Marinemax (HZO) AI Stock Analysis

• Market Cap: $552.23M
• Dividend Yield: N/A
• Average Volume (3M): 335.88K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.89
• Revenue Growth: -5.01%
• EPS Growth: -188.86%
• Country: US
• Employees: 4,050
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): -0.21
• Shares Outstanding: 22,027,414
• 10 Day Avg. Volume: 289,455
• 30 Day Avg. Volume: 335,883
• PEG Ratio: 0.10
• Price to Book (P/B): 0.60
• Price to Sales (P/S): 0.24
• P/FCF Ratio: 46.77
• Enterprise Value/Market Cap: 2.92
• Enterprise Value/Revenue: 0.69
• Enterprise Value/Gross Profit: 2.18
• Enterprise Value/Ebitda: 13.51
• 1Y Price Target: $30.00
• Price Target Upside: 19.66% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.76
• Revenue Forecast (FY): $2.37B

• Rating: 52 Neutral
• Price Target: $26.00 ▲(3.71% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is constrained primarily by weakened profitability and elevated leverage, despite strong recent operating/free cash flow. Technicals are moderately supportive with price above major moving averages and positive MACD. Guidance was reaffirmed and inventory/liquidity trends improved, but margin pressure and the timing of recovery remain key risks; valuation is also challenged due to current losses.

Positive Factors

Cash generation

Sustained positive operating (~$236M) and free cash flow (~$185M) strengthen the company's ability to fund working capital, service debt, invest in marinas and service capabilities, and pursue buybacks or selective M&A. Reliable cash generation materially improves resilience through cyclical retail periods and supports multi-quarter strategy execution.

Diversified service mix

Meaningful contribution from higher-margin, recurring services (marinas, F&I, superyacht services, service/brokerage) reduces dependence on volatile boat unit sales. This diversification can stabilize gross profit, boost lifetime customer revenue, and increase margin durability across 2–6 month horizons as service revenue is less cyclical than retail sales.

Inventory and liquidity improvement

A ~ $170M inventory reduction and a cash balance near $165M indicate improved working-capital discipline and liquidity. Lower inventory lessens carrying costs and the need for deep discounting; combined with the cash buffer and net-debt/EBITDA trending near 2x, this enhances financial flexibility and the ability to execute operational normalization in back half of the year.

Negative Factors

Margin compression

Persistently compressed retail gross margins (>400 bps below normal) have driven the company to report a quarterly net loss and negative ROE. If promotional intensity and mix headwinds persist, earnings recovery will be delayed, undermining medium-term profitability and making multi-quarter forecasting and capital allocation more uncertain.

Elevated leverage

Debt greater than equity (debt-to-equity ~1.31) and net-debt/EBITDA just over 2x limit balance-sheet flexibility. With margins depressed, interest and principal servicing consume cash flow, constraining future buybacks, investments, or opportunistic acquisitions and increasing sensitivity to slower cash recovery or rising rates over the coming quarters.

Industry inventory overhang & low turns

An industry-wide inventory overhang and sub-2x inventory turns force elevated promotions and discounting, pressuring margins and delaying normalization. Slow turns signal prolonged recovery timing risk; even with unit demand improving, structural overhang can keep margins and volumes depressed across several quarters.

Marinemax Business Overview & Revenue Model

Company Description

MarineMax, Inc. operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates through two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, pontoon boats, ski boats, jet boats, and other recreational boats. It also offers marine parts and accessories comprising marine electronics; dock and anchoring products that include boat fenders, lines, and anchors; boat covers; trailer parts; water sport accessories, which comprise tubes, lines, wakeboards, and skis; engine parts; oils; lubricants; steering and control systems; corrosion control products and service products; high-performance accessories, including propellers and instruments; and a line of boating accessories, such as life jackets, inflatables, and water sports equipment. In addition, the company provides novelty items, such as shirts, caps, and license plates; marine engines and equipment; maintenance, repair, and slip and storage accommodation services; and boat or yacht brokerage services, as well as charters yachts and power catamarans. Further, it offers new or used boat finance services; arranges insurance coverage, including boat property, disability, undercoating, gel sealant, fabric protection, and casualty insurance coverage; and manufactures and sells sport yachts and yachts. Additionally, the company operates vacations in Tortola, British Virgin Islands. It also markets and sells its products through offsite locations and print catalog. The company has 79 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington, and Wisconsin. MarineMax, Inc. was incorporated in 1998 and is based in Clearwater, Florida.

