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OneWater Marine (ONEW)
NASDAQ:ONEW
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OneWater Marine
(NASDAQ:ONEW)
Rating:62Neutral
Price Target:
$18.00
▲(7.02% Upside)
Positive Factors
Management Outlook
Management struck an optimistic tone for next year on the back of clean, low inventories and OEM production discipline, positioning ONEW well for a demand inflection.
Sales Performance
ONEW raised its top-line guidance and posted positive same-store sales (+2%) versus a ~15% industry decline.
Negative Factors
Financial Leverage
Leverage rose to 5.8x, a level viewed as too high for comfort in a soft demand environment.
Market Sentiment
The stock is down -25% YTD, reflecting ongoing investor concerns.
Profitability Concerns
Margin pressures forced lowered AEBITDA and EPS estimates, making it a mixed quarter overall.
OneWater Marine (ONEW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$267.00M
Dividend YieldN/A
Average Volume (3M)144.58K
Price to Earnings (P/E)―
Beta (1Y)1.66
Revenue Growth-3.02%
EPS Growth87.87%
CountryUS
Employees2,203
SectorConsumer Cyclical
Sector Strength83
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)0.79
Shares Outstanding16,370,424
10 Day Avg. Volume133,896
30 Day Avg. Volume144,583
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap4.23
Enterprise Value/Revenue0.63
Enterprise Value/Gross Profit2.70
Enterprise Value/Ebitda13.79
Forecast
1Y Price Target
$18.00Price Target Upside7.02% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
OneWater Marine Business Overview & Revenue Model
Company DescriptionOneWater 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 MoneyOneWater 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 Earnings Call Summary
Earnings Call Date:Jul 31, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Nov 13, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. On the positive side, OneWater Marine achieved revenue growth and strong pre-owned sales despite industry declines, and made significant progress in inventory management. However, challenges remain with gross margin pressure, a decline in new boat sales, increased operating expenses, and lower net income. The company is cautiously optimistic about future performance.Q3-2025 Updates
Positive Updates
Revenue Growth Amid Industry Decline
Total revenue increased by 2% to $553 million, while same-store sales also grew by 2%, outperforming the broader industry which saw declines in excess of 15%.
Successful Inventory Management
Total inventory decreased by 14% year-over-year, with plans to end the fiscal year with a 10% to 15% reduction, contributing to a more optimized portfolio and focus on high-performing brands.
Strong Pre-Owned Boat Sales
Pre-owned boat sales increased by 18% to $126 million, driven by higher volume and average unit price, offsetting the decline in new boat sales.
Positive Customer Feedback and Product Reception
Early customer feedback on new models has been positive, with owners responding well to the latest innovations, supporting future sales.
Negative Updates
Gross Margin Pressure
Gross profit declined to $129 million from $133 million in the prior year due to lower new boat volumes, product mix, and a competitive promotional environment.
Decline in New Boat Sales
New boat sales were down 2% to $326 million, reflecting ongoing challenges in the market.
Increased Operating Expenses
Selling, general, and administrative expenses increased by 6% to $92 million, driven by higher personnel and selling expenses, as well as inflationary pressures.
Decrease in Net Income
Net income for the fiscal third quarter totaled $11 million, down from $17 million in the prior year, with adjusted earnings per diluted share decreasing to $0.79 from $1.05.
