Tearsheet

Malibu Boats (MBUU)

Market Price (12/24/2025): $29.16 | Market Cap: $563.8 Mil
Sector: Consumer Discretionary | Industry: Leisure Products

Malibu Boats (MBUU)

Market Price (12/24/2025): $29.16
Market Cap: $563.8 Mil
Sector: Consumer Discretionary
Industry: Leisure Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%	Weak multi-year price returns 2Y Excs Rtn is -90%, 3Y Excs Rtn is -127%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.9%
1	Attractive yield FCF Yield is 8.5%		Key risks MBUU key risks include [1] a securities fraud class action lawsuit and damaged dealer relationships stemming from an alleged scheme to over-manufacture and pump excess inventory into its dealership network.
2	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Luxury Consumer Goods, Travel & Leisure Tech, and Boating & Water Sports.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%
1	Attractive yield FCF Yield is 8.5%
2	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Luxury Consumer Goods, Travel & Leisure Tech, and Boating & Water Sports.
3	Weak multi-year price returns 2Y Excs Rtn is -90%, 3Y Excs Rtn is -127%
4	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.9%
5	Key risks MBUU key risks include [1] a securities fraud class action lawsuit and damaged dealer relationships stemming from an alleged scheme to over-manufacture and pump excess inventory into its dealership network.

Valuation, Metrics & Events

	12/24/25	2024	2023	2022
Share Price CYE	$29.16	$37.59	$54.82	$53.30
Market Cap CYE ($ Mil)	563.8	742.1	1,117.0	1,087.6
Total Debt ($ Mil)	25.4	20.4	2.2	2.3
Total Cash ($ Mil)	44.1	37.0	26.9	78.9
Enterprise Value ($ Mil)	545.2	762.5	1,119.2	1,089.9
Valuation Ratios
P/S TTM	0.7	0.9	1.4	0.8
P/EBIT TTM	20.3	33.4	-20.0	7.6
P/E TTM	29.3	49.7	-20.0	10.5
P/FCF TTM	11.8	25.9	-54.9	8.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.9
P/EBIT TTM (Sector)	7.7	8.3	7.8	6.5
P/E TTM (Sector)	10.6	11.1	10.4	8.4
P/FCF TTM (Sector)	11.2	12.3	9.6	7.3

	12/24/25	2024	2023
Share Price CYE	$29.16	$37.59	$54.82
Market Cap CYE ($ Mil)	563.8	742.1	1,117.0
Total Debt ($ Mil)	25.4	20.4	2.2
Total Cash ($ Mil)	44.1	37.0	26.9
Enterprise Value ($ Mil)	545.2	762.5	1,119.2
Valuation Ratios
P/S TTM	0.7	0.9	1.4
P/EBIT TTM	20.3	33.4	-20.0
P/E TTM	29.3	49.7	-20.0
P/FCF TTM	11.8	25.9	-54.9
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.7	8.3	7.8
P/E TTM (Sector)	10.6	11.1	10.4
P/FCF TTM (Sector)	11.2	12.3	9.6

	MBUU	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.8
Rev Chg Q	13.5%	7.3%
Rev Chg LTM	11.5%	6.1%
Rev Chg 3Y Avg	-8.9%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	3.2%	18.8%
CFO/Rev LTM	8.6%	20.4%
Net Inc Mgn	2.3%	13.1%
VALUATION	MODERATE
P/S	0.7	3.2
P/CFO	7.9	15.7
P/FCF	11.8	20.7
P/E	29.3	23.5
STABILITY	GOOD
Debt/Equity	0.05	0.21
Cash/Assets	0.06	0.07

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Metric	Value	Date	Source
Unit Volume	1129	9302025	Link
Net sales per unit	169533.17	6302025	Link

Upcoming
1/29/2026	Earnings Release	Rev: - EPS: -

MBUU Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the approximate -12.2% stock movement for Malibu Boats (MBUU) from August 31, 2025, to December 24, 2025: 1. Disappointing Q4 Fiscal Year 2025 Earnings and Outlook:

Malibu Boats released its fourth quarter fiscal year 2025 earnings on August 28, 2025, just before the start of the specified period. While the company's revenue surpassed analyst estimates, it missed earnings per share (EPS) expectations, reporting $0.42 against a forecast of $0.44 per share. This mixed performance led to a negative market reaction, with the stock falling 6.38% in premarket trading. The full fiscal year 2025 results also reflected challenging market conditions, with net sales decreasing 2.6% year-over-year. 2. Conservative Full-Year Guidance Maintained:

Following its Q3 fiscal year 2025 results in May, Malibu Boats had already anticipated a 3-5% decrease in net sales for the full fiscal year 2025. Despite later beating Q1 fiscal year 2026 earnings estimates in October, management maintained a cautious outlook, projecting a flat to mid-single-digit sales decline for the full year. This conservative guidance likely weighed on investor sentiment throughout the period. Show more Here are the key points explaining the approximate -12.2% stock movement for Malibu Boats (MBUU) from August 31, 2025, to December 24, 2025: 1. Disappointing Q4 Fiscal Year 2025 Earnings and Outlook:

Malibu Boats released its fourth quarter fiscal year 2025 earnings on August 28, 2025, just before the start of the specified period. While the company's revenue surpassed analyst estimates, it missed earnings per share (EPS) expectations, reporting $0.42 against a forecast of $0.44 per share. This mixed performance led to a negative market reaction, with the stock falling 6.38% in premarket trading. The full fiscal year 2025 results also reflected challenging market conditions, with net sales decreasing 2.6% year-over-year. 2. Conservative Full-Year Guidance Maintained:

