OneWater Marine (ONEW) AI Stock Analysis

• Market Cap: $196.04M
• Dividend Yield: N/A
• Average Volume (3M): 97.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.75
• Revenue Growth: 5.62%
• EPS Growth: -1706.59%
• Country: US
• Employees: 2,203
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Recreational Vehicles
• EPS (TTM): -0.04
• Shares Outstanding: 16,613,443
• 10 Day Avg. Volume: 101,800
• 30 Day Avg. Volume: 97,552
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.88
• Price to Sales (P/S): 0.13
• P/FCF Ratio: 3.18
• Enterprise Value/Market Cap: 6.59
• Enterprise Value/Revenue: 0.69
• Enterprise Value/Gross Profit: 3.03
• Enterprise Value/Ebitda: -15.32
• 1Y Price Target: $16.00
• Price Target Upside: 35.59% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.55
• Revenue Forecast (FY): $1.85B

• Rating: 47 Neutral
• Price Target: $12.00 ▲(1.69% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held back primarily by weak profitability and elevated leverage despite a revenue rebound and positive free cash flow. Technical signals are also soft (below major moving averages with negative MACD). Offsetting these negatives, the latest earnings call indicated improving margins and maintained FY26 guidance, and a recent divestiture provides incremental support for balance-sheet improvement.

Positive Factors

Cash generation (positive FCF)

Consistent positive operating and free cash flow provides durable internal financing to support working capital, service department investment and debt reduction. Even with volatility, FCF outturns afford flexibility to fund capital needs and reduce reliance on external capital over the medium term.

Gross margin expansion

Sustained margin improvement driven by favorable model mix and portfolio actions suggests structural pricing and product-mix gains. If management preserves higher-margin SKUs and operational efficiencies, incremental margin tailwinds can meaningfully lift adjusted EBITDA and resilience across business cycles.

Diversified revenue mix; aftermarket strength

Growth in pre-owned and aftermarket revenue increases recurring, higher-frequency earnings and reduces reliance on new-boat unit cycles. A larger share of service and parts supports steadier margins and customer lifetime value, strengthening revenue durability through market slowdowns.

Negative Factors

Elevated leverage

High absolute debt and elevated leverage constrain financial flexibility, increase interest expense sensitivity and heighten covenant/default risk if operating performance slips. Deleveraging timelines are multi-quarter, so capital structure risk persists until sustained earnings or definitive asset monetization occurs.

Weak GAAP profitability

Persistent GAAP losses and compressed margins versus prior years indicate structural pressure on pricing, costs or mix. Without durable margin recovery to restore positive net income, returns on equity and reinvestment capacity remain impaired, limiting long-term capital allocation and shareholder value creation.

Reliance on asset sales to reduce leverage

Leverage reduction is partly contingent on not-yet-finalized divestitures, creating execution and timing risk. If proceeds are delayed or lower than expected, projected leverage targets and interest-cost savings may not materialize, extending balance-sheet vulnerability and limiting strategic optionality.

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 and maintenance services. In addition, the company arranges boat financing and insurance; and other ancillary services, including indoor and outdoor storage, and marina, as well as rental of boats and personal watercraft. As of September 30, 2021, it operated 70 stores in 11 states, including Texas, Florida, Alabama, North Carolina, South Carolina, Georgia, Ohio and New Jersey. OneWater Marine Inc. was founded in 2014 and is headquartered in Buford, Georgia.

How the Company Makes Money

OneWater Marine generates revenue primarily through the sale of boats and marine products from its dealerships. Key revenue streams include new and used boat sales, accessories and parts sales, and service and maintenance offerings. Additionally, the company earns income from financing and insurance services provided to customers purchasing boats. The expansion of its dealership network and partnerships with leading boat manufacturers enhance its market presence and contribute to revenue growth. Seasonal sales fluctuations and promotional events also play a role in driving business during peak boating seasons.

