OneWater Marine Inc. ONEW

Consumer discretionary SIC 5531 - Retail-Auto & Home Supply Stores NAICS Retail Trade › Motor Vehicle and Parts Dealers › Automotive Parts, Accessories, and Tire Retailers derived Nasdaq

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.

Last close 9.37 2026-10-23
Market cap —
52-week range 8.12 - 17.35

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B Net income, FY2018: 1.9M Net income, FY2019: 37.3M Revenue, FY2020: 1B Gross profit, FY2020: 235.5M Net income, FY2020: 17.4M Revenue, FY2021: 1.2B Gross profit, FY2021: 357.5M Net income, FY2021: 79.1M Revenue, FY2022: 1.7B Gross profit, FY2022: 553.7M Net income, FY2022: 130.9M Revenue, FY2023: 1.9B Gross profit, FY2023: 535.1M Net income, FY2023: -38.6M Revenue, FY2024: 1.8B Gross profit, FY2024: 435.1M Net income, FY2024: -5.7M Revenue, FY2025: 1.9B Gross profit, FY2025: 427M Net income, FY2025: -114.6M FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — $1.02B $1.23B $1.74B $1.94B $1.77B $1.87B
Gross profit — — — $235.5M $357.5M $553.7M $535.1M $435.1M $427.0M
Net income — $1.9M $37.3M $17.4M $79.1M $130.9M -$38.6M -$5.7M -$114.6M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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