How the Company Makes Money

MarineMax primarily makes money by retailing recreational marine products and monetizing recurring boating services around those sales. (1) New boat and yacht sales: A major revenue stream comes from selling new boats and yachts through its dealership locations, typically sourced from marine manufacturers. Revenue is recognized at the point of sale, and profitability is influenced by unit volumes, average selling prices, and gross margins on the inventory sold. (2) Used boat sales: The company also generates revenue from pre-owned boat and yacht sales, including boats taken in on trade-in, consignment, or purchased for resale. Used inventory can contribute meaningful gross profit depending on sourcing and pricing dynamics. (3) Finance and insurance (F&I): MarineMax earns revenue by arranging customer financing and selling insurance-related products and services; it typically receives commissions and other consideration from third-party lenders and insurance providers when customers choose these offerings. (4) Parts, accessories, and service: The company operates service departments that perform maintenance, repairs, and installations, and it sells parts and accessories. These activities generate labor and product revenue and can provide recurring earnings across the ownership lifecycle. (5) Storage and marina/yacht services: MarineMax earns fees for storage and related marina/yacht services where it operates or manages such facilities, which can add more stable, recurring revenue relative to boat sales. (6) Charter, brokerage, and other boating experiences/services: Where offered, the company can earn revenue from brokerage commissions, charters, and membership/experience-based boating services. Significant factors that affect earnings include demand for discretionary recreational products, interest rates and credit availability (which affect financing-driven purchases), inventory availability from manufacturers, and cross-selling penetration of higher-margin services (F&I, service, parts, storage). Specific material partnerships beyond third-party lenders/insurers and boat manufacturers are not available in the prompt; if needed, null.

Marinemax Financial Statement Overview

Summary

Revenue is roughly flat, but profitability has deteriorated into a net loss and slightly negative operating profit, which weakens earnings quality. Leverage is elevated (debt-to-equity ~1.31) and ROE is negative, reducing flexibility. Offsetting this, operating cash flow (~$236M) and free cash flow (~$185M) are strongly positive, providing some support despite the debt load.

Income Statement

TTM (Trailing-Twelve-Months) revenue is roughly flat (+1.6%), but profitability has weakened materially: the company posted a net loss (about -2.5% net margin) and slightly negative operating profit. While gross margin remains solid (~32%), the sharp swing from positive earnings in FY2023–FY2024 to losses in FY2025 points to significant pressure below the gross line (pricing, operating costs, or demand mix), making earnings quality and predictability a key concern.

Balance Sheet

Leverage is elevated for a retailer: debt is greater than equity (debt-to-equity ~1.31 in TTM (Trailing-Twelve-Months)), limiting financial flexibility if operating conditions soften. Equity remains meaningful (~$933M) and assets are sizable (~$2.43B), but negative return on equity in the most recent periods reflects that the current capital structure is not generating shareholder returns, increasing risk if profitability does not recover.

Cash Flow

Cash generation is the bright spot: TTM (Trailing-Twelve-Months) operating cash flow (~$236M) and free cash flow (~$185M) are strongly positive, a notable improvement versus the negative cash flow seen in FY2023–FY2024. However, cash flow relative to debt remains thin (operating cash flow is a small fraction of total debt), and the very large free cash flow growth rate likely reflects a rebound from a weak prior period rather than steady, repeatable expansion.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	2.35B	2.31B	2.43B	2.39B	2.31B	2.06B
Gross Profit	741.04M	750.23M	801.20M	835.33M	805.75M	659.43M
EBITDA	119.32M	83.34M	169.68M	244.21M	290.42M	225.06M
Net Income	-57.63M	-31.63M	38.07M	109.28M	197.99M	154.98M
Balance Sheet
Total Assets	2.43B	2.47B	2.61B	2.42B	1.35B	1.01B
Cash, Cash Equivalents and Short-Term Investments	164.60M	170.35M	224.33M	201.46M	228.27M	222.19M
Total Debt	1.22B	1.25B	1.23B	1.09B	279.56M	182.55M
Total Liabilities	1.48B	1.52B	1.62B	1.50B	570.11M	412.93M
Stockholders Equity	932.82M	937.19M	975.79M	915.84M	782.67M	594.89M
Cash Flow
Free Cash Flow	184.68M	11.94M	-86.08M	-287.64M	18.14M	347.76M
Operating Cash Flow	235.76M	72.81M	-25.66M	-222.24M	76.59M	373.88M
Investing Cash Flow	-46.60M	-55.62M	-81.35M	-576.37M	-140.45M	-161.13M
Financing Cash Flow	-171.84M	-71.98M	128.51M	770.40M	73.06M	-145.74M

