olivLaw · US equity research
Malibu Boats, Inc. MBUU
Ship & Boat Building & Repairing · SIC 3730 · Vertical: Ship & Boat Building & Repairing (SIC 3730)
Malibu Boats designs, builds and sells recreational powerboats under nine brands, from performance sport boats to fishing boats and premium dayboats, through a large dealer network. Net sales in fiscal 2026 reached 914.6 million USD, yet net income nearly disappeared amid weak retail demand and rising costs, so the trajectory of demand and the integration of Saxdor matter greatly for the period ahead.
At the close of 04 Nov 2026, Malibu Boats, Inc. (MBUU) stock was 24.75 USD (+2.65% on the day), with market capitalisation 297 USD, P/E 275.0 on diluted EPS of 0.09 USD over the last 12 months, beta 1.29, 52-week range 21.49–34.61 USD. Latest reported quarter (Q4 2026): revenue of 295.5 m USD (+42.7% YoY), net income of 7.2 m USD (+54.7% YoY), diluted EPS 0.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.2
- strong (55–70)
- Bollinger (20, 2)
- 20.55 – 24.58
- above the upper band · %B 1.04 · band width 17.9%
- SMA 50 / 200
- 23.84 / 26.86
- mixed trend
- MACD (12, 26, 9)
- 0.15 / -0.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.6% | −2.0% | +10.6 pp | — |
| 3 months | −15.5% | −2.2% | −13.3 pp | — |
| 6 months | −3.7% | +4.3% | −8.0 pp | — |
| Year to date | −12.3% | +10.6% | −22.8 pp | — |
| 1 year | −9.2% | +10.5% | −19.7 pp | −30.3% |
| 3 years | −46.9% | +73.7% | −120.6 pp | +11.3% |
| 5 years | −67.9% | +61.7% | −129.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 171.6 m | 200.3 m | 228.7 m | 207.0 m | 194.7 m | 188.6 m | 235.7 m | 295.5 m |
| Cost of revenue | 143.4 m | 162.9 m | 182.9 m | 174.3 m | 166.8 m | 163.5 m | 194.4 m | 243.3 m |
| Gross profit | 28.2 m | 37.4 m | 45.7 m | 32.7 m | 27.9 m | 25.1 m | 41.3 m | 52.2 m |
| Operating income | -5.6 m | 3.2 m | 17.4 m | 6.8 m | -842.0 k | -3.5 m | -1.9 m | 9.3 m |
| Interest expense | 396.0 k | 585.0 k | 525.0 k | 377.0 k | 423.0 k | 324.0 k | 896.0 k | 1.9 m |
| Pre-tax income | -6.0 m | 2.6 m | 16.8 m | 6.8 m | -399.0 k | -3.8 m | -3.1 m | 9.7 m |
| Income tax | -850.0 k | 179.0 k | 3.7 m | 2.0 m | 311.0 k | -1.3 m | -631.0 k | 2.4 m |
| Net income | -5.0 m | 2.4 m | 12.9 m | 4.7 m | -702.0 k | -2.5 m | -2.4 m | 7.2 m |
| Diluted EPS | -0.25 | 0.12 | 0.66 | 0.24 ≈ | -0.04 | -0.13 | -0.13 | 0.36 ≈ |
| Operating cash flow | -8.4 m | 28.4 m ≈ | 15.5 m ≈ | 21.0 m | 6.5 m | 12.6 m ≈ | 21.4 m ≈ | 27.0 m |
| Capex | 8.6 m | 5.6 m ≈ | 6.7 m ≈ | 7.0 m | 4.3 m | 4.4 m ≈ | 5.9 m ≈ | 10.1 m |
| Share repurchases | 10.5 m | 9.7 m ≈ | 10.1 m ≈ | 5.7 m | 0 | 20.8 m ≈ | 13.1 m ≈ | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 97 percentile of its own 33-quarter history (min 6.1, median 15.5, max 430.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 684.0 m | 653.2 m | 926.5 m | 1.2 bn | 1.4 bn | 829.0 m | 807.6 m | 914.6 m |
| Revenue YoY | +37.6% | −4.5% | +41.9% | +31.1% | +14.3% | −40.3% | −2.6% | +13.3% |
| Net income | 66.1 m | 61.6 m | 109.8 m | 157.6 m | 104.5 m | -55.9 m | 14.9 m | 1.7 m |
| Net income YoY | +139.3% | −6.8% | +78.4% | +43.5% | −33.7% | −153.5% | unavailable | −88.9% |
| Diluted EPS | 3.15 | 2.95 | 5.23 | 7.51 | 5.06 | -2.74 | 0.76 | 0.09 |
| Diluted EPS YoY | +131.6% | −6.3% | +77.3% | +43.6% | −32.6% | −154.2% | unavailable | −88.2% |
| net % | 9.7% | 9.4% | 11.9% | 13.0% | 7.5% | -6.7% | 1.8% | 0.2% |
| Free cash flow | 63.6 m | 52.9 m | 100.6 m | 109.8 m | 129.9 m | -20.4 m | 28.6 m | 42.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 74.4 m USD
- Financial debt
- 165.0 m USD
- Net debt
- 90.6 m USD
- Equity
- 528.4 m USD
- Total assets
- 996.2 m USD
- Debt / equity
- 0.31x
- Current ratio
- 1.43x
- ROE
- 0.3%
- ROA
- 0.2%
- FCF margin
- 4.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 926.5 m | 1.2 bn | 1.4 bn | 829.0 m | 807.6 m | 914.6 m | SEC (XBRL)· 27 Aug 2026verified |
