Latest Ratios: P/E Ratio -24.9x · EV/EBITDA 12.2x · ROE -3.3%. (1998–2025 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $784M | $559M | $812M | $736M | $667M | $1.1B | $568M | $354M | $489M | $408M | $520M |
| Enterprise Value | $1.9B | $1.6B | $1.8B | $1.6B | $719M | $1.1B | $605M | $628M | $654M | $621M | $648M |
| P/E Ratio → | -24.89 | — | 21.38 | 6.74 | 3.37 | 7.16 | 7.62 | 9.86 | 12.43 | 17.42 | 23.02 |
| P/S Ratio | 0.34 | 0.24 | 0.33 | 0.31 | 0.29 | 0.54 | 0.38 | 0.29 | 0.42 | 0.39 | 0.55 |
| P/B Ratio | 0.83 | 0.59 | 0.82 | 0.80 | 0.85 | 1.86 | 1.25 | 0.96 | 1.39 | 1.35 | 1.66 |
| P/FCF | 65.65 | 46.77 | — | — | 36.79 | 3.19 | 1.95 | — | 8.65 | — | 52.26 |
| P/OCF | 10.77 | 7.67 | — | — | 8.71 | 2.97 | 1.86 | — | 6.95 | 86.08 | 22.74 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.71 | 0.75 | 0.68 | 0.31 | 0.52 | 0.40 | 0.51 | 0.56 | 0.59 | 0.69 |
| EV / EBITDA | 12.20 | 10.72 | 10.54 | 6.73 | 2.52 | 4.75 | 5.06 | 8.70 | 8.85 | 11.36 | 13.44 |
| EV / EBIT | 18.04 | 48.04 | 14.54 | 8.02 | 2.65 | 5.11 | 5.58 | 9.87 | 10.38 | 12.88 | 16.10 |
| EV / FCF | — | 136.84 | — | — | 39.61 | 3.08 | 2.07 | — | 11.54 | — | 65.12 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.5% | 32.5% | 33.0% | 34.9% | 34.9% | 32.0% | 26.4% | 26.1% | 25.3% | 25.2% | 24.0% |
| Operating Margin | 4.5% | 4.5% | 5.3% | 8.4% | 11.5% | 10.2% | 7.1% | 4.9% | 5.4% | 4.3% | 4.3% |
| Net Profit Margin | -1.4% | -1.4% | 1.6% | 4.6% | 8.6% | 7.5% | 4.9% | 2.9% | 3.3% | 2.2% | 2.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.3% | -3.3% | 4.0% | 12.8% | 28.7% | 29.5% | 18.1% | 10.0% | 12.0% | 7.7% | 7.6% |
| ROA | -1.2% | -1.2% | 1.5% | 5.8% | 16.8% | 17.4% | 9.6% | 5.1% | 6.1% | 4.0% | 4.5% |
| ROIC | 3.8% | 3.8% | 5.1% | 11.4% | 28.6% | 30.0% | 14.1% | 7.8% | 9.2% | 7.1% | 7.3% |
| ROCE | 6.8% | 6.8% | 8.2% | 16.0% | 31.3% | 33.3% | 24.4% | 16.7% | 19.2% | 14.6% | 13.4% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.31 | 1.31 | 1.25 | 1.19 | 0.36 | 0.31 | 0.42 | 0.85 | 0.60 | 0.84 | 0.53 |
| Debt / EBITDA | 8.18 | 8.18 | 7.14 | 4.52 | 0.98 | 0.81 | 1.61 | 4.33 | 2.88 | 4.65 | 3.45 |
| Net Debt / Equity | — | 1.13 | 1.02 | 0.97 | 0.07 | -0.07 | 0.08 | 0.74 | 0.46 | 0.70 | 0.41 |
| Net Debt / EBITDA | 7.06 | 7.06 | 5.84 | 3.69 | 0.18 | -0.18 | 0.31 | 3.79 | 2.22 | 3.88 | 2.65 |
| Debt / FCF | — | 90.07 | — | — | 2.83 | -0.11 | 0.13 | — | 2.90 | — | 12.86 |
| Interest Coverage | 0.48 | 0.48 | 1.69 | 3.81 | 82.55 | 57.15 | 11.69 | 5.50 | 6.36 | 6.44 | 7.37 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.20 | 1.20 | 1.19 | 1.33 | 1.83 | 2.06 | 1.85 | 1.38 | 1.63 | 1.42 | 1.69 |
| Quick Ratio | 0.32 | 0.32 | 0.34 | 0.37 | 0.73 | 1.14 | 0.75 | 0.22 | 0.31 | 0.22 | 0.30 |
| Cash Ratio | 0.17 | 0.17 | 0.21 | 0.24 | 0.55 | 0.88 | 0.57 | 0.09 | 0.17 | 0.13 | 0.17 |
| Asset Turnover | — | 0.93 | 0.93 | 0.99 | 1.71 | 2.05 | 1.95 | 1.58 | 1.84 | 1.64 | 1.72 |
| Inventory Turnover | 1.80 | 1.80 | 1.80 | 1.92 | 3.31 | 6.08 | 3.73 | 1.91 | 2.33 | 1.96 | 2.22 |
| Days Sales Outstanding | — | 17.12 | 15.98 | 13.07 | 7.95 | 8.43 | 8.19 | 12.51 | 10.54 | 8.55 | 9.52 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.7% | 14.8% | 29.7% | 14.0% | 13.1% | 10.1% | 8.0% | 5.7% | 4.3% |
| FCF Yield | 1.5% | 2.1% | — | — | 2.7% | 31.4% | 51.4% | — | 11.6% | — | 1.9% |
| Buyback Yield | 3.5% | 4.9% | 0.3% | 0.0% | 3.2% | 2.1% | 0.1% | 7.8% | 0.2% | 10.5% | 1.1% |
| Total Shareholder Yield | 3.5% | 4.9% | 0.3% | 0.0% | 3.2% | 2.1% | 0.1% | 7.8% | 0.2% | 10.5% | 1.1% |
| Shares Outstanding | — | $22M | $23M | $22M | $22M | $23M | $22M | $23M | $23M | $25M | $25M |
Inventory and interest sensitivity
