OneWater Marine (ONEW) AI Stock Analysis

• Market Cap: $233.25M
• Dividend Yield: N/A
• Average Volume (3M): 97.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.71
• 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: 16,565,980
• 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: 3.83
• Enterprise Value/Revenue: 0.48
• Enterprise Value/Gross Profit: 2.11
• Enterprise Value/Ebitda: -13.01
• 1Y Price Target: $16.00
• Price Target Upside: 13.64% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $12.50 ▼(-11.22% Downside)

The score is held down primarily by weak financial performance—ongoing losses, compressed margins, and high leverage—despite improved recent free cash flow. Technicals and the latest earnings call are moderately supportive (margin improvement, maintained guidance, some momentum), but valuation remains constrained by negative earnings and deleveraging execution risk.

Positive Factors

Diversified revenue mix

OneWater’s model combines new and pre-owned boat sales with higher-frequency aftersales (service, parts, F&I), which smooths revenue cycles and supports recurring margins. This structural diversification reduces dependence on new-unit cycles and enhances long-term cash resilience.

Improving cash generation

After volatile prior years, the business produced positive operating and free cash flow in 2024–2025, showing better working capital and inventory control. Durable cash generation enhances capacity to fund operations, pay down debt, and execute strategic M&A or asset sales over the medium term.

Gross margin improvement

Management reported a 110bp YoY gross-margin gain driven by model mix and portfolio actions. Sustained margin recovery from better mix and pricing discipline would materially improve operating leverage, helping translate revenue into durable profits even in an uneven industry.

Negative Factors

Elevated leverage

Leverage at ~5.1x adjusted EBITDA materially constrains financial flexibility and raises refinancing and covenant risk. High net debt increases sensitivity to demand shocks and limits the company's ability to invest in service capacity or M&A without clear, sustained cash-flow improvement.

Sustained profitability weakness

Revenue scale improved, but multiyear margin erosion and recurring net losses indicate structural pressure on pricing, costs, or mix. Unless margins stabilize back toward historical levels, returns on capital will remain weak, complicating recovery of equity and long-term shareholder value creation.

Execution risk on asset-sale deleveraging

Management’s deleveraging plan relies partly on proceeds from non-core asset sales that are not yet finalized. Failure or delay in closing would keep leverage elevated, worsening liquidity and raising the chance of distress or deeper restructuring needs over the medium term.

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

Financials are pressured: while revenue has grown long term, profitability deteriorated into recurring net losses (2023–2025) with notable gross-margin compression. Balance-sheet leverage is high (debt-to-equity ~2.8–3.0x historically; debt still sizable), reducing flexibility. Cash flow is a relative positive with positive FCF in 2024–2025, but it has been volatile.

Income Statement

Revenue has grown over the long run (from ~$1.02B in 2020 to ~$1.87B in 2025), but the trajectory has weakened recently with a decline in 2024 followed by only modest growth in 2025. Profitability has deteriorated meaningfully: gross margin compressed from ~32% (2022) to ~22% (2025), and results swung from solid profitability in 2020–2022 to losses in 2023–2025 (net margin ~-6% in 2025). Overall, scale is improving, but margin pressure and recurring net losses are the key overhang.

Balance Sheet

Leverage is elevated, with debt-to-equity around ~2.8–3.0x in 2023–2024 (and debt still near ~$964M in 2025) against a relatively modest equity base (~$285M in 2025). Equity has also declined from prior years, reducing financial flexibility. Returns on equity were strong in 2021–2022 but turned negative in 2023–2024 alongside losses, highlighting increased balance-sheet risk if profitability does not recover.

Cash Flow

Cash generation is a relative bright spot: operating cash flow and free cash flow were positive in 2024–2025 (FCF ~$79M in 2025), indicating improved cash discipline versus the large cash outflow year in 2023. However, free cash flow has been volatile (strongly positive in 2020–2021, weak/negative in 2022–2023, then recovering), and 2025 free cash flow declined versus 2024. The business is currently producing cash, but consistency remains a concern.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.87B	1.87B	1.77B	1.94B	1.74B	1.23B
Gross Profit	422.81M	405.39M	435.06M	535.13M	553.65M	357.45M
EBITDA	-68.72M	-101.43M	86.99M	43.90M	252.13M	158.41M
Net Income	-114.58M	-114.58M	-5.71M	-38.59M	130.94M	79.06M
Balance Sheet
Total Assets	1.40B	1.40B	1.59B	1.69B	1.50B	720.61M
Cash, Cash Equivalents and Short-Term Investments	64.82M	52.17M	16.85M	84.65M	42.07M	62.61M
Total Debt	964.37M	964.37M	1.01B	1.08B	835.02M	318.78M
Total Liabilities	1.12B	1.12B	1.20B	1.28B	1.05B	465.78M
Stockholders Equity	284.95M	284.95M	360.81M	358.61M	385.32M	225.93M
Cash Flow
Free Cash Flow	79.02M	79.02M	8.92M	-153.83M	-8.20M	149.53M
Operating Cash Flow	91.75M	91.75M	34.84M	-129.76M	7.45M	159.42M
Investing Cash Flow	-11.60M	-11.60M	13.32M	-51.60M	-476.84M	-117.13M
Financing Cash Flow	-42.61M	-42.61M	-114.11M	213.72M	456.40M	-36.50M

OneWater Marine Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.08
• 50DMA: Positive
• 100DMA: Positive
• 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 Positive. The current price of 14.08 is above the 20-day moving average (MA) of 13.53, above the 50-day MA of 12.13, and below the 200-day MA of 14.34, indicating a neutral trend. The MACD of 0.44 indicates Positive momentum. The RSI at 61.31 is Neutral, neither overbought nor oversold. The STOCH value of 45.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ONEW.

OneWater Marine Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPX	70 Outperform	$347.89M	26.67	10.00%	6.03%	-12.30%	-29.51%
MCFT	70 Outperform	$376.60M	36.65	7.40%	―	-12.17%	―
MBUU	68 Neutral	$665.43M	35.22	3.72%	―	11.54%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ONEW	47 Neutral	$233.25M	-2.09	-35.49%	―	5.62%	-1706.59%
VEEE	47 Neutral	$3.53M	-0.24	-59.55%	―	-34.70%	36.13%
VMAR	42 Neutral	$3.27M	―	―	―	-66.16%	78.81%

OneWater Marine Corporate Events

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.

OneWater Marine Extends Credit Facilities for Growth

On November 19, 2025, OneWater Marine Inc. announced the extension of its senior secured term loan and floor plan credit facilities by one year, providing continued access to capital and flexibility for growth initiatives. This move highlights OneWater’s financial strength and strategic focus on expanding its dealership network and offerings, with the support of Truist Bank and Wells Fargo leading the financing.

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.