MarineMax (HZO)
Market Price (6/8/2026): $33.015 | Market Cap: $727.2 MilSector: Consumer Discretionary | Industry: Specialty Stores
MarineMax (HZO)
Market Price (6/8/2026): $33.015Market Cap: $727.2 MilSector: Consumer DiscretionaryIndustry: Specialty Stores
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 23% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Luxury Consumer Goods. | Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -60% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 140% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%, Rev Chg QQuarterly Revenue Change % is -16% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% Key risksHZO key risks include [1] its significant debt load and high financial leverage and [2] a heavy geographic concentration of revenue in Florida. |
| Attractive yieldFCF Yield is 23% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Luxury Consumer Goods. |
| Weak multi-year price returns2Y Excs Rtn is -24%, 3Y Excs Rtn is -60% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 140% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%, Rev Chg QQuarterly Revenue Change % is -16% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| Key risksHZO key risks include [1] its significant debt load and high financial leverage and [2] a heavy geographic concentration of revenue in Florida. |
Qualitative Assessment
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Updated on 6/5/2026
MarineMax (HZO) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Expanded Gross Margin. MarineMax reported adjusted earnings per share (EPS) of $0.04 for its fiscal second quarter ended March 31, 2026, surpassing analysts' consensus estimates of -$0.03 or $0.02. Despite a revenue miss, the company demonstrated robust financial health through a significant 440 basis point expansion in gross profit margin, reaching 34.4%. This improvement was primarily driven by the strong performance and increased contribution from higher-margin businesses, including finance and insurance, superyacht services, and marinas, which helped offset declines in new and used boat sales.
2. Announcement of a New Stock Repurchase Plan. On March 4, 2026, MarineMax announced a new stock repurchase program authorizing the company to buy back up to $100 million of its common stock through March 2028. This strategic move signaled management's confidence in the company's intrinsic value and future prospects, providing a supportive catalyst for the stock price by indicating a commitment to enhancing shareholder value through a reduction in outstanding shares.
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MarineMax (HZO) stock has gained about 10% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Expanded Gross Margin. MarineMax reported adjusted earnings per share (EPS) of $0.04 for its fiscal second quarter ended March 31, 2026, surpassing analysts' consensus estimates of -$0.03 or $0.02. Despite a revenue miss, the company demonstrated robust financial health through a significant 440 basis point expansion in gross profit margin, reaching 34.4%. This improvement was primarily driven by the strong performance and increased contribution from higher-margin businesses, including finance and insurance, superyacht services, and marinas, which helped offset declines in new and used boat sales.
2. Announcement of a New Stock Repurchase Plan. On March 4, 2026, MarineMax announced a new stock repurchase program authorizing the company to buy back up to $100 million of its common stock through March 2028. This strategic move signaled management's confidence in the company's intrinsic value and future prospects, providing a supportive catalyst for the stock price by indicating a commitment to enhancing shareholder value through a reduction in outstanding shares.
