# MarineMax, Inc. (HZO)

> Source: Nexqual · https://nexqual.com/HZO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MarineMax, Inc. (HZO), nexqual.com/HZO" · informational, not investment advice.

**Price:** USD 52.38 (-0.08% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 52.42 · day 52.38–52.65 · 52w 21.42–52.65 · market cap $1.16B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.20B, net income $4.0M (0.2% margin), free cash flow $178M (SEC filings).
- Valuation: P/E 290.2x (avg 14.0x at the last 2 fiscal year-ends), EV/EBITDA 11.4x, net debt $188M.
- 2 of 80 tracked superinvestors hold HZO (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 2.89 on a 1–5 scale) (9 analysts), mean target USD 49.4 (range 35–53).
- Total return with dividends: 1Y +99.8% vs S&P 500 +14.9%; 5Y +12.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 0.05, revenue estimate $543M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.06B | $2.31B | $2.39B | $2.43B | $2.31B | $2.20B |
| Gross profit | $659M | $806M | $835M | $801M | $750M | — |
| Operating income | $209M | $265M | $201M | $128M | $34.0M | $66.8M |
| Net income | $155M | $198M | $109M | $38.1M | -$31.6M | $4.0M |
| EPS (diluted) | $6.78 | $8.84 | $4.87 | $1.65 | -$1.43 | — |
| Free cash flow | $348M | $18.1M | -$288M | -$86.1M | $11.9M | $178M |
| Gross margin | 32.0% | 34.9% | 34.9% | 33.0% | 32.5% | — |
| Operating margin | 10.2% | 11.5% | 8.4% | 5.3% | 1.5% | 3.0% |
| Net margin | 7.5% | 8.6% | 4.6% | 1.6% | -1.4% | 0.2% |
| Revenue growth | +36.7% | +11.9% | +3.8% | +1.5% | -5.0% | — |
| Cash + short-term investments | $222M | $228M | $201M | $224M | $170M | — |
| Total debt | $51.7M | $48.7M | $425M | $391M | $393M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 290.2x · P/S 0.5x · EV/EBITDA 11.4x · EV/Sales 0.6x · P/FCF 6.5x · P/B 1.2x · FCF yield 15.39% · Earnings yield 0.34% · Net debt $188M · EV $1.34B
P/E at fiscal year-ends: Sep 2024 21.3x, Sep 2023 6.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold HZO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $13.9M | Added +12.6% |
| Polen Capital | Polen Capital Management | <0.01% | $247K | New position |

## Analysts
Consensus Hold (mean 2.89 on a 1–5 scale), 9 analysts; mean target USD 49.4 (low 35, high 53).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Citigroup | Downgrade | Buy → Neutral | $41 → $53 |
| 2026-08-12 | Truist Securities | Downgrade | Buy → Hold | $39 → $53 |
| 2026-08-11 | Loop Capital | Downgrade | Buy → Hold |  |
| 2026-08-11 | Benchmark | Downgrade | Buy → Hold |  |
| 2026-07-21 | B. Riley Securities | Downgrade | Buy → Neutral | $35 |
| 2026-07-06 | Truist Securities | Target raised | Buy | $34 → $39 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +99.8% | +12.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +100.3% | +2.3% |
| Volatility (annualized) | 59.0% | 50.1% |
| Max drawdown | -21.8% (Oct 2025→Nov 2025) | -68.2% (Dec 2021→Apr 2025) |

## Peers (Specialty Retail)
WINA (Winmark Corporation) USD 285.97 +1.85% · EYE (National Vision Holdings, Inc.) USD 18.87 +6.49% · SVV (Savers Value Village, Inc.) USD 9.85 -0.30% · ARHS (Arhaus, Inc.) USD 11.53 +5.39% · SBH (Sally Beauty Holdings, Inc. (Na) USD 17.62 +6.14% · WOOF (Petco Health and Wellness Compa) USD 2.53 +9.52%

## More
Full page: https://nexqual.com/HZO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HZO's own 10-K filed 2025-11-17 (https://www.sec.gov/Archives/edgar/data/1057060/000119312525284680/hzo-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | BRUNSWICK CORP (BC) | "We are the largest retailer of Sea Ray and Boston Whaler recreational boats which are manufactured by Brunswick Corporation ("Brunswick")." |
| Partner | Wells Fargo Commercial Distribution Finance | "We are party to a Credit Agreement with Manufacturers and Traders Trust Company as Administrative Agent, Swingline Lender, and Issuing Bank, Wells Fargo Commercial Distribution Finance, LLC, as Floor Plan Agent, and the …" |

Other companies that name HZO in their own reports (relationship from HZO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | MasterCraft Boat Holdings, Inc. (MCFT) | 10-K 2026-09-10 | "MarineMax also assumed Aviara's customer care, warranty liability and administration." |
| supplier | BRUNSWICK CORP (BC) | 10-K 2026-02-13 | "The Boat Group's largest dealer, MarineMax, Inc., is a significant external customer that carries a number of the Boat Group's product lines and has multiple locations." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Retail Operations | $609.1M | 99.7% | -7.1% | $37.2M | 6.1% |
| Product Manufacturing | $33.3M | 5.4% | +3.5% | -$554,000 | -1.7% |
| Total revenue | $611.3M | 100% | — | $37.2M | 6.1% |
The lines above cover 105.1% of total revenue.

## Revenue by region (fiscal year ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.17B | 93.8% | -6.2% |
| Non Us | $143.7M | 6.2% | +18.7% |
| Total revenue | $2.31B | 100% | — |

## Company outlook (8-K filed 2026-07-23)

- "Fiscal 2026 Guidance ~ ~ Earnings Conference Call at 10:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.08 | -43.5% | $542.8M | 9 |
| Next quarter (ends 2026-12-31) | $0.01 | $-0.14 | -110.0% | $512.0M | 5 |
| Current fiscal year (ends 2026-09-30) | $0.71 | $0.72 | -1.8% | $2.20B | 9 |
| Next fiscal year (ends 2027-09-30) | $1.57 | $1.62 | -2.8% | $2.29B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±4.4%; last 8 reports averaged ±7.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 16.0% | ±4.4% |
| 2027-01-15 | 84 | 9.2% | ±4.6% |
| 2027-04-16 | 175 | 8.0% | ±5.1% |