Revenue growth remains highly inconsistent, fluctuating from a 30.4% peak in 2025Q4 to a 57.4% contraction in 2024Q4, while gross margins struggle to regain historical levels, currently sitting at 17.5% in 2026Q3.
| 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 |
|---|
| Sales/Revenue | 826.09M | 807.56M | 829.03M | 1.39B | 1.21B | 926.51M | 653.16M | 684.02M | 497M | 281.94M | 252.97M | 228.62M | 190.94M | 167.01M | 140.89M |
| Revenue Growth % | 8.81% | -2.59% | -40.29% | 14.28% | 31.12% | 41.85% | -4.51% | 37.63% | 76.28% | 11.45% | 10.65% | 19.74% | 14.32% | 18.54% | - |
| Cost of Goods Sold | 702.45M | 663.47M | 681.94M | 1.04B | 904.83M | 690.03M | 503.89M | 517.75M | 376.66M | 206.9M | 186.15M | 168.19M | 140.14M | 123.41M | 110.85M |
| COGS % of Revenue | - | 82.16% | 82.26% | 74.7% | 74.48% | 74.48% | 77.15% | 75.69% | 75.79% | 73.38% | 73.59% | 73.57% | 73.4% | 73.89% | 78.68% |
| Gross Profit | 123.64M | 144.09M | 147.09M | 351.3M | 310.05M | 236.49M | 149.27M | 166.27M | 120.34M | 75.04M | 66.82M | 60.43M | 50.79M | 43.6M | 30.04M |
| Gross Margin % | 14.97% | 17.84% | 17.74% | 25.3% | 25.52% | 25.52% | 22.85% | 24.31% | 24.21% | 26.62% | 26.41% | 26.43% | 26.6% | 26.11% | 21.32% |
| Gross Profit Growth % | - | -2.04% | -58.13% | 13.3% | 31.11% | 58.43% | -10.22% | 38.16% | 60.37% | 12.3% | 10.58% | 18.97% | 16.5% | 45.13% | - |
| Operating Expenses | 123.06M | 122.33M | 203.04M | 206.51M | 96.23M | 86.71M | 63.96M | 68.16M | 50.27M | 35.6M | 30.92M | 29.28M | 51.25M | 24.29M | 17.56M |
| OpEx % of Revenue | - | 15.15% | 24.49% | 14.87% | 7.92% | 9.36% | 9.79% | 9.96% | 10.12% | 12.63% | 12.22% | 12.81% | 26.84% | 14.55% | 12.46% |
| Selling, General & Admin | 118.29M | 115.53M | 99.11M | 199.7M | 89.27M | 79.45M | 57.83M | 62.2M | 45.08M | 33.4M | 28.73M | 26.82M | 46.07M | 19.11M | 12.38M |
| SG&A % of Revenue | - | 14.31% | 11.95% | 14.38% | 7.35% | 8.58% | 8.85% | 9.09% | 9.07% | 11.85% | 11.36% | 11.73% | 24.13% | 11.44% | 8.79% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.19M | 4.87M | 2.49M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.47% | 0.98% | 0.88% | - | - | - | - | - |
| Other Operating Expenses | 2M | 6.8M | 103.94M | 6.81M | 6.96M | 7.25M | 6.13M | 5.96M | 0 | 0 | 76K | 1.65M | 5.18M | 10K | 52K |
| Operating Income | 585K | 21.76M | -55.95M | 144.78M | 213.82M | 149.78M | 85.31M | 98.11M | 70.07M | 39.44M | 35.9M | 31.15M | -455K | 19.31M | 12.49M |
| Operating Margin % | 0.07% | 2.69% | -6.75% | 10.43% | 17.6% | 16.17% | 13.06% | 14.34% | 14.1% | 13.99% | 14.19% | 13.63% | -0.24% | 11.56% | 8.86% |
| Operating Income Growth % | - | 138.9% | -138.64% | -32.29% | 42.76% | 75.57% | -13.05% | 40.03% | 77.66% | 9.84% | 15.26% | 6946.15% | -102.36% | 54.62% | - |
| EBITDA | 41.53M | 60.35M | -22.96M | 173.5M | 240.15M | 172.67M | 103.69M | 114.07M | 82.92M | 46.19M | 41.43M | 33.61M | 6.32M | 25.58M | 18.56M |
| EBITDA Margin % | 5.03% | 7.47% | -2.77% | 12.5% | 19.77% | 18.64% | 15.88% | 16.68% | 16.68% | 16.38% | 16.38% | 14.7% | 3.31% | 15.31% | 13.17% |
| EBITDA Growth % | 49.83% | 362.89% | -113.23% | -27.75% | 39.08% | 66.52% | -9.1% | 37.57% | 79.54% | 11.48% | 23.25% | 431.68% | -75.28% | 37.8% | - |
