olivLaw · US equity research
MarineMax, Inc. HZO
Retail-Auto & Home Supply Stores · SIC 5531 · Vertical: Retail-Auto & Home Supply Stores (SIC 5531)
MarineMax is the world's largest recreational boat and yacht retailer, also operating marinas and superyacht services. In the third quarter of fiscal 2026 sales declined while gross margin rose sharply, and its diversified businesses are supporting the company in a difficult market.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, MarineMax, Inc. (HZO) stock was 52.71 USD (+0.11% on the day), with market capitalisation 1.2 bn USD, P/E 375.5 on diluted EPS of 0.14 USD over the last 12 months, beta 1.63, 52-week range 21.43–52.76 USD. Latest reported quarter (Q3 2026): revenue of 611.3 m USD (−7.0% YoY), net income of 15.4 m USD, diluted EPS 0.66 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.0
- strong (55–70)
- Bollinger (20, 2)
- 52.12 – 52.80
- in the upper half of the band · %B 0.87 · band width 1.3%
- SMA 50 / 200
- 52.36 / 37.72
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.24 / 0.28
- MACD below 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 | +0.7% | −1.1% | +1.8 pp | — |
| 3 months | +46.3% | −0.5% | +46.8 pp | — |
| 6 months | +68.7% | +4.4% | +64.3 pp | — |
| Year to date | +117.5% | +12.3% | +105.2 pp | — |
| 1 year | +124.0% | +13.5% | +110.5 pp | −9.2% |
| 3 years | +74.8% | +76.4% | −1.6 pp | −0.1% |
| 5 years | −4.6% | +63.7% | −68.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 563.1 m | 468.5 m | 631.5 m | 657.2 m | 552.2 m | 505.2 m | 527.4 m | 611.3 m |
| Cost of revenue | 369.9 m | 298.8 m | 442.0 m | 457.5 m | 360.7 m | 344.7 m | 346.1 m | 393.2 m |
| Gross profit | 193.2 m | 169.7 m | 189.5 m | 199.6 m | 191.4 m | 160.5 m | 181.3 m | 218.1 m |
| SG&A | 166.4 m | 130.7 m | 166.8 m | 172.1 m | 177.6 m | 155.6 m | 170.4 m | 180.9 m |
| Operating income | 26.8 m | 39.0 m | 22.7 m | -41.5 m | 13.8 m | 4.9 m | 10.8 m | 37.2 m |
| Depreciation & amortisation | 11.4 m | 11.6 m | 12.3 m ≈ | 12.5 m ≈ | 12.9 m | 12.6 m | 12.7 m ≈ | 12.6 m ≈ |
| Interest expense | 17.9 m | 18.7 m | 18.2 m | 16.9 m | 17.3 m | 15.9 m | 14.7 m | 14.3 m |
| Pre-tax income | 8.9 m | 20.2 m | 4.6 m | -58.5 m | -3.5 m | -10.9 m | -3.8 m | 22.9 m |
| Income tax | 4.1 m | 2.1 m | 1.4 m | -6.5 m | -3.4 m | -2.8 m | -1.1 m | 7.3 m |
| Net income | 4.0 m | 18.1 m | 3.3 m | -52.1 m | -851.0 k | -7.9 m | -2.6 m | 15.4 m |
| Diluted EPS | 0.17 ≈ | 0.77 | 0.14 | -2.42 | -0.04 ≈ | -0.36 | -0.12 | 0.66 |
| Operating cash flow | -782.0 k | -146.1 m | 72.5 m ≈ | 84.9 m ≈ | 61.5 m | 16.9 m | 55.5 m ≈ | 85.2 m ≈ |
| Capex | 16.7 m | 18.3 m | 12.7 m ≈ | 16.4 m ≈ | 13.5 m | 8.5 m | 11.0 m ≈ | 8.0 m ≈ |
≈ 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 100 percentile of its own 35-quarter history (min 3.4, median 9.3, max 260.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.5 bn | 2.1 bn | 2.3 bn | 2.4 bn | 2.4 bn | 2.3 bn |
| Revenue YoY | +11.9% | +5.1% | +22.0% | +36.7% | +11.9% | +3.8% | +1.5% | −5.0% |