| Cost of revenue | 690.0 m | 904.8 m | 1.0 bn | 681.9 m | 663.5 m | 768.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Gross profit | 236.5 m | 310.1 m | 351.3 m | 147.1 m | 144.1 m | 146.5 m | SEC (XBRL)· 27 Aug 2026verified |
| Operating income | 149.8 m | 213.8 m | 144.8 m | -55.9 m | 21.8 m | 3.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Depreciation & amortisation | 22.9 m | 26.3 m | 28.7 m | 33.0 m | — | — | SEC (XBRL)· 29 Aug 2024verified |
| EBITDA | 172.7 m ≈ | 240.1 m ≈ | 173.5 m ≈ | -23.0 m ≈ | — | — | SEC (XBRL)· 29 Aug 2024derived |
| Interest expense | 2.5 m | 2.9 m | 3.0 m | 1.8 m | 1.9 m | 3.6 m | SEC (XBRL)· 27 Aug 2026verified |
| Pre-tax income | 148.3 m | 210.0 m | 141.5 m | -57.8 m | 20.3 m | 2.4 m | SEC (XBRL)· 27 Aug 2026verified |
| Income tax | 34.0 m | 46.5 m | 33.6 m | -1.3 m | 5.0 m | 740.0 k | SEC (XBRL)· 27 Aug 2026verified |
| Net income | 109.8 m | 157.6 m | 104.5 m | -55.9 m | 14.9 m | 1.7 m | SEC (XBRL)· 27 Aug 2026verified |
| Diluted EPS | 5.23 | 7.51 | 5.06 | -2.74 | 0.76 | 0.09 | SEC (XBRL)· 27 Aug 2026verified |
| Weighted average diluted shares | 21.0 m | 21.0 m | 20.6 m | 20.4 m | 19.7 m | 19.3 m | SEC (XBRL)· 27 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 41.5 m | 83.7 m | 78.9 m | 26.9 m | 37.0 m | 74.4 m | SEC (XBRL)· 27 Aug 2026verified |
| Receivables | 49.8 m | 51.6 m | 68.4 m | 23.1 m | 23.0 m | 33.4 m | SEC (XBRL)· 27 Aug 2026verified |
| Inventories | 116.7 m | 157.0 m | 171.2 m | 145.6 m | 142.2 m | 180.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Current assets | 212.8 m | 298.5 m | 326.3 m | 202.1 m | 219.9 m | 308.5 m | SEC (XBRL)· 27 Aug 2026verified |
| Property, plant & equipment, net | 132.9 m | 170.7 m | 204.8 m | 244.6 m | 235.9 m | 249.7 m | SEC (XBRL)· 27 Aug 2026verified |
| Goodwill | 101.0 m | 100.8 m | 100.6 m | 51.4 m | 51.3 m | 78.7 m | SEC (XBRL)· 27 Aug 2026verified |
| Intangibles (excl. goodwill) | 235.4 m | 228.3 m | 221.5 m | 175.4 m | 168.6 m | 296.0 m | SEC (XBRL)· 27 Aug 2026verified |
| Total assets | 742.8 m | 851.3 m | 925.9 m | 739.6 m | 734.6 m | 996.2 m | SEC (XBRL)· 27 Aug 2026verified |
| Accounts payable | 46.0 m | 44.4 m | 40.4 m | 19.2 m | 24.4 m | 46.8 m | SEC (XBRL)· 27 Aug 2026verified |
| Short-term debt | 4.3 m | 1.6 m | 0 | 0 | 0 | 0 | SEC (XBRL)· 27 Aug 2026verified |
| Long-term debt | 139.0 m | 118.1 m | 0 | 0 | 18.0 m | 165.0 m | SEC (XBRL)· 27 Aug 2026verified |
| Current liabilities | 134.4 m | 139.3 m | 232.4 m | 138.6 m | 134.6 m | 215.4 m | SEC (XBRL)· 27 Aug 2026verified |
| Total liabilities | 361.6 m | 337.8 m | 310.2 m | 204.9 m | 214.7 m | 467.8 m | SEC (XBRL)· 27 Aug 2026verified |
| Equity | 381.2 m | 513.6 m | 615.8 m | 534.7 m | 519.8 m | 528.4 m | SEC (XBRL)· 27 Aug 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 131.3 m | 164.8 m | 184.7 m | 55.6 m | 56.5 m | 67.5 m | SEC (XBRL)· 27 Aug 2026verified |
| Capex | 30.7 m | 55.1 m | 54.8 m | 76.0 m | 27.9 m | 24.7 m | SEC (XBRL)· 27 Aug 2026verified |
| Free cash flow | 100.6 m ≈ | 109.8 m ≈ | 129.9 m ≈ | -20.4 m ≈ | 28.6 m ≈ | 42.8 m ≈ | SEC (XBRL)· 27 Aug 2026derived |
| Investing cash flow | -181.1 m | -61.6 m | -54.6 m | -75.8 m | -27.4 m | -142.6 m | SEC (XBRL)· 27 Aug 2026verified |
| Financing cash flow | 57.3 m | -60.4 m | -134.6 m | -31.7 m | -18.8 m | 111.7 m | SEC (XBRL)· 27 Aug 2026verified |
| Share repurchases | 0 | 34.6 m | 7.9 m | 29.3 m | 36.0 m | 33.9 m | SEC (XBRL)· 27 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 36 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 297 USD
Key indicators
Coverage and freshness
Score by group
- Valuation44
- Returns100
- Quality44
- Balance sheet21
