Start here if you're new
what it is
Brunswick sells the boat, the engine, the electronics, and the replacement parts after your weekend on the lake goes sideways.
how it gets paid
Last year Brunswick made $5.4B in revenue. Propulsion was the main engine at $2.5B, or 46% of sales.
why it's growing
Revenue grew 2.4% last year. The $0.58 EPS beat matters less than the bigger contrast: annual EPS was cut almost in half vs. prior year.
what just happened
Brunswick's last report was a tiny beat, with EPS at $0.58 versus a $0.56 estimate.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
55/100 earnings predictability — expect surprises
26.4x trailing p/e — priced about right
2.0% dividend yield — cash in your pocket every quarter
10.0% return on capital — nothing to write home about
xvary composite: 67/100 — average
What they do
Brunswick sells the boat, the engine, the electronics, and the replacement parts after your weekend on the lake goes sideways.
Brunswick wins by selling more of the boating stack than most rivals. You can buy the engine, the boat, the electronics, and the parts from one company, which makes dealer relationships sticky (switching costs → changing suppliers is annoying and expensive → dealers keep reordering). It launched over 100 new products in 2025 and earned 100+ awards for the fourth straight year, which keeps Mercury Marine and Boston Whaler at the front of your shopping list.
How they make money
$5.4B
annual revenue · their business grew +2.4% last year
Propulsion
$2.5B
+3.0%
Parts & Accessories
$1.4B
+4.0%
Boats
$0.9B
2.0%
Navico Group
$0.6B
+1.0%
The products that matter
boats, engines and marine parts
Marine Recreation Portfolio
$5.4B revenue
it's the whole $5.4B business in the data set you have here, and it grew 4.2% annually. the catch is that the snapshot does not break out boats versus engines versus parts, so you should treat this as an aggregate operating picture, not a clean segment map.
consumer cyclical
Key numbers
26.4x
trailing p/e
You are paying 26.4 times trailing earnings for a business whose EPS fell from $8.80 in 2023 to $4.56 in 2024.
$5.4B
annual revenue
Brunswick still sells a lot of stuff. Revenue grew 2.4% vs. prior year, which says demand bent but did not break.
10.0%
return on capital
Return on capital → profit from each dollar invested → 10% is decent, not magical, for a cyclical manufacturer.
2.0%
dividend yield
You get paid a little while you wait, but a 2.0% yield will not save you if the cycle turns south.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $2.1B (27% of capital)
- net profit margin 7.2% — keeps 7 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in BC 3 years ago → it's now worth $11,560.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Brunswick's last report was a tiny beat, with EPS at $0.58 versus a $0.56 estimate.
The beat was only 3.57%, so this was not a blowout. The bigger story is still the earnings reset: full-year EPS fell to $4.56 in 2024 from $8.80 in 2023.
$1.33B
ttm revenue
$0.58
last eps
3.57%
surprise
the number that mattered
The $0.58 EPS beat matters less than the bigger contrast: annual EPS was cut almost in half vs. prior year, from $8.80 to $4.56.
-
we look for an earnings recovery this year, assuming the economy holds up.as noted, brunswick has done a good job of keeping costs in check, which augurs well for margin improvement once sales pick up momentum. while we look for only a moderate top-line advance this year, profits ought to enjoy stronger cadence, thanks to management’s efficiency improvements. the economy has, by and large, held up better than many expected, which gives us increased confidence in our estimates for this year.
-
the state of the economy is fluid and bears watching, though.
-
we project earnings per share of about $9.00 by the 2028-2030 investment horizon.
-
our cautious optimism is based on a decent economic backdrop over that period.while some boaters are unscathed by broader economic conditions there are a significant number that are. furthermore, brunswick boasts a solid balance sheet, with ample cash, which adds to its financial flexibility. while the debt-to-total capital ratio is higher than many industrial companies, it’s reasonable considering the capital-intensive nature of the marine industry.
-
these shares are timely.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a deeper pullback in discretionary boat demand.
med
consumer demand weakens again
Boats and marine gear are not groceries. If consumer confidence slips, purchases get delayed fast.
With a 4.9% net margin on $5.4B of revenue, it does not take a huge sales miss to pressure earnings.
med
the earnings recovery arrives late
The stock is already leaning on a rebound. Full-year EPS fell from $4.56 to $3.25, while the forward estimate sits at $4.15.
If that recovery does not show up, 26.4x trailing earnings stops looking like patience and starts looking like overpayment.
med
debt matters more in a thin-margin business
Brunswick carries $2.1B of long-term debt, equal to 27% of capital. That is manageable in normal conditions, less comfortable in a drawn-out slowdown.
You are not looking at a balance-sheet crisis. You are looking at less room for error if margins stay weak.
A business with $5.4B in revenue, a 4.9% net margin, and $2.1B of long-term debt is more exposed to demand swings than the headline market cap suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
the next quarterly margin print
Revenue can look fine and still hide pain. After a -2.6% quarterly margin, profitability is the first number you check.
metric
EPS versus the $4.15 recovery setup
That estimate is the market's bridge back to normal. If the bridge starts wobbling, the valuation probably does too.
trend
consumer spending on big-ticket recreation
Brunswick is tied to a purchase you can postpone. Macro softness shows up here faster than in staples.
risk
whether debt stays boring
$2.1B of long-term debt is fine when demand stabilizes. It gets more interesting if profits stay under pressure.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak, they think the rebound trade still has legs.
risk profile
average
stability score 3 — typical stock risk, but with more cyclical exposure than the word average implies.
chart momentum
average
technical score 3 — no dramatic chart signal here. The story is fundamentals, not fireworks.
earnings predictability
55 / 100
Earnings can move around more than you would like. For a cyclical name, that usually means the market will react hard to guidance changes.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 192 buyers vs. 175 sellers in 3q2025. total institutional holdings: 70.3M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$35
$107
$86
current price
$71
target midpoint · 17% from current · 3-5yr high: $150 (+75% · 16% ann'l return)
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