Nextboat Inc. is a US-listed company in the marine transportation industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$25
Revenue-to-maturity cash-flow model
Base case. Range ~$20–$32 across our lower- and higher-growth cases (25%–35% a year).
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
Nextboat Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $150m. Free-cash-flow margin held at -14.7%. Operating margin narrowed to -3.6% from 2.9%. It passes 3 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $20.42 a share, against a share price of $1.49.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Nextboat Inc.'s trailing-twelve-month revenue grew 31.5% year on year, with a free-cash-flow margin of -14.7%.
Current signal Operating margin compressing: TTM operating margin fell to -3.6%, down 6.5pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Nextboat Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$25 ~$20–$32 | Left out: out of range vs price (16.34x) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.7 ~$4.3–$15 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.7 ~$0.7–$15 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nextboat Inc. with Marine Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2025 | Now |
|---|---|---|
| Share price | $2.09 | $1.55 |
| Market value | $43m | $35m |
| + Net debt (− = net cash) | $13m | $49m |
| Enterprise value | $56m | $84m |
| Multiples | ||
| Price / sales | 0.4x | 0.2x |
| Price / earnings | — | — |
| Price / free cash flow | — | — |
| EV / EBITDA | 72.2x | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 12, 2026.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.05 | +171% | $170m | +42% |
| Next | — | — | $220m | +29% |
The consensus EPS forecast for the current fiscal year is −58.3% on 90 days ago. In the last 30 days, 0 analysts raised Nextboat Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | $0.12 |
| 60 days ago | $0.12 |
| 30 days ago | $0.12 |
| 7 days ago | $0.12 |
| Now | $0.05 |
| Calendar year | 2026 to date |
|---|---|
| Return | |
| NXB | −26% |
| Industry peers (median) | +33% |
| S&P 500 | +11% |
| Months that ended higher | |
| NXB | 36% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| NXB | −61% |
| S&P 500 | −9% |
Worst fall since November 13, 2025: 62% from November 13, 2025 to October 30, 2026. Getting back needed a 160% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| May 14, 2026 | +9.8% | −0.4% | +7.1% | −12.1% |
| December 15, 2025 | −2.5% | −0.4% | −20.5% | −10.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q2 | $114.2M |
| FY25 Q3 | $112.4M |
| FY25 Q4 | $119.9M |
| FY26 Q1 | $122.5M |
| FY26 Q2 | $150.2M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q2 | 2.9% |
| FY25 Q3 | 2.1% |
| FY25 Q4 | 0.4% |
| FY26 Q1 | -2.6% |
| FY26 Q2 | -3.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q3 | -4.3% |
| FY25 Q4 | -1.1% |
| FY26 Q1 | -16.0% |
| FY26 Q2 | -14.7% |
| Fiscal year | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|
| Income | |||
| Revenue | 99 | 120 | 150 |
| Gross profit | 9 | 11 | 19 |
| EBITDA | 3 | 1 | −5 |
| Operating income | 3 | 0 | −5 |
| Net income | 1 | −2 | −8 |
| Diluted EPS | $0.05 | −$0.09 | −$0.35 |
| Growth (year on year) | |||
| Revenue | — | +21.1% | +31.5% |
| EBITDA | — | −73.7% | −237.1% |
| Operating income | — | −82.8% | −262.5% |
| Margins | |||
| Gross margin | 8.9% | 9.6% | 12.5% |
| EBITDA margin | 3.0% | 0.6% | −3.2% |
| Operating margin | 2.7% | 0.4% | −3.6% |
| Net margin | 1.0% | −1.6% | −5.4% |
| Free-cash-flow margin | −7.2% | −1.1% | −14.7% |
| Cash flow | |||
| Cash from operations | −7 | −1 | −19 |
| Capital spending | 0 | 1 | 4 |
| Free cash flow | −7 | −1 | −22 |
| Stock-based pay | — | 2 | — |
| Free cash flow after stock pay | — | −3 | — |
| Balance sheet | |||
| Cash | 3 | 12 | 8 |
| Total debt | 21 | 25 | 57 |
| Net debt (negative = net cash) | 18 | 13 | 49 |
| Diluted shares | 20m | 21m | 23m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 26 | 30 | 27 | 31 | 24 | 37 | 30 | 59 |
| Gross profit | 3 | 2 | 3 | 5 | 3 | 3 | 3 | 10 |
| EBITDA | 1 | 0 | 1 | 1 | 0 | −2 | −3 | −1 |
| Operating income | 1 | 0 | 1 | 1 | 0 | −2 | −3 | −1 |
| Net income | 1 | −1 | 0 | 1 | −0 | −3 | −3 | −2 |
| Diluted EPS | $0.05 | −$0.03 | $0.01 | $0.03 | −$0.00 | −$0.13 | −$0.14 | −$0.08 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | −7.2% | +25.2% | +9.6% | +88.4% |
| EBITDA | — | — | — | — | −70.8% | — | −416.1% | −172.6% |
