Latest Ratios: P/E Ratio -1.5x · EV/EBITDA 13.0x · ROE -33.9%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $180M | $251M | $349M | $367M | $432M | $457M | $129M | — | — | — |
| Enterprise Value | $1.1B | $1.2B | $1.3B | $1.4B | $1.2B | $713M | $276M | — | — | — |
| P/E Ratio → | -1.50 | — | — | — | 3.30 | 5.78 | 2.65 | — | — | — |
| P/S Ratio | 0.10 | 0.13 | 0.20 | 0.19 | 0.25 | 0.37 | 0.13 | — | — | — |
| P/B Ratio | 0.60 | 0.88 | 0.89 | 0.89 | 0.97 | 1.79 | 0.74 | — | — | — |
| P/FCF | 2.28 | 3.18 | 39.09 | — | — | 3.05 | 0.62 | — | — | — |
| P/OCF | 1.97 | 2.74 | 10.01 | — | 57.97 | 2.86 | 0.61 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.62 | 0.76 | 0.71 | 0.70 | 0.58 | 0.27 | — | — | — |
| EV / EBITDA | 13.05 | 13.90 | 15.40 | 30.48 | 5.23 | 4.62 | 3.39 | — | — | — |
| EV / EBIT | 17.59 | — | 20.67 | 79.88 | 5.19 | 4.66 | 3.81 | — | — | — |
| EV / FCF | — | 14.72 | 150.18 | — | — | 4.77 | 1.34 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.7% | 21.7% | 24.5% | 27.6% | 31.7% | 29.1% | 23.0% | 22.4% | 22.8% | 21.9% |
| Operating Margin | 3.3% | 3.3% | 3.7% | 0.9% | 12.5% | 12.1% | 7.7% | 7.1% | 7.4% | 4.9% |
| Net Profit Margin | -6.1% | -6.1% | -0.3% | -2.0% | 7.5% | 6.4% | 1.7% | 2.7% | 0.2% | -1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -33.9% | -33.9% | -1.4% | -9.0% | 37.4% | 36.9% | 16.5% | 71.5% | 4.5% | -15.2% |
| ROA | -7.7% | -7.7% | -0.3% | -2.4% | 11.8% | 13.4% | 3.6% | 4.8% | 0.4% | -1.7% |
| ROIC | 3.6% | 3.6% | 3.5% | 1.0% | 18.7% | 26.9% | 18.1% | 15.4% | 19.2% | — |
| ROCE | 7.1% | 7.1% | 6.5% | 1.7% | 28.3% | 38.9% | 30.5% | 25.0% | 26.2% | 13.3% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.38 | 3.38 | 2.58 | 2.62 | 1.88 | 1.25 | 1.23 | 7.94 | 9.47 | 4.46 |
| Debt / EBITDA | 11.52 | 11.52 | 11.58 | 24.18 | 3.57 | 2.07 | 2.62 | 5.26 | 4.30 | 6.15 |
| Net Debt / Equity | — | 3.20 | 2.54 | 2.42 | 1.78 | 1.01 | 0.85 | 7.64 | 8.74 | 4.12 |
| Net Debt / EBITDA | 10.89 | 10.89 | 11.39 | 22.29 | 3.39 | 1.66 | 1.81 | 5.06 | 3.97 | 5.68 |
| Debt / FCF | — | 11.54 | 111.09 | — | — | 1.71 | 0.71 | — | — | 48.11 |
| Interest Coverage | -4.32 | -4.32 | 0.91 | 0.29 | 13.22 | 22.14 | 4.10 | 3.32 | 1.21 | 0.14 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 1.28 | 1.32 | 1.25 | 1.23 | 1.36 | 1.19 | 1.18 | 1.17 |
| Quick Ratio | 0.28 | 0.28 | 0.31 | 0.41 | 0.43 | 0.60 | 0.55 | 0.14 | 0.16 | 0.15 |
| Cash Ratio | 0.08 | 0.08 | 0.03 | 0.13 | 0.09 | 0.28 | 0.36 | 0.04 | 0.09 | 0.09 |
| Asset Turnover | — | 1.33 | 1.11 | 1.15 | 1.17 | 1.70 | 2.23 | 1.52 | 1.61 | 1.52 |
| Inventory Turnover | 2.72 | 2.72 | 2.26 | 2.30 | 3.19 | 6.05 | 5.25 | 2.15 | 2.52 | 2.65 |
| Days Sales Outstanding | — | 11.87 | 15.95 | 22.16 | 12.12 | 8.48 | 6.59 | 7.27 | 6.59 | 5.45 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.1% | 1.6% | 1.0% | 2.2% | 7.0% | 14.7% | — | — | — |
| Payout Ratio | — | — | — | — | 7.2% | 40.6% | 108.4% | 52.6% | 291.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 30.3% | 17.3% | 37.7% | — | — | — |
| FCF Yield | 43.8% | 31.4% | 2.6% | — | — | 32.7% | 160.0% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.4% | 0.4% | 0.1% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.2% | 0.1% | 2.0% | 1.4% | 2.3% | 7.0% | 14.7% | — | — | — |
| Shares Outstanding | — | $16M | $15M | $14M | $14M | $11M | $6M | $6M | $5M | $5M |
High Interest Rate Sensitivity
Based on reported figures, OneWater's negative TTM P/E of -1.64 and low P/S of 0.10 suggest the market is pricing the firm as a distressed cyclical asset, reflecting deep skepticism regarding the sustainability of its acquisition-led growth model in the current high-interest rate environment.
The forward P/E of 22.99 implies that investors are banking on a significant earnings recovery that may be difficult to achieve given the current margin compression. Compared to peers like MarineMax, the valuation gap appears to reflect the market's concern over OneWater's higher leverage and the potential for further impairment of goodwill.
As reported in financial statements, OneWater's ROIC has trended toward a marginal 0.9% in 2026Q2, indicating that the company is struggling to generate returns on invested capital that exceed its cost of debt, a trend that warrants close investigation by fundamental analysts.
The decay in ROIC from historical peaks suggests that the aggressive acquisition strategy is failing to produce the expected synergies, likely due to the rising cost of floorplan financing. This deterioration implies that capital allocation is currently value-destructive rather than compounding, as the company's operational efficiency fails to keep pace with its debt-funded expansion.
According to recent quarterly data, OneWater's cash conversion cycle has expanded to 151 days in 2026Q2, driven by a bloated DIO of 152 days, which suggests that the company is facing significant challenges in moving inventory in a softening consumer discretionary market.
The lengthening CCC indicates that capital is increasingly trapped in unsold inventory, forcing the company to rely more heavily on expensive floorplan debt. This inefficiency suggests that the dealership model is losing its ability to optimize working capital, which may necessitate further margin-eroding promotional activity to clear aged units.
Based on the provided financial data, OneWater's debt-to-equity ratio has climbed to 3.53 as of 2026Q2, signaling that the company's reliance on external financing to fund operations and acquisitions is creating a precarious balance sheet that leaves little room for error during cyclical downturns.
The interest coverage ratio of 0.47 in 2026Q2 is particularly concerning, as it suggests that operating income is insufficient to cover interest obligations, potentially forcing the company to curtail its M&A activity. Investors should monitor this trend closely, as the inability to service debt comfortably may lead to liquidity constraints or the need for dilutive capital raises.
The most commonly misapplied metric for OneWater is the standard debt-to-equity ratio, which obscures the self-liquidating nature of floorplan financing and fails to distinguish between inventory-related debt and long-term corporate leverage used for acquisitions, thereby overstating the company's true solvency risk.
Analysts should instead focus on interest coverage excluding floorplan interest or look at the ratio of long-term debt to tangible net worth to better assess structural risk. Treating all debt as equal ignores the reality that inventory-linked debt is inherently tied to the sale of the underlying asset, which is a critical nuance for this business model.
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Quick answers to the most common questions about buying ONEW stock.
OneWater Marine Inc.'s current P/E ratio is -1.5x. The historical average is 3.9x.
OneWater Marine Inc.'s current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.2x.
OneWater Marine Inc.'s return on equity (ROE) is -33.9%. The historical average is 11.9%.
Based on historical data, OneWater Marine Inc. is trading at a P/E of -1.5x. Compare with industry peers and growth rates for a complete picture.
OneWater Marine Inc.'s current dividend yield is 0.16%.
OneWater Marine Inc. has 21.7% gross margin and 3.3% operating margin.
OneWater Marine Inc.'s Debt/EBITDA ratio is 11.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.