/
OneWater Marine Inc. ( OneWater Inc. ) is a holding company and the sole managing member of One Water Marine Holdings, LLC ( OneWater LLC ), which became the principal operating subsidiary of OneWater Inc. on February 11, 2020 in the corporate reorganization (the Reorganization ) completed in connection with OneWater Inc. s initial public offering (the IPO ), which closed on February 11, 2020. …
The business is unprofitable at the operating level (-4.56% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.6%, steady but not accelerating. Margins contracted 8.2pp, which offsets some of the top-line progress.
ROIC dropped from 5.45% to -7.69%, capital efficiency is deteriorating. Net debt of $480M represents 6.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.84B
▲ +5.6% YoY
Net Income (TTM)
-$121M
▼ -1908.4% YoY
Op. Margin
-5.30%
▼ -8.2pp YoY
ROIC
-9.23%
▼ -13.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$68M
▲ +793.8% YoY
Op. Cash Flow (TTM)
$77M
▲ +163.4% YoY
Net Debt
$402M
Cash & Equiv.
$77M
5Y CAGR: +12.9%
5Y CAGR: -17.3%
Continue Research