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Marinemax (HZO)
NYSE:HZO
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Marinemax (HZO) AI Stock Analysis

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HZO

Marinemax

(NYSE:HZO)

Rating:49Neutral
Price Target:
$26.00
▼(-0.42% Downside)
MarineMax's overall stock score is primarily impacted by its financial performance, which shows significant challenges with declining revenue and profitability. Technical analysis provides some positive signals with bullish momentum, but valuation concerns due to negative earnings weigh heavily. The earnings call offers a mixed outlook, with some positive strategic initiatives but ongoing economic pressures.
Positive Factors
Earnings
HZO beat 2Q25 expectations, with the stock up nearly 10% at the open.
Financial Performance
Comps rose 11% - a positive surprise and a new quarterly record.
Gross Margins
Gross margins are staying above 30% as its SYD and non-traditional dealers’ services are increasingly integrated into its ecosystem.
Negative Factors
Guidance
HZO is reducing its guidance citing increased uncertainty from tariffs and shifts in retail trends.
Retail Environment
Disruptions from Hurricanes Helene and Milton compounded an already soft retail environment in a -11% same-store comp.
Stock Performance
The stock is down -37% YTD.

Marinemax (HZO) vs. SPDR S&P 500 ETF (SPY)

Marinemax Business Overview & Revenue Model

Company DescriptionMarineMax, 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 MoneyMarineMax generates revenue primarily through the sale of new and used boats, which constitutes the bulk of its income. The company also earns significant revenue from parts and accessories sales, as well as from service and maintenance offerings provided at its retail locations. In addition, MarineMax has established partnerships with financing and insurance companies, allowing it to facilitate customer financing and insurance solutions, which further contributes to its earnings. Seasonal demand, customer loyalty programs, and a strong online presence also play crucial roles in enhancing the company's revenue streams.

Marinemax Earnings Call Summary

Earnings Call Date:Jun 30, 2025
(Q3-2025)
|
% Change Since: |
Next Earnings Date:Oct 29, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a challenging quarter for MarineMax, with revenue and margin pressures due to economic uncertainty and consumer caution. Despite these challenges, there are positive signs for the future with strong performance in higher-margin businesses, successful cost-cutting measures, and an optimistic outlook for July. However, the company faces significant headwinds with declining same-store sales, a noncash goodwill impairment charge, and ongoing margin pressure.
Q3-2025 Updates
Positive Updates
Opening of IGY Savannah Harbor Marina
IGY celebrated the opening of the IGY Savannah Harbor Marina, a new 100-berth marina in downtown Savannah, featuring a large dock for superyachts.
Positive July Outlook
July is expected to finish ahead of last year's July, indicating a potential turnaround from the challenging June quarter.
Growth in Higher-Margin Businesses
Continued strong performance in higher-margin businesses like Finance and Insurance, Superyacht Services, Storage, and Marina operations, maintaining a gross margin above 30%.
Successful Cost-Cutting Initiatives
Adjusted SG&A expenses decreased by $11 million year-to-date, aided by closing over 10 locations.
Negative Updates
Third Quarter Revenue Decline
Third quarter revenue decreased to $657 million, with same-store sales down 9% due to soft retail demand and consumer caution.
Gross Margin Pressure
Gross profit margin decreased due to historic lows in new boat margins and increased promotional activity.
Noncash Goodwill Impairment Charge
A noncash goodwill impairment charge of over $69 million was recorded, reflecting macroeconomic uncertainty.
Inventory and Margin Challenges
Higher-than-expected inventory levels continue to pressure margins, with expectations for ongoing promotional pricing to drive sales.
Company Guidance
During the MarineMax Fiscal 2025 Third Quarter Conference Call, the company's guidance was revised due to heightened macroeconomic uncertainty, affecting consumer behavior and sales. The company now projects fiscal year 2025 adjusted net income between $0.45 to $0.95 per diluted share and adjusted EBITDA ranging from $105 million to $120 million. This adjustment reflects challenges faced during the third quarter, with revenue falling short at $657 million and same-store sales down 9%. Despite these setbacks, MarineMax maintained a gross margin above 30% due to the strong performance of higher-margin businesses. The company continues to focus on managing costs, with adjusted SG&A down by nearly $11 million year-to-date, and remains committed to strategic investments, such as the recent marina expansions, to support long-term growth.

