Latest Ratios: P/E Ratio -1.3x · EV/EBITDA 12.0x · ROE -33.9%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $159M | $251M | $349M | $367M | $432M | $457M | $129M | — | — | — |
| Enterprise Value | $1.1B | $1.2B | $1.3B | $1.4B | $1.2B | $713M | $276M | — | — | — |
| P/E Ratio → | -1.33 | — | — | — | 3.30 | 5.78 | 2.65 | — | — | — |
| P/S Ratio | 0.09 | 0.13 | 0.20 | 0.19 | 0.25 | 0.37 | 0.13 | — | — | — |
| P/B Ratio | 0.53 | 0.88 | 0.89 | 0.89 | 0.97 | 1.79 | 0.74 | — | — | — |
| P/FCF | 2.81 | 3.18 | 39.09 | — | — | 3.05 | 0.62 | — | — | — |
| P/OCF | 1.74 | 2.74 | 10.01 | — | 57.97 | 2.86 | 0.61 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.62 | 0.76 | 0.71 | 0.70 | 0.58 | 0.27 | — | — | — |
| EV / EBITDA | 12.03 | 13.44 | 15.40 | 30.48 | 5.23 | 4.62 | 3.39 | — | — | — |
| EV / EBIT | 17.25 | — | 20.67 | 79.88 | 5.19 | 4.66 | 3.81 | — | — | — |
| EV / FCF | — | 14.72 | 150.18 | — | — | 4.77 | 1.34 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.7% | 21.7% | 24.5% | 27.6% | 31.7% | 29.1% | 23.0% | 22.4% | 22.8% | 21.9% |
| Operating Margin | 3.3% | 3.3% | 3.7% | 0.9% | 12.5% | 12.1% | 7.7% | 7.1% | 7.4% | 4.9% |
| Net Profit Margin | -6.1% | -6.1% | -0.3% | -2.0% | 7.5% | 6.4% | 1.7% | 2.7% | 0.2% | -1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -33.9% | -33.9% | -1.4% | -9.0% | 37.4% | 36.9% | 16.5% | 71.5% | 4.5% | -15.2% |
| ROA | -7.7% | -7.7% | -0.3% | -2.4% | 11.8% | 13.4% | 3.6% | 4.8% | 0.4% | -1.7% |
| ROIC | 3.6% | 3.6% | 3.5% | 1.0% | 18.7% | 26.9% | 18.1% | 15.4% | 19.2% | — |
| ROCE | 7.1% | 7.1% | 6.5% | 1.7% | 28.3% | 38.9% | 30.5% | 25.0% | 26.2% | 13.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.38 | 3.38 | 2.58 | 2.62 | 1.88 | 1.25 | 1.23 | 7.94 | 9.47 | 4.46 |
| Debt / EBITDA | 11.14 | 11.14 | 11.58 | 24.18 | 3.57 | 2.07 | 2.62 | 5.26 | 4.30 | 6.15 |
| Net Debt / Equity | — | 3.20 | 2.54 | 2.42 | 1.78 | 1.01 | 0.85 | 7.64 | 8.74 | 4.12 |
| Net Debt / EBITDA | 10.54 | 10.54 | 11.39 | 22.29 | 3.39 | 1.66 | 1.81 | 5.06 | 3.97 | 5.68 |
| Debt / FCF | — | 11.54 | 111.09 | — | — | 1.71 | 0.71 | — | — | 48.11 |
| Interest Coverage | -4.32 | -4.32 | 0.91 | 0.29 | 13.22 | 22.14 | 4.10 | 3.32 | 1.21 | 0.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 1.28 | 1.32 | 1.25 | 1.23 | 1.36 | 1.19 | 1.18 | 1.17 |
| Quick Ratio | 0.28 | 0.28 | 0.31 | 0.41 | 0.43 | 0.60 | 0.55 | 0.14 | 0.16 | 0.15 |
| Cash Ratio | 0.08 | 0.08 | 0.03 | 0.13 | 0.09 | 0.28 | 0.36 | 0.04 | 0.09 | 0.09 |
| Asset Turnover | — | 1.33 | 1.11 | 1.15 | 1.17 | 1.70 | 2.23 | 1.52 | 1.61 | 1.52 |
| Inventory Turnover | 2.72 | 2.72 | 2.26 | 2.30 | 3.19 | 6.05 | 5.25 | 2.15 | 2.52 | 2.65 |
| Days Sales Outstanding | — | 11.87 | 15.95 | 22.16 | 12.12 | 8.48 | 6.59 | 7.27 | 6.59 | 5.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.1% | 1.6% | 1.0% | 2.2% | 7.0% | 14.7% | — | — | — |
| Payout Ratio | — | — | — | — | 7.2% | 40.6% | 108.4% | 52.6% | 291.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 30.3% | 17.3% | 37.7% | — | — | — |
| FCF Yield | 35.6% | 31.4% | 2.6% | — | — | 32.7% | 160.0% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.4% | 0.4% | 0.1% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.2% | 0.1% | 2.0% | 1.4% | 2.3% | 7.0% | 14.7% | — | — | — |
| Shares Outstanding | — | $16M | $15M | $14M | $14M | $11M | $6M | $6M | $5M | $5M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying ONEW stock.
