At a glance
MarineMax, Inc. is worth $1.16B. Revenue fell 5.0% to $2.31B in fiscal 2025, at a loss; over 5 years it has grown 8.9% a year. It pays no dividend; it spent $74.7M buying back its shares over FY2021–FY2025. The stock returned +91.6% over the past year with dividends reinvested and +0.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.3% in the 2020 crash (S&P 500: 33.7%) and 50.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
MarineMax sells recreational boats and yachts. It believes it is the world's largest boat and yacht retailer, marina operator and superyacht services company. As of September 30, 2025, it had over 120 locations worldwide, including over 70 retail dealerships from Florida to Washington state, and owned or operated over 65 marina and storage locations. It focuses on premium brands: its average new boat sold for about $339,000 in fiscal 2025 (year ended September 30, 2025), against an industry average of about $93,000 in calendar 2024.
Selling new and used boats is the core business. MarineMax also earns money from parts, engines, repairs, slip (dock space) and storage rentals, yacht brokerage and charters, and from arranging boat loans, insurance and extended service contracts. Since 2019 it has bought higher-margin businesses, including superyacht (very large luxury yacht) brokers Fraser Yachts and Northrop & Johnson and IGY Marinas, a network of luxury marinas in the Americas, the Caribbean, Europe and Asia.
MarineMax reports two segments. Retail Operations covers the dealerships, marinas and superyacht services. Product Manufacturing covers Cruisers Yachts, Aviara dayboats and Intrepid Powerboats, sold through MarineMax stores and independent dealers. New Brunswick boats, mainly Sea Ray and Boston Whaler, made up about 18% of fiscal 2025 revenue of $2.31 billion, and Azimut boats about 6%.
Price history
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HZO +91.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $611.3M, down 7% from a year earlier, and net income was $15.4M.
- For fiscal 2025, revenue was $2.31B (-5.0% year over year; +8.9% a year from FY2020 to FY2025) with a -1.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.9% good |
|---|---|
| Operating margin | 1.5% weak |
| Free cash flow margin | 0.5% watch |
| Return on equity (FY2025) | -3.4% weak |
| Return on assets (FY2025) | -1.3% weak |
| Net cash (cash minus debt) | $-796.2M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.51B | $74.6M | $291.9M |
| FY2021 | $2.06B | $155.0M | $347.8M |
| FY2022 | $2.31B | $198.0M | $18.1M |
| FY2023 | $2.39B | $109.3M | $-287.6M |
| FY2024 | $2.43B | $38.1M | $-86.1M |
| FY2025 | $2.31B | $-31.6M | $11.9M |
Valuation snapshot
| Market value | $1.16B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
MarineMax’s market value went from $504.0M at the end of 2016 to $1.16B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is up 119%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.16B | +118.8% |
| 2025 | $529.9M | -18.0% |
| 2024 | $646.1M | -25.1% |
| 2023 | $862.5M | +27.2% |
| 2022 | $678.1M | -47.5% |
| 2021 | $1.29B | +66.9% |
| 2020 | $773.2M | +115.9% |
| 2019 | $358.1M | -28.3% |
| 2018 | $499.5M | -0.3% |
| 2017 | $500.9M | -0.6% |
| 2016 | $504.0M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HZO price data to Oct 28, 2026 | +116.7% | +91.6% | +24.1% | +0.4% | +10.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +116.7% |
| 2025 | -16.3% |
| 2024 | -25.6% |
| 2023 | +24.6% |
| 2022 | -47.1% |
| 2021 | +68.5% |
| 2020 | +109.9% |
| 2019 | -8.8% |
| 2018 | -3.1% |
| 2017 | -2.3% |
| 2016 | +5.0% |
| 2015 | -8.1% |
| 2014 | +24.7% |
| 2013 | +79.9% |
| 2012 | +37.1% |
| 2011 | -30.3% |
| 2010 | +1.7% |
| 2009 | +171.1% |
| 2008 | -78.1% |
| 2007 | -40.2% |
| 2006 | -17.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 92.5% over that stretch · deepest drop along the way 92.7%, back to its old high 56.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 63.2% over that stretch · deepest drop along the way 63.3%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.6% over that stretch · deepest drop along the way 50.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (22 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.7% | Jun 30, 2025 |
| American Century Capital Portfolios, Inc. | 9.9% | Dec 31, 2025 |
| EMMA OMEGA LTD | 6.1% | Sep 18, 2026 |
| Dimensional Fund Advisors LP | 4.8% | Dec 31, 2025 |
ETFs with the most weight in HZO
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.22% |
| XRT SPDR S&P Retail ETF | 0.85% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 0.27% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.17% |
| IWC iShares Micro-Cap ETF | 0.13% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.08% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.08% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.08% |
What could go wrong
- Heavy reliance on Brunswick and Azimut. New Brunswick boats made up about 18% of fiscal 2025 revenue and Azimut about 6%. Dealer agreements let these makers restrict locations, approve ownership changes and pull exclusive territories if targets are missed.