Based on current market data, MarineMax trades at a P/S of 0.36, which appears to reflect a deep cyclical discount compared to historical averages, though the negative TTM P/E of -26.39 suggests investors remain highly skeptical of the company's near-term earnings recovery potential in this environment.
The forward P/E of 51.65 implies that the market is pricing in a significant, albeit uncertain, rebound in profitability that may not materialize if interest rates remain elevated. This valuation gap relative to manufacturing peers suggests that the market is currently treating HZO as a distressed retailer rather than a vertically integrated marine platform.
As reported in recent financial statements, MarineMax's ROIC has trended downward to 0.5% in 2026Q2, a sharp contraction from the 2.3% levels observed in 2024Q3, indicating that the company is struggling to generate adequate returns on its invested capital during this period of industry-wide demand cooling.
The decay in ROIC appears driven by both margin compression and the inefficient utilization of assets as inventory levels remain elevated relative to sales velocity. Investors should monitor whether management can optimize its capital base or if further asset impairments are required to align returns with the current cost of capital.
According to quarterly filings, MarineMax's cash conversion cycle has expanded to 224 days as of 2026Q2, largely driven by a bloated DIO of 223 days, which highlights the significant liquidity risk inherent in holding high-value marine inventory during a period of softening consumer demand.
The inability to accelerate inventory turnover suggests that the company is facing structural headwinds in clearing aged stock without resorting to margin-dilutive promotional activity. This inefficiency in working capital management directly impairs the company's ability to self-fund operations, increasing reliance on external floor plan financing.
Based on the latest balance sheet data, MarineMax maintains a quick ratio of 0.32, which indicates a reliance on inventory liquidation to meet short-term obligations, leaving the firm with limited flexibility should the current marine retail downturn persist longer than anticipated by management.
The current ratio of 1.18 provides a thin margin of safety, particularly given the volatility of the company's cash flows and the sensitivity of its floor plan debt to interest rate fluctuations. This liquidity profile suggests that any further deterioration in sales could necessitate more aggressive cost-cutting or capital preservation measures.
Analysts frequently misapply standard retail P/E multiples to MarineMax, which obscures the value of its high-margin service and superyacht brokerage segments that operate with significantly different capital intensity and cyclicality than the core new boat retail business, as evidenced by recent segment performance data.
By focusing on the volatile new unit sales cycle, the market overlooks the structural margin floor provided by the company's integrated service ecosystem. A more appropriate valuation approach would involve a sum-of-the-parts analysis that separates the capital-intensive dealership operations from the higher-margin, recurring revenue streams of the service and charter divisions.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying HZO stock.
MarineMax, Inc.'s current P/E ratio is -24.9x. The historical average is 21.5x.
MarineMax, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
MarineMax, Inc.'s return on equity (ROE) is -3.3%. The historical average is 7.3%.
Based on historical data, MarineMax, Inc. is trading at a P/E of -24.9x. Compare with industry peers and growth rates for a complete picture.
MarineMax, Inc. has 32.5% gross margin and 4.5% operating margin.
MarineMax, Inc.'s Debt/EBITDA ratio is 8.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.