ONEW · OneWater Marine Inc.

OneWater Marine Inc. operates as a recreational marine retailer in the United States. The company offers new and pre-owned recreational boats and yachts, as well as related marine products comprising parts and accessories. It also provides boat repair and maintenance services; and other ancillary services, including indoor and outdoor storage, and marina services. In addition, the company arranges related boat financing, insurance, and extended service contracts for customers with third-party lenders and insurance companies. Further, it is involved in the rental of boats and personal watercraft. OneWater Marine Inc. was founded in 2014 and is headquartered in Buford, Georgia.

Cap structure and valuation

Cap structure
SP	$11.61
SO	0.0M
Options	0.0M
Warrants	0.0M
FD SO	0.0M
MC	$0.0M

Cash	$76.5M
Total debt	$353.6M
EV	$277.1M

TTM Multiples
EV / Revenue	0.2x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	15.5x
MC / FCF	0.0x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2019-12-31. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	442.29	380.56	460.13	552.86
Revenue YoY %	(8.5%)	1.3%	21.8%	1.9%
Cost of Revenue	336.76	291.17	356.24	424.20
Gross Profit	105.53	89.39	103.89	128.66
Gross Profit YoY %	(4.4%)	6.4%	14.6%	(3.0%)
Gross Margin %	23.9%	23.5%	22.6%	23.3%

SG&A	85.66	81.35	84.30	92.14
Operating Expense	97.89	94.57	234.02	98.28

Operating Income	7.64	(5.17)	(130.13)	30.38
Operating Income YoY %	(53.1%)	(162.2%)	(2996.2%)	(24.1%)
Operating Margin %	1.7%	(1.4%)	(28.3%)	5.5%
EBITDA	11.81	(0.18)	(124.20)	36.68
EBITDA Margin %	2.7%	(0.0%)	(27.0%)	6.6%

Interest Expense	7.34	8.64	9.05	9.04
Pretax Income	(7.38)	(21.09)	(146.36)	14.22
Tax Provision	5.53	(13.38)	(33.40)	3.51
Net Income	(12.90)	(7.71)	(112.96)	10.71
Net Margin %	(2.9%)	(2.0%)	(24.5%)	1.9%

	LTM	9/30/25	9/30/24	9/30/23	9/30/22
Total Revenue	1,835.85	1,872.33	1,772.63	1,936.31	1,744.82
Revenue YoY %	(1.9%)	5.6%	(8.5%)	11.0%	—
Cost of Revenue	1,408.37	1,445.31	1,337.57	1,401.18	1,191.17
Gross Profit	427.48	427.02	435.06	535.13	553.65
Gross Profit YoY %	0.1%	(1.8%)	(18.7%)	(3.3%)	—
Gross Margin %	23.3%	22.8%	24.5%	27.6%	31.7%

SG&A	343.44	343.29	332.68	345.52	302.11
Operating Expense	524.76	512.47	370.25	517.06	335.82

Operating Income	(97.28)	(85.45)	64.82	18.07	217.83
Operating Income YoY %	(13.9%)	(231.8%)	258.8%	(91.7%)	—
Operating Margin %	(5.3%)	(4.6%)	3.7%	0.9%	12.5%
EBITDA	(75.89)	(61.01)	87.00	44.86	234.13
EBITDA Margin %	(4.1%)	(3.3%)	4.9%	2.3%	13.4%

Interest Expense	34.08	36.18	37.05	34.56	13.20
Pretax Income	(160.60)	(151.53)	(6.33)	(42.52)	195.84
Tax Provision	(37.74)	(35.30)	(0.16)	(3.41)	43.23
Net Income	(122.86)	(116.23)	(6.18)	(39.11)	152.61
Net Income to Common	(122.86)	(114.58)	(5.71)	(38.59)	130.94
Net Margin %	(6.7%)	(6.2%)	(0.3%)	(2.0%)	8.7%

