 12.1% |
| ROE | -7.7% | -35.5% | -1.6% | -10.8% | 34.0% | 35.0% |
| Shares Outstanding | 17M | 17M | 17M | 16M | 16M | 16M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 1.0B | 1.2B | 1.7B | 1.9B | 1.8B | 1.9B | 1.9B |
| Gross Margin | 23.0% | 29.1% | 31.7% | 27.6% | 24.5% | 22.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 78M | 149M | 218M | 18M | 65M | -85M | -89M |
| Op. Margin | 7.7% | 12.1% | 12.5% | 0.9% | 3.7% | -4.6% | -4.7% |
| Net Income | 17M | 79M | 131M | -39M | -5.7M | -115M | -110M |
| Net Margin | 1.7% | 6.4% | 7.5% | -2.0% | -0.3% | -6.1% | -5.9% |
| Non-Recurring | 0 | 0 | 0 | 147M | 12M | 148M | 148M |
| Returns on Capital | |||||||
| ROIC | 27.1% | 33.0% | 19.8% | 2.2% | 8.3% | -18.5% | -3.8% |
| ROE | 14.2% | 35.0% | 34.0% | -10.8% | -1.6% | -35.5% | -7.7% |
| ROA | 3.8% | 11.0% | 8.7% | -2.3% | -0.4% | -7.7% | -7.7% |
| Cash Flow | |||||||
| Op. Cash Flow | 212M | 159M | 7.4M | -130M | 35M | 92M | 53M |
| Free Cash Flow | 206M | 150M | -4.0M | -151M | 8.9M | 80M | 42M |
| Owner Earnings | 207M | 148M | -19M | -166M | 4.2M | 57M | 18M |
| CapEx | 6.3M | 9.9M | 11M | 21M | 26M | 12M | 11M |
| Maint. CapEx | 3.2M | 5.4M | 16M | 27M | 22M | 24M | 24M |
| Growth CapEx | 3.1M | 4.5M | 0 | 0 | 3.7M | 0 | 0 |
| D&A | 3.2M | 5.4M | 16M | 27M | 22M | 24M | 24M |
| CapEx/OCF | 3.0% | 6.2% | 153.1% | N/A | 74.4% | 13.1% | 21.5% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 1.0M | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | 0.2% | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 354K | 1.6M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.1% | 0.4% | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.2M | 5.7M | 10M | 9.0M | 8.4M | 10M | 10M |
| Debt Repayment | 122M | 8.9M | 88M | 18M | 78M | 42M | 42M |
| Balance Sheet | |||||||
| Net Debt | 89M | 114M | 443M | 458M | 423M | 412M | 399M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | 82M | 103M | 421M | 428M | 415M | 334M | 334M |
| Debt/Equity | 0.73 | 0.51 | 1.15 | 1.28 | 1.17 | 1.45 | 0.28 |
| Interest Coverage | 8.8 | 58.0 | 46.9 | 0.7 | 1.9 | -3.0 | -3.0 |
| Equity | 123M | 226M | 385M | 359M | 361M | 285M | 1.4B |
| Total Assets | 458M | 721M | 1.5B | 1.7B | 1.6B | 1.4B | 1.4B |
| Total Liabilities | 285M | 466M | 1.1B | 1.3B | 1.2B | 1.1B | 33M |
| Intangibles | 174M | 254M | 685M | 549M | 542M | 389M | 389M |
| Retained Earnings | 17M | 75M | 205M | 165M | 160M | 45M | 45M |
| Working Capital | 66M | 53M | 115M | 213M | 170M | 88M | 88M |
| Current Assets | 252M | 281M | 567M | 882M | 777M | 719M | 719M |
| Current Liabilities | 186M | 228M | 452M | 669M | 608M | 631M | 631M |
| Per Share Data | |||||||
| EPS | 1.14 | 5.03 | 8.20 | -2.37 | -0.35 | -6.93 | -6.67 |
| Owner EPS | 13.55 | 9.43 | -1.18 | -10.18 | 0.25 | 3.44 | 1.08 |
| Book Value | 8.04 | 14.37 | 24.13 | 22.06 | 21.83 | 17.24 | 86.80 |
| Cash Flow/Share | 13.90 | 10.14 | 0.47 | -7.98 | 2.11 | 5.55 | -5.17 |
| Dividends/Share | N/A | 0.07 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 15.3M | 15.7M | 16.0M | 16.3M | 16.5M | 16.5M | 16.6M |
| Valuation | |||||||
| P/E Ratio | 17.7 | 8.0 | 4.1 | N/A | N/A | N/A | -1.5 |
| P/FCF | 1.5 | 4.2 | N/A | N/A | 44.7 | 3.3 | 4.0 |
| EV/EBIT | 5.1 | 5.0 | 4.5 | 48.0 | 12.7 | N/A | N/A |
| Price/Book | 2.5 | 2.8 | 1.4 | 1.1 | 1.1 | 0.9 | 0.1 |
| Price/Sales | 0.3 | 0.5 | 0.4 | 0.3 | 0.2 | 0.2 | 0.1 |
| FCF Yield | 66.8% | 23.8% | -0.7% | -36.9% | 2.2% | 29.9% | 25.0% |
| Market Cap | 309M | 629M | 534M | 409M | 399M | 266M | 166M |
| Avg. Price | 17.17 | 36.05 | 41.76 | 29.79 | 25.91 | 17.14 | 9.99 |
| Year-End Price | 20.20 | 40.00 | 33.47 | 25.19 | 24.15 | 16.11 | 9.99 |
OneWater Marine Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 4.0x vs a median of 3.8x. The company's 5-year average ROIC is 8.9% with a gross margin of 27.2%. At current prices, the estimated annualized return to fair value is -23.5%.
OneWater Marine Inc. (ONEW) has a 5-year average return on invested capital (ROIC) of 8.9%. This is below average and may indicate limited pricing power.
OneWater Marine Inc. (ONEW) has a market capitalization of $166M. It is classified as a small-cap stock.
OneWater Marine Inc. (ONEW) does not currently pay a regular dividend.
OneWater Marine Inc. (ONEW) operates in the Retail-Auto & Home Supply Stores industry, within the Consumer Cyclical sector.
OneWater Marine Inc. (ONEW) reported annual revenue of $1.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
OneWater Marine Inc. (ONEW) has a net profit margin of -6.1%. The company is currently unprofitable.
OneWater Marine Inc. (ONEW) generated $80 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
OneWater Marine Inc. (ONEW) has a debt-to-equity ratio of 1.45. This indicates moderate leverage.
OneWater Marine Inc. (ONEW) reported earnings per share (EPS) of $-6.93 in its most recent fiscal year.
OneWater Marine Inc. (ONEW) has a return on equity (ROE) of -35.5%. A negative ROE may indicate losses or negative equity.
OneWater Marine Inc. (ONEW) has a 5-year average gross margin of 27.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for OneWater Marine Inc. (ONEW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
OneWater Marine Inc. (ONEW) has a book value per share of $17.24, based on its most recent annual SEC filing.