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Stock Movement Drivers
Fundamental Drivers
The 8.3% change in HZO stock from 2/28/2026 to 6/7/2026 was primarily driven by a 13.8% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6072026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.50 | 33.04 | 8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,346 | 2,242 | -4.4% |
| P/S Multiple | 0.3 | 0.3 | 13.8% |
| Shares Outstanding (Mil) | 22 | 22 | -0.4% |
| Cumulative Contribution | 8.3% |
Market Drivers
2/28/2026 to 6/7/2026| Return | Correlation | |
|---|---|---|
| HZO | 8.3% | |
| Market (SPY) | 7.8% | 58.1% |
| Sector (XLY) | -1.5% | 58.1% |
Fundamental Drivers
The 41.3% change in HZO stock from 11/30/2025 to 6/7/2026 was primarily driven by a 49.4% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6072026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.38 | 33.04 | 41.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,309 | 2,242 | -2.9% |
| P/S Multiple | 0.2 | 0.3 | 49.4% |
| Shares Outstanding (Mil) | 21 | 22 | -2.6% |
| Cumulative Contribution | 41.3% |
Market Drivers
11/30/2025 to 6/7/2026| Return | Correlation | |
|---|---|---|
| HZO | 41.3% | |
| Market (SPY) | 8.5% | 49.9% |
| Sector (XLY) | -2.5% | 48.1% |
Fundamental Drivers
The 55.8% change in HZO stock from 5/31/2025 to 6/7/2026 was primarily driven by a 63.9% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6072026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.20 | 33.04 | 55.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,421 | 2,242 | -7.4% |
| P/S Multiple | 0.2 | 0.3 | 63.9% |
| Shares Outstanding (Mil) | 23 | 22 | 2.7% |
| Cumulative Contribution | 55.8% |
Market Drivers
5/31/2025 to 6/7/2026| Return | Correlation | |
|---|---|---|
| HZO | 55.8% | |
| Market (SPY) | 26.6% | 44.3% |
| Sector (XLY) | 8.3% | 50.3% |
Fundamental Drivers
The 16.5% change in HZO stock from 5/31/2023 to 6/7/2026 was primarily driven by a 20.6% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6072026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.37 | 33.04 | 16.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,304 | 2,242 | -2.7% |
| P/S Multiple | 0.3 | 0.3 | 20.6% |
| Shares Outstanding (Mil) | 22 | 22 | -0.8% |
| Cumulative Contribution | 16.5% |
Market Drivers
5/31/2023 to 6/7/2026| Return | Correlation | |
|---|---|---|
| HZO | 16.5% | |
| Market (SPY) | 83.4% | 45.9% |
| Sector (XLY) | 55.3% | 50.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HZO Return | 69% | -47% | 25% | -26% | -16% | 44% | -0% |
| Peers Return | 33% | -23% | 9% | -27% | -7% | 5% | -21% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| HZO Win Rate | 67% | 42% | 58% | 58% | 33% | 83% | |
| Peers Win Rate | 60% | 40% | 53% | 45% | 52% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| HZO Max Drawdown | -32% | -53% | -33% | -37% | -45% | -20% | |
| Peers Max Drawdown | -30% | -40% | -38% | -36% | -35% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ONEW, BC, MBUU, MCFT, MPX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/5/2026 (YTD)
How Low Can It Go
| Event | HZO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.0% | -18.8% |
| % Gain to Breakeven | 61.4% | 23.1% |
| Time to Breakeven | 275 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.7% | -7.8% |
| % Gain to Breakeven | 22.9% | 8.5% |
| Time to Breakeven | 35 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.6% | -9.5% |
| % Gain to Breakeven | 42.0% | 10.5% |
| Time to Breakeven | 58 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.6% | -6.7% |
| % Gain to Breakeven | 17.2% | 7.1% |
| Time to Breakeven | 41 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.2% | -33.7% |
| % Gain to Breakeven | 171.4% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.0% | -19.2% |
| % Gain to Breakeven | 22.0% | 23.8% |
| Time to Breakeven | 19 days | 105 days |
In The Past
MarineMax's stock fell -38.0% during the 2025 US Tariff Shock. Such a loss loss requires a 61.4% gain to breakeven.
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Asset Allocation
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| Event | HZO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.0% | -18.8% |
| % Gain to Breakeven | 61.4% | 23.1% |
| Time to Breakeven | 275 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.6% | -9.5% |
| % Gain to Breakeven | 42.0% | 10.5% |
| Time to Breakeven | 58 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.2% | -33.7% |
| % Gain to Breakeven | 171.4% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.5% | -3.7% |
| % Gain to Breakeven | 36.1% | 3.9% |
| Time to Breakeven | 33 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -40.7% | -17.9% |
| % Gain to Breakeven | 68.5% | 21.8% |
| Time to Breakeven | 218 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -48.6% | -15.4% |
| % Gain to Breakeven | 94.7% | 18.2% |
| Time to Breakeven | 946 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -92.5% | -53.4% |
| % Gain to Breakeven | 1236.1% | 114.4% |
| Time to Breakeven | 1702 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -24.1% | -8.6% |
| % Gain to Breakeven | 31.8% | 9.5% |
| Time to Breakeven | 2675 days | 47 days |
In The Past
MarineMax's stock fell -38.0% during the 2025 US Tariff Shock. Such a loss loss requires a 61.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MarineMax (HZO)
MarineMax, Inc. operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates through two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, pontoon boats, ski boats, jet boats, and other recreational boats. It also offers marine parts and accessories comprising marine electronics; dock and anchoring products that include boat fenders, lines, and anchors; boat covers; trailer parts; water sport accessories, which comprise tubes, lines, wakeboards, and skis; engine parts; oils; lubricants; steering and control systems; corrosion control products and service products; high-performance accessories, including propellers and instruments; and a line of boating accessories, such as life jackets, inflatables, and water sports equipment. In addition, the company provides novelty items, such as shirts, caps, and license plates; marine engines and equipment; maintenance, repair, and slip and storage accommodation services; and boat or yacht brokerage services, as well as charters yachts and power catamarans. Further, it offers new or used boat finance services; arranges insurance coverage, including boat property, disability, undercoating, gel sealant, fabric protection, and casualty insurance coverage; and manufactures and sells sport yachts and yachts. Additionally, the company operates vacations in Tortola, British Virgin Islands. It also markets and sells its products through offsite locations and print catalog. The company has 79 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington, and Wisconsin. MarineMax, Inc. was incorporated in 1998 and is based in Clearwater, Florida.
