Revenue growth remains highly erratic, oscillating from a 59.7% contraction in 2024Q4 to a 13.2% expansion in 2026Q2, while structural margin pressure persists with gross margins fluctuating between 12.2% and 24.4%.
MasterCraft Boat Holdings, Inc. (MCFT) annual income statement — 13-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 348.9M | 284.2M | 366.59M | 609.9M | 641.61M | 465.96M | 363.07M | 466.38M | 332.73M | 228.63M | 221.6M | 214.39M | 177.59M | 162.01M |
| Revenue Growth % | 22.77% | -22.47% | -39.89% | -4.94% | 37.7% | 28.34% | -22.15% | 40.17% | 45.53% | 3.17% | 3.36% | 20.72% | 9.62% | - |
| Cost of Goods Sold | 269.12M | 227.34M | 299.49M | 441.16M | 473.42M | 340.83M | 287.72M | 353.25M | 242.36M | 165.16M | 160.52M | 163.22M | 139.97M | 131.3M |
| COGS % of Revenue | - | 79.99% | 81.7% | 72.33% | 73.79% | 73.15% | 79.24% | 75.74% | 72.84% | 72.24% | 72.44% | 76.13% | 78.82% | 81.05% |
| Gross Profit | 79.78M | 56.87M | 67.1M | 168.74M | 168.19M | 125.13M | 75.36M | 113.13M | 90.36M | 63.48M | 61.08M | 51.17M | 37.61M | 30.71M |
| Gross Margin % | 22.87% | 20.01% | 18.3% | 27.67% | 26.21% | 26.85% | 20.76% | 24.26% | 27.16% | 27.76% | 27.56% | 23.87% | 21.18% | 18.95% |
| Gross Profit Growth % | - | -15.25% | -60.24% | 0.33% | 34.41% | 66.05% | -33.39% | 25.19% | 42.36% | 3.92% | 19.37% | 36.04% | 22.49% | - |
| Operating Expenses | 66.51M | 45.63M | 59.47M | 47.31M | 51.99M | 46.49M | 101.92M | 48.87M | 34.38M | 29.96M | 39.07M | 27.25M | 19.02M | 18.69M |
| OpEx % of Revenue | - | 16.06% | 16.22% | 7.76% | 8.1% | 9.98% | 28.07% | 10.48% | 10.33% | 13.1% | 17.63% | 12.71% | 10.71% | 11.54% |
| Selling, General & Admin | 66.16M | 43.83M | 47.83M | 45.35M | 48.94M | 44.53M | 41.54M | 45.38M | 32.78M | 29.85M | 38.85M | 27.02M | 18.8M | 18.47M |
| SG&A % of Revenue | - | 15.42% | 13.05% | 7.44% | 7.63% | 9.56% | 11.44% | 9.73% | 9.85% | 13.06% | 17.53% | 12.61% | 10.58% | 11.4% |
| Research & Development | 0 | 0 | 8.6M | 0 | 0 | 0 | 0 | 5.57M | 4.93M | 3.55M | 3.51M | 3.03M | 2.72M | 2.84M |
| R&D % of Revenue | - | - | 2.35% | - | - | - | - | 1.19% | 1.48% | 1.55% | 1.58% | 1.41% | 1.53% | 1.75% |
| Other Operating Expenses | 450K | 1.8M | 3.04M | 1.96M | 3.06M | 1.96M | 60.38M | 3.49M | 1.6M | 107K | 1.21M | 222K | 221K | 222K |
| Operating Income | 9.03M | 11.23M | 7.63M | 121.43M | 116.19M | 78.64M | -26.57M | 64.26M | 55.98M | 33.52M | 22.01M | 23.92M | 18.59M | 12.02M |
| Operating Margin % | 2.59% | 3.95% | 2.08% | 19.91% | 18.11% | 16.88% | -7.32% | 13.78% | 16.83% | 14.66% | 9.93% | 11.16% | 10.47% | 7.42% |
| Operating Income Growth % | - | 47.17% | -93.71% | 4.5% | 47.75% | 396.02% | -141.34% | 14.78% | 67.04% | 52.26% | -7.98% | 28.64% | 54.72% | - |
| EBITDA | 22.68M | 20.81M | 18.81M | 129.82M | 125.93M | 87.01M | -16.04M | 72.05M | 61.07M | 36.75M | 25.45M | 24.14M | 21.07M | 13.99M |
| EBITDA Margin % | 6.5% | 7.32% | 5.13% | 21.29% | 19.63% | 18.67% | -4.42% | 15.45% | 18.35% | 16.07% | 11.49% | 11.26% | 11.86% | 8.64% |