| Net income | 39.3 m | 36.0 m | 74.6 m | 155.0 m | 198.0 m | 109.3 m | 38.1 m | -31.6 m |
| Net income YoY | +67.0% | −8.5% | +107.4% | +107.7% | +27.8% | −44.8% | −65.2% | −183.1% |
| Diluted EPS | 1.71 | 1.57 | 3.37 | 6.78 | 8.84 | 4.87 | 1.65 | -1.43 |
| Diluted EPS YoY | +80.0% | −8.2% | +114.6% | +101.2% | +30.4% | −44.9% | −66.1% | −186.7% |
| net % | 3.3% | 2.9% | 4.9% | 7.5% | 8.6% | 4.6% | 1.6% | -1.4% |
| Free cash flow | 56.6 m | -29.5 m | 291.9 m | 347.8 m | 18.1 m | -287.6 m | -86.1 m | 11.9 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 170.4 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 901.6 m USD
- Equity
- 948.8 m USD
- Total assets
- 2.5 bn USD
- Debt / equity
- 1.13x
- Current ratio
- 1.20x
- ROE
- -3.3%
- ROA
- -1.2%
- FCF margin
- 0.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 2.1 bn | 2.3 bn | 2.4 bn | 2.4 bn | 2.3 bn | SEC (XBRL)· 17 Nov 2025verified |
| Cost of revenue | 1.1 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 17 Nov 2025verified |
| Gross profit | 398.7 m | 659.4 m | 805.8 m | 835.3 m | 801.2 m | 750.2 m | SEC (XBRL)· 17 Nov 2025verified |
| SG&A | 292.0 m | 450.0 m | 540.6 m | 634.5 m | 673.0 m | 647.2 m | SEC (XBRL)· 17 Nov 2025verified |
| Operating income | 106.7 m | 209.5 m | 265.2 m | 200.8 m | 128.2 m | 34.0 m | SEC (XBRL)· 17 Nov 2025verified |
| Depreciation & amortisation | 12.8 m | 15.6 m | 19.4 m | 41.0 m | 44.5 m | 49.3 m | SEC (XBRL)· 17 Nov 2025verified |
| EBITDA | 119.5 m ≈ | 225.1 m ≈ | 284.6 m ≈ | 241.8 m ≈ | 172.7 m ≈ | 83.3 m ≈ | SEC (XBRL)· 17 Nov 2025derived |
| Interest expense | 9.3 m | 3.7 m | 3.3 m | 53.4 m | 73.9 m | 71.2 m | SEC (XBRL)· 17 Nov 2025verified |
| Pre-tax income | 97.4 m | 205.8 m | 261.9 m | 147.4 m | 54.3 m | -37.1 m | SEC (XBRL)· 17 Nov 2025verified |
| Income tax | 22.8 m | 50.8 m | 63.9 m | 38.0 m | 15.6 m | -6.4 m | SEC (XBRL)· 17 Nov 2025verified |
| Net income | 74.6 m | 155.0 m | 198.0 m | 109.3 m | 38.1 m | -31.6 m | SEC (XBRL)· 17 Nov 2025verified |
| Diluted EPS | 3.37 | 6.78 | 8.84 | 4.87 | 1.65 | -1.43 | SEC (XBRL)· 17 Nov 2025verified |
| Weighted average diluted shares | 22.1 m | 22.9 m | 22.4 m | 22.4 m | 23.0 m | 22.1 m | SEC (XBRL)· 17 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 155.5 m | 222.2 m | 228.3 m | 201.5 m | 224.3 m | 170.4 m | SEC (XBRL)· 17 Nov 2025verified |
| Receivables | 40.2 m | 47.7 m | 50.3 m | 85.8 m | 106.4 m | 108.3 m | SEC (XBRL)· 17 Nov 2025verified |
| Inventories | 298.0 m | 231.0 m | 454.4 m | 812.8 m | 906.6 m | 867.3 m | SEC (XBRL)· 17 Nov 2025verified |
| Current assets | 503.3 m | 517.5 m | 754.0 m | 1.1 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 17 Nov 2025verified |
| Property, plant & equipment, net | 141.9 m | 175.5 m | 246.0 m | 527.6 m | 532.8 m | 552.5 m | SEC (XBRL)· 17 Nov 2025verified |
| Goodwill | 84.2 m | 195.6 m | 235.6 m | 559.8 m | 592.3 m | 526.9 m | SEC (XBRL)· 17 Nov 2025verified |
| Intangibles (excl. goodwill) | — | 5.6 m | 10.9 m | 23.8 m | 19.2 m | 15.0 m | SEC (XBRL)· 17 Nov 2025verified |
