Marine Products (MPX) AI Stock Analysis

• Market Cap: $274.22M
• Dividend Yield: 6.03%
• Average Volume (3M): 29.73K
• Price to Earnings (P/E): 24.5
• Beta (1Y): 0.60
• Revenue Growth: -12.30%
• EPS Growth: -29.51%
• Country: US
• Employees: 617
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Recreational Vehicles
• EPS (TTM): 0.10
• Shares Outstanding: 34,363,903
• 10 Day Avg. Volume: 55,523
• 30 Day Avg. Volume: 29,726
• PEG Ratio: -0.79
• Price to Book (P/B): 2.45
• Price to Sales (P/S): 1.25
• P/FCF Ratio: 20.52
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 0.94
• Enterprise Value/Gross Profit: 4.94
• Enterprise Value/Ebitda: 12.51
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: $9.00 ▲(7.02% Upside)

The score is driven primarily by strong financial resilience (near zero debt, solid equity base, and positive free cash flow), supported by favorable corporate-event momentum from the announced acquisition. These positives are tempered by weak technical trend signals (below key moving averages with low RSI) and a relatively high P/E, partially offset by a high dividend yield.

Positive Factors

Balance Sheet Strength

Extremely low leverage and a substantial equity base give the company durable solvency and optionality. Over a 2-6 month horizon this supports dividend funding, weathering boating-cycle downturns, and provides capacity to fund strategic moves or absorb shocks without pressuring liquidity.

Cash Generation

Consistent positive free cash flow and a sizable cash balance underpin operational resilience and capital returns. Durable cash generation enables regular dividends, funds working capital cyclicality, and reduces refinancing risk, strengthening medium-term financial flexibility.

Strategic Acquisition

The MasterCraft transaction is a structural consolidation that is likely to close given the large voting agreement. Over time this can create scale, distribution and product synergies for Chaparral and Robalo, improving competitive position and cost structure in fiberglass boat manufacturing.

Negative Factors

Margin Compression

A sustained fall in net margins signals weaker pricing power and operating leverage, reducing earnings durability. Persistently compressed margins erode ROE and limit reinvestment or dividend sustainability absent volume recovery or structural cost reductions.

Revenue Volatility

The decline from 2022–2023 highs and only a modest rebound indicates cyclicality and demand weakness in the recreational boating market. Structural revenue volatility makes capacity utilization and fixed-cost absorption unpredictable, pressuring margins and cash conversion in down cycles.

Dealer/Supplier Dependence

Heavy reliance on an independent dealer network and third-party suppliers limits direct customer control and exposes the company to retail inventory swings, dealer margin pressure, and supplier disruptions. These structural dependencies can amplify cyclical revenue and margin risks over time.

Marine Products Business Overview & Revenue Model

Company Description

Marine Products Corporation (MPX) is a leading manufacturer and distributor of high-quality recreational marine products, specializing in the production of boats, accessories, and parts for the boating industry. Operating primarily in North America, MPX serves a diverse customer base, including individual consumers, boat dealerships, and marine service providers. The company's core offerings include fiberglass boats, aluminum boats, and various marine accessories, all designed to enhance the boating experience and meet the needs of boating enthusiasts.

How the Company Makes Money

Marine Products generates revenue through several key streams. The primary source of income comes from the sale of its recreational boats, which are sold directly to consumers and through a network of authorized dealers. Additionally, MPX earns revenue from the sale of marine accessories and parts, which complement its boat offerings. The company also benefits from strategic partnerships with various marine retailers and distributors, enhancing its market reach and customer accessibility. Seasonal demand fluctuations in the boating industry, as well as emerging trends in recreational boating, contribute to the company's overall sales performance.

Marine Products Financial Statement Overview

Summary

Financials are anchored by an exceptionally strong, near zero-debt balance sheet and continued profitability with generally positive free cash flow. Offsetting this strength, revenue and margins have clearly downshifted since 2023, with 2025 net margin down to the mid-single digits and cash generation softer than peak years.

Income Statement

Revenue rebounded modestly in 2025 (up ~7%), but the bigger picture shows a sharp step-down from the 2022–2023 peak (2024 down materially vs. 2023). Profitability has also compressed: net margin fell from ~10–11% (2022–2023) to ~7.5% (2024) and ~4.7% (2025), and operating profitability is lower versus prior years as well. Positives include the company remaining solidly profitable throughout the cycle and still generating a mid-single-digit net margin in 2025, but the trajectory suggests a tougher demand/pricing environment and weaker operating leverage recently.

Balance Sheet

The balance sheet is very strong with essentially no leverage (debt near zero across periods, including zero total debt in 2025) and a large equity base. Total assets and equity remain substantial despite some decline from 2023 levels, indicating capacity to absorb industry cyclicality. The main weakness is returns on equity have come down meaningfully from very strong levels in 2022–2024 as earnings fell, which reduces overall balance-sheet efficiency even though solvency risk is low.

Cash Flow

Cash generation is generally healthy, with positive free cash flow in most years and a positive 2025 free cash flow of about $14.9M. However, cash flow has become less consistent: operating cash flow and free cash flow were much higher in 2022–2024 than in 2025, and 2021 stands out as weak with negative free cash flow. Overall, the business still converts profits into cash reasonably well in the stronger years, but recent cash flow softness and past volatility keep the score from being higher.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	244.42M	236.56M	383.73M	381.00M	298.01M
Gross Profit	46.77M	45.50M	90.38M	93.72M	68.27M
EBITDA	18.90M	20.91M	49.58M	53.70M	38.21M
Net Income	11.38M	17.85M	41.70M	40.35M	29.03M
Balance Sheet
Total Assets	147.23M	171.25M	195.49M	163.72M	132.84M
Cash, Cash Equivalents and Short-Term Investments	43.51M	52.38M	71.95M	43.17M	14.10M
Total Debt	0.00	220.00K	297.00K	237.00K	71.00K
Total Liabilities	22.27M	42.24M	43.90M	39.33M	34.32M
Stockholders Equity	124.97M	129.00M	151.59M	124.38M	98.53M
Cash Flow
Free Cash Flow	14.92M	24.93M	46.67M	46.85M	-791.00K
Operating Cash Flow	16.46M	29.53M	56.85M	49.35M	457.00K
Investing Cash Flow	-4.68M	-4.43M	-7.87M	-2.50M	-1.25M
Financing Cash Flow	-20.65M	-44.67M	-20.19M	-17.78M	-16.68M

Marine Products Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.41
• 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 MPX, the sentiment is Negative. The current price of 8.41 is below the 20-day moving average (MA) of 8.93, below the 50-day MA of 8.86, and below the 200-day MA of 8.45, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 35.99 is Neutral, neither overbought nor oversold. The STOCH value of 6.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MPX.

Marine Products Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MCFT	70 Outperform	$385.64M	25.28	7.40%	―	-12.17%	―
MPX	67 Neutral	$274.22M	24.51	10.00%	6.03%	-12.30%	-29.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MBUU	55 Neutral	$586.35M	42.90	3.72%	―	11.54%	―
ONEW	51 Neutral	$199.03M	-1.78	-35.49%	―	5.62%	-1706.59%
VEEE	47 Neutral	$2.53M	-0.17	-59.55%	―	-34.70%	36.13%
VMAR	42 Neutral	$2.69M	―	―	―	-66.16%	78.81%

Marine Products Corporate Events

Marine Products to be acquired by MasterCraft Boat Holdings

On February 5, 2026, Marine Products Corporation agreed to be acquired by MasterCraft Boat Holdings in a stock-and-cash transaction that will combine the two boat manufacturers under MasterCraft’s control. Marine Products shareholders are to receive 0.232 shares of MasterCraft common stock and $2.43 in cash for each Marine Products share, with Marine Products becoming a wholly owned subsidiary through a two-step merger structure and its stock subsequently delisted from the NYSE and deregistered. The deal includes acceleration and conversion of Marine Products’ equity awards, expansion of MasterCraft’s board from seven to ten directors to add three Marine Products-affiliated members, and customary no-shop, termination fee, and closing conditions, including shareholder approvals, regulatory clearances, and Nasdaq listing of new MasterCraft shares; a concurrent voting agreement with key Marine Products shareholders holding about 69.1% of voting power is designed to secure approval, signaling a high likelihood of completion and a significant consolidation move in the recreational boating sector.

The most recent analyst rating on (MPX) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on Marine Products stock, see the MPX Stock Forecast page.

Marine Products to be acquired by MasterCraft Boat Holdings

On February 5, 2026, Marine Products and MasterCraft Boat Holdings announced that they had signed a merger agreement under which MasterCraft will acquire Marine Products, a deal that is set to reshape ownership of the Chaparral and Robalo brands and could further consolidate the fiberglass boat manufacturing segment. On the same day, Marine Products reported unaudited results for the quarter and year ended December 31, 2025, showing fourth-quarter net sales up 35% to $64.6 million and full-year sales up 3% to $244.4 million, but with profitability under pressure: quarterly net income fell 45% to $2.4 million and full-year net income declined 36% to $11.4 million amid higher selling, general and administrative expenses and tax charges tied to the liquidation of company-owned life insurance policies. Despite margin compression and a drop in EBITDA for the full year, the company highlighted strong cash generation, finishing 2025 with $43.5 million in cash, no debt, and $19.6 million in dividends paid, while opting not to hold its usual earnings call in light of the pending transaction with MasterCraft.

The most recent analyst rating on (MPX) stock is a Buy with a $10.50 price target. To see the full list of analyst forecasts on Marine Products stock, see the MPX Stock Forecast page.

Marine Products Declares Quarterly Dividend Amid Board Transition

On January 27, 2026, Marine Products Corporation director Jerry W. Nix notified the board that he will not stand for reelection at the company’s 2026 annual shareholders’ meeting, though he will continue to serve through that meeting in his roles as lead independent director, chair of the Human Capital Management and Compensation Committee and the Nominating and Corporate Governance Committee, and as a member of the Audit Committee; the company emphasized that his decision was not due to any disagreement over its operations, policies, or practices. On January 28, 2026, the company announced that its board declared a regular quarterly cash dividend of $0.14 per share, payable on March 10, 2026 to shareholders of record as of February 10, 2026, signaling continued capital returns to investors alongside upcoming board transitions.

The most recent analyst rating on (MPX) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Marine Products stock, see the MPX Stock Forecast page.