| D&A (Non-Cash Add-back) | 40.95M | 38.59M | 32.99M | 28.72M | 26.32M | 22.89M | 18.38M | 15.96M | 12.85M | 6.75M | 5.52M | 2.46M | 6.78M | 6.27M | 6.07M |
| EBIT | 1.55M | 22.15M | -55.94M | 144.45M | 213.82M | 160.7M | 87.62M | 98.26M | 94.77M | 50.23M | 35.98M | 32.83M | -446K | 19.32M | 12.54M |
| Net Interest Income | -2.02M | -1.88M | -1.84M | -2.96M | -2.88M | -2.53M | -3.89M | -6.46M | -5.38M | -1.56M | -3.88M | -954K | -2.96M | -1.33M | -1.43M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.02M | 1.88M | 1.84M | 2.96M | 2.88M | 2.53M | 3.89M | 6.46M | 5.38M | 1.56M | 3.88M | 954K | 2.96M | 1.33M | 1.43M |
| Other Income/Expense | -1.05M | -1.5M | -1.84M | -3.29M | -3.86M | -1.51M | -1.58M | -6.32M | 19.32M | 9.23M | -3.81M | 696K | -2.95M | -1.32M | -1.38M |
| Pretax Income | -468K | 20.26M | -57.78M | 141.49M | 209.97M | 148.26M | 83.73M | 91.8M | 89.39M | 48.67M | 32.1M | 31.85M | -3.41M | 17.98M | 11.11M |
| Pretax Margin % | -0.06% | 2.51% | -6.97% | 10.19% | 17.28% | 16% | 12.82% | 13.42% | 17.99% | 17.26% | 12.69% | 13.93% | -1.78% | 10.77% | 7.88% |
| Income Tax | 398K | 5.02M | -1.34M | 33.58M | 46.53M | 33.98M | 19.08M | 22.1M | 58.42M | 17.59M | 11.8M | 8.66M | -2.22M | 0 | 11.11M |
| Effective Tax Rate % | -85.04% | 24.79% | 2.32% | 23.73% | 22.16% | 22.92% | 22.78% | 24.07% | 65.35% | 36.15% | 36.77% | 27.2% | 65.14% | 0% | 100% |
| Net Income | -905K | 14.88M | -55.91M | 104.51M | 157.63M | 109.84M | 61.56M | 66.07M | 27.61M | 28.36M | 18.04M | 14.66M | -4.68M | 5.35M | 0 |
| Net Margin % | -0.11% | 1.84% | -6.74% | 7.53% | 12.98% | 11.86% | 9.43% | 9.66% | 5.56% | 10.06% | 7.13% | 6.41% | -2.45% | 3.2% | - |
| Net Income Growth % | 89.96% | 126.61% | -153.5% | -33.7% | 43.51% | 78.42% | -6.82% | 139.26% | -2.63% | 57.18% | 23.06% | 413.54% | -187.45% | - | - |
| Net Income (Continuing) | -866K | 15.24M | -56.44M | 107.91M | 163.43M | 114.28M | 64.66M | 69.7M | 30.97M | 31.07M | 20.3M | 23.18M | -1.19M | 17.98M | 11.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.93M | 4.37M | 4.71M | 7.87M | 10.39M | 10.39M | 6.95M | 6.12M | 5.5M | 3.07M | 4.68M | 15.59M | 8.8M | 0 | 0 |
| EPS (Diluted) | -0.05 | 0.76 | -2.74 | 5.06 | 7.51 | 5.23 | 2.95 | 3.15 | 1.36 | 1.58 | 1.00 | 0.93 | -0.42 | 0.53 | 0.00 |
| EPS Growth % | 86.27% | 127.74% | -154.15% | -32.62% | 43.59% | 77.29% | -6.35% | 131.62% | -13.92% | 58% | 7.53% | 321.43% | -179.25% | - | - |
| EPS (Basic) | - | 0.76 | -2.74 | 5.10 | 7.60 | 5.29 | 2.98 | 3.17 | 1.37 | 1.59 | 1.01 | 0.93 | -0.42 | 0.53 | 0.00 |
| Diluted Shares Outstanding | 19.17M | 19.69M | 20.44M | 20.64M | 20.99M | 21.01M | 20.85M | 20.97M | 20.28M | 17.95M | 17.99M | 15.74M | 11.06M | 10.03M | 10.03M |
| Basic Shares Outstanding | 19.17M | 19.66M | 20.44M | 20.5M | 20.75M | 20.75M | 20.66M | 20.83M | 20.18M | 17.85M | 17.93M | 15.73M | 11.06M | 10.03M | 10.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 440.28% | - |
Cyclical Dealer Inventory Overhang
According to recent quarterly financial disclosures, MBUU's revenue trajectory remains highly inconsistent, fluctuating between a 30.4% growth peak in 2025Q4 and a 57.4% contraction in 2024Q4, suggesting that the company's wholesale-driven model is struggling to navigate the current normalization of post-pandemic recreational marine demand.
