Marine Products Corporation (MPX) 10-Year Financial Performance & Capital Metrics

MPX • • Industrial / General

Consumer CyclicalRecreational VehiclesRecreational BoatsPerformance & Sport Boats

AboutMarine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, sport fishing, and jet boat markets worldwide. The company offers Chaparral sterndrive pleasure boats, including SSi Sport Boats, SSX Sport Boats, and the Surf Series; Chaparral outboard pleasure boats, which include OSX Luxury Sportboats, and SSi and SSX outboard models; and Robalo outboard sport fishing boats. It also provides center and dual consoles, and Cayman Bay Boats under the Robalo brand name. The company sells its products to a network of 206 domestic and 92 international independent authorized dealers. Marine Products Corporation was founded in 1965 and is based in Atlanta, Georgia.Show more

Revenue $237M -38.4%
EBITDA $21M -59.2%
Net Income $18M -57.2%
EPS (Diluted) 0.50 -58.7%
Gross Margin 19.23% -18.3%
EBITDA Margin 8.9% -33.8%
Operating Margin 7.72% -39.8%
Net Margin 7.55% -30.5%
ROE 12.73% -57.9%
ROIC 17.48% -61.8%
Debt/Equity 0.00 -13.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 26.4%
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.3%

5Y-4.13%

3Y-7.41%

TTM-12.3%

Profit (Net Income) CAGR

10Y7.19%

5Y-8.76%

3Y-14.96%

TTM-30.78%

EPS CAGR

10Y7.62%

5Y-9.2%

3Y-16.21%

TTM-26.92%

ROCE

10Y Avg31.8%

5Y Avg28.76%

3Y Avg27.77%

Latest11.23%

Peer Comparison

Performance & Sport Boats

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MCFTMasterCraft Boat Holdings, Inc.	366.34M	22.49	52.30	-22.47%	5.5%	8.51%	7.21%
MBUUMalibu Boats, Inc.	654.47M	34.04	44.79	-2.59%	2.31%	3.69%	4.37%	0.05
MPXMarine Products Corporation	332.49M	9.50	19	-38.35%	5.78%	10.42%	7.5%	0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	207.06M	241.33M	267.32M	298.62M	292.14M	239.82M	298.01M	381M	383.73M	236.56M
Revenue Growth %	0.21%	0.17%	0.11%	0.12%	-0.02%	-0.18%	0.24%	0.28%	0.01%	-0.38%
Cost of Goods Sold+	163.26M	190.86M	208.3M	232.29M	226.74M	186.22M	229.74M	287.28M	293.35M	191.06M
COGS % of Revenue	0.79%	0.79%	0.78%	0.78%	0.78%	0.78%	0.77%	0.75%	0.76%	0.81%
Gross Profit+	43.8M	50.47M	59.02M	66.32M	65.39M	53.6M	68.27M	93.72M	90.38M	45.5M
Gross Margin %	0.21%	0.21%	0.22%	0.22%	0.22%	0.22%	0.23%	0.25%	0.24%	0.19%
Gross Profit Growth %	0.34%	0.15%	0.17%	0.12%	-0.01%	-0.18%	0.27%	0.37%	-0.04%	-0.5%
Operating Expenses+	23.25M	27.41M	29.26M	30.94M	31.26M	29.24M	31.88M	41.92M	41.18M	27.38M
OpEx % of Revenue	0.11%	0.11%	0.11%	0.1%	0.11%	0.12%	0.11%	0.11%	0.11%	0.12%
Selling, General & Admin	23.25M	27.41M	29.26M	30.94M	31.26M	29.24M	31.88M	41.92M	41.59M	27.38M