- Florida concentration and weather exposure. A significant share of boat sales comes from Florida. Storms and severe weather can damage stores and marinas, and because boating is highly seasonal, bad weather in peak months can hurt results.
- Acquisitions may not pay off. Growth has leaned on buying dealers, marinas and superyacht firms, including IGY Marinas. Overpaying, integration trouble or writing down goodwill (the premium paid for acquisitions) could hurt results.
- Thin margins, fixed costs and heavy debt. In fiscal 2025, operating profit was 1.5% of sales, and the company lost $31.6 million. With largely fixed costs and $971 million of debt as of June 30, 2026, sales slumps hit profits hard.
- Interest rates and the economy drive demand. Boats are expensive nice-to-have purchases, often bought with loans. The company says higher interest rates have already hurt sales, and a weaker economy or tighter credit could cut demand further.
- Global reach brings currency and tariff risk. Marinas and superyacht businesses span the Americas, Caribbean, Europe and Asia. Currency swings, tariffs and the Ukraine and Middle East conflicts could raise costs or weaken demand.
Recent events
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
MarineMax does not pay a cash dividend, so the stock provides no income. Any return comes from share price changes, and a retiree needing cash would have to sell shares to get it. The company has used buybacks instead, spending about $74.7 million from fiscal 2021 through fiscal 2025, including $27.5 million in fiscal 2025. Even so, the share count rose about 1.6% between July 2021 and July 2026, so buybacks have not reduced it overall.
The shares have fallen hard in downturns. They dropped about 93% in the 2008 financial crisis and did not recover until November 2013, about 56 months later. In the 2020 COVID crash they fell about 63% but recovered in about 2.4 months. In the 2022 bear market they lost about 51% and had not regained their January 2022 high as of October 28, 2026. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does MarineMax make money?
MarineMax makes money by selling new and used recreational boats and yachts, with a focus on premium brands such as Sea Ray, Boston Whaler and Azimut. As of September 30, 2025, it had over 70 dealerships. It also earns money from parts, repairs, slip and storage rentals, the boat loans and insurance it arranges, superyacht brokerage and charters, and its IGY Marinas network. It also builds boats through Cruisers Yachts and Intrepid Powerboats. Revenue was $2.31 billion in fiscal 2025, which ended September 30, 2025.
Does MarineMax pay a dividend?
No. MarineMax does not pay cash dividends, and its annual report lists this among its risk factors. Instead, it has bought back shares, spending about $74.7 million from fiscal 2021 through fiscal 2025. Even with those buybacks, the share count rose about 1.6% between July 2021 and July 2026. For income investors, the stock pays no cash, so returns depend entirely on a share price that has swung widely.
Is MarineMax profitable?
Not in fiscal 2025. MarineMax lost $31.6 million, or $1.43 per share, as revenue fell 5% to $2.31 billion. Profit peaked at $198.0 million in fiscal 2022 and then fell each year, to $109.3 million in fiscal 2023 and $38.1 million in fiscal 2024. The company made a profit of $15.4 million in the quarter ended June 30, 2026, although revenue in that quarter fell 7% from a year earlier.
How much debt does MarineMax have?
As of June 30, 2026, MarineMax had about $971.0 million of total debt and $174.8 million of cash and investments. That leaves net debt (debt minus cash) of about $796.2 million. Shareholders' equity (assets minus liabilities) was $952.5 million. Boat dealers usually borrow to keep boats in stock. MarineMax warns that the cost and availability of borrowing affect both how much inventory it can hold and how easily customers can finance purchases.
How has MarineMax stock performed over the long run?
Unevenly. As of October 28, 2026, the shares had returned about 10.5% a year over 10 years but only about 0.4% a year over five years. Big swings are common: the stock fell about 47% in 2022, 26% in 2024 and 16% in 2025, then rose about 117% in 2026 through October 28. Its one-year beta of 1.6 means it has tended to move about 1.6 times as much as the broad market.