# MarineMax (HZO.US)

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

Analysis as of: 2026-10-16T07:29:13.426Z. Financial observations: FY1998–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: $52.35 per share; close as of 2026-10-15.

Estimated value: low $50.73 per share, central $56.91 per share, high $65.14 per share. Buy at or below the central value $56.91 per share. Valuation as of 2026-10-16T07:29:13.426Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.11×

- FY2023: 0.08×

- FY2024: 0.05×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 6.0%

- Typical minus recent gross margin: -3.3 pp

- Typical gross margin (annual median): 29.2%

- Recent gross margin (lower of latest and 3-year median): 32.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.1%

- FY2017: 6.0%

- FY2018: 9.5%

- FY2019: 7.7%

- FY2020: 20.0%

- FY2021: 43.9%

- FY2022: 33.5%

- FY2023: 11.9%

- FY2024: 6.6%

- FY2025: 5.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $430M

- Net income, five-year total: $469M

- Return on incremental invested capital: 7.4%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 2.4 pp

- Working capital / revenue, final three-year average: 37.9%

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

- FY2021: 1.00×

- FY2022: 0.96×

- FY2023: 0.90×

- FY2024: 0.76×

- FY2025: 1.36×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.1% vs 6.6%

- Per-share earnings: 0.95 to 1.65 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: $192M

- Cumulative retained earnings: $620M

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.1%

- Per-share value change: $0.70

- Per-share value, starting three-year median: $0.95

- Per-share value, ending three-year median: $1.65

- Buybacks concentrated in cheaper years (correlation): -0.17

- Average buyback yield: 3.5%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $673M

- Cumulative net income, 10 years: $665M

- ROIC, first three-year median: 6.1%

- ROIC, last three-year median: 6.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.91

- FY2017: $0.95

- FY2018: $1.71

- FY2019: $1.57

- FY2020: $3.37

- FY2021: $6.78

- FY2022: $8.84

- FY2023: $4.87

- FY2024: $1.65

- FY2025: -$1.43

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 26.6%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.60×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.1%

- FY2017: 2.9%

- FY2018: -4.9%

- FY2019: 6.2%

- FY2020: -29.7%

- FY2021: -21.7%

- FY2022: 9.0%

- FY2023: 13.7%

- FY2024: 2.4%

- FY2025: -4.2%

## Holders

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

## Price story

Price needs cash profits to shrink 0.3% a year for ten years · "MarineMax soars after agreeing to a go-private deal" (seekingalpha.com, Aug 2026) · sales -5%

Story as of 2026-10-16T09:58:55.553Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.3% a year for ten years

- 2025-07-24: MarineMax misses Q3 estimates, revises guidance ([seekingalpha.com](https://seekingalpha.com/news/4471280-marinemax-misses-q3-estimates-revises-guidance?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-10: MarineMax soars after agreeing to a go-private deal ([seekingalpha.com](https://seekingalpha.com/news/4629827-marinemax-soars-after-agreeing-to-a-go-private-deal?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -5%; source https://www.sec.gov/Archives/edgar/data/1057060/000119312525284680/hzo-20250930.htm; observed 2025-11-17.

- FY2016: $942M 

- FY2017: $1.1B 

- FY2018: $1.2B 

- FY2019: $1.2B 

- FY2020: $1.5B 

- FY2021: $2.1B 

- FY2022: $2.3B 

- FY2023: $2.4B 

- FY2024: $2.4B 

- FY2025: $2.3B 

### Gross margin · FY2025

gross margin 32.5%; source https://www.sec.gov/Archives/edgar/data/1057060/000119312525284680/hzo-20250930.htm; observed 2025-11-17.

- FY2016: 24.0% 

- FY2017: 25.2% 

- FY2018: 25.3% 

- FY2019: 26.1% 

- FY2020: 26.4% 

- FY2021: 32.0% 

- FY2022: 34.9% 

- FY2023: 34.9% 

- FY2024: 33.0% 

- FY2025: 32.5% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1057060/000119312525284680/hzo-20250930.htm (filed 2025-11-17); FY2025: revenue 2309288000; grossProfit 750228000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); HZO.US: MarineMax, Inc. operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates through two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, e-power yachts, pontoon boats, ski boats, jet boats, and other recreational boats. It also offers marine parts and accessories comprising marine electronics; dock and anchoring products that include boat fenders, lines, and anchors; boat covers; trailer parts; water sport accessories, which comprise tubes, lines, wakeboards, and skis; engine parts; oils; lubricants; steering and control systems; corrosion control products and service products; high-performance accessories, including propellers and instruments; and a line of boating accessories, such as life jackets, inflatables, and water sports equipment. In addition, the company provides novelty items, such as shirts, caps, and license plates; marine engines and equipment; maintenance, repair, and slip and storage services; and boat or yacht brokerage services, as well as yacht charters and power catamarans. Further, it offers new or used boat finance services; arranges insurance coverage, including boat property, disability, undercoating, gel sealant, fabric protection, trailer tire and wheel protection, and casualty insurance coverage; and manufactures and sells sport yachts and yachts. Additionally, the company operates MarineMax vacations in Tortola and British Virgin Islands. It also markets and sells its products through offsite locations and print catalog. The company was incorporated in 1998 and is based in Oldsmar, Florida.

