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OneWater Marine
(NASDAQ:ONEW)
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Rating:49Neutral
Price Target:
$11.50
▼(-10.58% Downside)
Action:Reiterated
Date:08/19/26
Overall score reflects weaker financial performance driven by deteriorated profitability and elevated leverage, partially offset by currently positive free cash flow. Technical indicators also lean bearish, with price below key moving averages and negative momentum. The latest earnings call adds support via improved margins, EBITDA growth, and meaningful deleveraging plus clarified guidance, but valuation remains difficult to assess due to losses and no stated dividend yield.
Positive Factors
Margin and EBITDA improvement
Higher gross margin and adjusted EBITDA indicate better product mix, pricing discipline and operating execution. If sustained, these gains can strengthen earnings resilience even while recreational marine demand remains subdued.
Negative Factors
Severe revenue contraction
Sustained top-line pressure limits operating leverage and reduces the revenue base available to absorb fixed dealership costs. Weak new and pre-owned boat demand also signals that recovery depends on a cyclical consumer market.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin and EBITDA improvement
Higher gross margin and adjusted EBITDA indicate better product mix, pricing discipline and operating execution. If sustained, these gains can strengthen earnings resilience even while recreational marine demand remains subdued.
Read all positive factors
OneWater Marine Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across the company’s business lines—new and pre-owned boat sales, parts and service, accessories, financing/warranty and other services—showing which areas drive growth and where margins are strongest. A higher share from parts, service and other recurring businesses indicates steadier, higher-margin income that can cushion the company during cyclical downturns in boat sales; heavy reliance on new-boat sales signals greater exposure to economic and seasonal swings.
Breaks down revenue across the company’s business lines—new and pre-owned boat sales, parts and service, accessories, financing/warranty and other services—showing which areas drive growth and where margins are strongest. A higher share from parts, service and other recurring businesses indicates steadier, higher-margin income that can cushion the company during cyclical downturns in boat sales; heavy reliance on new-boat sales signals greater exposure to economic and seasonal swings.
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The Fly
The FlyOneWater Marine (ONEW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$191.15M
Dividend YieldN/A
Average Volume (3M)97.55K
Price to Earnings (P/E)―
Beta (1Y)1.69
Revenue Growth1.32%
EPS Growth-823.52%
CountryUS
Employees2,231
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-7.45
Shares Outstanding16,665,619
10 Day Avg. Volume101,800
30 Day Avg. Volume97,552
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.88
Price to Sales (P/S)0.13
P/FCF Ratio3.18
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.46
Revenue Forecast (FY)$1.80B
OneWater Marine Business Overview & Revenue Model
Company Description
OneWater Marine Inc. (ONEW) is a U.S. marine retail and services company that operates a network of recreational boat dealerships. The company sells new and used boats and related marine products, and provides supporting services such as financing...
How the Company Makes Money
OneWater makes money primarily through retail and service activities tied to recreational boating. Its key revenue stream is the sale of boats: (1) new boat sales through its dealership network and (2) pre-owned boat sales, where results can be in...
OneWater Marine Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call conveys cautious optimism: operational and financial improvements (margin expansion, adjusted EBITDA growth, significant leverage reduction, disciplined inventory and cost management) are meaningful and position the company well, but top-line pressure persists (revenue down 4%, declines in new/pre-owned and reported service revenue due in part to a divestiture) and the broader industry outlook remains weak. Management emphasizes execution and balance sheet strengthening while guiding for modest near-term softness.Positive Updates
Gross Margin Expansion
Gross profit margin expanded 70 basis points year-over-year to 24%, driven by favorable product mix and pricing discipline.
Negative Updates
Revenue Decline
Total revenue for the quarter declined 4% year-over-year to $531 million.
Read all updates
Q3-2026 Updates
Positive
Negative
Gross Margin Expansion
Gross profit margin expanded 70 basis points year-over-year to 24%, driven by favorable product mix and pricing discipline.
