Marinemax (HZO)
NYSE:HZO
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Marinemax
(NYSE:HZO)
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Rating:52Neutral
Price Target:
$25.00
▼(-7.99% Downside)
Action:ReiteratedDate: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
Strong cash generation
Sustained positive operating and free cash flow provides durable financial flexibility: it supports debt service, strategic buybacks, required capex for marinas and service centers, and working-capital needs during seasonality. Strong cash flow cushions cyclical demand downturns and funds reinvestment without immediate capital raises.
Negative Factors
Elevated leverage
A debt-heavy capital structure limits strategic flexibility and raises sensitivity to interest-rate moves and cyclical sales slumps. With meaningful debt outstanding relative to equity, the firm faces constrained capacity for opportunistic M&A or aggressive reinvestment until profitability and cashflow coverage sustainably improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained positive operating and free cash flow provides durable financial flexibility: it supports debt service, strategic buybacks, required capex for marinas and service centers, and working-capital needs during seasonality. Strong cash flow cushions cyclical demand downturns and funds reinvestment without immediate capital raises.
Read all positive factors
Marinemax (HZO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$598.48M
Dividend YieldN/A
Average Volume (3M)335.88K
Price to Earnings (P/E)―
Beta (1Y)1.85
Revenue Growth-5.01%
EPS Growth-188.86%
CountryUS
Employees4,050
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.21
Shares Outstanding22,027,414
10 Day Avg. Volume289,455
30 Day Avg. Volume335,883
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.60
Price to Sales (P/S)0.24
P/FCF Ratio46.77
Enterprise Value/Market Cap2.77
Enterprise Value/Revenue0.71
Enterprise Value/Gross Profit2.24
Enterprise Value/Ebitda13.90
Forecast
1Y Price Target
$30.50Price Target Upside12.26% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.76
Revenue Forecast (FY)$2.37B
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 boa...
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 dealer...
Marinemax Key Performance Indicators (KPIs)
Marinemax Earnings Call Summary
Earnings Call Date:Jan 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Neutral
The call communicated a balanced but cautious tone. Positive operational actions and financial stability were highlighted — including nearly 11% same-store sales growth, a $505M revenue quarter, nearly $170M inventory reduction, ~$165M cash, a $15.5M adjusted EBITDA quarter and reaffirmed full-year guidance ($110M–$125M adjusted EBITDA). At the same time, significant margin pressure (gross margins >400 bps below normal), a reported net loss of $0.36 per share, unit volume declines, and an industry inventory overhang present clear near-term headwinds. Management expressed cautious optimism based on early boat show momentum and expects inventory/margin normalization in the back half of the year, but near-term uncertainty remains.Positive Updates
Revenue and Same-Store Sales Strength
Revenue of $505.0 million for the quarter with same-store sales up nearly 11% year-over-year, driven by strong same-store performance and migration to larger, premium products (significant increase in average unit selling price despite a decline in unit volume).
Negative Updates
Gross Profit and Margin Compression
Gross profit was $160 million for the quarter and declined versus prior year. Retail boat margins remained well below historical levels—management noted gross margins are more than 400 basis points below a normal historical margin and expects retail margin pressure to persist through fiscal Q2.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Same-Store Sales Strength
Revenue of $505.0 million for the quarter with same-store sales up nearly 11% year-over-year, driven by strong same-store performance and migration to larger, premium products (significant increase in average unit selling price despite a decline in unit volume).
Read all positive updates
Company Guidance
MarineMax reaffirmed fiscal 2026 guidance calling for adjusted EBITDA of $110–$125 million and adjusted net income of $0.40–$0.95 per diluted share, assuming industry units down slightly to up slightly and same‑store sales flat to slightly positive; management expects consolidated gross margins in the low‑30% range for the year, retail margin pressure persisting through Q2 with more meaningful inventory improvement in the second half versus FY25, and noted the guidance reflects interest‑rate cuts to date, an annual effective tax rate of 26.5% and a share count of ~22.8 million (does not assume material M&A). Quarterly and balance‑sheet context included: Q1 revenue $505M, gross profit $160M, adjusted EBITDA $15.5M, adjusted EPS $0.21 (reported loss $0.36), nearly $165M cash, net debt/adjusted EBITDA just over 2x, inventory down ~$170M YoY at December and current inventory turns below 2x (targeting >2x by year‑end), customer deposits flat YoY, and interest expense expected to remain a tailwind.Marinemax Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
44
Neutral
Cash Flow
63
Positive
| 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
Positive
27.17
Price Trends
27.87
Negative
26.35
Positive
25.92
Positive
Market Momentum
-0.32
Negative
51.72
Neutral
78.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HZO, the sentiment is Positive. The current price of 27.17 is above the 20-day moving average (MA) of 26.25, below the 50-day MA of 27.87, and above the 200-day MA of 25.92, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 51.72 is Neutral, neither overbought nor oversold. The STOCH value of 78.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HZO.
Marinemax Risk Analysis
Marinemax disclosed 46 risk factors in its most recent earnings report. Marinemax reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marinemax Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $631.40M | 0.38 | 87.45% | 8.47% | -7.03% | 1.04% | |
70 Outperform | $492.85M | 14.91 | 34.25% | 1.52% | 6.16% | 15.74% | |
70 Outperform | $966.39M | 31.00 | 14.46% | ― | 31.20% | 38.38% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | $598.48M | -16.77 | -6.06% | ― | -5.01% | -188.86% | |
50 Neutral | $308.67M | 11.58 | -3.56% | ― | 1.38% | 63.65% |
* Consumer Cyclical Sector Average
HZO
Marinemax
27.17
8.69
47.02%
BBW
BuildABear Workshop
38.07
2.18
6.07%
LQDT
Liquidity Services
31.16
2.35
8.16%
BNED
Barnes & Noble Education
9.00
0.66
7.91%
BWMX
Betterware de Mexico
16.92
7.26
75.10%
Marinemax Corporate Events
Business Operations and StrategyStock Buyback
MarineMax Authorizes New $100 Million Share Repurchase Program
Positive
Mar 4, 2026
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 ...
Executive/Board ChangesShareholder Meetings
MarineMax Shareholders Reelect Directors and Approve Compensation Policies
Positive
Mar 4, 2026
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 ...
Business Operations and StrategyExecutive/Board Changes
MarineMax director resigns, board size reduced to seven
Neutral
Jan 20, 2026
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, polic...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.