# Brunswick (BC.US)

Canonical: https://gigainvestors.com/s/BC

Analysis as of: 2026-10-16T07:26:50.244Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $65.63 per share; close as of 2026-10-15.

Estimated value: low $62.66 per share, central $70.92 per share, high $81.92 per share. Buy at or below the central value $70.92 per share. Valuation as of 2026-10-16T07:26:50.244Z; scenarios are not confidence intervals.

Expected annual return: 10.6% at the stated quote. About 10.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.11×

- FY2020: 0.12×

- FY2021: 0.14×

- FY2022: 0.14×

- FY2023: 0.11×

- FY2024: 0.06×

- FY2025: -0.01×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.6%

- ROIC, second-lowest year: 7.2%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 27.4%

- Recent gross margin (lower of latest and 3-year median): 24.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 9.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 33.4%

- FY2017: 14.9%

- FY2018: 13.6%

- FY2019: 17.4%

- FY2020: 27.5%

- FY2021: 25.4%

- FY2022: 24.3%

- FY2023: 15.9%

- FY2024: 7.2%

- FY2025: -1.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.9B

- Net income, five-year total: $1.7B

- Return on incremental invested capital: -27.6%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.2 pp

- Working capital / revenue, final three-year average: 24.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.96×

- FY2024: 1.93×

- FY2025: 0.08×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.9% vs 7.2%

- Per-share earnings: 2.56 to 1.93 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.5%

- Ordinary dilution, 5-year annual growth: -3.7%

- Market cap gain: -$54M

- Cumulative retained earnings: $1.5B

- Diluted shares, 10-year annual growth: -3.5%

- Diluted shares, 5-year annual growth: -3.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.5%

- Per-share value change: -$0.63

- Per-share value, starting three-year median: $2.56

- Per-share value, ending three-year median: $1.93

- Buybacks concentrated in cheaper years (correlation): -0.02

- Average buyback yield: 3.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $2.1B

- Cumulative net income, 10 years: $2.6B

- ROIC, first three-year median: 14.9%

- ROIC, last three-year median: 7.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.00

- FY2017: $1.62

- FY2018: $3.01

- FY2019: -$1.53

- FY2020: $4.68

- FY2021: $7.57

- FY2022: $9.00

- FY2023: $5.96

- FY2024: $1.93

- FY2025: -$2.08

### accounting: pass

- Sloan accruals: -13.2%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 6.9%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.94×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -7.6%

- FY2018: -1.7%

- FY2019: -15.9%

- FY2020: -11.3%

- FY2021: 0.4%

- FY2022: 1.4%

- FY2023: -5.0%

- FY2024: -5.3%

- FY2025: -13.2%

## Holders

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 35% since Dec 2021 · "Brunswick tops Q1 expectations but issues softer Q2 outlook" (finance.yahoo.com, Apr 2026) · sales +2.4%

Story as of 2026-10-16T09:58:22.696Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.1% a year for ten years

- 2025-04-24: Brunswick (NYSE:BC) Posts Better-Than-Expected Sales In Q1 But Full-Year Sales Guidance Misses Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/brunswick-nyse-bc-posts-better-102754573.html))

- 2025-05-12: BC Q1 Earnings Call: Tariffs and Entry-Level Weakness Drive Cautious Outlook Despite Beat ([finance.yahoo.com](https://finance.yahoo.com/news/bc-q1-earnings-call-tariffs-092937121.html))

- 2025-08-01: Brunswick downgraded to Baa3 by Moody's as boat demand slumps ([investing.com](https://www.investing.com/news/stock-market-news/brunswick-downgraded-to-baa3-by-moodys-as-boat-demand-slumps-93CH-4166732))

- 2025-10-23: Brunswick rides premium demand to Q3 beat, upbeat full year outlook ([seekingalpha.com](https://seekingalpha.com/news/4507769-brunswick-rides-premium-demand-to-q3-beat-upbeat-full-year-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-29: Brunswick anticipates $5.6B–$5.8B revenue and $3.80–$4.40 EPS in 2026 as market conditions stabilize ([seekingalpha.com](https://seekingalpha.com/news/4544611-brunswick-anticipates-5_6b-5_8b-revenue-and-3_80-4_40-eps-in-2026-as-market-conditions?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-30: Brunswick tops Q1 expectations but issues softer Q2 outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/brunswick-tops-q1-expectations-issues-141715072.html))

### Sales · FY2024–2025

sales +2.4%; source https://www.sec.gov/Archives/edgar/data/14930/000001493026000027/bcorp-20251231.htm; observed 2026-02-13.

- FY2016: $4.5B 

- FY2017: $3.8B 

- FY2018: $4.1B 

- FY2019: $4.1B 

- FY2020: $4.3B 

- FY2021: $5.8B 

- FY2022: $6.8B 

- FY2023: $6.4B 

- FY2024: $5.2B 

- FY2025: $5.4B 

### Gross margin · FY2025

gross margin 24.8%; source https://www.sec.gov/Archives/edgar/data/14930/000001493026000027/bcorp-20251231.htm; observed 2026-02-13.