Company Guidance
In the OneWater Marine, Inc. fiscal third quarter 2025 earnings call, the company reported a 2% increase in total revenue to $553 million, driven by a 2% growth in same-store sales despite industry declines over 15%. New boat sales fell 2% to $326 million, while pre-owned boat sales surged 18% to $126 million. Service parts and other sales decreased 2% to $83 million due to lower production from boat manufacturers. Gross profit decreased to $129 million, with selling, general, and administrative expenses rising 6% to $92 million. Operating income dropped to $30 million, and adjusted EBITDA was $33 million. The company updated its full-year guidance, raising its total revenue outlook to $1.8 billion to $1.85 billion and projecting adjusted EBITDA between $65 million and $80 million. The company aims to reduce inventory by 10% to 15% by year-end while maintaining healthy leverage at 5.8x trailing 12 months adjusted EBITDA.OneWater Marine Financial Statement Overview
Summary
OneWater Marine faces financial challenges with declining revenue and negative net income. High leverage poses risks, but robust cash flow generation supports operational resilience.Income Statement
OneWater Marine demonstrates a mixed performance in its income statement. The company shows a declining revenue trend, with a drop in total revenue from the previous year. Gross profit margin remains relatively strong at approximately 23.5%, indicating good control over production costs. However, the net profit margin is negative, reflecting net losses, which is a significant concern. The EBIT and EBITDA margins are positive but have decreased compared to prior periods, signaling reduced operating efficiency.65
Positive
Balance Sheet
The balance sheet reflects high leverage, with a debt-to-equity ratio of 2.82, indicating significant reliance on debt financing. The equity ratio stands at 23.2%, which is relatively low, suggesting a weaker capital structure. Return on equity is negative due to net losses, highlighting challenges in generating returns for shareholders. Despite these concerns, the company maintains a stable level of total assets.58
Neutral
Cash Flow
Cash flow analysis shows improvement in free cash flow, with a notable increase to $100.8 million in the TTM period. Operating cash flow to net income ratio is favorable, suggesting strong cash flow generation relative to earnings. However, the free cash flow to net income ratio is impacted by negative net income, highlighting profitability challenges. Overall, the cash flow position indicates resilience amidst financial pressures.72
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.78B | 1.77B | 1.94B | 1.74B | 1.23B | 1.02B |
| Gross Profit | 417.72M | 435.06M | 535.13M | 553.65M | 357.45M | 235.52M |
| EBITDA | 81.80M | 86.99M | 43.90M | 229.98M | 158.41M | 91.95M |
| Net Income | -6.91M | -5.71M | -38.59M | 130.94M | 116.41M | 48.51M |
Balance Sheet | ||||||
| Total Assets | 1.64B | 1.59B | 1.69B | 1.50B | 720.61M | 458.07M |
| Cash, Cash Equivalents and Short-Term Investments | 67.46M | 16.85M | 84.65M | 42.07M | 62.61M | 66.09M |
| Total Debt | 1.08B | 1.01B | 1.08B | 837.38M | 318.78M | 213.43M |
| Total Liabilities | 1.26B | 1.20B | 1.28B | 1.05B | 465.78M | 284.78M |
| Stockholders Equity | 381.62M | 360.81M | 358.61M | 385.32M | 225.93M | 122.85M |
Cash Flow | ||||||
| Free Cash Flow | 100.80M | 8.92M | -153.83M | -8.20M | 149.53M | 206.17M |
| Operating Cash Flow | 112.19M | 34.84M | -129.76M | 7.45M | 159.42M | 212.48M |
| Investing Cash Flow | -23.08M | 13.32M | -51.60M | -476.84M | -117.13M | -4.67M |
| Financing Cash Flow | -71.73M | -114.11M | 213.72M | 456.40M | -36.50M | -151.14M |
OneWater Marine Technical Analysis
Positive
16.82
Price Trends
15.61
Positive
14.90
Positive
16.34
Positive
Market Momentum
0.25
Positive
54.72
Neutral
30.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONEW, the sentiment is Positive. The current price of 16.82 is above the 20-day moving average (MA) of 16.70, above the 50-day MA of 15.61, and above the 200-day MA of 16.34, indicating a bullish trend. The MACD of 0.25 indicates Positive momentum. The RSI at 54.72 is Neutral, neither overbought nor oversold. The STOCH value of 30.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $323.36M | 22.27 | 10.54% | 6.06% | -21.97% | -46.09% | |
71 Outperform | $368.69M | 73.70 | 5.84% | ― | -22.47% | -29.30% | |
64 Neutral | $638.93M | 43.29 | 2.85% | ― | -2.59% | ― | |
62 Neutral | $267.00M | ― | -2.85% | ― | -3.02% | 87.87% | |
61 Neutral | $17.97B | 12.87 | -5.29% | 2.97% | 1.26% | -14.45% | |
54 Neutral | $5.06M | ― | -50.61% | ― | -49.65% | 17.30% | |
44 Neutral | $4.36M | ― | -152.23% | ― | -66.16% | 78.81% |
* Consumer Cyclical Sector Average
Performance Comparison
ONEW
OneWater Marine
16.82
-5.18
-23.55%
MPX
Marine Products
9.09
0.48
5.57%
MBUU
Malibu Boats
33.66
-2.54
-7.02%
MCFT
MasterCraft Boat Holdings
23.08
5.51
31.36%
VMAR
Vision Marine Technologies
1.35
-148.05
-99.10%
VEEE
Twin Vee PowerCats
2.84
-0.96
-25.26%
OneWater Marine Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
OneWater Marine Announces Leadership Changes
Neutral
Aug 19, 2025
On August 14, 2025, OneWater Marine Inc. announced a series of leadership changes to better align with its management structure and strategic priorities. Austin Singleton transitioned to Executive Chairman, Anthony Aisquith was appointed CEO, and Jack Ezzell became COO while retaining his CFO role. These changes are intended to enhance the company’s strategic execution and shareholder value without impacting day-to-day operations.
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.