Following its Q3 fiscal year 2025 results in May, Malibu Boats had already anticipated a 3-5% decrease in net sales for the full fiscal year 2025. Despite later beating Q1 fiscal year 2026 earnings estimates in October, management maintained a cautious outlook, projecting a flat to mid-single-digit sales decline for the full year. This conservative guidance likely weighed on investor sentiment throughout the period. 3. Broader Industry Headwinds and Economic Pressures:

The recreational boating industry faced significant macroeconomic challenges throughout 2025. Elevated interest rates made boat financing more expensive, with the average loan rate climbing to nearly 7.8% in 2025. Persistent inflation and tighter household budgets further impacted consumer discretionary spending, contributing to a cooling of the post-pandemic boating boom and a more price-sensitive market. 4. Stock Decline Post Q1 Fiscal Year 2026 Beat:

Malibu Boats announced its Q1 fiscal year 2026 results on October 30, 2025, reporting an EPS of $0.15 against an expected $0.12, and revenue of $194.73 million, exceeding the $182.09 million forecast. Despite these positive results, the stock was noted to be down 10.4% since that reporting date as of December 23, 2025, indicating that the market's broader concerns overshadowed the quarterly beat. 5. Challenging Market Conditions and Industry Correction:

The overall boating market in 2025 was characterized as a "stabilized but challenging environment," following signs of correction in 2024. Factors such as uncertainty surrounding tariffs affecting production costs and a potential softening of sales contributed to a difficult operating landscape for manufacturers like Malibu Boats. The market also saw used boat sales dominating and prices expected to decline, reflecting a shift in consumer behavior. Show less

Stock Movement Drivers

Fundamental Drivers

The -8.7% change in MBUU stock from 9/23/2025 to 12/23/2025 was primarily driven by a -29.3% change in the company's P/E Multiple.

	9232025	12232025	Change
Stock Price ($)	31.94	29.16	-8.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	807.56	830.71	2.87%
Net Income Margin (%)	1.84%	2.31%	25.61%
P/E Multiple	41.49	29.33	-29.31%
Shares Outstanding (Mil)	19.33	19.34	-0.04%
Cumulative Contribution			-8.70%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
MBUU	-8.7%
Market (SPY)	3.7%	36.6%
Sector (XLY)	2.7%	40.6%

Fundamental Drivers

The -11.0% change in MBUU stock from 6/24/2025 to 12/23/2025 was primarily driven by a -19.6% change in the company's P/S Multiple.

	6242025	12232025	Change
Stock Price ($)	32.76	29.16	-10.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	759.23	830.71	9.41%
P/S Multiple	0.84	0.68	-19.57%
Shares Outstanding (Mil)	19.56	19.34	1.13%
Cumulative Contribution			-11.00%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
MBUU	-11.0%
Market (SPY)	13.7%	33.5%
Sector (XLY)	13.5%	44.3%

Fundamental Drivers

The -21.0% change in MBUU stock from 12/23/2024 to 12/23/2025 was primarily driven by a -31.6% change in the company's P/S Multiple.

	12232024	12232025	Change
Stock Price ($)	36.92	29.16	-21.02%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	744.78	830.71	11.54%
P/S Multiple	0.99	0.68	-31.63%
Shares Outstanding (Mil)	20.03	19.34	3.44%
Cumulative Contribution			-21.11%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
MBUU	-21.0%
Market (SPY)	16.7%	49.1%
Sector (XLY)	7.3%	56.1%

Fundamental Drivers

The -45.9% change in MBUU stock from 12/24/2022 to 12/23/2025 was primarily driven by a -82.3% change in the company's Net Income Margin (%).

	12242022	12232025	Change
Stock Price ($)	53.92	29.16	-45.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1263.59	830.71	-34.26%
Net Income Margin (%)	13.10%	2.31%	-82.34%
P/E Multiple	6.66	29.33	340.17%
Shares Outstanding (Mil)	20.46	19.34	5.49%
Cumulative Contribution			-46.08%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
MBUU	-46.6%
Market (SPY)	48.4%	42.0%
Sector (XLY)	38.2%	48.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MBUU Return	52%	10%	-22%	3%	-31%	-23%	-29%
Peers Return	31%	9%	-19%	10%	-25%	14%	8%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
MBUU Win Rate	75%	50%	42%	58%	42%	50%
Peers Win Rate	60%	55%	35%	47%	45%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
MBUU Max Drawdown	-54%	-1%	-32%	-20%	-44%	-36%
Peers Max Drawdown	-54%	-8%	-39%	-15%	-30%	-28%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BC, MCFT, MPX, WGO, JOUT.
[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

Unique Key	Event	MBUU	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-53.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	115.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-63.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	173.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	61 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-54.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	119.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	341 days	120 days

Compare to HAS, BC, MAT, THO, DOO

In The Past

Malibu Boats's stock fell -53.7% during the 2022 Inflation Shock from a high on 3/16/2021. A -53.7% loss requires a 115.8% gain to breakeven.

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About Malibu Boats (MBUU)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Malibu Boats, Inc. engages in the design, engineering, manufacturing, marketing, and sale of a range of recreational powerboats. It operates through three segments: Malibu, Saltwater Fishing, and Cobalt. The company offers performance sport boats, and sterndrive and outboard boats under the Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt brands. Its products are used for a range of recreational boating activities, including water sports, such as water skiing, wakeboarding, and wake surfing, as well as general recreational boating and fishing. The company sells its products through independent dealers in North America, Europe, Asia, the Middle East, South America, South Africa, and Australia/New Zealand. Malibu Boats, Inc. was founded in 1982 and is headquartered in Loudon, Tennessee.

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Here are 1-3 brief analogies to describe Malibu Boats (MBUU):

The Porsche of premium powerboats.
The Harley-Davidson of recreational boats.
The Callaway Golf of wake and surf boats.

