Marinemax (HZO) AI Stock Analysis

• Market Cap: $671.84M
• Dividend Yield: N/A
• Average Volume (3M): 335.88K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.86
• 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: 2.58
• Enterprise Value/Revenue: 0.74
• Enterprise Value/Gross Profit: 2.34
• Enterprise Value/Ebitda: 14.51
• 1Y Price Target: $30.00
• Price Target Upside: -1.64% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.76
• Revenue Forecast (FY): $2.37B

• Rating: 52 Neutral
• Price Target: $31.00 ▲(1.64% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by weakened profitability and elevated leverage despite stable revenue and solid gross margin, partially offset by strong recent operating/free cash flow. Technicals are supportive with price above major moving averages and positive MACD. Guidance was reaffirmed and balance-sheet/inventory actions are positive, but management also flagged ongoing margin pressure and uncertainty until a second-half recovery materializes; valuation remains challenged due to a negative P/E.

Positive Factors

Strong cash generation

Sustained positive operating and free cash flow provide durable internal financing for operations, inventory reductions, and targeted capital allocation. Strong cash generation cushions earnings volatility, supports deleveraging or opportunistic investments, and improves liquidity across business cycles.

Diversified higher‑margin services

Expansion of marinas, F&I, service, brokerage and superyacht services builds recurring and higher-margin revenue streams. This diversification reduces reliance on cyclical boat retail, helps stabilize gross profit, and increases cross-sell opportunities that support long-term margin resilience.

Inventory reduction and improved liquidity

Material year‑over‑year inventory reduction and meaningful cash balances improve working capital efficiency and lower carrying costs. Better inventory positioning and liquidity expand operational flexibility and reduce pressure from excess supply when customer demand normalizes.

Negative Factors

Elevated leverage

High debt relative to equity constrains financial flexibility if retail margins remain weak. Elevated leverage raises interest and refinancing risk, limits capacity for acquisitions or aggressive reinvestment, and increases downside vulnerability during protracted industry slowdowns.

Profitability deterioration and net loss

A swing to net losses and negative operating profit undermines sustainable reinvestment and shareholder returns. Persistent below‑par profitability reduces ROE, forces reliance on adjusted metrics and cash to mask underlying weakness, and makes earnings recovery timing and quality uncertain.

Industry inventory overhang and margin pressure

An industry inventory glut and heavy promotional activity are structurally compressing retail margins and depressing turns. Prolonged discounting and mix shifts can permanently erode pricing power, prolong recovery, and pressure cash conversion even as unit volumes normalize.

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 generates revenue primarily through the sale of boats, including popular brands such as Sea Ray, Boston Whaler, and Scout. The company earns significant income from the sale of marine accessories and related products, as well as from financing and insurance services for boat purchases. Additionally, MarineMax has a robust service department that provides maintenance and repair services, contributing to its recurring revenue streams. The company also benefits from partnerships with various manufacturers and finance companies, which enhance its product offerings and customer financing options.

Marinemax Financial Statement Overview

Summary

Revenue is roughly flat (+1.6% TTM) and gross margin remains solid (~32%), but profitability has deteriorated materially into a net loss (~-2.5% net margin) with slightly negative operating profit. Leverage is elevated (debt-to-equity ~1.31) and ROE is negative, though cash flow is a key offset with strong positive TTM operating cash flow (~$236M) and free cash flow (~$185M).

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: Positive
• Last Price: 30.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 30.5 is above the 20-day moving average (MA) of 29.30, above the 50-day MA of 27.45, and above the 200-day MA of 25.45, indicating a bullish trend. The MACD of 0.60 indicates Negative momentum. The RSI at 58.31 is Neutral, neither overbought nor oversold. The STOCH value of 73.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HZO.

Marinemax Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BWMX	71 Outperform	$618.34M	11.81	79.73%	8.47%	-7.03%	1.04%
BBW	70 Outperform	$629.94M	11.18	41.18%	1.52%	6.16%	15.74%
LQDT	70 Outperform	$980.35M	34.40	14.72%	―	31.20%	38.38%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
HZO	52 Neutral	$671.84M	-11.37	-3.31%	―	-5.01%	-188.86%
BNED	49 Neutral	$296.65M	-32.77	-3.86%	―	1.38%	63.65%

Marinemax Corporate Events

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.