| Total assets | 775.3 m | 1.0 bn | 1.4 bn | 2.4 bn | 2.6 bn | 2.5 bn | SEC (XBRL)· 17 Nov 2025verified |
| Accounts payable | 37.3 m | 25.7 m | 34.3 m | 71.7 m | 54.5 m | 56.4 m | SEC (XBRL)· 17 Nov 2025verified |
| Short-term debt | 144.4 m | 23.9 m | 132.0 m | 537.1 m | 709.0 m | 715.7 m | SEC (XBRL)· 17 Nov 2025verified |
| Long-term debt | 7.3 m | 47.5 m | 45.3 m | 389.2 m | 355.9 m | 356.2 m | SEC (XBRL)· 17 Nov 2025verified |
| Current liabilities | 272.5 m | 251.1 m | 412.8 m | 847.0 m | 1.1 bn | 984.9 m | SEC (XBRL)· 17 Nov 2025verified |
| Total liabilities | 319.9 m | 412.9 m | 570.1 m | 1.5 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 17 Nov 2025verified |
| Equity | 455.4 m | 594.9 m | 782.7 m | 918.4 m | 986.2 m | 948.8 m | SEC (XBRL)· 17 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 304.7 m | 373.9 m | 76.6 m | -222.2 m | -25.7 m | 72.8 m | SEC (XBRL)· 17 Nov 2025verified |
| Capex | 12.8 m | 26.1 m | 58.5 m | 65.4 m | 60.4 m | 60.9 m | SEC (XBRL)· 17 Nov 2025verified |
| Free cash flow | 291.9 m ≈ | 347.8 m ≈ | 18.1 m ≈ | -287.6 m ≈ | -86.1 m ≈ | 11.9 m ≈ | SEC (XBRL)· 17 Nov 2025derived |
| Investing cash flow | -30.1 m | -161.1 m | -140.5 m | -576.4 m | -81.3 m | -55.6 m | SEC (XBRL)· 17 Nov 2025verified |
| Financing cash flow | -158.1 m | -145.7 m | 73.1 m | 770.4 m | 128.5 m | -72.0 m | SEC (XBRL)· 17 Nov 2025verified |
≈ 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 24 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet7
- Growth0
- Valuation29
- Quality42
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: 3.59 – 256.69 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)125.63 – 256.69 (Mid 171.15)WACC 7.4% · starting FCFF 230.2 m USD · terminal value share of EV 79%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/EBITDA20.86 – 54.85 (Mid 40.45)3 companies used · median multiple 14.1x · quartiles 10.5x – 16.8xAAP, AZO, ORLY
- Peers: P/E3.59 – 4.59 (Mid 4.12)3 companies used · median multiple 29.4x · quartiles 25.6x – 32.7xAAP, AZO, ORLY
- 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 24/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.1% | 8 (on a fixed band) | 13% |
| Net margin · Quality | 0.2% | 40 (vs peers) | 8% |
| FCF conversion · Quality | 4,466.2% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 0.0% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 6.5x | 0 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 1.1x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 375.5x | 0 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | 16.4x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | 15.3% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality42/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation29/100 · 3/3 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
MARINEMAX INC (HZO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth -5.0%; net margin 0.2%; ROE 0.4%; net debt/EBITDA 6.5x.
