Operating margins have compressed significantly from 8.3% in 2024Q2 to 3.4% in 2026Q1, reflecting an inability to achieve meaningful operating leverage during the current market downturn.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 251.95M | 244.42M | 236.56M | 383.73M | 381M | 298.01M | 239.82M | 292.14M | 298.62M | 267.32M | 241.33M | 207.06M | 171.05M | 168.04M | 148.95M | 106.44M | 101.01M | 48.47M | 175.62M | 244.27M | 261.38M | 272.06M | 252.42M | 193.98M | 162.68M | 134.69M | 148.28M | 122.88M | 103.5M |
| Revenue Growth % | 11.38% | 3.32% | -38.35% | 0.72% | 27.84% | 24.26% | -17.91% | -2.17% | 11.71% | 10.77% | 16.55% | 21.05% | 1.79% | 12.82% | 39.94% | 5.37% | 108.39% | -72.4% | -28.1% | -6.54% | -3.93% | 7.78% | 30.13% | 19.24% | 20.78% | -9.16% | 20.67% | 18.73% | - |
| Cost of Goods Sold | 205.06M | 197.64M | 191.06M | 293.35M | 287.28M | 229.74M | 186.22M | 226.74M | 232.29M | 208.3M | 190.86M | 163.26M | 138.38M | 137.68M | 121.75M | 86.93M | 83.3M | 46M | 143.68M | 191.81M | 201.97M | 202.94M | 186.83M | 143.66M | 125.28M | 105.34M | 114.08M | 93.25M | 77.78M |
| COGS % of Revenue | - | 80.86% | 80.77% | 76.45% | 75.4% | 77.09% | 77.65% | 77.62% | 77.79% | 77.92% | 79.09% | 78.85% | 80.9% | 81.93% | 81.74% | 81.67% | 82.46% | 94.89% | 81.81% | 78.52% | 77.27% | 74.59% | 74.02% | 74.06% | 77.01% | 78.21% | 76.93% | 75.89% | 75.15% |
| Gross Profit | 46.89M | 46.77M | 45.5M | 90.38M | 93.72M | 68.27M | 53.6M | 65.39M | 66.32M | 59.02M | 50.47M | 43.8M | 32.67M | 30.36M | 27.2M | 19.51M | 17.71M | 2.48M | 31.95M | 52.46M | 59.41M | 69.12M | 65.59M | 50.32M | 37.4M | 29.34M | 34.2M | 29.63M | 25.72M |
| Gross Margin % | 18.61% | 19.14% | 19.23% | 23.55% | 24.6% | 22.91% | 22.35% | 22.38% | 22.21% | 22.08% | 20.91% | 21.15% | 19.1% | 18.07% | 18.26% | 18.33% | 17.54% | 5.11% | 18.19% | 21.48% | 22.73% | 25.41% | 25.98% | 25.94% | 22.99% | 21.79% | 23.07% | 24.11% | 24.85% |
| Gross Profit Growth % | - | 2.81% | -49.66% | -3.56% | 37.27% | 27.36% | -18.03% | -1.4% | 12.37% | 16.95% | 15.22% | 34.06% | 7.59% | 11.62% | 39.46% | 10.12% | 615.68% | -92.25% | -39.11% | -11.69% | -14.05% | 5.39% | 30.35% | 34.54% | 27.45% | -14.2% | 15.42% | 15.2% | - |
| Operating Expenses | 34.43M | 32.75M | 27.38M | 41.18M | 41.92M | 31.88M | 29.24M | 31.26M | 30.94M | 29.26M | 27.41M | 23.25M | 20.66M | 20.36M | 18.44M | 14.13M | 13.99M | 21.64M | 23.15M | 30.23M | 32.47M | 33.56M | 29.81M | 23.02M | 18.02M | 16.22M | 18.75M | 15.15M | 13.58M |
| OpEx % of Revenue | - | 13.4% | 11.57% | 10.73% | 11% | 10.7% | 12.19% | 10.7% | 10.36% | 10.95% | 11.36% | 11.23% | 12.08% | 12.11% | 12.38% | 13.28% | 13.85% | 44.64% | 13.18% | 12.37% | 12.42% | 12.33% | 11.81% | 11.86% | 11.08% | 12.04% | 12.64% | 12.33% | 13.12% |
