OneWater Marine Inc.
- Open
- 11.30
- Day high
- 11.76
- Day low
- 11.04
- Prev close
- 11.27
- Volume
- 7K
- Mkt cap
- $187M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.7
- P/S
- 0.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$142K over the last 3 months (2 open-market buys, 5 sales)
- 🏛Institutions mixed (13F)
OneWater Marine Inc. (ONEW) is a Consumer Cyclical company listed on NASDAQ. The stock is down 14% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 5 sales (SEC Form 4).
OneWater Marine Inc. (ONEW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ONEW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.09 | $-0.34 | -477.8% | $442M | -7.3% |
| Jan 29, 2026 | $-0.39 | $-0.04 | +89.7% | $381M | -22.5% |
| Nov 13, 2025 | $0.15 | $-6.90 | -4699.6% | $460M | +20.0% |
| Jul 31, 2025 | $1.12 | $0.79 | -29.5% | $553M | +35.3% |
| May 1, 2025 | $0.25 | $0.13 | -48.0% | $484M | -12.7% |
| Jan 30, 2025 | $-0.94 | $-0.54 | +42.6% | $376M | -23.7% |
| Nov 14, 2024 | $0.08 | $-0.36 | -550.0% | $378M | +4.3% |
| Jul 30, 2024 | $2.12 | $1.05 | -50.5% | $542M | +27.8% |
| May 2, 2024 | $0.72 | $0.67 | -6.9% | $488M | -2.4% |
| Feb 1, 2024 | $-0.30 | $-0.38 | -26.7% | $364M | -0.2% |
| Nov 16, 2023 | $0.47 | $0.42 | -10.6% | $451M | +8.3% |
| Aug 3, 2023 | $3.31 | $1.95 | -41.1% | $594M | +42.2% |
ONEW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | Bos Teresa D.10 percent owner, other: Member of 10% owner group | Sell | 45 | $11.20 |
| May 12, 2026 | Troiano Johndirector | Sell | 18,801 | $12.07 |
| May 12, 2026 | Troiano Johndirector | Sell | 9,043 | $12.07 |
| May 12, 2026 | Troiano Johndirector | Sell | 2,560 | $12.16 |
| May 12, 2026 | Troiano Johndirector | Sell | 1,111 | $12.16 |
| May 6, 2026 | Singleton Philip Austin Jr.director, officer, other: Executive Chairman | Buy | 21,930 | $10.88 |
| May 6, 2026 | Singleton Philip Austin Jr.director, officer, other: Executive Chairman | Buy | 110 | $9.95 |
| Feb 19, 2026 | Englander Daniel Jdirector | Grant | 6,099 | — |
| Feb 13, 2026 | Singleton Philip Austin Jr.director, officer, other: Executive Chairman | Buy | 6,345 | $12.93 |
| Feb 13, 2026 | Troiano Johndirector | Sell | 634 | $13.19 |
| Feb 13, 2026 | Bos Teresa D.10 percent owner, other: Member of 10% owner group | Sell | 662 | $14.01 |
| Feb 13, 2026 | Troiano Johndirector | Sell | 1,028 | $13.19 |
| Feb 13, 2026 | Singleton Philip Austin Jr.director, officer, other: Executive Chairman | Buy | 18,008 | $12.52 |
| Feb 11, 2026 | Bos Teresa D.10 percent owner, other: Member of 10% owner group | Sell | 100 | $14.02 |
| Feb 11, 2026 | Bos Teresa D.10 percent owner, other: Member of 10% owner group | Sell | 5,652 | $14.00 |
Source: ONEW SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full ONEW insider & 13F page →OneWater Marine Inc. company profile
Overview
OneWater Marine Inc. (NASDAQ:ONEW) is a recreational boat retailer founded in 2014 and headquartered in Buford, Georgia. The company went public in February 2020 and has grown through both organic expansion and strategic acquisitions to become one of the largest recreational marine retailers in the United States. OneWater operates approximately 70 retail locations across 11 states, primarily concentrated in high-growth markets including Texas, Florida, Alabama, North Carolina, South Carolina, Georgia, Ohio, and New Jersey. The company has positioned itself as a diversified marine retailer offering not just boat sales but a comprehensive suite of marine services and products.