The erratic revenue pattern indicates that Malibu is highly susceptible to dealer inventory adjustments rather than consistent end-user demand. Investors should monitor whether the recent 3.1% growth in 2026Q3 represents a sustainable stabilization or merely a temporary reprieve from aggressive channel destocking efforts.
As reported in the latest income statements, gross margins have faced significant downward pressure, bottoming out at 7.9% in 2024Q4 before recovering to 17.5% in 2026Q3, which remains well below the historical performance levels typically expected from a vertically integrated manufacturer of premium performance sport boats.
This margin volatility suggests that the company is likely utilizing heavy promotional incentives to clear dealer lots, which directly erodes the profitability of its proprietary wake-shaping technology. The inability to maintain consistent gross margins implies that the competitive landscape for saltwater fishing and sterndrive segments may be forcing price concessions that were previously avoidable.
Based on the provided income statement data, MBUU's operating leverage has proven to be a double-edged sword, as evidenced by the swing from a 7.0% operating margin in 2024Q2 to a deeply negative 36.8% in 2024Q3, highlighting the high fixed-cost burden inherent in their manufacturing ecosystem.
The company's inability to scale operating income alongside revenue suggests that the cost structure is insufficiently flexible to handle cyclical downturns. When volumes contract, the fixed costs associated with vertical integration appear to amplify losses, warranting further investigation into the company's ability to right-size its overhead during prolonged periods of low demand.
Data from recent filings suggests that the company's reliance on a wholesale-to-dealer model creates a persistent risk of channel stuffing, as evidenced by the sharp revenue volatility and the recent emergence of litigation within the dealer network, which may threaten the stability of future revenue recognition.
Short-sellers would likely focus on the disconnect between wholesale shipments and actual retail velocity, which remains a critical blind spot for investors. The combination of dealer friction and potential inventory overhang suggests that the current earnings recovery may be fragile and susceptible to further downward revisions if dealer relationships continue to deteriorate.
Quick answers to the most common questions about buying MBUU stock.
For fiscal year 2025, Malibu Boats, Inc. (MBUU) reported total revenue of $807.6M. This represents a 473.2% increase compared to $140.9M in 2012.
Malibu Boats, Inc. (MBUU) is profitable, generating $14.9M in net income for the fiscal year ending 2025 with a net profit margin of 1.8%.
Malibu Boats, Inc. (MBUU) reported an operating income of $21.8M, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Malibu Boats, Inc. (MBUU) generated $144.1M in gross profit for the year, representing a gross profit margin of 17.8%. This demonstrates the company's core pricing power and production efficiency.