Massimo (MAMO)
Market Price (12/24/2025): $3.82 | Market Cap: $158.7 MilSector: Consumer Discretionary | Industry: Leisure Products
Massimo (MAMO)
Market Price (12/24/2025): $3.82Market Cap: $158.7 MilSector: Consumer DiscretionaryIndustry: Leisure Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, and Sustainable Consumption. Themes include EV Manufacturing, and Eco-friendly Products. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.2% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x | |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -47%, Rev Chg QQuarterly Revenue Change % is -34% | |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 101% | |
| 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 -5.5% | |
| Key risksMAMO key risks include [1] an extreme customer concentration, Show more. |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, and Sustainable Consumption. Themes include EV Manufacturing, and Eco-friendly Products. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -3.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.2% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -47%, Rev Chg QQuarterly Revenue Change % is -34% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 101% |
| 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 -5.5% |
| Key risksMAMO key risks include [1] an extreme customer concentration, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are the key points explaining the stock movement of Massimo (MAMO) for the approximate time period from August 31, 2025, to December 24, 2025: 1. Massimo Group returned to profitability in Q3 2025, reporting a net income of $1.53 million, a significant turnaround from a net loss of $2.50 million in the prior-year period. This financial recovery was supported by an expanded gross margin of 42% and a 20% reduction in operating expenses, despite a temporary decline in revenue.2. The company demonstrated strong dealer network momentum throughout 2025, executing multiple new dealer agreements in Q4 2025 to strengthen its authorized dealer footprint across key U.S. markets. This expansion, coupled with strategic hires like a Vice President of Dealer Development and a Manager of Fleet Sales, aims to support accelerated dealer-led growth in 2026.
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Stock Movement Drivers
Fundamental Drivers
The 37.4% change in MAMO stock from 9/23/2025 to 12/23/2025 was primarily driven by a 54.4% change in the company's P/S Multiple.| 9232025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 2.89 | 3.97 | 37.37% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 77.59 | 68.98 | -11.10% |
| P/S Multiple | 1.55 | 2.39 | 54.45% |
| Shares Outstanding (Mil) | 41.57 | 41.55 | 0.05% |
| Cumulative Contribution | 37.37% |
Market Drivers
9/23/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| MAMO | 37.4% | |
| Market (SPY) | 3.7% | 2.7% |
| Sector (XLY) | 2.7% | 9.9% |
Fundamental Drivers
The 80.5% change in MAMO stock from 6/24/2025 to 12/23/2025 was primarily driven by a 146.1% change in the company's P/S Multiple.| 6242025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 2.20 | 3.97 | 80.45% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 94.08 | 68.98 | -26.68% |
| P/S Multiple | 0.97 | 2.39 | 146.14% |
| Shares Outstanding (Mil) | 41.54 | 41.55 | -0.01% |
| Cumulative Contribution | 80.45% |
Market Drivers
6/24/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| MAMO | 80.5% | |
| Market (SPY) | 13.7% | 7.6% |
| Sector (XLY) | 13.5% | 14.9% |
Fundamental Drivers
The 56.3% change in MAMO stock from 12/23/2024 to 12/23/2025 was primarily driven by a 197.8% change in the company's P/S Multiple.| 12232024 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 2.54 | 3.97 | 56.30% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 130.71 | 68.98 | -47.23% |
| P/S Multiple | 0.80 | 2.39 | 197.77% |
| Shares Outstanding (Mil) | 41.33 | 41.55 | -0.54% |
| Cumulative Contribution | 56.29% |
Market Drivers
12/23/2024 to 12/23/2025| Return | Correlation | |
|---|---|---|
| MAMO | 56.3% | |
| Market (SPY) | 16.7% | 2.5% |
| Sector (XLY) | 7.3% | 6.0% |
Fundamental Drivers
nullnull
Market Drivers
12/24/2023 to 12/23/2025| Return | Correlation | |
|---|---|---|
| MAMO | ||
| Market (SPY) | 48.4% | 4.3% |
| Sector (XLY) | 38.2% | 6.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MAMO Return | � | � | � | � | � | 103% | � |
| Peers Return | � | � | -5% | 3% | 8% | 3% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 114% |
Monthly Win Rates [3] | |||||||
| MAMO Win Rate | � | � | � | � | 50% | 50% | |
| Peers Win Rate | � | 50% | 50% | 50% | 47% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| MAMO Max Drawdown | � | � | � | � | � | -23% | |
| Peers Max Drawdown | � | � | -25% | -17% | -17% | -12% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: SBUX, KDP, SJM, QSR, BROS.
