Free cash flow remains erratic, evidenced by a swing from a $51.5 million peak in 2024Q2 to a negative $17.0 million in 2025Q1, highlighting sensitivity to wholesale shipment cycles.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 |
|---|
| Cash from Operations | 61.6M | 56.51M | 55.56M | 184.73M | 164.85M | 131.31M | 94.14M | 81.5M | 58.45M | 35.86M | 35.6M | 12.55M | 23.77M | 25.9M | 15.49M |
| Operating CF Margin % | - | 7% | 6.7% | 13.31% | 13.57% | 14.17% | 14.41% | 11.91% | 11.76% | 12.72% | 14.07% | 5.49% | 12.45% | 15.51% | 11% |
| Operating CF Growth % | 189.34% | 1.71% | -69.93% | 12.06% | 25.54% | 39.49% | 15.51% | 39.42% | 63.03% | 0.71% | 183.64% | -47.18% | -8.24% | 67.14% | - |
| Net Income | -905K | 15.24M | -55.91M | 107.91M | 163.43M | 109.84M | 64.66M | 69.7M | 30.97M | 31.07M | 20.3M | 23.18M | -1.19M | 17.98M | 11.11M |
| Depreciation & Amortization | 37.52M | 38.59M | 32.99M | 28.72M | 26.32M | 22.89M | 18.38M | 15.96M | 12.85M | 6.75M | 5.52M | 4.89M | 6.78M | 6.27M | 6.07M |
| Stock-Based Compensation | 4.5M | 7.01M | 6.45M | 7.03M | 7.4M | 0 | 3.87M | 3.4M | 2.81M | 2.08M | 1.95M | 1.47M | 2.58M | 127K | 132K |
| Deferred Taxes | 1.23M | 3.52M | -4.36M | -15.97M | 5.82M | 6.99M | 7.04M | 6.69M | 21.16M | 1.44M | 5.18M | 7.93M | -2.65M | -28K | 5K |
| Other Non-Cash Items | 7.5M | 2.39M | 94.64M | -2.29M | -2.35M | 12.84M | -1.25M | -3.06M | -3.5M | -8.22M | 1.5M | -19.94M | 21.59M | 137K | 170K |
| Working Capital Changes | 11.68M | -10.25M | -18.25M | 59.34M | -35.77M | -21.25M | 1.44M | -11.19M | -5.83M | 2.73M | 1.16M | -4.99M | -3.34M | 1.41M | -1.99M |
| Change in Receivables | 14.78M | 106K | 45.26M | -16.8M | -1.78M | -32.86M | 14.19M | -3.04M | -12.18M | 4.87M | -5.21M | -2.17M | 1.17M | -161K | -3.67M |
| Change in Inventory | 1.9M | 3.37M | 25.7M | -14.36M | -38.05M | -35.55M | -5.26M | -15.41M | -6.34M | -3.3M | -52K | -2.88M | -1.25M | -2.52M | 944K |
| Change in Payables | -6.87M | 6.56M | -20.61M | -5.15M | -287K | 24.46M | -5.81M | -2.79M | 4.61M | -5.02M | 7M | -366K | -4.13M | 1.8M | -1.19M |
| Cash from Investing | -147.11M | -27.37M | -75.84M | -54.64M | -61.62M | -181.09M | -40.39M | -118.01M | -135.86M | -9.25M | -5.99M | -17.13M | -5.91M | -2.88M | -2.65M |
| Capital Expenditures | -21.56M | -27.92M | -75.96M | -54.84M | -55.06M | -30.68M | -41.29M | -17.94M | -10.45M | -9.26M | -6.18M | -5.47M | -5.92M | -2.88M | -2.65M |
| CapEx % of Revenue | 2.61% | 3.46% | 9.16% | 3.95% | 4.53% | 3.31% | 6.32% | 2.62% | 2.1% | 3.29% | 2.44% | 2.39% | 3.1% | 1.72% | 1.88% |
| Acquisitions | -125.64M | 0 | 0 | 202K | -6.57M | -150.42M | 0 | -100.07M | -125.55M | 16K | 186K | -11.66M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 90K | 543K | 120K | 202K | 9K | 0 | 897K | 0 | 145K | 16K | 186K | -100K | 9K | 0 | 0 |
| Cash from Financing | 96.27M | -18.82M | -31.7M | -134.57M | -60.38M | 57.35M | -47.32M | 2.38M | 106.2M | -19.72M | -12.02M | 742K | -21.64M | -21.86M | -7.13M |
| Debt Issued (Net) | 137M | 18M | 0 | -121.49M | -24.25M | 59.94M | -31.2M | 5M | 55M | -17.93M | -6.5M | 78.5M | -23.59M | 2.35M | -6.87M |
| Equity Issued (Net) | -39.57M | -35.95M | -29.32M | -7.87M | -36.7M | 375K | -13.83M | -1.22M | 55.32M | -258K | -3.98M | -71.41M | 69.75M | 0 | -260K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -23.54M | 0 |
| Share Repurchases | -39.57M | -35.95M | -29.32M | -7.87M | -34.64M | 0 | -13.83M | -1.22M | 0 | -258K | -3.98M | -71.41M | 0 | 0 | -260K |
| Other Financing | -1.17M | -865K | -2.38M | -5.22M | 570K | -2.97M | -2.29M | -1.41M | -4.12M | -1.53M | -1.54M | -6.35M | -67.8M | -664K | 0 |
| Net Change in Cash | 11.45M | 10.06M | -51.99M | -4.81M | 42.27M | 7.69M | 6.39M | -34.23M | 28.8M | 6.9M | 17.53M | -3.79M | -3.78M | 1.16M | 5.71M |
| Free Cash Flow | 40.04M | 28.59M | -20.4M | 129.89M | 109.78M | 100.64M | 52.85M | 63.56M | 48.01M | 26.59M | 29.43M | 7.09M | 17.85M | 23.02M | 12.84M |