### Why customers stay

Margins ranged from 32.5% to 34.9% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2023: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2024: grossProfit / revenue = 33%.

- Source: https://www.sec.gov/Archives/edgar/data/1057060/000119312525284680/hzo-20250930.htm (filed 2025-11-17); FY2025: grossProfit / revenue = 32.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); 10-year return on capital observations [[2016,0.06077001333215651],[2017,0.06025888238629502],[2018,0.09517558140478036],[2019,0.0769349565976097],[2020,0.20022381834590133],[2021,0.4385403917434957],[2022,0.33503015921912743],[2023,0.11942941743525162],[2024,0.06567288729689041],[2025,0.05480069965602713]]; median 0.08605526900119503. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 27.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2016: growth capex 4949000; upkeep 7964000; owner earnings 22582000. Growth capex / owner earnings = 0.21915685058896467.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2017: growth capex 5003000; upkeep 9364000; owner earnings 23547000. Growth capex / owner earnings = 0.21246867966195268.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2018: growth capex 3131000; upkeep 10673000; owner earnings 39312000. Growth capex / owner earnings = 0.07964489214489215.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2019: growth capex 5464000; upkeep 11597000; owner earnings 35985000. Growth capex / owner earnings = 0.15184104487981104.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2020: growth capex 35000; upkeep 12772000; owner earnings 74634000. Growth capex / owner earnings = 0.0004689551678859501.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2021: growth capex 10519000; upkeep 15606000; owner earnings 154979000. Growth capex / owner earnings = 0.06787371192226044.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2022: growth capex 31244620.244116668; upkeep 27211379.755883332; owner earnings 190195620.24411666. Growth capex / owner earnings = 0.16427623414258488.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2023: growth capex 13831213.937022045; upkeep 51576786.062977955; owner earnings 98737213.93702205. Growth capex / owner earnings = 0.14008106351718677.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); FY2024: growth capex 6949674.125521854; upkeep 53473325.87447815; owner earnings 29079674.125521854. Growth capex / owner earnings = 0.23898734544010772.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,85580000],[2020,160235000],[2021,2626000],[2022,2199000],[2023,2353000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1057060/000119312525284680/hzo-20250930.htm (filed 2025-11-17); FY2025: cash repurchases 27480000 USD.

### Are managers owners

Insiders own 11.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); HZO.US SharesStats.PercentInsiders = 11.545 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 0.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-17); Ten-year compound average after fade. Initial solved rate -0.016652328728274053. Price 52.35; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9238086215962218 → FY2025 -1.957856587129697. Closing-price date 2026-10-15.

