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what it is
MasterCraft builds recreational powerboats for wake sports, fishing, luxury cruising, and pontoon boating under four brands.
how it gets paid
Last year Mastercraft Boat made $284M in revenue.
why results softened
Net sales fell about 11.8% in fiscal 2025 versus fiscal 2024. A recent quarter still printed about $72M in net sales with EPS around $0.38— the cycle is weaker than peak years.
what just happened
Latest reported quarter net sales were about $72M — the bigger story is how far annual results have come down from peak-cycle levels.
At a glance
B+ balance sheet — decent shape, but not bulletproof
35/100 earnings predictability — expect surprises
31.6x trailing p/e — you're paying up for this one
5.8% return on capital — nothing to write home about
$0.65 fy2025 eps est
xvary composite: 56/100 — below average
What they do
MasterCraft builds recreational powerboats for wake sports, fishing, luxury cruising, and pontoon boating under four brands.
MasterCraft wins by covering more of the marina with four brands: MasterCraft, Aviara, NauticStar, and Crest. If your family wants a wake boat, a fishing boat, or a pontoon, this company has a shot at your wallet. That reach matters when the whole business does $284M in annual revenue.
How they make money
$284M
annual revenue · net sales fell about 11.8% in fiscal 2025 vs. fiscal 2024
total revenue
$284M
11.8%
The products that matter
towboats and wake boats
Performance Boats
$213M · 75% of revenue
this is the core segment by dollars, but company net sales fell double digits in fiscal 2025— do not read “segment up” from old copy as the whole boat maker growing.
core segment
pontoon and day boats
Leisure Boats
$71M · 25% of revenue
this segment was flat from last year. It gives you diversification, but it is still the smaller side of a $284M business.
diversifier
four-brand marine platform
MasterCraft, Crest, Aviara, NauticStar
69 patents · merger pending
69 patents and a planned combination targeting $560M in pro forma sales show the company is trying to become more than a single-brand towboat maker.
platform bet
Key numbers
31.6x
trailing p/e
P/E → price-to-earnings → so what: you are paying a premium multiple for a business coming off a weak earnings year.
$0.65
fy2025 eps
EPS → earnings per share → so what: the company is only expected to earn 65 cents per share this year.
7.6%
operating margin
Operating margin → profit left after running the business → so what: this is not a fat-margin company.
5.8%
return on capital
Return on capital → profit on invested money → so what: the business is not highly efficient right now.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MCFT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest reported quarter net sales were about $72M, but the bigger story was how hard annual results had fallen from the prior peak.
That quarter showed EPS of about $0.38. Gross margin was 22.0%, while full-year FY2024 EPS had already fallen to $0.88 from $5.09 in FY2023 as the cycle rolled over.
$72M
quarter net sales
$0.38
quarter EPS
22.0%
gross margin
the number that mattered
FY2024 EPS fell to $0.88 from $5.09 in FY2023. Plain English: earnings did not just slow. They fell off a dock.
source: company earnings report, 2026
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What could go wrong
the top risk is the Marine Products deal closing late or integrating poorly. Right now the market is giving MCFT some credit for a future $560M-sales platform before the hard part is done.
high
merger execution risk
The planned Marine Products combination is expected to close in Q2 2026 and create roughly $560M in pro forma sales. If integration stumbles, the whole "bigger platform" argument weakens fast.
High impact because the deal is central to the current rerating story, not just a side project.
high
premium boat demand rolling over
Fiscal 2025 net sales were about $284M after a double-digit decline from fiscal 2024. This is a discretionary purchase category, which means weakness in consumer confidence or financing conditions shows up quickly.
Performance Boats alone are $213M of revenue. If that segment slows, most of the business slows with it.
med
dealer inventory rebuilding too early
Dealer inventory improved 25% from last year, which helps. The risk is the opposite move next: if boats start piling up again, near-term shipments can look better than actual retail demand.
That would pressure pricing and make the 21.6% gross margin harder to defend.
med
operational concentration
Manufacturing is concentrated in Vonore, Tennessee. One disruption there does not hurt one brand — it hits the company’s ability to produce boats at all.
Lower probability than a demand slowdown, but the revenue impact would be immediate.
The risk stack is unusually simple: a still-cyclical $284M boat business is trying to bridge into a $560M platform thesis. If demand weakens or the deal misfires, both the earnings base and the story multiple come under pressure.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Marine Products merger close
Expected in Q2 2026. This is the event that turns MCFT from a standalone premium boat maker into a company targeting roughly $560M in pro forma sales.
metric
gross margin after the deal
21.6% was the latest gross margin, up 440 basis points from last year. If that starts slipping after the combination, scale may be hiding friction instead of fixing it.
trend
dealer inventory direction
Inventory improved 25% from last year. That is good. You want to see it stay disciplined, not rebuild faster than retail demand.
risk
Q3 FY2026 sales versus the ~$75M expectation
A clean print around $75M would support the idea that demand is stabilizing. A miss would make the premium multiple look even less comfortable.
Analyst rankings
earnings predictability
35 / 100
earnings predictability is low. in human-speak, analysts do not trust quarter-to-quarter consistency here.
risk rank
3
risk rank 3 means this is not the market's most fragile stock, but it is nowhere near a defensive name.
price stability
40 / 100
price stability at 40/100 means the chart can get messy when sentiment changes. Small caps rarely whisper.
source: institutional data
Institutional activity
institutional ownership data for MCFT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$19
current price
n/a
target midpoint · n/a from current
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