OneWater Marine Financial Statement Overview

Summary

Revenue rebounded strongly (+25.4% TTM) and free cash flow is positive (~$43.1M), but profitability is weak (TTM net loss of ~$110.3M; -5.9% net margin) and leverage is elevated (debt-to-equity ~2.50x; negative ROE), increasing balance-sheet risk if losses persist.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded strongly (+25.4%), but profitability is weak: net income is a sizable loss (-$110.3M) with negative net margin (-5.9%). Margins have compressed versus prior years (gross margin down to ~22.8% vs ~31.7% in 2022), and results deteriorated from near-breakeven in 2024 to deeper losses in 2025, indicating pressure on pricing, costs, and/or demand mix.

Balance Sheet

Leverage is elevated with total debt of ~$1.13B against equity of ~$277.5M (debt-to-equity ~2.50x in TTM (Trailing-Twelve-Months)), and equity has declined versus 2023–2024 levels. Returns to shareholders are negative (TTM return on equity ~-33%), reflecting that current earnings are not supporting the capital structure; while leverage improved from 2025 annual (~3.38x), the balance sheet still carries meaningful financial risk if earnings remain pressured.

Cash Flow

Cash generation is a relative bright spot: TTM (Trailing-Twelve-Months) operating cash flow is positive (~$52.9M) and free cash flow is also positive (~$43.1M). However, free cash flow dropped sharply (about -45% growth), and cash flow strength is not fully consistent year-to-year (notably negative operating and free cash flow in 2023), suggesting working-capital and cycle sensitivity despite the recent improvement.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	1.88B	1.87B	1.77B	1.94B	1.74B	1.23B
Gross Profit	427.15M	405.39M	435.06M	535.13M	553.65M	357.45M
EBITDA	-84.36M	-101.43M	86.99M	43.90M	252.13M	158.41M
Net Income	-110.32M	-114.58M	-5.71M	-38.59M	130.94M	79.06M
Balance Sheet
Total Assets	1.44B	1.40B	1.59B	1.69B	1.50B	720.61M
Cash, Cash Equivalents and Short-Term Investments	32.23M	52.17M	16.85M	84.65M	42.07M	62.61M
Total Debt	1.13B	964.37M	1.01B	1.08B	835.02M	318.78M
Total Liabilities	1.16B	1.12B	1.20B	1.28B	1.05B	465.78M
Stockholders Equity	277.49M	284.95M	360.81M	358.61M	385.32M	225.93M
Cash Flow
Free Cash Flow	41.20M	79.02M	8.92M	-153.83M	-8.20M	149.53M
Operating Cash Flow	52.91M	91.75M	34.84M	-129.76M	7.45M	159.42M
Investing Cash Flow	-10.90M	-11.60M	13.32M	-51.60M	-476.84M	-117.13M
Financing Cash Flow	-36.06M	-42.61M	-114.11M	213.72M	456.40M	-36.50M

OneWater Marine Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 11.8 is below the 20-day moving average (MA) of 12.85, below the 50-day MA of 12.39, and below the 200-day MA of 14.27, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 41.33 is Neutral, neither overbought nor oversold. The STOCH value of 20.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ONEW.

OneWater Marine Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MCFT	70 Outperform	$366.60M	23.80	7.40%	―	-12.17%	―
MPX	67 Neutral	$268.73M	24.02	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	$571.66M	40.42	3.72%	―	11.54%	―
ONEW	47 Neutral	$196.04M	-1.75	-35.49%	―	5.62%	-1706.59%
VEEE	47 Neutral	$1.05M	-0.07	-59.55%	―	-34.70%	36.13%
VMAR	42 Neutral	$2.60M	―	―	―	-66.16%	78.81%

OneWater Marine Corporate Events

OneWater Marine Shareholders Back Board, Pay and Auditor

On February 19, 2026, OneWater Marine Inc. held its 2026 Annual Meeting of Stockholders, where holders of 16,565,981 outstanding shares of Class A common stock were entitled to vote on director elections and other governance matters. Stockholders elected nine directors, including Anthony Aisquith and P. Austin Singleton, to serve until the 2027 annual meeting, reinforcing continuity in the company’s leadership and board oversight.

