OneWater Marine (ONEW)
NASDAQ:ONEW
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OneWater Marine
(NASDAQ:ONEW)
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Rating:52Neutral
Price Target:
$10.50
▼(-5.83% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weakened profitability and elevated leverage despite some improvement, partially offset by better recent cash generation. Technicals show improving momentum, but valuation support is limited due to losses (negative P/E). The earnings call adds a modest positive tilt from maintained guidance and operational execution (margins, inventory, cost actions, debt paydown), tempered by continued revenue declines and industry softness.
Positive Factors
Cash generation
Sustained positive operating and free cash flow provides durable internal funding for working capital, debt paydown, and reinvestment in dealerships. This improves resilience through industry cycles, supports liquidity and reduces reliance on external financing despite profitability headwinds.
Negative Factors
High leverage
Elevated leverage and declining equity amplify financial risk and constrain strategic flexibility. High debt levels increase interest sensitivity and limit capacity for investment or weathering prolonged demand weakness, making capital allocation and growth more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow provides durable internal funding for working capital, debt paydown, and reinvestment in dealerships. This improves resilience through industry cycles, supports liquidity and reduces reliance on external financing despite profitability headwinds.
Read all positive factors
OneWater Marine Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across the company’s business lines—new and pre-owned boat sales, parts and service, accessories, financing/warranty and other services—showing which areas drive growth and where margins are strongest. A higher share from parts, service and other recurring businesses indicates steadier, higher-margin income that can cushion the company during cyclical downturns in boat sales; heavy reliance on new-boat sales signals greater exposure to economic and seasonal swings.
Breaks down revenue across the company’s business lines—new and pre-owned boat sales, parts and service, accessories, financing/warranty and other services—showing which areas drive growth and where margins are strongest. A higher share from parts, service and other recurring businesses indicates steadier, higher-margin income that can cushion the company during cyclical downturns in boat sales; heavy reliance on new-boat sales signals greater exposure to economic and seasonal swings.
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The Fly
The FlyOneWater Marine (ONEW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$171.83M
Dividend YieldN/A
Average Volume (3M)97.55K
Price to Earnings (P/E)―
Beta (1Y)1.91
Revenue Growth3.16%
EPS Growth-1540.48%
CountryUS
Employees2,203
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)-7.49
Shares Outstanding16,617,540
10 Day Avg. Volume101,800
30 Day Avg. Volume97,552
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.88
Price to Sales (P/S)0.13
P/FCF Ratio3.18
Enterprise Value/Market Cap4.20
Enterprise Value/Revenue0.39
Enterprise Value/Gross Profit1.74
Enterprise Value/Ebitda-10.46
Forecast
1Y Price Target
$13.00Price Target Upside16.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.51
Revenue Forecast (FY)$1.83B
OneWater Marine Business Overview & Revenue Model
Company Description
OneWater Marine Inc. operates as a recreational boat retailer in the United States. The company offers new and pre-owned recreational boats and yachts, as well as related marine products, such as parts and accessories. It also provides boat repair...
How the Company Makes Money
OneWater primarily makes money by retailing recreational boats and related marine products and services through its dealership network. Key revenue streams include: (1) New boat sales: Revenue from selling new boats sourced from boat manufacturers...
OneWater Marine Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: meaningful operational progress (110 bps gross margin expansion, inventory improvement, debt reduction, pre-owned growth, cost actions, and maintained guidance) offset by notable top-line weakness (revenues down 9%, same-store sales down 8%, new boat revenue down 12%), a quarterly net loss including a $6M impairment, and ongoing industry headwinds. Management emphasized strategic portfolio optimization (sale of Ocean Bio-Chem), improved balance sheet metrics and encouraging early selling‑season activity, but acknowledged that divestiture-related lost revenue and macro uncertainty will pressure comparables and near-term results.Positive Updates
Gross Margin Expansion
Gross profit margin expanded 110 basis points to 23.9% year-over-year, driven by favorable mix, brand portfolio optimization and pricing discipline.
Negative Updates
Revenue Decline
Total revenue for the quarter was $442 million, down 9% year-over-year; same-store sales declined 8%.
Read all updates
Q2-2026 Updates
Positive
Negative
Gross Margin Expansion
Gross profit margin expanded 110 basis points to 23.9% year-over-year, driven by favorable mix, brand portfolio optimization and pricing discipline.
