OneWater Marine Inc Class A (ONEW)

In the past six months, OneWater Marine's stock price has experienced a decline of over 31%, with current trading levels near its 52-week low of $12.02 as of early May 2025. This underperformance is attributed to several factors, including macroeconomic headwinds impacting discretionary boat sales, dilution, and high debt. In Q1 Fiscal Year 2025, the company reported better-than-expected results, with revenue increasing 3% year-over-year to $376 million and same-store sales up 4%, but gross profit decreased 8% to $84 million due to lower margins on exiting brands, and a net loss of $14 million was reported. In Q2 Fiscal Year 2025, revenue decreased 1.0% to $483.5 million compared to Q2 2024, and same-store sales decreased 2%, with a GAAP net loss of $375 thousand and adjusted diluted earnings per share of $0.13. In Q3 Fiscal Year 2025, total revenue increased by 1.9% to $552.9 million, supported by a 2% gain in same-store sales, but adjusted diluted earnings per share declined sharply to $0.79. The company has been actively working to reduce inventory levels, with total inventory falling 13.6% year-over-year as of Q3 2025 and a 12% reduction year-over-year as of March 31, 2025. As of October 21, 2025, OneWater Marine has an average recommendation of "Hold" from nine research firms, with one sell, five hold, and three buy ratings.

The demand for OneWater Marine's products and services is subject to seasonality, which is typical for the recreational marine industry. The company refers to a "selling season," implying periods of higher sales activity. CEO Austin Singleton noted that October and November were strong, while December was seasonally slower in Q1 2025, suggesting a slowdown towards the end of the calendar year. OneWater Marine's focus on inventory reduction and maintaining a "clean slate of inventory" for the selling season further highlights the cyclical nature of demand. Demand is also sensitive to economic uncertainty and credit availability, as boat purchases are often discretionary.

OneWater Marine, Inc. (ONEW) is a prominent premium marine retailer in the United States, operating within the consumer discretionary sector, specifically in the recreational boat and yacht industry. The company's business model is diversified, encompassing two main segments: Dealerships and Distribution. The Dealerships segment sells new and pre-owned boats and yachts and provides related services, including financing, insurance, repairs, maintenance, parts, accessories, and storage. The Distribution segment manufactures, assembles, and distributes marine-related products to distributors, big box retailers, and online retailers. OneWater Marine is a dealer for numerous global yacht brands and owns Denison Yachting, a leading superyacht brokerage.

OneWater Marine operates an extensive network across the United States, with approximately 98 retail locations, nine distribution centers/warehouses, and multiple online marketplaces in 19 different states. The company has a strong presence in key boating markets, particularly in the Southeastern U.S., including states like Texas, Florida, Alabama, South Carolina, Georgia, Ohio, New York, and North Carolina. As of August 2025, OneWater Marine operates over 100 locations nationwide, including more than 95 retail dealerships and various service, storage, and marina facilities.

OneWater Marine maintains a strong brand reputation, positioning itself as one of the largest and fastest-growing premium marine retailers in the United States. The company is committed to a local and regional dealer group branding strategy, believing that retaining the goodwill and long-standing customer relationships of acquired dealer groups provides more value than establishing a single national "OneWater" brand across all stores. The company's acquisition strategy, focusing on top-performing dealerships and parts and accessories businesses, has contributed to its growth and market position. OneWater Marine holds approximately 5.3% of the U.S. marine market share. Despite strategic efforts, the company has faced challenges, including a decrease in revenue and a net loss in fiscal year 2024.

OneWater Marine Inc. (ONEW) has a mixed ownership structure comprising institutional investors, insiders, and public/individual investors. Institutional shareholders hold a significant portion of the stock, with figures ranging from approximately 34.36% to 75.92%. Insiders own a substantial portion, approximately 21.49% to 56.80% of the company's stock. Public companies and individual investors hold approximately 8.97% to 35.18% of the stock.