HZO

The past six months have been a windfall for MarineMax’s shareholders. The company’s stock price has jumped 79.7%, hitting $52.16 per share. This run-up might have investors contemplating their next move. Is now the time to buy MarineMax, or should you be careful about including it in your portfolio? Check out our in-depth research report to see what our analysts have to say, it’s free. We’re glad investors have benefited from the price increase, but we’re cautious about MarineMax. Here are three reasons we avoid HZO, plus one stock we’d rather own. Same-store sales is an industry measure of whether revenue is growing at existing stores, and it is driven by customer visits (often called traffic) and the average spending per customer (ticket). MarineMax’s demand has been shrinking over the last two years as its same-store sales have averaged 3% annual declines. Analyzing the long-term change in earnings per share (EPS) shows whether a company’s incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions. Sadly for MarineMax, its EPS declined by 54.7% annually over the last three years, more than its revenue. This tells us the company struggled because its fixed cost base made it difficult to adjust to shrinking demand. As long-term investors, the risk we care about most is the permanent loss of capital, which can happen when a company goes bankrupt or raises money from a disadvantaged position. This is separate from short-term stock price volatility, something we are much less bothered by. MarineMax’s $1.11 billion of debt exceeds the $174.8 million of cash on its balance sheet. Furthermore, its 9× net-debt-to-EBITDA ratio (based on its EBITDA of $108 million over the last 12 months) shows the company is overleveraged. At this level of debt, incremental borrowing becomes increasingly expensive and credit agencies could downgrade the company’s rating if profitability falls. MarineMax could also be backed into a corner if the market turns unexpectedly – a situation we seek to avoid as investors in high-quality companies. We hope MarineMax can improve its balance sheet and remain cautious until it increases its profitability or pays down its debt. We cheer for all companies serving everyday consumers, but in the case of MarineMax, we’ll be cheering from the sidelines. Following the recent rally, the stock trades at 37.6× forward P/E (or $52.16 per share). This valuation tells us a lot of optimism is priced in - we think other companies feature superior fundamentals at the moment. We’d suggest looking at one of Charlie Munger’s all-time favorite businesses. ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Interested in Off The Hook Ys Inc.? Here are five stocks we like better. Record second-quarter performance: Revenue rose 88.4% year over year to $59.1 million, while unit sales increased more than 138% to 255 boats. Gross profit doubled to $9.5 million, with pre-owned boat margins improving to 15.0%. Expansion and new revenue opportunities: The five-year MarineMax partnership will connect trade-ins with Off The Hook Ys’ valuation, wholesale, financing and insurance platforms. The company also added brokers, expanded facilities through acquisitions and plans to launch a high-margin warranty business. 2026 outlook remains unchanged: Management maintained full-year revenue guidance of $165 million to $170 million and said it returned to adjusted EBITDA profitability in the second quarter. Executives are focused on improving margins and operating leverage while managing higher labor, marketing, inventory and integration costs. Off The Hook Ys (NYSEAMERICAN:NXB) reported record second-quarter revenue and unit sales as the pre-owned boat platform expanded its broker network, added marine-service facilities and signed a five-year strategic partnership with MarineMax. For the quarter ended June 30, 2026, revenue rose 88.4% to $59.1 million from $31.3 million a year earlier, Chief Financial Officer Chad Corbin said. The company sold 255 boats during the quarter, an increase of more than 138% year over year, according to Chief Executive Officer Brian John. → Lumentum Just Delivered the AI Growth Investors Wanted Management maintained full-year 2026 revenue guidance of $165 million to $170 million while emphasizing margin improvement and profitability during the second half of the year. Pre-owned boat sales increased 69.5% to $45 million in the second quarter, while new-boat sales rose 189.3% to $10.9 million. Corbin attributed the increase in new-boat sales primarily to boat lines obtained through the acquisitions of Apex Marine and BellHart. → Ryman Checks Into a $1.38B Hospitality Upgrade The company sold about 230 pre-owned units during the quarter, compared with about 112 in the prior-year period. Average revenue per pre-owned inventory boat sale was approximately $381,566, down from approximately $400,302 a year earlier. Corbin said the company sells a broad mix of boat brands, sizes and transaction types, which can result in periodic and seasonal changes in average sales prices. Gross profit doubled to $9.5 million from $4.8 million. Pre-owned boat gross profit increased 81.1% to $6.7 million, and the associated gross margin improved to 15.0% from 13.9%. Corbin cited greater transaction volume, growth in service and financial-product businesses, and purchasing decisions involving used inventory as contributors to the margin improvement. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal Revenue from financing products, including financing, insurance and extended warranty contracts arranged through third parties, increased 66.7% to $1 million. Service, parts and other sales rose 465.6% to $2.2 million, reflecting the Apex Marine and BellHart acquisitions. John highlighted a five-year strategic agreement with MarineMax, signed June 25, that connects MarineMax’s retail trade-in pipeline with the company’s valuation, wholesale and transaction platform. Management said the relationship creates opportunities to earn revenue from boat transactions as well as financing and insurance arrangements. Under the arrangement, Azure Finance will pursue financing opportunities for transactions involving company-owned inventory, while other qualifying transactions will be referred to Newcoast, MarineMax’s finance and insurance operation. Chief Operating Officer Blake Phillips said MarineMax is the company’s preferred wholesale partner for pre-owned boats and yachts, while Newcoast is its preferred finance and insurance partner. The company also said it intends to launch a warranty business during the month. John described warranty as a high-margin area and said warranty products are expected to be offered across eligible transactions. Management said it is using automation and artificial intelligence across closings, finance, warranty, sales, logistics, customer follow-up and deal-flow management. The company’s platform is already used for valuations, deal structuring, offer generation, customer relationship management workflows and broker support, John said. The company added 26 