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	76.52	42.44	64.82	81.91
Receivables	60.66	39.60	60.88	79.47
Inventory	551.35	601.51	539.79	517.09
Total Current Assets	732.61	782.30	719.21	739.96

Net PPE	57.96	59.07	91.58	92.00
Goodwill	258.95	258.95	258.95	336.60
Total Assets	1,375.82	1,442.04	1,403.83	1,540.43

Accounts Payable	40.46	42.75	43.76	32.45
Total Current Liabilities	632.28	690.05	631.30	603.33
Long-term Debt	329.98	325.78	334.20	381.50
Total Liabilities	1,106.40	1,164.54	1,118.87	1,147.20

Retained Earnings	24.34	37.24	44.95	158.00
Total Equity	269.42	277.49	284.95	393.23

	LTM	9/30/25	9/30/24	9/30/23	9/30/22
Cash & Equivalents	76.52	64.82	27.34	93.31	60.95
Receivables	60.66	60.88	73.27	113.17	57.96
Inventory	551.35	539.79	590.84	609.62	372.96
Total Current Assets	732.61	719.21	777.37	881.90	566.89

Net PPE	57.96	91.58	93.22	81.53	109.71
Goodwill	258.95	258.95	336.60	336.60	378.59
Total Assets	1,375.82	1,403.83	1,589.99	1,689.16	1,497.43

Accounts Payable	40.46	43.76	32.11	27.11	27.31
Total Current Liabilities	632.28	631.30	607.72	668.95	452.10
Long-term Debt	329.98	334.20	414.93	428.44	421.16
Total Liabilities	1,106.40	1,118.87	1,199.24	1,275.08	1,052.55

Retained Earnings	24.34	44.95	159.62	165.43	204.88
Total Equity	269.42	284.95	390.75	414.08	444.88

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(12.90)	(7.71)	(112.96)	10.71
D&A	4.17	4.99	5.93	6.30
Stock-Based Comp	2.81	2.14	3.78	2.46
Operating Cash Flow	—	(76.29)	9.93	90.80

CapEx	—	(1.94)	(2.72)	(1.94)
Investing Cash Flow	—	(2.07)	(2.86)	(2.12)

Debt Issuance	—	3.48	6.48	0.78
Debt Repayment	—	(14.85)	(15.08)	(9.81)
Financing Cash Flow	—	55.98	(24.15)	(82.28)

Effect of FX on Cash	—	0.00	(0.00)	(0.05)

Free Cash Flow	—	(78.23)	7.21	88.86

	LTM	9/30/25	9/30/24	9/30/23	9/30/22
Net Income	(122.86)	(114.58)	(5.71)	(38.59)	130.94
D&A	21.40	24.44	22.19	26.79	16.30
Stock-Based Comp	11.18	10.50	8.44	8.96	10.01
Operating Cash Flow	—	91.75	34.84	(129.76)	7.45

CapEx	—	(12.02)	(25.92)	(21.25)	(11.40)
Investing Cash Flow	—	(11.60)	13.32	(51.60)	(476.84)

Debt Issuance	—	27.52	43.39	30.00	412.49
Debt Repayment	—	(42.15)	(78.38)	(18.34)	(88.03)
Stock Issuance	—	—	—	—	0.00
Stock Buyback	—	0.00	0.00	(1.58)	(0.35)
Dividends Paid	—	—	—	0.00	0.00
Financing Cash Flow	—	(42.61)	(114.11)	213.72	456.40

Effect of FX on Cash	—	(0.05)	(0.02)	0.01	(0.01)

Free Cash Flow	—	79.73	8.92	(151.01)	(3.96)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	1.16	1.13	1.14	1.23
Quick Ratio	0.29	0.26	0.28	0.37
Debt / Equity	4.11	4.20	3.93	2.92
EBITDA Margin %	2.7%	(0.0%)	(27.0%)	6.6%
Working Capital	100.33	92.25	87.92	136.63
Net Debt	253.46	283.34	269.38	299.59
ROE %	(4.8%)	(2.8%)	(39.6%)	2.7%
ROA %	(0.9%)	(0.5%)	(8.0%)	0.7%

