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Marine Products (MPX)
:MPX
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Marine Products
(NYSE:MPX)
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Rating:72Outperform
Price Target:―
Marine Products Corporation shows strengths in financial stability with zero debt and a solid dividend yield, attractive for investors. However, declining revenue and profit margins are significant concerns. The technical indicators suggest a neutral market position, while the earnings call highlights challenges but also strategic initiatives for growth. Despite facing market uncertainties, the company remains cautiously optimistic about future sales growth.
Marine Products (MPX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$304.84M
Dividend Yield6.55%
Average Volume (3M)23.01K
Price to Earnings (P/E)23.4
Beta (1Y)0.58
Revenue Growth-12.30%
EPS Growth-29.51%
CountryUS
Employees617
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)0.07
Shares Outstanding34,999,035
10 Day Avg. Volume26,366
30 Day Avg. Volume23,010
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)2.40
Price to Sales (P/S)1.31
P/FCF Ratio12.44
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue1.12
Enterprise Value/Gross Profit5.89
Enterprise Value/Ebitda14.27
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.4
Revenue Forecast (FY)$243.50M
Marine Products Business Overview & Revenue Model
Company DescriptionMarine 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 MoneyMarine 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 Earnings Call Summary
Earnings Call Date:Oct 30, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Jan 28, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a mixed performance with stable inventory management and financial position as positive aspects. However, there are challenges with declining sales, decreased EPS and EBITDA, and increased SG&A expenses. The company remains optimistic about future demand with new model introductions, but macroeconomic uncertainties remain a concern.Q2-2025 Updates
Positive Updates
Positive Signs in Inventory Management
The company has successfully reduced field inventory by 11% year-over-year, indicating effective inventory management despite industry-wide retail sales declines.
Stable Financial Position
Marine Products Corporation ended the second quarter with $50 million in cash and no debt, positioning the company well for future opportunities.
Successful New Model Introduction
The new models introduced last year were well accepted, and the 2026 model year is anticipated to generate further demand.
Increase in Gross Profit Margin
The gross profit margin increased by 20 basis points to 19.1% compared to the prior year, due to better alignment of cost structure with production needs and a positive change in price and mix.
Negative Updates
Decline in Sales and Units Sold
Second quarter sales decreased by 3% to $67.7 million, driven by a 13% decrease in the number of boats sold, despite a positive 10% net increase in price and mix.
Decrease in EPS and EBITDA
Diluted EPS decreased from $0.14 to $0.12, and EBITDA decreased from $6.5 million to $5.6 million compared to last year.
Increased SG&A Expenses
SG&A expenses increased by 9% to $8.1 million, accounting for 12% of sales, up 130 basis points from the prior year's second quarter.
Company Guidance
During the Marine Products Corporation's second quarter 2025 earnings call, management provided guidance highlighting several key metrics and strategic focuses. Sales for the quarter decreased by 3% to $67.7 million, driven by a 13% drop in boat sales, although this was partially offset by a 10% net increase in price and mix. Despite the sales decline, the gross profit margin improved to 19.1%, up 20 basis points from the previous year, thanks to better cost structure alignment and price increases. SG&A expenses rose by 9% to $8.1 million, leading to a slight increase in SG&A as a percentage of sales to 12%. The tax rate for the quarter was 21.3%, and diluted EPS decreased to $0.12. EBITDA fell to $5.6 million from $6.5 million the previous year. The company generated $9.2 million in operating cash flow and $8.6 million in free cash flow, with year-to-date dividends paid amounting to $9.8 million. The balance sheet remains strong with $50 million in cash and no debt. Looking forward, the company is cautiously optimistic about future demand, focusing on production efficiencies, managing channel inventory, and exploring acquisition opportunities to enhance its product portfolio.Marine Products Financial Statement Overview
