Marinemax vs Onewater Marine
Marinemax is the larger business, with $2.31bn of revenue in fiscal 2025 against $1.87bn for Onewater Marine (1.2 times as much). Onewater Marine grew faster (5.6% against -5.0%). Marinemax kept more of each dollar of sales as profit: a net margin of -1.4% against -6.1%. Marinemax carries less debt relative to equity (118.3% against 146.0%).
| Latest fiscal year | MarinemaxHZO, 2025 | Onewater MarineONEW, 2025 |
|---|---|---|
| Revenue | $2.31bn | $1.87bn |
| Revenue growth | -5.0% | 5.6% |
| Net income | −$31.6m | −$115m |
| Operating margin | 1.5% | -4.6% |
| Net margin | -1.4% | -6.1% |
| Return on equity | -3.3% | -35.5% |
| Free cash flow | $11.9m | $79.7m |
| Cash | $170m | $64.8m |
| Total debt | $1.11bn | $416m |
| Debt to equity | 118.3% | 146.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $27.5m | $0 |
| Employees | 3,385 | 2,231 |
| Market value | $1.16bn | $169m |
| Price vs our value range | — | Below our value range |
| Moat score | 40 (Weak) | 31 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 5 buys, 20 sales |