The estimated value range is 20.86–54.85 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 40.45 USD, the price of 52.71 USD leaves a potential of -23.3% (value / price − 1) and a margin of safety of -30.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 24/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 4,466.2%
- FCF yield: 15.3%
What contradicts it
- ROIC: 3.1%
- Revenue CAGR 3Y: 0.0%
- Net debt / EBITDA: 6.5x
- Interest coverage: 1.1x
- P/E (TTM): 375.5x
- EV/EBITDA: 16.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Auto & Home Supply Stores (SIC 5531) · same industry (4-digit SIC) · compared with 5 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 | |
|---|---|---|---|---|---|---|
| ORLYO Reilly Automotive Inc | 74.7 bn | 29.4 | — | 14.3% | +6.4% | −9% / +41% |
| AZOAutoZone, Inc. | 53.5 bn | 21.8 | — | 12.6% | +7.4% | −16% / +27% |
| AAPAdvance Auto Parts, Inc. | 3.1 bn | 36.1 | 3.8% | 1.0% | unavailable | −2% / −0% |
| HZOMarinemax Inc | 1.2 bn | 375.5 | 0.4% | 0.2% | −5.0% | +124% / +75% |
| PRTSCarparts.com, Inc. | 62.2 m | — | -35.4% | -4.0% | unavailable | +42% / −75% |
| ONEWOneWater Marine Inc. | 10.6 k | — | -35.9% | -6.7% | +5.6% | −13% / −60% |
1- and 3-year price returns: for HZO 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 | 38.26 Total return -27% · Per year -27% | 67.78 Total return 29% · Per year 29% | 102.31 Total return 94% · Per year 94% |
| 3 years | 33.86 Total return -36% · Per year -14% | 67.81 Total return 29% · Per year 9% | 112.84 Total return 114% · Per year 29% |
| 5 years | 29.96 Total return -43% · Per year -11% | 67.83 Total return 29% · Per year 5% | 124.44 Total return 136% · Per year 19% |
- Exit P/E± 16.95
- Net margin± 11.87
- Annual revenue growth± 10.18
- Annual dilution± 1.00
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.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
MarineMax is the world's largest recreational boat and yacht retailer, also operating marinas and superyacht services. In the third quarter of fiscal 2026 sales declined while gross margin rose sharply 3, and its diversified businesses are supporting the company in a difficult market.
SWOT
Strengths
- Leading global position in boat and yacht retail, with a large network of locations and vertical integration.
- Diversified portfolio with higher-margin activities such as marinas, superyacht services, finance and insurance.
- Proven ability to reduce inventory and strengthen the balance sheet, including by refinancing its credit facilities.
Weaknesses
- High dependence on a few manufacturers, especially Brunswick and Azimut-Benetti, which can influence sales terms.
- High geographic concentration in Florida, where local conditions and storms can significantly affect results.
- Boat sales are seasonal and sensitive to discretionary spending, which makes revenue volatile.
Opportunities
- Growth in higher-margin services and digital platforms could improve long-term profitability.
- A recovery in demand and normalising industry inventories could support pricing and margins.
- Acquisitions of dealers and marinas remain a route to expansion if attractive targets emerge.
Threats
- Trade tariffs and uncertain trade policy could raise costs and discourage consumers.
- High interest rates could limit customers' ability to finance a boat purchase.
- Hurricanes and other storms could disrupt operations in key regions.
Risks
- Dependence on manufacturershigh
Sales depend heavily on Brunswick and Azimut-Benetti products, and problems at these manufacturers could reduce product availability 1.
- Geographic concentrationhigh
A significant share of dealership revenue comes from Florida, which makes the company vulnerable to local economic and weather conditions 1.
- Weak consumer demandmedium
Same-store sales declined last quarter, and cautious consumers may postpone luxury purchases 3.
- Tariffs and costsmedium
Tariffs and trading partners' retaliation could raise production and supply costs 2.
- Seasonality and inventorylow
Large inventories and sales concentrated in certain quarters could strain liquidity if demand does not follow the expected pattern 1.
Investment thesis
What would need to be true (bull case)
- If margins keep rising and industry inventories normalise, results could recover faster than falling sales volumes suggest 3.
- A portfolio of higher-margin services such as superyacht services and marinas could sustain profitability even in a weak sales cycle 3.
- The refinancing of credit facilities and debt reduction could give the company flexibility for selective investment 3.
What would break the thesis
- If same-store sales keep falling, revenue and profit could remain under pressure 3.
- Tariffs and trade uncertainty could raise costs and reduce consumer demand, especially in the luxury segment 2.