	LTM	9/30/25	9/30/24	9/30/23	9/30/22
Current Ratio	1.16	1.14	1.28	1.32	1.25
Quick Ratio	0.29	0.28	0.31	0.41	0.43
Debt / Equity	4.11	3.93	3.07	3.08	2.37
EBITDA Margin %	(4.1%)	(3.3%)	4.9%	2.3%	13.4%
Working Capital	100.33	87.92	169.65	212.95	114.79
Net Debt	253.46	269.38	387.60	335.13	360.21
ROE %	(45.6%)	(40.8%)	(1.6%)	(9.4%)	34.3%
ROA %	(8.9%)	(8.3%)	(0.4%)	(2.3%)	10.2%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-06	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2026-05-05	P	21,930	$10.88	$238,598
2026-05-06	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2026-05-04	P	110	$9.95	$1,094
2026-02-19	Englander Daniel J	Director	2026-02-19	A	6,099	—	$0
2026-02-13	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2026-02-12	P	18,008	$12.52	$225,460
2026-02-13	Troiano John	Director	2026-02-12	S	(1,028)	$13.19	-$13,559
2026-02-13	Troiano John	Director	2026-02-12	S	(634)	$13.19	-$8,362
2026-02-13	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2026-02-11	P	6,345	$12.93	$82,041
2026-02-13	Bos Teresa D.	10% Owner, Other (Member of 10% owner group)	2026-02-09	S	(662)	$14.01	-$9,275
2026-02-11	Bos Teresa D.	10% Owner, Other (Member of 10% owner group)	2026-02-06	S	(5,652)	$14.00	-$79,128
2026-02-11	Bos Teresa D.	10% Owner, Other (Member of 10% owner group)	2026-02-06	S	(100)	$14.02	-$1,402
2026-02-10	Bos Peter H. Jr.	10% Owner	2026-02-06	S	(5,652)	$14.00	-$79,128
2026-02-10	Bos Peter H. Jr.	10% Owner	2026-02-06	S	(100)	$14.02	-$1,402
2026-02-05	Bos Teresa D.	10% Owner, Other (Member of 10% owner group)	2026-02-04	S	(40,000)	$14.02	-$560,800
2026-02-05	Bos Teresa D.	10% Owner, Other (Member of 10% owner group)	2026-02-03	S	(20,889)	$14.18	-$296,206
2025-12-18	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-12-18	G	(35,000)	—	$-0
2025-12-18	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-12-16	A	95,923	—	$0
2025-12-18	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-12-16	F	(15,987)	$10.98	-$175,537
2025-12-18	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-12-16	G	(15,988)	—	$-0
2025-12-18	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-12-16	G	15,988	—	$0
2025-12-18	AISQUITH ANTHONY M	Director, Officer (Chief Executive Officer)	2025-12-16	A	95,923	—	$0
2025-12-18	AISQUITH ANTHONY M	Director, Officer (Chief Executive Officer)	2025-12-16	F	(15,987)	$10.98	-$175,537
2025-12-18	AISQUITH ANTHONY M	Director, Officer (Chief Executive Officer)	2025-12-16	G	(15,988)	—	$-0
2025-12-18	AISQUITH ANTHONY M	Director, Officer (Chief Executive Officer)	2025-12-16	G	15,988	—	$0
2025-12-18	EZZELL JACK P	Officer (COO & CFO)	2025-12-16	A	38,826	—	$0
2025-12-18	EZZELL JACK P	Officer (COO & CFO)	2025-12-16	F	(6,471)	$10.98	-$71,052
2025-11-25	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-11-24	P	43,179	$11.47	$495,263
2025-10-06	BODINE CHRIS W	Director	2025-10-01	A	7,892	—	$0
2025-10-03	Schraudenbach John	Director	2025-10-01	A	7,892	—	$0
2025-10-03	Harlam Bari A	Director	2025-10-01	A	7,892	—	$0
2025-10-03	Lamkin Jeffrey B.	Director	2025-10-01	A	7,892	—	$0
2025-10-03	ROY J STEVEN	Director	2025-10-01	A	7,892	—	$0
2025-10-03	Bauza Carmen	Director	2025-10-01	A	7,892	—	$0
2025-10-03	EZZELL JACK P	Officer (COO & CFO)	2025-10-01	A	44,192	—	$0
2025-10-03	EZZELL JACK P	Officer (COO & CFO)	2025-10-01	F	(12,775)	$15.84	-$202,356
