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

• Like CarMax, but for recreational boats and yachts.
• Think of it as Camping World, but specializing in boats.

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• Recreational Boats and Yachts (New and Pre-owned): The company sells new and pre-owned recreational boats and yachts.
• Marine Parts and Accessories: The company sells related marine products such as parts and accessories.
• Boat Repair and Maintenance Services: The company provides services for repairing and maintaining boats.
• Boat Financing Arrangement Services: The company arranges financing options for boat purchases.
• Boat Insurance Arrangement Services: The company arranges insurance policies for boats.
• Boat Storage Services: The company offers indoor and outdoor storage solutions for boats.
• Marina Services: The company operates marinas, providing related services to boaters.
• Boat and Personal Watercraft Rentals: The company rents out boats and personal watercraft.

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OneWater Marine Inc. primarily sells to individual consumers rather than other businesses.

The company serves the following categories of customers:

1. New and Pre-Owned Boat and Yacht Buyers: Individuals and families seeking to purchase recreational boats and yachts for personal leisure, fishing, water sports, or cruising. This category includes customers looking for both entry-level vessels and high-end luxury yachts.
2. Existing Boat Owners: Individuals who own boats (regardless of where they were purchased) and utilize OneWater Marine for services such as repair and maintenance, parts and accessories, boat financing and insurance, or indoor and outdoor storage and marina services.
3. Short-Term Recreational Users: Individuals or groups who rent boats and personal watercraft for temporary recreational use, without the commitment of ownership.

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• Brunswick Corporation (BC)
• Malibu Boats (MBUU)
• MasterCraft Boat Holdings, Inc. (MCFT)
• Marine Products Corporation (MPX)
• Winnebago Industries (WGO)
• BRP Inc. (BRP)
• Yamaha Motor Co., Ltd. (YAMHF)
• Groupe Beneteau (BEN.PA)

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P. Austin Singleton, Executive Chairman of the Board

Austin Singleton is the Founder of OneWater Marine Inc. and currently serves as the Executive Chairman of the Board, a role he was appointed to in August 2025 to formalize his leadership in strategic direction and shareholder value creation. He was previously the Chief Executive Officer and Director, a position he held since April 2019, and was the CEO of One Water Marine Holdings, LLC since its formation in 2014. He also served as CEO of Singleton Marine, which later merged to form OneWater LLC, since 2006. Mr. Singleton's deep involvement in the boating industry began in 1987, and he has experience working in various dealership roles from a young age. He was instrumental in establishing OneWater Marine in 2014 by consolidating Singleton Assets & Operations, Singleton Marine, and Legendary Marine, with a vision to streamline the fragmented marine retail market and offer exit strategies for successful boat dealers.

Anthony Aisquith, Chief Executive Officer

Anthony Aisquith was named Chief Executive Officer of OneWater Marine in August 2025, reflecting his ongoing leadership in executing the company's strategy and managing business operations. Prior to this, he served as President and Chief Operating Officer since April 2019, and as President and COO of OneWater LLC (including its predecessor, Singleton Marine) since 2008. Mr. Aisquith brings over 25 years of experience in the boating industry. He has been pivotal in the expansion and integration of acquired dealerships, contributing to the company's growth from 9 to 63 retail locations during his tenure.

Jack Ezzell, Chief Financial Officer and Chief Operating Officer

Jack Ezzell was appointed Chief Operating Officer in August 2025, in addition to his continuing role as Chief Financial Officer. This formalizes his comprehensive oversight of both the company's financial and operational functions. His responsibilities include managing the financial health of the company alongside its operational execution and performance.

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Key Risks to OneWater Marine (ONEW)

1. High Leverage and Floorplan Financing Risk: OneWater Marine operates with significant long-term debt, which has been reported as high as approximately 5.1x adjusted EBITDA and 7x net-debt-to-EBITDA in recent periods. The company heavily relies on floorplan financing to fund its inventory of recreational boats. This reliance, particularly in a high-interest-rate environment, exacerbates financial risk by increasing interest expenses on unsold inventory and potentially leading to illiquid inventory that is costly to hold.
2. Cyclicality and Macroeconomic Headwinds in the Recreational Boat Industry: The demand for recreational boats is highly discretionary, making OneWater Marine's business susceptible to economic downturns, changes in consumer confidence, and fluctuations in interest rates. A decline in consumer spending on big-ticket items, coupled with rising interest rates, can significantly impact sales volumes and profitability.
3. Inventory Management Challenges: The company faces risks related to managing its inventory effectively. Over the past few years, inventory levels have grown rapidly, impacting profitability and operating cash flow. Challenges include maintaining adequate inventory in a potentially inflationary environment and the inherent illiquidity of large boat inventory, which is compounded by the costs associated with floorplan financing if boats remain unsold for extended periods.

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For OneWater Marine (symbol: ONEW), the addressable markets for its main products and services in the U.S. are sized as follows:

• Recreational Boat and Yacht Retail (New and Pre-Owned): The total U.S. recreational marine retail expenditure, which encompasses spending on new and pre-owned boats, outboard engines, trailers, aftermarket accessories, and boat use (such as fuel, financing, insurance, docking, and maintenance), reached approximately $55.6 billion in 2024.

  • In terms of new boat sales, the U.S. boat building market was valued at USD 15.5 billion in 2024, projected to grow to USD 28.1 billion by 2032.
  • Approximately 858,798 pre-owned boats were sold in the U.S. in 2024, accounting for 78.3% of all boat transactions.
  • The U.S. Personal Watercraft Jet Ski Market, specifically for sales, was estimated at USD 452.3 million in 2024 and is projected to reach USD 885.7 million by 2034.

• Marine Parts and Accessories Retail: The aftermarket accessories segment for recreational boating in the U.S. accounted for $12.4 billion in 2024. This market is projected to reach USD 23.45 billion by 2034.

• Boat Repair and Maintenance Services: The U.S. boat repairing market size was $8.11 billion in 2025 and is projected to grow to $8.79 billion in 2026, and further to $12.67 billion by 2030. Another estimate for the U.S. Ship Repair and Maintenance Services Market was USD 6.55 billion in 2025, expected to reach USD 11.72 billion by 2033.

• Boat Financing and Insurance: While a standalone market size is not distinctly available, these services are included within the broader "boat use spending," which totaled $12.1 billion in 2024 and also covers fuel, docking, and maintenance.

• Ancillary Services (Storage, Marina, Rentals):

  • Boat Storage: The U.S. vehicle, RV, and boat storage market is significant and experiencing a supply gap, with nearly 1,800 dedicated RV/boat-exclusive storage properties in the U.S. as of 2025. The global RV and boat storage market is projected to grow from $2.6 billion in 2024 to nearly $6 billion by 2032.
  • Marina Services: The North American marina market is estimated to have an annual revenue of approximately $6.5–$7.0 billion in 2026.
  • Boat and Personal Watercraft Rental: The U.S. boat rental industry generated an estimated $5.3 billion in revenue in 2024. This market is projected to reach approximately USD 7.41 billion in the U.S. in 2026.

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

1. Continued Growth in Pre-Owned Boat Sales: OneWater Marine has experienced strong performance in its pre-owned boat segment, with increased unit sales and higher average unit prices contributing significantly to revenue. For instance, Q1 2026 saw pre-owned boat sales increase by 24%, driven by better availability. This segment is identified as a critical support and a key driver of growth.
2. Market Share Expansion and Operational Effectiveness: Despite broader industry declines, OneWater Marine has demonstrated an ability to gain market share and achieve same-store sales growth. For example, in Q3 2025, the company achieved a 2% increase in same-store sales against an industry backdrop with double-digit declines. This suggests that effective inventory management and sales execution are allowing the company to outperform competitors.
3. Strategic Acquisitions: OneWater Marine's history includes growth through acquisitions, and this remains a focus for future growth and profitability. While current efforts emphasize optimizing existing operations, strategic acquisitions are noted as a means to expand its footprint and offerings.
4. Expansion of Higher-Margin Service, Parts, and Finance & Insurance Segments: The company views its service and parts businesses as a core pillar, which have shown growth. Additionally, finance and insurance revenue has increased, benefiting from boat sales and customers utilizing these programs. These segments typically offer higher margins and contribute to overall revenue stability.
5. Portfolio Optimization and Focus on Premium Brands: OneWater Marine is strategically focusing on premium boat segments and has completed brand exits to improve margins and capitalize on growth opportunities with its core brands. This shift towards a refined portfolio of strong brands aims to drive higher revenue per sale and enhanced profitability as the industry stabilizes.

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Share Repurchases

• OneWater Marine announced a $50 million share repurchase authorization on March 31, 2022.
• As of September 30, 2025, the company had repurchased 73,487 shares for $1.93 million under the buyback program announced on March 31, 2022.

Share Issuance

• In October 2021, OneWater Marine used approximately $7 million in stock as part of the funding for its acquisition of T-H Marine.

Outbound Investments

• In February 2025, OneWater Marine acquired American Yacht Group, expanding its presence in the Southeastern U.S. and enhancing its premium yacht offerings, adding HCB Yachts with exclusive dealership rights in Alabama, Florida, New York, and North Carolina. American Yacht Group generated approximately $75 million in sales in 2024.
• OneWater Marine acquired T-H Marine for approximately $185 million in December 2021, significantly expanding its service, parts, and other sales business.
• In January 2021, the company completed the acquisition of Walker Marine Group, which was its largest acquisition at the time, further expanding its presence in Florida and generating over $80 million in revenues in the twelve months prior to the acquisition.