MARINEMAX INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MARINEMAX INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	942	1,052	1,177	1,237	1,510	2,063	2,308	2,395	2,431	2,309
Cost of revenue	716	787	879	914	1,111	1,404	1,502	1,559	1,630	1,559
Gross profit	226	265	298	323	399	659	806	835	801	750
Selling, general and administrative	186	220	235	262	292	450	541	635	673	647
Selling and marketing	13.5	16.2	16.5	18.8	14	14.8	25.8	36	37.2	38.6
Operating income	40.3	45.3	63.2	60.5	107	209	265	201	128	34
Interest expense	5.46	7.48	9.9	11.6	9.28	3.67	3.28	53.4	73.9	71.2
Pre-tax income	34.8	37.8	53.3	49	97.4	206	262	147	54.3	-37.1
Income tax	12.2	14.3	14	13	22.8	50.8	63.9	38	15.6	-6.38
Net income to minority interests								0.2	0.67	0.87
Net income	22.6	23.5	39.3	36	74.6	155	198	109	38.1	-31.6
EBITDA	48.2	54.7	73.9	72.1	119	225	285	242	173	83.3
EPS, basic	0.93	0.98	1.77	1.61	3.46	7.04	9.12	5.00	1.71	-1.43
EPS, diluted	0.91	0.95	1.71	1.57	3.37	6.78	8.84	4.87	1.65	-1.43
Shares, basic (weighted)	24.2	24	22.3	22.3	21.5	22	21.7	21.9	22.3	22.1
Shares, diluted (weighted)	24.8	24.7	23	22.9	22.1	22.9	22.4	22.4	23	22.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	38.6	42	48.8	38.5	155	222	228	201	224	170
Receivables	24.6	24.7	34	42.4	40.2	47.7	50.3	85.8	106	108
Inventory	322	401	377	477	298	231	454	813	907	867
Other current assets	5.97	5.84	5.39	10.2	9.64	16.7	21.1	23.1	35.8	34.9
Total current assets	391	474	465	569	503	518	754	1,123	1,273	1,181
Property, plant and equipment	121	127	139	144	142	175	246	528	533	553
Lease right-of-use assets					38	105	96.8	139	137	138
Goodwill	9.9	25.9	27.4	64	84.2	196	236	560	592	527
Intangible assets						5.56	10.9	23.8	19.2	15
Other non-current assets	13.1		5.63	7.13	7.77	8.82	9.46	32.3	32.7	36.8
Total assets	547	640	641	784	775	1,008	1,353	2,421	2,605	2,470
Accounts payable	9.6	26.4	23.1	33.7	37.3	25.7	34.3	71.7	54.5	56.4
Accrued liabilities	25.6	33	32.9	42.8	51.6	86.6	89.4	113	197	121
Deferred revenue			17	24.3	31.8	101	144	81.7	64.8	45.7
Short-term debt	167	254	213	312	0.51	3.59	2.88	33.8	33.8	35.6
Total current liabilities	232	335	286	413	273	251	413	847	1,069	985
Long-term debt					7.34	47.5	45.3	389	356	356
Lease liabilities					33.5	97	89.7	124	125	128
Other non-current liabilities			1.43	1.23	2.06	8.12	6.97	85.9	8.93	5.15
Total liabilities	234	338	287	415	320	413	570	1,503	1,619	1,522
Total debt	0	0	0	0	7.85	51.7	48.7	425	391	393
Paid-in capital	241	250	262	270	280	289	303	323	344	361
Retained earnings	103	127	166	202	278	433	631	740	778	746
Treasury stock	-31.8	-74.6	-75.3	-103	-104	-127	-149	-149	-151	-178
Other comprehensive income			0	-0.67	0.83	0.65	-2.81	1.3	4.64	8.23
Shareholders' equity	312	302	353	369	455	595	783	916	976	937
Minority interests							0	2.57	10.5	11.6
Total equity	312	302	353	369	455	595	783	918	986	949
Total liabilities and equity	547	640	641	784	775	1,008	1,353	2,421	2,605	2,470
Shares outstanding	24.3	21.9	22.7	21.3	21.9	21.8	21.7	22.1	22.5	21.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	22.6	23.5	39.3	36	74.6	155	198	109	38.7	-30.8
Depreciation and amortization	7.96	9.36	10.7	11.6	12.8	15.6	19.4	41	44.5	49.3
Stock-based compensation	4.24	6.24	6.24	6.52	7.5	9.75	16	21.7	24	19.4
Deferred income tax	11.6	12.3	5.72	4.38	3.13	4.74	1.81	23.1	3.99	-13.1
Change in receivables	-5.44	0.27	-11.3	-5.07	2.58	-0.63	-0.56	-31	-20.4	-3.65
Change in inventory	-32.4	-57.1	26.8	-84.3	179	140	-198	-352	-91	35.5
Change in payables	-4.28	16.8	-3.33	8.7	2.89	-16.1	7.36	24	-17.6	1.71
Cash from operations	22.9	4.75	70.4	-12.4	305	374	76.6	-222	-25.7	72.8
Capital expenditures	-12.9	-14.4	-13.8	-17.1	-12.8	-26.1	-58.5	-65.4	-60.4	-60.9
Acquisitions	-17.1	-18.7	-10.5	-40.7	-19.8	-134	-83.2	-517	-22	-10.5
Purchases of investments						-2.25	-1.75	-2.49		-0.49
Cash from investing	-29.7	-32.1	-23.3	-56.3	-30.1	-161	-140	-576	-81.3	-55.6
Debt issued					7.44	46.4		400		36.5
Debt repaid					-0.04	-2.4	-2.9	-25.3	-33.8	-34.2
Share buybacks	-5.53	-42.7	-0.7	-27.7	-0.63	-23.8	-21.3		-2.14	-27.5
Cash from financing	12.9	30.7	-40.2	58.6	-158	-146	73.1	770	129	-72
Net change in cash	5.97	3.37	6.87	-10.3	117	66.7	6.08	-26.8	22.9	-54
Free cash flow	9.95	-9.62	56.6	-29.5	292	348	18.1	-288	-86.1	11.9
Interest paid	6	8.48	12	13.7	13.1	4.45	2.59	52	79.3	77.4
Income taxes paid	0.86	0.46	9.42	9.15	18.9	53.4	64.8	30	9.83	9.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $52.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.2%	Gross profit / revenue.
Operating margin	3.0%	Operating income / revenue.
EBITDA margin	5.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.2%	Pre-tax income / revenue.
Net margin	0.2%	Net income / revenue.
FCF margin	8.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.0%	Cash from operations / revenue.
Effective tax rate	-1.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.2%	Net income / average total assets.
Return on invested capital (ROIC)	4.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	31.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-73.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-49.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-20.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-51.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-33.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-183.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-186.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-24.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-13.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-47.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	26.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.23x	Current assets / current liabilities.
Quick ratio	0.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.4%	Total debt / total assets.
Liabilities / assets	59.1%	Total liabilities / total assets.
Net debt	$187.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.60x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.08x	Operating income / interest expense.
Working capital	$205.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$427.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	4.05x	Revenue / average property, plant and equipment.
Inventory turnover	1.83x	Cost of revenue / average inventory.
Days inventory	199 days	365 x average inventory / cost of revenue.
Receivables turnover	23.1x	Revenue / average receivables.
Days sales outstanding	16 days	365 x average receivables / revenue.
Days payables	11 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	204 days	Days inventory + days sales outstanding - days payables.
FCF conversion	4,466.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$94.83	Revenue / diluted weighted shares.
FCF per share	$7.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.46	Cash from operations / diluted weighted shares.
Book value per share	$43.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.35	Tangible book value / shares outstanding.
Cash per share	$7.91	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.16B	Share price x shares outstanding.
Enterprise value	$1.35B	Market cap + total debt - cash - short-term investments.
P/E	291x	Market cap / net income. Only when net income is positive.
P/S	0.53x	Market cap / revenue.
P/B	1.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.71x	Market cap / tangible book value, when positive.
P/FCF	6.51x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.29x	Market cap / cash from operations, when positive.
EV/Sales	0.61x	Enterprise value / revenue.
EV/EBIT	20.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.56x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.4%	Free cash flow / market cap.
Earnings yield	0.3%	Net income / market cap (the inverse of P/E).

What was MARINEMAX INC's revenue in fiscal 2025?

MARINEMAX INC reported revenue of $2.31B for fiscal 2025, 5% lower than the year before.

Was MARINEMAX INC profitable in fiscal 2025?

No. It reported a net loss of $31.6M.

How much free cash flow did MARINEMAX INC generate in fiscal 2025?

Cash from operations of $72.8M minus capital expenditures of $60.9M left free cash flow of $11.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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