brokers during the quarter. Its broker transaction-volume business had reached $134 million in the first eight months of the year, exceeding its prior full-year goal of $100 million, John said. Management also expanded its physical operations through the Apex Marine Group acquisition in South Florida, a Maryland property capable of supporting nearly 200 boats, and an expansion in North Carolina. The company said the facilities add storage, reconditioning, service, repair and inventory-management capabilities to its technology platform. During the question-and-answer session, John said Apex had been on track to lose more than $1 million before its acquisition. He said the business had generated roughly $60,000 of positive results since March 15, though the company still has work to do integrating accounting systems and other operations. Management said the acquired facilities could help reduce reliance on rented space and outsourced services, while also creating cross-selling opportunities in maintenance, parts, repairs, service and warranties. Operating costs rose as the company expanded. Selling, general and administrative expenses increased 250% to $1.4 million, largely reflecting the acquired businesses, marketing activity and higher insurance costs tied to increased inventory financed through floor-plan arrangements. Salaries and wages rose 127.8% to $6.5 million. Corbin said the increase included compensation adjustments associated with operating as a public company and $1.7 million in stock-based compensation issued to employees after the initial public offering. Advertising and marketing expense rose to $400,000 from $50,000, while floor-plan interest expense increased 60% to $800,000. John said the company returned to profitability on an adjusted EBITDA basis during the second quarter after first-quarter expenses related to boat shows, public-company operations and employee share issuances. Management said its focus is now on using its existing infrastructure to improve operating leverage and margins. On inventory, John said the company expects inventory turns to remain in the range of four to five times annually for the foreseeable future. Corbin said faster reconditioning through the company’s two refurbishment centers should support inventory turnover, while the company plans to emphasize boats in its stated $200,000 to $600,000 “sweet spot” to manage working-capital needs. We are a premier yacht and boat dealership specializing in the buying, selling, and wholesaling of yachts and boats. Founded in 2012 by Jason Ruegg, OTHYS has grown into one of the largest marine wholesaler in the industry, recognized for its innovation, expertise, and expansive operations. Over the past decade, we believe OTHYS has become a nationally recognized leader in the marine industry, earning numerous accolades. The company has been named one of the 500 fastest-growing companies in the United States by Inc 500 and is consistently ranked as a Top 100 Dealer in the USA by Boating Industry, a magazine for boating professionals. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Off The Hook Ys Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Second quarter 2026 revenue increased 88.4% year-over-year to a record $59.1 million Record number of units transacted, 138% year-over-year increase WILMINGTON, NC / ACCESS Newswire / August 13, 2026 / NextBoat Inc. (NYSE American:NXB) ("NextBoat" or the "Company"), a vertically integrated, technology-driven marine marketplace and one of the largest buyers and sellers of used boats in the United States, today announced financial results for its second quarter ended June 30, 2026. 2026 Second Quarter Highlights Revenue increased 88.4% to $59.1 million compared to $31.3 million in the second quarter of 2025 Pre-owned boat sales increased 104.4% compared to the second quarter of 2025 Sold 255 boats during the second quarter, a Company record Gross profit increased 100.1% to $9.5 million compared to $4.8 million in the second quarter of 2025 Expanded the Company's broker network to 111 brokers Advanced strategic partnership with MarineMax, Inc. as NextBoat's preferred wholesale and trade-in partner Executed 2 strategic acquisitions Adjusted EBITDA1 of $0.8 million "We achieved record revenue of $59.1 million, expanded our national broker network, executed two acquisitions and continued to build out our infrastructure. We are not simply focused on selling more boats. We are focused on increasing the number of transactions we can process, increasing the revenue we generate from each transaction, and increasing the proportion of our revenue that comes from higher-margin businesses. That is the opportunity we see ahead," said Brian John, Chief Executive Officer of NextBoat. "Transaction volume was up approximately 138% year-over-year, and our team grew right alongside it - our closing team tripled and our organization grew about 42% year-over-year to build the machine that makes this possible. That's not incremental progress - that's a company hitting its stride," added Blake Phillips, Chief Operating Officer of NextBoat. Second Quarter 2026 Results Overall, revenue increased by $27.7 million, or 88.4%, to $59.1 million for the three months ended June 30, 2026, from $31.3 million for the three months ended June 30, 2025. The increase was primarily attributable to the contribution of the Apex Marine and Bellhart businesses acquired during the quarter, an increase in our floor plan limit that supported higher inventory utilization throughout the period, and the continued expansion of our broker network at Off The Hook and our premier brokerage division, Autograph Yacht Group. These factors contributed to an increase in the number of pre-owned boats sold and brokerage deals closed. Gross profit increased by $4.8 million, or 100.1%, to $9.5 million for the three months ended June 30, 2026, compared to $4.8 million for the three months ended June 30, 2025. Gross profit as a percentage of revenue was 16.1% for the three months ended June 30, 2026 compared to 15.2% for the three months ended June 30, 2025. The increase was driven primarily by the higher-margin service, brokerage and finance revenue added through the Apex Marine and Bellhart acquisitions. Selling, general, and administrative expenses consist primarily of insurance, utilities, and other customary operating expenses. SG&A increased $1.0 million, or 259.7%, to $1.4 million for the three months ended June 30, 2026, compared to $0.4 million for the three months ended June 30, 2025. The increase was primarily attributable to the operating cost base of the Apex Marine and Bellhart businesses acquired during the quarter, higher indirect marketing expenses, and higher insurance costs related to increased inventory levels under floorplan financing arrangements, each in line with the Company's planned business expansion for 2026. Salaries and wages expense increased $3.6 million, or 127.8%, to $6.5 million for the three months ended June 30, 2026, compared to $2.8 million for the three months ended June 