Marinemax Inc

HZO

Retail-Auto & Home Supply Stores

Mkt Cap

$609.8M

PE

9.86

Debt

$1.109B

Cash

$216.7M

EV

$1.502B

FCF

-$150.9M

Market Cap

$609.8M

P/E Ratio

9.86

Debt

$1.109B

Cash

$216.7M

EV

$1.502B

FCF

-$150.9M

Charts data: {"Earnings":[{"time":"2014-09-29","value":11272000},{"time":"2015-09-29","value":48292000},{"time":"2016-09-29","value":22582000},{"time":"2017-09-29","value":23547000},{"time":"2018-09-29","value":39312000},{"time":"2019-09-29","value":35985000},{"time":"2020-09-29","value":74634000},{"time":"2021-09-29","value":154979000},{"time":"2022-09-29","value":197989000},{"time":"2023-09-29","value":109282000}],"Sales":[{"time":"2014-09-29","value":624692000},{"time":"2015-09-29","value":751370000},{"time":"2016-09-29","value":942050000},{"time":"2017-09-29","value":1052320000},{"time":"2018-09-29","value":1177371000},{"time":"2019-09-29","value":1237153000},{"time":"2020-09-29","value":1509713000},{"time":"2021-09-29","value":2063257000},{"time":"2022-09-29","value":2308098000},{"time":"2023-09-29","value":2394706000}],"Net Margins":[{"time":"2014-09-29","value":0.018044092128600975},{"time":"2015-09-29","value":0.06427192994130722},{"time":"2016-09-29","value":0.02397112679794066},{"time":"2017-09-29","value":0.022376273376919567},{"time":"2018-09-29","value":0.033389645235019375},{"time":"2019-09-29","value":0.029086943975401586},{"time":"2020-09-29","value":0.04943588615849503},{"time":"2021-09-29","value":0.07511376430565848},{"time":"2022-09-29","value":0.08578015318240387},{"time":"2023-09-29","value":0.04563482949472712}],"Assets":[{"time":"2014-09-29","value":402681000},{"time":"2015-09-29","value":467622000},{"time":"2016-09-29","value":546688000},{"time":"2017-09-29","value":639990000},{"time":"2018-09-29","value":640538000},{"time":"2019-09-29","value":784083000},{"time":"2020-09-29","value":775319000},{"time":"2021-09-29","value":1007823000},{"time":"2022-09-29","value":1352771000},{"time":"2023-09-29","value":2421305000}],"Stockholders Equity":[{"time":"2014-09-29","value":239295000},{"time":"2015-09-29","value":283645000},{"time":"2016-09-29","value":312473000},{"time":"2017-09-29","value":302198000},{"time":"2018-09-29","value":353092000},{"time":"2019-09-29","value":368819000},{"time":"2020-09-29","value":455397000},{"time":"2021-09-29","value":594892000},{"time":"2022-09-29","value":782666000},{"time":"2023-09-29","value":918417000}],"ROE":[{"time":"2014-09-29","value":0.04710503771495435},{"time":"2015-09-29","value":0.17025507236157875},{"time":"2016-09-29","value":0.07226864401084254},{"time":"2017-09-29","value":0.07791911263476264},{"time":"2018-09-29","value":0.11133642223556467},{"time":"2019-09-29","value":0.09756818385169962},{"time":"2020-09-29","value":0.16388777264672363},{"time":"2021-09-29","value":0.2605161945361511},{"time":"2022-09-29","value":0.2529674216076845},{"time":"2023-09-29","value":0.11898952218872255}],"ROA":[{"time":"2014-09-29","value":0.03821138817078531},{"time":"2015-09-29","value":0.054171959403107636},{"time":"2016-09-29","value":0.07362883399672208},{"time":"2017-09-29","value":0.07076516820575321},{"time":"2018-09-29","value":0.098640517814712},{"time":"2019-09-29","value":0.0772010106072954},{"time":"2020-09-29","value":0.1376401197442601},{"time":"2021-09-29","value":0.2078331214905792},{"time":"2022-09-29","value":0.1960450068784739},{"time":"2023-09-29","value":0.08293131183390774}]}

MarineMax, Inc. operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates in two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, e-power yachts, pontoon boats, ski boats, jet boats, and other recreational boats. It also offers marine parts and accessories comprising marine electronics; dock and anchoring products that include boat fenders, lines, and anchors; boat covers; trailer parts; water sport accessories, which comprise tubes, lines, wakeboards, and skis; engine parts; oils; lubricants; steering and control systems; corrosion control products and service products; high-performance accessories, including propellers and instruments; and a line of boating accessories, such as life jackets, inflatables, and water sports equipment. In addition, the company provides novelty items, such as shirts, caps, and license plates; marine engines and equipment; maintenance, repair, and slip and storage accommodation services; and boat or yacht brokerage services, as well as charters yachts and power catamarans. Further, it offers new or used boat finance services; arranges insurance coverage, including boat property, disability, undercoating, gel sealant, fabric protection, and casualty insurance coverage; and manufactures and sells sport yachts and yachts. Additionally, the company operates vacations in Tortola and British Virgin Islands. It also markets and sells its products through offsite locations and print catalog. MarineMax, Inc. was incorporated in 1998 and is based in Clearwater, Florida.

Sector

10-K
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Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 25%

Earnings Stability 63%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been increasing indicating a higher marginal ROA with respect to the calculated one, giving a good sign for continued growth.

Years	09-2015	09-2016	09-2017	09-2018	09-2019	09-2020	09-2021	09-2022	09-2023	TTM
Net Margin	6.4%	2.4%	2.2%	3.3%	2.9%	4.9%	7.5%	8.6%	4.6%	2.5%
ROA	5.4%	7.4%	7.1%	9.9%	7.7%	14%	21%	20%	8.3%	5.7%
ROE	17%	7.2%	7.8%	11%	9.8%	16%	26%	25%	12%	6.6%

What is the average Net Margin?

The average Net Margin over the past 5 years is +5.31%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +0.73%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +13.34%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.99%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +16.75%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +1.72%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Under the assumption that FCF does not diminish and debt does not increase, the current years to repay the debt are acceptable.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	09-2015	09-2016	09-2017	09-2018	09-2019	09-2020	09-2021	09-2022	09-2023	TTM
Debt FCF	-19.01	16.74	-26.42	3.76	-10.58	0.52	0.22	9.96	-3.34	-7.35
Debt Equity	0.48	0.53	0.84	0.60	0.85	0.33	0.13	0.23	1.05	1.18
MIN
Graham Stability	-	-	86%	100%	100%	100%	100%	100%	77%	77%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -7.35.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is 0.74.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.77.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has not been increasing in the past years.

Years	09-2016	09-2018	09-2020	09-2022	Trend
Revenue	14%	15%	17%	3.8%	-0.78%
Net Income	25%	23%	14%	-45%	-17%
Stockholders Equity	17%	21%	26%	17%	2.2%
FCF	-	-	-	-	-110%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +15.26%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -0.78%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +22.69%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -16.71%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +21.07%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +2.23%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -113.93%.