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- CarMax for boats
- Camping World for watercraft
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- New and Used Recreational Boats: Sales of a wide range of pleasure and fishing boats, including mega-yachts and pontoon boats.
- Marine Parts and Accessories: Sales of marine electronics, dock products, boat covers, engine parts, water sport accessories, and general boating equipment.
- Novelty Items: Sales of branded apparel and related merchandise such as shirts, caps, and license plates.
- Manufactured Sport Yachts and Yachts: Production and sale of newly built sport yachts and yachts.
- Boat and Yacht Maintenance & Repair Services: Provides upkeep, servicing, and repair for various types of boats and yachts.
- Slip and Storage Accommodation Services: Offers docking and storage facilities for boats and yachts.
- Boat and Yacht Brokerage Services: Facilitates the buying and selling of new and used boats and yachts for clients.
- Yacht and Power Catamaran Charter Services: Offers rental services for yachts and power catamarans, including vacation packages.
- Boat Financing Services: Arranges financing solutions for customers purchasing new or used boats.
- Marine Insurance Brokerage Services: Arranges various types of insurance coverage, including property, disability, and casualty insurance for boats.
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MarineMax (HZO) primarily sells to individual consumers rather than other businesses. The company serves various categories of customers, reflecting its diverse offerings in recreational boating and yachting. Up to three major customer categories are:
- Recreational Boat Owners: This broad category includes individuals and families looking to purchase new or used recreational boats for activities such as fishing, watersports (skiing, wakeboarding), pleasure cruising, or general leisure on the water. These customers are interested in a variety of boat types, including pontoon boats, ski boats, jet boats, and smaller fishing boats. They also frequently purchase marine parts, accessories, maintenance, repair, and storage services.
- Yacht and Superyacht Enthusiasts/Owners: This segment comprises more affluent individuals and families seeking larger, more luxurious vessels such as motor yachts, sport cruisers, mega-yachts, and superyachts. These customers often utilize MarineMax's specialized services, including superyacht services, yacht brokerage, financing arrangements, and insurance coverage for their high-value assets. They may also be interested in chartering larger vessels.
- Marine Lifestyle Seekers and Vacationers: This category encompasses individuals and groups who are drawn to marine-centric experiences, not necessarily limited to boat ownership. It includes customers interested in chartering yachts and power catamarans for vacations (e.g., in the British Virgin Islands), as well as those who utilize slip and storage accommodation services for their existing boats. These customers might also purchase marine accessories, apparel, and novelty items related to the boating lifestyle.
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Here is the management team for MarineMax (HZO):W. Brett McGill, Chief Executive Officer and President
W. Brett McGill has over 30 years of experience in the retail marine industry. He began his career at MarineMax in 1998 as Director of Information Services, after working with a software development firm, Integrated Dealer Systems, and joining Gulfwind Marine in 1996. He rose through various roles including Vice President of Information Technology, Service and Parts, Regional President, Vice President of West Operations, and Executive Vice President of Operations. Mr. McGill was named President and Chief Operating Officer in 2017 and became Chief Executive Officer and President in 2018. Under his leadership, MarineMax has completed numerous strategic acquisitions, including IGY Marinas, Fraser, Northrop & Johnson, Cruisers Yachts, and Intrepid Powerboats. His father, William H. "Bill" McGill Jr., founded Gulfwind Marine, which eventually became MarineMax.
Michael H. McLamb, Executive Vice President, Chief Financial Officer, and Secretary
Michael H. McLamb co-founded MarineMax in 1998 alongside William H. "Bill" McGill Jr. and Brett A. McGill. He has served as Chief Financial Officer of MarineMax since January 1998 and as Executive Vice President since October 2002. Mr. McLamb also served as Vice President and Treasurer for the company from January 1998 until October 2002. Before joining MarineMax, he was a Senior Manager at Arthur Andersen LLP from December 1987 to December 1997. He is a Certified Public Accountant and holds a graduate degree from the University of Florida.
Charles Cashman, Senior Vice President of Global Yacht Sales
Charles Cashman joined MarineMax in 1992, having been recruited by Bill McGill to Gulfwind Marine. He advanced through various leadership positions, including sales general manager and leader of sales teams, before becoming Vice President of East Operations from 2012 to 2016. From 2016, he served as Chief Revenue Officer, where he was responsible for overall revenue growth, with a focus on yacht and superyacht expansion and acquisitions. In October 2025, Mr. Cashman transitioned to the role of Senior Vice President of Global Yacht Sales, where he focuses on driving growth within MarineMax's yacht and superyacht business, including brands such as Fraser and Northrop & Johnson. He is also a board member of the International Yacht Brokers Association (IYBA) and the Marine Industry Association of South Florida (MIASF).
Kyle Langbehn, Executive Vice President and President of Retail Operations
Kyle Langbehn joined MarineMax in 2002 and has held a series of progressively responsible positions. His roles have included Sales Consultant, Sales Manager, General Sales Manager, District President, Regional President, and Vice President of Retail Operations. He was appointed President of Retail Operations in July 2020. Prior to his career at MarineMax, Mr. Langbehn served in the U.S. Navy and worked for KPMG Consulting. He holds an undergraduate degree from the United States Naval Academy and an MBA from The George Washington University School of Business.
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```htmlKey Business Risks for MarineMax (HZO)
- Economic Sensitivity and Interest Rate Impact: MarineMax primarily sells recreational boats and yachts, which are discretionary luxury items. The company is highly susceptible to economic downturns, reduced consumer confidence, and fluctuations in interest rates. Higher interest rates can significantly increase the cost of financing for customers, making boat purchases less affordable and dampening overall demand. This also impacts the company's floorplan expenses and can pressure big-ticket boat sales.
- Supply Chain Disruptions and Reliance on Key Manufacturers: The company manufactures sport yachts and yachts and also relies on key external manufacturers for a significant portion of its inventory. Disruptions in the global supply chain, component shortages, and shifts in original equipment manufacturer (OEM) allocation can severely impact inventory levels, production capabilities, and ultimately, sales and delivery timelines.
- Geographic Concentration and Weather/Climate Exposure: A substantial portion of MarineMax's dealership revenue is generated from the state of Florida. This geographic concentration makes the company particularly vulnerable to economic conditions, competitive pressures, and severe weather events, such as hurricanes, in the region. Furthermore, boating activity and operations across all its locations are sensitive to general weather and climate conditions, which can lead to disruptions, damage to inventory, and increased operating costs like insurance.
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The increasing prevalence and consumer adoption of boat-sharing services, fractional ownership programs, and peer-to-peer boat rental platforms represent an emerging threat. These models offer the experience of boating without the significant financial commitment, maintenance, and storage responsibilities associated with individual boat ownership. As these services become more widespread, technologically advanced, and convenient, they could increasingly draw potential buyers away from purchasing new or used boats, thereby impacting MarineMax's core retail and associated services business lines, including sales, finance, insurance, parts, and maintenance.