30, 2025. Leading into and following our initial public offering, salaries and wages increased as we aligned our compensation with public-company market benchmarks and enhanced retention packages to ensure we can attract, motivate, and retain the talent required to deliver long-term shareholder value, and as we added the employee base of the businesses acquired during the quarter. Further, the Company recognized share-based compensation of $1.7 million for the three months ended June 30, 2026. These equity awards have several vesting conditions including service-based and performance-based requirements and vest between one and five years. Interest expense, net increased $0.6 million, or 109.6%, to $1.2 million for the three months ended June 30, 2026, compared to $0.6 million for the three months ended June 30, 2025, driven primarily by higher average floor plan borrowings outstanding during the quarter and by debt assumed in the acquisitions and debt incurred to facilitate the Apex Marine and Bellhart transactions. The Company recorded a net loss of $2.1 million for the three months ended June 30, 2026, compared to net income of $0.6 million for the three months ended June 30, 2025. Adjusted EBITDA1 was an income of $0.8 million for the three months ended June 30, 2026, compared to income of $0.8 million for the three months ended June 30, 2025, a slight increase less than $0.1 million. Fiscal 2026 Guidance For full year 2026, the Company maintains its revenue guidance in a range of $165 million to $170 million. Conference Call and Webcast The Company will host an earnings conference call today, August 13, 2026, at 4:30 p.m. Eastern Time. To participate by telephone, please dial (833) 461-5787 (domestic), or (585) 542-9983 (international). The conference passcode is 366 467 666. A live webcast of the conference call will be available in the Investor Relations section of the Company's website at https://investor.nextboat.com using the conference passcode 366 467 666. An online replay of the webcast will be available for a limited time immediately following the call. About NextBoat Inc. Founded in 2012, NextBoat Inc., previously known as Off The Hook YS Inc., is a vertically integrated, technology-driven marine marketplace transforming how boats are bought, sold, financed, and serviced across the United States. Through proprietary technology, transaction data, financing capabilities, and a growing national acquisition network, the Company operates across boat brokerage, wholesale inventory acquisition, auctions, financing, and marine services. NextBoat's ecosystem includes Off The Hook Yachts, Autograph Yacht Group, Azure Funding, and proprietary lead-generation platforms. Headquartered in Wilmington, North Carolina, NextBoat is rapidly expanding its national footprint and market share within the $57 billion U.S. marine industry. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding NextBoat Inc. ("Company"), including, without limitation, statements regarding the Company's business strategy, technology platform, market opportunity, planned operations, and expected results and benefits. You can generally identify forward-looking statements by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "explore," "evaluate," "intend," "may," "might," "plan," "potential," "predict," "project," "seek," "should," or "will," or the negative of such terms thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on the Company's current plans, objectives, estimates, expectations, and intentions and inherently involve significant risks and uncertainties, many of which are beyond our control. Actual results, performance or achievements, including the timing of events, may differ materially from those expressed or implied by the forward-looking statements as a result of various risks and uncertainties, including those described under the heading "Risk Factors" in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other subsequent filings with the SEC. Copies of these filings are available on the SEC's website at www.sec.gov. Investors are cautioned that forward-looking statements are not guarantees of future performance, and are cautioned not to place undue reliance on any such forward-looking statements. The forward-looking statements made in this press release are made only as of the date hereof or as of the dates indicated in the forward-looking statements and reflect the views stated therein with respect to future events at such dates, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update, revise or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances occurring after the date such statements were made, except as required by applicable law. Contact Chad CorbinChief Financial [email protected] Investor Relations [email protected] NEXTBOAT INC. Condensed Consolidated Statements of Operations(Unaudited)For the Three and Six Months Ended June 30, 2026 and 2025 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements NEXTBOAT INC. Condensed Consolidated Balance SheetsAs of June 30, 2026 and December 31, 2025 Non-GAAP Financial Information To supplement NextBoat's financial information presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), NextBoat presents certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA1. These non-GAAP financial measures, which are defined below, should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies. NextBoat is presenting these non-GAAP financial measures to assist investors in seeing NextBoat's operating results through the eyes of management and because NextBoat believes that these measures provide a useful tool for investors to use in assessing NextBoat's operating performance against prior period operating results and against business objectives. NextBoat uses non-GAAP financial measures to evaluate its operating results and for financial and operational decision-making. Reconciliations of the non-GAAP financial measures presented to the most directly comparable GAAP financial measures are included in the tables below. 1Adjusted EBITDA The Company defines Adjusted EBITDA as GAAP net income (loss) before interest expense, income taxes, depreciation and amortization, and certain additional adjustments, including stock-based compensation and other non-cash items or other items that management does not consider indicative of ongoing operating performance. The Three Months Ended June 30, 2026, Compared to The Three Months Ended June 30, 2025 The Six Months Ended June 30, 2026, Compared to The Six Months Ended June 30, 2025 SOURCE: NextBoat Inc. View the original press release on ACCESS Newswire

