Latest Ratios: P/E Ratio 33.7x · EV/EBITDA 8.1x · ROE 2.8%. (2012–2025 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 | $503M | $617M | $716M | $1.2B | $1.1B | $1.5B | $1.1B | $815M | $851M | $464M | $217M |
| Enterprise Value | $492M | $606M | $691M | $1.1B | $1.1B | $1.6B | $1.1B | $901M | $897M | $485M | $262M |
| P/E Ratio → | 33.74 | 41.24 | — | 11.59 | 7.02 | 14.02 | 17.61 | 12.33 | 30.84 | 16.37 | 12.08 |
| P/S Ratio | 0.62 | 0.76 | 0.86 | 0.87 | 0.91 | 1.66 | 1.66 | 1.19 | 1.71 | 1.65 | 0.86 |
| P/B Ratio | 0.97 | 1.19 | 1.34 | 1.97 | 2.15 | 3.00 | 4.14 | 3.87 | 6.08 | 8.89 | 11.92 |
| P/FCF | 17.61 | 21.59 | — | 9.32 | 10.08 | 15.31 | 20.50 | 12.82 | 17.72 | 17.46 | 7.38 |
| P/OCF | 8.91 | 10.92 | 12.89 | 6.55 | 6.71 | 11.73 | 11.51 | 9.99 | 14.55 | 12.95 | 6.10 |
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 | — | 0.75 | 0.83 | 0.82 | 0.94 | 1.70 | 1.74 | 1.32 | 1.81 | 1.72 | 1.04 |
| EV / EBITDA | 8.15 | 10.03 | — | 6.54 | 4.76 | 9.14 | 10.94 | 7.90 | 10.82 | 10.50 | 6.33 |
| EV / EBIT | 22.60 | 27.34 | — | 7.85 | 5.35 | 9.82 | 12.95 | 9.17 | 9.47 | 9.66 | 7.29 |
| EV / FCF | — | 21.18 | — | 8.73 | 10.42 | 15.69 | 21.46 | 14.17 | 18.69 | 18.24 | 8.92 |
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 | 17.8% | 17.8% | 17.7% | 25.3% | 25.5% | 25.5% | 22.9% | 24.3% | 24.2% | 26.6% | 26.4% |
| Operating Margin | 2.7% | 2.7% | -6.7% | 10.4% | 17.6% | 16.2% | 13.1% | 14.3% | 14.1% | 14.0% | 14.2% |
| Net Profit Margin | 1.8% | 1.8% | -6.7% | 7.5% | 13.0% | 11.9% | 9.4% | 9.7% | 5.6% | 10.1% | 7.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.8% | 2.8% | -9.7% | 18.5% | 30.7% | 28.3% | 26.1% | 37.7% | 28.7% | 80.5% | 518.3% |
| ROA | 2.0% | 2.0% | -6.7% | 11.8% | 18.5% | 16.5% | 13.3% | 16.2% | 9.4% | 12.8% | 8.8% |
| ROIC | 3.2% | 3.2% | -8.0% | 19.9% | 29.1% | 26.0% | 21.0% | 30.4% | 40.5% | 43.4% | 44.1% |
| ROCE | 3.6% | 3.6% | -8.6% | 20.6% | 30.0% | 26.8% | 21.8% | 29.0% | 28.9% | 22.1% | 21.9% |
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 | 0.05 | 0.05 | 0.00 | 0.00 | 0.24 | 0.24 | 0.32 | 0.54 | 0.78 | 1.02 | 3.90 |
| Debt / EBITDA | 0.42 | 0.42 | — | 0.01 | 0.51 | 0.71 | 0.82 | 1.00 | 1.31 | 1.16 | 1.72 |
| Net Debt / Equity | — | -0.02 | -0.05 | -0.12 | 0.07 | 0.07 | 0.20 | 0.41 | 0.34 | 0.39 | 2.48 |
| Net Debt / EBITDA | -0.19 | -0.19 | — | -0.44 | 0.16 | 0.22 | 0.49 | 0.76 | 0.57 | 0.45 | 1.09 |
| Debt / FCF | — | -0.41 | — | -0.59 | 0.35 | 0.38 | 0.97 | 1.36 | 0.98 | 0.77 | 1.53 |
| Interest Coverage | 11.76 | 11.76 | -30.37 | 48.77 | 74.37 | 63.54 | 22.54 | 15.20 | 17.60 | 32.22 | 9.26 |
Net cash position: cash ($37M) exceeds total debt ($25M)
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 | 1.63 | 1.63 | 1.46 | 1.40 | 2.14 | 2.14 | 1.77 | 1.69 | 2.05 | 1.79 | 1.35 |
| Quick Ratio | 0.58 | 0.58 | 0.41 | 0.67 | 1.02 | 1.02 | 0.73 | 0.79 | 1.37 | 1.18 | 0.93 |
| Cash Ratio | 0.27 | 0.27 | 0.19 | 0.34 | 0.60 | 0.60 | 0.48 | 0.36 | 0.94 | 0.84 | 0.54 |
| Asset Turnover | — | 1.10 | 1.12 | 1.50 | 1.43 | 1.09 | 1.37 | 1.52 | 1.36 | 1.26 | 1.15 |
| Inventory Turnover | 4.67 | 4.67 | 4.68 | 6.06 | 5.76 | 4.40 | 6.91 | 7.64 | 8.51 | 8.68 | 9.11 |
| Days Sales Outstanding | — | 15.10 | 10.48 | 17.98 | 15.50 | 20.33 | 7.69 | 14.95 | 18.16 | 14.19 | 22.59 |
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 | 3.0% | 2.4% | — | 8.6% | 14.2% | 7.1% | 5.7% | 8.1% | 3.2% | 6.1% | 8.3% |
| FCF Yield | 5.7% | 4.6% | — | 10.7% | 9.9% | 6.5% | 4.9% | 7.8% | 5.6% | 5.7% | 13.5% |
| Buyback Yield | 7.1% | 5.8% | 4.1% | 0.6% | 3.1% | 0.0% | 1.3% | 0.1% | 0.0% | 0.1% | 1.8% |
| Total Shareholder Yield | 7.1% | 5.8% | 4.1% | 0.6% | 3.1% | 0.0% | 1.3% | 0.1% | 0.0% | 0.1% | 1.8% |
| Shares Outstanding | — | $20M | $20M | $21M | $21M | $21M | $21M | $21M | $20M | $18M | $18M |
Cyclical Dealer Inventory Overhang
