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what it is
OneWater sells boats, parts, and service through dealerships, warehouses, and online marketplaces across the U.S.
how it gets paid
Last year Onewater Marine made $1.9B in revenue. New boat sales was the main engine at $1.00B, or 53% of sales.
why it's growing
Revenue grew 5.6% last year. Revenue rose 1% vs. prior year. Gross profit was $89M.
what just happened
The quarter hit $380.6M in revenue and gross margin reached 23.5%.
At a glance
C balance sheet — red flag territory — real financial stress
25/100 earnings predictability — expect surprises
2.5% return on capital — nothing to write home about
$0.16 fy2024 eps est
$2B fy2024 rev est
xvary composite: 25/100 — weak
What they do
OneWater sells boats, parts, and service through dealerships, warehouses, and online marketplaces across the U.S.
You do not buy a boat once and disappear. OneWater has 95 dealerships and 9 distribution centers, so the same company sells the boat, fixes it, and stocks the parts. Dealerships made about 92% of 2025 revenue, so the core machine is still the showroom floor.
How they make money
$1.9B
annual revenue · their business grew +5.6% last year
New boat sales
$1.00B
+4.0%
Pre-owned boat sales
$0.45B
+6.0%
Parts, service and storage
$0.22B
+8.0%
Distribution
$0.15B
+3.0%
Brokerage and online marketplaces
$0.08B
+9.0%
The products that matter
new recreational boat retail
new boat sales
$233M in the quarter · -6% from a year ago
This is still the volume engine. It is also the part that breaks first when buyers decide a boat can wait another season.
core revenue driver
used boat retail
pre-owned boat sales
$70.4M in the quarter
Used boats give you a lower-ticket offer when buyers step back from new inventory. That's not a growth engine by itself, but it is a useful pressure valve.
demand buffer
loan, warranty, and add-on products
finance & insurance
$78M in the quarter · supports 23.5% gross margin
Dealers do not live on unit volume alone. They live on the economics around each sale. This is the segment that helps a soft market look survivable instead of ugly.
margin support
Key numbers
$1.9B
annual revenue
This is the size of the machine. You are not buying a toy store. You are buying a nearly $2B retailer with real leverage.
$450M
long-term debt
This debt load is bigger than the company’s market value. Lenders have more claim on the story than equity holders do.
4.6%
operating margin
The business is losing money before interest and taxes. That makes every sales wobble matter more.
76%
debt of capital
That is a balance sheet with a loud voice. When capital is this debt-heavy, small misses hit harder.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 15 / 100
- long-term debt $450M (76% 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 ONEW right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter hit $380.6M in revenue and gross margin reached 23.5%.
Revenue rose 1% vs. prior year. Gross profit was $89M, up from $84M, and same-store sales were flat, so margin helped more than volume.
$380.6M
revenue
-$0.47
eps
23.5%
gross margin
the number that mattered
23.5% gross margin mattered most because it showed the company can squeeze more profit out of the same boat traffic.
source: company earnings report, 2026
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What could go wrong
OneWater does not need a disaster to hurt your position. It needs soft boat demand to last longer than the balance sheet can comfortably absorb.
high
debt load that towers over the equity
Long-term debt is $450M against a market cap of roughly $140M. That's the capital structure in one line.
If operating results weaken again, lenders still get paid first. You are sitting behind them.
high
new boat demand stays soft
New boat sales fell 6% last quarter, and management described the 2026 marine market as flat to down low single digits.
That pressures the biggest revenue bucket and raises the odds that inventory sits longer or gets discounted harder.
med
inventory financing costs keep running
Boat dealers finance inventory before it sells. When turns slow, the financing meter does not care.
A quarter of weak demand can become a margin problem fast if older inventory needs price cuts.
med
earnings cushion is barely there
Analysts expect just $0.16 in FY2024 EPS, and the trailing profit picture is too thin to support a meaningful P/E shorthand.
When profit is this thin, a small miss on units, pricing, or financing costs stops being small.
The stock can work if margins hold and debt starts looking less threatening. If gross margin slips while demand stays soft, the equity loses its buffer quickly.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q2 FY2026 earnings report
estimated for may 7, 2026. you want margin near 23.5% and no fresh deterioration in new boat demand.
balance sheet
debt trend
$450M in long-term debt is already the headline. if that number rises, the market will notice before management finishes the sentence.
profitability
gross margin versus weak unit sales
23.5% gross margin bought them time this quarter. if it falls while new boat sales stay negative, the thesis gets worse fast.
industry
marine demand staying flat to down
management already framed 2026 as flat to down low single digits. you are looking for evidence that low single digits does not become something uglier.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not expect smooth, repeatable profit here.
risk rank
5
that puts it near the risky end of the market. if you own it, you own the volatility too.
source: institutional data
Institutional activity
institutional ownership data for ONEW is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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