# Malibu Boats (MBUU.US)

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

Analysis as of: 2026-10-16T07:30:05.603Z. Financial observations: FY2011–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $22.68 per share; close as of 2026-10-15.

Estimated value: low $19.25 per share, central $21.51 per share, high $24.51 per share. Buy at or below the central value $21.51 per share. Valuation as of 2026-10-16T07:30:05.603Z; scenarios are not confidence intervals.

Expected annual return: 9.6% at the stated quote. About 9.6% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.80×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.14×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.13×

- FY2021: 0.16×

- FY2022: 0.18×

- FY2023: 0.10×

- FY2024: -0.07×

- FY2025: 0.03×

- FY2026: 0.00×

### moat: fail

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

- Recent gross margin fell 8.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 26.1%

- ROIC, second-lowest year: 0.4%

- Typical minus recent gross margin: 8.6 pp

- Typical gross margin (annual median): 24.3%

- Recent gross margin (lower of latest and 3-year median): 15.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 16.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 46.5%

- FY2018: 30.6%

- FY2019: 31.2%

- FY2020: 25.9%

- FY2021: 26.2%

- FY2022: 37.8%

- FY2023: 25.2%

- FY2024: -9.7%

- FY2025: 3.6%

- FY2026: 0.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $208M

- Net income, five-year total: $223M

- Return on incremental invested capital: -8.2%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 9.6 pp

- Working capital / revenue, final three-year average: 18.8%

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

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 1.77×

- FY2025: 1.72×

- FY2026: 12.67×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 31.2% vs 0.4%

- Per-share earnings: 1.36 to 0.09 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquisition spending 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: 0.7%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: $66M

- Cumulative retained earnings: $486M

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -29.3%

- Per-share value change: -$1.28

- Per-share value, starting three-year median: $1.36

- Per-share value, ending three-year median: $0.09

- Buybacks concentrated in cheaper years (correlation): -0.44

- Average buyback yield: 2.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $501M

- Cumulative net income, 10 years: $516M

- ROIC, first three-year median: 31.2%

- ROIC, last three-year median: 0.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.58

- FY2018: $1.36

- FY2019: $3.15

- FY2020: $2.95

- FY2021: $5.23

- FY2022: $7.51

- FY2023: $5.06

- FY2024: -$2.74

- FY2025: $0.76

- FY2026: $0.09

### accounting: pass

- Sloan accruals: -6.6%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 40.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.71×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.4%

- FY2018: -8.4%

- FY2019: -3.4%

- FY2020: -6.8%

- FY2021: -2.5%

- FY2022: -0.8%

- FY2023: -8.7%

- FY2024: -15.1%

- FY2025: -5.7%

- FY2026: -6.6%

## Holders

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

## Price story

Down 68% since Oct 2021 · sales +13.3%

Story as of 2026-10-16T09:59:08.035Z; price observation 2026-10-15.

Price needs cash profits to grow 1.7% a year for ten years

### Sales · FY2025–2026

sales +13.3%; source https://www.sec.gov/Archives/edgar/data/1590976/000159097626000037/mbuu-20260630.htm; observed 2026-08-27.

- FY2017: $282M 

- FY2018: $497M 

- FY2019: $684M 

- FY2020: $653M 

- FY2021: $927M 

- FY2022: $1.2B 

- FY2023: $1.4B 

- FY2024: $829M 

- FY2025: $808M 

- FY2026: $915M 

### Gross margin · FY2026

gross margin 15.6%; source https://www.sec.gov/Archives/edgar/data/1590976/000159097626000037/mbuu-20260630.htm; observed 2026-08-27.

