Cash flow generation remains highly erratic, highlighted by a $71.0 million working capital outflow in 2026Q1 followed by a $44.9 million inflow in 2026Q2.
| Cash from Operations | 76.89M | 91.75M | 34.84M | -129.76M | 7.45M | 159.42M | 212.48M | -5.7M | -4.65M | 6.51M |
| Operating CF Margin % | - | 4.9% | 1.97% | -6.7% | 0.43% | 12.98% | 20.77% | -0.74% | -0.77% | 1.66% |
| Operating CF Growth % | -86.37% | 163.36% | 126.85% | -1842.45% | -95.33% | -24.97% | 3828.98% | -22.42% | -171.45% | - |
| Net Income | -122.86M | -116.23M | -6.18M | -39.11M | 152.61M | 116.41M | 48.51M | 37.26M | 1.95M | -4.26M |
| Depreciation & Amortization | 21.68M | 24.44M | 22.19M | 26.79M | 16.3M | 5.41M | 3.25M | 2.68M | 1.68M | 1.05M |
| Stock-Based Compensation | 11.18M | 10.5M | 8.44M | 8.96M | 10.01M | 5.74M | 2.21M | 154K | 153.98K | 432K |
| Deferred Taxes | -38.74M | -35.85M | -334K | -23.03M | 5.74M | 3.73M | 509K | 35K | 32.93M | 18.18M |
| Other Non-Cash Items | 156.06M | 148.69M | 4.63M | 157.34M | 15.08M | 3.44M | 11.79M | 1.8M | 2.44M | 554K |
| Working Capital Changes | 43.24M | 60.2M | 6.08M | -260.71M | -192.29M | 24.69M | 146.2M | -47.64M | -43.81M | -9.45M |
| Change in Receivables | 21.71M | 15.21M | -1.48M | -10.05M | -3.71M | -9.53M | -3.19M | -2.34M | -4.74M | -1.75M |
| Change in Inventory | 28.92M | 47.91M | 24.64M | -232.28M | -167.18M | 25.29M | 127.21M | -38.95M | -39.86M | -13.28M |
| Change in Payables | -3.8M | 11.65M | 233K | 197K | 6.42M | -26K | 7.24M | -966K | 9K | 1.79M |
| Cash from Investing | 39.28M | -11.6M | 13.32M | -51.6M | -476.84M | -117.13M | -4.67M | -11M | -23.92M | -23.3M |
| Capital Expenditures | -9.17M | -12.02M | -25.92M | -24.07M | -15.65M | -9.9M | -6.31M | -7.29M | -10.13M | -4.11M |
| CapEx % of Revenue | 0.5% | 0.64% | 1.46% | 1.24% | 0.9% | 0.81% | 0.62% | 0.95% | 1.68% | 1.05% |
| Acquisitions | 49.59M | 713K | -5.71M | -28.09M | -459.54M | -107.47M | 1.64M | -19.4M | -13.79M | -19.25M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -458K | -298K | 44.95M | 567K | 345K | 233K | 0 | 15.7M | 0 | 61K |
| Cash from Financing | -115.16M | -42.61M | -114.11M | 213.72M | 456.4M | -36.5M | -151.14M | 12.46M | 34.26M | 16.99M |
| Debt Issued (Net) | -114.58M | -38.33M | -80.63M | 231.35M | 477.33M | -2.38M | -93.84M | 3.86M | 3.15M | -2.61M |
| Equity Issued (Net) | 1.09M | 1.19M | 1.52M | 513K | -354K | -540K | 67.31M | 0 | 0 | 68M |
| Dividends Paid | -89K | -275K | -5.42M | -3.6M | -9.48M | -32.08M | -109.4M | -14.45M | -3.26M | -47.2M |
| Share Repurchases | 0 | 0 | 1.52M | -1.58M | -354K | 0 | 0 | 0 | 0 | -2.06M |
| Other Financing | -1.59M | -5.2M | -29.59M | -14.54M | -11.09M | -1.5M | -15.22M | 23.05M | 34.37M | -1.2M |
| Net Change in Cash | 969K | 37.48M | -65.97M | 32.36M | -13M | 5.8M | 56.66M | -4.24M | 5.68M | 203K |
| Free Cash Flow | 67.43M | 79.02M | 8.92M | -153.83M | -8.2M | 149.53M | 206.17M | -12.99M | -14.79M | 2.4M |
| FCF Margin % | 3.67% | 4.22% | 0.5% | -7.94% | -0.47% | 12.17% | 20.15% | -1.69% | -2.45% | 0.61% |
| FCF Growth % | -27.61% | 785.78% | 105.8% | -1775.57% | -105.49% | -27.47% | 1687.25% | 12.17% | -715.7% | - |
| FCF per Share | 4.06 | 4.98 | 0.61 | -10.74 | -0.57 | 13.16 | 32.79 | -2.14 | -2.74 | 0.45 |
| FCF Conversion (FCF/Net Income) | -0.55x | -0.80x | -6.11x | 3.36x | 0.06x | 2.02x | 12.19x | -0.27x | -4.17x | -1.52x |
| Interest Paid | 57.93M | 61.04M | 75.96M | 49.51M | 14.6M | 6.25M | 17.21M | 0 | 0 | 0 |
| Taxes Paid | 405K | 0 | 5.5M | 23.32M | 35.23M | 28.54M | 246K | 0 | 0 | 0 |
High Interest Rate Sensitivity
As reported in recent financial statements, OneWater Marine's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme -77.34 in 2025Q2, suggesting that non-cash adjustments and working capital swings are the primary drivers of reported cash flow rather than core operational profitability.
The persistent gap between net losses and positive operating cash flow indicates that the company's cash generation is heavily reliant on inventory management and accrual timing rather than sustainable earnings. Investors should monitor whether this reliance on working capital shifts masks a fundamental deterioration in the underlying quality of earnings.
Based on quarterly data, OneWater's free cash flow trajectory remains highly erratic, swinging from a $115.4 million outflow in 2024Q1 to an $88.6 million inflow in 2025Q3, which highlights the company's extreme sensitivity to seasonal inventory cycles and the cyclical nature of the recreational marine retail market.
The lack of consistent free cash flow generation suggests that the business model is currently unable to self-fund its operations and acquisition strategy throughout the full calendar year. This volatility warrants further investigation into whether the company can maintain liquidity during prolonged periods of depressed consumer demand.
According to recent SEC filings, working capital changes are the dominant force behind cash flow fluctuations, evidenced by a $71.0 million outflow in 2026Q1 followed by a $44.9 million inflow in 2026Q2, reflecting the company's aggressive efforts to manage inventory levels in a softening retail environment.
The significant swings in working capital suggest that OneWater is highly vulnerable to inventory bloat, which forces the company to prioritize cash preservation over margin protection. This dynamic implies that the company's cash position is essentially a function of its ability to move units, rather than organic operational efficiency.
As evidenced by the reported figures, OneWater has historically utilized significant capital for acquisitions, such as the $48.8 million deployed in 2026Q2, which appears to be a core component of their growth strategy despite the current environment of negative net margins and rising interest rate pressures.
The continued deployment of capital into acquisitions while the company reports net losses suggests a high-risk strategy that prioritizes scale over immediate profitability. Investors should monitor whether this aggressive expansion can be sustained if credit markets tighten or if the cost of debt continues to erode operational cash flow.
Quick answers to the most common questions about buying ONEW stock.
OneWater Marine Inc. (ONEW) generated $91.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OneWater Marine Inc. (ONEW) generated $79.0M 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.
OneWater Marine Inc. (ONEW) spent $12.0M 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, OneWater Marine Inc. (ONEW) returned $0.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.