MarineMax, Inc.
- Open
- 33.05
- Day high
- 36.63
- Day low
- 32.40
- Prev close
- 33.57
- Volume
- 750K
- Mkt cap
- $800M
- P/E (TTM)
- 201.6
- EPS (TTM)
- $0.18
- P/B
- 0.8
- P/S
- 0.4
- Yield
- —
- Per share
- —
MarineMax, Inc. (HZO) is a Consumer Cyclical company listed on NYSE. The stock is up 57% over the past year. Drillr has 1 published research article covering HZO.
MarineMax, Inc. (HZO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HZO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $0.82 | $0.81 | -1.2% | $611M | -10.4% |
| Apr 23, 2026 | $-0.03 | $0.04 | +233.3% | $527M | -13.7% |
| Jan 29, 2026 | $-0.12 | $-0.21 | -75.0% | $505M | -17.2% |
| Nov 13, 2025 | $-0.15 | $-0.04 | +73.3% | $552M | +9.8% |
| Jul 24, 2025 | $1.16 | $0.49 | -57.8% | $657M | +23.4% |
| Apr 24, 2025 | $0.16 | $0.23 | +43.8% | $632M | +9.1% |
| Jan 23, 2025 | $-0.18 | $0.17 | +194.4% | $468M | -18.6% |
| Oct 31, 2024 | $0.18 | $0.24 | +33.3% | $563M | -4.2% |
| Jul 25, 2024 | $1.40 | $1.51 | +7.9% | $758M | +4.4% |
| Apr 25, 2024 | $0.73 | $0.18 | -75.3% | $583M | -1.2% |
| Jan 25, 2024 | $0.56 | $0.19 | -66.1% | $527M | +1.0% |
| Oct 26, 2023 | $0.74 | $0.69 | -6.8% | $595M | +11.6% |
HZO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 15, 2026 | Borst George Edirector | Option | 5,000 | $16.97 |
| Jan 2, 2026 | Johnson Adam M.director | Grant | 825 | $24.23 |
| Nov 20, 2025 | Alvare Manuel A. IIIofficer: General Counsel | Option | 3,000 | — |
| Nov 20, 2025 | Alvare Manuel A. IIIofficer: General Counsel | Tax | 731 | $22.38 |
| Nov 18, 2025 | Johnson Adam M.director | Grant | 6,309 | — |
| Nov 18, 2025 | White Rebeccadirector | Option | 4,633 | — |
| Nov 18, 2025 | Cassella Anthony E. Jr.officer: EVP of Finance & CAO | Grant | 2,715 | — |
| Nov 18, 2025 | Langbehn Kyleofficer: EVP, President of Retail | Grant | 28,499 | — |
| Nov 18, 2025 | Alvare Manuel A. IIIofficer: General Counsel | Grant | 6,057 | — |
| Nov 18, 2025 | MCLAMB MICHAEL Hofficer: Executive VP, CFO and Sec | Grant | 7,316 | — |
| Nov 18, 2025 | MCLAMB MICHAEL Hofficer: Executive VP, CFO and Sec | Grant | 18,982 | — |
| Nov 18, 2025 | Romero Mercedesdirector | Grant | 6,309 | — |
| Nov 18, 2025 | McGill W Brettdirector, officer: CEO & President | Grant | 84,993 | — |
| Nov 18, 2025 | Cassella Anthony E. Jr.officer: EVP of Finance & CAO | Grant | 7,030 | — |
| Nov 18, 2025 | Almeida Odilondirector | Grant | 6,309 | — |
Source: HZO SEC Form 4 filings, latest May 15, 2026. For informational purposes only — not investment advice.
See the full HZO insider & 13F page →MarineMax, Inc. company profile
Overview
MarineMax, Inc. (NYSE:HZO) is a leading recreational boat and yacht retailer and superyacht services company founded in 1998 and headquartered in Clearwater, Florida. The company went public in June 1998 and has grown through both organic expansion and strategic acquisitions to become one of the largest recreational marine retailers in the United States. MarineMax operates through two primary segments: Retail Operations, which encompasses boat and yacht sales along with related services, and Product Manufacturing, which includes yacht production capabilities. The company has expanded significantly beyond traditional boat retail to include marina operations, superyacht services, and vacation experiences, positioning itself as a comprehensive marine lifestyle company.