| FCF Margin % | 4.85% | 3.54% | -2.46% | 9.36% | 9.04% | 10.86% | 8.09% | 9.29% | 9.66% | 9.43% | 11.63% | 3.1% | 9.35% | 13.78% | 9.12% |
| FCF Growth % | 110.88% | 240.11% | -115.71% | 18.32% | 9.09% | 90.42% | -16.85% | 32.4% | 80.51% | -9.62% | 315.27% | -60.3% | -22.46% | 79.24% | - |
| FCF per Share | 2.09 | 1.45 | -1.00 | 6.29 | 5.23 | 4.79 | 2.53 | 3.03 | 2.37 | 1.48 | 1.64 | 0.45 | 1.61 | 2.30 | 1.28 |
| FCF Conversion (FCF/Net Income) | -44.24x | 3.80x | -0.99x | 1.77x | 1.05x | 1.20x | 1.53x | 1.23x | 2.12x | 1.26x | 1.97x | 0.86x | -5.08x | 4.84x | - |
| Interest Paid | 394K | 1.95M | 3.05M | 3.06M | 2.29M | 2.29M | 3.81M | 6.01M | 4.35M | 2.3M | 3.14M | 494K | 1.38M | 0 | 0 |
| Taxes Paid | -137K | 2.48M | 4.93M | 50.52M | 42.06M | 42.06M | 10.53M | 14.17M | 9.89M | 7.17M | 8.12M | 1.44M | 392K | 0 | 0 |
Cyclical Dealer Inventory Overhang
As reported in recent financial filings, MBUU's operating cash flow to net income ratio has frequently diverged, with the company generating $21.4 million in operating cash flow despite a $2.4 million net loss in 2026Q3, highlighting a significant disconnect between accounting earnings and actual cash generation.
The persistent negative OCF/NI ratios suggest that non-cash charges and working capital swings are masking the underlying volatility of the business. Investors should monitor whether this reliance on non-operating cash sources indicates a structural inability to convert core manufacturing activities into sustainable liquidity during the current cyclical downturn.
According to quarterly cash flow statements, MBUU's free cash flow trajectory remains highly erratic, swinging from a peak of $51.5 million in 2024Q2 to a negative $17.0 million in 2025Q1, reflecting the extreme sensitivity of the company's cash generation to seasonal wholesale shipment cycles.
The inconsistency in FCF margins suggests that the company's cash flow profile is heavily dependent on factory utilization rates rather than steady-state demand. This volatility may indicate that the business model lacks the defensive characteristics required to maintain positive cash flow during periods of reduced dealer inventory replenishment.
Based on historical data, MBUU's capital expenditure as a percentage of revenue has fluctuated significantly, reaching a high of 7.5% in 2024Q4, which suggests that the company is forced to maintain elevated investment levels even as top-line growth faces substantial headwinds from the broader marine market.
This level of capital intensity appears to be driven by the need to maintain vertically integrated manufacturing facilities, including engine and hull production lines. Analysts should consider whether these expenditures represent essential maintenance to preserve competitive moats or if they are becoming a drag on cash flow during this contractionary phase.
As evidenced by recent cash flow statements, working capital changes have been a primary driver of liquidity, with a $39.4 million inflow in 2024Q2 followed by a $13.5 million outflow in 2025Q3, illustrating the company's vulnerability to fluctuations in dealer inventory levels and payment timing.
The reliance on working capital management to bolster operating cash flow suggests that the company may be aggressively managing its balance sheet to offset operational weakness. Investors should investigate whether these swings are indicative of channel stuffing or simply a reflection of the inherent seasonality of the recreational boat industry.
Quick answers to the most common questions about buying MBUU stock.
Malibu Boats, Inc. (MBUU) generated $56.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Malibu Boats, Inc. (MBUU) generated $28.6M 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.
Malibu Boats, Inc. (MBUU) spent $27.9M 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, Malibu Boats, Inc. (MBUU) spent $36.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.