OneWater Marine Inc.'s current P/E ratio is -1.3x. The historical average is 3.9x.
OneWater Marine Inc.'s current EV/EBITDA is 12.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
OneWater Marine Inc.'s return on equity (ROE) is -33.9%. The historical average is 11.9%.
Based on historical data, OneWater Marine Inc. is trading at a P/E of -1.3x. Compare with industry peers and growth rates for a complete picture.
OneWater Marine Inc.'s current dividend yield is 0.18%.
OneWater Marine Inc. has 21.7% gross margin and 3.3% operating margin.
OneWater Marine Inc.'s Debt/EBITDA ratio is 11.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage and thin liquidity buffer
Metrics are mathematically derived from official filings.
Negative Earnings Distort Trailing Multiples
Based on ONEW's reported figures, trailing P/E of -1.33 is not meaningful, while forward P/E of 24.58 and EV/EBITDA of 12.79 suggest the market is pricing a substantial earnings recovery rather than current profitability. Peers trade at similar EV/EBITDA levels.
The negative trailing P/E reflects the 2025Q4 net loss, so the forward multiple of 24.58 is the more relevant anchor, yet it implies earnings must roughly triple from trailing levels to justify today's price. P/S of 0.09 and P/B of 0.53 look inexpensive, but these reflect a thin 2.2% recent net margin and equity eroded by accumulated losses, so the discount may be warranted. Investors should monitor whether the forward estimates hold given recent volatility.
Thin Margins Limit Earnings Power
As reported in ONEW's income statements, operating margin reached 6.7% in 2026Q3 but averaged only about 3.5% over the last ten quarters, while gross margin stayed between 21.4% and 24.6%, leaving little cushion against volume softness.
The gap between gross margin near 24% and operating margin near 3% shows SG&A absorbs most gross profit, which limits operating leverage when revenue recovers. Net margin swung from -24.5% to 2.2%, meaning reported net income is heavily influenced by non-operating and one-time items rather than steady core earnings. Operating margin, not net margin, better reflects true earning power here, and it remains modest relative to the peer group.
Returns Hover Near Cost of Capital
Based on ONEW's reported figures, ROIC rose to 2.8% in 2026Q3 from roughly 0% to 1% in most prior quarters, yet it remains well below typical capital costs and trails peer MPX's 13.3%.
The recent ROIC improvement appears driven by a single strong quarter rather than a sustained compounding trend, and the ten-quarter pattern is essentially flat near zero. ROE of 4.2% is inflated relative to ROIC by the reduced equity base and leverage, so it overstates true capital efficiency. Investors should monitor whether ROIC can hold above 5% over several consecutive quarters.
Deleveraging Partly Reflects Equity Erosion
According to reported balance sheet figures, debt-to-equity fell from 4.07 in 2026Q1 to 1.92 in 2026Q3, yet interest coverage of 4.25 in the latest quarter was volatile and often below 1.0 across prior periods.
The headline D/E improvement may overstate repair because reported equity declined alongside debt, so the ratio improved partly through a smaller denominator. Debt/EBITDA of 13.84 remains elevated, suggesting the debt burden is still heavy relative to operating cash earnings. Refinancing and covenant exposure warrant further investigation given the depth of recent losses.
Limited Buffer Against Liquidity Stress
Based on reported figures, the current ratio of 1.22 and quick ratio of 0.34 in 2026Q3 show a position that depends heavily on inventory, with inventory days near 117 offsetting a thin non-inventory asset base.
A quick ratio of 0.34 indicates that most current liquidity is tied to inventory, which may be difficult to convert quickly under severe stress. Cash of $68.7M against current liabilities near $1.0B suggests the company relies on continued access to revolving and floor-plan credit, a dependency that appears to warrant monitoring. Under a demand shock, the balance sheet may have limited room to absorb further inventory markdowns.
Price-to-Sales Misleads on Dealer Economics
The ratio most commonly misapplied to ONEW is price-to-sales, since its 0.09 reading looks cheap but dealer revenue carries low margins, so sales multiples obscure the thin profit pool beneath them.
Because gross margin near 24% and operating margin near 3% leave little profit per dollar of revenue, a low P/S can coexist with an expensive price on earnings. EV/EBITDA or normalized operating earnings, adjusted for floor-plan interest and inventory carrying costs, provides a more reliable read on value. Investors should weigh cash flow through the cycle rather than revenue multiples when judging the stock.