MasterCraft Boat Holdings, Inc. MCFT
We are a leading innovator, designer, manufacturer, and marketer of recreational powerboats sold through our three brands, MasterCraft, Crest, and Balise. As a leader in recreational marine, we strive to deliver the best on-water experience through innovative, high-quality products with a relentless focus on the consumer.
Our MasterCraft segment, which manufactures and sells premium ski/wake boats, consists of our MasterCraft brand. The MasterCraft brand was founded in 1968 and evolved over the next 55-plus years to become the most award-winning ski/wake boat manufacturer in the world. Today, MasterCraft participates in one of the highest margin producing category within the powerboat industry by manufacturing the industry's premier competitive water ski, wakeboarding, and wake surfing performance boats. We believe the MasterCraft brand is known among boating enthusiasts for high performance, premier quality, and relentless innovation. We believe that the market recognizes MasterCraft as a premier brand in the powerboat industry due to the overall superior value proposition that our boats deliver to consumers. We work tirelessly every day to maintain this iconic brand reputation.
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 | $284.2M | $322.4M | $609.9M | $641.6M | $466.0M | $363.1M | $466.4M | $332.7M | $228.6M | $221.6M |
| Cost of revenue | $227.3M | $250.7M | $441.2M | $473.4M | $340.8M | $287.7M | $353.3M | $242.4M | $165.2M | $160.5M |
| Gross profit | $56.9M | $71.6M | $168.7M | $168.2M | $125.1M | $75.4M | $113.1M | $90.4M | $63.5M | $61.1M |
| R&D | $6.5M | $6.8M | $6.3M | $7.2M | $5.8M | $5.2M | $5.6M | $4.9M | $3.5M | $3.5M |
| SG&A | $32.1M | $31.1M | $32.9M | $36.1M | $33.0M | $25.6M | $27.7M | $19.8M | $20.5M | $29.2M |
| Total operating expenses | $45.6M | $44.1M | $47.3M | $52.0M | $46.5M | $101.9M | $79.9M | $34.4M | $30.0M | $39.1M |
| Operating income | $11.2M | $27.5M | $121.4M | $116.2M | $78.6M | -$26.6M | $33.3M | $56.0M | $33.5M | $22.0M |
| Interest expense | $1.2M | $3.3M | $2.7M | $1.5M | $3.4M | $5.0M | $6.5M | $3.5M | $2.2M | $1.3M |
| Pre-tax income | $13.5M | $30.0M | $122.1M | $114.7M | $74.5M | -$31.6M | $26.7M | $52.5M | $31.3M | $18.5M |
| Income tax | $2.8M | $6.7M | $28.3M | $26.8M | $16.1M | $7.6M | $5.4M | $12.9M | $11.7M | $8.3M |
| Net income | $7.0M | $7.8M | $68.9M | $58.2M | $56.2M | -$24.0M | $21.4M | $39.7M | $19.6M | $10.2M |
| EPS, basic | 0.43 | 0.46 | 3.91 | 3.15 | 2.99 | -1.28 | 1.14 | 2.13 | 1.05 | 0.57 |
| EPS, diluted | 0.43 | 0.46 | 3.88 | 3.12 | 2.96 | -1.28 | 1.14 | 2.12 | 1.05 | 0.56 |
| Shares, diluted (wtd. avg.) | $16.5M | $17.0M | $17.8M | $18.6M | $19.0M | $18.7M | $18.8M | $18.7M | $18.6M | $18.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.9M | $7.4M | $19.8M | $34.2M | $39.3M | $16.3M | $5.8M | $7.9M | $4.0M | $73.0K |
