/
Marine Products manufactures fiberglass motorized boats distributed and marketed through its independent dealer network. Marine Products product offerings include Chaparral sterndrive and outboard sport boats and Robalo outboard sport fishing boats.
Operating margin is thin at 5.74%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 3.3%, steady but not accelerating. Free cash flow declined 40% despite revenue growth, conversion is weakening.
Free cash flow declined 40% versus the prior year, cash generation momentum has weakened. ROIC dropped from 10.66% to 7.59%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$252M
▲ +3.3% YoY
Net Income (TTM)
$7M
▼ -36.2% YoY
Op. Margin
3.45%
▼ -2.0pp YoY
ROIC
4.42%
▼ -3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$13M
▼ -40.1% YoY
Op. Cash Flow (TTM)
$15M
▼ -44.2% YoY
Net Debt
-$46M
Net Cash Position
Cash & Equiv.
$46M
5Y CAGR: +0.4%
5Y CAGR: -11.7%
Continue Research