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

- 2016-10: $19.95 per share

- 2016-11: $18.80 per share

- 2016-12: $19.35 per share

- 2017-01: $21.45 per share

- 2017-02: $22.50 per share

- 2017-03: $21.65 per share

- 2017-04: $20.35 per share

- 2017-05: $18.05 per share

- 2017-06: $19.55 per share

- 2017-07: $14.95 per share

- 2017-08: $16.15 per share

- 2017-09: $16.55 per share

- 2017-10: $18.55 per share

- 2017-11: $21.35 per share

- 2017-12: $18.90 per share

- 2018-01: $22.95 per share

- 2018-02: $20.90 per share

- 2018-03: $19.45 per share

- 2018-04: $21.60 per share

- 2018-05: $23.45 per share

- 2018-06: $18.95 per share

- 2018-07: $18.75 per share

- 2018-08: $22.50 per share

- 2018-09: $21.25 per share

- 2018-10: $22.76 per share

- 2018-11: $21.23 per share

- 2018-12: $18.31 per share

- 2019-01: $17.78 per share

- 2019-02: $19.63 per share

- 2019-03: $19.16 per share

- 2019-04: $17.29 per share

- 2019-05: $15.58 per share

- 2019-06: $16.44 per share

- 2019-07: $15.44 per share

- 2019-08: $14.46 per share

- 2019-09: $15.48 per share

- 2019-10: $15.45 per share

- 2019-11: $16.56 per share

- 2019-12: $16.69 per share

- 2020-01: $19.93 per share

- 2020-02: $16.93 per share

- 2020-03: $10.42 per share

- 2020-04: $14.41 per share

- 2020-05: $19.03 per share

- 2020-06: $22.39 per share

- 2020-07: $27.74 per share

- 2020-08: $29.41 per share

- 2020-09: $25.67 per share

- 2020-10: $29.98 per share

- 2020-11: $32.84 per share

- 2020-12: $35.03 per share

- 2021-01: $41.83 per share

- 2021-02: $44.65 per share

- 2021-03: $49.36 per share

- 2021-04: $56.80 per share

- 2021-05: $51.43 per share

- 2021-06: $48.74 per share

- 2021-07: $53.79 per share

- 2021-08: $48.62 per share

- 2021-09: $48.52 per share

- 2021-10: $51.79 per share

- 2021-11: $53.27 per share

- 2021-12: $59.04 per share

- 2022-01: $47.06 per share

- 2022-02: $45.76 per share

- 2022-03: $40.26 per share

- 2022-04: $40.92 per share

- 2022-05: $41.41 per share

- 2022-06: $36.12 per share

- 2022-07: $40.84 per share

- 2022-08: $36.34 per share

- 2022-09: $29.79 per share

- 2022-10: $32.31 per share

- 2022-11: $33.03 per share

- 2022-12: $31.22 per share

- 2023-01: $31.25 per share

- 2023-02: $33.58 per share

- 2023-03: $28.75 per share

- 2023-04: $29.12 per share

- 2023-05: $28.37 per share

- 2023-06: $34.16 per share

- 2023-07: $40.33 per share

- 2023-08: $33.27 per share

- 2023-09: $32.82 per share

- 2023-10: $27.38 per share

- 2023-11: $29.83 per share

- 2023-12: $38.90 per share

- 2024-01: $28.00 per share

- 2024-02: $33.20 per share

- 2024-03: $33.26 per share

- 2024-04: $24.67 per share

- 2024-05: $28.48 per share

- 2024-06: $32.37 per share

- 2024-07: $34.87 per share

- 2024-08: $31.72 per share

- 2024-09: $35.27 per share

- 2024-10: $29.13 per share

- 2024-11: $34.32 per share

- 2024-12: $28.95 per share

- 2025-01: $30.36 per share

- 2025-02: $25.35 per share

- 2025-03: $21.50 per share

- 2025-04: $21.46 per share

- 2025-05: $21.20 per share

- 2025-06: $25.14 per share

- 2025-07: $22.68 per share

- 2025-08: $26.35 per share

- 2025-09: $25.33 per share

- 2025-10: $24.77 per share

- 2025-11: $23.38 per share

- 2025-12: $24.23 per share

- 2026-01: $27.03 per share

- 2026-02: $30.50 per share

- 2026-03: $27.06 per share

- 2026-04: $28.74 per share

- 2026-05: $34.44 per share

- 2026-06: $36.62 per share

- 2026-07: $34.47 per share

- 2026-08: $52.18 per share

- 2026-09: $52.30 per share

- 2026-10: $52.35 per share

## Annual estimated value (USD per share)

- FY2016: low $10.74 per share, central $12.11 per share, high $13.94 per share

- FY2017: low $12.02 per share, central $13.56 per share, high $15.61 per share

- FY2018: low $14.49 per share, central $16.34 per share, high $18.80 per share

- FY2019: low $19.76 per share, central $25.02 per share, high $29.13 per share

- FY2020: low $32.65 per share, central $44.21 per share, high $50.94 per share

- FY2021: low $48.89 per share, central $66.44 per share, high $76.67 per share

- FY2022: low $77.38 per share, central $107.06 per share, high $124.34 per share

- FY2023: low $78.60 per share, central $109.35 per share, high $127.26 per share

- FY2024: low $78.63 per share, central $109.05 per share, high $126.76 per share

- FY2025: low $61.48 per share, central $81.43 per share, high $94.46 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/1057060/000119312525284680/hzo-20250930.htm); period 2025-09-30, filed 2025-11-17.

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.

## Reported holder observations

- [Dan Davidowitz](https://gigainvestors.com/pcm): 6,750 HZO shares; USD 247,000 reported position value; 0% of portfolio; new; quarter 2026 Q2.

# HZO — MarineMax Inc.

Held by 1 investor · USD 247,000 total · 2026 Q2 · reported price USD 36.59 (split-adjusted).
Page: https://gigainvestors.com/s/HZO

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 247,000 | 0.0% | new |

## Total held by quarter

- 2026 Q2: USD 247,000 · 1 holder · USD 36.59