MarineMax
HZO Small CapConsumer Cyclical · Specialty Retail
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
MarineMax, Inc. operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates through two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, e-power yachts, pontoon boats, ski boats, jet boats, and other recreational boats. It also offers marine parts and accessories comprising marine electronics; dock and anchoring products that include boat fenders, lines, and anchors; boat covers; trailer parts; water sport accessories, which comprise tubes, lines, wakeboards, and skis; engine parts; oils; lubricants; steering and control systems; corrosion control products and service products; high-perform
MarineMax Stock at a Glance
MarineMax (HZO) is currently trading at $35.33 with a market capitalization of $778.3M. The 52-week range spans from $21.41 to $38.14; the current price is 7.4% below the yearly high. Year-over-year revenue growth stands at -16.5%.
💰 Dividend
MarineMax currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.
📊 Analyst Rating
7 analysts rate MarineMax (HZO) on consensus: None. The average price target is $35.29, implying -0.13% from the current price. Analyst price targets range from $33.00 to $39.00.
MarineMax: The Investment Case in Detail
MarineMax (HZO) operates in the Consumer Cyclical — specifically Specialty Retail — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bear Case
Revenue is contracting at -16.5% year-over-year — until that trend reverses, valuation is exposed to further downgrades. Net margins remain negative, meaning every euro of revenue is still producing losses — the path to profitability is the central question for shareholders. Short interest sits at 17.15% of float — a meaningful contingent of professionals is positioned for the share to fall, which deserves attention even if their thesis may turn out to be wrong.
Valuation in Context
The PEG ratio at 1.09 sits in the reasonable zone — the price tag is roughly aligned with the company's growth profile, neither punishing nor euphoric.
Investment Thesis: Strengths & Weaknesses
- Positive free cash flow
- –Revenue shrinking (-16.5% YoY)
- –Currently unprofitable
- –High short interest (17.15%)
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to above-average price swings, elevated short interest (17.15%), higher leverage relative to equity.
Trading Data
Related Stocks in the Same Sector
MarineMax (HZO) 2026: 33,02 USD Largest US Recreational-Boat-and-Yacht Dealer Compounder at 0,78x P/B and 20x Forward Earnings with IGY Marinas Superyacht-Services Pivot
The Real Story
MarineMax Inc. (NYSE: HZO) is a Clearwater, Florida-headquartered recreational-boat-and-yacht-dealer-and-superyacht-services company. The company operates approximately 130 dealer-locations across the US plus international superyacht-services-locations. Two reporting segments: Retail Operations (approximately 90 percent of revenue, new-boat-sales-and-pre-owned-boat-sales, parts-and-services, financing-and-insurance) and Product Manufacturing (Cruisers Yachts, Aquila Power Catamarans). The 2022 IGY Marinas acquisition (approximately 480 million USD) added superyacht-marina-services and charter-services-platform.
The 2023–2025 period: post-COVID-pleasure-boat-cycle peak in 2022 followed by normalization through 2024–2025 as discretionary-spending and rising-interest-rates compressed new-boat-volumes. The IGY Marinas superyacht-services-pivot creates structural-recurring-revenue base less correlated to retail-cycle-volatility.
What Smart Money Thinks
MarineMax has institutional base. BlackRock at approximately 11,5 percent, Vanguard at approximately 9,8 percent represent passive flows. Wasatch Advisors at approximately 4,2 percent, Royce Investment Partners at approximately 3,4 percent represent active small-cap-value. CEO Brett McGill holds approximately 1,2 percent. Short-interest sits at approximately 9,5 percent of float as of May 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
IGY Marinas (acquired 2022 for approximately 480 million USD) operates premium-superyacht-marina-locations and charter-services in Caribbean-and-Mediterranean. The recurring-marina-services-revenue base (approximately 12-15 percent of consolidated-revenue) is structurally less-correlated to retail-boat-cycle-volatility and supports defensive-revenue-component.
MarineMax's 0,78x P/B and 20x forward earnings reflect deep-cyclical-trough valuation versus historical-mid-cycle multiples of approximately 1,2-1,5x P/B and 12-15x forward earnings. Re-rating to historical-mid-cycle on consensus fiscal-2027 EPS of approximately 2,30 USD supports 35-40 USD fair-value.
MarineMax's approximately 130 dealer-locations represents the largest US recreational-boat-dealer-network and provides scale-economics on parts-and-service, financing-and-insurance, and OEM-relationships. Through cycle-trough, MarineMax can capture share from smaller-regional-dealer-bankruptcies and consolidations.
📉 The 3 Real Bear Points
MarineMax's pleasure-boat-retail revenue is structurally consumer-discretionary-spending-correlated. A renewed consumer recession 2026–2027 would compress fiscal-2026 EBITDA 25–35 percent and trigger renewed-margin-compression.
The 2022 IGY Marinas acquisition was debt-financed bringing net-debt-to-EBITDA to approximately 3,2x post-close. The debt-overhang plus integration-execution-risk could constrain dividend-or-buyback-capacity and create periodic-narrative-overhang.
Approximately 70 percent of US recreational-boat-purchases use consumer-financing. Rising-interest-rates from 2022–2024 reduced affordability and compressed unit-volume by approximately 15-20 percent versus 2022-peak. If interest-rate-environment persists at elevated-levels, MarineMax unit-volume-recovery could compress.
Valuation in Context
MarineMax at 33,02 USD per share with approximately 22 million shares outstanding has a market capitalization of approximately 727 million USD. With approximately 800 million USD of net-debt-and-lease-obligations, enterprise value is approximately 1,5 billion USD against trailing-twelve-month revenue of approximately 2,3 billion USD (approximately 0,65x EV/sales).
On forward-earnings, MarineMax trades at approximately 20x consensus fiscal-2026 EPS of approximately 1,65 USD. Applying peer-blended fair-multiple of 12–16x to base-case fiscal-2027 EPS of approximately 2,30 USD produces fair-value range 27–37 USD per share. Bear-case (recession, dealer-volume-decline) 20–25 USD. Bull-case (IGY recurring revenue acceleration, cycle-recovery) 42–52 USD over 24-36 months.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q3 fiscal-2026 earnings (early August 2026, FY-end September 2026). Watch-items: comparable-dealer-store-sales, IGY Marinas revenue growth, EBITDA-margin progression.
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2026 Q4:
Q4 fiscal-2026 earnings plus fiscal-2027 guidance. Watch-items: full-year guidance, IGY-segment-revenue-update.
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2027 Q2:
Q2 fiscal-2027 earnings (early May 2027). Watch-items: cycle-recovery progression, deleveraging-trajectory.
💬 Daniel's Take
MarineMax is a deep-cyclical US recreational-boat-dealer-and-superyacht-services compounder with IGY-Marinas defensive-revenue pivot, 0,78x P/B deep-value valuation, and structural-cycle-recovery optionality. Position-sizing: 0,5–1,2 percent in deep-value-cyclical-consumer-discretionary sleeve, 24–36 month patience. Sizing-up zones 26–28 USD on recession-narrative correction.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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