- Dependence on a few manufacturers and on the Florida market could amplify the effect of local or sector shocks 1.
What to watch
- Trend in same-store sales and gross marginQ4 2026
- Delivery against fiscal 2026 guidance for adjusted EBITDA2026
- Effect of tariffs and tariff refunds on costsnext 10-K
- Industry inventory levels and pricing of new boats2027
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.
Possibly outdated: the newest document it read is from 23 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
The company describes itself as the world's largest recreational boat and yacht retailer, marina operator and superyacht services company, with over 120 locations worldwide, including over 70 retail dealership locations 1. It sells new and used boats, engines, trailers, parts and accessories, and also arranges financing, insurance, repairs, brokerage and slip rentals; through IGY Marinas and Fraser Yachts it runs premium services 1. It manufactures yachts through Cruisers Yachts and Intrepid Powerboats and develops digital platforms for the marine market through Boatzon and Boatyard 1.
The average selling price of a new boat in fiscal 2025 was about $339,000, reflecting the company's premium focus, compared with an industry average selling price that is far lower 1. The company follows a vertical integration strategy in which higher-margin activities such as marinas, finance, insurance and services complement boat sales 1.
Growth has rested on repeated acquisitions of dealers, marinas, brokerages and yacht manufacturers since 1998, as well as opening new locations in existing territories 1. Results therefore depend on the luxury boat market, seasonality and local economic conditions, particularly in Florida, which generated more than half of dealership revenue 1.
Segments
Retail Operations
The retail segment includes over 70 locations in 21 US states, selling new and used boats with a focus on premium brands, along with Fraser Yachts, Northrop & Johnson and IGY Marinas 1. The segment also carries most of the company's corporate costs 1.
Product Manufacturing
The manufacturing segment comprises Cruisers Yachts, which builds sport yachts and Aviara dayboats, and Intrepid Powerboats, which builds customised boats; both sell through the company's own dealers and through independent dealers 1. In the third quarter of fiscal 2026 the company noted that the segment had been hit by a goodwill impairment in fiscal 2025, though it remains strategically important 3.
Market context
Trends
- Tariffs and trade policyheadwind
Tariffs imposed by the US administration on imports have reduced revenue and profit in some periods and could raise production and supply chain costs; the company also recorded a tariff refund that helped margins last quarter 23. Future effects remain uncertain.
- Interest ratesmixed
earlier increases in the benchmark rate pushed long-term rates higher and discouraged some customers from buying boats, but recent rate cuts have lowered borrowing costs, and the company's interest expense fell last quarter 13.
- Normalisation of industry inventoriestailwind
industry inventory levels continue to normalise, which could support pricing and margins; the company itself reduced its inventories by roughly 13% year on year 3.
- Growth of higher-margin servicestailwind
superyacht services, marinas, finance and insurance, and parts and service have grown as a share of the business and supported gross margin despite lower sales, showing the potential of the diversified model 3.
Competitive position
The company faces intense competition from single-location independent boat dealers, national and regional chains selling marine equipment and accessories, sporting goods stores, online catalogue retailers and the private market for used boats 1. Competition is based on product quality, price and value, and customer service 1.
Relations with manufacturers, particularly Brunswick and Azimut-Benetti, are central: the company is the exclusive dealer for several major brands, which is an advantage but also a significant dependence 1. The sources reviewed do not name individual competitors, so the list below reflects only the categories of competitors mentioned.
- Single-location independent boat dealers
The main competitors for boat sales in a fragmented segment of the industry 1.
- National chains selling marine equipment and accessories
They compete mainly on parts, accessories and equipment, backed by substantial financial and marketing resources 1.
- Online retailers and mass merchants
These include sporting goods stores, online catalogue retailers and mass merchants selling marine accessories 1.
- Private market for used boats
Direct sales between private owners are an additional source of competition for used boats 1.
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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report03 Nov 2026Other events
- Current report10 Aug 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report30 Jun 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report23 Apr 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Current report04 Mar 2026Other events · Financial statements and exhibits
- Current report03 Mar 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / MarineMax, Inc. · 17 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MarineMax, Inc. · 23 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MarineMax, Inc. · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.