Here are 1-3 brief analogies to describe OneWater Marine (ONEW):

• AutoNation for boats

• Camping World for boats

• New Boat Sales: Retailing new powerboats from a wide range of premium manufacturers.
• Pre-owned Boat Sales: Offering a selection of used boats across various brands and models.
• Parts and Services: Providing boat maintenance, repair services, and selling replacement parts and accessories.
• Finance & Insurance: Facilitating boat purchases through financing solutions and offering various insurance products.
• Marina and Storage Operations: Operating marinas that provide boat slips, dry storage, and related amenities for boat owners.

OneWater Marine (ONEW) is a recreational boat retailer. As such, the company sells primarily to **individuals** rather than other businesses. The primary customers are individual consumers and families purchasing boats for personal use.

OneWater Marine serves the following categories of individual customers:

1. **Family & Leisure Boaters:** This broad category includes individuals and families seeking boats for general recreation, family outings, cruising, and light watersports. These customers often prioritize versatility, comfort, and ease of use for a wide range of on-water activities.
2. **Watersports & Performance Enthusiasts:** These customers specifically seek boats designed for activities such as wakeboarding, wakesurfing, waterskiing, tubing, or those desiring high-performance vessels for speed and thrilling experiences. They often look for specialized features, powerful engines, and advanced technology for their chosen watersport.
3. **Specialty Boating & Premium Buyers:** This category encompasses customers with more specific needs, such as dedicated fishing enthusiasts seeking specialized angling boats (e.g., bass boats, offshore fishing boats with specific features like livewells and rod holders), as well as those looking for larger, premium, or luxury cruisers and yachts, often valuing advanced amenities, comfort, and a high-end boating experience.

• Winnebago Industries, Inc. (WGO)
• Malibu Boats, Inc. (MBUU)
• Marine Products Corporation (MPX)
• Yamaha Motor Co., Ltd. (YAMHF)
• YETI Holdings, Inc. (YETI)
• Brunswick Corporation (BC)
• Honda Motor Co., Ltd. (HMC)
• Suzuki Motor Corporation (SZKMF)

P. Austin Singleton, Founder, Executive Chairman of the Board

Austin Singleton is the Founder and Executive Chairman of the Board of OneWater Marine. He served as the Chief Executive Officer of OneWater Marine since its formation in 2014 until August 2025, when he transitioned to his current role. Prior to OneWater Marine, he served as the CEO of Singleton Marine, a company his family founded in 1987. In 2014, Singleton Marine merged with Legendary Marine to form OneWater Marine Holdings LLC. Singleton's strategy involved acquiring successful boat dealerships, particularly those whose owners lacked a succession plan, allowing them to exit while retaining staff and business models. He joined Singleton Marine in 1988 and gained extensive industry experience working in various dealership positions, including the fuel dock, service, sales, and general manager roles.

Anthony Aisquith, Chief Executive Officer

Anthony Aisquith was appointed Chief Executive Officer of OneWater Marine in August 2025, reflecting his leadership in executing the company's strategy and overseeing business operations. He previously served as President and Chief Operating Officer since April 2019, and as President and Chief Operating Officer of OneWater Marine Holdings, LLC (including its predecessor entity, Singleton Marine) since 2008. Aisquith has over 25 years of experience in the boating industry. Before joining OneWater LLC in 2008, he held several senior management positions at MarineMax (NYSE: HZO) from 2000 to 2008, including Vice President and Regional President, where he oversaw MarineMax's operations.

Jack Ezzell, Chief Financial Officer, Chief Operating Officer

Jack Ezzell serves as the Chief Financial Officer and Chief Operating Officer of OneWater Marine, a role he took on in August 2025, formalizing his oversight of both financial and operational functions. He is also the Secretary of the company.

Scott Cunningham, Executive Vice President

Scott Cunningham is an Executive Vice President at OneWater Marine.

Key Risks to OneWater Marine (ONEW)

OneWater Marine Inc. (ONEW) faces several significant risks, primarily driven by its position in the recreational marine industry and its financial structure.

1. Economic Conditions and Consumer Spending: As a retailer of discretionary goods like boats, OneWater Marine is highly susceptible to general economic conditions and consumer spending patterns. Economic downturns, fluctuations in consumer confidence, rising interest rates, and inflation can significantly deter customers from making large, financed purchases, thereby adversely impacting the company's sales and financial performance. Rising interest rates, in particular, increase the cost of financing boat purchases for consumers, further dampening demand.
2. High Debt Levels and Liquidity Concerns: OneWater Marine operates with substantial debt, and its high leverage ratios are a notable risk. This elevated debt can constrain the company's financial flexibility, increase its interest expenses, and make it more vulnerable to adverse changes in credit market conditions. The company's ability to refinance existing debt or secure new financing for operations and strategic acquisitions could also be negatively affected.
3. Inventory Management and Supply Chain Dependence: Effective inventory management is crucial for OneWater Marine, and challenges in this area can significantly impact financial results. The company's reliance on a limited number of key manufacturers for its inventory exposes it to supply chain disruptions, which could affect product availability. Additionally, managing non-current or older inventory, especially from brands the company has exited, can lead to aggressive pricing and compression of profit margins.

The increasing popularity and expansion of boat clubs and boat-sharing services present an emerging threat. These models, such as those offered by Freedom Boat Club (owned by Brunswick Corporation), provide consumers with access to a fleet of boats without the significant upfront costs, maintenance responsibilities, storage fees, and insurance expenses associated with boat ownership. This trend caters to a growing desire for experiential access over outright ownership, potentially diverting a segment of the market—particularly first-time buyers or those seeking convenience—away from purchasing new or used boats, thereby impacting OneWater Marine's core sales business in a manner analogous to how streaming services threatened physical media sales.

OneWater Marine Inc. (ONEW) operates as a recreational boat retailer in the United States, offering a range of products and services. Their main offerings include the sale of new and pre-owned recreational boats and yachts, marine parts and accessories, repair and maintenance services, as well as financing, insurance, boat storage, marina services, and boat rentals.

The addressable markets for OneWater Marine's main products and services are primarily within the United States:

• The annual U.S. sales of boats, marine products, and services combined are estimated to total approximately $57.7 billion in 2023.
• Specifically, the U.S. recreational boat market was valued at approximately USD 19.6 billion in 2023. This market is projected to reach USD 28.54 billion by 2028, growing at a compound annual growth rate (CAGR) of 8.69% during that forecast period.
• Within the U.S. recreational boat market, the used leisure boat segment is substantial, accounting for 78.2% of all U.S. boat sales in 2023, totaling 940,496 units.

Separate market sizes for recreational marine parts and accessories, financing and insurance products, boat storage, marina services, or boat rentals in the U.S. are not distinctly identified as standalone figures apart from the overarching annual U.S. sales of boats, marine products, and services. The provided data for ship repair and maintenance services (USD 11.94 million in 2024 for the U.S.) appears to be for a more specific segment of the maritime industry, potentially commercial, and does not seem to accurately reflect the broader recreational marine repair and maintenance market relevant to OneWater Marine.

OneWater Marine (ONEW) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions and Dealership Expansion: OneWater Marine consistently emphasizes a "continued focus on acquisitions, organic growth, and dealership expansion." The company actively acquires and develops stores in attractive markets to expand its footprint, as exemplified by the acquisition of American Yacht Group in February 2025, which broadened its dealership network in Florida.
2. Growth in Pre-Owned Boat Sales: The company has demonstrated strong performance in its pre-owned boat segment. In Q3 2025, pre-owned boat revenue saw a significant increase of 17.8%, driven by both higher units sold and an increased average price per unit. This growth in pre-owned sales has helped offset softness in new boat sales and is expected to remain a key revenue contributor.
3. Organic Growth in Same-Store Sales: Despite a challenging marine industry environment, OneWater Marine reported a 2% increase in same-store sales in Q3 2025. The company's fiscal year 2025 guidance anticipates low single-digit growth in dealership same-store sales, indicating an ongoing effort to maximize sales at existing locations.
4. Expansion of Service, Parts, and Other Dealership Sales: Revenue from the dealership service, parts, and other sales segment increased in Q3 2025. This diversified revenue stream provides a more stable and growing component of the company's overall sales, less dependent on new boat cycles.
5. New Boat Sales Driven by Pricing Power and Favorable Mix: While new boat unit volumes experienced a decline in Q3 2025, the decrease in revenue was partially mitigated by higher average pricing per unit. This suggests that OneWater Marine's ability to maintain pricing power and optimize its product mix within the new boat segment will be crucial for revenue growth, even in a fluctuating market.

Share Repurchases

• OneWater Marine authorized a share repurchase program of up to $50 million of its Class A common stock on March 31, 2022.
• As of June 30, 2024, the company repurchased 73,487 shares for $1.93 million under the program.

Share Issuance

• In February 2020, OneWater Marine completed an initial public offering (IPO) of 4,615,385 shares of Class A common stock at $12.00 per share, raising approximately $55.4 million in gross proceeds.
• The company granted underwriters an option to purchase an additional 692,308 shares during the IPO.
• The number of shares outstanding increased by 6.29% in the last reported year.

Inbound Investments

• Proceeds from the 2020 IPO were intended to redeem outstanding preferred units in One Water Assets & Operations, LLC, held by affiliates of Goldman Sachs & Co. LLC and The Beekman Group.

Outbound Investments

• OneWater Marine is a serial acquirer, completing 17 acquisitions in total, with peak activity in 2021 and 2022 (four acquisitions each year).
• Notable recent acquisitions include Americanyachtgroup (February 2025), Garden State Yacht Sales (April 2024), Harbor Pointe Marina (September 2023), and Denison Yachting (April 2022), which expanded the company's presence in the superyacht category and service offerings.

Capital Expenditures

• Capital expenditures were -$13.47 million in the most recent 12-month period.
• Historical capital expenditures were $26 million in fiscal year 2024, $21 million in 2023, $11 million in 2022, $10 million in 2021, and $6 million in 2020.
• Projected capital expenditures are $17 million for fiscal year 2025, increasing to $21 million by 2029.