Based on recent financial data, MBUU trades at a TTM P/E of 37.83, which appears to reflect a cyclical earnings trough rather than a structural premium, as the forward P/E of 20.08 suggests investors are pricing in a significant recovery in profitability over the coming fiscal year.
The current valuation multiples are heavily distorted by the recent collapse in net margins, making traditional P/E metrics less reliable for assessing long-term value. Investors should monitor whether the forward multiple is supported by a genuine rebound in wholesale shipments or if it relies on overly optimistic assumptions regarding dealer inventory absorption.
As reported in quarterly filings, the company's gross margin has contracted to 17.5% in 2026Q3, a decline that highlights the vulnerability of Malibu's vertically integrated manufacturing model to lower factory utilization and the increased promotional intensity required to support dealer floorplanning in a high-interest-rate environment.
The volatility in operating margins, which swung from positive territory to negative in recent periods, underscores the high fixed-cost nature of the business. This suggests that until unit volumes stabilize, the company's earning power will remain constrained by the need to balance production levels with the reality of softening retail demand.
According to recent financial statements, the cash conversion cycle has extended to 75 days in 2026Q3, driven by an inventory turnover slowdown that suggests the company is struggling to move product through its dealer network as effectively as it did during the post-pandemic demand surge.
The increase in days inventory outstanding (DIO) to 81 days indicates that the wholesale-to-dealer model is currently facing significant friction. This trend warrants further investigation into whether the company is forced to extend more favorable payment terms to dealers, which could further pressure cash flow in the near term.
Based on the latest balance sheet figures, MBUU maintains a debt-to-equity ratio of 0.33, which, while elevated from historical lows, remains indicative of a healthy balance sheet that provides the company with a necessary margin of safety during this period of cyclical industry contraction.
The company's ability to manage its debt service despite the recent volatility in operating income suggests that the current leverage profile is not an immediate threat to solvency. However, investors should monitor the interest coverage ratio, which has turned negative in recent quarters, as it signals that the company is currently relying on existing liquidity rather than operational cash flow to meet obligations.
The P/E ratio is the most commonly misapplied metric for MBUU, as it obscures the extreme cyclicality of the wholesale-driven business model and fails to account for the massive swings in earnings caused by dealer inventory adjustments and the resulting volatility in factory utilization rates.
Instead of relying on P/E, analysts should focus on EV/EBITDA or normalized free cash flow, which better capture the underlying cash-generating potential of the manufacturing assets. Using P/E during a cyclical trough often leads to an inflated perception of value, as the denominator is artificially suppressed by temporary, non-recurring operational headwinds.
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Quick answers to the most common questions about buying MBUU stock.
Malibu Boats, Inc.'s current P/E ratio is 33.7x. The historical average is 18.5x. This places it at the 90th percentile of its historical range.
Malibu Boats, Inc.'s current EV/EBITDA is 8.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
Malibu Boats, Inc.'s return on equity (ROE) is 2.8%. The historical average is 35.2%.
Based on historical data, Malibu Boats, Inc. is trading at a P/E of 33.7x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Malibu Boats, Inc. has 17.8% gross margin and 2.7% operating margin.
Malibu Boats, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.