MarineMax’s second quarter results fell short of Wall Street expectations as the company contended with ongoing weakness in boat sales and a challenging macroeconomic environment. Management emphasized that industry-wide softness, particularly in retail demand, constrained top-line performance. CEO Brett McGill pointed to the resilience of the company’s higher-margin businesses—including finance, insurance, and marina services—as key factors supporting overall profitability. He described the quarter’s margin gains as evidence of the company’s “disciplined inventory management and premium product mix.” Is now the time to buy HZO? Find out in our full research report (it’s free). Revenue: $611.3 million vs analyst estimates of $685.3 million (7% year-on-year decline, 10.8% miss) Adjusted EPS: $0.81 vs analyst expectations of $0.83 (2.6% miss) Adjusted EBITDA: $51.33 million vs analyst estimates of $51.96 million (8.4% margin, 1.2% miss) Management reiterated its full-year Adjusted EPS guidance of $0.68 at the midpoint EBITDA guidance for the full year is $117.5 million at the midpoint, in line with analyst expectations Operating Margin: 6.1%, up from -6.3% in the same quarter last year Locations: 72.5 at quarter end, up from 71 in the same quarter last year Same-Store Sales fell 7% year on year (-9% in the same quarter last year) Market Capitalization: $750.1 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Mike Albanese (The Benchmark): Asked about the relative contributions of boat margin recovery versus service business growth to recent margin improvements. CFO Michael McLamb estimated about 60% was due to service mix and 40% from better boat margins. Mike Albanese (The Benchmark): Inquired about progress toward pre-pandemic boat margin levels and the performance of recurring service businesses. McLamb noted margins remain below pre-COVID levels but are improving, while service segments continue to expand. Brandon Rolle (Loop Capital Markets): Sought insight into the trajectory for profitability in the product manufacturing business. CEO Brett McGill indicated that recent model refreshes are on track and could lead to break-even or profitable results in the coming year. Brandon Rolle (Loop Capital Markets): Asked about the outlook for used boat inventory and demand. McLamb highlighted strong turns and improving margins, with the new CPO program supporting further gains. Joseph Altobello (Raymond James): Questioned how MarineMax maintained full-year guidance despite lowering its industry and same-store sales outlook. McLamb cited ongoing strength in higher-margin businesses and operational flexibility as key offsets. Looking ahead, the StockStory team will be monitoring (1) the performance and customer adoption of the certified pre-owned program, (2) the growth trajectory of recurring service revenue and finance partnerships like NextBoat, and (3) the pace of boat margin recovery as industry inventory normalizes. Execution on cost controls and further expansion into high-margin segments will also remain critical benchmarks for the company’s progress. MarineMax currently trades at $33.96, up from $32.92 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Interested in MarineMax, Inc.? Here are five stocks we like better. MarineMax’s Q3 revenue fell to $611 million and same-store sales declined 7%, but profitability improved sharply. Gross margin rose to 35.7%, adjusted EBITDA increased more than 44% to $51 million, and adjusted EPS improved to $0.81. Higher-margin businesses helped offset weak boat demand, including brokerage, finance and insurance, marina operations, the Superyacht Division, and parts and service. Management said boat margins also improved for a second straight quarter, while parts and service demand remained strong. The company strengthened its balance sheet and reaffirmed guidance after refinancing its senior secured credit facilities, extending maturities to 2031 and increasing financial flexibility. MarineMax kept its fiscal 2026 outlook intact despite expecting softer industry volumes and same-store sales. MarineMax (NYSE:HZO) reported fiscal third-quarter results that management said reflected the benefits of a more diversified business model, even as U.S. retail boat demand remained under pressure from economic and geopolitical uncertainty. On the company’s earnings call, Chief Executive Officer and President Brett McGill said the marine retailer continued to see a segmented market, with premium categories generally proving more resilient than other parts of the industry. He said MarineMax’s investments in higher-margin businesses helped offset weaker boat revenue during the quarter. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? “Perhaps the clearest evidence of the success of our strategy is the gross margin performance we delivered during the quarter,” McGill said. “While market conditions weighed on revenue, gross margin increased 530 basis points to 35.7%.” Executive Vice President and Chief Financial Officer Mike McLamb said third-quarter revenue was $611 million, reflecting continued softness in boat sales across the industry. Same-store sales declined 7%, primarily due to lower unit sales, though McLamb said MarineMax’s performance was “meaningfully better” than the unit declines reported for the broader industry. → 3 Photonics Companies Making Quantum Tech Possible Gross profit increased to $218 million despite lower boat sales, supported by gross margin of nearly 36%. McLamb said a tariff refund contributed approximately 110 basis points to the margin increase. The remaining 420 basis points of improvement came from stronger new and used boat margins and the growing contribution of higher-margin businesses. Adjusted EBITDA rose more than 44% to $51 million, up from $35 million in the prior-year period. Reported net income was $0.66 per diluted share, compared with a loss of $2.42 per share a year earlier, which included a $69 million non-cash goodwill impairment charge. Adjusted diluted earnings per share improved to $0.81 from $0.05 when using the same estimated effective tax rate in both periods, McLamb said. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off McGill and McLamb emphasized that MarineMax’s higher-margin, less cyclical businesses performed well during the quarter. These included brokerage, finance and insurance, marina operations including IGY, the Superyacht Division, and parts and service. McLamb said the company’s gross margin improvement, excluding the tariff refund, was driven about 60% by growth in higher-margin businesses and mix, and about 40% by improvement in boat margins. He estimated that underlying boat margins improved by roughly 175 to 200 basis points from the prior year. “The third quarter marked the second consecutive quarter of improving boat margins, a positive development considering the current stage of the industry cycle,” McLamb said. McGill added that parts and service revenue remained strong even in a softer sales environment. He said customers were continuing to use their boats and spend money with MarineMax’s parts and service departments “at growing levels.” MarineMax ended the quarter with nearly $175 million in cash. Inventories declined approximately $118 million from the prior-year June quarter and were also lower than in the March quarter. McLamb said customer deposits increased meaningfully from a year earlier and modestly from March. The company also completed a refinancing of its senior secured credit