2025-10-03	AISQUITH ANTHONY M	Director, Officer (Chief Executive Officer)	2025-10-01	A	106,061	—	$0
2025-10-03	AISQUITH ANTHONY M	Director, Officer (Chief Executive Officer)	2025-10-01	F	(24,888)	$15.84	-$394,226
2025-10-03	AISQUITH ANTHONY M	Director, Officer (Chief Executive Officer)	2025-10-01	G	(27,465)	—	$-0
2025-10-03	AISQUITH ANTHONY M	Director, Officer (Chief Executive Officer)	2025-10-01	G	27,465	—	$0
2025-10-03	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-10-01	A	106,061	—	$0
2025-10-03	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-10-01	F	(15,365)	$15.84	-$243,382
2025-10-03	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-10-01	G	(36,988)	—	$-0
2025-10-03	Singleton Philip Austin Jr.	Director, Officer (Executive Chairman), Other (See Remarks)	2025-10-01	G	36,988	—	$0
2025-10-03	Troiano John	Director	2025-10-01	A	7,892	—	$0
2025-09-22	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2025-09-19	P	3,654	$15.37	$56,162
2025-08-29	Troiano John	Director	2025-08-27	S	(11,545)	$17.35	-$200,344
2025-08-29	Troiano John	Director	2025-08-27	S	(3,496)	$17.35	-$60,666
2025-08-28	Lamkin Jeffrey B.	Director	2025-08-27	S	(62,695)	$17.44	-$1,093,401
2025-05-28	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2025-05-23	P	548	$13.50	$7,398
2025-05-22	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2025-05-21	P	10,000	$14.34	$143,400
2025-05-22	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2025-05-20	P	5,674	$15.04	$85,337
2025-05-09	ROY J STEVEN	Director	2025-05-07	P	5,001	$12.22	$61,112
2025-05-08	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2025-05-07	P	42,282	$12.23	$517,109
2025-05-08	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2025-05-06	P	30,200	$12.38	$373,876
2025-03-14	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2025-03-13	P	4,629	$16.13	$74,666
2025-03-14	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2025-03-12	P	5,371	$16.13	$86,634
2025-03-06	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2025-03-04	P	15,000	$15.40	$231,000
2024-12-23	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-12-19	G	(51,125)	—	$-0
2024-12-23	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-12-19	P	13,000	$18.60	$241,800
2024-12-12	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-12-10	A	43,674	—	$0
2024-12-12	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-12-10	F	(5,095)	$20.88	-$106,384
2024-12-12	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-12-10	G	(9,463)	—	$-0
2024-12-12	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-12-10	G	9,463	—	$0
2024-12-12	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-12-10	A	43,674	—	$0
2024-12-12	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-12-10	F	(6,456)	$20.88	-$134,801
2024-12-12	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-12-10	G	(8,102)	—	$-0
2024-12-12	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-12-10	G	8,102	—	$0
2024-12-12	EZZELL JACK P	Officer (Chief Financial Officer)	2024-12-10	A	17,678	—	$0
2024-12-12	EZZELL JACK P	Officer (Chief Financial Officer)	2024-12-10	F	(2,946)	$20.88	-$61,512
2024-12-09	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-12-05	P	9,582	$20.82	$199,497
2024-11-29	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-11-26	P	1,046	$20.85	$21,809