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Malibu Boats: Manufactures performance sport boats primarily designed for wakeboarding and wakesurfing.
Axis Wake Research Boats: Produces value-oriented performance sport boats focused on wakeboarding and wakesurfing.
Cobalt Boats: Offers luxury sterndrive and outboard runabouts, sport yachts, and day boats.
Pursuit Boats: Builds premium offshore and dual console fishing boats.
Maverick Boat Group Boats (Maverick, Hewes, Pathfinder): Manufactures high-end shallow water fishing boats, including flats and bay boats.

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Malibu Boats (MBUU) primarily sells its products to other companies rather than directly to individuals. Its major customers are:

Independent Dealerships: Malibu Boats distributes its products through a network of independent, authorized dealers across North America and internationally. These dealerships operate as standalone businesses that purchase boats from Malibu Boats and then sell them to individual consumers.

As is common in the recreational boat manufacturing industry, Malibu Boats does not publicly disclose the names of specific individual dealerships that would be considered "major customers" (e.g., representing a significant portion of their revenue) in their financial filings. These dealerships are typically privately owned businesses and do not have stock symbols.

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Indmar Marine Engines
Yamaha Motor Co., Ltd. (YAMHF)

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Steven D. Menneto, Chief Executive Officer

Steven D. Menneto joined Malibu Boats as CEO in August 2024. Prior to this, he spent over 27 years at Polaris, Inc., where he held significant leadership roles. Most recently, he served as President of the Off-Road Vehicle Division, where he nearly doubled the division's revenue to over $7 billion in four years. From May 2009 to December 2019, Menneto was President of Polaris' Motorcycle Division, during which he grew the Indian Motorcycle business from $3 million to approximately $500 million in revenue. Early in his career, he owned his own Polaris dealership. He is also slated to assume the role of President of Malibu Boats, Inc., effective February 7, 2025.

Bruce W. Beckman, Chief Financial Officer

Bruce W. Beckman was appointed Chief Financial Officer of Malibu Boats, Inc., effective November 27, 2023. He joined Malibu Boats in late 2023. Before joining Malibu, Beckman served as Senior Vice President of Finance at Entegris for over eight years, where he held various positions of increasing responsibility and led a global team of over 200 professionals in finance and accounting, driving financial performance for the semiconductor industry. Prior to Entegris, he held numerous senior financial positions at General Mills, Inc., including Vice President of Finance for the Meals Division, Director of Corporate Planning & Analysis, and Director of Internal Controls. Beckman holds a Bachelor of Science and an MBA from the University of Minnesota.

Ritchie L. Anderson, President (Retiring February 7, 2025)

Ritchie L. Anderson will retire as President of Malibu Boats, Inc. effective February 7, 2025, culminating a career in the powerboat manufacturing industry that spans over four decades. He served 12 years with Malibu Boats, during which he held roles as Vice President of Operations, Chief Operating Officer, and most recently, President. Before joining Malibu, Mr. Anderson spent 28 years at MasterCraft Boat Company, where he held various leadership positions, including Vice President of Operations.

Donna Tallent, Senior Vice President of Operations

Donna Tallent is the Senior Vice President of Operations at Malibu Boats, Inc. She is a seasoned professional in the boating industry with extensive experience in operations, process engineering, and environmental health and safety. Ms. Tallent has held various leadership roles at both Malibu Boats and Sea Ray Boats. Following the retirement of Ritchie Anderson, she will assume leadership for MBI operations.

Michael K. Hooks, Executive Chair

Michael K. Hooks assumed the role of Executive Chair of Malibu Boats, Inc. in February 2024. He has been a member of the company's board of directors since 2006. Hooks was a co-founder of Black Canyon Capital LLC, a private equity firm that acquired Malibu Boats in 2006, positioning the company to capitalize on the wakeboarding market and expand its market share during the Great Recession.

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The key risks to Malibu Boats' business are primarily driven by external economic factors and internal operational challenges related to its distribution network and competitive landscape.

Soft Retail Demand and Macroeconomic Headwinds: Malibu Boats faces significant risk from macroeconomic uncertainty, including elevated interest rates and inflation, which directly impact consumer discretionary spending on luxury items like boats. This has led to reduced retail demand and wholesale shipments, negatively affecting the company's net sales, gross margins, and net income. The company has noted that its premium segments are particularly vulnerable to economic uncertainty.
Dealer Inventory Management and Relationships: Challenges in accurately forecasting product demand have led to issues with elevated dealer inventory levels, resulting in reduced wholesale shipments as dealers work to "destock." Furthermore, Malibu Boats has faced a securities fraud class action lawsuit alleging an "elaborate scheme to over manufacture and pump nearly $100 million of its highest priced, highest margin, slow moving boat inventory into fifteen Tommy's dealerships," and withholding incentives and rebates. This poses a significant risk of litigation and damage to critical dealer relationships.
Intense Competition and Industry Fragmentation: The boating industry is highly competitive and fragmented, making it difficult for Malibu Boats to consistently gain market share. Competitors such as MasterCraft, Correct Craft, and Sea Ray are also vying for market share and innovating, which can pressure Malibu's pricing power and margins.

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The clear emerging threats for Malibu Boats (MBUU) include:

Electrification of recreational boats: While Malibu Boats has its own electric propulsion brand (Ingenity Electric), the rapid development and market entry by dedicated electric boat manufacturers (e.g., Arc Boats, Candela) and other established competitors (e.g., Brunswick's Fathom system, Nautique's electric concepts) pose a significant emerging threat. These companies are advancing battery technology, range, and performance, appealing to a growing segment of consumers seeking quieter, cleaner, and potentially lower-maintenance boating experiences. If a competitor were to achieve a breakthrough in electric boat technology or market adoption, it could quickly erode demand for traditional internal combustion engine boats, akin to how electric vehicles are disrupting the automotive industry.
Growth of boat-sharing and club models: The increasing popularity and expansion of boat-sharing services and boat clubs (e.g., Brunswick's Freedom Boat Club) represent an emerging threat to traditional boat ownership models. These services offer access to a fleet of boats without the high upfront cost, maintenance, storage, and operational hassles of owning a boat. As these models gain traction, they could reduce the overall demand for new boat sales over the long term, directly impacting manufacturers like Malibu Boats whose business relies on individual boat purchases.

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The addressable markets for Malibu Boats' main products and services are as follows:

Watersports Towboats (Malibu and Axis Brands)

Malibu Boats is the world's largest manufacturer of watersports towboats, which include wakeboard, wakesurf, and ski boats under their Malibu and Axis brands.

Global Wakeboard Boat Market: The global wakeboard boat market size was approximately USD 2.42 billion in 2024, is expected to rise to USD 2.55 billion in 2025, and is forecasted to reach USD 3.86 billion by 2033, expanding at a compound annual growth rate (CAGR) of 5.2% during the period 2025-2033. Another estimate values the global wakeboard boat market at approximately USD 2.8 billion in 2023, projected to reach USD 4.8 billion by 2032, with a CAGR of 5.8%.
Global Ski and Wake Boat Market: The global ski and wake boat market size is projected to reach a valuation of USD 3.5 billion by 2033, growing at a CAGR of 5.2% from 2025 to 2033. It was also projected to reach US$ 1.94 billion in 2024.
North America: North America dominates the wakeboard boat market and is expected to remain the largest ski and wake boat market, with the USA being the primary growth driver. The United States is a significant market due to its extensive waterways and strong boating culture.

Other Recreational Powerboats (Cobalt, Pursuit, Maverick Boat Group Brands)

Malibu Boats' acquisitions, such as Cobalt Boats, Pursuit Boats, and Maverick Boat Group, expand their product offerings into sterndrive, outboard, offshore, fishing, bay, dual-console, and center-console boats.

North America Recreational Boating Market: The market size in North America was USD 10.06 billion in 2024. It is anticipated to grow at a CAGR of 4.53% from 2025 to 2033, reaching USD 14.99 billion by 2033. The United States accounted for 87.2% of the North American recreational boating market in 2025.
North America Boats Market: The North America boats market size was USD 16.58 billion in 2023. This region dominated the global boats market with a share of 51.06% in 2023.
Global Boats Market: The global boats market size was valued at USD 32.47 billion in 2023 and is projected to grow from USD 34.25 billion in 2024 to USD 61.19 billion by 2032, exhibiting a CAGR of 7.5%.
United States Leisure Boat Market: The leisure boat market in the United States generated a revenue of USD 11,110.3 million in 2023 and is expected to reach USD 14,332.9 million by 2030, with a CAGR of 3.7% from 2024 to 2030. Another estimate indicates the market size reached USD 11,427.36 million in 2024 and is expected to reach USD 15,172.71 million by 2033, with a CAGR of 3.20% during 2025-2033.
Global Leisure and Defense Power Boats Market: The global leisure and defense power boats market was estimated to be worth USD 24,165.2 million in 2022 and is expected to reach USD 36,096.25 million by 2028, growing at a substantial CAGR of 5.9%. North America currently leads this global market.

Pontoon Boats

Malibu Boats also manufactures pontoon boats.

Global Pontoon Market: The global pontoon market size was valued at USD 8.5 billion in 2024 and is projected to grow at a CAGR of 7.9% between 2025 and 2034. Other estimations place the market size at USD 8.68 billion in 2023, expected to reach USD 17.27 billion by 2032 with an 8.0% CAGR, and an estimated USD 9.55 billion in 2024, expected to reach USD 23.66 billion by 2035 with a CAGR of approximately 8.60% from 2025 to 2034.
North America Pontoon Market: The North America pontoon market accounted for 61% of the global revenue share in 2024 and is expected to exceed USD 11 billion by 2034. North America is projected to remain the largest market for pontoon boats.

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Malibu Boats (MBUU) anticipates several key drivers to fuel its revenue growth over the next two to three years, primarily focusing on product innovation, market expansion, and strategic pricing in an evolving retail environment.

New Product Launches and Innovation: Malibu Boats is consistently introducing new models and prioritizing innovation across its brands. The company launched the Pathfinder 2600 at the Fort Lauderdale International Boat Show and introduced 11 new boat models for Model Year 2026, including top-tier Monsoon engines and a broader range of entry-level Axis options to attract new buyers. This continuous cadence of new and updated products is expected to stimulate demand and drive sales.
Expansion into New Market Segments ("White Space"): The company aims to capitalize on its manufacturing footprint to enter new segments it doesn't currently serve, with a particular interest in larger boats. Additionally, expanding its product offerings, such as broadening the range of entry-level Axis options, is intended to attract new buyer demographics and grow the addressable market.
Market Share Gains: Malibu Boats intends to drive market share in existing segments, including outboard and sterndrive surf boats, through new products and innovations. The company maintains strong dealer relationships and focuses on operational discipline to outperform the broader industry, positioning itself to capture increased market share as demand stabilizes.
Strategic Pricing and Favorable Model Mix: Malibu Boats has implemented inflation-driven year-over-year price increases, which have contributed to net sales growth. A favorable model mix, particularly within its Cobalt and Saltwater Fishing segments, also contributes to increased net sales per unit. While prices may have a ceiling, strategic pricing combined with an optimized product mix is expected to continue supporting revenue.
Return to Mid-Cycle Market Conditions: Despite navigating a challenging retail environment, Malibu Boats is positioned for significant revenue growth (up to 50%) when the broader market improves and demand stabilizes. The company's focus on managing inventory levels and maintaining strong dealer relationships helps it prepare for a market rebound.

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Share Repurchases

Malibu Boats repurchased 997,791 shares of Class A Common Stock for $36.0 million in cash during the fiscal year ended June 30, 2025.
In June 2025, the Board of Directors authorized a new stock repurchase program allowing for the repurchase of up to $50.0 million of the company's Class A Common Stock.
For the fiscal year 2025, $36 million was returned to shareholders through share repurchases.

Share Issuance

The number of outstanding shares for Malibu Boats has generally decreased over the last few years, indicating net repurchases rather than significant issuances. For instance, shares outstanding decreased from 20.71 million in 2020 to 19.32 million by October 2025.

Outbound Investments

In December 2020, Malibu Boats acquired Maverick Boat Group for $170 million.
The company expanded its vertical integration in 2020 by beginning to produce its own Monsoon engines for its performance sport boats and diversifying into boat trailers and accessories.
Malibu Boats sees high potential for future acquisitions to further expand its portfolio and gain market share.

Capital Expenditures

Capital expenditures for the fiscal year ended June 30, 2025, were $27.917 million.
Capital expenditures peaked at $75.962 million in fiscal year 2024 and averaged $48.892 million from fiscal years 2021 to 2025.
The company's capital expenditures have been focused on facility expansion initiatives, inventory replenishment, and continuous investment in innovation and vertical integration.

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MGA (4.0% | 0.4x)

Magna International

BBY (-4.4% | 0.4x)

Best Buy

PAG (4.3% | 0.4x)

Penske Automotive

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MBUU: -8.9% | 21.3x)

HD (1.9% | 15.9x)

Home Depot

MCD (4.2% | 18.3x)

McDonald's

BKNG (17.8% | 19.6x)

Booking

LOW (-4.2% | 13.2x)

Lowe's Companies

MAR (10.6% | 20.6x)

Marriott International

Higher Rev Chg LTM (Value for MBUU: 11.5%)

CVNA (45.5%)

Carvana

MELI (36.9%)

MercadoLibre

DASH (24.5%)

DoorDash

BKNG (13.0%)

Booking

YUM (11.6%)

Yum Brands

Higher Rev Chg 3Y Avg (Value for MBUU: -8.9%)

BKNG (17.8%)

Booking

AMZN (11.3%)

Amazon.com

TSLA (9.3%)

Tesla

MCD (4.2%)

McDonald's

HD (1.9%)

Home Depot

Higher Op Mgn LTM (Value for MBUU: 3.2%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

HD (13.0%)

Home Depot

AMZN (11.4%)

Amazon.com

TSLA (5.1%)

Tesla

Higher CFO/Rev LTM (Value for MBUU: 8.6%)

MCD (39.9%)

McDonald's

BKNG (33.2%)

Booking

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

HD (10.6%)

Home Depot

Higher FCF/Rev LTM (Value for MBUU: 5.8%)

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

HD (8.4%)

Home Depot

TJX (7.5%)

TJX Companies

TSLA (7.1%)

Tesla

Higher Total Yield (Value for MBUU: 3.4%)

LOW (6.9%)

Lowe's Companies

HD (6.9%)

Home Depot

MCD (6.1%)

McDonald's

TJX (4.0%)

TJX Companies

BKNG (3.6%)

Booking

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MBUU: -8.9% | 0.7x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MBUU: -8.9% | 21.3x)

META (17.3% | 20.4x)

Meta Platforms

XOM (-5.6% | 14.3x)

Exxon Mobil

JNJ (6.1% | 20.5x)

Johnson & Johnson

V (10.9% | 17.2x)

Visa

PG (1.8% | 16.4x)

Procter & Gamble

Higher Rev Chg LTM (Value for MBUU: 11.5%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

Higher Rev Chg 3Y Avg (Value for MBUU: -8.9%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for MBUU: 3.2%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for MBUU: 8.6%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for MBUU: 5.8%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for MBUU: 3.4%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

		Best Bets In Consumer Discretionary Sector
	MBUU	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	29.3	31.7	34.9	21.3	26.3	30.0	22.1	12.1	24.9	21.2	17.4
P/EBIT	20.3	30.8	20.9	77.7	18.1	13.2	14.7	8.8	22.0	18.5	10.2
What You Get
Rev Chg Q	13.5%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	11.5%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	-8.9%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	4.7%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Malibu Boats Earnings Notes
2	Can Malibu Boats Stock Hold Up When Markets Turn?	Return
3	Why Malibu Boats Stock Moved: MBUU Stock Has Lost 57% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
4	MBUU Dip Buy Analysis
5	Malibu Boats Stock Leaps 20% In One Month, Now Is Not The Time To Buy The Stock	Buy or Fear
6	Malibu Boats (MBUU) Valuation Ratios Comparison	Financials
7	Malibu Boats Total Shareholder Return (TSR): -10.6% in 2025 and -15.9% 3-yr compounded annual returns (below peer average)
8	Malibu Boats (MBUU) Operating Cash Flow Comparison	Financials
9	Malibu Boats (MBUU) Net Income Comparison	Financials
10	Malibu Boats (MBUU) Operating Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to MBUU. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	10.6%	10.6%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.8%	4.8%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.6%	2.6%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.5%	19.5%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.9%	3.9%	-1.6%
MBUU_3312021_Quality_Momentum_RoomToRun_10%	03312021	MBUU	Malibu Boats	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-11.6%	-27.2%	-28.8%
MBUU_8312020_Quality_Momentum_RoomToRun_10%	08312020	MBUU	Malibu Boats	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	52.9%	38.1%	-7.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

Peer Comparisons for Malibu Boats

Peers to compare with:

Financials

	MBUU	BC	MCFT	MPX	WGO	JOUT	Median
Name	Malibu B.	Brunswick	MasterCr.	Marine P.	Winnebag.	Johnson .
Mkt Price	29.16	75.75	19.53	9.28	42.79	44.33	35.98
Mkt Cap	0.6	5.0	0.3	0.3	1.2	0.5	0.5
Rev LTM	831	5,184	288	228	2,875	592	712
Op Inc LTM	27	293	14	14	72	-16	20
FCF LTM	48	589	16	14	136	40	44
FCF 3Y Avg	40	402	39	34	139	26	39
CFO LTM	71	736	26	16	171	56	64
CFO 3Y Avg	91	623	52	40	188	46	71

Growth & Margins

	MBUU	BC	MCFT	MPX	WGO	JOUT	Median
Name	Malibu B.	Brunswick	MasterCr.	Marine P.	Winnebag.	Johnson .
Rev Chg LTM	11.5%	-4.8%	-1.9%	-12.3%	1.4%	-0.1%	-1.0%
Rev Chg 3Y Avg	-8.9%	-7.7%	-22.8%	-10.0%	-14.4%	-7.2%	-9.5%
Rev Chg Q	13.5%	6.8%	5.6%	6.6%	12.3%	28.2%	9.6%
QoQ Delta Rev Chg LTM	2.9%	1.7%	1.3%	1.5%	2.8%	5.3%	2.2%
Op Mgn LTM	3.2%	5.6%	4.9%	6.1%	2.5%	-2.7%	4.0%
Op Mgn 3Y Avg	4.5%	9.4%	9.9%	9.1%	4.5%	-2.1%	6.8%
QoQ Delta Op Mgn LTM	0.5%	-0.5%	0.9%	-0.4%	0.5%	4.3%	0.5%
CFO/Rev LTM	8.6%	14.2%	9.2%	7.2%	5.9%	9.5%	8.9%
CFO/Rev 3Y Avg	9.7%	10.9%	12.4%	12.7%	6.2%	7.6%	10.3%
FCF/Rev LTM	5.8%	11.4%	5.7%	6.3%	4.7%	6.8%	6.0%
FCF/Rev 3Y Avg	4.7%	7.1%	8.8%	10.9%	4.6%	4.3%	5.9%

Valuation

	MBUU	BC	MCFT	MPX	WGO	JOUT	Median
Name	Malibu B.	Brunswick	MasterCr.	Marine P.	Winnebag.	Johnson .
Mkt Cap	0.6	5.0	0.3	0.3	1.2	0.5	0.5
P/S	0.7	1.0	1.1	1.4	0.4	0.8	0.9
P/EBIT	20.3	-38.3	18.5	22.8	17.0	-50.3	17.8
P/E	29.3	-20.9	20.0	23.8	33.2	-13.3	21.9
P/CFO	7.9	6.8	12.0	19.3	7.1	8.1	8.0
Total Yield	3.4%	-2.5%	5.0%	10.4%	3.8%	-4.6%	3.6%
Dividend Yield	0.0%	2.3%	0.0%	6.2%	0.8%	3.0%	1.5%
FCF Yield 3Y Avg	5.5%	8.4%	10.6%	9.0%	10.3%	6.1%	8.7%
D/E	0.0	0.5	0.0	0.0	0.5	0.1	0.1
Net D/E	-0.0	0.4	-0.2	-0.1	0.3	-0.3	-0.1

Returns

	MBUU	BC	MCFT	MPX	WGO	JOUT	Median
Name	Malibu B.	Brunswick	MasterCr.	Marine P.	Winnebag.	Johnson .
1M Rtn	9.7%	18.7%	7.9%	10.0%	23.1%	14.8%	12.4%
3M Rtn	-8.7%	21.9%	-10.2%	4.1%	29.1%	10.0%	7.1%
6M Rtn	-11.0%	35.9%	6.4%	12.3%	37.9%	52.2%	24.1%
12M Rtn	-21.0%	18.3%	7.5%	18.1%	-7.3%	33.8%	12.8%
3Y Rtn	-45.9%	13.5%	-25.4%	5.9%	-13.3%	-26.8%	-19.3%
1M Excs Rtn	5.0%	14.1%	3.3%	5.3%	18.4%	10.1%	7.7%
3M Excs Rtn	-14.1%	17.6%	-13.4%	-0.7%	19.6%	6.8%	3.1%
6M Excs Rtn	-21.1%	26.6%	-4.7%	3.7%	39.6%	40.6%	15.1%
12M Excs Rtn	-39.8%	-1.2%	-12.5%	-2.4%	-32.1%	8.4%	-7.5%
3Y Excs Rtn	-126.8%	-67.1%	-104.8%	-66.5%	-95.8%	-104.9%	-100.3%

FDIC Bank Data

$ Mil \| FY: 6/30	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020
Filing Date	10/30/2025	8/28/2025	8/29/2024	8/29/2023	8/25/2022	8/26/2021	8/31/2020
Key Financials
Total Revenue	831	808	829	1,388	1,215	927	653
EBITDA	67	61	-23	173	239	174	106
Operating Income	27	22	41	145	214	150	85
Net Income	19	15	-56	105	158	110	62
EPS	0.98	0.76	-2.74	5.10	7.60	5.29	2.98
Growth Rates
Total Revenue Growth	11.5%	-2.6%	-40.3%	14.3%	31.1%	41.9%	-4.5%
EBITDA Growth	219.6%	364.6%	-113.3%	-27.6%	37.7%	63.8%	-7.2%
Operating Income Growth	282.1%	-47.2%	-71.6%	-32.3%	42.8%	75.6%	-13.0%
Net Income Growth	123.7%	126.6%	-153.5%	-33.7%	43.5%	78.4%	-6.8%
Margins
EBITDA Margin	8.1%	7.5%	-2.8%	12.5%	19.7%	18.7%	16.2%
Operating Income Margin	3.2%	2.7%	5.0%	10.4%	17.6%	16.2%	13.1%
Net Income Margin	2.3%	1.8%	-6.7%	7.5%	13.0%	11.9%	9.4%
Cash & Debt
Total Cash	44	37	27	79	84	41	34
Total Debt	25	20	2	2	122	145	85
Net Debt / (Cash)	-19	-17	-25	-77	38	104	51
Cash Flows
Net Cash from Operations	71	57	56	185	165	131	94
Free Cash from Operations	48	29	-20	130	110	101	53
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	25	36	29	8	35	-0	14

$ Mil \| FY: 6/30	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	8/28/2025	5/8/2025	1/30/2025	10/31/2024	8/29/2024	5/2/2024	1/30/2024	10/31/2023	8/29/2023	5/3/2023	2/7/2023
Key Financials Quarterly
Total Revenue	195	207	229	200	172	159	203	211	256	372	375	339
Ebitda	10	17	27	13	3	-16	-67	23	37	-15	78	56
Operating Income	-1	7	17	3	-6	-16	13	15	29	-23	70	49
Net Income	-1	5	13	2	-5	-19	-67	10	20	-17	52	35
EPS	-0.04	0.24	0.66	0.12	-0.25	-0.94	-3.28	0.49	0.98	-0.86	2.53	1.73
Key Financials TTM
Total Revenue TTM	831	808	759	734	745	829	1,043	1,214	1,342	1,388	1,369	1,338
Ebitda TTM	67	61	28	-66	-56	-23	-23	122	154	173	260	260
Operating Income TTM	27	22	-1	-5	7	41	34	91	125	145	233	234
Net Income TTM	19	15	-9	-89	-81	-56	-54	65	90	105	170	171
Growth Rates Quarterly
Total Revenue Growth	13.5%	30.4%	12.4%	-5.1%	-32.9%	-57.4%	-45.8%	-37.7%	-15.3%	5.4%	9.0%	28.4%
EBITDA Growth	183.0%	209.7%	140.9%	-44.1%	-90.5%	-2.5%	-186.0%	-59.0%	-33.8%	-121.6%	-0.7%	19.5%
Operating Income Growth	85.0%	143.7%	28.8%	-78.4%	-119.6%	30.9%	-80.8%	-69.8%	-41.0%	-134.6%	-1.8%	21.1%
Net Income Growth	86.1%	124.3%	119.3%	-76.1%	-124.9%	-10.3%	-228.8%	-71.9%	-41.9%	-136.4%	-1.9%	17.6%
Margins Quarterly
EBITDA Margin	5.1%	8.3%	11.9%	6.4%	2.0%	-9.9%	-32.8%	10.8%	14.3%	-4.1%	20.7%	16.4%
Operating Income Margin	-0.4%	3.3%	7.6%	1.6%	-3.3%	-9.9%	6.6%	7.0%	11.2%	-6.1%	18.7%	14.4%
Net Income Margin	-0.4%	2.3%	5.6%	1.2%	-2.9%	-12.1%	-32.9%	4.7%	7.9%	-4.7%	13.8%	10.4%
Cash & Debt
Total Cash	44	37	39	35	28	27	47	56	45	79	35	50
Total Debt	25	20	30	25	30	2	17	37	67	2	23	72
Net Debt / (Cash)	-19	-17	-8	-10	2	-25	-30	-18	22	-77	-13	23
Cash Flows Quarterly
FCF from Operations	7	21	15	28	-8	16	24	64	-48	77	57	19
Cash Flows TTM
FCF from Operations TTM	71	57	52	60	96	56	116	150	105	185	154	158
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	1	0	1	1
Share Repurchases	-0	6	10	10	10	10	-0	10	10	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-24.5%	135.3%	220.1%	36.0%	-34.7%	-141.8%	127.0%	92.7%	90.0%	-1278.6%	315.5%	151.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	147.1%	115.2%	-2.4%	-12.2%	11.3%	113.4%	87.0%	148.5%	99.5%	1981.7%	262.7%	184.1%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Saltwater Fishing	350	433	385	360	129
Cobalt	267	244	202	171	154
Malibu	123	249	265	212	195
Total	740	926	851	743	477

Price Behavior

Price Behavior

Market Price	$29.16
Market Cap ($ Bil)	0.6
First Trading Date	01/31/2014
Distance from 52W High	-26.2%
	50 Days	200 Days
DMA Price	$28.72	$31.10
DMA Trend	down	down
Distance from DMA	1.5%	-6.2%
	3M	1YR
Volatility	47.2%	51.6%
Downside Capture	111.41	141.92
Upside Capture	48.63	97.11
Correlation (SPY)	36.5%	48.9%

MBUU Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.28	1.58	1.71	1.90	1.30	1.30
Up Beta	1.52	1.94	2.81	3.37	1.53	1.47
Down Beta	1.07	2.63	2.37	2.43	1.02	0.88
Up Capture	125%	45%	47%	82%	91%	138%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	19	29	59	111	348
Down Capture	124%	152%	159%	146%	128%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	23	34	65	133	395

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of MBUU With Other Asset Classes (Last 1Y)
	MBUU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-24.3%	7.8%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	51.4%	24.3%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	-0.36	0.25	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		56.0%	48.8%	-11.6%	9.1%	51.7%	17.7%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of MBUU With Other Asset Classes (Last 5Y)
	MBUU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-14.7%	9.9%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	44.3%	23.8%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	-0.21	0.38	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		50.1%	47.4%	-0.4%	7.5%	41.7%	19.0%

Based On 10-Year Data

		Comparison of MBUU With Other Asset Classes (Last 10Y)
	MBUU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.3%	13.2%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	46.8%	22.0%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.31	0.55	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		48.0%	45.4%	-2.0%	12.8%	39.2%	13.6%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	1,112,677
Short Interest: % Change Since 11152025	0.3%
Average Daily Volume	286,169
Days-to-Cover Short Interest	3.89
Basic Shares Quantity	19,335,990
Short % of Basic Shares	5.8%

Returns Analyses

	Title
0	Can Malibu Boats Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/28/2025	-17.0%	-16.0%	-15.6%
5/8/2025	3.4%	7.4%	5.8%
1/30/2025	1.1%	-0.1%	-13.2%
8/29/2024	-0.3%	2.7%	12.4%
5/2/2024	-3.8%	7.7%	16.3%
1/30/2024	-18.6%	-11.8%	-15.3%
8/29/2023	-1.6%	-9.0%	-10.4%
5/3/2023	1.1%	-0.7%	-7.9%
...
SUMMARY STATS
# Positive	11	9	9
# Negative	11	13	13
Median Positive	3.3%	7.4%	12.4%
Median Negative	-3.8%	-8.8%	-13.2%
Max Positive	12.7%	12.8%	57.2%
Max Negative	-18.6%	-16.0%	-26.3%

	Forward Returns
8/28/2025	-17.0%	-16.0%	-15.6%
5/8/2025	3.4%	7.4%	5.8%
1/30/2025	1.1%	-0.1%	-13.2%
8/29/2024	-0.3%	2.7%	12.4%
5/2/2024	-3.8%	7.7%	16.3%
1/30/2024	-18.6%	-11.8%	-15.3%
8/29/2023	-1.6%	-9.0%	-10.4%
5/3/2023	1.1%	-0.7%	-7.9%
2/7/2023	1.4%	-1.2%	-3.4%
11/4/2022	3.3%	10.6%	8.5%
8/25/2022	-1.2%	-10.7%	-26.3%
5/10/2022	8.0%	12.8%	13.3%
2/8/2022	8.4%	4.0%	-0.7%
11/4/2021	1.1%	-1.9%	-6.5%
8/26/2021	-4.5%	-9.8%	-13.6%
5/4/2021	-1.6%	-4.4%	-9.6%
2/9/2021	-4.2%	-2.0%	9.5%
11/6/2020	-6.1%	-9.3%	1.0%
8/27/2020	-2.2%	-8.8%	-14.6%
5/7/2020	10.1%	5.1%	57.2%
2/6/2020	3.0%	5.3%	-20.1%
11/7/2019	12.7%	12.8%	14.4%
SUMMARY STATS
# Positive	11	9	9
# Negative	11	13	13
Median Positive	3.3%	7.4%	12.4%
Median Negative	-3.8%	-8.8%	-13.2%
Max Positive	12.7%	12.8%	57.2%
Max Negative	-18.6%	-16.0%	-26.3%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	8282025	10-K 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	1302025	10-Q 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8292024	10-K 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	1302024	10-Q 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8292023	10-K 6/30/2023
3312023	5032023	10-Q 3/31/2023
12312022	2072023	10-Q 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8252022	10-K 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	2082022	10-Q 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Malibu Boats (MBUU)

Market Price (12/24/2025): $29.16 | Market Cap: $563.8 MilSector: Consumer Discretionary | Industry: Leisure Products

Malibu Boats (MBUU)

Market Price (12/24/2025): $29.16Market Cap: $563.8 MilSector: Consumer DiscretionaryIndustry: Leisure Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

MBUU Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Malibu Boats (MBUU)

Watersports Towboats (Malibu and Axis Brands)

Other Recreational Powerboats (Cobalt, Pursuit, Maverick Boat Group Brands)

Pontoon Boats

Interactive Breakdown

Better Bets than Malibu Boats (MBUU)

INDUSTRY: Leisure Products

Higher Rev Chg 3Y Avg | Lower P/S (Values for MBUU: -8.9% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MBUU: -8.9% | 21.3x)

Higher Rev Chg 3Y Avg (Value for MBUU: -8.9%)

Higher Op Mgn LTM (Value for MBUU: 3.2%)

Higher CFO/Rev LTM (Value for MBUU: 8.6%)

Higher FCF/Rev LTM (Value for MBUU: 5.8%)

Higher Total Yield (Value for MBUU: 3.4%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for MBUU: -8.9% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MBUU: -8.9% | 21.3x)

Higher Rev Chg LTM (Value for MBUU: 11.5%)

Higher Rev Chg 3Y Avg (Value for MBUU: -8.9%)

Higher Op Mgn LTM (Value for MBUU: 3.2%)

Higher CFO/Rev LTM (Value for MBUU: 8.6%)

Higher FCF/Rev LTM (Value for MBUU: 5.8%)

Higher Total Yield (Value for MBUU: 3.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MBUU: -8.9% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MBUU: -8.9% | 21.3x)

Higher Rev Chg LTM (Value for MBUU: 11.5%)

Higher Rev Chg 3Y Avg (Value for MBUU: -8.9%)

Higher Op Mgn LTM (Value for MBUU: 3.2%)

Higher CFO/Rev LTM (Value for MBUU: 8.6%)

Higher FCF/Rev LTM (Value for MBUU: 5.8%)

Higher Total Yield (Value for MBUU: 3.4%)

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Market Price (12/24/2025): $29.16 | Market Cap: $563.8 Mil
Sector: Consumer Discretionary | Industry: Leisure Products

Market Price (12/24/2025): $29.16
Market Cap: $563.8 Mil
Sector: Consumer Discretionary
Industry: Leisure Products