Free cash flow remains highly erratic, evidenced by a swing from a $164.4 million outflow in 2025Q1 to a $44.5 million inflow in 2026Q2, reflecting significant working capital volatility.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 |
|---|
| Cash from Operations | 218.74M | 72.81M | -25.66M | -222.24M | 76.59M | 373.88M | 304.68M | -12.43M | 70.41M | 4.75M | 22.86M | 2.53M | 10.81M | 7.81M | 8.67M | -14.68M | 40.22M | 209.1M | -8.79M | 20M | 9.4M | -19.23M | 20.99M | 27.14M | 4.16M | 9.63M | 15.8M | 15.1M | 16.6M |
| Operating CF Margin % | - | 3.15% | -1.06% | -9.28% | 3.32% | 18.12% | 20.18% | -1% | 5.98% | 0.45% | 2.43% | 0.34% | 1.73% | 1.34% | 1.65% | -3.05% | 8.93% | 35.53% | -0.99% | 1.59% | 0.77% | -2.03% | 2.75% | 4.47% | 0.77% | 1.91% | 2.87% | 3.35% | 5.7% |
| Operating CF Growth % | 8044.8% | 383.73% | 88.45% | -390.14% | -79.51% | 22.71% | 2551.92% | -117.65% | 1383.96% | -79.25% | 804.39% | -76.61% | 38.38% | -9.95% | 159.09% | -136.5% | -80.77% | 2479.96% | -143.94% | 112.67% | 148.9% | -191.61% | -22.68% | 552.16% | -56.79% | -39.05% | 4.66% | -9.04% | - |
| Net Income | -63.52M | -30.77M | 38.07M | 109.48M | 197.99M | 154.98M | 74.63M | 35.98M | 39.31M | 23.55M | 22.58M | 48.29M | 11.27M | 15.02M | 1.1M | -11.52M | 2.5M | -76.77M | -134.28M | 20.07M | 39.38M | 33.83M | 26.3M | 19.68M | 17.07M | 15.35M | 21.39M | 18.2M | -600K |
| Depreciation & Amortization | 50.77M | 49.32M | 44.49M | 41.03M | 19.42M | 15.61M | 12.77M | 11.6M | 10.67M | 9.36M | 7.96M | 7.86M | 7.28M | 6.78M | 6.48M | 6.62M | 7.36M | 10.97M | 11.09M | 9.35M | 8.61M | 6.12M | 5.27M | 4.44M | 3.61M | 3.98M | 3.04M | 2.6M | 1.7M |
| Stock-Based Compensation | 15.36M | 19.35M | 21.66M | 21.66M | 16.01M | 9.75M | 7.5M | 6.52M | 6.24M | 6.24M | 4.24M | 3.02M | 2.59M | 2.73M | 3.46M | 3.25M | 529K | 5.57M | 0 | 7.31M | 5.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 6.85M | -12.87M | 3.39M | 23.06M | 2.15M | 4.76M | 3.16M | 4.38M | 5.36M | 12.31M | 11.64M | -27.71M | -821K | 136K | 0 | 11.54M | 1.36M | 1.51M | -6.3M | -1.37M | 1.34M | 363K | 180K | 1M | 1.57M | 1.09M | 243K | 1.3M | 600K |
| Other Non-Cash Items | 101.79M | 45.27M | 8.26M | -6.42M | 4.69M | 941K | 1.07M | 1.43M | 150K | 306K | 51K | -1.85M | -235K | 154K | 225K | -11.52M | 19K | 428K | 130.77M | -1.42M | 326K | 735K | 80K | 275K | 80K | 144K | 34K | -100K | 100K |
| Working Capital Changes | 106.84M | 2.49M | -141.52M | -411.05M | -163.67M | 187.85M | 205.55M | -72.35M | 8.68M | -47.02M | -23.61M | -27.08M | -9.27M | -17.02M | -2.59M | -13.04M | 28.45M | 267.4M | -10.32M | -13.94M | -45.82M | -62.86M | -12.25M | 1.77M | -18.1M | -10.91M | -8.91M | -7.1M | 14.8M |
| Change in Receivables | 18.29M | -3.65M | -30.98M | -30.98M | -563K | -627K | 2.58M | -5.07M | -11.28M | 266K | -5.44M | -5.93M | 6M | 319K | -4.66M | 6.43M | 12.72M | -6.57M | 0 | 256K | -21.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 128.52M | 35.49M | -351.75M | -351.75M | -198.02M | 139.83M | 179.47M | -84.33M | 26.77M | -57.11M | -32.42M | -29.72M | -16.11M | -8.85M | 8.31M | -28.66M | 17.21M | 262.69M | 9.41M | -15.19M | -25.33M | -31.14M | -110.37M | 8.31M | 3.53M | -32.88M | 30.13M | -37.2M | 9.4M |
| Change in Payables | 17.56M | 1.71M | 24.04M | 24.04M | 7.36M | -16.13M | 2.89M | 8.7M | -3.33M | 16.84M | -4.28M | 5.69M | 612K | -2.65M | -185K | 1.64M | -8.85M | 11.37M | 0 | -17.42M | 20.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -36.17M | -55.62M | -81.35M | -576.37M | -140.45M | -161.13M | -30.11M | -56.33M | -23.32M | -32.1M | -29.75M | -3.75M | -12.85M | -12.6M | -7.64M | -8.69M | -1.99M | -1.86M | -7.86M | -9.43M | -95.44M | -17.87M | -20.17M | -19.45M | -22.25M | -14.44M | -10.92M | -14.4M | -10.8M |