Read all positive updates
Company Guidance
OneWater reiterated its fiscal 2026 guidance (unchanged since the February Ocean Bio‑Chem divestiture), expecting total revenue of $1.78–$1.88 billion, adjusted EBITDA of $60–$80 million, adjusted diluted EPS of $0.20–$0.70, and dealership same‑store sales to be flat year‑over‑year while the industry is expected to be flat to down low single digits. Management said year‑to‑date results are consistent with its forecast and emphasized a target to reduce net debt-to-EBITDA below 4.0x by year‑end (current net debt-to-EBITDA 4.1x), after repaying $57 million of debt this quarter; Q2 metrics included $442 million revenue (‑9% YoY), $106 million gross profit with a 23.9% gross margin (+110 bps), $16 million adjusted EBITDA, a $13 million net loss (including a $6 million noncash trade name impairment), $68 million cash (~$73 million total liquidity), $551 million inventory (down from $602 million), SG&A of $86 million (‑$2 million), and a continued focus on margin expansion, cost savings (~$6 million annualized actions) and disciplined inventory positioning.OneWater Marine Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
42
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.84B | 1.87B | 1.77B | 1.94B | 1.74B | 1.23B |
| Gross Profit | 413.69M | 405.39M | 435.06M | 535.13M | 553.65M | 357.45M |
| EBITDA | -69.00M | -101.43M | 86.99M | 43.90M | 252.13M | 158.41M |
| Net Income | -122.86M | -114.58M | -5.71M | -38.59M | 130.94M | 79.06M |
Balance Sheet | ||||||
| Total Assets | 1.38B | 1.40B | 1.59B | 1.69B | 1.50B | 720.61M |
| Cash, Cash Equivalents and Short-Term Investments | 68.36M | 52.17M | 16.85M | 84.65M | 42.07M | 62.61M |
| Total Debt | 621.73M | 964.37M | 1.01B | 1.08B | 835.02M | 318.78M |
| Total Liabilities | 1.11B | 1.12B | 1.20B | 1.28B | 1.05B | 465.78M |
| Stockholders Equity | 269.42M | 284.95M | 360.81M | 358.61M | 385.32M | 225.93M |
Cash Flow | ||||||
| Free Cash Flow | 67.43M | 79.02M | 8.92M | -153.83M | -8.20M | 149.53M |
| Operating Cash Flow | 76.89M | 91.75M | 34.84M | -129.76M | 7.45M | 159.42M |
| Investing Cash Flow | 39.28M | -11.60M | 13.32M | -51.60M | -476.84M | -117.13M |
| Financing Cash Flow | -115.16M | -42.61M | -114.11M | 213.72M | 456.40M | -36.50M |
OneWater Marine Technical Analysis
Negative
11.15
Price Trends
10.06
Positive
11.24
Negative
12.97
Negative
Market Momentum
0.10
Positive
44.59
Neutral
9.09
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONEW, the sentiment is Negative. The current price of 11.15 is above the 20-day moving average (MA) of 10.78, above the 50-day MA of 10.06, and below the 200-day MA of 12.97, indicating a neutral trend. The MACD of 0.10 indicates Positive momentum. The RSI at 44.59 is Neutral, neither overbought nor oversold. The STOCH value of 9.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ONEW.
OneWater Marine Risk Analysis
OneWater Marine disclosed 63 risk factors in its most recent earnings report. OneWater Marine 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
OneWater Marine Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $280.04M | -30.95 | 5.63% | 6.03% | 11.38% | -54.16% | |
67 Neutral | $563.97M | -114.15 | 5.95% | ― | 9.79% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | $503.10M | -51.43 | -0.18% | ― | 8.81% | 87.95% | |
52 Neutral | $171.83M | -3.04 | -40.11% | ― | 3.16% | -1540.48% | |
43 Neutral | $3.30M | -0.18 | -55.71% | ― | 19.23% | 65.04% | |
39 Underperform | $1.55M | -0.27 | ― | ― | -66.15% | 85.60% |
* Consumer Cyclical Sector Average
ONEW
OneWater Marine
10.14
-4.95
-32.80%
MPX
Marine Products
8.18
0.06
0.80%
MBUU
Malibu Boats
24.86
-7.05
-22.09%
MCFT
MasterCraft Boat Holdings
22.00
4.30
24.29%
VMAR
Vision Marine Technologies
0.68
-252.52
-99.73%
VEEE
Twin Vee PowerCats
5.90
-89.19
-93.80%
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.