Academy Sports + Outdoors vs MarineMax
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The short version
- Academy Sports + Outdoors is the larger business, with $6.1B of revenue in fiscal 2025 against $2.3B for MarineMax, about 2.6 times as much.
- Academy Sports + Outdoors grew revenue faster (2.0%, against −5.0%).
- Academy Sports + Outdoors kept more of each dollar of sales as operating profit (8.5% operating margin, against 1.5%).
- Academy Sports + Outdoors turned more of its sales into free cash flow (3.7% FCF margin, against 0.5%).
- Academy Sports + Outdoors earned a higher return on the capital invested in it (17.6%, against 1.4%).
| Latest fiscal year | ASO · FY25 | HZO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $1.2B |
| Revenue | $6.1B | $2.3B |
| Free cash flow | $222M | $11.9M |
| Net income | $377M | −$31.6M |
| Growth | ||
| Revenue growth | 2.0% | −5.0% |
| 5-year growth | 1.3% | 8.9% |
| Share count change | −6.9% | −4.2% |
| Profitability | ||
| Gross margin | 34.8% | 32.5% |
| Operating margin | 8.5% | 1.5% |
| Net margin | 6.2% | −1.4% |
| FCF margin | 3.7% | 0.5% |
| Return on capital | 17.6% | 1.4% |
| Return on equity | 18.1% | −3.3% |
| Balance sheet | ||
| Net debt | $154M | $939M |
| Net debt / EBITDA | 0.2x | 11.3x |
| Dividends and buybacks | $234M | $27.5M |
| Valuation & quality | ||
| P/E | 10.1x | — |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
ASO —
HZO $942M
FY17
ASO —
HZO $1.1B
FY18
ASO $4.8B
HZO $1.2B
FY19
ASO $4.8B
HZO $1.2B
FY20
ASO $5.7B
HZO $1.5B
FY21
ASO $6.8B
HZO $2.1B
FY22
ASO $6.4B
HZO $2.3B
FY23
ASO $6.2B
HZO $2.4B
FY24
ASO $5.9B
HZO $2.4B
FY25
ASO $6.1B
HZO $2.3B
ASO
HZO
Operating margin
FY16
ASO —
HZO 4.3%
FY17
ASO —
HZO 4.3%
FY18
ASO 2.7%
HZO 5.4%
FY19
ASO 3.7%
HZO 4.9%
FY20
ASO 7.4%
HZO 7.1%
FY21
ASO 13.4%
HZO 10.2%
FY22
ASO 13.2%
HZO 11.5%
FY23
ASO 11.0%
HZO 8.4%
FY24
ASO 9.1%
HZO 5.3%
FY25
ASO 8.5%
HZO 1.5%
ASO
HZO
Free cash flow
FY16
ASO —
HZO $10.0M
FY17
ASO —
HZO −$9.6M
FY18
ASO $90.6M
HZO $56.6M
FY19
ASO $201M
HZO −$29.5M
FY20
ASO $970M
HZO $292M
FY21
ASO $597M
HZO $348M
FY22
ASO $444M
HZO $18.1M
FY23
ASO $328M
HZO −$288M
FY24
ASO $328M
HZO −$86.1M
FY25
ASO $222M
HZO $11.9M
ASO
HZO
Return on capital
FY16
ASO —
HZO 6.3%
FY17
ASO —
HZO 5.9%
FY18
ASO —
HZO 9.0%
FY19
ASO —
HZO 7.7%
FY20
ASO —
HZO 14.9%
FY21
ASO 44.5%
HZO 35.0%
FY22
ASO 36.6%
HZO 33.9%
FY23
ASO 26.7%
HZO 12.4%
FY24
ASO 19.5%
HZO 5.2%
FY25
ASO 17.6%
HZO 1.4%
ASO
HZO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.