SG&A % of Revenue	0.11%	0.11%	0.11%	0.1%	0.11%	0.12%	0.11%	0.11%	0.11%	0.12%
Research & Development	663K	858K	960K	822K	730K	751K	776K	437K	757K	0
R&D % of Revenue	0%	0%	0%	0%	0%	0%	0%	0%	0%	-
Other Operating Expenses	23.25M	27.41M	29.26M	-4.18M	-730K	-751K	-776K	-437K	-1.17M	0
Operating Income+	20.55M	23.05M	29.76M	35.39M	34.13M	24.36M	36.39M	51.8M	49.2M	18.27M
Operating Margin %	0.1%	0.1%	0.11%	0.12%	0.12%	0.1%	0.12%	0.14%	0.13%	0.08%
Operating Income Growth %	0.71%	0.12%	0.29%	0.19%	-0.04%	-0.29%	0.49%	0.42%	-0.05%	-0.63%
EBITDA+	21.56M	24.43M	31.29M	37.21M	36.23M	26.32M	38.21M	53.7M	51.62M	21.05M
EBITDA Margin %	0.1%	0.1%	0.12%	0.12%	0.12%	0.11%	0.13%	0.14%	0.13%	0.09%
EBITDA Growth %	0.7%	0.13%	0.28%	0.19%	-0.03%	-0.27%	0.45%	0.41%	-0.04%	-0.59%
D&A (Non-Cash Add-back)	1.01M	1.38M	1.53M	1.82M	2.09M	1.95M	1.82M	1.91M	2.42M	2.79M
EBIT	20.55M	23.05M	29.76M	35.39M	34.13M	24.36M	36.39M	51.8M	47.17M	18.12M
Net Interest Income+	420K	355K	229K	268K	323K	95K	16K	338K	2.86M	2.88M
Interest Income	420K	355K	229K	268K	323K	95K	16K	338K	2.86M	2.88M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	420K	355K	229K	268K	323K	95K	16K	338K	2.86M	2.88M
Pretax Income+	20.97M	23.41M	29.99M	35.66M	34.46M	24.46M	36.41M	52.13M	52.06M	21.14M
Pretax Margin %	0.1%	0.1%	0.11%	0.12%	0.12%	0.1%	0.12%	0.14%	0.14%	0.09%
Income Tax+	6.67M	6.66M	10.69M	7.17M	6.22M	5.01M	7.38M	11.79M	10.37M	3.29M
Effective Tax Rate %	0.68%	0.72%	0.64%	0.8%	0.82%	0.8%	0.8%	0.77%	0.8%	0.84%
Net Income+	14.31M	16.75M	19.3M	28.49M	28.24M	19.44M	29.03M	40.35M	41.7M	17.85M
Net Margin %	0.07%	0.07%	0.07%	0.1%	0.1%	0.08%	0.1%	0.11%	0.11%	0.08%
Net Income Growth %	0.6%	0.17%	0.15%	0.48%	-0.01%	-0.31%	0.49%	0.39%	0.03%	-0.57%
Net Income (Continuing)	14.31M	16.75M	19.3M	28.49M	28.24M	19.44M	29.03M	40.35M	41.7M	17.85M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.39	0.44	0.55	0.83	0.81	0.56	0.85	1.18	1.21	0.50
EPS Growth %	0.63%	0.13%	0.25%	0.51%	-0.02%	-0.31%	0.52%	0.39%	0.03%	-0.59%
EPS (Basic)	0.39	0.44	0.55	0.83	0.81	0.56	0.85	1.18	1.21	0.50
Diluted Shares Outstanding	37.15M	37.86M	34.84M	34.53M	34.06M	33.93M	33.31M	33.44M	33.61M	33.81M
Basic Shares Outstanding	36.95M	36.63M	33.75M	34.53M	34.06M	33.93M	33.31M	33.44M	33.61M	33.81M
Dividend Payout Ratio	0.53%	0.55%	0.6%	0.61%	0.7%	0.7%	0.54%	0.42%	0.46%	2.45%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	52.64M	52.16M	54.19M	64.6M	70.93M	80.54M	93.11M	125M	139.25M	109.99M
Cash & Short-Term Investments	15.81M	6.73M	10.32M	11.71M	19.8M	31.57M	14.1M	43.17M	71.95M	52.38M
Cash Only	7.99M	2.62M	7.68M	8.74M	19.8M	31.57M	14.1M	43.17M	71.95M	52.38M