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 95,577,213.14 – 1,688,720,566.68 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)95,577,213.14 – 1,688,720,566.68 (Mid 183,355,161.75)WACC 4.2% · starting FCFF 45.3 m USD · terminal value share of EV 92%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 36/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.4% | 0 (on a fixed band) | 14% |
| Net margin · Quality | 0.2% | 60 (vs peers) | 8% |
| FCF conversion · Quality | 2,592.0% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -13.0% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -73.9% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 275.0x | 0 (on a fixed band) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14,426,262.6% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 11,417,508.4% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality44/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation44/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MALIBU BOATS, INC. (MBUU). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 914.6 m USD in 2026; YoY growth 13.3%; net margin 0.2%; ROE 0.3%.
The estimated value range is 95,577,213.14–1,688,720,566.68 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 183,355,161.75 USD, the price of 24.75 USD leaves a potential of 740,828,836.4% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 36/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 2,592.0%
- FCF yield: 14,426,262.6%
- Shareholder yield (distributions): 11,417,508.4%
- The price is below the estimated value range
What contradicts it
- ROIC: 0.4%
- Revenue CAGR 3Y: -13.0%
- EPS CAGR 3Y: -73.9%
- Interest coverage: 0.9x
- P/E (TTM): 275.0x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Ship & Boat Building & Repairing (SIC 3730) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GDGeneral Dynamics Corporation | 101.2 bn | 21.7 | 18.0% | 8.2% | +10.1% | +10% / +52% |
| HIIHuntington Ingalls Industries, Inc. | 12.0 bn | 16.4 | 14.0% | 5.4% | +8.2% | −3% / +28% |
| MCFTMasterCraft Boat Holdings, Inc. | 541.6 m | — | -0.6% | -0.5% | +22.8% | +20% / +11% |
| NXBNextBoat Inc. | 37.2 m | — | -129.3% | -5.4% | +21.1% | −57% / unavailable |
| VEEETwin Vee Powercats Co. | 5.2 m | — | -62.6% | -76.3% | +3.0% | −91% / −98% |
| MBUUMalibu Boats, Inc. | 297 | 275.0 | 0.3% | 0.2% | +13.3% | −9% / −47% |
| VMARVision Marine Technologies Inc. | — | — | — | — | +45.4% | −100% / −100% |
1- and 3-year price returns: for MBUU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20,253,341.58 Total return 81,831,583% · Per year 81,831,583% | 35,987,187.50 Total return 145,402,678% · Per year 145,402,678% | 54,454,296.88 Total return 220,017,261% · Per year 220,017,261% |
| 3 years | 16,081,959.30 Total return 64,977,513% · Per year 8,561% | 32,478,436.72 Total return 131,225,907% · Per year 10,848% | 54,454,296.88 Total return 220,017,261% · Per year 12,906% |
| 5 years | 12,769,715.75 Total return 51,594,711% · Per year 1,288% | 29,311,789.14 Total return 118,431,371% · Per year 1,539% | 54,454,296.88 Total return 220,017,261% · Per year 1,756% |
- Exit P/E± 8,119,609.18
- Net margin± 5,683,726.43
- Annual revenue growth± 5,132,909.38
- Annual dilution± 477,593.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Malibu Boats designs, builds and sells recreational powerboats under nine brands, from performance sport boats to fishing boats and premium dayboats, through a large dealer network. Net sales in fiscal 2026 reached 914.6 million USD, yet net income nearly disappeared amid weak retail demand and rising costs, so the trajectory of demand and the integration of Saxdor matter greatly for the period ahead.
SWOT
Strengths
- A portfolio of premium brands with leading positions in several US segments, supported by a dealer network the company considers among the strongest in the industry.
- Continuous innovation, illustrated by patented technology such as Surf Gate, supports high average selling prices.
