MarineMax US Financials
This page shows MarineMax US (HZO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Inventory-led working capital swings and a heavier debt load now shape results more than modest changes in sales.
Profit and cash stopped moving together: the company produced$147.3M of cumulative net income while free cash flow totaled-$373.7M over the same stretch, even though reported earnings stayed positive for much of it. With inventory expansion absorbing cash, the balance sheet became the main operating bottleneck; the latest year's return to positive free cash flow despite a net loss implies that pressure eased only when working capital stopped expanding.
Core merchandise economics held up better than final earnings: gross margin moved from
Financing costs are now part of the business model, not a footnote: debt-to-equity rose from 0.1x to 0.4x over the last few years. That shift helps explain why interest expense expanded from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of MarineMax US's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
MarineMax US has an operating margin of 1.5%, meaning the company retains $1 of operating profit per $100 of revenue. This results in a moderate score of 31/100, indicating healthy but not exceptional operating efficiency. This is down from 5.3% the prior year.
MarineMax US's revenue declined 5% year-over-year, from $2.4B to $2.3B. This contraction results in a growth score of 30/100.
MarineMax US carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
MarineMax US's current ratio of 1.20 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While MarineMax US generated $72.8M in operating cash flow, capex of $60.9M consumed most of it, leaving $11.9M in free cash flow. This results in a low score of 17/100, reflecting heavy capital investment rather than weak cash generation.
MarineMax US generates a -3.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 15/100. This is down from 3.9% the prior year.
MarineMax US scores 1.76, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
MarineMax US passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, MarineMax US generates $-2.30 in operating cash flow ($72.8M OCF vs -$31.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
MarineMax US earns $0.5 in operating income for every $1 of interest expense ($34.0M vs $71.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
MarineMax US generated $2.3B in revenue in fiscal year 2025. This represents a decrease of 5.0% from the prior year.
MarineMax US's EBITDA was $83.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 51.7% from the prior year.
MarineMax US reported -$31.6M in net income in fiscal year 2025. This represents a decrease of 183.1% from the prior year.
MarineMax US earned $-1.43 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 186.7% from the prior year.
Cash & Balance Sheet
MarineMax US generated $11.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 113.9% from the prior year.
MarineMax US held $170.4M in cash against $356.2M in long-term debt as of fiscal year 2025.
MarineMax US had 22M shares outstanding in fiscal year 2025. This represents a decrease of 3.2% from the prior year.
Margins & Returns
MarineMax US's gross margin was 32.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.
MarineMax US's operating margin was 1.5% in fiscal year 2025, reflecting core business profitability. This is down 3.8 percentage points from the prior year.
MarineMax US's net profit margin was -1.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.9 percentage points from the prior year.
MarineMax US's ROE was -3.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.3 percentage points from the prior year.
Capital Allocation
