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1. Company Snapshot

1.a. Company Description

MarineMax, Inc.operates as a recreational boat and yacht retailer and superyacht services company in the United States.It operates through two segments, Retail Operations and Product Manufacturing.


The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, pontoon boats, ski boats, jet boats, and other recreational boats.It also offers marine parts and accessories comprising marine electronics; dock and anchoring products that include boat fenders, lines, and anchors; boat covers; trailer parts; water sport accessories, which comprise tubes, lines, wakeboards, and skis; engine parts; oils; lubricants; steering and control systems; corrosion control products and service products; high-performance accessories, including propellers and instruments; and a line of boating accessories, such as life jackets, inflatables, and water sports equipment.In addition, the company provides novelty items, such as shirts, caps, and license plates; marine engines and equipment; maintenance, repair, and slip and storage accommodation services; and boat or yacht brokerage services, as well as charters yachts and power catamarans.


Further, it offers new or used boat finance services; arranges insurance coverage, including boat property, disability, undercoating, gel sealant, fabric protection, and casualty insurance coverage; and manufactures and sells sport yachts and yachts.Additionally, the company operates vacations in Tortola, British Virgin Islands.It also markets and sells its products through offsite locations and print catalog.


The company has 79 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington, and Wisconsin.MarineMax, Inc.was incorporated in 1998 and is based in Clearwater, Florida.

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1.b. Last Insights on HZO

MarineMax, Inc.'s recent performance has been negatively impacted by allegations of potentially misleading business information, prompting investigations by law firms, including Rosen Law Firm and Pomerantz LLP, on behalf of investors. These probes suggest possible securities claims due to purportedly inaccurate information released to the public. Additionally, the company's high-profile presence in the luxury yacht market, through its subsidiary Cruisers Yachts, has not shielded it from these legal challenges. No updates on earnings releases or share buybacks are available.

1.c. Company Highlights

2. MarineMax Posts Resilient Q4, Eyes Inflection Point in Recreational Boating

MarineMax reported revenue of $552 million for the fourth quarter of fiscal 2025, with same-store sales growth of over 2%. The gross margin expanded to 34.7%, driven by the strength of its diversified business model. For the full year, revenue was $2.31 billion, with a same-store sales decline of just over 2%. The full-year gross margin was 32.5%. The reported net loss per share was $1.43, while adjusted earnings per diluted share were $0.61. The actual EPS loss was $0.04, beating estimates of a loss of $0.15.

Publication Date: Nov -19

📋 Highlights
  • Q4 Revenue Growth:: Achieved $552 million in revenue with 2% same-store sales growth and 34.7% gross margin.
  • Full-Year Fiscal 2025 Performance:: Total revenue of $2.31 billion, 32.5% gross margin, and adjusted EBITDA of $110 million.
  • 2026 Guidance:: Adjusted EBITDA projected at $110–125 million and adjusted net income of $0.40–$0.95 per diluted share.
  • Margin Resilience:: Q4 gross margin rose to 34% due to higher-margin segments like marinas, superyacht services, and finance.
  • Inventory Normalization Outlook:: Expected margin relief from normalized inventories and improved demand with interest rate cuts.

Operational Highlights

The company's diversified business model, including higher-margin businesses such as finance and insurance, parts and service, superyacht services, and marina operations, drove the gross margin expansion. The management attributes this to their strategy of expanding into higher-margin categories. These businesses have shown resilience and have helped maintain elevated gross margins. The company has also seen synergies from cross-selling, with customers utilizing other services such as charter services and marina services.

Outlook and Guidance

For fiscal 2026, MarineMax expects adjusted EBITDA to be in the range of $110 million to $125 million, with adjusted net income in the range of $0.40 to $0.95 per diluted share. The guidance assumes a flattish industry performance, with the company expecting to outperform the industry. Analysts estimate revenue growth of 2.4% for next year. The company is optimistic about the sector nearing an inflection point, with underlying fundamentals for premium recreational boating remaining strong.

Valuation

With a P/E Ratio of -15.36 and an EV/EBITDA of 9.24, the stock's valuation suggests that the market is pricing in a challenging near-term environment. However, the P/S Ratio of 0.21 indicates that the stock may be undervalued relative to its revenue. The company's ROE of -3.27% and ROIC of 1.27% also suggest that there is room for improvement in terms of profitability.

