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Marine Products Corp. (MPX)
NYSE:MPX
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Marine Products
(NYSE:MPX)
72Outperform
Marine Products (MPX) vs. S&P 500 (SPY)
Market Cap
$288.38M
Dividend Yield6.51%
Average Volume (3M)28.05K
Price to Earnings (P/E)19.8
Beta (1Y)0.36
Revenue Growth-32.30%
EPS Growth-58.15%
CountryUS
Employees617
SectorConsumer Cyclical
Sector Strength60
IndustryAuto - Recreational Vehicles
Share Statistics
EPS (TTM)0.06
Shares Outstanding34,955,444
10 Day Avg. Volume25,495
30 Day Avg. Volume28,053
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.80
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit5.06
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$8.00Price Target Upside-6.98% Downside
Rating ConsensusHold
Number of Analyst Covering1
Marine Products Business Overview & Revenue Model
Company DescriptionMarine Products (MPX) is a leading manufacturer and distributor of premium boating and marine equipment. The company operates in the recreational marine industry, focusing on the design, production, and distribution of high-quality fiberglass powerboats and related accessories. Marine Products is renowned for its innovative designs and commitment to delivering exceptional performance and quality to boating enthusiasts worldwide.
How the Company Makes MoneyMarine Products makes money through the sale of its diverse range of powerboats and marine accessories. The company's primary revenue stream is generated from the manufacturing and sale of fiberglass powerboats, which are marketed under well-known brands. Additionally, MPX earns revenue through the sale of marine parts and accessories that complement their boat offerings. The company leverages a robust dealer network to reach customers in various regions, ensuring widespread availability and support for their products. Partnerships with key suppliers and strategic investments in research and development also contribute to maintaining competitive pricing and enhancing product appeal, driving sales and profitability.
Marine Products Financial Statement Overview
Summary
Marine Products shows solid financial stability with zero debt and a strong equity position. However, declining revenues and profit margins suggest that the company faces challenges in maintaining top-line growth and operational efficiency. Cash flow remains positive but shows signs of pressure, necessitating strategic initiatives to bolster revenue and improve margins.Income Statement
The company has witnessed a declining revenue trend with the most recent TTM revenue at $226.2M compared to $236.6M in the previous year. The gross profit margin for the TTM is approximately 18.8%, while the net profit margin stands at 6.8%. Both margins have decreased from the previous annual report, where the net profit margin was 7.5%. The EBIT margin is at 6.6%, and the EBITDA margin is 7.8%, both showing slight declines, indicating pressure on operational efficiencies.―
Balance Sheet
The company maintains solid financial health with no debt, resulting in a strong debt-to-equity ratio of 0. The equity ratio is robust at approximately 69.1% for the TTM, reflecting strong asset coverage by equity. Return on Equity (ROE) for the TTM is 12.2%, showing a healthy return for investors, though slightly lower than in previous years due to declining profits.80
Cash Flow
The TTM exhibits positive free cash flow of $20.6M, although it has decreased from $29.5M in the previous year. The operating cash flow to net income ratio is 1.58, indicating efficient cash generation from operations. However, the free cash flow to net income ratio has decreased to 1.33, suggesting reduced cash flow relative to net income.―
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 236.56M | 383.73M | 381.00M | 298.01M | 239.82M | Gross Profit |
| 45.50M | 90.38M | 93.72M | 68.27M | 53.60M | EBIT |
| 18.27M | 49.20M | 51.80M | 36.39M | 24.36M | EBITDA |
| 20.91M | 49.58M | 53.70M | 38.21M | 26.32M | Net Income Common Stockholders |
| 17.85M | 41.70M | 40.35M | 29.03M | 19.44M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 52.38M | 71.95M | 43.17M | 14.10M | 31.57M | Total Assets |
| 171.25M | 193.80M | 163.72M | 132.84M | 119.42M | Total Debt |
| 0.00 | 297.00K | 237.00K | 71.00K | 122.00K | Net Debt |
| -52.38M | -71.66M | -42.93M | -14.03M | -31.45M | Total Liabilities |
| 42.24M | 42.21M | 39.33M | 34.32M | 34.90M | Stockholders Equity |
| 129.00M | 151.59M | 124.38M | 98.53M | 84.52M |
| Cash Flow | Free Cash Flow | |||
| 24.93M | 46.67M | 46.85M | -791.00K | 27.77M | Operating Cash Flow |
| 29.53M | 56.85M | 49.35M | 457.00K | 29.87M | Investing Cash Flow |
| -4.43M | -7.87M | -2.50M | -1.25M | -2.06M | Financing Cash Flow |
| -44.67M | -20.19M | -17.78M | -16.68M | -16.04M |
Marine Products Technical Analysis
Positive
8.60
Price Trends
8.23
Positive
8.53
Positive
8.87
Negative
Market Momentum
0.04
Negative
58.42
Neutral
44.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MPX, the sentiment is Positive. The current price of 8.6 is above the 20-day moving average (MA) of 8.25, above the 50-day MA of 8.23, and below the 200-day MA of 8.87, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 58.42 is Neutral, neither overbought nor oversold. The STOCH value of 44.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MPX.
Marine Products Risk Analysis
Marine Products disclosed 21 risk factors in its most recent earnings report. Marine Products reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marine Products Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $589.01M | 9.04 | 26.52% | 4.41% | 1.14% | 127.04% | |
72 Outperform | $288.38M | 19.82 | 10.33% | 6.51% | -32.30% | -58.15% | |
65 Neutral | $241.38M | ― | -9.70% | 5.19% | -7.28% | -924.86% | |
63 Neutral | $455.45M | 8.64 | 5.91% | ― | -0.24% | -10.33% | |
62 Neutral | $264.35M | ― | -1.50% | ― | -41.66% | -123.04% | |
61 Neutral | $6.66B | 11.77 | 3.06% | 3.96% | 2.60% | -21.54% | |
58 Neutral | $202.28M | ― | -1.88% | ― | -6.22% | 91.93% |
* Consumer Cyclical Sector Average
Performance Comparison
MPX
Marine Products
8.53
-1.47
-14.70%
PLOW
Douglas Dynamics
27.25
3.01
12.42%
JOUT
Johnson Outdoors
26.33
-10.17
-27.86%
HZO
Marinemax
21.58
-5.90
-21.47%
MCFT
MasterCraft Boat Holdings
17.11
-3.86
-18.41%
ONEW
OneWater Marine
13.88
-11.59
-45.50%
Marine Products Earnings Call Summary
Earnings Call Date:Apr 24, 2025
(Q1-2025)
| % Change Since: 1.65%|
Next Earnings Date:Jul 23, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a company facing significant challenges with declining year-over-year sales and profit margins, alongside uncertainties related to interest rates and tariffs. However, there are positive signs with sequential sales growth, reduced channel inventories, strong cash flow, and strategic positioning for future acquisitions. The company remains cautiously optimistic about achieving sales growth in the second half of the year.Q1-2025 Updates
Positive Updates
Sequential Sales Increase
Sales were up 23% sequentially compared to the fourth quarter of 2024.
Channel Inventory Reduction
Channel inventories were down 18% versus the year-ago quarter, indicating progress in managing excess inventory.
Strong Cash Position
Generated operating cash flow of $10.8 million and free cash flow of $10.7 million. The company finished the quarter with cash of $57 million and no debt.
Strategic Positioning for Acquisitions
The company is actively seeking acquisitions to expand its business, with ample liquidity to take advantage of opportunities.
Negative Updates
Year-Over-Year Sales Decline
Sales were down 15% year over year in the first quarter of 2025, driven by a 19% decrease in the number of boats sold.
Gross Profit and Margin Decline
Gross profit decreased to $11 million with a gross profit margin of 18.6%, down 60 basis points due to lower volumes and reduced fixed cost absorption.
Interest Rate and Tariff Uncertainty
Uncertainty regarding interest rates and potential tariff impacts could affect future financial performance.
Decrease in SG&A Expenses
SG&A expenses decreased by 5% but SG&A as a percentage of sales increased by 150 basis points due to fixed overhead and reduced sales.
Earnings per Share Decline
Diluted EPS was $0.06 in the first quarter, down from $0.13 in the prior year.
Company Guidance
During the Marine Products Corporation's First Quarter 2025 earnings call, several key metrics and guidance highlights were discussed. Sales in the first quarter were down 15% year-over-year at $59 million, with a 19% decrease in the number of boats sold, though there was a positive 4% impact from price and mix. Gross profit was $11 million, with a margin of 18.6%, down 60 basis points from the previous year. SG&A expenses totaled $8.3 million, a decrease of 5% compared to the prior year, and represented 14.1% of sales. The tax rate was 27.8%, and diluted EPS was $0.06, down from $0.13. EBITDA stood at $3.4 million, a decline from $5.9 million. The company generated strong operating cash flow of $10.8 million and free cash flow of $10.7 million, with CapEx under $100,000. Despite these challenges, Marine Products Corporation remains optimistic about achieving year-over-year sales growth in the second half of 2025 and is focused on managing costs, production levels, and cash flow while also exploring acquisition opportunities. They finished the quarter with $57 million in cash and no debt, and a significant milestone was the filing of an S-3 registration statement with the SEC, which includes registering the Rollins Family Control Group shares.Marine Products Corporate Events
Executive/Board ChangesShareholder Meetings
Marine Products Board Declassification and Director Reappointments
Neutral
Apr 24, 2025
On April 22, 2025, Marine Products Corporation’s Board of Directors underwent a declassification process, leading to the resignation and immediate reappointment of six directors for one-year terms expiring at the 2026 Annual Meeting. This move was part of a broader set of governance changes approved by stockholders, including amendments to the Certificate of Incorporation to declassify the Board and remove certain voting requirements.
Spark’s Take on MPX Stock
According to Spark, TipRanks’ AI Analyst, MPX is a Neutral.
Marine Products Corporation has several strengths, including a strong, debt-free balance sheet and attractive dividend yield. However, the company faces significant challenges with declining revenue, profitability, and market momentum. The neutral technical indicators and cautious earnings outlook further contribute to a moderate overall stock score. Strategic focus on inventory management and investments such as solar panels offer potential for future growth, but immediate headwinds in sales and earnings weigh heavily on the stock’s current evaluation.
To see Spark’s full report on MPX stock, click here.
Executive/Board ChangesShareholder Meetings
Marine Products Announces Retirement of Key Board Directors
Neutral
Feb 20, 2025
On February 18, 2025, Marine Products Corporation directors Gary W. Rollins and Pamela R. Rollins announced their intention to retire from the Board after long service, and will not stand for re-election at the 2025 Annual Meeting of Stockholders. Their resignations will be effective following the meeting, assuming the Board’s declassification is approved by stockholders. There was no disagreement with the company regarding its operations, policies, or practices.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.