HZOMarineMax, Inc.
Is the business good?
The checks split: earnings fully cash-backed (4.1×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is HZO?
MarineMax, Inc. earns 3.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 6.0 points below what the capital costs: growth destroys value
- Operating margin
- 3.0%
Operating margin · Specialty Retail median 8.1% · 12 months to Q3 2026
- Cash conversion
- 4.15×
Cash conversion · 0.28× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +7.6%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 7.1% |
| FY2021 | 10% |
| FY2022 | 11% |
| FY2023 | 8.4% |
| FY2024 | 5.3% |
| FY2025 | 1.5% |
Details›
- Gross margin12 months to Q3 2026
- 34%
- Operating margin12 months to Q3 2026
- 3.0%
- Net margin12 months to Q3 2026
- 0.18%
- Free cash flow margin
- 8.1%
- Revenue, trailing twelve months
- $2.20B
- Free cash flow, trailing twelve months
- $178M
- Net income, trailing twelve months
- $4.0M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 3.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.