OneWater Marine Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data OneWater Marine 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

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue			1,023	1,228	1,745	1,936	1,773	1,872
Cost of revenue			787	871	1,191	1,401	1,338	1,445
Gross profit			236	357	554	535	435	427
Selling, general and administrative			144	199	302	346	333	343
Operating income			78.3	149	218	18.1	64.8	-85.5
Interest expense			8.83	4.34	13.2	34.6	37.1	36.2
Other non-operating income			-23.5	-6.66	-22	-60.6	-71.2	-66.1
Pre-tax income			54.8	142	196	-42.5	-6.33	-152
Income tax			6.33	25.8	43.2	-3.41	-0.16	-35.3
Net income to minority interests			0.35	0	3	3.81	0.12	0
Net income	1.95	37.3	17.4	79.1	131	-38.6	-5.71	-115
EBITDA			81.5	154	234	44.9	87	-61
EPS, basic			2.79
EPS, diluted			2.77
Shares, basic (weighted)			6.24
Shares, diluted (weighted)			6.29

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.8	11.5	68.2	73.9	60.9	93.3	27.3	64.8
Receivables		15.3	18.5	28.5	58	113	73.3	60.9
Inventory		277	150	144	373	610	591	540
Other current assets		9.97	15.3	34.6	75	65.8	85.9	53.7
Total current assets		314	252	281	567	882	777	719
Property, plant and equipment		16	18.4	67.1	110	81.5	93.2	91.6
Lease right-of-use assets			0	89.1	124	136	139	129
Goodwill	96.2	113	113	168	379	337	337	259
Intangible assets		61.3	61.3	85.3	306	212	205	130
Other non-current assets		175	188	283	697		1.3	2.31
Total assets		505	458	721	1,497	1,689	1,590	1,404
Accounts payable		5.55	12.8	18.1	27.3	27.1	32.1	43.8
Short-term debt		11.1	7.42	11.4	21.6	29.3	7.87	77.9
Total current liabilities		263	186	228	452	669	608	631
Long-term debt		64.8	82	103	421	428	415	334
Lease liabilities			0	80.5	112	123	126	116
Other non-current liabilities		1.6	1.48	15	23.2	13.7	12.6	2.54
Total liabilities		381	285	466	1,053	1,275	1,199	1,119
Total debt		75.9	89.4	114	443	458	423	412
Paid-in capital		0	106	151	180	193	203	240
Retained earnings		0	16.8	75	205	165	160	45
Other comprehensive income				0	-0.01	0	-1.9	-0.64
Shareholders' equity		31.8	123	226	385	359	361	285
Minority interests				28.9	59.6	55.5	29.9	0
Total equity	21.1	38	173	255	445	414	391	285
Total liabilities and equity		505	458	721	1,497	1,689	1,590	1,404
Shares outstanding		0

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.95	37.3	48.5	116	153	-39.1	-6.18	-116
Depreciation and amortization	1.69	2.68	3.25	5.41	16.3	26.8	22.2	24.4
Stock-based compensation	0.15	0.15	2.21	5.74	10	8.96	8.44	10.5
Deferred income tax	0	0	0.51	3.73	5.74	-23	-0.33	-35.9
Change in receivables	-4.74	-2.34	-3.19	-9.53	-3.71	-10.1	-1.48	15.2
Change in inventory	-39.9	-39	127	25.3	-167	-232	24.6	47.9
Change in payables	0.01	-0.97	7.24	-0.03	6.42	0.2	0.23	11.7
Cash from operations	-4.25	-5.73	212	159	7.45	-130	34.8	91.8
Capital expenditures	-10.1	-7.29	-6.31	-9.9	-11.4	-21.3	-25.9	-12
Acquisitions	-13.8	-19.4	0	-107	-460	-28.9	-5.71	0.71
Cash from investing	-23.9	-11	-4.67	-117	-477	-51.6	13.3	-11.6
Debt issued	7.05	13.8	129	30	412	30	43.4	27.5
Debt repaid	-3.9	-9.94	-122	-8.88	-88	-18.3	-78.4	-42.1
Stock issued	0	0	8.08	0	0
Share buybacks			0	0	-0.35	-1.58	0	0
Dividends paid		0	0	-1.04	0	0
Cash from financing	34.3	12.5	-151	-36.5	456	214	-114	-42.6
Exchange rate effect			0	0	-0.01	0.01	-0.02	-0.05
Net change in cash	6.09	-4.27	56.7	5.8	-13	32.4	-66	37.5
Free cash flow	-14.4	-13	206	150	-3.96	-151	8.92	79.7
Interest paid	6.93	12.5	17.2	6.25	14.6	49.5	76	61
Income taxes paid	0	0	0.25	28.5	35.2	23.3	5.5	-5.94

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 $9.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.5%	Gross profit / revenue.
Operating margin	-5.1%	Operating income / revenue.
EBITDA margin	-4.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-8.4%	Pre-tax income / revenue.
Net margin	-6.7%	Net income / revenue.
FCF margin	3.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.7%	Cash from operations / revenue.
Return on assets (ROA)	-9.3%	Net income / average total assets.
SG&A / revenue	18.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-8.3%	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	12.6%	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	-231.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-170.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	163.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	131.0%	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	-15.5%	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 growth, 1y	793.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-17.3%	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	-21.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.6%	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	18.3%	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	-11.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.1%	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	25.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.22x	Current assets / current liabilities.
Quick ratio	0.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / assets	26.7%	Total debt / total assets.
Liabilities / assets	78.1%	Total liabilities / total assets.
Net debt	$269.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.87x	Operating income / interest expense.
Working capital	$121.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.2%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.39x	Revenue / average total assets.
Fixed asset turnover	31.2x	Revenue / average property, plant and equipment.
Inventory turnover	2.86x	Cost of revenue / average inventory.
Days inventory	128 days	365 x average inventory / cost of revenue.
Receivables turnover	28.1x	Revenue / average receivables.
Days sales outstanding	13 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	131 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	14.6%	Capital expenditures / cash from operations, when that is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$165.2M	Share price x shares outstanding.
Enterprise value	$434.4M	Market cap + total debt - cash - short-term investments.
P/S	0.09x	Market cap / revenue.
P/FCF	2.91x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.49x	Market cap / cash from operations, when positive.
EV/Sales	0.24x	Enterprise value / revenue.
EV/FCF	7.65x	Enterprise value / free cash flow, when both are positive.
FCF yield	34.4%	Free cash flow / market cap.
Earnings yield	-73.8%	Net income / market cap (the inverse of P/E).

What was OneWater Marine Inc.'s revenue in fiscal 2025?

OneWater Marine Inc. reported revenue of $1.87B for fiscal 2025, 5.6% higher than the year before.

Was OneWater Marine Inc. profitable in fiscal 2025?

No. It reported a net loss of $114.6M.

How much free cash flow did OneWater Marine Inc. generate in fiscal 2025?

Cash from operations of $91.8M minus capital expenditures of $12.0M left free cash flow of $79.7M.

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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