Forensic Analysis · Retail / Consumer Discretionary · as of Jun 27, 2026
MARINEMAX INC (HZO)
A forensic read on MARINEMAX INC built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.2
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-6.8%
ROE
$831M
Market cap
MARINEMAX INC earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 2.2, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-1.51×Cash conversion.Over FY2023–FY2025, operating cash flow was -1.51× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning.
2%Return on invested capital.Return on invested capital is 2% and slipping from 28% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 162% of free cash flow in FY2025 — about $0.88 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
230% of FCFShareholder returns.Returned $27M to shareholders (buybacks + dividends) in FY2025 — 230% of free cash flow, but 38% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep.
$69MGoodwill impairments.Took $69M of goodwill writedowns across 1 year(s) (FY2025 ($69M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-1.4%
Debt / Equity0.42x
Free Cash Flow$11.9M
Latest Revenue$2.31B
Return on Equity-3.4%
Revenue Growth YoY-5.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on MARINEMAX INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about HZO's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown