Revenue has rebounded strongly with 42.7% growth in Q4 2026, but profitability remains strained as the 17.7% gross margin and 3.2% operating margin indicate the recovery is not yet translating into meaningful earnings power.
Malibu Boats, Inc. (MBUU) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | 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 | 972.8M | 914.59M | 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 % | 17.1% | 13.25% | -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 | 818.09M | 771.5M | 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 | - | 84.35% | 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 | 154.71M | 143.09M | 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 % | 15.9% | 15.65% | 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 % | - | -0.69% | -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 | 137.62M | 140M | 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 | - | 15.31% | 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 | 125.53M | 132.62M | 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 | - | 14.5% | 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 | 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 | 3M | 7.38M | 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 | 17.09M | 3.1M | 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 % | 1.76% | 0.34% | 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 % | - | -85.76% | 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 | 48.44M | 47.05M | 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 % | 4.98% | 5.14% | 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 % | -26.47% | -22.04% | 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) | 34.1M | 43.95M | 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 | 16.38M | 6.01M | 22.15M | -55.94M | 144.45M | 212.84M | 160.7M | 87.62M | 98.26M | 94.77M | 50.23M | 35.98M | 32.83M | -446K | 19.32M | 12.54M |
| Net Interest Income | -5.22M | -3.56M | -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 | 0 |
| Interest Expense | 5.22M | 3.56M | 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 | -5.93M | -652K | -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 | 11.16M | 2.45M | 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 % | 1.15% | 0.27% | 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 | 2.64M | 740K | 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 % | 23.64% | 30.24% | 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 | 8.35M | 1.65M | 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 % | 0.86% | 0.18% | 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 % | -56.55% | -88.89% | 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) | 8.52M | 1.71M | 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 | 0 |
| Minority Interest | 4.05M | 3.98M | 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) | 0.42 | 0.07 | 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 % | -58.32% | -90.3% | 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) | - | 0.07 | 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 | 19.94M | 19.76M | 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 | 19.74M | 19.72M | 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% | - |
Quick answers to the most common questions about buying MBUU stock.
For fiscal year 2026, Malibu Boats, Inc. (MBUU) reported total revenue of $914.6M. This represents a 549.1% increase compared to $140.9M in 2012.
Malibu Boats, Inc. (MBUU) is profitable, generating $1.7M in net income for the fiscal year ending 2026 with a net profit margin of 0.2%.
Malibu Boats, Inc. (MBUU) reported an operating income of $3.1M, resulting in an operating profit margin of 0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Malibu Boats, Inc. (MBUU) generated $143.1M in gross profit for the year, representing a gross profit margin of 15.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from cost inflation
Metrics are mathematically derived from official filings.
Revenue Rebound Driven by Volume Recovery
Malibu Boats' revenue growth has accelerated sharply, with Q4 2026 sales of $295.5M representing a 42.7% year-over-year increase, suggesting a significant recovery from the deep trough experienced in early 2024.
The top-line rebound appears to be driven by a normalization of dealer inventory and order patterns following a severe industry downturn. However, the growth is largely cyclical recovery rather than structural market share gains, as evidenced by the volatile quarterly trajectory. Investors should monitor whether this momentum can be sustained as the industry cycle matures.
Gross Margin Recovery Lags Historical Peaks
Despite the revenue surge, Q4 2026 gross margin of 17.7% remains well below the 20.0% level seen in Q3 2025, indicating persistent cost pressures or unfavorable product mix that are limiting profitability recovery.
The margin profile suggests that input cost inflation and potential promotional activity to clear inventory are weighing on the company's ability to fully capitalize on the sales rebound. Compared to peers like MarineMax (32.5% gross margin), Malibu's structural profitability appears weaker, which may reflect differences in business model or pricing power within the performance boat segment.
Operating Leverage Remains Elusive
Operating income of $9.3M in Q4 2026 represents only a 3.2% margin on $295.5M in revenue, demonstrating that SG&A expenses are scaling nearly proportionally with sales and failing to provide meaningful operating leverage.
The company's cost structure appears to have limited fixed-cost leverage, with SG&A rising to $38.5M in the latest quarter. This suggests that the business model requires significant volume to achieve acceptable profitability levels. The minimal operating leverage implies that future earnings growth will be heavily dependent on continued revenue expansion rather than margin improvement.
Net Income Volatility Masks Underlying Trends
The swing from a $66.8M net loss in Q3 2024 to a $7.2M profit in Q4 2026 highlights extreme earnings volatility, with stock-based compensation of $1.2M in Q2 2026 representing a non-cash drag on an otherwise improving profitability trend.
The quality of earnings is complicated by the company's history of significant losses and the lumpy nature of its profitability. The absence of R&D expenses suggests a mature product portfolio, but the volatility in net income makes it difficult to assess sustainable earnings power. Tax rate fluctuations and non-operating items likely contribute to the erratic EPS trajectory.
Q3 2024 Trough Marks Cyclical Bottom
The operational inflection point occurred in Q3 2024 when Malibu posted a $74.9M operating loss on $203.4M revenue, representing a -36.8% operating margin that appears to have been the cyclical nadir for the business.
This trough was driven by a combination of severe revenue contraction (-45.8% YoY) and cost structure rigidity that amplified the downturn's impact. The subsequent recovery suggests that the company's fixed cost base creates significant downside risk during industry contractions but also provides upside potential during recoveries. The lasting impact appears to be a more cautious approach to inventory and production planning.
Sustainability of Recovery Questionable
The strongest challenge to the recovery narrative is that Malibu's Q4 2026 operating margin of 3.2% remains far below pre-downturn levels, suggesting the business may be structurally less profitable than historical averages indicate.
Short-sellers would focus on the fact that even with 42.7% revenue growth, the company is barely generating positive operating income. The margin compression from 20.0% in Q3 2025 to 17.7% in Q4 2026 despite higher volumes raises questions about pricing power and cost control. Furthermore, the peer comparison shows Malibu operating at a significant margin disadvantage to MarineMax and MasterCraft, which may indicate competitive vulnerabilities in the performance boat segment.