Investors also approved on an advisory basis the compensation of the company’s named executive officers, signaling support for current pay practices and incentive structures. In addition, stockholders ratified Grant Thornton LLP as OneWater Marine’s independent registered public accounting firm for the fiscal year ending September 30, 2026, maintaining audit continuity and signaling confidence in the company’s financial reporting framework.

The most recent analyst rating on (ONEW) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on OneWater Marine stock, see the ONEW Stock Forecast page.

OneWater Marine completes strategic divestiture to reduce debt

On February 2, 2026, OneWater Marine Inc. completed the sale of its equity interests in Ocean Bio‑Chem Holdings, Inc. to Recochem Inc. for an estimated $50 million in cash, reflecting a $55 million base price adjusted for working capital and other closing items, with a final true‑up to follow. OneWater plans to use the proceeds to repay a portion of its outstanding debt, and pro forma financials for the year ended September 30, 2025, show the divestiture resulting in reduced assets and current liabilities, repayment of $50 million of debt, and an estimated $9.6 million loss on sale that will not impact ongoing operating results, underscoring a strategic balance sheet deleveraging and refocusing of the company’s operations.

The most recent analyst rating on (ONEW) stock is a Buy with a $16.00 price target. To see the full list of analyst forecasts on OneWater Marine stock, see the ONEW Stock Forecast page.

OneWater Marine Sells Ocean Bio-Chem, Refines 2026 Outlook

On February 3, 2026, OneWater Marine Inc. completed the sale of Ocean Bio-Chem Holdings, Inc., a specialty marine and household chemical products manufacturer it acquired in August 2022, as part of a broader portfolio optimization strategy aimed at simplifying the business and focusing on core assets. The company said the $50 million in proceeds will be used to pay down debt, targeting net leverage below 4.0x by fiscal year-end and delivering about $3.5 million in annual interest expense savings, and it updated its fiscal 2026 guidance to reflect the lost revenue from exited brands, now projecting flat dealership same-store sales, total revenue between $1.78 billion and $1.88 billion, adjusted EBITDA of $60 million to $80 million, and adjusted diluted earnings per share of $0.20 to $0.70 in what it expects to be a flat to slightly declining industry environment.

The most recent analyst rating on (ONEW) stock is a Buy with a $16.00 price target. To see the full list of analyst forecasts on OneWater Marine stock, see the ONEW Stock Forecast page.

OneWater Marine Unveils Strategic Growth Plan

On December 8, 2025, OneWater Marine Inc. issued an investor presentation outlining its strategic growth and financial performance. The presentation highlighted the company’s diversified income streams and flexible operating model, which positions it to quickly adapt to market dynamics. OneWater’s growth is supported by a proven M&A strategy and an experienced leadership team. The company’s market positioning and operational strategies are designed to enhance its resilience against industry challenges, such as supply chain issues and economic fluctuations.

The most recent analyst rating on (ONEW) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on OneWater Marine stock, see the ONEW Stock Forecast page.

OneWater Marine Updates Credit and Financing Agreements

On November 17, 2025, OneWater Marine Inc. executed Amendment No. 7 to its Amended and Restated Credit Agreement, which included modifications to definitions, covenants, terms, conditions, and the maturity date, now set for July 31, 2027. Additionally, the company adjusted its repayment schedule and interest rates. On the same date, OneWater Marine also entered into the Third Amendment to its Eighth Amended and Restated Inventory Financing Agreement, which altered definitions, covenants, terms, conditions, and the termination date to March 1, 2027. The amendment increased the maximum borrowing capacity to $497.1 million, with an additional $38.7 million available for overtrade capacity.

The most recent analyst rating on (ONEW) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on OneWater Marine stock, see the ONEW Stock Forecast page.