| Operating income | — | — | — | — | −76.0% | — | −449.5% | −192.9% |
| Net income | — | — | — | — | −106.9% | — | — | — |
| Diluted EPS | — | — | — | — | −106.3% | — | — | — |
| Margins | ||||||||
| Gross margin | 11.2% | 6.2% | 9.8% | 15.2% | 12.6% | 8.3% | 10.6% | 16.1% |
| EBITDA margin | 5.3% | 0.4% | 3.1% | 3.8% | 1.7% | −4.5% | −9.1% | −1.5% |
| Operating margin | 5.0% | 0.3% | 3.0% | 3.5% | 1.3% | −4.8% | −9.6% | −1.8% |
| Net margin | 3.7% | −2.3% | 1.1% | 1.8% | −0.3% | −7.1% | −11.6% | −3.2% |
| Free-cash-flow margin | — | −13.4% | −19.8% | 16.4% | −2.6% | −1.1% | −79.6% | 4.6% |
| Cash flow | ||||||||
| Cash from operations | — | −4 | −5 | 5 | −0 | −0 | −21 | 3 |
| Capital spending | — | −0 | 0 | 0 | 0 | 0 | 3 | 0 |
| Free cash flow | — | −4 | −5 | 5 | −1 | −0 | −24 | 3 |
| Stock-based pay | — | — | — | — | — | — | 2 | 2 |
| Free cash flow after stock pay | — | — | — | — | — | — | −26 | 1 |
| Last 12 months unless stated | NXB | SHIP | HSHP | GASS | SMHI | DSX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $150m | $158m | $132m | $173m | $208m | $214m | $310m |
| Revenue growth, last 12 months | 31.5% | −5.6% | 6.7% | 3.5% | −15.0% | −6.4% | 1.0% |
| Revenue growth, 3-year average | — | 87.9% | — | 12.5% | −7.6% | 9.2% | 16.8% |
| Revenue growth, latest quarter | 88.4% | — | — | — | −3.3% | — | 66.7% |
| Gross margin | 12.5% | 100.0% | 78.8% | — | 20.7% | 97.4% | 62.3% |
| Operating margin | −3.6% | 27.4% | 51.7% | 31.8% | 1.5% | 19.8% | 17.4% |
| Operating margin, 3-year average | — | 24.7% | — | 7.1% | 4.7% | −83.2% | 13.1% |
| Net margin | −5.4% | 13.4% | 13.4% | 35.0% | −17.6% | 8.3% | 13.2% |
| Cash from operations / revenue | −12.4% | 33.3% | 39.2% | 49.2% | −20.9% | 22.2% | 32.9% |
| Free-cash-flow margin | −14.7% | 10.8% | 17.1% | 49.0% | −34.4% | 21.5% | 13.6% |
| Free-cash-flow margin, 3-year average | — | −35.2% | — | 18.0% | −22.9% | −2.7% | 9.4% |
| Stock pay / revenue | — | 2.6% | 0.2% | 2.9% | 2.5% | 5.0% | 0.7% |
| Change in share count | — | 3.3% | 4.8% | 1.6% | −3.3% | −6.9% | 0.5% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Consolidated | $120M | 100.0% | ▲ 21.1% |
| Dealerships (part of Consolidated) | $117M | 97.8% | ▲ 22.1% |
| Financial Services (part of Consolidated) | $2.6M | 2.2% | ▼ 12.8% |
| Line of business | Revenue | YoY |
|---|---|---|
| Pre Owned Boat Sales | $102M | ▲ 20.0% |
| New Boats Sales | $14.5M | ▲ 32.0% |
| Trade In Boats | $9.7M | ▼ 8.5% |
| Finance Income | $2.6M | ▼ 12.8% |
| Service Parts and Other Sales | $1M | ▲ 385.3% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Nextboat Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $197,936 | 86K | 36.3% | ▲ 48.3% |
| Geode Capital Management, LLC | $80,552 | 35K | 14.8% | ▲ 21.0% |
| UBS Group AG | $59,317 | 26K | 10.9% | ▲ 59.2% |
| Vanguard Fiduciary Trust Co | $45,082 | 20K | 8.3% | 0.0% |
| HRT Financial LP | $40,000 | 18K | 7.3% | ▲ 41.5% |
| Blackrock, Inc. | $38,684 | 17K | 7.1% | ▲ 113.6% |
| Certuity, LLC | $25,438 | 11K | 4.7% | 0.0% |
| Northern Trust Corp | $24,224 | 11K | 4.4% | New |
| Armstrong Advisory Group, Inc | $23,000 | 10K | 4.2% | 0.0% |
| Daytona Street Capital LLC | $8,336 | 4K | 1.5% | ▼ 53.2% |
| Osaic Holdings, Inc. | $2,990 | 1K | 0.5% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Nextboat Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| John Brian CEO and Director | May 15, 2026 | Sell | 120,000 | $2.41 | $289,200 |
| Ruegg Jason Daniel President and Chairman | May 15, 2026 | Sell | 5,000 | $2.64 | $13,200 |
| Ruegg Jason Daniel President and Chairman | May 15, 2026 | Sell | 300,000 | $2.00 | $600,000 |
| Ruegg Jason Daniel President and Chairman | May 15, 2026 | Sell | 175,000 | $2.00 | $350,000 |
| John Brian CEO and Director | May 15, 2026 | Sell | 120,000 | $2.41 | $289,200 |
| John Brian CEO and Director | March 31, 2026 | Buy | 53,350 | $2.06 | $109,901 |
| Simmons Andrew James Vice President and Director | March 31, 2026 | Buy | 10,000 | $2.01 | $20,100 |
| Ruegg Jason Daniel President and Chairman | March 31, 2026 | Buy | 10,000 | $2.03 | $20,300 |
| Gonnelli Robert Rosario Director | January 16, 2026 | Buy | 5,000 | $2.60 | $13,000 |
| Gonnelli Robert Rosario Director | December 12, 2025 | Buy | 2,000 | $2.84 | $5,680 |
| Gonnelli Robert Rosario Director | December 12, 2025 | Buy | 4,029 | $3.00 | $12,087 |
| Gonnelli Robert Rosario Director | December 11, 2025 | Buy | 971 | $2.95 | $2,864 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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