- A balance sheet that management describes as strong, with leverage well below its stated maximum even after the Saxdor acquisition.
Weaknesses
- Margins have been compressed sharply, and net income in fiscal 2026 fell almost to zero even as sales grew.
- Dealer concentration is high, with a few large dealers accounting for a significant share of sales.
- High fixed costs make profitability sensitive to lower production or to costs rising faster than revenue.
Opportunities
- Integrating Saxdor and building boats domestically in Fort Pierce, Florida could open access to premium markets and generate longer-term synergies.
- A recovery in retail demand, if interest rates and inflation ease, could support volumes across all segments.
- The refinancing and the share repurchase programme create flexibility for investment or for returning capital to shareholders.
Threats
- Tariffs and trade pressures could raise production and import costs, and offsetting them through prices is not assured.
- Extreme weather such as hurricanes could damage plants in Florida and Kansas and disrupt production.
- Reliance on single or limited suppliers of engines and components exposes the company to supply interruptions or less favourable terms.
Risks
- Fixed costs and compressed marginshigh
The fixed-cost structure means profitability can fall quickly if sales stagnate or costs rise faster than revenue, and gross margin could be pressured further 1.
- Weak retail demandhigh
The company expects retail demand to remain soft in fiscal 2027, with promotional activity and dealer incentives staying elevated, which could weigh on margins 1.
- Tariffs and input costsmedium
Tariffs and rising material prices could increase costs, and a share of components comes from outside the United States 1.
- Dealer concentrationmedium
A few large dealers account for a significant share of sales, and the loss or difficulty of one such dealer could affect revenue 1.
- Saxdor integration and currency exposuremedium
The Saxdor acquisition brings European operations and sensitivity to exchange rates, and integration still in progress could delay expected synergies 1.
Investment thesis
What would need to be true (bull case)
- Leading positions in core segments, an extensive dealer network and a premium brand portfolio could let the company benefit quickly from any demand recovery.
- Sales growth in the fourth quarter of fiscal 2026 and better average prices suggest that the premium market can absorb price increases.
- The Saxdor acquisition and domestic manufacturing capacity could add revenue and longer-term contributions if integration proceeds as planned.
What would break the thesis
- Net income in fiscal 2026 fell almost to zero, and margins could stay weak if retail demand does not recover.
- The company expects weak retail demand and elevated promotions in fiscal 2027, which could limit profit growth.
- Tariffs and cost pressures could exceed current estimates, and offsetting them through prices is not assured.
What to watch
- Dealer inventory and wholesale shipment trendsQ1 2027
- Gross margin and cost of sales after tariff effects2027
- First domestic production of Saxdor boats at Fort Piercefirst half fiscal 2027
- Execution of the 70 million USD share repurchase programme and the new credit facilitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Reporting is organised into four segments: Malibu, Saltwater Fishing (Pursuit and the Maverick Boat Group brands), Cobalt and Saxdor, the last reported from the third quarter of fiscal 2026 1. Buyers often choose optional features, and innovations such as Surf Gate, developed by the company, support high average selling prices 1. Dealers operate under limited-term agreements reviewed semi-annually for performance 1.