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Here are the addressable market sizes for MarineMax's main products and services:Recreational Boat and Yacht Sales
- The U.S. recreational boat market was valued at approximately USD 19.6 billion in 2023. Another estimate projects the U.S. recreational boat market to be valued at USD 7.1 billion in 2025, growing to USD 12.9 billion by 2034, at a CAGR of 6.9%. Additionally, the U.S. Recreational Boats Market is projected to grow from USD 5.82 billion in 2025 to USD 9.10 billion by 2033, at a CAGR of 5.76%.
- The U.S. yacht market size was USD 2.7 billion in 2021. The United States Luxury Yacht Market size was estimated at USD 4.82 billion in 2025 and is expected to reach USD 7.16 billion by 2030, growing at a CAGR of 8.25%. Furthermore, another report estimates the US Yacht Market Size at USD 2676.9 million in 2024, expected to reach USD 4876.8 million by 2035 with a CAGR of approximately 5.6%.
Marine Parts and Accessories
- Spending on aftermarket accessories and boating outings in the U.S. reached USD 24.5 billion in 2024. North America dominates the Recreational Boat Parts and Accessories Market, accounting for approximately 45% of the global share. The global watercraft accessories market is estimated at USD 8.2 billion in 2025 and is expected to grow to USD 15.7 billion by 2035, at a CAGR of 6.1%.
Marine Services (Maintenance, Repair, Slip & Storage, Brokerage, Charter)
- **Boat Maintenance and Repair**: The global boat maintenance and repair market is estimated to be valued at USD 15.5 billion in 2023 and is expected to reach USD 23.9 billion by 2030, growing at a CAGR of 7.4%. In 2023, North America represented the largest region in the boat repairing market, accounting for approximately USD 2.37 billion. The U.S. Ship Repair and Maintenance Services Market size was USD 6.55 billion in 2025 and is expected to reach USD 11.72 billion by 2033, growing at a CAGR of 7.52%. The global Yacht Maintenance and Refit Market was valued at USD 2.5 billion in 2023 and is expected to grow to USD 4.9 billion by 2032, with a CAGR of over 8%.
- **Boat and RV Storage**: The global RV and boat storage market is projected to grow from USD 2.6 billion in 2024 to nearly USD 6 billion by 2032, exhibiting a compound annual growth rate of 12.5%. The global RV and Boat Storage Market is expected to grow from USD 16.50 billion in 2022 to USD 36.65 billion by 2030, at a CAGR of 10.50%, with North America anticipated to see significant expansion.
- **Yacht Charter**: The United States yacht charter market generated revenue of USD 1,532.3 million in 2024 and is expected to reach USD 2,068.6 million by 2030, with a CAGR of 5.1% from 2025 to 2030. The U.S. yacht charter market is projected to reach an estimated value of USD 1.66 billion by 2032.
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Expected Drivers of Future Revenue Growth for MarineMax (HZO)
- Expansion of High-Margin, Diversified Services: MarineMax anticipates future revenue growth by focusing on and expanding its higher-margin service offerings, including marinas, superyacht services, finance and insurance (F&I), and brokerage services. This strategy aims to stabilize cash flows and reduce earnings volatility compared to transaction-driven retail sales.
- Growth Through Strategic Acquisitions and OEM Integration: The company expects to drive revenue by continuing to strategically acquire and integrate premium original equipment manufacturers (OEMs), such as Cruisers Yachts and Intrepid. This allows for greater control over product development and the introduction of margin-accretive, semi-custom models.
- Leveraging Global Marina and Services Footprint: MarineMax's acquisition of IGY Marinas in 2022 is a key driver for future growth, transforming the company into a vertically integrated marine platform with global reach and recurring revenue streams through marina operations, megayacht services, and destination events.
- Increasing Same-Store Sales and Customer Base: The company is focused on achieving low to mid-single-digit same-store sales growth and expanding its customer base through strategic marketing expertise, optimizing inventory, and successful promotional activities.
- Technological Investments and Digital Ecosystem: MarineMax is investing in a digital ecosystem, including AI-driven customer relationship management (CRM) and dynamic pricing tools, to enhance customer engagement, improve lead-to-sale conversion rates, reduce inventory days, and develop recurring, higher-margin revenue streams.
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Capital Allocation Decisions of MarineMax (HZO)
Share Repurchases
- MarineMax's Board of Directors approved a new stock repurchase plan in March 2026, authorizing the company to repurchase up to $100 million of its common stock through March 2028.