- FY2016: 27.5% 

- FY2017: 24.9% 

- FY2018: 25.4% 

- FY2019: 27.3% 

- FY2020: 27.9% 

- FY2021: 28.5% 

- FY2022: 28.6% 

- FY2024: 25.8% 

- FY2025: 24.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in recreational vehicles; annual sales are USD 5.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/14930/000001493026000027/bcorp-20251231.htm (filed 2026-02-13); FY2025: revenue 5362800000; grossProfit 1332200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BC.US: Brunswick Corporation designs, manufactures, and markets recreation products in the United States, Europe, the Asia-Pacific, Canada, and internationally. The company operates through four segments: Propulsion, Engine P&A, Navico Group, and Boat. The Propulsion segment provides outboard, sterndrive, inboard engines, propulsion-related controls, rigging, and propellers for boat builders through marine retail dealers under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator, and Fliteboard brands. The Engine P&A segment offers engine parts and consumables, electrical products, boat parts and systems, and engine oils and lubricants through aftermarket retailers, dealers, distributors, and original equipment manufacturers for marine and non-marine markets under the Mercury, Mercury Precision Parts, Quicksilver, and Seachoice brands; and distributes marine parts and accessories. The Navico Group segment provides products and systems for the marine, recreational vehicle (RV), specialty vehicle, mobile, and industrial markets, as well as aftermarket channels; and marine electronics, sensors, control systems, instruments, power systems, and general accessories under the Ancor, Attwood, B&G, BEP, Blue Sea Systems, C-MAP, CZone, Lenco, Lowrance, Marinco, Mastervolt, MotorGuide, Progressive Industries, ProMariner, Simrad, and Whale brand names. The Boat segment offers Sea Ray sport boats and cruisers; Bayliner sport cruisers, runabouts, and Heyday wake boats; Boston Whaler fiberglass offshore boats; Lund fiberglass fishing boats; Crestliner, Harris, Lowe, Lund, and Princecraft aluminum fishing; utility, pontoon, and deck boats; Navan premium exploration boats; and Thunder Jet and Lund heavy-gauge aluminum boats; and the freedom boat club, dealer services, and technology to the marine industry through dealers and distributors. Brunswick Corporation was founded in 1845 and is headquartered in Mettawa, Illinois.

### Why customers stay

Margins ranged from 24.8% to 100% during 2023–25; it earns 16.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 25.8%.

- Source: https://www.sec.gov/Archives/edgar/data/14930/000001493026000027/bcorp-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 24.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.33412270975135727],[2017,0.14942580734966593],[2018,0.13606357980265643],[2019,0.17369227277884944],[2020,0.27466750906348625],[2021,0.25394188625509306],[2022,0.24330555683161054],[2023,0.1589316744065339],[2024,0.07223056243799535],[2025,-0.01010008394137018]]; median 0.16631197359269168. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 80 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 90000000; upkeep 103900000; owner earnings 276000000. Growth capex / owner earnings = 0.32608695652173914.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 189300000; owner earnings 44200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 48837091.01277304; upkeep 144562908.98722696; owner earnings 244737091.01277304. Growth capex / owner earnings = 0.19954920118840583.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 29000000; upkeep 153400000; owner earnings 372700000. Growth capex / owner earnings = 0.07781057150523209.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 89000000; upkeep 178100000; owner earnings 593300000. Growth capex / owner earnings = 0.1500084274397438.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 157100000; upkeep 231200000; owner earnings 677000000. Growth capex / owner earnings = 0.23205317577548007.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 289300000; owner earnings 404000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 167400000; owner earnings 251500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,55400000],[2017,60600000],[2018,67800000],[2019,73400000],[2020,78300000],[2021,98900000],[2022,108600000],[2023,112000000],[2024,112300000],[2025,112600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/14930/000001493026000027/bcorp-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 80000000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BC.US SharesStats.PercentInsiders = 0.9079999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate -0.0143471940879978. Price 65.63; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9724284199363733 → FY2025 -0.16084977238239756. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $43.50 per share

