olivLaw · US equity research
OneWater Marine Inc. ONEW
Retail-Auto & Home Supply Stores · SIC 5531 · Vertical: Retail-Auto & Home Supply Stores (SIC 5531)
OneWater Marine is one of the largest boat retailers in the United States, with 95 dealership locations at the end of fiscal 2025 and a parts and accessories distribution business. The company faces a weaker boat market, with falling revenue and debt reduction, and third-quarter fiscal 2026 revenue was 530.7 million USD.
At the close of 04 Nov 2026, OneWater Marine Inc. (ONEW) stock was 10.61 USD (+4.95% on the day), with market capitalisation 10.6 k USD, P/E 3.8 on diluted EPS of 2.77 USD over the last 12 months, beta 1.64, 52-week range 8.35–15.50 USD. Latest reported quarter (Q3 2026): revenue of 530.7 m USD (−4.0% YoY), net income of 11.7 m USD (+8.9% YoY).
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)
- 62.7
- strong (55–70)
- Bollinger (20, 2)
- 8.77 – 10.33
- above the upper band · %B 1.18 · band width 16.3%
- SMA 50 / 200
- 10.19 / 11.06
- mixed trend
- MACD (12, 26, 9)
- 0.03 / -0.15
- 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 | +9.7% | −1.1% | +10.8 pp | — |
| 3 months | −15.3% | −0.5% | −14.8 pp | — |
| 6 months | −6.0% | +4.4% | −10.4 pp | — |
| Year to date | −1.9% | +12.3% | −14.3 pp | — |
| 1 year | −30.6% | +13.5% | −44.2 pp | −2.2% |
| 3 years | −57.5% | +76.4% | −133.9 pp | +27.4% |
| 5 years | −78.5% | +63.7% | −142.2 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 | 377.9 m | 375.8 m | 483.5 m | 552.9 m | 460.1 m | 380.6 m | 442.3 m | 530.7 m |
| Cost of revenue | 287.2 m | 291.8 m | 373.1 m | 424.2 m | 356.2 m | 291.2 m | 336.8 m | 403.2 m |
| SG&A | 79.5 m | 79.1 m | 87.8 m | 92.1 m | 84.3 m | 81.4 m | 85.7 m | 87.2 m |
| Operating income | 4.5 m | -2.0 m | 16.3 m | 30.4 m | -130.1 m | -5.2 m | 7.6 m | 35.6 m |
| Depreciation & amortisation | 5.9 m | 6.0 m | 6.2 m | 6.3 m | 5.9 m | 5.0 m | 4.2 m | 4.1 m |
| Interest expense | 9.7 m | 9.0 m | 9.1 m | 9.0 m | 9.1 m | 8.6 m | 7.3 m | 7.1 m |
| Pre-tax income | -12.8 m | -18.9 m | -523.0 k | 14.2 m | -146.4 m | -21.1 m | -7.4 m | 22.0 m |
| Income tax | -2.4 m | -5.3 m | -148.0 k | 3.5 m | -33.4 m | -13.4 m | 5.5 m | 10.3 m |
| Net income | -9.2 m | -12.0 m | -368.0 k | 10.7 m | -113.0 m | -7.7 m | -12.9 m | 11.7 m |
| Operating cash flow | 27.3 m | -37.4 m | 28.5 m ≈ | 90.8 m ≈ | 9.9 m | -76.3 m | 52.4 m ≈ | 80.4 m ≈ |
| Capex | 4.2 m | 2.6 m | 4.8 m ≈ | 1.9 m ≈ | 2.7 m | 1.9 m | 2.3 m ≈ | 2.8 m ≈ |
| Share repurchases | 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 0 percentile of its own 3-quarter history (min 7.2, median 9.6, max 42.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 1.0 bn | 1.2 bn | 1.7 bn | 1.9 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | unavailable | unavailable | unavailable | +20.1% | +42.1% | +11.0% | −8.5% | +5.6% |
| Net income | 1.9 m | 37.3 m | 17.4 m | 79.1 m | 130.9 m | -38.6 m | -5.7 m | -114.6 m |
| Net income YoY | unavailable | +1,814.9% | −53.2% | +353.7% | +65.6% | −129.5% | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | 2.77 | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | 1.7% | 6.4% | 7.5% | -2.0% | -0.3% | -6.1% |
| Free cash flow | -14.4 m | -13.0 m | 206.2 m | 149.5 m | -4.0 m | -151.0 m | 8.9 m | 79.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 64.8 m USD
- Financial debt
- 412.1 m USD
- Net debt
- 347.3 m USD
- Equity
- 285.0 m USD
- Total assets
- 1.4 bn USD
- Debt / equity
- 1.45x
- Current ratio
- 1.14x
- ROE
- -33.9%
- ROA
- -7.7%
- FCF margin
- 4.3%
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 | 1.0 bn | 1.2 bn | 1.7 bn | 1.9 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 15 Dec 2025verified |
| Cost of revenue | 787.4 m | 870.8 m | 1.2 bn | 1.4 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 15 Dec 2025verified |