Business
MarineMax operates in the recreational marine industry, serving customers who purchase boats and yachts for leisure activities such as fishing, cruising, and water sports. The marine retail industry involves selling new and used watercraft ranging from small fishing boats to luxury mega-yachts, along with providing related services and accessories. The company's core business revolves around boat and yacht retail sales, offering everything from pontoon boats and ski boats to sport cruisers, motor yachts, and mega-yachts. These vessels serve different recreational purposes - pontoon boats are popular for family leisure activities, fishing boats cater to anglers, while luxury yachts provide premium cruising experiences. MarineMax sells both new boats from manufacturer partners and pre-owned vessels through its extensive dealer network. Beyond boat sales, the company has diversified into several complementary business segments: 1. Marina Operations and Superyacht Services (approximately 15-20% of revenue): Through its IGY Marinas division, MarineMax operates luxury marinas worldwide, providing docking, maintenance, and concierge services for yacht owners. This includes prestigious locations in the Mediterranean, Caribbean, and United States. 2. Finance and Insurance Services (approximately 8-12% of revenue): The company arranges boat financing and various insurance products including property, casualty, and specialty marine coverage for customers. 3. Parts, Service, and Storage (approximately 20-25% of revenue): This includes marine electronics, dock equipment, boat covers, engine parts, maintenance services, and boat storage facilities. 4. Product Manufacturing (approximately 5-10% of revenue): Through acquisitions like Intrepid Powerboats, the company manufactures sport yachts and specialty vessels. 5. Vacation Experiences: MarineMax operates charter services and vacation experiences, including operations in the British Virgin Islands. The company operates 79 retail locations across 21 states, primarily concentrated in coastal and lake regions where recreational boating is popular.
Revenue model
MarineMax generates revenue through multiple complementary business models that capitalize on different aspects of the marine lifestyle ecosystem. Product Sales Revenue represents the largest portion of the business, derived from selling new and used boats, yachts, and marine equipment. The company earns gross margins of approximately 30-35% on boat sales, with higher margins typically achieved on luxury and premium vessels. Revenue is generated through direct retail sales at their dealership locations, with customers paying either cash or through financing arrangements. Service-Based Revenue comes from multiple streams including boat maintenance and repair services, marina operations, and yacht management services. These services typically command higher margins (40-50%) and provide more predictable recurring revenue compared to boat sales. Marina operations generate revenue through slip rentals, fuel sales, and ancillary services for yacht owners. Financial Services Revenue is earned through commissions on boat loans and insurance products arranged for customers. This creates additional revenue streams from each boat sale without requiring significant capital investment. Manufacturing Revenue comes from producing boats under owned brands like Intrepid Powerboats, allowing the company to capture manufacturing margins in addition to retail margins. Several factors significantly impact MarineMax's profitability margins. Economic conditions heavily influence discretionary spending on recreational boats, as these are luxury purchases that consumers defer during economic uncertainty. Interest rates affect both consumer financing costs and the company's inventory financing expenses. Fuel prices impact boating costs and consumer demand. Weather patterns and natural disasters, particularly hurricanes in key Florida markets, can disrupt operations and damage inventory. Manufacturer pricing and inventory availability affect gross margins, with supply constraints sometimes leading to promotional pricing pressures. The company's focus on higher-margin services and premium products helps offset cyclical pressures in the core boat retail business.