[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] 2025 data is for the year up to 12/23/2025 (YTD)
How Low Can It Go
MAMO has limited trading history. Below is the Consumer Discretionary sector ETF (XLY) in its place.
| Event | XLY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.3% | -25.4% |
| % Gain to Breakeven | 67.4% | 34.1% |
| Time to Breakeven | 680 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -33.9% | -33.9% |
| % Gain to Breakeven | 51.3% | 51.3% |
| Time to Breakeven | 82 days | 148 days |
| 2018 Correction | ||
| % Loss | -21.9% | -19.8% |
| % Gain to Breakeven | 28.1% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -60.1% | -56.8% |
| % Gain to Breakeven | 150.8% | 131.3% |
| Time to Breakeven | 779 days | 1,480 days |
Compare to
In The Past
SPDR Select Sector Fund's stock fell -40.3% during the 2022 Inflation Shock from a high on 11/19/2021. A -40.3% loss requires a 67.4% gain to breakeven.
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AI Analysis | Feedback
Here are 1-2 brief analogies to describe Massimo (MAMO):
- A Polaris for UTVs, ATVs, and pontoon boats.
- A BRP for recreational vehicles on land and water.
AI Analysis | Feedback
- UTVs (Utility Terrain Vehicles): Off-road vehicles designed for both recreational use and utility tasks, often featuring side-by-side seating.
- ATVs (All-Terrain Vehicles): Single-rider off-road vehicles built for navigating various terrains, commonly used for recreation and utility.
- Motorcycles: Two-wheeled motor vehicles designed for diverse applications, including on-road commuting and off-road adventures.
- Go-Karts: Small, open-wheel recreational vehicles primarily used for racing or casual driving on tracks or private land.
- Electric Bikes: Bicycles equipped with an integrated electric motor to assist propulsion, offering an easier and faster riding experience.
- Scooters: Two-wheeled motor vehicles characterized by a step-through frame, often used for urban commuting and short-distance travel.
AI Analysis | Feedback
The company, Massimo (symbol: MAMO), sells primarily to other companies.
Major Customers:
Massimo primarily distributes its products, which include powersports vehicles (ATVs, UTVs, side-by-sides), golf carts, and electric bikes, through a network of independent dealerships across the U.S. Additionally, they utilize various e-commerce platforms and big-box retailers to a lesser extent.
Based on the company's public filings, such as its annual 10-K report, Massimo does not disclose specific major customers by name that individually account for a significant portion (typically 10% or more) of its total revenue. Their distribution strategy relies on a broad network of independent dealerships and unnamed big-box retail partners rather than dependence on a few individually named large corporate customers.
Therefore, while Massimo's products ultimately reach individual consumers, their direct customers are businesses, but no specific "major customer" companies are individually identified in their public disclosures.
AI Analysis | Feedback
nullAI Analysis | Feedback
David Shan, Founder, Chairman, and CEO
David Shan established Massimo Motor in 2009 and Massimo Marine in 2020. He has led Massimo Group through significant growth phases, including the development of diverse product lines and its public listing. Mr. Shan founded Massimo Motor Sports on June 30, 2009, and has served as Chief Executive Officer since then. He holds a bachelor's degree in international trade from Qingdao Ocean University of China. David Shan is the largest shareholder of Massimo Group, holding 77% of the shares outstanding, which gives him significant control over the company.
Dr. Yunhao Chen, CPA, Chief Financial Officer
Dr. Yunhao Chen serves as Massimo Group's Chief Financial Officer, bringing extensive experience in capital markets, financial reporting, and corporate governance since her appointment in May 2023. She holds a Ph.D. in Accounting and an MBA in Finance from the University of Minnesota. Dr. Chen is also a director and Principal Accounting Officer.
Michael Smith, Vice President
Michael Smith joined Massimo Group in 2019 and played a pivotal role in launching Massimo Marine. He possesses a strong background in powersports retail and product innovation, and is dedicated to driving new product development. Smith studied International Business and Marketing at the University of California, San Diego.
AI Analysis | Feedback
The key risks to Massimo (MAMO) include a significant customer concentration, a heavy reliance on Chinese suppliers and exposure to tariffs, and intense competition within the powersports and marine industries.
- Customer Concentration: Massimo faces extreme customer concentration risk, with one undisclosed customer accounting for a substantial majority of its revenues. This customer represented 69% of total revenues in Q3 2025 and 72% in Q3 2024, and 67% and 71% for the nine months ended June 30, 2025, and 2024, respectively. This high dependence on a single customer amplifies channel and demand volatility, exposing Massimo to a significant "bullwhip effect" if that customer experiences overstocking or decreased demand.
- Supply Chain Reliance and Tariff Risk: The company has a heavy reliance on Chinese suppliers, with the vast majority of its products, by cost, sourced from a few factories in China (63% from two factories, and one alone accounting for 48% of costs). This dependence makes Massimo highly vulnerable to potential tariff impacts and global supply chain disruptions. In response to these challenges, Massimo has initiated a strategic nearshoring effort to relocate manufacturing closer to North American markets to enhance supply chain resilience and mitigate shipping risks.
- Intense Competition and Industry Headwinds: Massimo operates in highly competitive powersports vehicle and marine industries, facing larger and more established rivals. The industry itself has experienced significant headwinds, including market downturns and a push towards electrification, leading some competitors to report low-profit margins or even losses. This competitive landscape and challenging market conditions put continuous pressure on Massimo's growth and profitability.
AI Analysis | Feedback
The rapid electrification of the powersports and marine vehicle markets by larger, more established competitors. Companies like Polaris and BRP (Can-Am) are aggressively investing in and launching electric UTVs, ATVs, and marine products, setting a new industry standard. This trend threatens to render Massimo's predominantly gasoline-powered core offerings less competitive as consumer preferences and technological advancements shift.
AI Analysis | Feedback
Massimo (MAMO) operates in the powersports vehicles and recreational watercraft markets. The addressable markets for its main products are as follows:
- The global pontoon boat market exceeded $7.9 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8.3% through 2032.
- The North American ATV and UTV market is projected to reach approximately $9.18 billion in 2024 and expand to $13.37 billion by 2029, growing at a CAGR of 7.8%.
- Massimo Group's total addressable market across its product portfolio is projected to surpass $18 billion by 2026.
AI Analysis | Feedback
Massimo (NASDAQ: MAMO) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives and market opportunities:
- Expansion through Digital Retail Platform: In April 2025, Massimo launched a comprehensive digital retail platform designed to simplify the purchasing process for its UTVs, ATVs, and mini-bikes. This platform is expected to expand the company's national sales footprint, reduce sales friction, and lead to a significant increase in annual revenue by enabling fully digital transactions, including financing and titling.
- Introduction of New and Next-Generation Products: Massimo is focused on consistent product innovation, including the launch of models like the T-Boss 1000 and MVR Series. The company plans to meet growing demand for next-generation electric and climate-controlled powersports vehicles, such as advanced UTVs and ATVs, and is introducing Lithium-Ion MVR Golf and Utility Carts for 2026. Furthermore, Massimo Marine's partnership with Vision Marine for electric pontoon platforms is expected to address a growing market segment.
- Enhanced Market Reach through Strategic Partnerships: Strategic collaborations, such as those with Vision Marine and Rural King, are expected to broaden Massimo's market reach and create additional growth opportunities.
- Improved Supply Chain and Manufacturing Efficiency via Nearshoring: Massimo is transitioning to a nearshoring manufacturing model by establishing new production capabilities closer to its North American markets. This initiative is anticipated to improve fulfillment velocity across its dealer network and accelerate the rollout of modular vehicle platforms and smart system integration, thereby supporting scalable revenue growth by ensuring products are available more quickly to meet demand.
AI Analysis | Feedback
Share Issuance
- Massimo Group completed an initial public offering (IPO) in April 2024, pricing 1,300,000 shares of common stock at $4.50 per share, which raised gross proceeds of $5.85 million.