| Gross profit | 235.5 m ≈ | 357.5 m ≈ | 553.7 m ≈ | 535.1 m ≈ | 435.1 m ≈ | 427.0 m ≈ | SEC (XBRL)· 15 Dec 2025derived |
| SG&A | 143.6 m | 199.0 m | 302.1 m | 345.5 m | 332.7 m | 343.3 m | SEC (XBRL)· 15 Dec 2025verified |
| Operating income | 78.3 m | 148.9 m | 217.8 m | 18.1 m | 64.8 m | -85.5 m | SEC (XBRL)· 15 Dec 2025verified |
| Depreciation & amortisation | 3.2 m | 5.4 m | 16.3 m | 26.8 m | 22.2 m | 24.4 m | SEC (XBRL)· 15 Dec 2025verified |
| EBITDA | 81.5 m ≈ | 154.3 m ≈ | 234.1 m ≈ | 44.9 m ≈ | 87.0 m ≈ | -61.0 m ≈ | SEC (XBRL)· 15 Dec 2025derived |
| Interest expense | 8.8 m | 4.3 m | 13.2 m | 34.6 m | 37.1 m | 36.2 m | SEC (XBRL)· 15 Dec 2025verified |
| Pre-tax income | 54.8 m | 142.2 m | 195.8 m | -42.5 m | -6.3 m | -151.5 m | SEC (XBRL)· 15 Dec 2025verified |
| Income tax | 6.3 m | 25.8 m | 43.2 m | -3.4 m | -157.0 k | -35.3 m | SEC (XBRL)· 15 Dec 2025verified |
| Net income | 17.4 m | 79.1 m | 130.9 m | -38.6 m | -5.7 m | -114.6 m | SEC (XBRL)· 15 Dec 2025verified |
| Diluted EPS | 2.77 | — | — | — | — | — | SEC (XBRL)· 03 Dec 2020verified |
| Weighted average diluted shares | 6.3 m | — | — | — | — | — | SEC (XBRL)· 03 Dec 2020verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 68.2 m | 73.9 m | 60.9 m | 93.3 m | 27.3 m | 64.8 m | SEC (XBRL)· 15 Dec 2025verified |
| Receivables | 18.5 m | 28.5 m | 58.0 m | 113.2 m | 73.3 m | 60.9 m | SEC (XBRL)· 15 Dec 2025verified |
| Inventories | 150.1 m | 143.9 m | 373.0 m | 609.6 m | 590.8 m | 539.8 m | SEC (XBRL)· 15 Dec 2025verified |
| Current assets | 252.1 m | 280.9 m | 566.9 m | 881.9 m | 777.4 m | 719.2 m | SEC (XBRL)· 15 Dec 2025verified |
| Property, plant & equipment, net | 18.4 m | 67.1 m | 109.7 m | 81.5 m | 93.2 m | 91.6 m | SEC (XBRL)· 15 Dec 2025verified |
| Goodwill | 113.1 m | 168.5 m | 378.6 m | 336.6 m | 336.6 m | 259.0 m | SEC (XBRL)· 15 Dec 2025verified |
| Intangibles (excl. goodwill) | 61.3 m | 85.3 m | 306.5 m | 212.3 m | 205.4 m | 130.2 m | SEC (XBRL)· 15 Dec 2025verified |
| Total assets | 458.1 m | 720.6 m | 1.5 bn | 1.7 bn | 1.6 bn | 1.4 bn | SEC (XBRL)· 15 Dec 2025verified |
| Accounts payable | 12.8 m | 18.1 m | 27.3 m | 27.1 m | 32.1 m | 43.8 m | SEC (XBRL)· 15 Dec 2025verified |
| Short-term debt | 7.4 m | 11.4 m | 21.6 m | 29.3 m | 7.9 m | 77.9 m | SEC (XBRL)· 15 Dec 2025verified |
| Long-term debt | 82.0 m | 103.1 m | 421.2 m | 428.4 m | 414.9 m | 334.2 m | SEC (XBRL)· 15 Dec 2025verified |
| Current liabilities | 185.7 m | 227.6 m | 452.1 m | 669.0 m | 607.7 m | 631.3 m | SEC (XBRL)· 15 Dec 2025verified |
| Total liabilities | 284.8 m | 465.8 m | 1.1 bn | 1.3 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 15 Dec 2025verified |
| Equity | 173.3 m | 254.8 m | 444.9 m | 414.1 m | 390.8 m | 285.0 m | SEC (XBRL)· 15 Dec 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 212.5 m | 159.4 m | 7.4 m | -129.8 m | 34.8 m | 91.8 m | SEC (XBRL)· 15 Dec 2025verified |
| Capex | 6.3 m | 9.9 m | 11.4 m | 21.3 m | 25.9 m | 12.0 m | SEC (XBRL)· 15 Dec 2025verified |
| Free cash flow | 206.2 m ≈ | 149.5 m ≈ | -4.0 m ≈ | -151.0 m ≈ | 8.9 m ≈ | 79.7 m ≈ | SEC (XBRL)· 15 Dec 2025derived |
| Investing cash flow | -4.7 m | -117.1 m | -476.8 m | -51.6 m | 13.3 m | -11.6 m | SEC (XBRL)· 15 Dec 2025verified |
| Financing cash flow | -151.1 m | -36.5 m | 456.4 m | 213.7 m | -114.1 m | -42.6 m | SEC (XBRL)· 15 Dec 2025verified |
| Dividends paid | 0 | 1.0 m | 0 | 0 | — | — | SEC (XBRL)· 14 Dec 2023verified |
| Share repurchases | 0 | 0 | 354.0 k | 1.6 m | 0 | 0 | SEC (XBRL)· 15 Dec 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 weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.6 k USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
