Marine Products (MPX) AI Stock Analysis

• Market Cap: $290.13M
• Dividend Yield: 7.03%
• Average Volume (3M): 22.30K
• Price to Earnings (P/E): 18.9
• Beta (1Y): 0.42
• Revenue Growth: -32.30%
• EPS Growth: -58.15%
• Country: US
• Employees: 617
• Sector: Consumer Cyclical
• Sector Strength: 58
• Industry: Auto - Recreational Vehicles
• EPS (TTM): 0.06
• Shares Outstanding: 34,955,444
• 10 Day Avg. Volume: 25,221
• 30 Day Avg. Volume: 22,298
• PEG Ratio: 0.25
• Price to Book (P/B): 3.16
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 8.40
• Enterprise Value/Market Cap: 1.21
• Enterprise Value/Revenue: 0.35
• Enterprise Value/Gross Profit: 8.26
• Enterprise Value/Ebitda: 3.79
• 1Y Price Target: $8.00
• Price Target Upside: 0.50% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 72 Outperform
• Price Target: ―

Marine Products Corporation shows strengths in financial stability with zero debt and a solid dividend yield, attractive for investors. However, declining revenue and profit margins are significant concerns. The technical indicators suggest a neutral market position, while the earnings call highlights challenges but also strategic initiatives for growth. Despite facing market uncertainties, the company remains cautiously optimistic about future sales growth.

Marine Products Business Overview & Revenue Model

Company Description

Marine Products Corporation designs, manufactures, and sells recreational fiberglass powerboats for the sportboat, sport fishing, and jet boat markets worldwide. The company offers Chaparral sterndrive pleasure boats, including SSi Sport Boats, SSX Sport Boats, and the Surf Series; Chaparral outboard pleasure boats, which include OSX Luxury Sportboats, and SSi and SSX outboard models; and Robalo outboard sport fishing boats. It also provides center and dual consoles, and Cayman Bay Boats under the Robalo brand name. The company sells its products to a network of 206 domestic and 92 international independent authorized dealers. Marine Products Corporation was founded in 1965 and is based in Atlanta, Georgia.

How the Company Makes Money

Marine 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.

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
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
226.22M	236.56M	383.73M	381.00M	298.01M	239.82M
	Gross Profit
42.47M	45.50M	90.38M	93.72M	68.27M	53.60M
	EBIT
15.04M	18.27M	49.20M	51.80M	36.39M	24.36M
	EBITDA
18.39M	20.91M	49.58M	53.70M	38.21M	26.32M
	Net Income Common Stockholders
15.46M	17.85M	41.70M	40.35M	29.03M	19.44M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
57.10M	52.38M	71.95M	43.17M	14.10M	31.57M
	Total Assets
182.88M	171.25M	193.80M	163.72M	132.84M	119.42M
	Total Debt
0.00	0.00	297.00K	237.00K	71.00K	122.00K
	Net Debt
-57.10M	-52.38M	-71.66M	-42.93M	-14.03M	-31.45M
	Total Liabilities
56.48M	42.24M	42.21M	39.33M	34.32M	34.90M
	Stockholders Equity
126.40M	129.00M	151.59M	124.38M	98.53M	84.52M
Cash Flow		Free Cash Flow
20.57M	24.93M	46.67M	46.85M	-791.00K	27.77M
	Operating Cash Flow
24.38M	29.53M	56.85M	49.35M	457.00K	29.87M
	Investing Cash Flow
-3.65M	-4.43M	-7.87M	-2.50M	-1.25M	-2.06M
	Financing Cash Flow
-44.86M	-44.67M	-20.19M	-17.78M	-16.68M	-16.04M

Marine Products Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.96
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MPX, the sentiment is Negative. The current price of 7.96 is below the 20-day moving average (MA) of 8.37, below the 50-day MA of 8.29, and below the 200-day MA of 8.79, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 38.92 is Neutral, neither overbought nor oversold. The STOCH value of 46.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MPX.

Marine Products Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLOW	79 Outperform	$665.65M	10.63	26.52%	4.11%	1.14%	127.04%
MPX	72 Outperform	$290.13M	18.94	10.33%	7.03%	-32.30%	-58.15%
HZO	71 Outperform	$538.12M	9.75	5.91%	―	-0.24%	-10.33%
MCFT	66 Neutral	$307.19M	―	-1.50%	―	-41.66%	-123.04%
Sector *	62 Neutral	$6.82B	11.05	2.80%	4.32%	2.67%	-24.92%
JOUT	61 Neutral	$310.09M	―	-9.70%	4.46%	-7.28%	-924.86%
ONEW	58 Neutral	$225.20M	―	-1.88%	―	-6.22%	91.93%

Marine Products Corporate Events

Marine Products Board Declassification and Director Reappointments

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.

Marine Products Announces Retirement of Key Board Directors

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.