Marinemax Inc

Consumer Discretionary
Auto & Home Supply Stores
www.marinemax.com

Earnings Score
Moat Score
Safety Score

Market Cap $699.88M
PE 18
Debt $1.10B
Cash $224.33M
EV $1.58B
FCF -$86.08M

Earnings

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Sales & Net Margins

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Earnings	$38.07M
EBIT	$128.23M
ROE	4%
ROA	5%
FCF	-$86.08M
Equity	$986.25M
Growth Stability	25%
PE	18.39
PEG	5.3
PB	0.71
P/FCF	-8.13
P/S	0.29
Price/Cash	0.32
Debt/Equity	1.12
Debt/FCF	-12.78
Net Margins	2%
Gross Margins	33%
Op. Margins	5%
Earnings CAGR	21%
Sales Growth YoY	-5%
Sales Growth QoQ	-26%
Sales CAGR	15%
FCF CAGR	7%
Equity CAGR	16%
Earnings Stability	0.46
Earnings Growth YoY	-73%
Earnings Growth QoQ	-87%

Earnings CAGR 5Y	3%
Sales CAGR 5Y	15%
FCF CAGR 5Y	3%
Equity CAGR 5Y	24%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
FCF CAGR 3Y	-5%
Equity CAGR 3Y	17%
Market Cap	$699.88M
Revenue	$2.43B
Assets	$2.61B
Total Debt	$1.10B
Cash	$224.33M
Shares Outstanding	22.26M
EV	1.58B
Earnings Score	65%
Moat Score	52%
Safety Score	38%
Final Score	52%
Working Capital	204.07M
Current Ratio	1.19
Gross Profit	$801.20M
Shares Growth 3y	1%
Equity Growth QoQ	1%
Equity Growth YoY	7%

Assets & ROA

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Stockholders Equity & ROE

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MarineMax Inc is a United-States-based company that sells new and used recreational boats under premium brands, and related marine products, like engines, parts, and accessories. The company is also engaged in other businesses, including providing services of repair, maintenance and storage; managing related boat financing, insurance, and others; offering brokerage sales of boats and yachts; and operating a yacht charter business. The sale of new and used boats account for the majority of the company's total revenue.

SEC Filings

Direct access to Marinemax Inc (HZO) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Marinemax Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Marinemax Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 21%

Stability 46%

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Marinemax Inc Discounted Cash Flow

Fully customizable DCF calculator online for Marinemax Inc.

Years

Calculation mode

= -$1.3B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$86M	-$92M	-$98M	-$104M	-$111M	-$118M	-$126M	-$134M	-$142M	-$152M	-$162M	-$1.6B
DCF		-$83M	-$81M	-$78M	-$76M	-$73M	-$71M	-$69M	-$66M	-$64M	-$62M	-$623M
Value	-$1.3B

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.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Net Margins	6%	2%	2%	3%	3%	5%	8%	9%	5%	2%	2%
ROA	-	7%	7%	10%	8%	14%	21%	20%	8%	5%	5%
ROE	-	7%	8%	11%	10%	16%	26%	25%	12%	4%	4%

Bad Net Margins (1.57%)

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

Safety and Stability

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.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Debt over FCF	-	16.74	-26.42	3.76	-10.58	0.52	0.22	9.96	-3.34	-12.78	-12.78
Debt over Equity	0.48	0.53	0.84	0.6	0.85	0.33	0.13	0.23	1.05	1.12	1.12
Growth Stability	-	-	-	100%	100%	100%	100%	100%	77%	25%	25%

Good Debt/FCF ratio (-12.78)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Neutral Debt/Equity ratio (1.12)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (25%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

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.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	CAGR 5Y
Revenue YoY growth	-	25%	12%	12%	5%	22%	37%	12%	4%	2%	15%
Earnings YoY growth	-	-53%	4%	67%	-8%	107%	108%	28%	-45%	-65%	3%
Equity YoY growth	-	10%	-3%	17%	4%	23%	31%	32%	17%	7%	24%
FCF YoY growth	-	-238%	-197%	-688%	-152%	-1K%	19%	-95%	-2K%	-70%	3%