MarineMax (NYSE:HZO) Releases Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• EPS beat but revenue slump and updated guidance: MarineMax reported EPS of $0.04, beating estimates by $0.07, while revenue fell 16.5% year‑over‑year to $527M; management updated FY2026 adjusted EPS guidance to $0.40–$0.95 (adjusted EBITDA target $110–$125M) and expects flat same‑store sales.
• Margins improved despite weaker sales: Consolidated gross margin expanded 440 basis points to 34.4%, driven by higher‑margin services, brokerage and digital growth (Boatyard subscribers +47%), even as adjusted EBITDA declined to $23.9M.
• Balance sheet strengthened and buyback authorized: Cash increased to $189M, inventories fell ~$130M, net debt is roughly 2x adjusted EBITDA, and the Board approved a $100M share repurchase program (up to ~15.3% of shares), boosting financial flexibility.

MarineMax (NYSE:HZO - Get Free Report) announced its quarterly earnings data on Thursday. The specialty retailer reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.07, Zacks reports. MarineMax had a positive return on equity of 1.13% and a negative net margin of 2.46%.The business had revenue of $527.41 million during the quarter, compared to analyst estimates of $617.21 million. During the same period last year, the company earned $0.23 earnings per share. MarineMax's quarterly revenue was down 16.5% compared to the same quarter last year. MarineMax updated its FY 2026 guidance to 0.400-0.950 EPS.

Here are the key takeaways from MarineMax's conference call:

• Gross margin expanded 440 basis points to 34.4%, driven by growth in higher‑margin businesses (service & parts, F&I, brokerage, superyacht services and IGY) and increasing digital traction (Boatyard subscribers +47%).
• Revenue was down to $527 million with same‑store sales down ~15% and comparable units mid‑single‑digit lower; adjusted EBITDA fell to $23.9 million and adjusted EPS to $0.04, with March softness attributed partly to geopolitical uncertainty.
• Balance sheet and inventory position strengthened — $189 million in cash, inventories down about $130 million to $845 million, customer deposits up to ~$62 million, and net debt to adjusted EBITDA around 2x — giving management flexibility into the summer selling season.
• Management reaffirmed FY26 targets (adjusted EBITDA $110–$125M; adjusted EPS $0.40–$0.95) and expects flat same‑store sales and low‑30% consolidated gross margins, while noting ongoing macro and geopolitical downside risks.

MarineMax Stock Up 1.6%

NYSE:HZO traded up $0.48 during trading hours on Thursday, reaching $29.77. The company's stock had a trading volume of 140,567 shares, compared to its average volume of 415,257. The company has a market cap of $655.77 million, a price-to-earnings ratio of -11.05 and a beta of 1.65. MarineMax has a one year low of $20.36 and a one year high of $32.00. The business's 50-day moving average is $27.85 and its 200-day moving average is $26.41. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.19 and a quick ratio of 0.29.

MarineMax announced that its Board of Directors has initiated a share buyback program on Wednesday, March 4th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the specialty retailer to repurchase up to 15.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Benchmark reiterated a "buy" rating on shares of MarineMax in a report on Friday, January 30th. B. Riley Financial reiterated a "buy" rating and set a $29.00 price objective (up from $27.00) on shares of MarineMax in a report on Friday, January 30th. Zacks Research upgraded MarineMax from a "strong sell" rating to a "hold" rating in a report on Friday, January 23rd. Weiss Ratings reiterated a "sell (d)" rating on shares of MarineMax in a report on Tuesday. Finally, Truist Financial set a $34.00 price objective on MarineMax in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $31.80.

Institutional Investors Weigh In On MarineMax

A number of large investors have recently bought and sold shares of the business. State Street Corp boosted its holdings in MarineMax by 11.0% in the fourth quarter. State Street Corp now owns 953,009 shares of the specialty retailer's stock worth $23,091,000 after purchasing an additional 94,356 shares in the last quarter. Invesco Ltd. boosted its holdings in MarineMax by 115.6% in the second quarter. Invesco Ltd. now owns 716,078 shares of the specialty retailer's stock worth $18,002,000 after purchasing an additional 383,926 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in MarineMax by 22.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,471 shares of the specialty retailer's stock worth $14,356,000 after purchasing an additional 109,241 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in MarineMax by 12.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 434,110 shares of the specialty retailer's stock worth $10,518,000 after purchasing an additional 49,579 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in MarineMax by 6.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 150,922 shares of the specialty retailer's stock worth $3,657,000 after purchasing an additional 9,366 shares in the last quarter. 92.85% of the stock is currently owned by institutional investors.

About MarineMax

MarineMax, Inc is a publicly traded company on the New York Stock Exchange under the ticker HZO and is one of the largest recreational boat and yacht retailers in the United States. The company markets new and used motor yachts, sailing yachts, sport boats and personal watercraft, acting as an authorized dealer for leading manufacturers. In addition to boat sales, MarineMax provides service and maintenance, parts and accessory sales, training and education, and marina operations.

Operating through a network of sales centers, service facilities and marinas, MarineMax serves coastal and inland markets across the continental U.S.

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