- FY2017: 26.6% 

- FY2018: 24.2% 

- FY2019: 24.3% 

- FY2020: 22.9% 

- FY2021: 25.5% 

- FY2022: 25.5% 

- FY2023: 25.3% 

- FY2024: 17.7% 

- FY2025: 17.8% 

- FY2026: 15.6% 

## Owner memo

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

### How it makes money

Operates in recreational vehicles; annual sales are USD 914.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/1590976/000159097626000037/mbuu-20260630.htm (filed 2026-08-27); FY2026: revenue 914590000; grossProfit 143094000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 15.6% to 17.8% during 2024–26; it earns 26.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2024: grossProfit / revenue = 17.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2025: grossProfit / revenue = 17.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1590976/000159097626000037/mbuu-20260630.htm (filed 2026-08-27); FY2026: grossProfit / revenue = 15.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); 10-year return on capital observations [[2017,0.4645313859089591],[2018,0.3056552552633168],[2019,0.31160465345464755],[2020,0.25897626138680596],[2021,0.2623036475731751],[2022,0.377944025991995],[2023,0.25179620876389214],[2024,-0.09739003494731462],[2025,0.036171333762532606],[2026,0.00394428653744545]]; median 0.26063995447999055. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 26% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1590976/000159097626000037/mbuu-20260630.htm (filed 2026-08-27); Gross margin observations: [[2021,0.2552414154115152],[2022,0.255211844491253],[2023,0.2530278421020409]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back USD 33.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2017: growth capex 1845957.1492559006; upkeep 7416042.850744099; cash acquisitions 0; owner earnings 27689957.1492559. Growth capex plus acquisitions / owner earnings = 0.06666522231528647.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2018: growth capex 0; upkeep 10449000; cash acquisitions 125552000; owner earnings 30018000. Growth capex plus acquisitions / owner earnings = 4.182557132387235.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2019: growth capex 1978000; upkeep 15960000; cash acquisitions 100073000; owner earnings 66066000. Growth capex plus acquisitions / owner earnings = 1.5446825901371355.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2020: growth capex 0; upkeep 41291000; cash acquisitions 0; owner earnings 38651000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2021: growth capex 7786000; upkeep 22891000; cash acquisitions 150427000; owner earnings 109841000. Growth capex plus acquisitions / owner earnings = 1.4403820067188027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2022: growth capex 28742000; upkeep 26322000; cash acquisitions 6566000; owner earnings 157632000. Growth capex plus acquisitions / owner earnings = 0.2239900527811612.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2023: growth capex 24732758.13633788; upkeep 30107241.86366212; cash acquisitions 0; owner earnings 103125758.13633788. Growth capex plus acquisitions / owner earnings = 0.2398310430226348.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2025: growth capex 0; upkeep 27917000; cash acquisitions 0; owner earnings 25555000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1590976/000159097626000037/mbuu-20260630.htm (filed 2026-08-27); FY2026: growth capex 0; upkeep 24663000; cash acquisitions 118305000; owner earnings 20943000. Growth capex plus acquisitions / owner earnings = 5.648904168457241.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); Dividend observations: [[2017,1535000],[2018,1626000],[2019,470000],[2020,377000],[2021,833000],[2022,2717000],[2023,1317000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1590976/000159097626000037/mbuu-20260630.htm (filed 2026-08-27); FY2026: cash repurchases 33910000 USD.

### Are managers owners

Insiders own 2.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); MBUU.US SharesStats.PercentInsiders = 2.758 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 1.7% yearly over ten years; actual growth was 0.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); Ten-year compound average after fade. Initial solved rate 0.010871653187472297. Price 22.68; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.0031454910689637 → FY2026 1.0826095775822122. Closing-price date 2026-10-15.

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

- 2016-10: $14.67 per share

- 2016-11: $18.20 per share

- 2016-12: $19.08 per share

- 2017-01: $18.56 per share

- 2017-02: $20.56 per share

- 2017-03: $22.45 per share

- 2017-04: $23.04 per share

- 2017-05: $24.25 per share

- 2017-06: $25.87 per share

- 2017-07: $28.61 per share

- 2017-08: $26.97 per share

- 2017-09: $31.64 per share

- 2017-10: $31.20 per share

- 2017-11: $31.26 per share

- 2017-12: $29.73 per share

- 2018-01: $33.26 per share

- 2018-02: $32.05 per share

- 2018-03: $33.21 per share

- 2018-04: $33.70 per share

- 2018-05: $42.88 per share

- 2018-06: $41.94 per share

- 2018-07: $37.59 per share

- 2018-08: $48.21 per share

- 2018-09: $54.72 per share

- 2018-10: $40.20 per share

- 2018-11: $48.42 per share

- 2018-12: $34.80 per share

- 2019-01: $40.55 per share

- 2019-02: $46.21 per share

- 2019-03: $39.58 per share

- 2019-04: $41.62 per share

- 2019-05: $35.90 per share

- 2019-06: $38.85 per share

- 2019-07: $30.13 per share

- 2019-08: $27.82 per share

- 2019-09: $30.68 per share

- 2019-10: $32.62 per share

- 2019-11: $39.54 per share

- 2019-12: $40.95 per share

- 2020-01: $43.79 per share

- 2020-02: $43.94 per share

- 2020-03: $28.79 per share

- 2020-04: $34.38 per share

- 2020-05: $47.13 per share

- 2020-06: $51.95 per share

- 2020-07: $58.78 per share

- 2020-08: $51.85 per share

- 2020-09: $49.56 per share

- 2020-10: $50.83 per share

- 2020-11: $56.99 per share

- 2020-12: $62.44 per share

- 2021-01: $70.11 per share

- 2021-02: $74.54 per share

- 2021-03: $79.68 per share

- 2021-04: $83.36 per share

- 2021-05: $78.42 per share

- 2021-06: $73.33 per share

- 2021-07: $83.66 per share

- 2021-08: $71.60 per share

- 2021-09: $69.98 per share

- 2021-10: $70.61 per share

- 2021-11: $69.47 per share

- 2021-12: $68.73 per share

- 2022-01: $65.66 per share

- 2022-02: $69.67 per share

- 2022-03: $58.01 per share

- 2022-04: $50.29 per share

- 2022-05: $58.60 per share

- 2022-06: $52.71 per share

- 2022-07: $62.45 per share

- 2022-08: $60.03 per share

- 2022-09: $47.99 per share

- 2022-10: $52.90 per share

- 2022-11: $57.71 per share

- 2022-12: $53.30 per share

- 2023-01: $60.59 per share

- 2023-02: $59.76 per share

- 2023-03: $56.45 per share

- 2023-04: $56.75 per share

- 2023-05: $52.45 per share

- 2023-06: $58.66 per share

- 2023-07: $59.95 per share

- 2023-08: $48.56 per share

- 2023-09: $49.02 per share

- 2023-10: $43.62 per share

- 2023-11: $44.24 per share

- 2023-12: $54.82 per share

- 2024-01: $41.75 per share

- 2024-02: $43.64 per share

- 2024-03: $43.28 per share

- 2024-04: $34.02 per share

- 2024-05: $38.46 per share

- 2024-06: $35.04 per share

- 2024-07: $38.04 per share

- 2024-08: $36.37 per share

- 2024-09: $38.81 per share

- 2024-10: $44.88 per share

- 2024-11: $43.35 per share

- 2024-12: $37.59 per share

- 2025-01: $38.29 per share

- 2025-02: $33.38 per share

- 2025-03: $30.68 per share

- 2025-04: $28.56 per share

- 2025-05: $30.14 per share

- 2025-06: $31.34 per share

- 2025-07: $33.31 per share

- 2025-08: $33.20 per share

- 2025-09: $32.45 per share

- 2025-10: $27.87 per share

- 2025-11: $28.39 per share

- 2025-12: $28.21 per share

- 2026-01: $32.50 per share

- 2026-02: $29.06 per share

- 2026-03: $25.92 per share

- 2026-04: $25.60 per share

- 2026-05: $27.46 per share

- 2026-06: $27.43 per share

- 2026-07: $27.57 per share

- 2026-08: $26.96 per share

- 2026-09: $22.92 per share

- 2026-10: $22.68 per share

## Annual estimated value (USD per share)

- FY2017: low $11.66 per share, central $13.06 per share, high $14.92 per share

- FY2018: low $18.73 per share, central $20.96 per share, high $23.93 per share

- FY2019: low $26.09 per share, central $29.59 per share, high $34.26 per share

- FY2020: low $25.41 per share, central $28.78 per share, high $33.26 per share

- FY2021: low $61.01 per share, central $85.82 per share, high $100.27 per share

- FY2022: low $78.00 per share, central $108.98 per share, high $127.45 per share

- FY2023: low $90.80 per share, central $128.65 per share, high $150.69 per share

- FY2024: low $33.44 per share, central $37.98 per share, high $44.02 per share

- FY2025: low $34.35 per share, central $38.94 per share, high $45.05 per share

- FY2026: low $19.25 per share, central $21.51 per share, high $24.51 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/1590976/000159097626000037/mbuu-20260630.htm); period 2026-06-30, filed 2026-08-27.

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.