OneWater Marine Inc. ONEW
OneWater Marine Inc. ("OneWater Inc.") is a holding company and the sole managing member of One Water Marine Holdings, LLC ("OneWater LLC"), which became the principal operating subsidiary of OneWater Inc. on February 11, 2020 in the corporate reorganization (the "Reorganization") completed in connection with OneWater Inc.'s initial public offering (the "IPO"), which closed on February 11, 2020.
Except as otherwise indicated or required by the context, all references in this Annual Report on Form 10-K to the "Company," "OneWater," "we," "us" or "our" relate to OneWater Inc. and its consolidated subsidiaries.
We believe that we are one of the largest and fastest-growing marine retailers in the United States with 95 dealership locations, 9 distribution centers/warehouses and multiple online marketplaces as of September 30, 2025. Our retail locations are located in highly attractive markets throughout the Southeast, Gulf Coast, Mid-Atlantic and Northeast, many of which are in the top twenty states for marine retail expenditures. We believe that we are a market leader by volume in sales of premium boats in many of the markets in which we operate. Additionally, the acquisitions of T-H Marine Supplies, LLC ("T-H Marine") and Ocean Bio-Chem, LLC (f/k/a Ocean Bio-Chem, Inc. ("Ocean Bio-Chem")) significantly expanded our sales of marine-related parts and accessories. The combination of our significant scale, diverse inventory, access to premium boat brands, access to a broad array of parts and accessories, and meaningful group brand equity enables us to provide a consistently professional experience as reflected in the number of our repeat customers and Dealership same-store sales growth.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.87B | $1.77B | $1.94B | $1.74B | $1.23B | $1.02B | — | — | — |
| Cost of revenue | $1.45B | $1.34B | $1.40B | $1.19B | $870.8M | $787.4M | — | — | — |
| Gross profit | $427.0M | $435.1M | $535.1M | $553.7M | $357.5M | $235.5M | — | — | — |
| SG&A | $343.3M | $332.7M | $345.5M | $302.1M | $199.0M | $143.6M | — | — | — |
| Operating income | -$85.5M | $64.8M | $18.1M | $217.8M | $148.9M | $78.3M | — | — | — |
| Pre-tax income | -$151.5M | -$6.3M | -$42.5M | $195.8M | $142.2M | $54.8M | — | — | — |
| Income tax | $35.3M | $157.0K | $3.4M | $43.2M | $25.8M | $6.3M | — | — | — |
| Net income | -$114.6M | -$5.7M | -$38.6M | $130.9M | $79.1M | $17.4M | $37.3M | $1.9M | — |
| EPS, basic | — | — | — | — | — | 2.79 | — | — | — |
| EPS, diluted | — | — | — | — | — | 2.77 | — | — | — |
| Shares, diluted (wtd. avg.) | — | — | — | — | — | $6.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $64.8M | $27.3M | $93.3M | $60.9M | $73.9M | $68.2M | $11.5M | $15.8M | $9.7M |
| Receivables | $60.9M | $73.3M | $113.2M | $58.0M | $28.5M | $18.5M | $15.3M | — | — |
| Inventory | $539.8M | $590.8M | $609.6M | $373.0M | $143.9M | $150.1M | $277.3M | — | — |
| Total current assets | $719.2M | $777.4M | $881.9M | $566.9M | $280.9M | $252.1M | $314.1M | — | — |
| Property, plant and equipment | $91.6M | $93.2M | $81.5M | $109.7M | $67.1M | $18.4M | $16.0M | — | — |
| Goodwill | $259.0M | $336.6M | $336.6M | $378.6M | $168.5M | $113.1M | $113.1M | $96.2M | — |
| Other intangibles | $130.2M | $205.4M | $212.3M | $306.5M | $85.3M | $61.3M | $61.3M | — | — |
| Total assets | $1.40B | $1.59B | $1.69B | $1.50B | $720.6M | $458.1M | $504.8M | — | — |
| Accounts payable | $43.8M | $32.1M | $27.1M | $27.3M | $18.1M | $12.8M | $5.5M | — | — |
| Short-term debt | $77.9M | $7.9M | $29.3M | $21.6M | $11.4M | $7.4M | $11.1M | — | — |
| Total current liabilities | $631.3M | $607.7M | $669.0M | $452.1M | $227.6M | $185.7M | $263.5M | — | — |
| Long-term debt | $334.2M | $414.9M | $428.4M | $421.2M | $103.1M | $82.0M | $64.8M | — | — |
| Total liabilities | $1.12B | $1.20B | $1.28B | $1.05B | $465.8M | $284.8M | $380.8M | — | — |
| Retained earnings | $45.0M | $159.6M | $165.4M | $204.9M | $75.0M | $16.8M | $0 | — | — |
| Total equity | $285.0M | $360.8M | $414.1M | $444.9M | $254.8M | $173.3M | $38.0M | $21.1M | $28.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $91.8M | $34.8M | -$129.8M | $7.4M | $159.4M | $212.5M | -$5.7M | -$4.2M | — |
| Depreciation and amortisation | $24.4M | $22.2M | $26.8M | $16.3M | $5.4M | $3.2M | — | — | — |
| Stock-based compensation | $10.5M | $8.4M | $9.0M | $10.0M | $5.7M | $2.2M | $154.0K | $154.0K | — |
| Capital expenditure | $12.0M | $25.9M | $21.3M | $11.4M | $9.9M | $6.3M | $7.3M | $10.1M | — |
| Investing cash flow | -$11.6M | $13.3M | -$51.6M | -$476.8M | -$117.1M | -$4.7M | -$11.0M | -$23.9M | — |
| Financing cash flow | -$42.6M | -$114.1M | $213.7M | $456.4M | -$36.5M | -$151.1M | $12.5M | $34.3M | — |
| Dividends paid | — | — | $0 | $0 | $1.0M | $0 | $0 | — | — |
| Buybacks | $0 | $0 | $1.6M | $354.0K | $0 | $0 | — | — | — |
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 0001772921-25-000085.
Others in SIC 5531
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| 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% |
| HZO | MARINEMAX INC | $1.15B | — | -5.0% |
| PRTS | CarParts.com, Inc. | $75.0M | — | -7.0% |