MarineMax

HZO

Specialty Retail · Consumer Cyclical

Price

$52.20

-0.05 (-0.10%)

Market Cap

$1.15B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Share count falling — buybacks

−3.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 22.9M (2021) → 22.1M (2025)

Winston Score History

The full picture

MarineMax is the largest recreational boat retailer in the United States. It sells new and used boats, yachts, and personal watercraft from brands like Sea Ray, Boston Whaler, and Azimut. Its customers are everyday consumers and wealthy buyers who want boats for leisure and recreation.

The company makes money by selling boats, offering boat storage and maintenance services, and arranging financing and insurance for buyers. MarineMax operates over 100 locations across the U.S. and has expanded into superyacht sales through its IGY Marinas and Fraser Yachts acquisitions. Its scale gives it some advantage over smaller local dealers, but the business is highly sensitive to economic conditions — when consumers feel less confident about money, big discretionary purchases like boats are often the first thing cut, which is the main risk the company faces today.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-7.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+128.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

11.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$175M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

MarineMax's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

35.7%

Modest — 35.7% gross margin

Profit after running costs

Operating Margin

6.1%

Modest — 6.1% operating margin

Return on the money invested

ROCE

3.3%

Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-5.4%

Shrinking sales (-5.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

5499%

Turns 5499% of profit into real cash

Spare cash per sale

FCF Margin

8.1%

Modest free cash flow (8.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.02

Elevated debt (1.02)

Covers its interest

Interest Cover

1.04x

Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

289.7x

Expensive — P/E 289.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+216.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (289.7 → 73.3)

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Dividends

Not applicable for this business.

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