| Capital Expenditures | -49.4M | -60.86M | -65.41M | -65.41M | -58.46M | -26.13M | -12.81M | -17.06M | -13.8M | -14.37M | -12.91M | -9.75M | -9.19M | -9.82M | -5.73M | -6.58M | -4.16M | -2.1M | -7.97M | -9.51M | -10.16M | -17.8M | -10.17M | -8.99M | -7.52M | -8.94M | -7M | -14.4M | -10.9M |
| CapEx % of Revenue | 2.2% | 2.64% | 2.69% | 2.73% | 2.53% | 1.27% | 0.85% | 1.38% | 1.17% | 1.37% | 1.37% | 1.3% | 1.47% | 1.68% | 1.09% | 1.37% | 0.92% | 0.36% | 0.9% | 0.76% | 0.84% | 1.88% | 1.34% | 1.48% | 1.39% | 1.77% | 1.27% | 3.2% | 3.74% |
| Acquisitions | 0 | -10.48M | -21.5M | -516.79M | -83.2M | -134.21M | -19.77M | -40.71M | -10.52M | -18.73M | -17.06M | 0 | 0 | -4.64M | -4.39M | -2.26M | 0 | 0 | 0 | -4.85M | -81.37M | -650K | -10.23M | -10.72M | -15.02M | -5.58M | -4.54M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 13.23M | 16.21M | 8.05M | 6.18M | 703K | 1.1M | 2.46M | 1.44M | 1.01M | 994K | 228K | 6M | -3.65M | 1.86M | 2.48M | 151K | 2.17M | 240K | 112K | 4.92M | 105K | 571K | 235K | 258K | 287K | 86K | 628K | 0 | 100K |
| Cash from Financing | -198.33M | -71.98M | 128.51M | 770.4M | 73.06M | -145.74M | -158.13M | 58.63M | -40.23M | 30.72M | 12.86M | 5.45M | 6.12M | 4.93M | 3.2M | 26.22M | -47.19M | -212M | 16.53M | -5.3M | 83.88M | 49.3M | 3.75M | -1.51M | 12.41M | 2.22M | -599K | -200K | -9.4M |
| Debt Issued (Net) | -108.51M | 9M | 136.23M | 779.44M | 104.9M | -118.68M | -160.28M | 85.58M | 0 | 70.82M | 15.77M | 12.76M | 1.95M | 1.82M | 1.82M | 24.98M | -48.44M | -230M | 15.17M | -1.85M | 85.83M | -192K | 774K | -2.42M | 12.06M | 2.36M | -1.25M | -400K | -15.9M |
| Equity Issued (Net) | -12.67M | -24.89M | -2.14M | 2.35M | -25.94M | -23.77M | -631K | -29.23M | 6.99M | -43.11M | -5.61M | -11.02M | 0 | 0 | 1.38M | 1.25M | 1.23M | 20.38M | -1.03M | -3.99M | -3.08M | 49.49M | 2.98M | 910K | 352K | -140K | 648K | 200K | 38.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.6M |
| Share Repurchases | -15.11M | -27.48M | -2.14M | 0 | -21.29M | -23.77M | -631K | -27.71M | -1.21M | -42.74M | -5.53M | -11.02M | 4.17M | 3.11M | 0 | 0 | 0 | 0 | -1.03M | -7.21M | -6.95M | 0 | -678K | -134K | 0 | -501K | 0 | 0 | -200K |
| Other Financing | -77.15M | -56.09M | -5.58M | -11.38M | -5.9M | -3.29M | 2.78M | 2.28M | -47.22M | 3.01M | 2.7M | 3.71M | 4.17M | 3.11M | 0 | -10K | 19K | -2.38M | 2.4M | 546K | 1.13M | 0 | 0 | -1K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -14.38M | -53.98M | 22.87M | -26.82M | 6.08M | 66.7M | 116.98M | -10.31M | 6.87M | 3.37M | 5.97M | 4.77M | 4.08M | 139K | 4.23M | 2.85M | -8.97M | -4.76M | -111K | 5.26M | -2.16M | 12.2M | 4.57M | 6.18M | -5.67M | -2.59M | 4.29M | 400K | -9.4M |
| Free Cash Flow | 169.34M | 11.94M | -86.08M | -287.64M | 18.14M | 347.76M | 291.87M | -29.49M | 56.61M | -9.62M | 9.95M | -7.22M | 1.61M | -2.01M | 2.94M | -21.27M | 36.06M | 207M | -16.75M | 10.49M | -762K | -37.02M | 10.81M | 18.16M | -3.35M | 693K | 8.8M | 700K | 5.7M |
| FCF Margin % | 7.55% | 0.52% | -3.54% | -12.01% | 0.79% | 16.85% | 19.33% | -2.38% | 4.81% | -0.91% | 1.06% | -0.96% | 0.26% | -0.34% | 0.56% | -4.42% | 8.01% | 35.17% | -1.89% | 0.83% | -0.06% | -3.91% | 1.42% | 2.99% | -0.62% | 0.14% | 1.6% | 0.16% | 1.96% |
| FCF Growth % | 432.35% | 113.87% | 70.07% | -1685.77% | -94.78% | 19.15% | 1089.82% | -152.09% | 688.34% | -196.7% | 237.85% | -546.94% | 180.31% | -168.35% | 113.83% | -158.98% | -82.58% | 1335.46% | -259.75% | 1476.38% | 97.94% | -442.36% | -40.44% | 641.29% | -583.98% | -92.13% | 1157.29% | -87.72% | - |
| FCF per Share | 7.70 | 0.54 | -3.74 | -12.82 | 0.81 | 15.21 | 13.19 | -1.29 | 2.46 | -0.39 | 0.40 | -0.29 | 0.07 | -0.08 | 0.13 | -0.95 | 1.60 | 11.08 | -0.91 | 0.54 | -0.04 | -2.05 | 0.65 | 1.16 | -0.22 | 0.05 | 0.58 | 0.05 | 0.52 |
