MARINEMAX INC HZO
We believe we are the world's largest recreational boat and yacht retailer, marina operator and superyacht services company. As of September 30, 2025, we have over 120 locations worldwide, including over 70 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, as of September 30, 2025, we own or operate over 65 marina and storage locations worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, Aviara luxury dayboats, and Intrepid Powerboats all manufacture boats and yachts and recognize sales through our select retail dealership locations and through independent dealers. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company, through a wholly owned subsidiary, New Wave Innovations, also owns Boatyard, an industry-leading customer experience digital product company, and Boatzon, a boat and marine digital retail platform. Through Newcoast Financial Services, we provide third-party financing and insurance products for boats and yachts primarily for transactions not associated with our dealership locations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.43B | $2.39B | $2.31B | $2.06B | $1.51B | $1.24B | $1.18B | $1.05B | $942.0M |
| Cost of revenue | $1.56B | $1.63B | $1.56B | $1.50B | $1.40B | $1.11B | $914.3M | $879.1M | $787.0M | $716.0M |
| Gross profit | $750.2M | $801.2M | $835.3M | $805.8M | $659.4M | $398.7M | $322.8M | $298.2M | $265.3M | $226.0M |
| SG&A | $647.2M | $673.0M | $634.5M | $540.5M | $450.0M | $292.0M | $262.3M | $235.1M | $220.0M | $185.8M |
| Operating income | $34.0M | $128.2M | $200.8M | $265.2M | $209.5M | $106.7M | $60.5M | $63.2M | $45.3M | $40.3M |
| Interest expense | $71.2M | $73.9M | $53.4M | $3.3M | $3.7M | $9.3M | $11.6M | $9.9M | $7.5M | $5.5M |
| Pre-tax income | -$37.1M | $54.3M | $147.4M | $261.9M | $205.8M | $97.4M | $49.0M | $53.3M | $37.8M | $34.8M |
| Income tax | $6.4M | $15.6M | $38.0M | $63.9M | $50.8M | $22.8M | $13.0M | $14.0M | $14.3M | $12.2M |
| Net income | -$31.6M | $38.1M | $109.3M | $198.0M | $155.0M | $74.6M | $36.0M | $39.3M | $23.5M | $22.6M |
| EPS, basic | -1.43 | 1.71 | 5.00 | 9.12 | 7.04 | 3.46 | 1.61 | 1.77 | 0.98 | 0.93 |
| EPS, diluted | -1.43 | 1.65 | 4.87 | 8.84 | 6.78 | 3.37 | 1.57 | 1.71 | 0.95 | 0.91 |
| Shares, diluted (wtd. avg.) | $22.1M | $23.0M | $22.4M | $22.4M | $22.9M | $22.1M | $22.9M | $23.0M | $24.7M | $24.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $170.4M | $224.3M | $201.5M | $228.3M | $222.2M | $155.5M | $38.5M | $48.8M | $42.0M | $38.6M |
| Receivables | $108.3M | $106.4M | $85.8M | $50.3M | $47.7M | $40.2M | $42.4M | $34.0M | $24.7M | $24.6M |
| Inventory | $867.3M | $906.6M | $812.8M | $454.4M | $231.0M | $298.0M | $477.5M | $377.1M | $401.3M | $322.0M |
| Total current assets | $1.18B | $1.27B | $1.12B | $754.0M | $517.5M | $503.3M | $568.6M | $465.3M | $473.8M | $391.1M |
| Property, plant and equipment | $552.5M | $532.8M | $527.6M | $246.0M | $175.5M | $141.9M | $144.3M | $138.7M | $127.2M | $121.4M |
| Goodwill | $526.9M | $592.3M | $559.8M | $235.6M | $195.6M | $84.2M | $64.0M | $27.4M | $25.9M | $9.9M |
| Other intangibles | $15.0M | $19.2M | $23.8M | $10.9M | $5.6M | — | — | — | — | — |
| Total assets | $2.47B | $2.61B | $2.42B | $1.35B | $1.01B | $775.3M | $784.1M | $640.5M | $640.0M | $546.7M |
| Accounts payable | $56.4M | $54.5M | $71.7M | $34.3M | $25.7M | $37.3M | $33.7M | $23.1M | $26.4M | $9.6M |
| Short-term debt | $35.6M | $33.8M | $33.8M | $2.9M | $3.6M | $507.0K | $312.1M | $212.9M | $254.2M | $166.6M |
| Total current liabilities | $984.9M | $1.07B | $847.0M | $412.8M | $251.1M | $272.5M | $412.9M | $286.0M | $334.7M | $231.9M |
| Long-term debt | $356.2M | $355.9M | $389.2M | $45.3M | $47.5M | $7.3M | $0 | $0 | $0 | $0 |
| Total liabilities | $1.52B | $1.62B | $1.50B | $570.1M | $412.9M | $319.9M | $415.3M | $287.4M | $337.8M | $234.2M |
| Retained earnings | $746.4M | $778.0M | $739.9M | $630.7M | $432.7M | $277.7M | $202.5M | $166.1M | $126.8M | $103.2M |
| Total equity | $937.2M | $975.8M | $918.4M | $782.7M | $594.9M | $455.4M | $368.8M | $353.1M | $302.2M | $312.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $72.8M | -$25.7M | -$222.2M | $76.6M | $373.9M | $304.7M | -$12.4M | $70.4M | $4.7M | $22.9M |
| Depreciation and amortisation | $49.3M | $44.5M | $41.0M | $19.4M | $15.6M | $12.8M | $11.6M | $10.7M | $9.4M | $8.0M |
| Stock-based compensation | $19.4M | $24.0M | $21.7M | $16.0M | $9.7M | $7.5M | $6.5M | $6.2M | $6.2M | $4.2M |
| Capital expenditure | $60.9M | $60.4M | $65.4M | $58.5M | $26.1M | $12.8M | $17.1M | $13.8M | $14.4M | $12.9M |
| Investing cash flow | -$55.6M | -$81.3M | -$576.4M | -$140.5M | -$161.1M | -$30.1M | -$56.3M | -$23.3M | -$32.1M | -$29.7M |
| Financing cash flow | -$72.0M | $128.5M | $770.4M | $73.1M | -$145.7M | -$158.1M | $58.6M | -$40.2M | $30.7M | $12.9M |
| Buybacks | $27.5M | $2.1M | — | $21.3M | $23.8M | $631.0K | $27.7M | $695.0K | $42.7M | $5.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-284680.
Others in SIC 5531
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|---|---|---|---|---|
| ORLY | O REILLY AUTOMOTIVE INC | $71.10B | 29.6x | 6.4% |
| AZO | AUTOZONE INC | $48.70B | 20.6x | 2.4% |
| AAP | ADVANCE AUTO PARTS INC | $2.67B | 60.5x | -5.4% |
| PRTS | CarParts.com, Inc. | $75.0M | — | -7.0% |
| ONEW | OneWater Marine Inc. | — | — | 5.6% |