- The company's common stock issued and outstanding was 41,640,950 shares as of September 30, 2025.
- Shares outstanding increased from 40 million in 2022 to 41.56 million in 2025.
Inbound Investments
- The company raised $5.85 million in gross proceeds from its initial public offering in April 2024, which was intended for marketing, promotion, and further research and development activities.
Capital Expenditures
- Capital expenditures for the last 12 months were approximately -$46,024.
- Massimo's capital spending history indicates it has spent lightly on capital expenditures as a percentage of its operating cash flow.
- Recent automation initiatives at its Texas factory are expected to improve manufacturing efficiency by an estimated 50%.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| Massimo Stock On Fire: Up 52% With 10-Day Winning Streak | Notification | |
| Massimo Stock Surges 44%, With A 9-Day Winning Spree | Notification | |
| Massimo Earnings Notes | ||
| Can Massimo Stock Hold Up When Markets Turn? | Return |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to MAMO. For more, see Trefis Trade Ideas.
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Research & Analysis
Invest in Strategies
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Peer Comparisons for Massimo
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 66.19 |
| Mkt Cap | 16.5 |
| Rev LTM | 8,940 |
| Op Inc LTM | 1,840 |
| FCF LTM | 995 |
| FCF 3Y Avg | 1,018 |
| CFO LTM | 1,279 |
| CFO 3Y Avg | 1,336 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.8% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 12.4% |
| Op Mgn 3Y Avg | 14.8% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 13.0% |
| CFO/Rev 3Y Avg | 15.1% |
| FCF/Rev LTM | 7.2% |
| FCF/Rev 3Y Avg | 8.7% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Sales of Utility Terrain Vehicles (UTVs), All-Terrain Vehicles (ATVs) and electric bikes (e-bikes) | 106 | 103 | 79 |
| Pontoon Boats | 4 | 12 | 4 |
| Total | 109 | 115 | 83 |
| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Sales of Utility Terrain Vehicles (UTVs), All-Terrain Vehicles (ATVs) and electric bikes (e-bikes) | 4 | ||
| Pontoon Boats | -2 | ||
| Total | 2 |
| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Sales of Utility Terrain Vehicles (UTVs), All-Terrain Vehicles (ATVs) and electric bikes (e-bikes) | 48 | ||
| Pontoon Boats | 7 | ||
| Total | 55 |
Price Behavior
| Market Price | $3.97 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 04/02/2024 | |
| Distance from 52W High | -24.8% | |
| 50 Days | 200 Days | |
| DMA Price | $3.64 | $2.79 |
| DMA Trend | up | up |
| Distance from DMA | 9.0% | 42.3% |
| 3M | 1YR | |
| Volatility | 110.0% | 85.3% |
| Downside Capture | -207.21 | -47.70 |
| Upside Capture | -18.14 | 3.98 |
| Correlation (SPY) | 6.9% | 3.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.52 | 0.66 | 0.93 | 0.98 | 0.11 | -0.13 |
| Up Beta | 3.20 | 2.46 | 2.52 | 2.57 | 0.01 | 0.41 |
| Down Beta | 1.09 | -0.25 | -0.81 | -0.09 | 0.09 | 0.21 |
| Up Capture | 103% | 338% | 262% | 178% | 23% | 8% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 13 | 25 | 32 | 65 | 122 | 200 |
| Down Capture | -359% | -150% | 23% | 7% | 13% | 38% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 7 | 14 | 25 | 52 | 109 | 193 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
nullBased On 5-Year Data
nullBased On 10-Year Data
nullReturns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11072025 | 10-Q 9/30/2025 |
| 6302025 | 8142025 | 10-Q 6/30/2025 |
| 3312025 | 5202025 | 10-Q 3/31/2025 |
| 12312024 | 3262025 | 10-K 12/31/2024 |
| 9302024 | 11142024 | 10-Q 9/30/2024 |
| 6302024 | 8122024 | 10-Q 6/30/2024 |
| 3312024 | 5142024 | 10-Q 3/31/2024 |
| 12312023 | 4152024 | 10-K 12/31/2023 |
| 12312022 | 4032024 | 424B4 12/31/2022 |
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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