olivLaw · US equity research
Vision Marine Technologies Inc. VMAR
Ship & Boat Building & Repairing · SIC 3730 · Vertical: Ship & Boat Building & Repairing (SIC 3730)
Vision Marine Technologies develops electric outboard powertrains and electric boats and, since June 2025, also owns Nautical Ventures, a Florida boat dealer network that has become its main revenue source. The company faces a balance question: boat sales bring revenue, yet it reports large net losses and its floor plan financing depends on variable-rate credit. Whether it can turn its technology into a commercial advantage will show in the figures below, while losses may limit its funding capacity.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Vision Marine Technologies Inc. (VMAR) stock was 6.05 USD (+2.18% on the day), with market capitalisation 29.7 m USD, beta 0.74, 52-week range 5.25–6,080.00 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)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 5.15 – 8.00
- in the lower half of the band · %B 0.32 · band width 43.3%
- SMA 50 / 200
- 7.18 / 105.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.23 / -0.16
- 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 | +1.7% | −1.1% | +2.8 pp | — |
| 3 months | −9.0% | −0.5% | −8.6 pp | — |
| 6 months | −93.4% | +4.4% | −97.8 pp | — |
| Year to date | −99.2% | +12.3% | −111.6 pp | — |
| 1 year | −99.9% | +13.5% | −113.4 pp | −7.9% |
| 3 years | −100.0% | +76.4% | −176.4 pp | +11.3% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Revenue | 2.9 m | 2.4 m | 3.5 m | unavailable | unavailable |
| Revenue YoY | unavailable | −15.8% | +45.4% | unavailable | unavailable |
| Net income | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2023 · 31 Aug 2023
- Cash
- unavailable USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- unavailable USD
- Total assets
- unavailable USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2019 | 2020 | 2021 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.9 m | 2.4 m | 3.5 m | SEC (XBRL)· 30 Dec 2021verified |
| Income tax | 64.4 k | 21.3 k | 105.6 k | SEC (XBRL)· 30 Dec 2021verified |
| Weighted average diluted shares | — | 4.2 m | 7.4 m | SEC (XBRL)· 30 Nov 2022verified |
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | Source (latest year) |
|---|---|---|---|---|
| Shares outstanding at year end | — | 4.6 m | 8.3 m | SEC (XBRL)· 30 Dec 2021verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | Source (latest year) |
|---|---|---|---|---|
| Share repurchases | 75 | — | — | SEC (XBRL)· 08 Jan 2021verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 29.7 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
VISION MARINE TECHNOLOGIES INC. (VMAR). Latest full fiscal year: 2021; data up to 2023-08-31.
Figures computed from the financial statements: revenue 3.5 m USD in 2021; YoY growth 45.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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 | 98.6 bn | 21.2 | 18.0% | 8.2% | +10.1% | +7% / +48% |
| 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% | −13% / −44% |
| VMARVision Marine Technologies Inc. | — | — | — | — | +45.4% | −100% / −100% |
1- and 3-year price returns: for VMAR 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
Scenarios are not available. input data missing
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 28 Nov 2025; since then the company filed 6-K (26 Aug 2026), 6-K (17 Aug 2026), 6-K (17 Jul 2026), 6-K (13 Jul 2026), 6-K (25 Jun 2026), 6-K (29 Apr 2026).
In brief
Vision Marine Technologies develops electric outboard powertrains and electric boats and, since June 2025, also owns Nautical Ventures, a Florida boat dealer network that has become its main revenue source. The company faces a balance question: boat sales bring revenue, yet it reports large net losses and its floor plan financing depends on variable-rate credit. Whether it can turn its technology into a commercial advantage will show in the figures below, while losses may limit its funding capacity 1.
SWOT
Strengths
- Proprietary electric propulsion technology with reported high efficiency, and a dealer network already operating in Florida 1.
- Access to an experienced sales network with strong results in new boat sales 1.
- Partnerships with manufacturers and battery and component suppliers that could reduce direct production investment 1.
Weaknesses
- Large and repeated net losses that limit self-funding and increase dependence on outside capital 1.
- Significant floor plan debt with variable rates and past covenant breaches 1.
- Limited public information on Nautical Ventures before the acquisition and a short operating history of the consolidated group 1.
Opportunities
Risks
- Capital and financinghigh
The company states it will need additional capital, and terms of future financing could dilute current investors or prove unfavorable 1.
- Floor plan financinghigh
Boat inventory credit depends on covenants, and breaches have already led to forbearance agreements with several lenders 1.
- Volatile demandmedium
Demand for non-essential boats can fall quickly, and companies with limited financial resources have less capacity to withstand such periods 1.
- Product liabilitymedium
Lithium-ion batteries and flammable fuels can cause damage, and the company is not fully insured against all claims 1.
- Environmental regulationlow
Environmental and safety laws apply to sales and to battery storage, and breaches could have significant effects on results 1.
Investment thesis
What would need to be true (bull case)
- If the electric propulsion technology confirms its efficiency in widely sold products, the company could turn its technical edge into revenue of its own, not only from third-party boat sales 1.
- The Nautical Ventures acquisition could bring a steadier revenue base and a commercial network that supports sales of electric boats 1.
- Manufacturer partnerships and electrification incentive programs could widen the addressable market without matching production investment 1.
What would break the thesis
- The company has not yet reached profit, and large losses could force further financing that dilutes existing shareholders 1.
- The dealer business depends on credit and on demand for leisure boats, which falls in hard economic times and when interest rates rise 1.
- Revenue from electric propulsion is still very small, and sales to the announced partners had not been made at the report date 1.
What to watch
- First actual sales of electric motors to Four Winns and STERK2026
- Level of floor plan debt and covenant compliance after the forbearance agreementsQ1 2027
- Whether the recorded powertrain efficiency is reproduced in series production2027
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 28 Nov 2025; since then the company filed 6-K (26 Aug 2026), 6-K (17 Aug 2026), 6-K (17 Jul 2026), 6-K (13 Jul 2026), 6-K (25 Jun 2026), 6-K (29 Apr 2026).
The business
Until June 2025 the company's main activity was designing, developing and manufacturing electric outboard powertrain systems and electric boats, and renting electric boats 1. On June 23, 2025 it acquired Nautical Ventures, which has eight locations in Florida selling boats, parts, accessories and related services 1. This segment represented 92.8% of total revenue in fiscal 2025, although the acquisition occurred in only the last two and one-half months of that year 1.
The net loss of $21,651,993 for fiscal 2025 grew from the prior year, showing that spending on research, marketing and administration has not yet produced profit 1. The company relies on equity financing and boat floor plan financing, the latter at variable rates and with covenants that were breached before the acquisition, requiring forbearance agreements with five lenders 1.
Segments
Nautical Ventures (dealers and services)
The segment mainly sells new boats from third-party makers, most of them Axopar, and also earns revenue from used boats, parts, services and rentals of kayaks and pontoons 1. Boat sales accounted for 80.5% of total revenue in fiscal 2025, and the segment's operations represented 65.2% of total assets 1.
Legacy electric operations
This segment includes the E-Motion powertrain, electric boats built by the company and their rental in California and Florida 1. It accounted for 7.2% of fiscal 2025 revenue and 34.8% of total assets, and the company says electric propulsion will become the basis of future growth 1.
Market context
The company describes the recreational boat market as highly volatile, since boats are non-essential goods and demand falls in downturns 1. The peak season is spring and summer, and unfavorable weather can reduce sales and rentals 1. The cost of floor plan financing, with a weighted average rate of 9.7% as of August 31, 2025, is an important factor in dealer margins 1.
Electric boat propulsion is a smaller segment where the company argues its technology has an efficiency advantage, and agreements with makers such as Four Winns and STERK could open distribution channels 1. Actual sales to these partners had not yet been made at the report date, and powertrain revenue was about $57 thousand in fiscal 2025 1.
Trends
- Interest rate sensitivityheadwind
Many boat buyers use loans, so higher rates could reduce demand and raise the floor plan financing cost for dealers 1.
- Interest in electric propulsiontailwind
The company says demand for electric solutions is growing, and California incentive programs could lower adoption costs for some fleets 1.
- Inflation and material costsheadwind
Rising material and wage costs could increase production and inventory costs, and buyers could postpone purchases 1.
- Consolidation through acquisitionsmixed
Integrating Nautical Ventures could bring synergies, but also unexpected costs and departures of key staff if not well managed 1.
Competitive position
In dealerships the company cites fierce competition, which reduced margins in 2024 because of excess dealer inventory 1. In electric propulsion the main competitor is cited as having a lower recorded efficiency, although its technology may have improved since 1.
The company also points to its leading position in Florida boat sales, saying Nautical Ventures was ranked first among top U.S. dealerships, but local competition and margin pressure remain risks 1.
- Principal competitor in electric propulsion
The source does not name it, but the company states that its own product efficiency is well above that of this principal competitor 1.
- Axopar Boats Oy
Boat maker whose models make up a major part of Nautical Ventures sales, so it is both supplier and market presence 1.
- Beneteau Group
Group that took over part of the floor plan financing and is a partner for electric motor delivery on a Four Winns model 1.
- Linamar Corporation
Manufacturing partner for the E-Motion powertrain that could become the company's volume producer 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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)17 Jul 2026
- Current report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)25 Jun 2026
- Current report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)27 Apr 2026
- Current report (foreign issuer)15 Apr 2026
- Current report (foreign issuer)14 Apr 2026
- Current report (foreign issuer)03 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-08-31 · SEC / Vision Marine Technologies Inc. · 28 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.