OneWater Marine (ONEW) Posts Deep FY 2025 EPS Loss, Testing Turnaround Narratives

OneWater Marine (ONEW) just closed out FY 2025 with fourth quarter revenue of $460.1 million and basic EPS of about -$6.90, capping a year in which trailing twelve month revenue came in at roughly $1.9 billion and EPS was -$7.22. Over the past few quarters the company has seen revenue move from $375.8 million in Q1 2025 to $552.9 million in Q3 2025 before landing at $460.1 million in Q4, while EPS has swung from -$0.81 to $0.66 and back down sharply. That mix of solid top line scale and volatile, negative EPS sets the stage for investors to focus squarely on how margins and profitability might evolve from here.

See our full analysis for OneWater Marine.

With the headline numbers on the table, the next step is to weigh these results against the prevailing stories around growth, risk, and a potential earnings turnaround to see which narratives really hold up.

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Losses Deepen Despite $1.9 Billion In Sales

• On a trailing basis, OneWater generated about $1.9 billion in revenue over the last 12 months but still reported a net loss of roughly $114.6 million, with EPS at about -$7.22.
• Analysts' consensus narrative leans bullish on margins improving from about -0.6 percent to 6.0 percent over three years. However, the recent trailing loss of $114.6 million shows profitability has not appeared in the numbers so far, so investors have to weigh the promise of higher margins against a five year loss trend that has been worsening by about 44.1 percent per year.
  • Supporters point to growing pre owned boat sales and recurring services as stabilizers, while the latest 12 month figures still reflect negative net income rather than the smoother earnings profile that story implies.
  • The same store sales growth of 5.9 percent over the last year fits the idea of steady demand, but it has not yet translated into positive EPS or a turnaround in reported losses.

High Debt And Weak Interest Cover Remain Central Risk

• Risk data highlights that the company has net leverage of about 5.8 times trailing 12 month adjusted EBITDA and that current earnings do not adequately cover interest payments.
• Critics highlight a bearish narrative where elevated long term debt and rising operating costs squeeze margins. The trailing net loss of $114.6 million along with five year losses growing roughly 44.1 percent annually strongly supports that concern because it shows earnings power has not kept up with the cost of financing and higher SG&A.
  • The risk summary explicitly flags weak interest coverage, which lines up with the pattern of negative EPS across most recent quarters aside from a brief positive Q3 2025.
  • With quarterly net income swinging from a $10.7 million profit in Q3 2025 to a $113.0 million loss in Q4 2025, the volatility makes it harder to rely on earnings to consistently service that debt load.

Skeptics watching leverage and interest coverage may want to see how a detailed bear case frames the downside before committing fresh capital. 🐻 OneWater Marine Bear Case

Low 0.1x Sales Multiple Versus Turnaround Hopes

• Shares around $10.59 trade at about 0.1 times trailing sales compared with roughly 0.6 times for peers and 0.5 times for the broader specialty retail industry.
• Consensus narrative from the bullish side argues that a forecast 148.28 percent annual earnings growth and a move to profitability within three years justify upside from here. The gap between a 0.1 times sales multiple and higher peer multiples clearly supports a value angle, but the modest 1.9 percent expected annual revenue growth means the story hinges on execution around margin expansion rather than a rapid top line ramp.
  • Analysts see profit margins rising toward 6.0 percent even though the latest trailing 12 month margin is still negative based on the $114.6 million loss, so a lot of change is baked into that view.
  • With revenue over the last two years hovering in the $1.8 to $1.9 billion range and not growing quickly, bulls are effectively betting that mix shifts, cost control, and higher margin segments can do the heavy lifting on earnings.

Bulls who see a 0.1 times sales multiple as a bargain versus peers may want to dig into the full upside case built on margin expansion and forecast earnings growth. 🐂 OneWater Marine Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for OneWater Marine on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

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A great starting point for your OneWater Marine research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

See What Else Is Out There

OneWater Marine combines sizable revenue with deep losses, heavy leverage, and weak interest cover, making its balance sheet and earnings quality key concerns for investors.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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