2024-11-21	ROY J STEVEN	Director	2024-11-20	P	2,500	$19.05	$47,625
2024-11-21	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-11-20	P	11,579	$18.74	$216,990
2024-11-21	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-11-19	P	11,939	$19.42	$231,855
2024-10-03	BODINE CHRIS W	Director	2024-10-01	A	5,228	—	$0
2024-10-03	Harlam Bari A	Director	2024-10-01	A	5,228	—	$0
2024-10-03	Bauza Carmen	Director	2024-10-01	A	5,228	—	$0
2024-10-03	Lamkin Jeffrey B.	Director	2024-10-01	A	5,228	—	$0
2024-10-03	Schraudenbach John	Director	2024-10-01	A	5,228	—	$0
2024-10-03	ROY J STEVEN	Director	2024-10-01	A	5,228	—	$0
2024-10-02	Troiano John	Director	2024-10-01	A	5,228	—	$0
2024-10-02	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-10-01	A	42,159	—	$0
2024-10-02	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-10-01	F	(19,619)	$23.91	-$469,090
2024-10-02	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-10-01	G	(33,406)	—	$-0
2024-10-02	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-10-01	G	33,406	—	$0
2024-10-02	EZZELL JACK P	Officer (Chief Financial Officer)	2024-10-01	A	17,064	—	$0
2024-10-02	EZZELL JACK P	Officer (Chief Financial Officer)	2024-10-01	F	(10,191)	$23.91	-$243,667
2024-10-02	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-10-01	A	42,159	—	$0
2024-10-02	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-10-01	F	(22,122)	$23.91	-$528,937
2024-10-02	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-10-01	G	(30,903)	—	$-0
2024-10-02	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-10-01	G	30,903	—	$0
2024-10-02	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-09-30	F	(12,247)	$24.15	-$295,765
2024-10-02	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-09-30	G	(14,971)	—	$-0
2024-10-02	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-09-30	G	14,971	—	$0
2024-10-02	EZZELL JACK P	Officer (Chief Financial Officer)	2024-09-30	F	(4,536)	$24.15	-$109,544
2024-10-02	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-09-30	F	(7,988)	$24.15	-$192,910
2024-10-02	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-09-30	G	(19,231)	—	$-0
2024-10-02	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-09-30	G	19,231	—	$0
2024-09-10	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-09-10	P	5,000	$21.25	$106,250
2024-09-10	AISQUITH ANTHONY M	Director, Officer (Chief Operating Officer)	2024-09-06	P	5,000	$21.75	$108,750
2024-09-09	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-09-06	P	5	$21.41	$107
2024-09-09	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-09-05	P	6,700	$22.39	$150,013
2024-08-26	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-08-22	P	3,334	$23.04	$76,815
2024-08-26	Lamkin Jeffrey B.	Director	2024-08-22	P	414	$22.94	$9,497
2024-08-14	Lamkin Jeffrey B.	Director	2024-08-14	P	2,567	$22.90	$58,784
2024-08-14	Lamkin Jeffrey B.	Director	2024-08-12	P	3,009	$22.67	$68,214
2024-08-09	Lamkin Jeffrey B.	Director	2024-08-09	P	30,919	$22.27	$688,566
2024-08-09	Lamkin Jeffrey B.	Director	2024-08-08	P	14,986	$22.37	$335,237
2024-08-09	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-08-07	P	5,000	$21.82	$109,100
2024-08-09	Lamkin Jeffrey B.	Director	2024-08-07	P	10,800	$21.82	$235,656
2024-08-05	Singleton Philip Austin Jr.	Director, Officer (CEO - See Remarks), Other (See Remarks)	2024-08-01	P	15,000	$22.31	$334,650