OneWater Marine Inc. Class A Common Stock (ONEW)

FairStock Score: 61/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach OneWater Marine as a cyclical retailer, not a wonderful business at a wonderful price. It sells boats, parts, services, storage and financing, but boat retailing is capital-intensive, competitive and tied to consumer confidence. The filed record is uneven: in fiscal 2025, the year ended 2025-09-30, revenue was $1.9B and net income was a loss of $114.6M; in fiscal 2024, the year ended 2024-09-30, revenue was $1.8B and net loss was $5.7M; in fiscal 2023, the year ended 2023-09-30, revenue was $1.9B and net loss was $38.6M. Yet the latest filed quarter, fiscal Q3 2026 ended 2026-06-30, showed revenue of $530.7M and net income of $11.7M, better than fiscal Q3 2025 ended 2025-06-30, when revenue was $552.9M and net income was $10.7M. The balance sheet worries me: FairStock calculations show debt-to-equity of 3.06 and an Altman Z-Score of 0.75, signaling financial stress. Returns are poor too: FairStock calculations show ROE of -35.89% and ROCE of 3.07%. On the other hand, trailing free cash flow is $56.3M, a 31.8% FCF yield on the $177M market cap, and the Piotroski F-Score is 8/9. At the 2026-10-13 close of $9.08, price-to-book is 0.53 and the negative P/E reflects trailing losses. Cheapness may be real, but the company lacks a wide moat and has a leveraged, loss-prone history. This is a turnaround, not a compounder; I would demand a margin of safety and evidence that the recent profit and cash generation persist.

In plain English: OneWater Marine sells new and used boats, marine parts, repairs, storage, and marina and financing services. It has lost money in recent full years, but its latest reported quarter was profitable and it generates cash. The stock price looks low compared with its assets and cash flow, but the company carries a lot of debt and its results are uneven.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-06-30) · fiscal Q2 2026 10-Q (period ended 2026-03-31) · fiscal Q1 2026 10-Q (period ended 2025-12-31) · fiscal Q3 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-09-30) · FY2024 10-K (period ended 2024-09-30) · FY2023 10-K (period ended 2023-09-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer