TacticScaleWhat MarineMax Does & How It Makes Money (HZO)
Updated October 2026 · reflects MarineMax's latest reported financials
U.S. recreational boat and yacht retailer and superyacht services company. It mainly earns money selling new and used boats and yachts.
How MarineMax makes money
It mainly earns money selling new and used boats and yachts. It also earns revenue from parts, accessories, maintenance, storage, brokerage and charters, and from arranging financing and insurance for buyers, plus sales of the yachts it manufactures.
What MarineMax does
MarineMax, Inc. is a U.S. retailer of recreational boats and yachts that also provides superyacht services. The company reports two segments, Retail Operations and Product Manufacturing. It sells a wide range of new and used vessels, including fishing and pleasure boats, pontoon, ski and jet boats, sport cruisers, motor yachts, e-power yachts and mega-yachts. It also sells marine parts, electronics, engines and boating accessories. Besides selling boats, MarineMax offers maintenance, repair, slip and storage, yacht brokerage and yacht charters. It arranges boat financing and insurance for customers, and it manufactures and sells sport yachts and yachts. It also runs MarineMax Vacations in Tortola, British Virgin Islands. The company was incorporated in 1998 and is based in Oldsmar, Florida.
Products & services
- New and used recreational boats and yachts
- Marine parts, electronics and boating accessories
- Maintenance, repair, slip and storage services
- Yacht brokerage and charter services
- Boat financing and insurance arrangement
- MarineMax Vacations in the British Virgin Islands
What is MarineMax worth?
On an owner-earnings DCF, MarineMax's most-likely value is about $55 versus a recent price near $52 (5% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$38) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 5.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
CarMax (KMX) · Brunswick (BC) · Marcus & Millichap (MMI) · MaxLinear (MXL) · MasterBrand (MBC)