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Marinemax vs OneWater Marine: revenue, profit, margins and growth compared

Marinemax brought in $2.3B of revenue in fiscal 2025, OneWater Marine $1.9B in fiscal 2025. Revenue changed by -5.0% at Marinemax and +5.6% at OneWater Marine on the year before, so OneWater Marine grew faster. Marinemax kept -1.4% of its revenue as net profit, OneWater Marine -6.1%. Free cash flow was $11.9M at Marinemax and $79.7M at OneWater Marine.

Side by side, latest fiscal year

HZOONEW
Fiscal year endedFY2025 (September 30, 2025)FY2025 (September 30, 2025)
Revenue$2.3B$1.9B
Revenue growth-5.0%+5.6%
Net income-$31.6M-$114.6M
Net margin-1.4%-6.1%
Free cash flow$11.9M$79.7M
Free cash flow margin0.5%4.3%
Earnings per share (diluted)-$1.43n/a
Cash$170.4M$64.8M
Debt$393.2M$412.1M
Price to earningsn/an/a
Market value$1.2B$165.2M
Dividend yieldn/an/a
Rank by revenue in sector#334 of 778 · Consumer discretionary#365 of 778 · Consumer discretionary

Over the years

Revenue
HZO FY2018: $1.2BHZO FY2019: $1.2BHZO FY2020: $1.5BHZO FY2021: $2.1BHZO FY2022: $2.3BHZO FY2023: $2.4BHZO FY2024: $2.4BHZO FY2025: $2.3BONEW FY2020: $1BONEW FY2021: $1.2BONEW FY2022: $1.7BONEW FY2023: $1.9BONEW FY2024: $1.8BONEW FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
HZO $2.3BONEW $1.9B
Net income
HZO FY2018: $39.3MHZO FY2019: $36MHZO FY2020: $74.6MHZO FY2021: $155MHZO FY2022: $198MHZO FY2023: $109.3MHZO FY2024: $38.1MHZO FY2025: -$31.6MONEW FY2018: $1.9MONEW FY2020: $37.3MONEW FY2020: $17.4MONEW FY2021: $79.1MONEW FY2022: $130.9MONEW FY2023: -$38.6MONEW FY2024: -$5.7MONEW FY2025: -$114.6MFY18FY19FY20FY21FY22FY23FY24FY25
HZO -$31.6MONEW -$114.6M
Net margin
HZO FY2018: 3.3%HZO FY2019: 2.9%HZO FY2020: 4.9%HZO FY2021: 7.5%HZO FY2022: 8.6%HZO FY2023: 4.6%HZO FY2024: 1.6%HZO FY2025: -1.4%ONEW FY2020: 1.7%ONEW FY2021: 6.4%ONEW FY2022: 7.5%ONEW FY2023: -2.0%ONEW FY2024: -0.3%ONEW FY2025: -6.1%FY18FY19FY20FY21FY22FY23FY24FY25
HZO -1.4%ONEW -6.1%
Revenue growth
HZO FY2019: +5.1%HZO FY2020: +22.0%HZO FY2021: +36.7%HZO FY2022: +11.9%HZO FY2023: +3.8%HZO FY2024: +1.5%HZO FY2025: -5.0%ONEW FY2021: +20.1%ONEW FY2022: +42.1%ONEW FY2023: +11.0%ONEW FY2024: -8.5%ONEW FY2025: +5.6%FY19FY20FY21FY22FY23FY24FY25
HZO -5.0%ONEW +5.6%
Free cash flow
HZO FY2018: $56.6MHZO FY2019: -$29.5MHZO FY2020: $291.9MHZO FY2021: $347.8MHZO FY2022: $18.1MHZO FY2023: -$287.6MHZO FY2024: -$86.1MHZO FY2025: $11.9MONEW FY2018: -$14.4MONEW FY2020: -$13MONEW FY2020: $206.2MONEW FY2021: $149.5MONEW FY2022: -$4MONEW FY2023: -$151MONEW FY2024: $8.9MONEW FY2025: $79.7MFY18FY19FY20FY21FY22FY23FY24FY25
HZO $11.9MONEW $79.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about Marinemax and OneWater Marine

Which is bigger by revenue, Marinemax or OneWater Marine?

Marinemax is bigger by revenue: $2.3B in fiscal 2025, against $1.9B for OneWater Marine in fiscal 2025.

Which keeps more of its revenue as profit, Marinemax or OneWater Marine?

Marinemax had a net margin of -1.4% in fiscal 2025; OneWater Marine had -6.1% in fiscal 2025.

Which grew revenue faster, Marinemax or OneWater Marine?

In their latest fiscal years revenue changed by -5.0% at Marinemax and +5.6% at OneWater Marine.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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