Short-Term Investments	7.83M	4.11M	2.64M	2.97M	0	0	0	0	0	0
Accounts Receivable	2.08M	1.12M	3.77M	4.32M	7.51M	4.71M	3.27M	5.37M	2.84M	4.62M
Days Sales Outstanding	3.66	1.69	5.14	5.29	9.39	7.16	4.01	5.14	2.7	7.12
Inventory	32.64M	42.49M	38.01M	46.77M	41.55M	42.31M	73.26M	73.02M	61.61M	49.96M
Days Inventory Outstanding	72.97	81.25	66.6	73.49	66.89	82.93	116.39	92.77	76.66	95.44
Other Current Assets	0	0	0	0	0	0	0	3.44M	2.85M	3.04M
Total Non-Current Assets+	58.03M	36.37M	41.71M	36.28M	33.84M	38.89M	39.73M	38.72M	56.24M	61.25M
Property, Plant & Equipment	12.76M	13.33M	14.22M	14.55M	14.8M	14.94M	14.37M	14.96M	22.75M	24.25M
Fixed Asset Turnover	16.23x	18.10x	18.80x	20.52x	19.74x	16.05x	20.74x	25.46x	16.87x	9.76x
Goodwill	3.31M	3.31M	3.31M	3.31M	3.31M	3.31M	3.31M	3.31M	3.31M	3.31M
Intangible Assets	465K	465K	465K	465K	465K	465K	465K	465K	465K	465K
Long-Term Investments	27.13M	5.22M	10.39M	4.7M	7.6M	12.4M	13.3M	0	0	0
Other Non-Current Assets	10.03M	8.77M	9.68M	9.93M	3.68M	3.7M	3.9M	13.95M	19.44M	23.5M
Total Assets+	110.68M	88.53M	95.9M	100.88M	104.76M	119.42M	132.84M	163.72M	195.49M	171.25M
Asset Turnover	1.87x	2.73x	2.79x	2.96x	2.79x	2.01x	2.24x	2.33x	1.96x	1.38x
Asset Growth %	0.07%	-0.2%	0.08%	0.05%	0.04%	0.14%	0.11%	0.23%	0.19%	-0.12%
Total Current Liabilities+	13.8M	17.4M	19.36M	18.17M	17.04M	21.66M	18.07M	23.59M	22.57M	18.92M
Accounts Payable	3.68M	5.16M	5.36M	4.67M	3.89M	6.08M	6.77M	8.25M	6.07M	5.5M
Days Payables Outstanding	8.23	9.87	9.4	7.34	6.26	11.92	10.76	10.48	7.55	10.51
Short-Term Debt	0	0	0	0	0	52K	54K	57K	77K	0
Deferred Revenue (Current)	721K	416K	864K	496K	295K	1000K	1000K	1000K	654K	191K
Other Current Liabilities	7.34M	9.44M	10.02M	9.74M	9.84M	9.83M	6.81M	9.2M	13.17M	13.15M
Current Ratio	3.82x	3.00x	2.80x	3.56x	4.16x	3.72x	5.15x	5.30x	6.17x	5.81x
Quick Ratio	1.45x	0.56x	0.84x	0.98x	1.72x	1.76x	1.10x	2.20x	3.44x	3.17x
Cash Conversion Cycle	68.4	73.07	62.34	71.43	70.02	78.18	109.64	87.43	71.8	92.06
Total Non-Current Liabilities+	6.67M	5.68M	6.93M	7.5M	10.51M	13.24M	16.25M	15.74M	21.33M	23.32M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	110K	70K	17K	180K	220K	141K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	1.69M	0
Other Non-Current Liabilities	6.67M	5.68M	6.93M	7.5M	10.4M	13.17M	16.23M	15.56M	19.43M	23.18M
Total Liabilities	20.46M	23.08M	26.3M	25.67M	27.55M	34.9M	34.32M	39.33M	43.9M	42.24M
Total Debt+	0	0	0	0	110K	122K	71K	237K	297K	220K
Net Debt	-7.99M	-2.62M	-7.68M	-8.74M	-19.65M	-31.45M	-14.03M	-42.93M	-71.66M	-52.38M
Debt / Equity	-	-	-	-	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Debt / EBITDA	-	-	-	-	0.00x	0.00x	0.00x	0.00x	0.01x	0.01x
