Latest Ratios: P/E Ratio -36.7x · EV/EBITDA 14.6x · ROE -3.3%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $559M | $812M | $736M | $667M | $1.1B | $568M | $354M | $489M | $408M | $520M |
| Enterprise Value | $2.2B | $1.6B | $1.8B | $1.6B | $719M | $1.1B | $605M | $628M | $654M | $621M | $648M |
| P/E Ratio → | -36.66 | — | 21.38 | 6.74 | 3.37 | 7.16 | 7.62 | 9.86 | 12.43 | 17.42 | 23.02 |
| P/S Ratio | 0.50 | 0.24 | 0.33 | 0.31 | 0.29 | 0.54 | 0.38 | 0.29 | 0.42 | 0.39 | 0.55 |
| P/B Ratio | 1.22 | 0.59 | 0.82 | 0.80 | 0.85 | 1.86 | 1.25 | 0.96 | 1.39 | 1.35 | 1.66 |
| P/FCF | 96.69 | 46.77 | — | — | 36.79 | 3.19 | 1.95 | — | 8.65 | — | 52.26 |
| P/OCF | 15.86 | 7.67 | — | — | 8.71 | 2.97 | 1.86 | — | 6.95 | 86.08 | 22.74 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.71 | 0.75 | 0.68 | 0.31 | 0.52 | 0.40 | 0.51 | 0.56 | 0.59 | 0.69 |
| EV / EBITDA | 14.64 | 10.72 | 10.54 | 6.73 | 2.52 | 4.75 | 5.06 | 8.70 | 8.85 | 11.36 | 13.44 |
| EV / EBIT | 21.64 | 48.04 | 14.54 | 8.02 | 2.65 | 5.11 | 5.58 | 9.87 | 10.38 | 12.88 | 16.10 |
| EV / FCF | — | 136.84 | — | — | 39.61 | 3.08 | 2.07 | — | 11.54 | — | 65.12 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.5% | 32.5% | 33.0% | 34.9% | 34.9% | 32.0% | 26.4% | 26.1% | 25.3% | 25.2% | 24.0% |
| Operating Margin | 4.5% | 4.5% | 5.3% | 8.4% | 11.5% | 10.2% | 7.1% | 4.9% | 5.4% | 4.3% | 4.3% |
| Net Profit Margin | -1.4% | -1.4% | 1.6% | 4.6% | 8.6% | 7.5% | 4.9% | 2.9% | 3.3% | 2.2% | 2.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.3% | -3.3% | 4.0% | 12.8% | 28.7% | 29.5% | 18.1% | 10.0% | 12.0% | 7.7% | 7.6% |
| ROA | -1.2% | -1.2% | 1.5% | 5.8% | 16.8% | 17.4% | 9.6% | 5.1% | 6.1% | 4.0% | 4.5% |
| ROIC | 3.8% | 3.8% | 5.1% | 11.4% | 28.6% | 30.0% | 14.1% | 7.8% | 9.2% | 7.1% | 7.3% |
| ROCE | 6.8% | 6.8% | 8.2% | 16.0% | 31.3% | 33.3% | 24.4% | 16.7% | 19.2% | 14.6% | 13.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.31 | 1.31 | 1.25 | 1.19 | 0.36 | 0.31 | 0.42 | 0.85 | 0.60 | 0.84 | 0.53 |
| Debt / EBITDA | 8.18 | 8.18 | 7.14 | 4.52 | 0.98 | 0.81 | 1.61 | 4.33 | 2.88 | 4.65 | 3.45 |
| Net Debt / Equity | — | 1.13 | 1.02 | 0.97 | 0.07 | -0.07 | 0.08 | 0.74 | 0.46 | 0.70 | 0.41 |
| Net Debt / EBITDA | 7.06 | 7.06 | 5.84 | 3.69 | 0.18 | -0.18 | 0.31 | 3.79 | 2.22 | 3.88 | 2.65 |
| Debt / FCF | — | 90.07 | — | — | 2.83 | -0.11 | 0.13 | — | 2.90 | — | 12.86 |
| Interest Coverage | 0.48 | 0.48 | 1.69 | 3.81 | 82.55 | 57.15 | 11.69 | 5.50 | 6.36 | 6.44 | 7.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.20 | 1.20 | 1.19 | 1.33 | 1.83 | 2.06 | 1.85 | 1.38 | 1.63 | 1.42 | 1.69 |
| Quick Ratio | 0.32 | 0.32 | 0.34 | 0.37 | 0.73 | 1.14 | 0.75 | 0.22 | 0.31 | 0.22 | 0.30 |
| Cash Ratio | 0.17 | 0.17 | 0.21 | 0.24 | 0.55 | 0.88 | 0.57 | 0.09 | 0.17 | 0.13 | 0.17 |
| Asset Turnover | — | 0.93 | 0.93 | 0.99 | 1.71 | 2.05 | 1.95 | 1.58 | 1.84 | 1.64 | 1.72 |
| Inventory Turnover | 1.80 | 1.80 | 1.80 | 1.92 | 3.31 | 6.08 | 3.73 | 1.91 | 2.33 | 1.96 | 2.22 |
| Days Sales Outstanding | — | 17.12 | 15.98 | 13.07 | 7.95 | 8.43 | 8.19 | 12.51 | 10.54 | 8.55 | 9.52 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.7% | 14.8% | 29.7% | 14.0% | 13.1% | 10.1% | 8.0% | 5.7% | 4.3% |
| FCF Yield | 1.0% | 2.1% | — | — | 2.7% | 31.4% | 51.4% | — | 11.6% | — | 1.9% |
| Buyback Yield | 2.4% | 4.9% | 0.3% | 0.0% | 3.2% | 2.1% | 0.1% | 7.8% | 0.2% | 10.5% | 1.1% |
| Total Shareholder Yield | 2.4% | 4.9% | 0.3% | 0.0% | 3.2% | 2.1% | 0.1% | 7.8% | 0.2% | 10.5% | 1.1% |
| Shares Outstanding | — | $22M | $23M | $22M | $22M | $23M | $22M | $23M | $23M | $25M | $25M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying HZO stock.