- 2016-11: $50.12 per share

- 2016-12: $54.54 per share

- 2017-01: $59.86 per share

- 2017-02: $59.89 per share

- 2017-03: $61.20 per share

- 2017-04: $56.75 per share

- 2017-05: $55.26 per share

- 2017-06: $62.73 per share

- 2017-07: $56.61 per share

- 2017-08: $52.48 per share

- 2017-09: $55.97 per share

- 2017-10: $50.65 per share

- 2017-11: $55.35 per share

- 2017-12: $55.22 per share

- 2018-01: $62.78 per share

- 2018-02: $57.20 per share

- 2018-03: $59.39 per share

- 2018-04: $59.88 per share

- 2018-05: $63.60 per share

- 2018-06: $64.48 per share

- 2018-07: $64.30 per share

- 2018-08: $66.42 per share

- 2018-09: $67.02 per share

- 2018-10: $51.99 per share

- 2018-11: $53.04 per share

- 2018-12: $46.45 per share

- 2019-01: $50.32 per share

- 2019-02: $52.74 per share

- 2019-03: $50.33 per share

- 2019-04: $51.21 per share

- 2019-05: $41.48 per share

- 2019-06: $45.89 per share

- 2019-07: $49.16 per share

- 2019-08: $46.60 per share

- 2019-09: $52.12 per share

- 2019-10: $58.24 per share

- 2019-11: $58.77 per share

- 2019-12: $59.98 per share

- 2020-01: $62.85 per share

- 2020-02: $53.20 per share

- 2020-03: $35.37 per share

- 2020-04: $47.72 per share

- 2020-05: $55.01 per share

- 2020-06: $64.01 per share

- 2020-07: $66.98 per share

- 2020-08: $61.89 per share

- 2020-09: $58.91 per share

- 2020-10: $63.71 per share

- 2020-11: $74.64 per share

- 2020-12: $76.24 per share

- 2021-01: $86.46 per share

- 2021-02: $88.37 per share

- 2021-03: $95.37 per share

- 2021-04: $107.13 per share

- 2021-05: $102.23 per share

- 2021-06: $99.62 per share

- 2021-07: $104.40 per share

- 2021-08: $96.87 per share

- 2021-09: $95.27 per share

- 2021-10: $93.09 per share

- 2021-11: $93.91 per share

- 2021-12: $100.73 per share

- 2022-01: $90.79 per share

- 2022-02: $95.52 per share

- 2022-03: $80.89 per share

- 2022-04: $75.61 per share

- 2022-05: $75.23 per share

- 2022-06: $65.38 per share

- 2022-07: $80.12 per share

- 2022-08: $74.71 per share

- 2022-09: $65.45 per share

- 2022-10: $70.67 per share

- 2022-11: $74.20 per share

- 2022-12: $72.08 per share

- 2023-01: $84.33 per share

- 2023-02: $87.42 per share

- 2023-03: $82.00 per share

- 2023-04: $84.79 per share

- 2023-05: $75.50 per share

- 2023-06: $86.64 per share

- 2023-07: $86.31 per share

- 2023-08: $79.12 per share

- 2023-09: $79.00 per share

- 2023-10: $69.47 per share

- 2023-11: $78.87 per share

- 2023-12: $96.75 per share

- 2024-01: $80.68 per share

- 2024-02: $87.40 per share

- 2024-03: $96.52 per share

- 2024-04: $80.64 per share

- 2024-05: $82.53 per share

- 2024-06: $72.77 per share

- 2024-07: $81.45 per share

- 2024-08: $79.05 per share

- 2024-09: $83.82 per share

- 2024-10: $79.74 per share

- 2024-11: $80.51 per share

- 2024-12: $64.68 per share

- 2025-01: $67.44 per share

- 2025-02: $60.85 per share

- 2025-03: $53.85 per share

- 2025-04: $46.05 per share

- 2025-05: $50.62 per share

- 2025-06: $55.24 per share

- 2025-07: $58.29 per share

- 2025-08: $63.59 per share

- 2025-09: $63.24 per share

- 2025-10: $66.11 per share

- 2025-11: $66.11 per share

- 2025-12: $74.24 per share

- 2026-01: $80.22 per share

- 2026-02: $79.62 per share

- 2026-03: $72.76 per share

- 2026-04: $79.45 per share

- 2026-05: $83.76 per share

- 2026-06: $84.24 per share

- 2026-07: $79.00 per share

- 2026-08: $75.90 per share

- 2026-09: $64.24 per share

- 2026-10: $65.63 per share

## Annual estimated value (USD per share)

- FY2016: low $36.80 per share, central $41.32 per share, high $47.34 per share

- FY2017: low $32.51 per share, central $36.42 per share, high $41.63 per share

- FY2018: low $32.74 per share, central $36.92 per share, high $42.49 per share

- FY2019: low $28.60 per share, central $32.16 per share, high $36.90 per share

- FY2020: low $43.37 per share, central $50.81 per share, high $58.17 per share

- FY2021: low $55.50 per share, central $67.99 per share, high $78.81 per share

- FY2022: low $103.99 per share, central $135.32 per share, high $157.32 per share

- FY2023: low $89.91 per share, central $101.64 per share, high $117.26 per share

- FY2024: low $75.26 per share, central $85.30 per share, high $98.66 per share

- FY2025: low $58.69 per share, central $66.43 per share, high $76.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/14930/000001493026000027/bcorp-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.