| Selling, General & Admin | 25.61M | 0 | 27.38M | 41.59M | 41.92M | 31.88M | 29.24M | 31.26M | 30.94M | 29.26M | 27.41M | 23.25M | 20.66M | 20.36M | 18.44M | 14.13M | 13.99M | 21.64M | 23.15M | 30.23M | 32.47M | 33.56M | 29.81M | 23.02M | 18.02M | 16.22M | 16.95M | 15.15M | 13.58M |
| SG&A % of Revenue | - | - | 11.57% | 10.84% | 11% | 10.7% | 12.19% | 10.7% | 10.36% | 10.95% | 11.36% | 11.23% | 12.08% | 12.11% | 12.38% | 13.28% | 13.85% | 44.64% | 13.18% | 12.37% | 12.42% | 12.33% | 11.81% | 11.86% | 11.08% | 12.04% | 11.43% | 12.33% | 13.12% |
| Research & Development | 0 | 0 | 0 | 757K | 437K | 776K | 751K | 730K | 822K | 960K | 858K | 663K | 743K | 1.07M | 768K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.2% | 0.11% | 0.26% | 0.31% | 0.25% | 0.28% | 0.36% | 0.36% | 0.32% | 0.43% | 0.64% | 0.52% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 32.75M | 0 | -1.17M | -437K | -776K | -751K | -730K | -4.18M | 29.26M | 27.41M | 23.25M | 20.66M | 20.31M | 18.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8M | 0 | 0 |
| Operating Income | 12.46M | 14.03M | 18.27M | 49.2M | 51.8M | 36.39M | 24.36M | 34.13M | 35.39M | 29.76M | 23.05M | 20.55M | 12.01M | 10.01M | 8.76M | 5.38M | 3.72M | -19.16M | 8.8M | 22.23M | 26.93M | 35.56M | 35.78M | 27.3M | 19.38M | 13.12M | 15.46M | 14.48M | 12.14M |
| Operating Margin % | 4.95% | 5.74% | 7.72% | 12.82% | 13.59% | 12.21% | 10.16% | 11.68% | 11.85% | 11.13% | 9.55% | 9.93% | 7.02% | 5.96% | 5.88% | 5.05% | 3.68% | -39.53% | 5.01% | 9.1% | 10.3% | 13.07% | 14.17% | 14.07% | 11.91% | 9.74% | 10.42% | 11.79% | 11.73% |
| Operating Income Growth % | - | -23.2% | -62.88% | -5.01% | 42.33% | 49.39% | -28.63% | -3.54% | 18.91% | 29.1% | 12.17% | 71.17% | 19.94% | 14.26% | 62.97% | 44.52% | 119.41% | -317.79% | -60.43% | -17.44% | -24.27% | -0.59% | 31.04% | 40.86% | 47.71% | -15.1% | 6.7% | 19.28% | - |
| EBITDA | 15.6M | 17.17M | 21.05M | 51.62M | 53.7M | 38.21M | 26.32M | 36.23M | 37.21M | 31.29M | 24.43M | 21.56M | 12.72M | 10.74M | 9.53M | 6.26M | 4.8M | -17.81M | 10.49M | 24.18M | 29.06M | 38.58M | 38.31M | 29.61M | 21.46M | 15.39M | 17.25M | 16.03M | 12.14M |
| EBITDA Margin % | 6.19% | 7.02% | 8.9% | 13.45% | 14.09% | 12.82% | 10.97% | 12.4% | 12.46% | 11.7% | 10.12% | 10.41% | 7.44% | 6.39% | 6.4% | 5.89% | 4.75% | -36.74% | 5.97% | 9.9% | 11.12% | 14.18% | 15.18% | 15.26% | 13.19% | 11.43% | 11.64% | 13.04% | 11.73% |
| EBITDA Growth % | -15.83% | -18.46% | -59.22% | -3.88% | 40.55% | 45.19% | -27.36% | -2.64% | 18.93% | 28.04% | 13.31% | 69.56% | 18.46% | 12.67% | 52.1% | 30.49% | 126.96% | -269.72% | -56.61% | -16.78% | -24.67% | 0.72% | 29.38% | 37.96% | 39.46% | -10.81% | 7.65% | 32% | - |