Segments
Saltwater Fishing
The Saltwater Fishing segment includes Pursuit and the Maverick Boat Group brands (Maverick, Cobia, Pathfinder and Hewes) for saltwater outboard fishing, with retail prices between 45,000 and 1,400,000 USD 1. It represented 31.1% of revenues in fiscal 2026, down from 34.6% in 2025 1. In the fourth quarter of fiscal 2026 sales grew 11.1%, supported by higher volumes and a favourable model mix 2.
Saxdor
The Saxdor segment, acquired in March 2026, makes premium adventure dayboats over 40 feet, with retail prices between 130,000 and 825,000 USD 1. It accounted for 9.2% of revenues in fiscal 2026 1. It contributed 61.2 million USD in the fourth quarter, and the company says integration is at an early stage with synergies that could be realised over coming years 2.
Market context
US retail sales of new recreational powerboats totalled 14.6 billion USD in calendar 2025, and the categories the company serves represented an addressable market of nearly 12.2 billion USD 1. The market remains under pressure from inflation and elevated interest rates, which push price-sensitive buyers to delay purchases or choose cheaper or used boats 1. The company expects dealer inventories to fall modestly again in fiscal 2027 and retail demand to stay soft 1.
Less price-sensitive buyers have been purchasing larger, more feature-rich boats at higher average prices, which supports value per unit 1. If interest rates and inflation ease, demand could recover gradually, although the company describes the recovery as still uncertain 2.
Trends
- Tariffsheadwind
Tariffs introduced from 2025 affect costs: the company estimates that 18-20% of the cost of sales of its US brands is sourced from outside the country and expects new tariff costs of about 1.5% to 3% of cost of sales in fiscal 2027, which it expects to largely offset through recent price increases 1.
- Interest-rate-sensitive consumersheadwind
High interest rates raise the cost of boat ownership and reduce the number of buyers who finance a purchase. Rates improved slightly in 2026 but remained elevated, and the company says retail activity stays weak 12.
- Demand for larger modelstailwind
Less price-sensitive customers prefer larger and better-equipped boats, and this mix helped lift average net sales per unit in the fourth quarter of fiscal 2026 2.
- Dealer inventory rebuildingmixed
In some areas dealer inventories have firmed, leading to higher wholesale shipments for the Cobalt and Saltwater Fishing segments in the fourth quarter of fiscal 2026 2. The company warns that a durable trend has not yet been proven 2.
Competitive position
The recreational powerboat industry is highly competitive for consumers and dealers, with competition based mainly on brand name, price and product performance 1. The company says it faces several large manufacturers that may have greater financial and marketing resources, as well as many small independent makers 1.
The company's stated advantage lies in a dealer network it considers among the strongest in the industry and in continuous product innovation, which it believes helps it hold leading positions in the segments where it operates 1.
- Large manufacturers of inboard and sterndrive boats
Referred to generically in the source without names; may have greater financial and marketing resources.
- Small independent boat manufacturers
The source refers to numerous small independent makers without naming them.
- European adventure dayboat makers
The source describes the premium adventure dayboat market as emerging, without naming competitors.
- Engine and propulsion suppliers (supply relationship)
The company depends on engine suppliers that hold bargaining power over price and terms; they are not direct competitors in boat sales.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Malibu Boats (MBUU) Q4 2026 Earnings Call TranscriptYahoo Finance — News · 31 Aug 2026 · EN
- Malibu Boats, Inc. Q4 2026 Earnings Call SummaryYahoo Finance — News · 27 Aug 2026 · EN
- Malibu Boats Q4 Earnings Call HighlightsYahoo Finance — News · 27 Aug 2026 · EN
The latest news item in our archive is from 31 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Item 3.03 · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Proxy statement21 Sept 2026
- Current report (amendment)31 Aug 2026Results of operations · Financial statements and exhibits
- Current report28 Aug 2026Other events · Financial statements and exhibits
- Annual report27 Aug 2026
- Current report27 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Aug 2026Departure or appointment of officers
- Current report13 Jul 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)18 May 2026Financial statements and exhibits
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Malibu Boats, Inc. · 27 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Malibu Boats, Inc. · 27 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.