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: 1,886,749.87 – 7,802,340.33 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)1,886,749.87 – 7,802,340.33 (Mid 3,099,361.26)WACC 5.0% · starting FCFF 83.7 m USD · terminal value share of EV 88%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 · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -12.0% | 0 (on a fixed band) | 21% |
| Net margin · Quality | -6.7% | 0 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 2.4% | 20 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.9x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.2x | 35 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 534,901.0% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partial20/100 · 1/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial100/100 · 1/3 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
OneWater Marine Inc. (ONEW). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 5.6%; net margin -6.7%; ROE -35.9%.
The estimated value range is 1,886,749.87–7,802,340.33 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3,099,361.26 USD, the price of 10.61 USD leaves a potential of 29,211,599.0% (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.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 534,901.0%
- The price is below the estimated value range
What contradicts it
- ROIC: -12.0%
- Net margin: -6.7%
- Revenue CAGR 3Y: 2.4%
- Interest coverage: -2.9x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% | +125% / +77% |
| 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% | −31% / −58% |
1- and 3-year price returns: for ONEW 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
OneWater Marine is one of the largest boat retailers in the United States, with 95 dealership locations at the end of fiscal 2025 and a parts and accessories distribution business. The company faces a weaker boat market, with falling revenue and debt reduction, and third-quarter fiscal 2026 revenue was 530.7 million USD 3.
SWOT
Strengths
- Large scale in the market, with dealerships across several states and a leading position in premium boat sales in many local markets 1.
- Revenue diversification through financing, insurance, service and parts, which provides an important share of gross profit 1.
- A stronger balance sheet after reducing debt and reaching the leverage target ahead of schedule 3.
Weaknesses
- Falling revenue in the third quarter of fiscal 2026, with negative same-store sales 3.
- High dependence on a few manufacturers, and losing a major one could significantly affect results 1.
- Heavy geographic concentration in the Southeast and Gulf Coast, where local economic conditions can have a major impact 1.
Opportunities
Risks
- Weak demand for boatshigh
Weaker consumer demand can reduce sales and lead to excess inventory, with pressure on prices 13.
- Dependence on manufacturershigh
Dealer agreements are renewable annually, and losing important manufacturers could seriously affect revenue 1.
- Interest rates and financingmedium
High interest rates can make boat financing more expensive and limit credit access for customers and for acquisitions 1.
- Tariffs and supplymedium
Trade policies and tariffs can raise the cost of imported parts and boats, with an effect on margins 1.
- Weather eventsmedium
Hurricanes and floods can interrupt operations and damage inventory and facilities in key regions 1.
Investment thesis
What would need to be true (bull case)
- If the market recovers, the company's scale and ability to grow same-store sales could drive faster revenue growth 3.
- Rising margins and lower debt could give the company more room for acquisitions 3.
- A fragmented market and an acquisition strategy could allow continued consolidation of a sector with many small dealers 1.
What would break the thesis
- Revenue fell in the third quarter of fiscal 2026, and the fiscal-year guidance points to a difficult period 3.
- Dependence on a few manufacturers and on new boat sales exposes the company to demand and supply shocks 1.
- If interest rates and economic uncertainty persist, customers could postpone purchases and profitability could stay under pressure 1.
What to watch
- Delivery against fiscal 2026 guidance for revenue and adjusted EBITDAQ4 2026
- Trend in dealership same-store salesQ4 2026
- Leverage level and acquisition strategy after the Ocean Bio-Chem sale2027
- Impact of tariffs and supply on purchase costsnext 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
OneWater Marine Inc. is a holding company and principal operator of the OneWater group, listed on NASDAQ under the symbol ONEW. Its activity falls into two reportable segments: Dealerships, which sells new and pre-owned boats, financing and insurance, repairs and parts, and Distribution, which manufactures and distributes marine products for distributors, retailers and direct customers 1. The company was formed in 2014 through a combination of two retailers and has grown through acquisitions, keeping the local names and brands of the dealers it acquires 1. As of June 30, 2026 it had 91 dealerships and 6 distribution centers 2.
The business model relies on scale and revenue diversification. Non-boat sales, meaning finance, insurance, service and parts, made up a small share of revenue but an important share of gross profit in fiscal 2025 1. The company says it relies on organic growth through same-store sales and on acquisitions of dealers in a fragmented market 1.
In the third quarter of fiscal 2026 the company completed the sale of Ocean Bio-Chem, which changed the composition of the Distribution segment 23. Management announced a leverage target below 4.0 times adjusted EBITDA, which it reached ahead of schedule 3.
Segments
Dealerships
The Dealerships segment accounted for about 92% of revenue in fiscal 2025 and includes sales of new and pre-owned boats, financing, service and parts 1. By June 30, 2026 its share had risen to 94% of revenue in the quarter 2.
Distribution
The Distribution segment accounted for about 8% of revenue in fiscal 2025 and manufactured and distributed marine parts and accessories through PartsVu, Ocean Bio-Chem and T-H Marine 1. After the Ocean Bio-Chem sale in February 2026 the segment shrank, and its share fell to 6% in the third quarter 2.
Market context
US spending on boating reached 55.6 billion USD in 2024, down 2.6% from 2023, after average annual growth of 5% since 2012 1. The retail market is highly fragmented, with about 4,000 dealerships, most with three stores or fewer, and OneWater holds less than 4% of industry sales 1.
For 2026 the company expects the industry to fall by high single digits, with dealership same-store sales down by low to mid single digits 3. Boat sales are correlated with consumer confidence and access to credit 1.
Trends
- Weaker retail demandheadwind
The boat retail market has cooled, and same-store sales declined in the third quarter of fiscal 2026. If demand does not recover, revenue in 2026 could remain below the prior year.
- Improving marginstailwind
Gross margin rose in the third quarter of fiscal 2026 thanks to a more favorable product mix and measures to raise profit per boat 3. If this trend holds, profitability could support results even with lower revenue.
- Debt reductionmixed
The company cut leverage and reached its fiscal 2026 target ahead of schedule, giving it more financial flexibility 3. If interest rates stay high, financing costs could still limit that flexibility 1.
- Tariffs and international tradeheadwind
Tariffs can raise the cost of boats and parts imported from abroad, and trade pressures can disrupt supply 1. The impact could be larger for the Distribution segment and for products made in Europe or Asia 1.
Competitive position
The market is fragmented, with many local dealers operating three stores or fewer, but there are also large competitors 1. OneWater aims to be the market leader in each segment, and its strategy of keeping local brands sets it apart from competitors that use a single national brand 1.
Boat manufacturers also hold power over dealers through renewable annual agreements and performance conditions 1. To stay competitive, the company may need scale and lower costs than the smallest independent dealers 1.
- Malibu BoatsMBUU
Boat manufacturer and major supplier to OneWater, accounting for a significant part of new boat sales 1.
- Local independent dealers
Most competitors are family dealers with three stores or fewer, competing on local relationships 1.
- Other large boat dealers
The source mentions large competitors without naming them, so they cannot be identified from this source 1.
- Marine parts and accessories retailers
The Distribution segment competes in the marine accessories and aftermarket parts sector, which is fragmented 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 report08 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report04 May 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Current report19 Feb 2026Shareholder vote
- Quarterly report09 Feb 2026
- Current report06 Feb 2026Material agreement · Acquisition or disposition of assets · Financial statements and exhibits
- Current report03 Feb 2026Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jan 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / OneWater Marine Inc. · 15 Dec 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / OneWater Marine Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / OneWater Marine Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.