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OneWater Marine (ONEW)
NASDAQ:ONEW
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OneWater Marine
(NASDAQ:ONEW)
Rating:65Neutral
Price Target:
$17.00
▲(11.70% Upside)
Positive Factors
Earnings
ONEW reported better-than-expected results, with the stock initially rising amid a tough demand environment.
Management Outlook
Management is optimistic for next year due to clean inventory, low unit levels, and production discipline by the OEMs.
Sales Performance
ONEW raised its top-line guidance and posted positive same-store sales compared to an industry decline.
Negative Factors
Leverage
Leverage ticked up to 5.8x which is seen as too much for comfort in a persistently soft demand environment.
Margins
Margins deteriorated with higher promotional activity.
Market Conditions
Lack of clear visibility on a recovery and the risk for an industry-driven guidance reset given flat expectations.
OneWater Marine (ONEW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$249.16M
Dividend YieldN/A
Average Volume (3M)146.64K
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue Growth-3.02%
EPS Growth87.87%
CountryUS
Employees2,203
SectorConsumer Cyclical
Sector Strength72
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)0.79
Shares Outstanding16,370,424
10 Day Avg. Volume151,344
30 Day Avg. Volume146,636
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 Cap4.53
Enterprise Value/Revenue0.63
Enterprise Value/Gross Profit2.70
Enterprise Value/Ebitda13.79
Forecast
1Y Price Target
$17.00Price Target Upside11.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
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 new and pre-owned recreational boats and yachts. The company capitalizes on its extensive dealership network to reach a broad customer base. Key revenue streams include boat sales, which account for the majority of the company's income, followed by high-margin services such as repair and maintenance, financing, insurance, and sales of marine parts and accessories. The company benefits from strategic partnerships with leading boat manufacturers, enabling it to offer a diverse range of products. Additionally, OneWater Marine enhances its earnings through after-sales services and customer loyalty programs that encourage repeat business.
OneWater Marine Earnings Call Summary
Earnings Call Date:Jul 31, 2025
(Q3-2025)
| % Change Since: 4.53%|
Next Earnings Date:Nov 13, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a mixed performance for OneWater Marine. While the company achieved some growth in revenue and maintained strong same-store sales performance amidst a challenging industry environment, it faced significant challenges with declining gross profit and new boat sales. Inventory management and pre-owned boat sales were strong points. Overall, the sentiment is balanced with both positive and negative aspects present.Q3-2025 Updates
Positive Updates
Revenue Growth
Total revenue increased 2% to $553 million in the third quarter despite challenging market conditions.
Same-Store Sales Performance
Same-store sales grew by 2% despite the industry experiencing a decline of over 15% in the categories where OneWater Marine participates.
Inventory Management Success
Total inventory is down 14% year-over-year, with a target to reduce inventory by 10% to 15% by year-end.
Pre-Owned Boat Sales Growth
Pre-owned boat sales increased by 18% to $126 million, marking the third consecutive quarter of growth.
Positive Customer Feedback
Early customer feedback on new boat models has been positive, with owners responding well to the latest innovations.
Negative Updates
Decline in Gross Profit
Gross profit declined to $129 million from $133 million in the prior year, primarily due to lower new boat volumes and the promotional environment.
New Boat Sales Decline
New boat sales were down 2% to $326 million in the third quarter.
Parts and Service Revenue Decline
Revenue from service parts and other sales decreased by 2% to $83 million, driven by lower production from boat manufacturers.
Decreased Net Income
Net income for the fiscal third quarter totaled $11 million or $0.65 per diluted share, compared to $17 million or $0.99 per diluted share in the prior year.
Company Guidance
During OneWater Marine's Fiscal Third Quarter 2025 earnings conference call, the company announced a 2% increase in total revenue, reaching $553 million, despite the broader industry experiencing declines over 15%. Same-store sales also rose by 2%, driven by strategic market positioning and strong execution. New boat sales decreased by 2% to $326 million, while pre-owned boat sales surged by 18% to $126 million. The company reported a gross profit of $129 million, down from $133 million the previous year, affected by lower new boat volumes and a competitive promotional environment. Selling, general, and administrative expenses increased by 6% to $92 million. The company updated its full-year guidance, anticipating total revenue to range between $1.8 billion and $1.85 billion and adjusted EBITDA between $65 million and $80 million. Adjusted earnings per diluted share are expected to be between $0.50 and $0.75. OneWater Marine's strategic focus includes optimizing inventory, disciplined cost management, and leveraging operational expertise to outperform industry trends.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
Neutral
15.22
Price Trends
14.73
Positive
14.72
Positive
16.92
Negative
Market Momentum
0.34
Negative
50.84
Neutral
61.35
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 15.22 is above the 20-day moving average (MA) of 15.06, above the 50-day MA of 14.73, and below the 200-day MA of 16.92, indicating a neutral trend. The MACD of 0.34 indicates Negative momentum. The RSI at 50.84 is Neutral, neither overbought nor oversold. The STOCH value of 61.35 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
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $293.97M | 21.28 | 10.54% | 6.67% | -32.30% | -58.15% | |
71 Outperform | $320.81M | ― | -1.50% | ― | -41.66% | -123.04% | |
65 Neutral | $249.16M | ― | -2.85% | ― | -3.02% | 87.87% | |
63 Neutral | £1.76B | 11.16 | 4.65% | 3.22% | 0.46% | -42.11% | |
60 Neutral | $612.19M | ― | -1.68% | ― | -27.18% | 84.33% | |
45 Neutral | $4.70M | ― | -50.61% | ― | -49.65% | 17.30% | |
44 Neutral | $5.73M | ― | -152.23% | ― | -55.43% | 55.17% |
* Consumer Cyclical Sector Average
Performance Comparison
ONEW
OneWater Marine
15.22
-7.40
-32.71%
MPX
Marine Products
8.40
-0.14
-1.64%
MBUU
Malibu Boats
31.90
-2.25
-6.59%
MCFT
MasterCraft Boat Holdings
19.32
-0.24
-1.23%
VMAR
Vision Marine Technologies
4.95
-508.87
-99.04%
VEEE
Twin Vee PowerCats
2.10
-2.92
-58.17%
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.