- This new plan replaced a prior $100 million authorization from March 2024, under which approximately 1.4 million shares had been repurchased as of March 3, 2026.
- The company intends to repurchase shares to mitigate the dilutive effect of restricted stock and for general corporate purposes.
Share Issuance
- Shareholders approved an amendment to MarineMax's 2021 Stock-Based Compensation Plan, increasing the number of shares available for issuance by 415,000.
- As of September 30, 2024, 29,898,545 shares of common stock were issued, compared to 29,374,724 shares issued as of September 30, 2023.
Inbound Investments
- In January/February 2026, The Donerail Group submitted an unsolicited non-binding proposal to acquire MarineMax for $35.00 per share in cash, valuing the company at approximately $1.1 billion.
- Following Donerail's offer, other private equity firms, including Blackstone and Centerbridge Partners, as well as strategic investors and wealthy individuals, reportedly expressed interest in acquiring MarineMax.
Outbound Investments
- In October 2022, MarineMax acquired IGY Marinas, which operates a global network of luxury marinas in yachting and sport fishing destinations.
- In March 2024, MarineMax acquired Native Marine, a boat dealer located in Islamorada, Florida.
- The Cruisers Yachts subsidiary assumed the rights to MasterCraft's Aviara brand of luxury dayboats in October 2024.
Capital Expenditures
- MarineMax's fiscal 2026 guidance for Adjusted EBITDA, projected between $110 million and $125 million, excludes the potential impact of material acquisitions or unforeseen developments.
- The company's long-term strategy includes continued investment in technology and innovation, and leveraging operational advantages from its diversified platform.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.39 |
| Mkt Cap | 0.5 |
| Rev LTM | 1,836 |
| Op Inc LTM | 57 |
| FCF LTM | 67 |
| FCF 3Y Avg | 29 |
| CFO LTM | 77 |
| CFO 3Y Avg | 49 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | -6.4% |
| Rev Chg Q | 3.0% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | 2.4% |
| Op Inc Chg 3Y Avg | -29.3% |
| Op Mgn LTM | 3.5% |
| Op Mgn 3Y Avg | 5.0% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 9.5% |
| CFO/Rev 3Y Avg | 8.5% |
| FCF/Rev LTM | 6.2% |
| FCF/Rev 3Y Avg | 3.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.5 |
| P/S | 0.6 |
| P/Op Inc | 17.0 |
| P/EBIT | -1.7 |
| P/E | -11.5 |
| P/CFO | 8.2 |
| Total Yield | -0.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.5 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.3% |
| 3M Rtn | 11.4% |
| 6M Rtn | 16.1% |
| 12M Rtn | 23.2% |
| 3Y Rtn | -25.7% |
| 1M Excs Rtn | -1.0% |
| 3M Excs Rtn | 1.8% |
| 6M Excs Rtn | 8.1% |
| 12M Excs Rtn | 2.1% |
| 3Y Excs Rtn | -93.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retail Operations | 2,418 | 2,294 | 2,213 | 2,044 | 1,510 |
| Product Manufacturing | 155 | 222 | 176 | 44 | 0 |
| Intersegment Adjustments & Eliminations | -142 | -122 | -81 | -24 | 0 |
| Total | 2,431 | 2,395 | 2,308 | 2,063 | 1,510 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retail Operations | 123 | 192 | 249 | 207 | 107 |
| Intersegment Adjustments & Eliminations | 5 | ||||
| Product Manufacturing | 0 | 23 | 20 | 7 | 0 |
| Intersegment adjustments | -15 | -4 | -5 | 0 | |
| Total | 128 | 201 | 265 | 209 | 107 |
Price Behavior
Price Behavior
| Market Price | $33.04 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 06/03/1998 | |
| Distance from 52W High | -6.0% | |
| 50 Days | 200 Days | |
| DMA Price | $30.76 | $27.32 |
| DMA Trend | up | up |
