# Malibu Boats, Inc. (MBUU)

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

**Price:** USD 22.66 (+3.75% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 21.84 · day 21.5–22.76 · 52w 21.16–34.97 · market cap $446M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $915M, net income $1.7M (0.2% margin), free cash flow $42.8M (SEC filings).
- Valuation: P/E 269.8x (avg 181.3x at the last 2 fiscal year-ends), EV/EBITDA 14.8x, net debt $90.6M.
- Earnings quality: non-operating income -$652K vs operating income $3.1M over the last four quarters; P/E excluding non-operating income ≈211.5x (estimate: non-operating income taxed at the company's 30.2% effective rate).
- 1 of 80 tracked superinvestors hold MBUU (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (10 analysts), mean target USD 35.13 (range 30–42).
- Total return with dividends: 1Y -33.4% vs S&P 500 +14.9%; 5Y -67.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.24, revenue estimate $258M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.21B | $1.39B | $829M | $808M | $915M | $915M |
| Gross profit | $310M | $351M | $147M | $144M | $147M | — |
| Operating income | $214M | $145M | -$55.9M | $21.8M | $3.1M | $3.1M |
| Net income | $158M | $105M | -$55.9M | $14.9M | $1.7M | $1.7M |
| EPS (diluted) | $7.51 | $5.06 | -$2.74 | $0.76 | $0.09 | — |
| Free cash flow | $110M | $130M | -$20.4M | $28.6M | $42.8M | $42.8M |
| Gross margin | 25.5% | 25.3% | 17.7% | 17.8% | 16.0% | — |
| Operating margin | 17.6% | 10.4% | -6.7% | 2.7% | 0.3% | 0.3% |
| Net margin | 13.0% | 7.5% | -6.7% | 1.8% | 0.2% | 0.2% |
| Revenue growth | +31.1% | +14.3% | -40.3% | -2.6% | +13.3% | — |
| Cash + short-term investments | $83.7M | $78.9M | $26.9M | $37.0M | $74.4M | — |
| Total debt | $120M | $0K | $0K | $18.0M | $165M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 269.8x · P/E ex non-operating (est.) ≈211.5x · P/S 0.5x · EV/EBITDA 14.8x · EV/Sales 0.6x · P/FCF 10.4x · P/B 0.8x · FCF yield 9.61% · Earnings yield 0.37% · Buyback yield (TTM) 7.60% · Net debt $90.6M · EV $536M
P/E at fiscal year-ends: Jun 2026 321.0x, Jun 2025 41.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MBUU. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.14% | $49.2M | Added +5.7% |

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 10 analysts; mean target USD 35.13 (low 30, high 42).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-06 | Truist Securities | Target raised | Hold | $31 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -33.4% | -67.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -33.5% | -20.1% |
| Volatility (annualized) | 48.7% | 41.3% |
| Max drawdown | -37.9% (Feb 2026→Oct 2026) | -71.9% (Nov 2021→Oct 2026) |

## Peers (Recreational Vehicles)
MCFT (MasterCraft Boat Holdings, Inc.) USD 20.29 +4.59% · LVWR (LiveWire Group, Inc.) USD 1.66 +1.22% · WGO (Winnebago Industries, Inc.) USD 28.57 +11.43% · LCII (LCI Industries) USD 86.6 +4.15% · PATK (Patrick Industries, Inc.) USD 70.27 +4.41% · HOG (Harley-Davidson, Inc.) USD 29.11 +6.47%

## More
Full page: https://nexqual.com/MBUU · 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 MBUU's own 10-K filed 2026-08-27 (https://www.sec.gov/Archives/edgar/data/1590976/000159097626000037/mbuu-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | General Motors (GM) | "We have an engine supply agreement with General Motors LLC ("General Motors") for the supply of engine blocks to use in our Malibu and Axis brand boats through calendar year 2026 and we are currently negotiating an exten…" |
| Supplier | Yamaha Motor Co., Ltd. (YMHAY) | "We purchase outboard engines from Yamaha Motor Corporation, U.S.A., or Yamaha, for a significant percentage of our Cobalt, Pursuit and Maverick Boats Group branded boats that are pre-rigged for outboard motors." |
| Customer | OneWater Marine Inc. (ONEW) | "Sales to our dealers under common control of OneWater Marine, Inc. represented approximately 22.3%, 24.7% and 23.7% of consolidated net sales in fiscal years 2026, 2025 and 2024, respectively, including approximately 9.4…" |
| Partner | Boats | "In fiscal year 2025, we repurchased 22 units under our repurchase agreements, including 19 units that were subject to our repurchase agreement with M&T Bank, the lender under the floor plan financing for Tommy's Boats, a…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Malibu | $82.9M | 28.1% | +3.2% |
| Saltwater Fishing | $80.9M | 27.4% | +11.1% |
| Cobalt | $70.5M | 23.9% | +31.0% |
| Total revenue | $295.5M | 100% | — |
The lines above cover 79.3% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Boat and trailer sales | $78.0M | 26.4% | +2.8% |
| Part and other sales | $4.9M | 1.6% | +10.6% |
| Total revenue | $295.5M | 100% | — |
The lines above cover 28.1% of total revenue.

## Revenue by region (quarter ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| US | $196.7M | 83.4% | -2.3% |
| International | $39.0M | 16.6% | +42.4% |
| Total revenue | $235.7M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 62.4%, 22.3% of revenue from unnamed direct customers (10-K, filed 2026-08-27).

## Company outlook (8-K filed 2026-08-27)

- "For the full fiscal year 2027, Malibu anticipates net sales in the range of $1.08 billion to $1.12 billion year-over-year, and Adjusted EBITDA ranging from $101 million to $109 million."
- "The Company has not provided reconciliations of guidance for Adjusted EBITDA, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.24 | $0.30 | -20.4% | $257.9M | 9 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.27 | -8.3% | $248.6M | 9 |
| Current fiscal year (ends 2027-06-30) | $2.46 | $2.53 | -2.8% | $1.11B | 9 |
| Next fiscal year (ends 2028-06-30) | $3.09 | $3.62 | -14.6% | $1.20B | 9 |