MarineMax Inc (HZO) stock analysis
Close on Nov 12, 2026Market cap $1.17BP/E 377.1Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak5 of 30 checks passed
MarineMax passes 5 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 1/6
- Past performance
- 1/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Debt covered by cash flow
Operating cash flow over the last twelve months equals 22.6% of total debt.
P/B below the industry
MarineMax's price-to-book of 1.22 is below the Automotive Dealers and Gasoline Service Stations median of 1.59.
Gross margin improving
Gross margin was 34.2% over the last twelve months, against 32.4% a year earlier.
Net margin above the industry
MarineMax's net margin of 0.2% is above the Automotive Dealers and Gasoline Service Stations median of -1.9%.
What to watch
Return on equity under 15%
Return on equity was 0.4% over the last twelve months and averaged 14.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 3.6%, below the 10% that usually covers the cost of capital.
High debt
Debt is 102% of shareholders' equity, above the 40% we consider low.
Revenue growing under 10% a year
Revenue grew 0.0% a year over the last three fiscal years, short of the 10% we look for.
Valuation1/6
P/E above its 5-year median
MarineMax's P/E of 377.1 is above its own 5-year median of 6.9.
P/E above the industry
MarineMax's P/E of 377.1 is above the Automotive Dealers and Gasoline Service Stations median of 15.6.
EV/EBITDA above its 5-year median
MarineMax's EV/EBITDA of 16.8 is above its 5-year median of 7.3.
P/B below the industry
MarineMax's price-to-book of 1.22 is below the Automotive Dealers and Gasoline Service Stations median of 1.59.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth1/6
Revenue growing under 10% a year
Revenue grew 0.0% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew -5.4% over the last twelve months; the Automotive Dealers and Gasoline Service Stations median is 4.4%.
Guidance unchanged
The latest outlook (fiscal 2026 adjusted net income 1,2 in the range of $0.40 to $0.95 per diluted share, Jul 23, 2026) was maintained, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 34.2% over the last twelve months, against 32.4% a year earlier.
Past performance1/6
Return on equity under 15%
Return on equity was 0.4% over the last twelve months and averaged 14.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 3.6%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
MarineMax's return on equity of 0.4% is below the Automotive Dealers and Gasoline Service Stations median of 11.8%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was 0.2% over the last twelve months, against a 5-year average of 4.2%.
Net margin above the industry
MarineMax's net margin of 0.2% is above the Automotive Dealers and Gasoline Service Stations median of -1.9%.
Financial health2/6
High debt
Debt is 102% of shareholders' equity, above the 40% we consider low.
Debt rising against equity
Debt to equity rose from 33.4% five years ago to 102%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 22.6% of total debt.
Interest not well covered
Operating income covers interest expense 1.1 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 1.23 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.08; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
MarineMax has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for MarineMax. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 6.9
- Automotive Dealers and Gasoline Service Stations median 15.6
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $40.80M
- Value traded per 1% price move
- $290.14M
Downside
Low risk
- Typical loss in a bad month
- 12.9%
- Volatility (annualized)
- 63%
- Sharpe ratio, 1 year
- 1.89
- Beta to the S&P 500 (5Y)
- 1.36
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -5.0% | +0.0% | +8.9% | +11.9% | |
| Gross profit | -6.4% | -2.4% | +13.5% | +15.0% | |
| Operating income | -73.5% | -49.6% | -20.4% | +3.0% | |
| Free cash flow | – | -13.0% | -47.2% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 7.6% | 18.1% | -3.3% | |
| Return on assets | 4.5% | 9.6% | -1.2% | |
| Current ratio | 1.69 | 1.85 | 1.20 | |
| Debt to equity | – | 0.33 | 1.18 | |
| Net debt to EBITDA | – | -0.03× | 11.25× | |
| Interest coverage | 7.4× | 11.5× | 0.5× | |
| Inventory turnover | 2.4× | 2.9× | 1.8× | |
| Capex to revenue | 1.4% | 0.8% | 2.6% | |
| Diluted shares | 25M | 22M | 22M |
Where the cash went
Fiscal 2021 to 2025, five years combined
MarineMax generated $771.18M from operations and spent $345.96M on capital expenditure, dividends and share buybacks. 78% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.4% | 0.91× | 2.65× | -3.3% |
| FY2024 | 1.6% | 0.97× | 2.66× | 4.0% |
| FY2023 | 4.6% | 1.27× | 2.22× | 12.9% |
| FY2022 | 8.6% | 1.96× | 1.71× | 28.7% |
| FY2021 | 7.5% | 2.31× | 1.70× | 29.5% |
| FY2020 | 4.9% | 1.94× | 1.89× | 18.1% |
| FY2019 | 2.9% | 1.74× | 1.97× | 10.0% |
| FY2018 | 3.3% | 1.84× | 1.95× | 12.0% |
| FY2017 | 2.2% | 1.77× | 1.93× | 7.7% |
| FY2016 | 2.4% | 1.86× | 1.70× | 7.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$31.63M
- Cash generatingOperating cash flow above zero$72.81M
- Return on assets improvedROA up on the prior year1.6% → -1.2%
- Earnings backed by cashOperating cash flow above net income$72.81M vs -$31.63M
- Less leverageLong-term debt to assets fell13.7% → 14.4%
- Better liquidityCurrent ratio rose1.19 → 1.20
- No dilutionShare count did not rise23M → 22M
- Gross margin improvedGross margin up on the prior year32.96% → 32.49%
- More efficientAsset turnover rose1.00 → 0.89
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