Business
OneWater Marine operates in the recreational boating industry, which serves consumers seeking leisure watercraft for activities like fishing, water sports, and recreational cruising. The recreational boating market is highly seasonal and cyclical, with peak sales typically occurring during spring and summer months when boating activity is highest. The company's business is structured around four primary revenue segments: New Boat Sales represents the largest revenue segment, accounting for approximately 55-65% of total revenues. OneWater sells new recreational boats and yachts from various manufacturers, ranging from smaller fishing boats to luxury yachts. The company serves as an authorized dealer for multiple boat brands and maintains relationships with manufacturers who provide inventory through floor plan financing arrangements. Pre-owned Boat Sales contributes roughly 15-20% of revenues. This segment involves the sale of used boats acquired through trade-ins, consignment arrangements, or direct purchases. The pre-owned market provides customers with more affordable entry points into boating while offering higher gross margins for the retailer compared to new boat sales. Service, Parts and Other Sales generates approximately 15-20% of revenues and includes boat repair and maintenance services, replacement parts, marine accessories, and other ancillary products. This segment provides recurring revenue streams that are less cyclical than boat sales and typically carry higher profit margins. Finance and Insurance Revenue accounts for roughly 3-5% of total revenues. OneWater arranges financing for boat purchases through third-party lenders and offers marine insurance products. The company earns commissions and fees from these financial services, which provide additional profit without requiring significant capital investment. The company also offers complementary services including indoor and outdoor boat storage, marina services, and boat and personal watercraft rentals, which help drive customer engagement and provide additional revenue streams.
Revenue model
OneWater Marine generates revenue through multiple complementary business models that create a comprehensive marine retail ecosystem. The primary revenue driver is product sales from new and pre-owned boats, where the company earns gross profit margins by selling inventory at prices above wholesale costs. New boat sales typically operate on thinner margins due to manufacturer pricing constraints and competitive pressures, while pre-owned boats generally offer higher margins due to more flexible pricing. The company's service-based revenue model includes repair and maintenance services, parts sales, and marine accessories, which command higher gross margins and provide more predictable recurring income. These services create customer loyalty and repeat business relationships that extend well beyond the initial boat purchase. Commission-based revenue comes from finance and insurance arrangements, where OneWater earns fees by connecting customers with third-party lenders and insurance providers. This model requires minimal capital investment while generating additional profit from each transaction. The company's paying customers are primarily affluent consumers with discretionary income for recreational activities. The typical boat buyer has above-average household income and credit scores, as recreational boating represents a significant discretionary purchase often financed over multiple years. Several factors influence OneWater's profitability margins. Favorable conditions include strong consumer confidence, low interest rates that reduce financing costs for customers, favorable weather conditions that encourage boating activity, and limited inventory availability that supports pricing power. The company's diversification into higher-margin service and parts business also helps stabilize profitability during cyclical downturns. Challenging conditions include economic uncertainty that reduces discretionary spending, rising interest rates that increase customer financing costs, adverse weather events like hurricanes that disrupt operations, and oversupply conditions in the industry that pressure margins. Fuel costs, insurance rates, and marina fees also affect overall boating costs and can influence customer demand. Competition from other dealers and direct manufacturer sales can pressure pricing, while supply chain disruptions can limit inventory availability and increase costs.