Net Debt / EBITDA	-0.37x	-0.11x	-0.25x	-0.24x	-0.54x	-1.20x	-0.37x	-0.80x	-1.39x	-2.49x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	90.21M	65.44M	69.6M	75.21M	77.21M	84.52M	98.53M	124.38M	151.59M	129M
Equity Growth %	0.08%	-0.27%	0.06%	0.08%	0.03%	0.09%	0.17%	0.26%	0.22%	-0.15%
Book Value per Share	2.43	1.73	2.00	2.18	2.27	2.49	2.96	3.72	4.51	3.82
Total Shareholders' Equity	90.21M	65.44M	69.6M	75.21M	77.21M	84.52M	98.53M	124.38M	151.59M	129M
Common Stock	3.81M	3.49M	3.46M	3.43M	3.39M	3.39M	3.4M	3.42M	3.45M	3.47M
Retained Earnings	84.42M	64.14M	68.13M	73.95M	76.57M	83.08M	97.7M	122.95M	148.14M	125.53M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.9M	-2.18M	-1.98M	-2.17M	-2.75M	-1.95M	-2.58M	-2M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	16.04M	15.84M	29.64M	22.77M	33.92M	29.87M	457K	49.35M	56.85M	29.53M
Operating CF Margin %	0.08%	0.07%	0.11%	0.08%	0.12%	0.12%	0%	0.13%	0.15%	0.12%
Operating CF Growth %	0.7%	-0.01%	0.87%	-0.23%	0.49%	-0.12%	-0.98%	106.98%	0.15%	-0.48%
Net Income	14.31M	16.75M	19.3M	28.49M	28.24M	19.44M	29.03M	40.35M	41.7M	17.85M
Depreciation & Amortization	1.01M	1.38M	1.53M	1.82M	2.09M	1.95M	1.82M	1.91M	2.42M	2.79M
Stock-Based Compensation	1.99M	2.62M	2.68M	2.09M	2.12M	3.1M	2.29M	2.71M	3.71M	4.23M
Deferred Taxes	1.31M	-862K	1.52M	378K	-620K	-311K	-140K	-1.8M	-3.13M	-1.14M
Other Non-Cash Items	791K	889K	417K	213K	-5K	616K	0	1.18M	327K	-144K
Working Capital Changes	-3.37M	-4.94M	4.2M	-10.21M	2.09M	5.07M	-32.53M	5.01M	11.82M	5.94M
Change in Receivables	1.11M	169K	-1.96M	-821K	-2.73M	2.81M	1.44M	-2.08M	2.53M	-1.78M
Change in Inventory	-3.82M	-9.85M	4.48M	-8.76M	5.22M	-757K	-30.95M	246K	11.4M	11.65M
Change in Payables	104K	1.48M	199K	-689K	-787K	2.19M	692K	1.48M	-2.18M	-572K
Cash from Investing+	-2.49M	22.57M	-6.55M	3.06M	5.34M	-2.06M	-1.25M	-2.5M	-7.87M	-4.43M
Capital Expenditures	-3.88M	-1.94M	-2.41M	-2.15M	-2.33M	-2.1M	-1.25M	-2.5M	-10.17M	0
CapEx % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.01%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.87M	3.97M	4.83M	-2.15M	-2.33M	34K	0	0	2.3M	-4.43M
Cash from Financing+	-9.64M	-43.78M	-18.02M	-24.77M	-28.2M	-16.04M	-16.68M	-17.78M	-20.19M	-44.67M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-7.64M	-9.2M	-11.5M	-17.25M	-19.76M	-13.55M	-15.63M	-17.08M	-19.28M	-43.73M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	256K	160K	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	12.17M	13.9M	27.23M	20.62M	31.58M	27.77M	-791K	46.85M	46.67M	24.93M
FCF Margin %	0.06%	0.06%	0.1%	0.07%	0.11%	0.12%	-0%	0.12%	0.12%	0.11%
FCF Growth %	0.35%	0.14%	0.96%	-0.24%	0.53%	-0.12%	-1.03%	60.23%	-0%	-0.47%
