OneWater Marine (ONEW)
NASDAQ:ONEW
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OneWater Marine
(NASDAQ:ONEW)
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Rating:45Neutral
Price Target:
$10.00
▼(-0.60% Downside)
Action:ReiteratedDate:03/14/26
The score is constrained primarily by weak profitability and a leveraged balance sheet, alongside bearish technical momentum with the stock trading well below key moving averages. Earnings-call updates add some support due to margin expansion, resilient pre-owned/service growth, maintained FY26 guidance, and stated leverage-reduction plans, but these positives are tempered by ongoing GAAP losses, softer new-boat demand, and elevated net debt.
Positive Factors
Improving cash generation
Sustained positive operating and free cash flow provides durable funding for working capital, service investments and debt paydown. Over 2–6 months, FCF supports deleveraging plans and reduces refinancing risk versus peers with inconsistent cash generation.
Negative Factors
Elevated leverage
Leverage at ~5x adjusted EBITDA constrains strategic flexibility and increases refinancing and interest-rate exposure. Over several months, high net leverage limits ability to reinvest in operations and makes outcomes contingent on successful asset sales and cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Sustained positive operating and free cash flow provides durable funding for working capital, service investments and debt paydown. Over 2–6 months, FCF supports deleveraging plans and reduces refinancing risk versus peers with inconsistent cash generation.
Read all positive factors
OneWater Marine (ONEW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$167.13M
Dividend YieldN/A
Average Volume (3M)97.55K
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue Growth5.62%
EPS Growth-1706.59%
CountryUS
Employees2,203
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)-0.04
Shares Outstanding16,613,443
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 Cap7.56
Enterprise Value/Revenue0.67
Enterprise Value/Gross Profit2.96
Enterprise Value/Ebitda-14.98
Forecast
1Y Price Target
$16.00Price Target Upside59.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.53
Revenue Forecast (FY)$1.84B
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 Marine primarily makes money through marine dealership operations. Its largest revenue stream is selling new and pre-owned boats through its retail locations; revenue is recognized at the time of sale and is influenced by unit volume, bra...
OneWater Marine Key Performance Indicators (KPIs)
OneWater Marine Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Neutral
The call conveyed cautious optimism: management reported modest revenue growth, meaningful margin expansion (+110 bps) and improvements in adjusted profitability (adjusted EBITDA doubled and adjusted loss per share materially improved). Inventory mix and age are healthier, pre-owned and service segments showed strong growth, and the company is pursuing asset sales to lower leverage. Offsetting these positives are a 6% decline in new boat sales, a GAAP net loss of $8M and a $7M impairment, elevated leverage (net debt ~5.1x EBITDA) and reliance on a not-yet-definitive asset sale to materially improve leverage. Guidance was maintained but reflects a conservative industry outlook. Overall, positives and operational improvements are meaningful but balanced by capital structure risk and some demand softness.Positive Updates
Revenue Growth
Fiscal Q1 revenue of $381 million, up 1% year-over-year from $370 million, demonstrating top-line stability versus prior year.
Negative Updates
New Boat Sales Decline
New boat sales were down 6% year-over-year in the quarter, reflecting softer new-unit demand despite improvements in mix and pricing.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Fiscal Q1 revenue of $381 million, up 1% year-over-year from $370 million, demonstrating top-line stability versus prior year.
Read all positive updates
Company Guidance
OneWater maintained its FY26 guidance, forecasting total sales of $1.83–$1.93 billion, adjusted EBITDA of $65–$85 million and adjusted EPS of $0.25–$0.75, while expecting the industry to be flat to down low-single-digits (and OneWater to outperform) with same-store sales flat overall; management also reiterated new boat margins should improve ~100 basis points on the year. At quarter end the company reported $381 million of revenue, gross profit of $89 million with a 23.5% margin (up 110 bps year-over-year), adjusted EBITDA of $4 million (vs. $2 million prior), net loss of $8 million ($0.47 per diluted share), adjusted loss per diluted share of $0.04, total liquidity of $46 million (including $32 million cash), inventory of $602 million (down from $637 million), long-term debt of $399 million and net debt of 5.1x trailing‑12‑month adjusted EBITDA, with management expecting leverage to fall to ~4x by March 31, 2026 and below 4x by year‑end following a planned divestiture.OneWater Marine Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
34
Negative
Cash Flow
55
Neutral
| 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
Neutral
10.06
Price Trends
11.03
Negative
11.53
Negative
13.54
Negative
Market Momentum
-0.26
Negative
52.51
Neutral
76.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONEW, the sentiment is Neutral. The current price of 10.06 is above the 20-day moving average (MA) of 9.22, below the 50-day MA of 11.03, and below the 200-day MA of 13.54, indicating a neutral trend. The MACD of -0.26 indicates Negative momentum. The RSI at 52.51 is Neutral, neither overbought nor oversold. The STOCH value of 76.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $344.50M | 31.53 | 8.43% | ― | -12.17% | ― | |
67 Neutral | $261.50M | 26.91 | 8.92% | 6.03% | -12.30% | -29.51% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $463.58M | -54.76 | 3.72% | ― | 11.54% | ― | |
45 Neutral | $167.13M | -5.80 | -33.00% | ― | 5.62% | -1706.59% | |
42 Neutral | $2.01M | -0.31 | ― | ― | -66.16% | 78.81% | |
40 Underperform | $5.27M | -0.40 | -52.42% | ― | -34.70% | 36.13% |
* Consumer Cyclical Sector Average
ONEW
OneWater Marine
10.06
-3.15
-23.85%
MPX
Marine Products
7.42
-0.08
-1.07%
MBUU
Malibu Boats
24.92
-1.58
-5.96%
MCFT
MasterCraft Boat Holdings
21.35
5.55
35.13%
VMAR
Vision Marine Technologies
2.02
-229.58
-99.13%
VEEE
Twin Vee PowerCats
0.27
-2.47
-90.18%
OneWater Marine Corporate Events
Executive/Board ChangesShareholder Meetings
OneWater Marine Shareholders Back Board, Pay and Auditor
Positive
Feb 19, 2026
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 ...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
OneWater Marine completes strategic divestiture to reduce debt
Positive
Feb 6, 2026
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...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
OneWater Marine Sells Ocean Bio-Chem, Refines 2026 Outlook
Neutral
Feb 3, 2026
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 a...
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.