Marinemax Inc.

MarineMax still pushes about $2.3B through the door, but loss quarters make “cheap on trailing P/E” a trap—read the same period on the income statement.

If you own HZO, your money depends on boat buyers feeling rich.

hzo

consumer · boat dealerships small cap updated jan 9, 2026
$24.37
market cap ~$560M · 52-week range $17–$32
xvary composite: 31 / 100 · weak
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
It sells boats, yachts, parts, and marina services to people who treat weekends like a luxury purchase.
how it gets paid
Last year Marinemax made $2.3B in revenue. new boat sales was the main engine at $1.46B, or 64% of sales.
why growth slowed
Full-year revenue fell about 5.0% last year. A single quarter can still grow vs. prior year (for example ~$505M and ~8% vs. prior year in one print)—do not confuse quarter momentum with the annual trend.
what just happened
The latest quarter in this snapshot was about $505M in revenue, while EPS was negative (around -$0.36)—cheap-looking multiples can clash with loss-making prints; check TTM vs forward in your terminal.
At a glance
C+ balance sheet — struggling to keep the lights on
30/100 earnings predictability — expect surprises
trailing p/e — distorted when recent quarters are loss-making; use filings and forward estimates
0.3% return on capital — nothing to write home about
-$1.43 fy2025 eps est
xvary composite: 31/100 — weak
What they do
It sells boats, yachts, parts, and marina services to people who treat weekends like a luxury purchase.
MarineMax has 3,385 employees and a business built around one expensive habit. You buy the boat, then you keep paying for parts, service, and storage. That makes leaving painful, because the first purchase is only the start.
consumer-discretionary small-cap retail marine-services boats
How they make money
$2.3B annual revenue · their business grew -5.0% last year
new boat sales
$1.46B
pre-owned boat sales
$0.36B
service and marina
$0.21B
parts and accessories
$0.17B
brokerage and other
$0.10B
The products that matter
retail boat and yacht sales
boat & yacht sales
$1.8B · 78.3% of revenue
it's the main business. Q1 2026 revenue reached $505.2M and grew 7.8% from a year ago, but that volume still did not save profitability.
core revenue driver
storage, service, and marina operations
marina & service
$500M · 21.7% of revenue
this is the steadier piece of the model. it accounts for $500M of revenue, but this page does not show a separate margin line, so you should not assume it fully offsets retail weakness.
recurring revenue angle
Key numbers
$2.3B
annual sales
You are buying a company that still pushed $2.3B through the door. Cheap only matters if the cash keeps coming.
31.8%
gross margin
Gross margin means profit after direct costs. At 31.8%, the business keeps 31.8 cents of each sales dollar before overhead.
$484M
debt load
That is the bill sitting on the balance sheet. It matters more when the business is tied to discretionary spending.
0.3%
capital return
Return on capital means profit from the money tied up in the business. At 0.3%, the company is squeezing almost nothing extra from each dollar invested.
Financial health
C+
strength
  • balance sheet grade C+ — weak — may struggle to fund operations
  • risk rank 4 — safer than 20% of stocks
  • price stability 20 / 100
  • long-term debt $484M (46% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market

Return history isn't available for HZO right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
missed estimates
MarineMax posted $505M in revenue, while EPS landed at -$0.36.
Revenue rose 8% vs. prior year, and gross margin was 31.8%. The business sold more, but not enough to turn profit.
$505M
revenue (q)
-$0.36
eps (q)
31.8%
gross margin (q)
the number that mattered
The big number was $505M because sales grew 8% even while profits stayed negative.
source: company earnings report, 2026

Get this snapshot in your inbox

This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.

weekly updates earnings alerts plain english no spam
What could go wrong

the #1 risk is industry-wide marine discounting, because it already pushed gross margin to 31.8% — more than 400 basis points below normal — on a quarter that still produced $505.2M in revenue.

!
high
industry-wide marine discounting
when dealers cut price to move inventory, revenue can hold up while profit disappears. that's exactly what happened in Q1 2026.
when dealers cut price to move inventory, revenue can hold up while profit disappears. that's exactly what happened in Q1 2026.
!
high
debt feels heavier in a weak margin cycle
$484M of long-term debt equals 46% of capital. that is manageable in a healthy cycle and more uncomfortable when analysts expect -$1.43 in full-year EPS.
$484M of long-term debt equals 46% of capital. that is manageable in a healthy cycle and more uncomfortable when analysts expect -$1.43 in full-year EPS.
∘
med
the business is still mostly discretionary retail
boat and yacht sales are 78.3% of revenue. the marina and service mix helps, but the company is still tied mainly to big-ticket consumer demand.
boat and yacht sales are 78.3% of revenue. the marina and service mix helps, but the company is still tied mainly to big-ticket consumer demand.
∘
med
buybacks can distract from the operating question
the $100M authorization may support per-share math, but it does not answer whether gross margin rebounds from 31.8% toward normal levels.
the $100M authorization may support per-share math, but it does not answer whether gross margin rebounds from 31.8% toward normal levels.
a 400+ basis-point margin hit on $505.2M of quarterly revenue was enough to push the quarter into a loss. if that persists, the $100M buyback becomes secondary.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gross margin next quarter
31.8% is the problem to solve. if the next print is still 400+ basis points below normal, this stops looking like a one-quarter squeeze.
trend
same-store sales versus profit
10%+ same-store growth looked good. what matters now is whether MarineMax can keep volume without giving away the economics.
calendar
$100M buyback pace
the board authorized the program on march 4, 2026. pace matters. repurchasing aggressively near $24 is very different from authorizing a headline and barely using it.
risk
activist pressure from Donerail
an engaged shareholder can surface value or expose management drift. either way, it raises the temperature around capital allocation and execution.
Analyst rankings
earnings predictability
30 / 100
in human-speak: the earnings line is noisy, and you should expect swings rather than smooth compounding.
balance sheet grade
C+
below-average balance sheet flexibility. not distressed, but not built for a long margin slump either.
price stability
20 / 100
this stock moves like a cyclical small cap because it is one.
source: institutional data
Institutional activity

institutional ownership data for HZO is being compiled.

source: institutional data
source: institutional data
Price targets
3-5 year target range
n/a n/a
$24 current price
n/a target midpoint · n/a from current
target data not available

Want the deeper analysis?

The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.

see plans from $5/mo
The deep dive
HZO
xvary deep dive
hzo
the full analysis is in the works.
what you'll get
dcf valuation model
bull / base / bear scenarios
competitive moat breakdown
quarterly earnings tracker
operating model projections
risk matrix with kill criteria
original price target + conviction
updated with every earnings
free · no spam · you'll be first to read it