| D&A (Non-Cash Add-back) | 3.13M | 3.14M | 2.79M | 2.42M | 1.91M | 1.82M | 1.95M | 2.09M | 1.82M | 1.53M | 1.38M | 1.01M | 712K | 726K | 768K | 889K | 1.08M | 1.35M | 1.69M | 1.95M | 2.13M | 3.02M | 2.53M | 2.31M | 2.08M | 2.27M | 1.8M | 1.54M | 0 |
| EBIT | 14.96M | 15.77M | 18.12M | 47.17M | 51.8M | 36.39M | 24.36M | 34.13M | 35.39M | 29.76M | 23.05M | 20.55M | 12.01M | 9.51M | 8.76M | 5.38M | 3.72M | -19.16M | 8.8M | 22.23M | 26.93M | 35.56M | 35.78M | 27.3M | 19.38M | 13.12M | 15.46M | 14.48M | 12.14M |
| Net Interest Income | 1.82M | 1.74M | 2.88M | 2.86M | 338K | 16K | 95K | 323K | 268K | 229K | 355K | 420K | 521K | 524K | 960K | 997K | 1.17M | 1.66M | 2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.82M | 1.74M | 2.88M | 2.86M | 338K | 16K | 95K | 323K | 268K | 229K | 355K | 420K | 521K | 524K | 960K | 997K | 1.17M | 1.66M | 2.59M | 2.59M | 1.33M | 1.33M | 590K | 0 | 600K | 689K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.15M | 1.74M | 2.88M | 2.86M | 338K | 16K | 95K | 323K | 268K | 229K | 355K | 420K | 521K | 524K | 960K | 3.02M | 1.17M | 1.66M | 2.42M | 2.59M | 2.5M | 1.33M | 590K | 501K | 600K | 689K | 7.1M | 233K | 240K |
| Pretax Income | 10.32M | 15.77M | 21.14M | 52.06M | 52.13M | 36.41M | 24.46M | 34.46M | 35.66M | 29.99M | 23.41M | 20.97M | 12.53M | 10.53M | 9.72M | 8.4M | 4.89M | -17.5M | 11.22M | 24.82M | 29.43M | 36.89M | 36.37M | 27.8M | 19.98M | 138.11M | 22.55M | 14.72M | 12.38M |
| Pretax Margin % | 4.09% | 6.45% | 8.94% | 13.57% | 13.68% | 12.22% | 10.2% | 11.8% | 11.94% | 11.22% | 9.7% | 10.13% | 7.32% | 6.27% | 6.53% | 7.89% | 4.84% | -36.1% | 6.39% | 10.16% | 11.26% | 13.56% | 14.41% | 14.33% | 12.28% | 102.54% | 15.21% | 11.98% | 11.96% |
| Income Tax | 3.2M | 4.38M | 3.29M | 10.37M | 11.79M | 7.38M | 5.01M | 6.22M | 7.17M | 10.69M | 6.66M | 6.67M | 3.61M | 2.74M | 2.74M | 1.67M | 1.04M | -6.81M | 3.63M | 8.4M | 9.12M | 10.67M | 12.62M | 9.73M | 7.59M | 5.25M | 8.59M | 5.6M | 4.71M |
| Effective Tax Rate % | 31.06% | 27.8% | 15.56% | 19.91% | 22.61% | 20.28% | 20.49% | 18.05% | 20.1% | 35.64% | 28.46% | 31.78% | 28.84% | 26.01% | 28.21% | 19.85% | 21.24% | 38.9% | 32.38% | 33.84% | 30.99% | 28.92% | 34.71% | 35% | 38% | 3.8% | 38.09% | 38.04% | 38.03% |
| Net Income | 6.98M | 11.38M | 17.85M | 41.7M | 40.35M | 29.03M | 19.44M | 28.24M | 28.49M | 19.3M | 16.75M | 14.31M | 8.91M | 7.79M | 6.98M | 6.73M | 3.85M | -10.69M | 7.59M | 16.42M | 20.31M | 26.22M | 23.74M | 18.07M | 12.39M | 8.56M | 13.96M | 9.12M | 7.67M |
| Net Margin % | 2.77% | 4.66% | 7.55% | 10.87% | 10.59% | 9.74% | 8.11% | 9.67% | 9.54% | 7.22% | 6.94% | 6.91% | 5.21% | 4.64% | 4.69% | 6.32% | 3.81% | -22.06% | 4.32% | 6.72% | 7.77% | 9.64% | 9.41% | 9.32% | 7.62% | 6.36% | 9.42% | 7.42% | 7.41% |
| Net Income Growth % | -54.83% | -36.24% | -57.18% | 3.34% | 39% | 49.28% | -31.14% | -0.87% | 47.61% | 15.26% | 17.05% | 60.49% | 14.37% | 11.68% | 3.68% | 74.69% | 136.03% | -240.96% | -53.81% | -19.15% | -22.53% | 10.45% | 31.38% | 45.87% | 44.68% | -38.66% | 53.11% | 18.82% | - |
| Net Income (Continuing) | 7.11M | 11.38M | 17.85M | 41.7M | 40.35M | 29.03M | 19.44M | 28.24M | 28.49M | 19.3M | 16.75M | 14.31M | 8.91M | 7.53M | 6.98M | 6.73M | 3.85M | -10.69M | 7.59M | 16.42M | 20.31M | 26.22M | 23.74M | 18.07M | 12.39M | 8.56M | 13.96M | 9.12M | 7.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.20 | 0.33 | 0.50 | 1.21 | 1.18 | 0.85 | 0.56 | 0.81 | 0.83 | 0.55 | 0.44 | 0.39 | 0.24 | 0.21 | 0.19 | 0.18 | 0.11 | -0.30 | 0.21 | 0.43 | 0.52 | 0.65 | 0.39 | 0.32 | 0.22 | 0.22 | 0.36 | 0.24 | 0.20 |
| EPS Growth % | -51.76% | -34% | -58.68% | 2.54% | 38.82% | 51.79% | -30.86% | -2.41% | 50.91% | 25% | 12.82% | 62.5% | 14.29% | 10.53% | 5.56% | 63.64% | 136.67% | -242.86% | -51.16% | -17.31% | -20% | 66.67% | 21.88% | 45.45% | 0% | -38.89% | 50% | 20% | - |
| EPS (Basic) | - | 0.33 | 0.50 | 1.21 | 1.18 | 0.85 | 0.56 | 0.81 | 0.83 | 0.55 | 0.44 | 0.39 | 0.24 | 0.21 | 0.19 | 0.19 | 0.11 | -0.30 | 0.21 | 0.44 | 0.54 | 0.69 | 0.41 | 0.32 | 0.22 | 0.23 | 0.36 | 0.24 | 0.20 |
| Diluted Shares Outstanding | 35.17M | 34.97M | 33.81M | 33.61M | 33.44M | 33.31M | 33.93M | 34.06M | 34.53M | 34.84M | 37.86M | 37.15M | 37.23M | 37.14M | 36.8M | 36.73M | 36.67M | 35.96M | 35.17M | 38.19M | 39.07M | 40.34M | 40.75M | 40.18M | 40.3M | 39.32M | 38.31M | 37.99M | 38.31M |
| Basic Shares Outstanding | 35.17M | 34.97M | 33.81M | 33.61M | 33.44M | 33.31M | 33.93M | 34.06M | 34.53M | 33.75M | 36.63M | 36.95M | 36.94M | 36.82M | 36.66M | 36.37M | 36.18M | 35.96M | 35.17M | 37.33M | 37.62M | 38M | 38.43M | 38.04M | 38.12M | 37.78M | 38.31M | 37.99M | 38.31M |
| Dividend Payout Ratio | - | 172.14% | 244.96% | 46.25% | 42.33% | 53.84% | 69.69% | 69.96% | 60.56% | 59.61% | 54.95% | 53.39% | 68.45% | 73.2% | 341.19% | 0% | 0.01% | - | 124.47% | 54.87% | 37.57% | 23.16% | 17.31% | 15.14% | 11.06% | 11.94% | - | - | - |
Cyclical demand and margin compression
According to recent financial filings, Marine Products Corporation experienced a 12.8% revenue increase in 2026Q1, yet this follows a prolonged period of double-digit year-over-year declines, suggesting that the post-pandemic demand surge has fully dissipated and the company is struggling to find a stable growth baseline.