| FCF Conversion (FCF/Net Income) | -2.67x | -2.30x | -0.67x | -2.03x | 0.39x | 2.41x | 4.08x | -0.35x | 1.79x | 0.20x | 1.01x | 0.05x | 0.96x | 0.52x | 7.89x | 1.27x | 16.11x | -2.72x | 0.07x | 1.00x | 0.24x | -0.57x | 0.80x | 1.38x | 0.24x | 0.63x | 0.74x | 0.83x | -27.67x |
| Interest Paid | 55.36M | 77.42M | 0 | 51.97M | 2.59M | 4.45M | 13.08M | 13.67M | 12.02M | 8.48M | 6M | 4.52M | 3.93M | 4.38M | -4.32M | -3.26M | 4.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -3.49M | 9.2M | 9.83M | 30.03M | 64.84M | 53.36M | 18.93M | 9.15M | 9.42M | 457K | 855K | 88K | 58K | 330K | -10K | -31K | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory and interest rate sensitivity
As reported in recent financial statements, MarineMax exhibits a significant disconnect between net income and operating cash flow, with the 2026Q2 OCF/NI ratio of -21.35 highlighting that reported earnings fail to capture the underlying cash volatility inherent in the company's current inventory-heavy retail business model.
The extreme variance between net income and operating cash flow suggests that non-cash items and working capital swings are masking the true economic reality of the business. Investors should monitor this divergence closely, as it indicates that accounting profitability is currently decoupled from the actual cash-generating capacity of the firm's core operations.
Based on historical cash flow data, MarineMax's free cash flow trajectory remains highly erratic, swinging from a negative $164.4 million in 2025Q1 to a positive $44.5 million in 2026Q2, reflecting the intense seasonality and cyclical demand pressures that define the company's current financial performance.
The lack of consistent free cash flow generation suggests that the company is struggling to maintain a stable liquidity profile amidst fluctuating sales volumes. This volatility may indicate that the business is highly sensitive to external macroeconomic shifts, which complicates long-term capital planning and dividend sustainability.
According to quarterly cash flow disclosures, MarineMax's working capital dynamics are characterized by sharp, unpredictable swings, such as the $154.6 million cash outflow in 2025Q1, which underscores the difficulty of managing inventory levels in a cooling market environment where demand is increasingly difficult to forecast.
These significant working capital fluctuations suggest that the company is frequently forced to absorb inventory build-ups, which ties up critical liquidity. The reliance on floor plan financing to manage these cycles warrants further investigation, as it may be masking the true cost of carrying aged inventory.
As reported in recent filings, MarineMax maintains a relatively stable capital expenditure profile, with CapEx/Revenue ratios hovering between 1.7% and 3.9%, suggesting that the firm is prioritizing essential maintenance and infrastructure support over aggressive expansion during this period of cyclical revenue contraction.
The consistent level of capital investment appears to be focused on sustaining the existing retail and service footprint rather than funding new growth initiatives. This disciplined approach to capital intensity may be a defensive measure intended to preserve cash in an environment where top-line growth is currently under pressure.
Quick answers to the most common questions about buying HZO stock.
MarineMax, Inc. (HZO) generated $72.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MarineMax, Inc. (HZO) generated $11.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MarineMax, Inc. (HZO) spent $60.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, MarineMax, Inc. (HZO) spent $27.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.