| EBITDA Growth % | 9% | 10.61% | -85.51% | 3.1% | 44.72% | 642.46% | -122.26% | 17.97% | 66.19% | 44.36% | 5.44% | 14.6% | 50.55% | - |
| D&A (Non-Cash Add-back) | 13.65M | 9.58M | 11.18M | 8.4M | 9.73M | 8.37M | 10.53M | 7.79M | 5.09M | 3.23M | 3.44M | 222K | 2.47M | 1.98M |
| EBIT | 10.43M | 14.7M | 13.42M | 124.78M | 116.19M | 77.91M | -26.57M | 64.64M | 56.48M | 33.52M | 19.8M | 23.92M | 18.59M | 12.02M |
| Net Interest Income | 2.53M | 2.3M | 2.5M | 672K | -1.47M | -3.39M | -5.04M | -6.51M | -3.47M | -2.22M | -1.28M | -5.17M | -7.55M | -9.24M |
| Interest Income | 2.75M | 3.47M | 5.79M | 3.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 77K | 1.17M | 3.29M | 2.68M | 1.47M | 3.39M | 5.04M | 6.51M | 3.47M | 2.22M | 1.28M | 5.17M | 7.55M | 9.24M |
| Other Income/Expense | -7.69M | 2.3M | 2.5M | 672K | -1.47M | -4.13M | -5.04M | -6.51M | -3.47M | -2.22M | -3.49M | -11.79M | -10.08M | -9.24M |
| Pretax Income | 1.35M | 13.54M | 10.13M | 122.1M | 114.72M | 74.52M | -31.61M | 26.75M | 52.51M | 31.29M | 18.52M | 12.13M | 8.51M | 2.78M |
| Pretax Margin % | 0.39% | 4.76% | 2.76% | 20.02% | 17.88% | 15.99% | -8.71% | 5.73% | 15.78% | 13.69% | 8.36% | 5.66% | 4.79% | 1.72% |
| Income Tax | 2.95M | 2.82M | 1.41M | 28.3M | 26.78M | 16.08M | -7.57M | 5.39M | 12.86M | 11.72M | 8.31M | 6.59M | -11.41M | -37K |
| Effective Tax Rate % | 218.86% | 20.83% | 13.89% | 23.18% | 23.34% | 21.58% | 23.93% | 20.16% | 24.48% | 37.46% | 44.86% | 54.37% | -134.08% | -1.33% |
| Net Income | -1.66M | 7.04M | 7.8M | 68.94M | 58.21M | 56.17M | -24.05M | 21.35M | 39.65M | 19.57M | 10.21M | 5.53M | 19.93M | 2.82M |
| Net Margin % | -0.48% | 2.48% | 2.13% | 11.3% | 9.07% | 12.05% | -6.62% | 4.58% | 11.92% | 8.56% | 4.61% | 2.58% | 11.22% | 1.74% |
| Net Income Growth % | -123.6% | -9.71% | -88.69% | 18.42% | 3.64% | 333.58% | -212.61% | -46.15% | 102.62% | 91.67% | 84.5% | -72.23% | 607.63% | - |
| Net Income (Continuing) | -1.6M | 10.71M | 8.72M | 93.8M | 87.94M | 58.44M | -24.05M | 21.35M | 39.65M | 19.57M | 10.21M | 5.53M | 19.93M | 2.82M |
| Discontinued Operations | -61K | -3.67M | -922K | -24.86M | -29.73M | -2.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 200K | 200K | 200K | 120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.08 | 0.43 | 0.46 | 3.88 | 3.12 | 2.96 | -1.28 | 1.14 | 2.12 | 1.05 | 0.56 | 0.32 | 1.16 | 0.25 |
| EPS Growth % | -106.05% | -6.52% | -88.14% | 24.36% | 5.41% | 331.25% | -212.28% | -46.23% | 101.9% | 87.5% | 75% | -72.41% | 364% | - |
| EPS (Basic) | - | 0.43 | 0.46 | 3.91 | 3.15 | 2.99 | -1.28 | 1.14 | 2.13 | 1.05 | 0.57 | 0.32 | 1.16 | 0.25 |
| Diluted Shares Outstanding | 20.21M | 16.54M | 17.04M | 17.77M | 18.64M | 18.95M | 18.73M | 18.77M | 18.71M | 18.62M | 18.26M | 17.21M | 17.21M | 11.14M |
| Basic Shares Outstanding | 20.21M | 16.45M | 16.93M | 17.62M | 18.46M | 18.81M | 18.73M | 18.65M | 18.62M | 18.59M | 17.85M | 17.21M | 17.21M | 11.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | 783.01% | 795.08% | - | - |
Quick answers to the most common questions about buying MCFT stock.