MarineMax US spent $27.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1183.5% from the prior year.
MarineMax US invested $60.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 0.7% from the prior year.
HZO Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $527.4M+4.4% | $505.2M-8.5% | $552.2M-16.0% | $657.2M+4.1% | $631.5M+34.8% | $468.5M-16.8% | $563.1M-25.7% | $757.7M |
| Cost of Revenue | $346.1M+0.4% | $344.7M-4.4% | $360.7M-21.2% | $457.5M+3.5% | $442.0M+47.9% | $298.8M-19.2% | $369.9M-28.3% | $515.6M |
| Gross Profit | $181.3M+13.0% | $160.5M-16.2% | $191.4M-4.1% | $199.6M+5.3% | $189.5M+11.7% | $169.7M-12.2% | $193.2M-20.2% | $242.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $170.4M+9.6% | $155.6M-12.4% | $177.6M+3.2% | $172.1M+3.2% | $166.8M+27.6% | $130.7M-21.5% | $166.4M-8.1% | $181.1M |
| Operating Income | $10.8M+120.3% | $4.9M-64.5% | $13.8M+133.3% | -$41.5M-282.7% | $22.7M-41.6% | $39.0M+45.4% | $26.8M-56.1% | $61.0M |
| Interest Expense | $14.7M-7.5% | $15.9M-8.3% | $17.3M+2.1% | $16.9M-6.8% | $18.2M-3.0% | $18.7M+4.6% | $17.9M-1.7% | $18.2M |
| Income Tax | -$1.1M+61.1% | -$2.8M+15.7% | -$3.4M+48.2% | -$6.5M-564.7% | $1.4M-33.4% | $2.1M-49.2% | $4.1M-62.6% | $11.1M |
| Net Income | -$2.6M+67.2% | -$7.9M-831.4% | -$851K+98.4% | -$52.1M-1680.2% | $3.3M-81.7% | $18.1M+351.8% | $4.0M-87.3% | $31.6M |
| EPS (Diluted) | $-0.12+66.7% | $-0.36 | N/A | $-2.42-1828.6% | $0.14-81.8% | $0.77 | N/A | $1.37 |
HZO Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B+0.5% | $2.4B-1.7% | $2.5B-0.7% | $2.5B-6.9% | $2.7B+1.5% | $2.6B+1.1% | $2.6B+0.4% | $2.6B |
| Current Assets | $1.2B+1.4% | $1.1B-3.1% | $1.2B-1.4% | $1.2B-9.5% | $1.3B+1.9% | $1.3B+2.0% | $1.3B+1.0% | $1.3B |
| Cash & Equivalents | $189.1M+14.9% | $164.6M-3.4% | $170.4M+12.8% | $151.0M-25.8% | $203.5M+40.3% | $145.0M-35.4% | $224.3M-7.5% | $242.4M |
| Inventory | $845.4M-2.6% | $867.9M+0.1% | $867.3M-4.3% | $906.2M-6.9% | $973.4M-6.0% | $1.0B+14.2% | $906.6M+3.0% | $880.4M |
| Accounts Receivable | $101.1M+17.8% | $85.9M-20.7% | $108.3M+1.3% | $106.8M-10.6% | $119.5M+43.5% | $83.3M-21.7% | $106.4M+1.1% | $105.3M |
| Goodwill | $525.6M-0.3% | $527.0M0.0% | $526.9M0.0% | $527.1M-10.8% | $591.1M+0.5% | $588.0M-0.7% | $592.3M+0.4% | $589.9M |
| Total Liabilities | $1.5B+1.0% | $1.5B-2.5% | $1.5B-1.0% | $1.5B-8.0% | $1.7B+2.4% | $1.6B+0.8% | $1.6B+0.1% | $1.6B |
| Current Liabilities | $983.4M+2.3% | $961.3M-2.4% | $984.9M-0.6% | $991.1M-13.0% | $1.1B+4.4% | $1.1B+2.1% | $1.1B+1.4% | $1.1B |
| Long-Term Debt | $338.7M-2.5% | $347.5M-2.5% | $356.2M-2.4% | $365.1M+7.7% | $339.1M-2.4% | $347.3M-2.4% | $355.9M-2.3% | $364.1M |
| Total Equity | $932.2M-0.1% | $932.8M-0.5% | $937.2M-0.4% | $940.5M-5.3% | $993.4M0.0% | $993.5M+1.8% | $975.8M+0.9% | $967.6M |
| Retained Earnings | $735.9M-0.4% | $738.5M-1.1% | $746.4M-0.1% | $747.2M-6.5% | $799.4M+0.4% | $796.1M+2.3% | $778.0M+0.5% | $774.0M |
HZO Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $55.5M+228.7% | $16.9M-72.5% | $61.5M-27.6% | $84.9M+17.2% | $72.5M+149.6% | -$146.1M-18580.4% | -$782K-100.9% | $86.3M |
| Capital Expenditures | $11.0M+28.5% | $8.5M-36.5% | $13.4M-18.2% | $16.4M+29.9% | $12.7M-30.9% | $18.3M+9.4% | $16.7M+10.3% | $15.2M |
| Free Cash Flow | $44.5M+433.8% | $8.3M-82.6% | $48.0M-29.9% | $68.5M+14.5% | $59.8M+136.4% | -$164.4M-838.2% | -$17.5M-124.6% | $71.1M |
| Investing Cash Flow | -$8.9M-445.5% | $2.6M+118.9% | -$13.6M+16.9% | -$16.3M+15.3% | -$19.3M-198.4% | -$6.5M+60.9% | -$16.5M-10.6% | -$14.9M |
| Financing Cash Flow | -$21.8M+13.6% | -$25.2M+12.9% | -$28.9M+76.4% | -$122.5M-2687.2% | $4.7M-93.7% | $74.7M+4710.6% | -$1.6M+96.4% | -$45.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | $0-100.0% | $15.0M | N/A | N/A | $0 | N/A |
