MarineMax

HZO

Specialty Retail · Consumer Cyclical

Price

$34.52

-0.75 (-2.13%)

Market Cap

$760.4M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−3.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 22.9M (2021) → 22.1M (2025)

MarineMax is the largest recreational boat retailer in the United States. It sells new and used boats, yachts, and personal watercraft from brands like Sea Ray, Boston Whaler, and Azimut. Its customers are everyday consumers and wealthy buyers who want boats for leisure and recreation.

The company makes money by selling boats, offering boat storage and maintenance services, and arranging financing and insurance for buyers. MarineMax operates over 100 locations across the U.S. and has expanded into superyacht sales through its IGY Marinas and Fraser Yachts acquisitions. Its scale gives it some advantage over smaller local dealers, but the business is highly sensitive to economic conditions — when consumers feel less confident about money, big discretionary purchases like boats are often the first thing cut, which is the main risk the company faces today.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-16.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-180.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

11.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$189M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

MarineMax's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

34.4%

Modest — 34.4% gross margin

Operating Margin

2.1%

Thin — 2.1% operating margin

ROCE

0.5%

Weak — 0.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

-1.7%

Shrinking sales (-1.7% YoY)

EPS YoY

-285.3%

Earnings shrinking (-285.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

9.3%

Modest free cash flow (9.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

1.15

Elevated debt (1.15)

Interest Cover

0.05x

Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial