Forensic Analysis · Retail / Consumer Discretionary · as of Aug 12, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.4
Distress distance
Clean
Earnings quality
5
Forensic signals
196.7
P / E (ttm)
-3.4%
ROE
$1.2B
Market cap
-5.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Marinemax Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 2.4, 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×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, operating cash flow was -1.51× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
2.0%
FY2025
Return on invested capital.Return on invested capital is 2.0% in the latest fiscal year and slipping from 28% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
208d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 193 to 208 FY2024→FY2025 (against cost of goods sold; inventory -4% vs -4% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
230% of FCF
FY2025
Shareholder 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, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $19M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 392%.
$69M
FY2025–FY2025
Goodwill impairments.Took $69M of goodwill writedowns across 1 year (FY2025 ($69M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.31B
Revenue Growth YoY-5.0%
Revenue CAGR (3yr)+0.0%
Net Margin-1.4%
Free Cash Flow$11.9M
Return on Equity-3.4%
Debt / Equity0.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Marinemax Inc's actual 10-K/10-Q/8-K filings?