3. NewsRoom

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MarineMax, Inc. (NYSE:HZO) Given Consensus Recommendation of “Hold” by Brokerages

Dec -03

Source: defenseworld.net

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Fraser Yachts Helps Lead Record-Breaking 36th Annual Yacht Rendezvous at Pier Sixty-Six

Dec -01

Source: businesswire.com

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15,608 Shares in MarineMax, Inc. $HZO Bought by Campbell & CO Investment Adviser LLC

Nov -17

Source: defenseworld.net

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West Marine Appoints Paulee Day as Chief Executive Officer

Nov -13

Source: newsfilecorp.com

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MarineMax (HZO) Reports Q4 Loss, Tops Revenue Estimates

Nov -13

Source: zacks.com

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Under the Moonlight: Luna Launch Event Marks Start of Pre-Construction Sales for Tampa Bay's Next Luxury Waterfront Tower

Nov -10

Source: prnewswire.com

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Cruisers Yachts Reports Strong Performance at 66th Annual Fort Lauderdale International Boat Show

Nov -07

Source: businesswire.com

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Rosen Law Firm Encourages MarineMax, Inc. Investors to Inquire About Securities Class Action Investigation – HZO

Oct -24

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.03%)

6. Segments

Retail Operations

Expected Growth: 3%

MarineMax's 3% growth in Retail Operations is driven by increasing demand for luxury boats and yachts, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on providing exceptional customer experiences, investing in digital marketing, and optimizing its dealership network have contributed to the growth.

Product Manufacturing

Expected Growth: 5%

MarineMax, Inc.'s 5% growth in product manufacturing is driven by increasing demand for recreational boats and yachts, fueled by rising disposable incomes and a growing middle class. Additionally, the company's strategic expansion into new markets, innovative product offerings, and cost-saving initiatives have contributed to the growth.

Elimination of Intersegment Revenue

Expected Growth: 0%

MarineMax, Inc.'s elimination of intersegment revenue with 0% growth is driven by stagnant sales in its boat segment, lack of innovation in product offerings, and intense competition in the marine industry, resulting in flat revenue growth.

7. Detailed Products

New and Pre-Owned Boats

MarineMax offers a wide range of new and pre-owned boats from top manufacturers, including Azimut, Boston Whaler, and Sea Ray.

Yacht and Sailboat Sales

MarineMax provides a selection of luxury yachts and sailboats from brands like Azimut, Galeon, and Jeanneau.

Marine Equipment and Accessories

MarineMax offers a variety of marine equipment and accessories, including engines, electronics, and safety gear.

Boat Storage and Maintenance

MarineMax provides storage and maintenance services for boats, including winterization, detailing, and repair.

Boat Rentals and Charters

MarineMax offers boat rentals and charters for individuals and groups, providing access to a range of vessels for a day or longer.

Boating Education and Training

MarineMax provides boating education and training programs, including certification courses and on-water training.

8. MarineMax, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

MarineMax, Inc. faces moderate threat from substitutes, as customers have limited alternatives for purchasing boats and yachts. However, the company's strong brand reputation and wide range of products help mitigate this threat.

Bargaining Power Of Customers

MarineMax, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's strong relationships with suppliers and manufacturers help maintain pricing power.

Bargaining Power Of Suppliers

MarineMax, Inc. relies on a few large suppliers for its products, which gives them some bargaining power. However, the company's long-term relationships and large order volumes help mitigate this threat.

Threat Of New Entrants

The recreational boat industry has high barriers to entry, including significant capital requirements and complex regulatory compliance. This makes it difficult for new entrants to compete with established players like MarineMax, Inc.

Intensity Of Rivalry

The recreational boat industry is highly competitive, with several established players competing for market share. MarineMax, Inc. must continually innovate and improve its offerings to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 54.43%
Debt Cost 6.57%
Equity Weight 45.57%
Equity Cost 12.84%
WACC 9.43%
Leverage 119.44%

11. Quality Control: MarineMax, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.01$

Current Price

24.01$

Potential

-0.00%

Expected Cash-Flows