(HZO) MarineMax - Overview
Sector: Consumer Cyclical | Industry: Specialty Retail | Exchange: NYSE (USA) | Market Cap: 753m USD | Total Return: 58.5% in 12m
Avg Turnover: 11.2M
EPS Trend: -91.1%
Qual. Beats: 0
Rev. Trend: -58.3%
Qual. Beats: -1
Warnings
High Debt/EBITDA (10.7) with thin interest coverage (0.9)
Interest Coverage Ratio 0.9 is critical
Fakeout Choppy
Tailwinds
Idiosyncratic Leader
MarineMax, Inc. (HZO) is a vertically integrated recreational boat and yacht retailer operating primarily in the United States. The company manages two distinct segments: Retail Operations and Product Manufacturing. Its business model extends beyond unit sales of new and used vessels to include high-margin recurring revenue streams such as maintenance, repair, storage, and brokerage services.
The company maintains a diverse inventory ranging from pontoon boats to mega-yachts and manufactures its own line of sport yachts and power catamarans. MarineMax also provides ancillary financial services, including boat financing and insurance brokerage, which helps capture value throughout the entire customer lifecycle. The recreational boating industry is highly cyclical and often tracks closely with consumer discretionary spending and interest rate fluctuations.
Investors looking for deeper insights into the companys valuation metrics might find ValueRay a useful resource for further analysis. Based in Oldsmar, Florida, MarineMax leverages a multi-channel sales strategy through physical dealerships, offsite locations, and digital catalogs to reach various market segments.
- Interest rate fluctuations impact consumer financing costs and floor plan interest expenses
- Inventory levels and promotional discounting pressure retail gross margins
- Strategic acquisitions and high-margin service integration drive long-term revenue diversification
- Consumer discretionary spending trends dictate demand for premium yachts and recreational boats
- Hurricanes and severe weather patterns disrupt coastal dealership operations and sales cycles
| Net Income: -63.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 8.84 > 1.0 |
| NWC/Revenue: 7.92% < 20% (prev 7.61%; Δ 0.31% < -1%) |
| CFO/TA 0.09 > 3% & CFO 218.7m > Net Income -63.5m |
| Net Debt (1.16b) to EBITDA (107.9m): 10.73 < 3 |
| Current Ratio: 1.18 > 1.5 & < 3 |
| Outstanding Shares: last quarter (22.0m) vs 12m ago -5.74% < -2% |
| Gross Margin: 32.69% > 18% (prev 0.33%; Δ 3.24k% > 0.5%) |
| Asset Turnover: 87.67% > 50% (prev 90.56%; Δ -2.90% > 0%) |
| Interest Coverage Ratio: 0.88 > 6 (EBITDA TTM 107.9m / Interest Expense TTM 64.7m) |
| A: 0.07 (Total Current Assets 1.16b - Total Current Liabilities 983.4m) / Total Assets 2.44b |
| B: 0.30 (Retained Earnings 735.9m / Total Assets 2.44b) |
| C: 0.02 (EBIT TTM 57.1m / Avg Total Assets 2.56b) |
| D: 0.50 (Book Value of Equity 741.9m / Total Liabilities 1.50b) |
| Altman-Z'' = 2.13 = BBB |
| DSRI: 0.87 (Receivables 101.1m/125.1m, Revenue 2.24b/2.42b) |
| GMI: 1.00 (GM 32.69% / 32.82%) |
| AQI: 0.98 (AQ_t 0.24 / AQ_t-1 0.25) |
| SGI: 0.93 (Revenue 2.24b / 2.42b) |
| TATA: -0.12 (NI -63.5m - CFO 218.7m) / TA 2.44b) |
| Beneish M = -3.31 (Cap -4..+1) = AA |
As of May 27, 2026, the stock is trading at USD 34.65 with a total of 644,124 shares traded.
Over the past week, the price has changed by +5.87%,
over one month by +15.54%,
over three months by +15.31% and
over the past year by +58.51%.
MarineMax has received a consensus analysts rating of 4.56. Therefore, it is recommended to buy HZO.
- StrongBuy: 7
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 35.3 | 1.8% |
P/E Forward = 47.3934
P/S = 0.336
P/B = 0.7937
P/EG = 1.0885
Revenue TTM = 2.24b USD
EBIT TTM = 57.1m USD
EBITDA TTM = 107.9m USD
Long Term Debt = 338.7m USD (from longTermDebt, last quarter)
Short Term Debt = 736.8m USD (from shortTermDebt, last quarter)
Debt = 1.35b USD (from shortLongTermDebtTotal, last quarter) + Leases 141.3m
Net Debt = 1.16b USD (calculated: Debt 1.35b - CCE 189.1m)
Enterprise Value = 1.91b USD (753.4m + Debt 1.35b - CCE 189.1m)
Interest Coverage Ratio = 0.88 (Ebit TTM 57.1m / Interest Expense TTM 64.7m)
EV/FCF = 11.28x (Enterprise Value 1.91b / FCF TTM 169.3m)
FCF Yield = 8.86% (FCF TTM 169.3m / Enterprise Value 1.91b)
FCF Margin = 7.55% (FCF TTM 169.3m / Revenue TTM 2.24b)
Net Margin = -2.83% (Net Income TTM -63.5m / Revenue TTM 2.24b)
Gross Margin = 32.69% ((Revenue TTM 2.24b - Cost of Revenue TTM 1.51b) / Revenue TTM)
Gross Margin QoQ = 34.37% (prev 31.77%)
Tobins Q-Ratio = 0.78 (Enterprise Value 1.91b / Total Assets 2.44b)
Interest Expense / Debt = 4.81% (Interest Expense 64.7m / Debt 1.35b)
Taxrate = 21.0% (US default 21%)
NOPAT = 45.1m (EBIT 57.1m * (1 - 21.00%))
Current Ratio = 1.18 (Total Current Assets 1.16b / Total Current Liabilities 983.4m)
Debt / Equity = 1.44 (Debt 1.35b / totalStockholderEquity, last quarter 932.2m)
Debt / EBITDA = 10.73 (Net Debt 1.16b / EBITDA 107.9m)
Debt / FCF = 6.84 (Net Debt 1.16b / FCF TTM 169.3m)
Total Stockholder Equity = 935.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -2.48% (Net Income -63.5m / Total Assets 2.44b)
RoE = -6.79% (Net Income TTM -63.5m / Total Stockholder Equity 935.7m)
RoCE = 4.48% (EBIT 57.1m / Capital Employed (Equity 935.7m + L.T.Debt 338.7m))
RoIC = 2.06% (NOPAT 45.1m / Invested Capital 2.19b)
WACC = 7.03% (E(753.4m)/V(2.10b) * Re(12.81%) + D(1.35b)/V(2.10b) * Rd(4.81%) * (1-Tc(0.21)))
Discount Rate = 12.81% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -15.56 | Cagr: -1.62%
[DCF] Terminal Value 75.44% ; FCFF base≈169.3m ; Y1≈170.0m ; Y5≈180.1m
[DCF] Fair Price = 74.63 (EV 2.80b - Net Debt 1.16b = Equity 1.64b / Shares 22.0m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: -91.08 | EPS CAGR: -61.97% | SUE: 0.02 | # QB: 0
Revenue Correlation: -58.26 | Revenue CAGR: -1.74% | SUE: -2.13 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.83 | Chg30d=+10.73% | Revisions=+0% | Analysts=9
EPS current Year (2026-09-30): EPS=0.72 | Chg30d=-3.75% | Revisions=-9% | GrowthEPS=+18.7% | GrowthRev=-1.3%
EPS next Year (2027-09-30): EPS=1.62 | Chg30d=-2.98% | Revisions=+9% | GrowthEPS=+123.8% | GrowthRev=+5.0%
[Analyst] Revisions Ratio: -9%