MarineMax, Inc.'s current P/E ratio is -36.7x. The historical average is 21.5x.
MarineMax, Inc.'s current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
MarineMax, Inc.'s return on equity (ROE) is -3.3%. The historical average is 7.3%.
Based on historical data, MarineMax, Inc. is trading at a P/E of -36.7x. Compare with industry peers and growth rates for a complete picture.
MarineMax, Inc. has 32.5% gross margin and 4.5% operating margin.
MarineMax, Inc.'s Debt/EBITDA ratio is 8.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Floor plan debt understated
Metrics are mathematically derived from official filings.
Margin Recovery Amid Revenue Slide
Gross margin expanded to 35.7% in 2026Q3 from 30.4% a year earlier, according to recent financial statements, yet TTM net margin remains negative at -1.4%, indicating that cost discipline is improving but not fully offsetting demand weakness.
The sequential improvement in operating margin from -6.3% in 2025Q3 to 6.1% in 2026Q3 suggests that management's focus on higher-margin service and parts, along with SG&A control, is taking hold. However, the persistent negative net margin over the trailing twelve months implies that interest costs and prior promotional activity continue to weigh on the bottom line. Investors should monitor whether this margin expansion is sustainable or a temporary benefit from clearing aged inventory.
Returns Recovering from Cyclical Trough
ROIC improved to 1.4% in 2026Q3 from -1.5% in 2025Q3, based on reported figures, but remains well below the 2.3% seen in 2024Q3, indicating that capital efficiency is recovering slowly from a cyclical low.
The improvement in ROIC is driven primarily by margin recovery rather than asset efficiency, as asset turnover has remained relatively stable around 0.22-0.25. The company's heavy investment in inventory and fixed assets, typical of the marine retail model, continues to dilute returns. Given the negative TTM net margin, the current ROIC is still below the cost of capital, suggesting that value creation is not yet fully restored.
Inventory Days Signal Working Capital Strain
Days inventory outstanding rose to 189 days in 2026Q3 from 160 days in 2024Q3, as per financial statements, while the cash conversion cycle extended to 191 days, indicating that working capital efficiency is deteriorating and tying up cash.
The lengthening DIO suggests that inventory is aging, which may necessitate future write-downs or discounting, potentially pressuring gross margins. The CCC of 191 days is elevated compared to the 165 days in 2024Q3, reflecting slower inventory turnover and extended payment terms to suppliers. This trend is concerning because it indicates that the company is holding more inventory relative to sales, which could strain liquidity if demand does not recover.
Leverage Eases but Floor Plan Debt Looms
Debt-to-equity improved to 1.15 in 2026Q3 from 1.36 a year earlier, according to recent filings, yet interest coverage remains thin at 2.60, suggesting that debt service is manageable but vulnerable to further rate hikes.
The reduction in D/E is a positive sign, but the reported leverage likely understates the true burden because floor plan notes payable are often excluded from traditional debt metrics. Interest coverage of 2.60 in 2026Q3 is an improvement from 0.31 in 2026Q1, but it remains low, indicating that earnings are still sensitive to interest rate movements. Investors should monitor the full debt picture, including floor plan financing, to assess refinancing risk.
Liquidity Adequate but Inventory-Heavy
Current ratio stands at 1.23 in 2026Q3, with a quick ratio of only 0.34, based on reported figures, indicating that the company relies heavily on inventory to meet short-term obligations, which could be problematic in a downturn.
The quick ratio of 0.34 is notably low, suggesting that excluding inventory, current assets cover only a third of current liabilities. This implies that if inventory values were to decline or sales were to stall, liquidity could quickly become strained. The current ratio has remained stable around 1.2, but the heavy inventory dependence is a key risk, especially given the extended DIO.
Misapplied P/E Obscures Cyclical Earnings
The trailing P/E of -24.10 and forward P/E of 48.22, as per market data, are misleading for a cyclical retailer like HZO, where earnings are near trough; EV/EBITDA of 12.04 provides a more stable valuation metric.
Using P/E on depressed earnings overstates the valuation, while the forward P/E assumes a sharp recovery that may not materialize. EV/EBITDA is more appropriate as it normalizes for capital structure and non-cash charges, but even this should be viewed relative to the cycle. Investors should consider a mid-cycle earnings power approach, adjusting for the current trough in demand and the potential for margin normalization.