Marinemax Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 25.07
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HZO, the sentiment is Negative. The current price of 25.07 is below the 20-day moving average (MA) of 27.83, below the 50-day MA of 28.17, and below the 200-day MA of 25.80, indicating a bearish trend. The MACD of -0.85 indicates Positive momentum. The RSI at 36.97 is Neutral, neither overbought nor oversold. The STOCH value of 12.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HZO.

Marinemax Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BWMX	71 Outperform	$637.74M	0.38	87.45%	8.47%	-7.03%	1.04%
BBW	70 Outperform	$528.45M	14.91	34.25%	1.52%	6.16%	15.74%
LQDT	70 Outperform	$881.41M	31.00	14.46%	―	31.20%	38.38%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
HZO	52 Neutral	$552.23M	-16.77	-3.31%	―	-5.01%	-188.86%
BNED	50 Neutral	$311.41M	11.58	-3.56%	―	1.38%	63.65%

Marinemax Corporate Events

MarineMax Authorizes New $100 Million Share Repurchase Program

MarineMax, Inc., the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, serves the global leisure marine market through a network of more than 120 locations, including dealerships, marinas and storage facilities. Its operations span luxury marina management, superyacht brokerage, premium yacht and powerboat manufacturing, boating-focused financial and insurance services and digital platforms that connect customers with marine service providers.

On March 4, 2026, MarineMax announced that its board had approved a new stock repurchase plan authorizing the company to buy back up to $100 million of its common stock from that date through March 2028, replacing a similar $100 million program that had been scheduled to run through March 2026. As of March 3, 2026, MarineMax, which had 22,027,414 shares outstanding, had repurchased about 1.4 million shares under the prior plan, and the new authorization is intended in part to offset dilution from restricted stock and support employee benefit plans and other general corporate purposes.

The company said repurchases may be made in the open market or via privately negotiated block transactions, with the pace and scale of buybacks dependent on factors such as share price and availability, overall market conditions, competing investment opportunities and available cash. The move underscores MarineMax’s ongoing use of buybacks as a capital management tool, potentially signaling confidence in its long-term strategy while offering a mechanism to manage share count for existing shareholders and participants in its equity-based compensation programs.

The most recent analyst rating on (HZO) stock is a Hold with a $31.00 price target. To see the full list of analyst forecasts on Marinemax stock, see the HZO Stock Forecast page.

MarineMax Shareholders Reelect Directors and Approve Compensation Policies

On March 3, 2026, MarineMax shareholders held their Annual Meeting and elected three directors, William Brett McGill, Odilon Almeida, and Daniel Schiappa, each to serve three-year terms expiring in 2029. Shareholders also approved, on an advisory basis, the company’s executive compensation program, signaling continued support for current leadership and pay practices.

Investors backed an amendment to the 2021 Stock-Based Compensation Plan, increasing the shares available for issuance by 415,000, which may enhance MarineMax’s ability to attract and retain talent through equity incentives. The meeting further ratified the appointment of KPMG LLP as independent auditor for the fiscal year ending September 30, 2026, reinforcing continuity in the company’s financial oversight framework.

The most recent analyst rating on (HZO) stock is a Hold with a $31.00 price target. To see the full list of analyst forecasts on Marinemax stock, see the HZO Stock Forecast page.

MarineMax director resigns, board size reduced to seven

On January 16, 2026, MarineMax, Inc. announced that Director Adam M. Johnson resigned from its Board of Directors with immediate effect, with the company stating that his departure did not stem from any disagreement regarding its operations, policies, or practices. Following Johnson’s resignation, the size of MarineMax’s board was reduced and will now consist of seven directors, signaling a modest change in the company’s governance structure but no reported disruption to its strategic direction or oversight framework.

The most recent analyst rating on (HZO) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Marinemax stock, see the HZO Stock Forecast page.