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HZO

MarineMax NYSE:HZO Stock Report

Last Price

US$43.80

Market Cap

US$943.2m

7D

14.3%

1Y

-11.6%

Updated

16 Aug, 2022

Data

Company Financials +
HZO fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance5/6
Financial Health6/6
Dividends0/6

HZO Stock Overview

MarineMax, Inc. operates as a recreational boat and yacht retailer and superyacht services company in the United States.

MarineMax Competitors

Price History & Performance

Summary of all time highs, changes and price drops for MarineMax
Historical stock prices
Current Share PriceUS$43.80
52 Week HighUS$61.06
52 Week LowUS$35.10
Beta1.61
1 Month Change11.42%
3 Month Change6.73%
1 Year Change-11.60%
3 Year Change208.89%
5 Year Change181.67%
Change since IPO248.64%

Recent News & Updates

Aug 09

MarineMax to acquire IGY Marinas for $480M in cash

MarineMax (NYSE:HZO) entered into a definitive agreement to acquire Island Global Yachting (IGY), which owns and operates a collection of iconic marina assets and a yacht management platform in key global yachting destinations. MarineMax will acquire IGY Marinas for $480M in cash, with an additional potential earnout of up to $100M, two years after closing which is expected in 1H23. IGY Marinas, through recent acquisitions and organic growth, is projected to generate $100M+ of revenue in CY22. Acquisition is said to be accretive within the first twelve months of closure. The transaction will be financed through MarineMax’s recently completed expansion of its credit facilities and cash on hand.

Shareholder Returns

HZOUS Specialty RetailUS Market
7D14.3%10.4%4.5%
1Y-11.6%-23.4%-8.9%

Return vs Industry: HZO exceeded the US Specialty Retail industry which returned -28.7% over the past year.

Return vs Market: HZO underperformed the US Market which returned -9.6% over the past year.

Price Volatility

Is HZO's price volatile compared to industry and market?
HZO volatility
HZO Average Weekly Movement6.4%
Specialty Retail Industry Average Movement9.0%
Market Average Movement7.6%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

Stable Share Price: HZO is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: HZO's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19982,666William McGillhttps://www.marinemax.com

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, pontoon boats, ski boats, jet boats, and other recreational boats.

MarineMax Fundamentals Summary

How do MarineMax's earnings and revenue compare to its market cap?
HZO fundamental statistics
Market CapUS$943.20m
Earnings (TTM)US$192.46m
Revenue (TTM)US$2.23b

4.9x

P/E Ratio

0.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
HZO income statement (TTM)
RevenueUS$2.23b
Cost of RevenueUS$1.45b
Gross ProfitUS$783.54m
Other ExpensesUS$591.08m
EarningsUS$192.46m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)8.94
Gross Margin35.08%
Net Profit Margin8.62%
Debt/Equity Ratio21.0%

How did HZO perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is HZO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HZO?

Other financial metrics that can be useful for relative valuation.

HZO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.4x
Enterprise Value/EBITDA3.3x
PEG Ratio-1.3x

Price to Earnings Ratio vs Peers

How does HZO's PE Ratio compare to its peers?

HZO PE Ratio vs Peers
The above table shows the PE ratio for HZO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9.2x
HIBB Hibbett
6.3x5.2%US$809.5m
WINA Winmark
20.3xn/aUS$822.6m
SPWH Sportsman's Warehouse Holdings
4.8x-14.8%US$477.4m
TCS Container Store Group
5.5x-8.3%US$408.7m
HZO MarineMax
4.9x-3.7%US$943.2m

Price-To-Earnings vs Peers: HZO is good value based on its Price-To-Earnings Ratio (4.9x) compared to the peer average (9.2x).


Price to Earnings Ratio vs Industry

How does HZO's PE Ratio compare vs other companies in the US Specialty Retail Industry?

Price-To-Earnings vs Industry: HZO is good value based on its Price-To-Earnings Ratio (4.9x) compared to the US Specialty Retail industry average (6.6x)


Price to Earnings Ratio vs Fair Ratio

What is HZO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HZO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.9x
Fair PE Ratio8.5x

Price-To-Earnings vs Fair Ratio: HZO is good value based on its Price-To-Earnings Ratio (4.9x) compared to the estimated Fair Price-To-Earnings Ratio (8.5x).


Share Price vs Fair Value

What is the Fair Price of HZO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HZO ($43.8) is trading below our estimate of fair value ($99.12)

Significantly Below Fair Value: HZO is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is MarineMax forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-3.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HZO's earnings are forecast to decline over the next 3 years (-3.7% per year).

Earnings vs Market: HZO's earnings are forecast to decline over the next 3 years (-3.7% per year).

High Growth Earnings: HZO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: HZO's revenue (1.4% per year) is forecast to grow slower than the US market (7.9% per year).

High Growth Revenue: HZO's revenue (1.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HZO's Return on Equity is forecast to be low in 3 years time (8.5%).


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Past Performance

How has MarineMax performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


44.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: HZO has high quality earnings.

Growing Profit Margin: HZO's current net profit margins (8.6%) are higher than last year (7.4%).


Past Earnings Growth Analysis

Earnings Trend: HZO's earnings have grown significantly by 44.9% per year over the past 5 years.

Accelerating Growth: HZO's earnings growth over the past year (30.3%) is below its 5-year average (44.9% per year).

Earnings vs Industry: HZO earnings growth over the past year (30.3%) exceeded the Specialty Retail industry 29.2%.


Return on Equity

High ROE: HZO's Return on Equity (25.9%) is considered high.


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Financial Health

How is MarineMax's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: HZO's short term assets ($736.0M) exceed its short term liabilities ($412.6M).

Long Term Liabilities: HZO's short term assets ($736.0M) exceed its long term liabilities ($164.8M).


Debt to Equity History and Analysis

Debt Level: HZO has more cash than its total debt.

Reducing Debt: HZO's debt to equity ratio has reduced from 72.3% to 21% over the past 5 years.

Debt Coverage: HZO's debt is well covered by operating cash flow (107.2%).

Interest Coverage: HZO's interest payments on its debt are well covered by EBIT (87.5x coverage).


Balance Sheet


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Dividend

What is MarineMax current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate HZO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate HZO's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if HZO's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if HZO's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as HZO has not reported any payouts.


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Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average management tenure


CEO

William McGill (54 yo)

4.83yrs

Tenure

US$3,971,985

Compensation

Mr. William Brett McGill is the Chief Executive Officer of MarineMax, Inc. since October 1, 2018 and has been its President since October 01, 2017 and Director since February 21, 2019. He was the Chief Ope...


CEO Compensation Analysis

Compensation vs Market: William's total compensation ($USD3.97M) is about average for companies of similar size in the US market ($USD3.83M).

Compensation vs Earnings: William's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: HZO's management team is considered experienced (3.8 years average tenure).


Board Members

Experienced Board: HZO's board of directors are considered experienced (7.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

MarineMax, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: MarineMax, Inc.
  • Ticker: HZO
  • Exchange: NYSE
  • Founded: 1998
  • Industry: Specialty Stores
  • Sector: Retail
  • Implied Market Cap: US$943.196m
  • Shares outstanding: 21.53m
  • Website: https://www.marinemax.com

Number of Employees


Location

  • MarineMax, Inc.
  • 2600 McCormick Drive
  • Suite 200
  • Clearwater
  • Florida
  • 33759
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/16 00:00
End of Day Share Price2022/08/16 00:00
Earnings2022/06/30
Annual Earnings2021/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.