Competitive moat
OneWater Marine's competitive moat is moderate but not particularly strong, relying primarily on geographic market presence and operational scale rather than unique competitive advantages. The company's primary defensive characteristics include its extensive geographic footprint across high-growth recreational boating markets, which creates local market presence and customer relationships that are difficult for competitors to replicate quickly. The company benefits from established dealer relationships with boat manufacturers, which provide access to popular boat brands and favorable floor plan financing arrangements. These relationships create some barriers to entry for new competitors but are not exclusive and can be replicated by well-capitalized competitors over time. OneWater's diversified service offering creates some customer stickiness through its comprehensive marine services ecosystem. Customers who purchase boats are likely to return for maintenance, parts, storage, and eventual replacement purchases, creating a multi-year customer relationship that provides some insulation from pure price competition. However, the company faces significant competitive threats. The recreational boating retail industry has relatively low barriers to entry for well-capitalized competitors, and boat manufacturers can potentially bypass dealers through direct sales or alternative distribution channels. Large competitors like MarineMax operate similar business models with greater scale advantages. Potential disruption could come from manufacturers developing direct-to-consumer sales models, online boat sales platforms that reduce the need for physical dealerships, or new entrants with superior technology platforms for inventory management and customer service. The company's moat is also vulnerable to economic downturns that reduce discretionary spending on recreational products, as the business lacks defensive characteristics during recessions. The company's competitive position is best described as a regional scale player in a fragmented industry, with modest competitive advantages that provide some protection but are not insurmountable for determined competitors with adequate capital and strategic focus.
Risks & safety
OneWater Marine's margin of safety appears constrained with several concerning financial metrics that suggest limited downside protection. Liquidity and Solvency Concerns: - Cash position of $67 million as of Q2 2025, down from higher levels in previous periods - Current ratio of 1.20, indicating tight working capital management - Quick ratio of 0.33, suggesting potential liquidity challenges if inventory cannot be converted to cash quickly - Net leverage ratio of 4.9x trailing twelve-month EBITDA, indicating high debt burden - Debt-to-equity ratio of approximately 2.8-3.0x, showing significant financial leverage Valuation Metrics: - EV/EBITDA of 14.2x based on recent EBITDA, which appears reasonable for a cyclical retailer - Price-to-book ratio below 1.0x suggests potential value, but may reflect asset quality concerns - Company has generated negative or minimal net income in recent periods despite positive EBITDA Other Considerations: - Highly cyclical business model with exposure to discretionary consumer spending - Seasonal cash flow patterns create working capital challenges - Hurricane exposure in key Florida markets adds operational risk - Industry-wide inventory management challenges affecting cash conversion - Free cash flow has been volatile, ranging from negative $40 million to positive $31 million across recent quarters
Recent development
Over the past several years, OneWater Marine has undergone significant strategic evolution focused on inventory optimization and operational efficiency. The company has implemented aggressive cost-saving measures and brand rationalization strategies, reducing its brand portfolio from over 15 brands to focus on 10-15 higher-performing and premium brands. This consolidation effort aims to improve inventory turnover and reduce carrying costs while focusing on more profitable product lines. The company has pursued strategic diversification into higher-margin service and parts businesses through targeted acquisitions. Recent acquisitions have included service-focused marine businesses that provide more stable, recurring revenue streams compared to the cyclical boat sales business. This strategy helps reduce dependence on new boat sales and creates more predictable cash flows. Inventory management has become a central strategic focus, with management actively reducing inventory levels by 10-12% year-over-year to improve cash flow and reduce floor plan financing costs. The company has adopted more sophisticated inventory allocation tools and selective purchasing strategies to optimize inventory mix and reduce aged inventory. OneWater has also adapted its acquisition strategy to focus on opportunistic, lower-capital deals that align with strategic objectives rather than pursuing aggressive expansion. The company maintains an active acquisition pipeline but has adopted a more cautious approach given current market conditions and leverage constraints. Recent operational initiatives include facility consolidation and cost structure optimization to improve operating leverage. The company has implemented flexible operating models that can adapt to changing market conditions while maintaining service quality and customer relationships.
ONEW company profile · for informational purposes only — not investment advice.
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