The erratic revenue performance, swinging from a 35% gain in 2025Q4 to a 14.9% contraction in 2025Q1, indicates a business highly sensitive to dealer inventory cycles rather than consistent end-user demand. Investors should monitor whether this volatility reflects genuine market share shifts or merely the timing of wholesale shipments to a dealer network currently facing high floorplan financing costs.
As reported in quarterly statements, MPX’s gross margin has hovered near 19%, a figure that appears structurally capped by the company's reliance on third-party engine suppliers and its lack of vertical integration compared to larger industry peers like Brunswick Corporation.
The inability to consistently push gross margins above the 20% threshold suggests limited pricing power in the competitive fiberglass boat segment. Because the company functions primarily as an assembler, any inflationary pressure on raw materials or engine components flows directly to the bottom line, leaving little room for operational error.
Based on the provided income statement data, operating margins have compressed from 8.3% in 2024Q2 to 3.4% in 2026Q1, indicating that the company is failing to achieve meaningful operating leverage as revenue growth remains inconsistent and overhead costs remain relatively sticky.
The decline in operating income suggests that the company's lean cost structure is insufficient to protect profitability during periods of top-line weakness. Management appears to be struggling to scale SG&A expenses in proportion to revenue, which may indicate that fixed costs are becoming a larger burden on the firm's bottom-line performance.
Analysis of recent financial disclosures reveals that net income has turned negative in 2026Q1, with earnings quality further obscured by recurring stock-based compensation expenses that have reached as high as $1.6 million in a single quarter, diluting the impact of operational gains.
The transition to a net loss in the most recent quarter warrants further investigation into whether this is a temporary seasonal anomaly or a sign of structural deterioration. The consistent presence of stock-based compensation during periods of declining profitability suggests that shareholder returns may be misaligned with the company's current operational reality.
While the company maintains a debt-free balance sheet, short-term risks are highlighted by the potential for channel stuffing, as revenue is recognized upon shipment to dealers rather than final retail sale, creating a disconnect between reported figures and actual consumer demand.
Investors should be wary that the current revenue recognition model may mask a buildup of unsold inventory within the dealer network. If retail demand continues to soften due to high interest rates, the company may be forced to increase dealer support payments, which would likely lead to further margin compression and earnings volatility.
Quick answers to the most common questions about buying MPX stock.
For fiscal year 2025, Marine Products Corporation (MPX) reported total revenue of $244.4M. This represents a 136.2% increase compared to $103.5M in 1998.
Marine Products Corporation (MPX) is profitable, generating $11.4M in net income for the fiscal year ending 2025 with a net profit margin of 4.7%.
Marine Products Corporation (MPX) reported an operating income of $14.0M, resulting in an operating profit margin of 5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Marine Products Corporation (MPX) generated $46.8M in gross profit for the year, representing a gross profit margin of 19.1%. This demonstrates the company's core pricing power and production efficiency.