For fiscal year 2025, MasterCraft Boat Holdings, Inc. (MCFT) reported total revenue of $284.2M. This represents a 75.4% increase compared to $162.0M in 2013.
MasterCraft Boat Holdings, Inc. (MCFT) is profitable, generating $7.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
MasterCraft Boat Holdings, Inc. (MCFT) reported an operating income of $11.2M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
MasterCraft Boat Holdings, Inc. (MCFT) generated $56.9M in gross profit for the year, representing a gross profit margin of 20.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical demand and inventory
Metrics are mathematically derived from official filings.
Revenue Growth Remains Highly Volatile
According to the most recent quarterly filings, MasterCraft's revenue growth has exhibited significant volatility, oscillating from a 59.7% contraction in 2024Q4 to a 13.2% expansion in 2026Q2, reflecting the inherent sensitivity of the premium marine segment to broader macroeconomic shifts and dealer inventory management cycles.
The erratic revenue trajectory suggests that the company is struggling to find a stable baseline following the post-pandemic demand normalization. Investors should monitor whether the recent 3.0% growth in 2026Q3 represents a sustainable recovery or merely a temporary fluctuation driven by seasonal wholesale shipment timing.
Structural Margin Pressure Persists
As reported in financial statements, MasterCraft's gross margin has fluctuated between a low of 12.2% in 2024Q4 and a peak of 24.4% in 2026Q3, indicating that the company's profitability remains highly susceptible to promotional intensity and the ongoing need to support dealer inventory levels.
The inability to maintain consistent gross margins above 25% suggests that the company lacks sufficient pricing power to fully offset rising input costs and competitive discounting. This margin instability implies that the firm's premium positioning is currently being tested by a price-sensitive consumer base and elevated floorplan financing costs.
Operating Leverage Remains Highly Fragile
Based on the company's reported income statements, operating leverage has proven elusive, with operating income swinging from a $11.9 million loss in 2024Q4 to a $3.8 million profit in 2026Q1, highlighting the significant impact of fixed-cost absorption on the firm's bottom-line performance during cyclical downturns.
The sharp swings in operating income demonstrate that the company's cost structure is heavily weighted toward fixed manufacturing expenses, which magnify losses when volume declines. This lack of operating efficiency suggests that management may face difficulty scaling profitability without a sustained, multi-quarter increase in unit sales.
Inventory Risks Cloud Future Earnings
Data from recent quarterly reports indicates that the company's reliance on wholesale shipments to drive revenue may mask underlying retail weakness, as evidenced by the $1.3 million operating loss in 2026Q3 despite a 3% revenue increase, suggesting potential channel stuffing or unsustainable promotional support.
Short-sellers would likely focus on the disconnect between revenue growth and operating profitability, which may indicate that the company is forced to sacrifice margins to clear aged inventory. This trend warrants further investigation into whether the current dealer incentive structure is eroding the long-term value of the brand.