| Short-term investments | $50.5M | $78.8M | — | — | — | — | — | — | — | — |
| Receivables | $4.1M | $11.5M | $15.7M | $22.5M | $12.1M | $6.1M | $12.5M | $5.5M | $3.5M | $3.0M |
| Inventory | $30.5M | $37.0M | $58.3M | $58.6M | $53.5M | $25.6M | $30.7M | $20.5M | $11.7M | $13.3M |
| Total current assets | $121.2M | $155.1M | $195.5M | $146.1M | $110.2M | $56.7M | $54.4M | $37.2M | $21.7M | $18.1M |
| Property, plant and equipment | $53.6M | $52.3M | $77.9M | $55.8M | $60.5M | $40.5M | $33.6M | $22.3M | $14.8M | $13.8M |
| Goodwill | $28.5M | $28.5M | $28.5M | $28.5M | $29.6M | $29.6M | $74.0M | $65.8M | $29.6M | $29.6M |
| Other intangibles | $31.9M | $33.6M | $35.5M | $37.4M | $59.9M | $63.8M | $79.8M | $51.0M | $16.6M | $16.8M |
| Total assets | $259.9M | $318.0M | $354.0M | $297.1M | $276.5M | $207.9M | $248.8M | $176.9M | $83.3M | $82.5M |
| Accounts payable | $8.3M | $10.4M | $20.4M | $23.4M | $23.9M | $10.5M | $18.0M | $17.3M | $11.0M | $13.1M |
| Short-term debt | $0 | $4.4M | $4.4M | $2.9M | $2.9M | $8.9M | $8.7M | $5.1M | $3.7M | $7.9M |
| Total current liabilities | $65.2M | $77.9M | $102.5M | $93.2M | $74.3M | $55.4M | $68.5M | $50.9M | $36.9M | $44.4M |
| Long-term debt | $0 | $44.9M | $49.3M | $53.7M | $90.3M | $99.7M | $105.0M | $70.1M | $30.8M | $44.3M |
| Total liabilities | $76.4M | $134.1M | $161.9M | $153.4M | $168.7M | $159.1M | $176.5M | $124.4M | $71.6M | $90.9M |
| Retained earnings | $130.7M | $123.6M | $115.8M | $46.9M | -$11.3M | -$67.5M | -$43.5M | -$61.7M | -$101.4M | -$120.9M |
| Total equity | $183.4M | $183.7M | $192.1M | $143.6M | $107.8M | $48.9M | $72.3M | $52.5M | $11.8M | -$8.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $35.6M | $12.5M | $134.2M | $73.3M | $68.5M | $30.2M | $55.9M | $49.4M | $26.2M | $30.7M |
| Depreciation and amortisation | $9.6M | $8.4M | $8.4M | $9.7M | $8.4M | $10.5M | $7.8M | $5.1M | $3.2M | $3.4M |
| Stock-based compensation | $2.9M | $2.6M | $3.5M | $3.5M | $2.9M | $1.1M | $1.7M | $1.2M | $711.0K | $13.7M |
| Capital expenditure | $9.2M | $10.5M | $24.6M | $12.3M | $25.2M | $14.2M | $14.1M | $5.3M | $4.1M | $3.8M |
| Investing cash flow | $46.0M | -$1.8M | -$121.4M | -$15.8M | -$27.8M | -$14.2M | -$95.8M | -$85.7M | -$4.1M | -$3.8M |
| Financing cash flow | -$60.1M | -$23.1M | -$27.1M | -$62.5M | -$17.8M | -$5.5M | $37.8M | $40.2M | -$18.1M | -$28.0M |
| Dividends paid | — | — | — | — | — | — | — | — | — | $79.9M |
| Buybacks | $9.8M | $16.3M | $22.9M | $25.5M | $0 | — | — | — | — | $4.5M |
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 0000950170-25-111682.
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| HII | HUNTINGTON INGALLS INDUSTRIES, INC. | $11.27B | 18.6x | 8.2% |
| MBUU | MALIBU BOATS, INC. | $538.2M | 309.8x | 13.3% |
| NXB | NextBoat Inc. | $55.6M | — | 21.1% |
| VEEE | Twin Vee PowerCats, Co. | $5.7M | — | 3.0% |
| VMAR | Vision Marine Technologies Inc. | — | — | 395.9% |