Marinemax Financial Statement Overview

Summary
MarineMax is facing significant financial headwinds, with declining revenue and profitability margins turning negative. High leverage in the balance sheet raises concerns about the company's financial stability, especially with negative free cash flow and net income. While operating cash flow showed some improvement, overall financial health needs careful management to navigate potential risks and improve financial stability.
Income Statement
45
Neutral
The company experienced a decline in revenue from the previous year, with a negative revenue growth rate of approximately -4.56% in the TTM. The gross profit margin stands at 32.41%, showing a decrease compared to previous years, while the net profit margin turned negative at -1.15%, indicating a concerning drop in profitability. EBIT and EBITDA margins also declined, reflecting challenges in operational efficiency and profitability.
Balance Sheet
50
Neutral
The balance sheet reveals a high debt-to-equity ratio of 0.93, indicating significant leverage, which could pose a risk if revenue trends continue to decline. The equity ratio is at 37.80%, showing a moderate level of equity financing. Return on equity is negative at -2.85%, highlighting a loss in generating returns for shareholders in the TTM.
Cash Flow
40
Negative
Operating cash flow improved to $10.57 million in the TTM, but free cash flow remains negative at -$53.58 million. The free cash flow to net income ratio is concerning, as net income has turned negative. This poses potential liquidity challenges, impacting the company's flexibility in managing its financial commitments and investments.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue2.32B2.43B2.39B2.31B2.06B1.51B
Gross Profit751.98M801.20M835.33M805.75M659.43M398.71M
EBITDA70.62M172.71M241.83M284.62M225.06M119.49M
Net Income-26.78M38.07M109.28M197.99M154.98M74.63M
Balance Sheet
Total Assets2.49B2.61B2.42B1.35B1.01B775.32M
Cash, Cash Equivalents and Short-Term Investments151.02M224.33M201.46M228.27M222.19M155.49M
Total Debt873.12M1.23B1.09B279.56M182.55M192.06M
Total Liabilities1.54B1.62B1.50B570.11M412.93M319.92M
Stockholders Equity940.53M975.79M915.84M782.67M594.89M455.40M
Cash Flow
Free Cash Flow-53.58M-86.08M-287.64M18.14M347.76M291.87M
Operating Cash Flow10.57M-25.66M-222.24M76.59M373.88M304.68M
Investing Cash Flow-58.59M-81.35M-576.37M-140.45M-161.13M-30.11M
Financing Cash Flow-44.72M128.51M770.40M73.06M-145.74M-158.13M

Marinemax Technical Analysis

Technical Analysis Sentiment
Positive
Last Price26.11
Price Trends
50DMA
25.33
Positive
100DMA
23.79
Positive
200DMA
25.58
Positive
Market Momentum
MACD
0.48
Positive
RSI
52.61
Neutral
STOCH
20.09
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 26.11 is above the 20-day moving average (MA) of 25.78, above the 50-day MA of 25.33, and above the 200-day MA of 25.58, indicating a bullish trend. The MACD of 0.48 indicates Positive momentum. The RSI at 52.61 is Neutral, neither overbought nor oversold. The STOCH value of 20.09 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

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
81
Outperform
$16.76B14.6137.37%2.08%2.70%4.58%
77
Outperform
$7.37B23.5222.92%2.53%10.93%-10.83%
72
Outperform
$16.28B45.6476.24%7.64%369.79%
72
Outperform
$3.29B9.2818.42%0.96%-2.20%-17.95%
70
Outperform
$15.74B18.2030.21%4.91%-3.23%-28.11%
61
Neutral
$17.96B13.14-5.29%3.00%1.25%-13.95%
49
Neutral
$560.41M11.13-2.81%-5.78%-158.53%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HZO
Marinemax
26.11
-2.93
-10.09%
BBY
Best Buy Co
77.05
-16.96
-18.04%
DKS
Dick's Sporting Goods
222.03
18.63
9.16%
CHWY
Chewy
41.16
14.97
57.16%
ASO
Academy Sports and Outdoors
50.04
-3.05
-5.74%
MNSO
MINISO Group Holding
24.37
8.57
54.24%

Marinemax Corporate Events

Executive/Board ChangesBusiness Operations and Strategy
MarineMax Appoints Odilon Almeida to Board
Neutral
Aug 6, 2025

On August 4, 2025, Clint Moore and Evelyn Follit resigned from the MarineMax Board of Directors, and Odilon Almeida was appointed as a new independent director and member of the Audit Committee. Almeida brings over 40 years of international business expertise and will support MarineMax’s strategic growth initiatives. The board now consists of eight directors, six of whom are independent, reflecting a continued focus on strong corporate governance.

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.Date of analysis: Sep 05, 2025