Read all positive updates
Company Guidance
Management narrowed fiscal-year guidance and now expects the marine industry to be down high single-digits while OneWater expects dealership same‑store sales to be down low‑ to mid‑single‑digits, revenue of $1.75–1.80 billion, adjusted EBITDA of $68–78 million and adjusted diluted EPS of $0.35–0.55, with an approximate $2 million fourth‑quarter headwind to adjusted EBITDA from the Ocean Bio‑Chem sale; they reiterated confidence in outperforming the industry. For context, Q3 revenue was $531 million, gross margin expanded 70 bps to 24%, adjusted EBITDA was $38 million (vs. $33M prior year), net income $12 million ($0.69 diluted), adjusted EPS $0.73, and the quarter closed with $69 million cash, $486 million inventory, $348 million long‑term debt and adjusted net leverage of 3.7x (vs. 5.8x a year ago).OneWater Marine Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
38
Negative
Cash Flow
56
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.81B | 1.87B | 1.77B | 1.94B | 1.74B | 1.23B |
| Gross Profit | 412.51M | 405.39M | 435.06M | 535.13M | 553.65M | 357.45M |
| EBITDA | -90.56M | -101.43M | 86.99M | 43.90M | 252.13M | 158.41M |
| Net Income | -121.90M | -114.58M | -5.71M | -38.59M | 130.94M | 79.06M |
Balance Sheet | ||||||
| Total Assets | 1.30B | 1.40B | 1.59B | 1.69B | 1.50B | 720.61M |
| Cash, Cash Equivalents and Short-Term Investments | 68.70M | 52.17M | 16.85M | 84.65M | 42.07M | 62.61M |
| Total Debt | 873.89M | 964.37M | 1.01B | 1.08B | 835.02M | 318.78M |
| Total Liabilities | 1.02B | 1.12B | 1.20B | 1.28B | 1.05B | 465.78M |
| Stockholders Equity | 286.05M | 284.95M | 360.81M | 358.61M | 385.32M | 225.93M |
Cash Flow | ||||||
| Free Cash Flow | 56.75M | 79.02M | 8.92M | -153.83M | -8.20M | 149.53M |
| Operating Cash Flow | 66.44M | 91.75M | 34.84M | -129.76M | 7.45M | 159.42M |
| Investing Cash Flow | 38.63M | -11.60M | 13.32M | -51.60M | -476.84M | -117.13M |
| Financing Cash Flow | -108.11M | -42.61M | -114.11M | 213.72M | 456.40M | -36.50M |
OneWater Marine Technical Analysis
Negative
12.86
Price Trends
11.85
Negative
11.17
Positive
11.61
Negative
Market Momentum
-0.08
Positive
39.94
Neutral
17.59
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONEW, the sentiment is Negative. The current price of 12.86 is above the 20-day moving average (MA) of 12.42, above the 50-day MA of 11.85, and above the 200-day MA of 11.61, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 39.94 is Neutral, neither overbought nor oversold. The STOCH value of 17.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ONEW.
OneWater Marine Risk Analysis
OneWater Marine disclosed 63 risk factors in its most recent earnings report. OneWater Marine 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
OneWater Marine Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $613.57M | 36.71 | 5.95% | ― | 9.79% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $577.53M | -522.38 | -0.18% | ― | 8.81% | 87.95% | |
49 Neutral | $191.15M | -1.54 | -43.62% | ― | 1.32% | -823.52% | |
47 Neutral | $6.17M | -0.10 | -55.71% | ― | 2.97% | 64.51% | |
40 Underperform | $4.66M | ― | -343.09% | ― | ― | ― |
* Consumer Cyclical Sector Average
ONEW
OneWater Marine
11.36
-5.79
-33.76%
MBUU
Malibu Boats
29.33
-7.30
-19.93%
MCFT
MasterCraft Boat Holdings
25.14
4.65
22.69%
VMAR
Vision Marine Technologies
0.70
-639.30
-99.89%
VEEE
Twin Vee PowerCats
10.75
-63.62
-85.55%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.