Marinemax
HZO on NYSE. MarineMax sells boats and repair services to people who use boats for fun. Market value $1.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Retail & consumer stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $15.40 of spare cash in the past 12 months. A savings account pays about $4.
You pay 29.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 9 cents a year. Above 10 is good.
Quality score: 73 of 100. Price score: 36 of 100. Our list needs 70 on quality and 60 on price.
$52.35 a share, 144% above its 1-year low
Over the past year the price has ranged from $21.42 to $52.56.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $178 million in the past 12 months, $12 million in the year to September 2025.
| Revenue | |||||
| Revenue | $2.1bn | $2.3bn | $2.4bn | $2.4bn | $2.3bn |
| Operating margin | |||||
| Operating margin | 10.2% | 11.5% | 8.4% | 5.3% | 1.5% |
| Debt to equity | |||||
| Debt to equity | 0.13 | 0.23 | 1.05 | 1.13 | 1.18 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt1.18× equity
- Revenue growth, five yearsSlow, 8.9% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $611 million last quarter, down 7% on a year ago.
- Profit: $15 million, after a loss of $52 million a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, up from 2 cents a year earlier.
- Spare cash over the past 12 months: $178 million. A year earlier it spent $54 million more than it brought in.
- 8% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $796 million more than cash, down from $985 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $563m |
| December 2024 | $468m |
| March 2025 | $632m |
| June 2025 | $657m |
| September 2025 | $552m |
| December 2025 | $505m |
| March 2026 | $527m |
| June 2026 | $611m |
| Quarter to | Amount |
|---|---|
| September 2024 | $4m |
| December 2024 | $18m |
| March 2025 | $3m |
| June 2025 | -$52m |
| September 2025 | -$851,000 |
| December 2025 | -$8m |
| March 2026 | -$3m |
| June 2026 | $15m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 November 2025
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
4 long-term investors we follow own it, up from 2 last quarter. 184 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $28m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $21m | 0.2% | Added |
| Polen CapitalDan Davidowitz | $247,185 | <0.1% | New |
| Barrow HanleyBarrow Hanley team | $2,270 | <0.1% | New |
Largest holders overall
- BlackRock$116mAdded
- American Century Companies$83mAdded
- State Street$35mAdded
- Dimensional Fund Advisors LP$34mCut
- Vanguard Capital Management$32mAdded
- First Eagle Investment Management$28mAdded
- Royce & Associates$21mAdded
- Geode Capital Management$19mAdded
- Vanguard Portfolio Management$18mAdded
- Charles Schwab Investment Management$18mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor13.7%Since 30 June 2025
- EMMA OMEGA LTDPassive investorat least 6.1%0.0 pts(filed with 3 related holders)Since 18 September 2026
- American Century Investment Management, Inc.Passive investorat least 4.3%−6.0 pts(filed with 2 related holders)Since 31 August 2026
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 December 2025
- American Century Capital Portfolios, Inc.Passive investorSold down below 5%Since 31 May 2026
- Renata KellnerovaSold down below 5%Since 18 September 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented to include the following: On September 18, 2026, the Reporting Persons divested of Matsuba Limited, a company organized under the laws of Cyprus ("Matsuba"), in a negotiated sale to an unaffiliated third party. As…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 13.7% | 30 June 2025 | |
EMMA OMEGA LTD Passive investor | at least 6.1%0.0 pts (filed with 3 related holders) | 18 September 2026 | |
American Century Investment Management, Inc. Passive investor | at least 4.3%−6.0 pts (filed with 2 related holders) | 31 August 2026 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 December 2025 | |
American Century Capital Portfolios, Inc. Passive investor | Sold down below 5% | 31 May 2026 | |
Renata Kellnerova | Sold down below 5% | 18 September 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented to include the following: On September 18, 2026, the Reporting Persons divested of Matsuba Limited, a company organized under the laws of Cyprus ("Matsuba"), in a negotiated sale to an unaffiliated third party. As… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Nov 2025, plus the 10-Q filed 23 Jul 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 29.2× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.