FCF per Share	0.33	0.37	0.78	0.60	0.93	0.82	-0.02	1.40	1.39	0.74
FCF Conversion (FCF/Net Income)	1.12x	0.95x	1.54x	0.80x	1.20x	1.54x	0.02x	1.22x	1.36x	1.65x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	4.1M	7.49M	13.02M	13.91M	4.48M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	16.47%	21.52%	28.58%	39.34%	37.05%	24.04%	31.71%	36.2%	30.22%	12.73%
Return on Invested Capital (ROIC)	19.07%	23.84%	35.78%	41.34%	41.3%	33.04%	39.68%	46.82%	45.73%	17.48%
Gross Margin	21.15%	20.91%	22.08%	22.21%	22.38%	22.35%	22.91%	24.6%	23.55%	19.23%
Net Margin	6.91%	6.94%	7.22%	9.54%	9.67%	8.11%	9.74%	10.59%	10.87%	7.55%
Debt / Equity	-	-	-	-	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
FCF Conversion	1.12x	0.95x	1.54x	0.80x	1.20x	1.54x	0.02x	1.22x	1.36x	1.65x
Revenue Growth	21.05%	16.55%	10.77%	11.71%	-2.17%	-17.91%	24.26%	27.84%	0.72%	-38.35%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Boats and accessories	-	-	-	293.31M	375.91M	378.32M	232.4M
Boats and accessories Growth	-	-	-	-	28.16%	0.64%	-38.57%
Parts	4.08M	4.3M	4.73M	4.7M	5.08M	5.41M	4.15M
Parts Growth	-	5.39%	9.98%	-0.55%	8.10%	6.39%	-23.19%
Boats And Accessories	294.54M	287.84M	235.1M	-	-	-	-
Boats And Accessories Growth	-	-2.27%	-18.32%	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	223.25M
UNITED STATES Growth	-	-	-	-	-	-	-
Non-US	-	-	-	-	-	-	13.31M
Non-US Growth	-	-	-	-	-	-	-
Domestic	279.18M	-	-	282.12M	355.37M	361.22M	-
Domestic Growth	-	-	-	-	25.97%	1.65%	-
International	-	-	-	-	-	22.51M	-
International Growth	-	-	-	-	-	-	-
U	-	275.13M	228.09M	-	-	-	-
U Growth	-	-	-17.10%	-	-	-	-
Non Us	-	17M	11.73M	-	-	-	-
Non Us Growth	-	-	-30.99%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Marine Products Corporation (MPX) has a price-to-earnings (P/E) ratio of 19.0x. This is roughly in line with market averages.

Growth & Financials

Marine Products Corporation (MPX) reported $227.7M in revenue for fiscal year 2024. This represents a 114% increase from $106.4M in 2011.

Marine Products Corporation (MPX) saw revenue decline by 38.4% over the past year.

Yes, Marine Products Corporation (MPX) is profitable, generating $13.2M in net income for fiscal year 2024 (7.5% net margin).

Dividend & Returns

Yes, Marine Products Corporation (MPX) pays a dividend with a yield of 13.61%. This makes it attractive for income-focused investors.

Marine Products Corporation (MPX) has a return on equity (ROE) of 12.7%. This is reasonable for most industries.

Marine Products Corporation (MPX) generated $14.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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