Competitive moat
MarineMax possesses a moderate competitive moat built primarily around scale advantages, geographic positioning, and service integration, though the recreational marine retail industry remains highly competitive with relatively low barriers to entry. The company's primary competitive advantages include its extensive geographic footprint with 79 strategically located dealerships in prime boating markets, creating convenience for customers and economies of scale in operations. This scale enables better relationships with boat manufacturers, potentially securing better inventory allocation and pricing terms compared to smaller independent dealers. Diversification beyond pure boat retail strengthens the company's position by creating multiple revenue streams and reducing dependence on cyclical boat sales. The IGY Marinas portfolio provides access to high-net-worth yacht owners and creates recurring revenue streams that are less economically sensitive than boat purchases. The integrated service model - combining sales, financing, insurance, service, and storage - creates customer stickiness and cross-selling opportunities. Brand relationships and inventory management provide some competitive advantages, as MarineMax's size and track record help secure preferred dealer status with premium boat manufacturers. The company's sophisticated inventory management and data analytics capabilities, developed over decades, help optimize product mix and reduce carrying costs. However, the moat faces significant challenges. Low barriers to entry in boat retail mean new competitors can enter local markets relatively easily. Manufacturer relationships are not exclusive, and boat brands can establish new dealers or sell direct to consumers. Economic cyclicality makes the business vulnerable to downturns that can quickly erode profitability. Digital disruption poses risks as online boat sales platforms and direct manufacturer sales could bypass traditional dealers. The company's Boatzon platform represents an attempt to address this threat, but it remains early-stage. Competition comes from independent boat dealers, other regional chains, and potentially direct manufacturer sales. The fragmented nature of the industry means MarineMax competes primarily on local market presence, service quality, and brand selection rather than having significant structural advantages.
Risks & safety
MarineMax presents a moderate margin of safety with adequate liquidity but elevated leverage and cyclical earnings volatility. Liquidity and Solvency: - Cash position: $203.5 million as of Q2 2025, providing reasonable liquidity buffer - Current ratio: 1.16, indicating tight but adequate short-term liquidity - Quick ratio: 0.31, showing heavy reliance on inventory conversion for liquidity - Debt-to-equity ratio: 1.34, representing elevated leverage for a cyclical retail business - Free cash flow: $59.8 million in Q2 2025, positive but volatile across quarters Valuation Metrics: - P/E ratio: 36.8x (Q2 2025), elevated due to cyclically depressed earnings - EV/EBITDA: 11.5x, reasonable for a specialty retailer but reflects current margin pressures - Price-to-book: 0.49x, suggesting potential asset value but may reflect inventory risks - Graham number suggests potential undervaluation, though earnings volatility complicates assessment Other Considerations: - Heavy inventory exposure ($1+ billion) creates working capital risks and potential write-down exposure - Seasonal and cyclical earnings create unpredictable cash flow patterns - Hurricane and weather exposure in key Florida markets adds operational risk - Interest rate sensitivity affects both customer demand and inventory financing costs
Recent development
Over the past several years, MarineMax has executed a strategic transformation from a traditional boat retailer into a diversified marine lifestyle company. The most significant development has been the expansion into marina operations and superyacht services, highlighted by the acquisition of IGY Marinas, which operates luxury marinas globally including prestigious locations in the Mediterranean and Caribbean. This move provides access to high-net-worth customers and creates recurring revenue streams less dependent on economic cycles. The company has also focused on vertical integration through manufacturing acquisitions, including Intrepid Powerboats and securing rights to the Aviara brand. These acquisitions allow MarineMax to capture manufacturing margins and better control product quality and availability. The creation of a dedicated SuperYacht Division (SYD) integrates multiple yacht-related services under one umbrella, targeting the ultra-high-net-worth segment. Digital transformation initiatives include the development of the Boatzon platform for online boat sales and enhanced data analytics capabilities for precision marketing. The company has invested in technology to improve customer experience and operational efficiency while building defenses against digital disruption. Recent operational developments include strategic cost reduction programs targeting $20-25 million in annual savings through store consolidations and workforce optimization. The company has also expanded premium brand partnerships, including broader distribution of Cruisers Yachts across southern markets. Despite facing challenges from hurricanes in key Florida markets and industry-wide promotional pressures, MarineMax has maintained its focus on higher-margin businesses and premium market segments while navigating a challenging retail environment marked by elevated inventory levels and consumer uncertainty around tariffs and economic conditions.
HZO company profile · for informational purposes only — not investment advice.
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