HZO Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.4%+2.6pp | 31.8%-2.9pp | 34.7%+4.3pp | 30.4%+0.4pp | 30.0%-6.2pp | 36.2%+1.9pp | 34.3%+2.4pp | 31.9% |
| Operating Margin | 2.1%+1.1pp | 1.0%-1.5pp | 2.5%+8.8pp | -6.3%-9.9pp | 3.6%-4.7pp | 8.3%+3.6pp | 4.8%-3.3pp | 8.1% |
| Net Margin | -0.5%+1.1pp | -1.6%-1.4pp | -0.1%+7.8pp | -7.9%-8.5pp | 0.5%-3.3pp | 3.9%+3.1pp | 0.7%-3.4pp | 4.2% |
| Return on Equity | -0.3%+0.6pp | -0.9%-0.8pp | -0.1%+5.4pp | -5.5%-5.9pp | 0.3%-1.5pp | 1.8%+1.4pp | 0.4%-2.8pp | 3.3% |
| Return on Assets | -0.1%+0.2pp | -0.3%-0.3pp | -0.0%+2.1pp | -2.1%-2.2pp | 0.1%-0.6pp | 0.7%+0.5pp | 0.1%-1.1pp | 1.2% |
| Current Ratio | 1.180.0 | 1.190.0 | 1.200.0 | 1.21+0.0 | 1.16-0.0 | 1.190.0 | 1.190.0 | 1.20 |
| Debt-to-Equity | 0.360.0 | 0.370.0 | 0.380.0 | 0.39+0.0 | 0.340.0 | 0.35-0.0 | 0.36-0.0 | 0.38 |
| FCF Margin | 8.4%+6.8pp | 1.7%-7.0pp | 8.7%-1.7pp | 10.4%+0.9pp | 9.5%+44.6pp | -35.1%-32.0pp | -3.1%-12.5pp | 9.4% |
Similar Companies
Frequently Asked Questions
What is MarineMax US's annual revenue?
MarineMax US (HZO) reported $2.3B in total revenue for fiscal year 2025. This represents a -5.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is MarineMax US's revenue growing?
MarineMax US (HZO) revenue declined by 5% year-over-year, from $2.4B to $2.3B in fiscal year 2025.
Is MarineMax US profitable?
No, MarineMax US (HZO) reported a net income of -$31.6M in fiscal year 2025, with a net profit margin of -1.4%.
What is MarineMax US's EBITDA?
MarineMax US (HZO) had EBITDA of $83.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does MarineMax US have?
As of fiscal year 2025, MarineMax US (HZO) had $170.4M in cash and equivalents against $356.2M in long-term debt.
What is MarineMax US's gross margin?
MarineMax US (HZO) had a gross margin of 32.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is MarineMax US's operating margin?
MarineMax US (HZO) had an operating margin of 1.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is MarineMax US's net profit margin?
MarineMax US (HZO) had a net profit margin of -1.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is MarineMax US's return on equity (ROE)?
MarineMax US (HZO) has a return on equity of -3.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is MarineMax US's free cash flow?
MarineMax US (HZO) generated $11.9M in free cash flow during fiscal year 2025. This represents a 113.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is MarineMax US's operating cash flow?
MarineMax US (HZO) generated $72.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are MarineMax US's total assets?
MarineMax US (HZO) had $2.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are MarineMax US's capital expenditures?
MarineMax US (HZO) invested $60.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is MarineMax US's current ratio?
MarineMax US (HZO) had a current ratio of 1.20 as of fiscal year 2025, which is considered adequate.
What is MarineMax US's debt-to-equity ratio?
MarineMax US (HZO) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is MarineMax US's return on assets (ROA)?
MarineMax US (HZO) had a return on assets of -1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is MarineMax US's Altman Z-Score?
MarineMax US (HZO) has an Altman Z-Score of 1.76, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is MarineMax US's Piotroski F-Score?
MarineMax US (HZO) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are MarineMax US's earnings high quality?
MarineMax US (HZO) has an earnings quality ratio of -2.30x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can MarineMax US cover its interest payments?
MarineMax US (HZO) has an interest coverage ratio of 0.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is MarineMax US?
MarineMax US (HZO) scores 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.