MarineMax Inc
HZO—
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MarineMax Inc AI Insights
Informational only. Not investment advice.Snapshot
- Interest expense of 71.2M TTM exceeds operating income of 103.1M - debt servicing consumes 69% of operating profit[Interest Expense]
- Goodwill of 527M is 56% of equity (937M) - acquisition-heavy strategy creates impairment risk in downturn[Goodwill]
- EPS declined -49% 3Y CAGR while trading at P/E 20.8x vs industry median 11.9x - premium for deteriorating earnings[EPS Growth 3 Year]
Watch Triggers
- Interest Expense: Exceeds operating income for 2 consecutive quarters — Signals inability to service debt from operations - restructuring likely
- Inventory: Rises above 900M or days inventory exceeds 250 — Indicates demand collapse requiring margin-destroying discounts
- Free Cash Flow: Turns negative for 2+ quarters — Forces draw on credit facilities, accelerating debt spiral
Bull Case
Trading at 0.23x P/S vs industry median 0.32x and 1.4x P/B vs book value 43.67/share - deep value if cycle turns
PS RatioPB RatioBook Value Per Share
Gross margin 32.5% vs industry median 19.3% shows pricing power; operating leverage could drive rapid profit recovery
Gross MarginOperating Margin
Bear Case
Net income -31.6M TTM with 1.25B debt at rising rates - negative earnings spiral as interest compounds
Net IncomeTotal DebtInterest Expense
Inventory 867M (38% of assets) in discretionary boats - forced liquidation risk if demand weakens further
InventoryTotal AssetsWorking Capital
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
30%
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Forward Thesis
Debt burden likely forces asset sales or equity raise within 18 months absent margin recovery
1-3ymed
- Total debt 1.25B vs equity 937M (1.3x D/E)
- Current debt 751M due near-term
- FCF only 12M TTM insufficient for deleveraging
Interest expense 71M vs EBIT 34M TTMNet debt 937M vs market cap 520MInventory 867M ties up working capital
Valuation Context
Caveats
Public Strategies Rankings
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HZO Fundamentals
Retail Trade → Motor Vehicle and Parts Dealers
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$602.55M | — | ||
$1.66B | — | ||
0.00 | — | ||
$2.35B | -1.1% | — | |
$-2.59 | -98.2% | — | |
2.94% | -3.3% | — | |
-2.46% | -4.8% | — | |
$184.68M | — | ||
-5.98% | -11.7% | — | |
Beta 5Y (Monthly) | unknown | — |
HZO Dividend History
No dividends
HZO Stock Splits
No stock splits
HZO SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/29/26 | 12/31/25 | 10-Q | |
11/17/25 | 09/30/25 | 10-K | |
07/24/25 | 06/30/25 | 10-Q | |
04/24/25 | 03/31/25 | 10-Q | |
01/23/25 | 12/31/24 | 10-Q | |
11/14/24 | 09/30/24 | 10-K | |
07/25/24 | 06/30/24 | 10-Q | |
04/25/24 | 03/31/24 | 10-Q | |
01/25/24 | 12/31/23 | 10-Q | |
11/17/23 | 09/30/23 | 10-K | |
07/27/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
01/31/23 | 12/31/22 | 10-Q | |
11/18/22 | 09/30/22 | 10-K | |
07/28/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/01/22 | 12/31/21 | 10-Q | |
11/19/21 | 09/30/21 | 10-K | |
07/27/21 | 06/30/21 | 10-Q | |
04/27/21 | 03/31/21 | 10-Q | |
02/02/21 | 12/31/20 | 10-Q | |
12/02/20 | 09/30/20 | 10-K | |
07/28/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
01/30/20 | 12/31/19 | 10-Q | |
12/03/19 | 09/30/19 | 10-K | |
07/26/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
01/30/19 | 12/31/18 | 10-Q | |
11/29/18 | 09/30/18 | 10-K | |
07/31/18 | 06/30/18 | 10-Q | |
05/01/18 | 03/31/18 | 10-Q | |
01/31/18 | 12/31/17 | 10-Q | |
12/06/17 | 09/30/17 | 10-K | |
07/25/17 | 06/30/17 | 10-Q | |
05/02/17 | 03/31/17 | 10-Q | |
02/02/17 | 12/31/16 | 10-Q | |
12/06/16 | 09/30/16 | 10-K | |
08/03/16 | 06/30/16 | 10-Q | |
05/02/16 | 03/31/16 | 10-Q | |
02/04/16 | 12/31/15 | 10-Q | |
12/08/15 | 09/30/15 | 10-K | |
08/04/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
02/05/15 | 12/31/14 | 10-Q | |
12/11/14 | 09/30/14 | 10-K | |
08/05/14 | 06/30/14 | 10-Q | |
05/05/14 | 03/31/14 | 10-Q | |
02/06/14 | 12/31/13 | 10-Q | |
12/06/13 | 09/30/13 | 10-K | |
08/06/13 | 06/30/13 | 10-Q | |
05/07/13 | 03/31/13 | 10-Q | |
02/07/13 | 12/31/12 | 10-Q | |
12/07/12 | 09/30/12 | 10-K | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/07/12 | 12/31/11 | 10-Q | |
12/08/11 | 09/30/11 | 10-K | |
08/05/11 | 06/30/11 | 10-Q | |
05/02/11 | 03/31/11 | 10-Q | |
02/08/11 | 12/31/10 | 10-Q | |
12/02/10 | 09/30/10 | 10-K | |
08/09/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/08/10 | 12/31/09 | 10-Q | |
12/14/09 | 09/30/09 | 10-K | |
08/06/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/30/09 | 10-Q | |
02/09/09 | 12/31/08 | 4 | |
12/15/08 | 09/30/08 | 10-K | |
08/11/08 | 06/30/08 | 4 | |
05/09/08 | 03/30/08 | Unknown | -- |
02/11/08 | 12/31/07 | 4 | |
12/11/07 | 09/30/07 | 4 | |
08/02/07 | 06/30/07 | 4 | |
05/07/07 | 03/30/07 | Unknown | -- |
01/31/07 | 12/31/06 | 4 | |
12/14/06 | 09/30/06 | 4 | |
08/04/06 | 06/30/06 | 4 | |
05/10/06 | 03/30/06 | Unknown | -- |
02/09/06 | 12/31/05 | 10-Q | |
12/12/05 | 09/30/05 | 4 | |
08/09/05 | 06/30/05 | 4 | |
05/05/05 | 03/30/05 | Unknown | -- |
02/09/05 | 12/31/04 | 4 | |
12/13/04 | 09/30/04 | 4 | |
08/16/04 | 06/30/04 | 4 | |
05/17/04 | 03/30/04 | Unknown | -- |
02/17/04 | 12/31/03 | 4 | |
12/29/03 | 09/30/03 | 4 | |
08/14/03 | 06/30/03 | 4 | |
05/15/03 | 03/30/03 | Unknown | -- |
02/14/03 | 12/31/02 | 10-Q | |
12/17/02 | 09/30/02 | 10-K | |
08/13/02 | 06/30/02 | 10-Q | |
05/10/02 | 03/30/02 | Unknown | -- |
02/14/02 | 12/31/01 | 10-Q | |
12/20/01 | 09/30/01 | 10-K | |
08/14/01 | 06/30/01 | 10-Q | |
05/01/01 | 03/30/01 | Unknown | -- |
02/05/01 | 12/31/00 | 10-Q | |
12/27/00 | 09/30/00 | 10-K | |
08/03/00 | 06/30/00 | 10-Q | |
05/08/00 | 03/30/00 | Unknown | -- |