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what it is
Massimo sells off-road vehicles and boats to U.S. buyers who want powersports gear without paying top-tier brand prices.
how it gets paid
Last year Massimo made $109M in revenue. utility terrain vehicles was the main engine at $41M, or 38% of sales.
why growth slowed
Revenue fell 1.7% last year. The key number was 35.9% gross margin, because gross margin → sales left after product costs → so what: the products can make money, but.
what just happened
Latest quarter revenue jumped to $51M, but EPS still landed in the red at -$0.01.
At a glance
n/a balance sheet
26.3x trailing p/e — priced about right
24.1% return on capital — every dollar works hard here
$0.14 fy2024 eps est
$111M fy2024 rev est
What they do
Massimo sells off-road vehicles and boats to U.S. buyers who want powersports gear without paying top-tier brand prices.
Massimo sits below Polaris, Honda, and Yamaha on purpose. You are not paying for a global empire; you are paying for a $46 million company that still produced an 8.0% operating margin and a 24.1% return on capital on roughly $109 million of revenue. That mid-tier spot means broader affordability for buyers, while dealer support and online ordering make the products easier to get without carrying top-tier overhead.
How they make money
$109M
annual revenue · their business grew -1.7% last year
utility terrain vehicles
$41M
all-terrain vehicles
$22M
pontoon boats
$19M
tritoon boats
$15M
other powersports and parts
$12M
The products that matter
off-road work vehicles
utility utvs
core line inside a $109M company
these are the workhorse products. that matters because a company this size does not get many misses. if the core lineup stalls, the whole income statement feels it.
core line
recreational demand
atvs & boats
latest quarter revenue $17.0M
this category is cyclical. the latest quarter produced $17.0M of company revenue, down 10.2% from the prior quarter. when buyers get cautious, smaller brands usually hear about it first.
cyclical spend
route to market
dealer network
main growth lever
the dealer base is not a moat. it is distribution. here is the catch: more dealers only help if the added sales improve the economics. more units with negative margin is just busier unprofitability.
execution bet
Key numbers
24.1%
return on capital
Return on capital → profit generated from money invested in the business → so what: Massimo squeezes strong profit efficiency out of a very small asset base.
$109M
annual revenue
This is a tiny company by market value, but it still moved more than $100M of product in the last year.
8.0%
operating margin
Operating margin → profit after running the business → so what: there is profit here, but not much room for cost mistakes.
$6M
long-term debt
Debt is modest at 11% of capital, which gives this microcap more breathing room than you might expect.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $6M (11% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MAMO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue jumped to $51M, but EPS still landed in the red at -$0.01.
Revenue surged 199% vs. prior year, but profit did not follow cleanly. Gross margin was 35.9%, yet the quarter still produced a loss, which tells you costs below gross profit remain heavy.
$51M
revenue
-$0.01
eps
35.9%
gross margin
the number that mattered
The key number was 35.9% gross margin, because gross margin → sales left after product costs → so what: the products can make money, but the rest of the cost structure is the issue.
source: company earnings report, 2026
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What could go wrong
Massimo sells discretionary vehicles through dealers while running a -1.2% net margin. That combination leaves you exposed to both softer demand and very little room for error.
high
profitability slips back below breakeven
net margin is already -1.2%. in human-speak: after all expenses, the business still loses money. that leaves very little room for discounting, freight pressure, or weaker dealer orders.
on $109M of revenue, even a small margin miss matters because the company does not have a big earnings base to absorb it.
high
discretionary demand stays soft
the latest quarter produced $17.0M in revenue, down 10.2% from the prior quarter. smaller recreational and utility brands usually feel buyer hesitation earlier than the category leaders do.
if volume slips again before margins turn solidly positive, the turnaround case starts looking more like hope than evidence.
med
tariffs or sourcing costs squeeze a thin model
management has already flagged rising U.S.-China trade tension as a risk. with a -1.2% net margin, even modest cost inflation can keep profits below zero.
this is the kind of income statement where external cost pressure can erase a quarter's progress fast.
med
thin coverage means thinner guardrails
the snapshot has no composite score, incomplete ownership data, and limited ranked analyst coverage. that usually means fewer outside eyes on the story and more room for unpleasant surprises.
when coverage is thin, you need a wider margin of safety because the market is doing less of the checking for you.
a -1.2% net margin on $109M of revenue brings every risk back to one question: can this business grow without sacrificing the little profitability it has started to show.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
net margin crossing above zero and staying there
-1.2% is the line today. until that turns positive and holds, every revenue update is only half the story.
calendar
q4 2025 earnings
estimated for march 25, 2026. after a 10.2% sequential revenue decline, you want proof that demand did not just wobble again.
trend
dealer growth versus dealer quality
more dealers sound good. the question is whether they bring profitable volume. if margins stay weak, added doors are just added activity.
risk
tariff and sourcing commentary
management has already pointed to trade tension. if costs rise from here, the current margin profile gives you very little buffer.
Analyst rankings
coverage
limited
there is not enough ranked analyst coverage in the current snapshot to build a strong consensus view.
takeaway
thin signal
in human-speak, you cannot outsource the thesis here. you are underwriting execution with limited street help and limited external scrutiny.
source: institutional data
Institutional activity
institutional ownership data for MAMO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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