facilities during the quarter. McGill said the transaction refinanced all of MarineMax’s term debt on improved terms, extended maturities to 2031 and increased financial flexibility. McLamb said the refinancing reflected lender confidence in MarineMax’s operating performance and long-term strategy. He added that reduced inventory levels and lower borrowings helped drive a decline in interest expense. MarineMax launched what McGill described as an industry-leading certified pre-owned program during the quarter, aimed at capturing demand in the used boat market. He said late-model pre-owned boats continue to be attractive to customers seeking entry into the boating lifestyle. McLamb said late-model used boats are “a pretty hot commodity,” adding that the new certified pre-owned program was being well received. He said used boat turns and margins were improving. McGill said the early success of the program was partly due to market timing and partly attributable to the program itself. “We’re happy with the early success of the program, and we’ll see it expand,” he said. The company also announced a strategic partnership with NextBoat, which McGill said expands distribution opportunities for financing and insurance offerings through MarineMax’s Newcoast Financial Services subsidiary. The partnership gives the company access to a broader network of pre-owned marine transactions and marketplace participants. MarineMax reaffirmed its fiscal 2026 guidance for adjusted EBITDA of $110 million to $125 million and adjusted net income of approximately $0.40 to $0.95 per diluted share. McLamb said the outlook reflects current operating conditions, recent industry trends, retail performance and the company’s ongoing shift toward higher-margin, recurring and service-oriented revenue streams. At the industry level, MarineMax now expects unit volumes to finish the year down as much as the mid-single-digit range, citing continued softness, especially in the June quarter. The company also expects fiscal 2026 same-store sales to decline and likely be in a similar range. McLamb said July trends had remained consistent with May and June, with uneven demand marked by periods of stronger activity followed by softer stretches. He said the company believed July would finish with positive same-store sales, though the final days of the month remained important. In response to an analyst question about maintaining guidance despite lowering the industry and same-store sales outlook, McLamb said results could land toward the higher end of guidance if MarineMax strings together stronger months with decent margins. Conversely, continued weakness could put results toward the lower end. He said the company remained confident that its higher-margin businesses would continue to perform well. Management also discussed potential growth opportunities following the refinancing. McLamb said MarineMax maintains an active acquisition pipeline, though he noted that many dealers are not eager to sell based on low earnings. He said improved margins across the industry could help earnings and create opportunities for MarineMax to be “a little more selective and creative.” The call ended early because of technical difficulties during the question-and-answer portion. MarineMax, Inc is a publicly traded company on the New York Stock Exchange under the ticker HZO and is one of the largest recreational boat and yacht retailers in the United States. The company markets new and used motor yachts, sailing yachts, sport boats and personal watercraft, acting as an authorized dealer for leading manufacturers. In addition to boat sales, MarineMax provides service and maintenance, parts and accessory sales, training and education, and marina operations. Operating through a network of sales centers, service facilities and marinas, MarineMax serves coastal and inland markets across the continental U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "MarineMax Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Gross margin expanded 530 basis points to 35.7%, driven by a shift toward high-margin, less cyclical revenue streams including brokerage, finance, insurance, and marina operations. Management attributed the 7% decline in same-store sales to broader industry softness and lower unit volumes, though the company claims to be outperforming general industry trends. Boat margins improved for the second consecutive quarter as industry inventory levels began to normalize, reducing the need for aggressive promotional activity. The premium end of the marine market remains more resilient than value segments, aligning with the company's core product portfolio and customer base. Operational focus on disciplined inventory management led to a $118 million reduction in inventory levels compared to the prior year. The launch of a new certified pre-owned (CPO) program is intended to capture higher margins in the active late-model used boat market. Fiscal 2026 adjusted EBITDA guidance is reaffirmed at $110 million to $125 million, assuming continued growth in service-oriented revenue to offset retail volatility. Management lowered industry unit volume expectations to a mid-single-digit decline for the year, citing a slower-than-anticipated retail recovery in the June quarter. Full-year same-store sales are now expected to be down in the mid-single-digit range, reflecting persistent macroeconomic and geopolitical uncertainty. The company anticipates further boat margin recovery as industry-wide inventory continues to normalize toward pre-pandemic levels. July trends indicate a potential return to positive same-store sales, though management cautioned that the final days of the month are critical to the outcome. Successfully refinanced all term debt in late June, extending maturities to 2031 and improving financial flexibility for selective M&A. A tariff refund contributed approximately 110 basis points to the gross margin during the third quarter. Formed a strategic partnership with NextBoat to expand the distribution of Newcoast Financial Services into broader pre-owned marketplace transactions. Customer deposits increased modestly from the March quarter, which management views as an encouraging sign of underlying demand engagement. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that excluding the tariff refund, roughly 60% of margin improvement came from high-margin business growth and 40% from improved boat margins. Underlying boat margins improved by approximately 175 to 200 basis points year-over-year as inventory pressures eased. The manufacturing business is nearing a break-even point following a reset and refresh of the model lineup for both core brands. Management expects the upward trajectory in manufacturing profitability to carry through into fiscal year 2027. The company remains open to acquisitions but noted that many smaller dealers are hesitant to sell while earnings are currently at a cyclical low. Management believes the worst of industry dealer closings may be in the past as inventory levels and margins begin to stabilize.

MarineMax (HZO) came out with quarterly earnings of $0.81 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this recreational boat dealer would post a loss of $0.03 per share when it actually produced earnings of $0.04, delivering a surprise of +233.33%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. MarineMax, which belongs to the Zacks Retail - Miscellaneous industry, posted revenues of $611.26 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 10.67%. This compares to year-ago revenues of $657.16 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. MarineMax shares have added about 35.9% since the beginning of the year versus the S&P 500's gain of 9.6%. While MarineMax has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for MarineMax was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.09 on $561.5 million in revenues for the coming quarter and $0.65 on $2.28 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Miscellaneous is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Sally Beauty (SBH), is yet to report results for the quarter ended June 2026. This beauty products seller is expected to post quarterly earnings of $0.53 per share in its upcoming report, which represents a year-over-year change of +3.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Sally Beauty's revenues are expected to be $936.19 million, up 0.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MarineMax, Inc. (HZO) : Free Stock Analysis Report Sally Beauty Holdings, Inc. (SBH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

~ Diversified Business Model Delivers Improved Profitability and Strong Margin Expansion Despite Challenging Marine Retail Environment ~ ~ Gross Margin Increases 530 Basis Points to 35.7% ~ ~ Company Reaffirms Fiscal 2026 Guidance ~ ~ Earnings Conference Call at 10:00 a.m. ET Today ~ OLDSMAR, Fla., July 23, 2026--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO) ("MarineMax" or the "Company"), the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, today announced results for its fiscal 2026 third quarter ended June 30, 2026. Fiscal 2026 Third Quarter Summary Revenue of $611.3 million Gross margin increased 530 basis points to 35.7%, driven by improved boat margins and continued growth of the Company’s higher-margin businesses Gross profit increased by 9.2% to $218.1 million, despite a 7% decline in same-store sales, reflecting the strength of MarineMax’s diversified business model and execution in a challenging marine retail environment Inventories decreased $118 million year-over-year through continued focus on inventory management and working capital efficiency Completed the refinancing of $1.49 billion aggregate senior secured credit facilities, extending maturities to 2031, expanding the revolving credit facility and lowering borrowing costs while enhancing financial flexibility Reported net income of $15.4 million, or $0.66 per diluted share; Adjusted diluted EPS1 of $0.81 Adjusted EBITDA1 of $51.3 million CEO & President Commentary "Our team executed with discipline during the quarter, delivering meaningful gross margin expansion despite continued softness across the recreational marine industry," said Brett McGill, Chief Executive Officer and President of MarineMax. "Improved margins on new and used boats, along with increased contributions from higher-margin businesses such as superyacht services, marinas, finance and insurance, and parts and service, drove higher profitability despite lower same-store sales. We also reduced inventory, generated cash, and further strengthened our balance sheet, reflecting our continued focus on operational excellence and capital efficiency. "While demand remains tempered by a cautious consumer environment, industry inventory levels continue to normalize, supporting healthier pricing dynamics and margin recovery. Our diversified business model and disciplined operating approach position us to outperform the broader marine market. "The quarter also reflects continued progress in strengthening our financial position and enhancing financial flexibility," McGill continued. "Through prudent inventory management, debt reduction, and the successful refinancing of our $1.49 billion senior secured credit facilities, we extended debt maturities, increased available liquidity, and lowered our cost of capital. These actions, together with our strong cash generation, position us to invest selectively in attractive growth opportunities and continue executing our strategic priorities from a position of financial strength. We are confident in our ability to navigate the current environment and pursue opportunities that enhance our competitive position and drive value for shareholders." Fiscal 2026 Third Quarter Results Revenue in the fiscal 2026 third quarter declined 7.0% to $611.3 million from $657.2 million in the prior-year period, primarily reflecting a 7% decline in same-store sales amid continued softness in the recreational marine retail market. The decline was partly offset by continued growth in the Company’s higher-margin businesses such as superyacht services, marinas (including IGY) and parts and service. Gross profit increased 9.2% to $218.1 million from $199.6 million in the prior-year period. Gross margin increased 530 basis points to 35.7% from 30.4%, driven by improved new and used boat margins, favorable business mix, and continued growth in the Company’s higher-margin businesses. Gross margin for the quarter also benefitted by approximately 110 basis points from a tariff refund, the majority of which related to boat sales recorded earlier in the fiscal year. Selling, general, and administrative (SG&A) expenses totaled $180.9 million, or 29.6% of revenue, compared with $172.1 million, or 26.2% of revenue, for the comparable period last year. Excluding transaction and other costs, intangible amortization, changes in contingent consideration, weather-related costs, and restructuring expenses, Adjusted SG&A2 increased $6.1 million, or 3.6%, from the fiscal 2025 third quarter. Interest expense declined to $14.3 million, or 2.3% of revenue, from $16.9 million, or 2.6% of revenue, in the prior-year period, reflecting lower inventory levels and reduced borrowing costs following lower interest rates and disciplined balance sheet management. Net income for the fiscal 2026 third quarter was $15.4 million, or $0.66 per diluted share, compared with a net loss of $52.1 million, or $2.42 per share, in the prior-year period. The third quarter of fiscal year 2025 included a non-cash goodwill impairment charge of $69.1 million associated with the Company’s manufacturing segment. Adjusted net income1 was $18.8 million, or $0.81 per diluted share, compared with $1.0 million, or $0.05 per diluted share, in the prior-year period. Adjusted EBITDA1 increased to $51.3 million from $35.5 million in the prior-year period. Balance Sheet Cash and cash equivalents totaled $174.8 million as of June 30, 2026, compared with $151.0 million at the end of the prior-year period. Inventories declined 13.0% to $788.6 million from $906.2 million in the prior-year period. Fiscal 2026 Guidance Based on results to date, current business conditions, retail trends and other factors, the Company continues to expect fiscal 2026 Adjusted EBITDA1,2 to be in the range of $110 million to $125 million and adjusted net income1,2 in the range of $0.40 to $0.95 per diluted share. These projections exclude the potential impact of material acquisitions and other unforeseen developments, including changes in tariffs, geopolitical conflicts, and broader macroeconomic conditions. "While we remain mindful of geopolitical and macroeconomic uncertainty, we are encouraged by the continued strength of our higher-margin businesses, improving boat margins, and the progress we have made strengthening our balance sheet," McGill concluded. "Supported by our diversified business model, disciplined operating approach, strong liquidity, and enhanced financial flexibility, we believe MarineMax is well positioned to navigate current market conditions and capitalize on opportunities as industry fundamentals continue to normalize, with a continued emphasis on driving profitable growth, generating strong cash flow, allocating capital prudently, and creating value for our shareholders." Conference Call Information MarineMax will discuss its fiscal 2026 third quarter financial results on a conference call starting at 10:00 a.m. ET today. The conference call can be accessed via the "Investors" section of the Company's website www.marinemax.com, or by dialing 877-407-0789 (U.S. and Canada) or 201-689-8562 (International). An online replay will be available within one hour of the conclusion of the call and will be archived on the website for one year. About MarineMax As the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, MarineMax (NYSE: HZO) is United by Water. We have over 120 locations worldwide, including over 70 dealerships and 65 marina and storage facilities. Our integrated business includes IGY Marinas, which operates luxury marinas in yachting and sport fishing destinations around the world; Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies; Cruisers Yachts, one of the world’s premier manufacturers of premium sport yachts, motor yachts, and Aviara luxury dayboats; and Intrepid Powerboats, a premier manufacturer of powerboats. To enhance and simplify the customer experience, we provide financing and insurance services as well as leading digital technology products that connect boaters to a network of preferred marinas, dealers, and marine professionals through Boatyard and Boatzon. In addition, we operate MarineMax Vacations in Tortola, British Virgin Islands, which offers our charter vacation guests the luxury boating adventures of a lifetime. Land comprises 29% of the earth’s surface. We’re focused on the other 71%. Learn more at www.marinemax.com. Forward Looking Statement Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events, and may be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words, or other similar terms or expressions that concern the Company’s expectations, strategy, plans, or intentions. These statements, including those relating to industry inventory levels, pricing dynamics, margin recovery, our positioning to outperform the broader marine market, our positioning to invest in attractive growth opportunities and to continue executing our strategic priorities, our fiscal 2026 guidance, the influence of geopolitical uncertainty and macroeconomic dynamics on consumer behavior over the next several quarters, and our positioning to navigate the environment and drive long-term value creation, are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the timing of and potential outcome of the Company’s long-term strategy, the estimated impact resulting from the Company’s cost-reduction initiatives, the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, general economic conditions, as well as those within the Company's industry, the level of consumer spending, and numerous other factors identified in the Company’s most recently filed Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 1,2 Non-GAAP Financial Measures This press release, along with the above Supplemental Financial Information table, contains "Adjusted net income attributable to MarineMax, Inc.," "Adjusted diluted net income per common share," "Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization" ("Adjusted EBITDA"), and "Adjusted selling, general and administrative expenses" ("Adjusted SG&A"), which are non-GAAP financial measures as defined under applicable securities legislation. Adjusted SG&A expenses represent SG&A expenses adjusted for transaction and other costs, intangible amortization, change in fair value of contingent consideration, weather expenses, and restructuring expenses. See the tables labeled, "Supplemental Financial Information" for the excluded amounts for both periods for Adjusted SG&A. In determining these measures, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. The Company believes these non-GAAP financial measures are key performance indicators that improve the period-to-period comparability of the Company’s results and provide investors with more insight into, and an additional tool to understand and assess, the performance of the Company's ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measures and the above reconciliation and should consider these non-GAAP financial measures as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP. In addition, we have not reconciled our fiscal year 2026 Adjusted net income and Adjusted EBITDA guidance to net income (the corresponding GAAP measure for each), which is not accessible on a forward-looking basis due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration, acquisition costs, and other costs. Acquisition contingent consideration and transaction costs, which are likely to be significant to the calculation of net income, are affected by the integration and post-acquisition performance of our acquirees, which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted net income and Adjusted EBITDA are not available without unreasonable effort. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722016202/en/ Contacts Mike McLambChief Financial OfficerMarineMax, Inc.727-531-1700 Scott SolomonSharon Merrill [email protected]

This article first appeared on GuruFocus. Revenue: $611 million for the third quarter. Same-Store Sales: Declined 7%. Gross Margin: Increased 530 basis points to 35.7%. Gross Profit: $218 million for the quarter. Adjusted EBITDA: Increased over 44% to $51 million from $35 million. Net Income per Diluted Share: $0.66 compared with a loss of $2.42 last year. Adjusted Diluted Earnings per Share: Improved to $0.81 from $0.05. Cash: Almost $175 million at quarter end. Inventory: Declined approximately $118 million from last June. Customer Deposits: Increased meaningfully from last year and modestly from March. Fiscal 2026 Adjusted EBITDA Guidance: $110 million to $125 million. Fiscal 2026 Adjusted Net Income Guidance: $0.40 to $0.95 per diluted share. Full-Year Tax Rate Expectation: Mid-30s range. Diluted Share Count Expectation: Approximately 22.9 million shares. Warning! GuruFocus has detected 6 Warning Signs with HZO. Is HZO fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MarineMax Inc (NYSE:HZO) reported a significant increase in gross margin by 530 basis points to 35.7%, highlighting the success of their strategic investments and premium product mix. The company successfully refinanced all of its term debt on improved terms, extending maturities to 2031, which enhances financial flexibility. MarineMax Inc (NYSE:HZO) launched an industry-leading certified pre-owned program, which has shown early success and improved gross margins. The company's higher margin businesses, such as brokerage, finance and insurance, and marina operations, continue to perform well, contributing to overall profitability. MarineMax Inc (NYSE:HZO) reported a 44% increase in adjusted EBITDA to $51 million, reflecting improved profitability despite lower boat sales. Third quarter revenue of $611 million reflected continued softness in boat sales across the industry, with same-store sales declining by 7%. The company anticipates industry unit volumes will finish the year down by as much as the mid-single-digit range due to continued industry softness. Retail conditions remain competitive with elevated promotional activity, impacting overall sales performance. MarineMax Inc (NYSE:HZO) expects same-store sales for fiscal 2026 to be down, reflecting macroeconomic uncertainty and a slower pace of retail recovery. The company faces challenges from economic and geopolitical uncertainties, which continue to weigh on consumer demand and industry performance. Q: Can you break down the improvement in gross margins, excluding the 110 basis points from tariff refunds, between boat margins and higher margin service mix? A: Michael Mclamb, CFO, explained that of the 420 basis points improvement, approximately 60% came from growth in higher margin businesses and about 40% from improved boat margins. This indicates a significant recovery in boat margins as industry inventory normalizes. Q: How do you feel about the product manufacturing side heading into fiscal year '27? Is it reasonable to expect profitability given the right-sizing of inventory levels? A: William McGill, CEO, stated that they have set a plan in place with a new model refresh in both brands, which is progressing well. They expect the trajectory to improve at the end of this fiscal year and carry through to next year. Q: Could you discuss the current state of the used boat market and its impact on your sales? A: Michael Mclamb, CFO, noted that late model used boats are in high demand. The newly launched certified pre-owned program has been well received, showing early success and contributing to improved margins and sales. Q: With unchanged guidance for EBITDA and EPS, despite a lower industry outlook, what offsets are allowing you to maintain your prior guidance? A: Michael Mclamb, CFO, mentioned that if they experience stronger trends in the coming months, they could be on the higher side of guidance. Conversely, if trends remain sluggish, they will be on the lower end. Higher margin businesses are expected to continue performing well. Q: Are you expecting any more dealer consolidation or closings, particularly among mom-and-pop dealerships? A: Michael Mclamb, CFO, believes that the worst of the closings might be behind them as industry inventory levels normalize and margins begin to improve. William McGill, CEO, added that unless conditions soften, the industry seems to be in good shape. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Boat and marine products retailer MarineMax (NYSE:HZO) fell short of the market’s revenue expectations in Q2 CY2026, with sales falling 7% year on year to $611.3 million. Its non-GAAP profit of $0.81 per share was 2.6% below analysts’ consensus estimates. Is now the time to buy MarineMax? Find out in our full research report. Revenue: $611.3 million vs analyst estimates of $685.3 million (7% year-on-year decline, 10.8% miss) Adjusted EPS: $0.81 vs analyst expectations of $0.83 (2.6% miss) Adjusted EBITDA: $51.33 million vs analyst estimates of $51.96 million (8.4% margin, 1.2% miss) Management reiterated its full-year Adjusted EPS guidance of $0.68 at the midpoint EBITDA guidance for the full year is $117.5 million at the midpoint, in line with analyst expectations Operating Margin: 6.1%, up from -6.3% in the same quarter last year Locations: 70 at quarter end, down from 71 in the same quarter last year Same-Store Sales fell 7% year on year (-9% in the same quarter last year) Market Capitalization: $725.2 million “Our team executed with discipline during the quarter, delivering meaningful gross margin expansion despite continued softness across the recreational marine industry,” said Brett McGill, Chief Executive Officer and President of MarineMax. Appropriately headquartered in Clearwater, Florida, MarineMax (NYSE:HZO) sells boats, yachts, and other marine products. A company’s long-term sales performance is one signal of its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. With $2.2 billion in revenue over the past 12 months, MarineMax is a small retailer, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and negotiating leverage with suppliers. As you can see below, MarineMax’s revenue declined by 2.1% per year over the last three years as it closed stores and observed lower sales at existing, established locations. This quarter, MarineMax missed Wall Street’s estimates and reported a rather uninspiring 7% year-on-year revenue decline, generating $611.3 million of revenue. Looking ahead, sell-side analysts expect revenue to grow 7.5% over the next 12 months, an acceleration versus the last three years. This projection is commendable and implies its newer products will spur better top-line performance. ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you’re unstoppable. These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE. The number of stores a retailer operates is a critical driver of how quickly company-level sales can grow. MarineMax operated 70 locations in the latest quarter. Over the last two years, the company has generally closed its stores, averaging 5.6% annual declines. When a retailer shutters stores, it usually means that brick-and-mortar demand is less than supply, and it is responding by closing underperforming locations to improve profitability. A company’s store base only paints one part of the picture. When demand is high, it makes sense to open more. But when demand is low, it’s prudent to close some locations and use the money in other ways. Same-store sales provides a deeper understanding of this issue because it measures organic growth at brick-and-mortar shops for at least a year. MarineMax’s demand has been shrinking over the last two years as its same-store sales have averaged 3% annual declines. This performance isn’t ideal, and MarineMax is attempting to boost same-store sales by closing stores (fewer locations sometimes lead to higher same-store sales). In the latest quarter, MarineMax’s same-store sales fell by 7% year on year. This decrease represents a further deceleration from its historical levels. We hope the business can get back on track. We were impressed by how significantly MarineMax beat analysts’ gross margin expectations this quarter. On the other hand, its revenue missed and its EBITDA fell slightly short of Wall Street’s estimates. Overall, this was a mixed quarter. The stock traded up 4.1% to $34.27 immediately after reporting. So do we think MarineMax is an attractive buy at the current price? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here, it’s free.