Summary
Marine Products shows solid financial stability with zero debt and a strong equity position. However, declining revenues and profit margins suggest that the company faces challenges in maintaining top-line growth and operational efficiency. Cash flow remains positive but shows signs of pressure, necessitating strategic initiatives to bolster revenue and improve margins.Income Statement
The company has witnessed a declining revenue trend with the most recent TTM revenue at $226.2M compared to $236.6M in the previous year. The gross profit margin for the TTM is approximately 18.8%, while the net profit margin stands at 6.8%. Both margins have decreased from the previous annual report, where the net profit margin was 7.5%. The EBIT margin is at 6.6%, and the EBITDA margin is 7.8%, both showing slight declines, indicating pressure on operational efficiencies.65
Positive
Balance Sheet
The company maintains solid financial health with no debt, resulting in a strong debt-to-equity ratio of 0. The equity ratio is robust at approximately 69.1% for the TTM, reflecting strong asset coverage by equity. Return on Equity (ROE) for the TTM is 12.2%, showing a healthy return for investors, though slightly lower than in previous years due to declining profits.80
Positive
Cash Flow
The TTM exhibits positive free cash flow of $20.6M, although it has decreased from $29.5M in the previous year. The operating cash flow to net income ratio is 1.58, indicating efficient cash generation from operations. However, the free cash flow to net income ratio has decreased to 1.33, suggesting reduced cash flow relative to net income.72
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 227.67M | 236.56M | 383.73M | 381.00M | 298.01M | 239.82M |
| Gross Profit | 43.25M | 45.50M | 90.38M | 93.72M | 68.27M | 53.60M |
| EBITDA | 17.86M | 20.91M | 49.58M | 53.70M | 38.21M | 26.32M |
| Net Income | 13.29M | 17.85M | 41.70M | 40.35M | 29.03M | 19.44M |
Balance Sheet | ||||||
| Total Assets | 179.45M | 171.25M | 193.80M | 163.72M | 132.84M | 119.42M |
| Cash, Cash Equivalents and Short-Term Investments | 47.40M | 52.38M | 71.95M | 43.17M | 14.10M | 31.57M |
| Total Debt | 0.00 | 220.00K | 297.00K | 237.00K | 71.00K | 122.00K |
| Total Liabilities | 53.20M | 42.24M | 42.21M | 39.33M | 34.32M | 34.90M |
| Stockholders Equity | 126.26M | 129.00M | 151.59M | 124.38M | 98.53M | 84.52M |
Cash Flow | ||||||
| Free Cash Flow | 14.40M | 24.93M | 46.67M | 46.85M | -791.00K | 27.77M |
| Operating Cash Flow | 16.39M | 29.53M | 56.85M | 49.35M | 457.00K | 29.87M |
| Investing Cash Flow | -1.88M | -4.43M | -7.87M | -2.50M | -1.25M | -2.06M |
| Financing Cash Flow | -20.64M | -44.67M | -20.19M | -17.78M | -16.68M | -16.04M |
Marine Products Technical Analysis
Positive
8.60
Price Trends
8.87
Negative
8.74
Negative
8.51
Positive
Market Momentum
-0.06
Positive
48.82
Neutral
47.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MPX, the sentiment is Positive. The current price of 8.6 is below the 20-day moving average (MA) of 8.73, below the 50-day MA of 8.87, and above the 200-day MA of 8.51, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 48.82 is Neutral, neither overbought nor oversold. The STOCH value of 47.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MPX.
Marine Products Risk Analysis
Marine Products disclosed 21 risk factors in its most recent earnings report. Marine Products 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
Marine Products Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $304.84M | 23.44 | 10.00% | 6.55% | -12.30% | -29.51% | |
71 Outperform | $349.66M | 65.94 | 7.40% | ― | -12.17% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $524.31M | 27.75 | 3.72% | ― | 11.54% | ― | |
50 Neutral | $250.30M | -18.86 | -2.85% | ― | -3.02% | 87.87% | |
44 Neutral | $4.40M | >-0.01 | -152.23% | ― | -66.16% | 78.81% | |
43 Neutral | $5.95M | -0.33 | ― | ― | -34.70% | 36.12% |
* Consumer Cyclical Sector Average
MPX
Marine Products
8.69
-0.79
-8.33%
MBUU
Malibu Boats
26.30
-17.46
-39.90%
MCFT
MasterCraft Boat Holdings
20.13
-1.75
-8.00%
ONEW
OneWater Marine
15.03
-10.37
-40.83%
VMAR
Vision Marine Technologies
1.22
-29.98
-96.09%
VEEE
Twin Vee PowerCats
2.04
-3.06
-60.00%
Marine Products Corporate Events
Marine Products Reports Q3 2025 Financial Results
Oct 31, 2025
Marine Products Corporation, a prominent manufacturer of fiberglass boats under the Chaparral and Robalo brands, operates in the marine industry, focusing on product innovation and a strong dealer network to enhance market share and financial performance.
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.