| Distance from DMA | 7.4% | 20.9% |
| 3M | 1YR | |
| Volatility | 47.3% | 55.3% |
| Downside Capture | 210.96 | 173.48 |
| Upside Capture | 214.65 | 174.81 |
| Correlation (SPY) | 53.9% | 43.4% |
HZO Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.99 | 2.19 | 1.88 | 2.00 | 2.04 | 1.73 |
| Up Beta | 5.75 | 1.46 | 1.46 | 1.64 | 2.45 | 1.82 |
| Down Beta | 2.98 | 1.48 | 0.73 | 1.63 | 2.31 | 1.38 |
| Up Capture | 400% | 246% | 251% | 349% | 264% | 614% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 25 | 35 | 59 | 120 | 354 |
| Down Capture | 358% | 381% | 233% | 177% | 144% | 112% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 15 | 26 | 63 | 125 | 392 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HZO | |
|---|---|---|---|---|
| HZO | 56.3% | 56.0% | 1.00 | - |
| Sector ETF (XLY) | 7.8% | 18.3% | 0.27 | 50.1% |
| Equity (SPY) | 25.3% | 12.1% | 1.57 | 43.9% |
| Gold (GLD) | 27.6% | 26.9% | 0.88 | -4.0% |
| Commodities (DBC) | 36.9% | 19.0% | 1.52 | -25.2% |
| Real Estate (VNQ) | 12.5% | 13.3% | 0.63 | 36.8% |
| Bitcoin (BTCUSD) | -42.0% | 42.5% | -1.16 | 28.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HZO | |
|---|---|---|---|---|
| HZO | -7.9% | 52.7% | 0.04 | - |
| Sector ETF (XLY) | 6.7% | 23.8% | 0.24 | 50.1% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 47.1% |
| Gold (GLD) | 17.3% | 18.1% | 0.78 | 0.7% |
| Commodities (DBC) | 9.5% | 19.4% | 0.38 | 4.5% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 38.7% |
| Bitcoin (BTCUSD) | 11.3% | 54.6% | 0.40 | 20.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HZO | |
|---|---|---|---|---|
| HZO | 7.4% | 55.1% | 0.35 | - |
| Sector ETF (XLY) | 12.5% | 22.0% | 0.52 | 47.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 44.1% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 0.9% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 11.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 36.7% |
| Bitcoin (BTCUSD) | 63.3% | 66.9% | 1.03 | 12.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 1.1% | -2.4% | 16.8% |
| 1/29/2026 | -8.2% | 14.5% | 13.6% |
| 11/13/2025 | -3.9% | -4.7% | 6.9% |
| 7/24/2025 | -16.9% | -17.2% | -6.4% |
| 4/24/2025 | 17.3% | 11.1% | 11.3% |
| 1/23/2025 | 15.9% | 3.8% | -4.2% |
| 10/31/2024 | -3.0% | 9.0% | 14.2% |
| 7/25/2024 | 17.2% | 10.1% | -5.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 14 |
| # Negative | 10 | 10 | 10 |
| Median Positive | 6.6% | 10.5% | 13.9% |
| Median Negative | -7.0% | -9.9% | -5.3% |
| Max Positive | 17.3% | 24.8% | 24.9% |
| Max Negative | -16.9% | -17.2% | -17.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 11/17/2025 | 10-K |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 01/23/2025 | 10-Q |
| 09/30/2024 | 11/14/2024 | 10-K |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 01/25/2024 | 10-Q |
| 09/30/2023 | 11/17/2023 | 10-K |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 01/31/2023 | 10-Q |
| 09/30/2022 | 11/18/2022 | 10-K |
| 06/30/2022 | 07/28/2022 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q2 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 110.00 Mil | 117.50 Mil | 125.00 Mil | 0 | Affirmed | Guidance: 117.50 Mil for 2026 | |
| 2026 Adjusted Net Income per Diluted Share | 0.4 | 0.68 | 0.95 | 0 | Affirmed | Guidance: 0.68 for 2026 | |
Prior: Q1 2026 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | 110.00 Mil | 117.50 Mil | 125.00 Mil | 0 | Affirmed | Guidance: 117.50 Mil for 2026 | |
| 2026 Adjusted Net Income per Diluted Share | 0.4 | 0.68 | 0.95 | 0 | Affirmed | Guidance: 0.68 for 2026 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/7/2026