# Onewater Marine (ONEW.US)

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

Analysis as of: 2026-10-16T07:30:54.826Z. Financial observations: FY2017–FY2025.

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: $9.60 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.01×

- FY2024: 0.04×

- FY2025: 0.03×

### moat: fail

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

- ROIC, median of available years: 21.2%

- ROIC, second-lowest year: 5.0%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 23.0%

- Recent gross margin (lower of latest and 3-year median): 21.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: -0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 25.4%

- FY2018: 43.1%

- FY2019: 17.0%

- FY2020: 44.1%

- FY2021: 38.9%

- FY2022: 21.2%

- FY2023: 1.4%

- FY2024: 5.0%

- FY2025: 5.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $59M

- Net income, five-year total: $51M

- Return on incremental invested capital: 7.5%

- Working capital / revenue, annual change: 0.3 pp

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.93×

- FY2024: 1.65×

- FY2025: 0.92×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 25.4% vs 5.0%

- Per-share earnings: 0.21 to -2.69 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 20.3%

- Diluted shares, 5-year annual growth: 20.3%

- Per-share value change: -$2.90

- Per-share value, starting three-year median: $0.21

- Per-share value, ending three-year median: -$2.69

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.3%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 25.4%

- ROIC, last three-year median: 5.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$0.57

- FY2018: $0.21

- FY2019: $3.91

- FY2020: $2.77

- FY2021: $5.75

- FY2022: $9.13

- FY2023: -$2.69

- FY2024: -$0.39

- FY2025: -$7.22

### accounting: pass

- Sloan accruals: -14.7%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 11.4%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.37×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.2%

- FY2018: 1.5%

- FY2019: 5.3%

- FY2020: -42.6%

- FY2021: -11.2%

- FY2022: 8.2%

- FY2023: 5.4%

- FY2024: -2.5%

- FY2025: -14.7%

## Holders

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

## Price story

Down 84% since Dec 2021 · sales +5.6%

Story as of 2026-10-16T09:59:19.927Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +5.6%; source https://www.sec.gov/Archives/edgar/data/1772921/000177292125000085/onew-20250930.htm; observed 2025-12-15.

- FY2017: $391M 

- FY2018: $603M 

- FY2019: $768M 

- FY2020: $1.0B 

- FY2021: $1.2B 

- FY2022: $1.7B 

- FY2023: $1.9B 

- FY2024: $1.8B 

- FY2025: $1.9B 

### Gross margin · FY2025

gross margin 21.7%; source https://www.sec.gov/Archives/edgar/data/1772921/000177292125000085/onew-20250930.htm; observed 2025-12-15.

- FY2017: 21.9% 

- FY2018: 22.8% 

- FY2019: 22.4% 

- FY2020: 23.0% 

- FY2021: 29.1% 

- FY2022: 31.7% 

- FY2023: 27.6% 

- FY2024: 24.5% 

- FY2025: 21.7% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1772921/000177292125000085/onew-20250930.htm (filed 2025-12-15); FY2025: revenue 1872334000; grossProfit 405388000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ONEW.US: OneWater Marine Inc. operates as a recreational marine retailer in the United States. The company offers new and pre-owned recreational boats and yachts, as well as related marine products comprising parts and accessories. It also provides boat repair and maintenance services; and other ancillary services, including indoor and outdoor storage, and marina services. In addition, the company arranges related boat financing, insurance, and extended service contracts for customers with third-party lenders and insurance companies. Further, it is involved in the rental of boats and personal watercraft. OneWater Marine Inc. was founded in 2014 and is headquartered in Buford, Georgia.

### Why customers stay

Margins ranged from 21.7% to 27.6% during 2023–25; it earns 21.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2023: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2024: grossProfit / revenue = 24.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1772921/000177292125000085/onew-20250930.htm (filed 2025-12-15); FY2025: grossProfit / revenue = 21.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); 9-year return on capital observations [[2017,0.25428022457288674],[2018,0.43051244369601127],[2019,0.16994226709367954],[2020,0.4407192185839076],[2021,0.38859193424848054],[2022,0.2122743344134762],[2023,0.013965356977918326],[2024,0.0504366574801676],[2025,0.05229313823613114]]; median 0.2122743344134762. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2019: growth capex 4148846.6999215903; upkeep 3142153.3000784097; cash acquisitions 19403000; owner earnings 20635846.69992159. Growth capex plus acquisitions / owner earnings = 1.1413075044801084.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2020: growth capex 3060000; upkeep 3249000; cash acquisitions 0; owner earnings 17425000. Growth capex plus acquisitions / owner earnings = 0.17560975609756097.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2021: growth capex 4485000; upkeep 5411000; cash acquisitions 107467000; owner earnings 79059000. Growth capex plus acquisitions / owner earnings = 1.4160563629694278.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2022: growth capex 0; upkeep 15649000; cash acquisitions 459540000; owner earnings 131413338.4804634. Growth capex plus acquisitions / owner earnings = 3.496905301346694.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); Dividend observations: [[2017,47202000],[2018,3255503],[2019,14451000],[2020,109398000],[2021,32079000],[2022,9482000],[2023,3603000],[2024,5415000],[2025,275000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 28.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ONEW.US SharesStats.PercentInsiders = 28.366000000000003 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); Closing price 9.6 USD; reporting-to-trading FX 1; FY2025 annual sales per share 117.986892683849; price multiple 0.0813649701388748. FY2025 cash earnings/share -6.65958787573256. Closing-price date 2026-10-15.

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

- 2020-02: $16.01 per share

- 2020-03: $7.65 per share

- 2020-04: $11.49 per share

- 2020-05: $14.75 per share

- 2020-06: $24.28 per share

- 2020-07: $25.00 per share

- 2020-08: $28.58 per share

- 2020-09: $20.49 per share

- 2020-10: $18.63 per share

- 2020-11: $27.96 per share

- 2020-12: $29.09 per share

- 2021-01: $32.33 per share

- 2021-02: $35.61 per share

- 2021-03: $39.96 per share

- 2021-04: $51.23 per share

- 2021-05: $49.24 per share

- 2021-06: $42.03 per share

- 2021-07: $46.98 per share

- 2021-08: $40.49 per share

- 2021-09: $40.21 per share

- 2021-10: $44.34 per share

- 2021-11: $51.18 per share

- 2021-12: $60.97 per share

- 2022-01: $51.71 per share

- 2022-02: $50.81 per share

- 2022-03: $34.45 per share

- 2022-04: $32.69 per share

- 2022-05: $34.20 per share

- 2022-06: $33.05 per share

- 2022-07: $36.24 per share

- 2022-08: $39.85 per share

- 2022-09: $30.11 per share

- 2022-10: $33.00 per share

- 2022-11: $32.69 per share

- 2022-12: $28.60 per share

- 2023-01: $32.74 per share

- 2023-02: $27.82 per share

- 2023-03: $27.97 per share

- 2023-04: $26.40 per share

- 2023-05: $27.79 per share

- 2023-06: $36.24 per share

- 2023-07: $37.65 per share

- 2023-08: $26.11 per share

- 2023-09: $25.62 per share

- 2023-10: $22.63 per share

- 2023-11: $26.85 per share

- 2023-12: $33.79 per share

- 2024-01: $25.23 per share

- 2024-02: $26.01 per share

- 2024-03: $28.15 per share

- 2024-04: $20.71 per share

- 2024-05: $25.84 per share

- 2024-06: $27.57 per share

- 2024-07: $24.68 per share

- 2024-08: $24.03 per share

- 2024-09: $23.91 per share

- 2024-10: $21.77 per share

- 2024-11: $22.19 per share

- 2024-12: $17.38 per share

- 2025-01: $18.07 per share

- 2025-02: $16.56 per share

- 2025-03: $16.18 per share

- 2025-04: $15.01 per share

- 2025-05: $14.77 per share

- 2025-06: $13.39 per share

- 2025-07: $15.34 per share

- 2025-08: $16.83 per share

- 2025-09: $15.84 per share

- 2025-10: $15.53 per share

- 2025-11: $12.15 per share

- 2025-12: $10.82 per share

- 2026-01: $13.28 per share

- 2026-02: $11.39 per share

- 2026-03: $9.45 per share

- 2026-04: $9.39 per share

- 2026-05: $11.01 per share

- 2026-06: $11.27 per share

- 2026-07: $12.25 per share

- 2026-08: $11.99 per share

- 2026-09: $9.53 per share

- 2026-10: $9.60 per share

## Annual estimated value (USD per share)

- FY2021: low $18.49 per share, central $20.79 per share, high $23.84 per share

- FY2022: low $36.19 per share, central $41.12 per share, high $47.68 per share

- FY2023: low $42.49 per share, central $47.96 per share, high $55.25 per share

- FY2024: low $22.63 per share, central $25.75 per share, high $29.90 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/1772921/000177292125000085/onew-20250930.htm); period 2025-09-30, filed 2025-12-15.

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.