MarineMax vs Sally Beauty
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The short version
- Sally Beauty is the larger business, with $3.7B of revenue in fiscal 2025 against $2.3B for MarineMax, about 1.6 times as much.
- Sally Beauty grew revenue faster (−0.4%, against −5.0%).
- Sally Beauty kept more of each dollar of sales as operating profit (8.9% operating margin, against 1.5%).
- Sally Beauty turned more of its sales into free cash flow (4.7% FCF margin, against 0.5%).
- Sally Beauty earned a higher return on the capital invested in it (16.1%, against 1.4%).
| Latest fiscal year | HZO · FY25 | SBH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.2B | $1.7B |
| Revenue | $2.3B | $3.7B |
| Free cash flow | $11.9M | $173M |
| Net income | −$31.6M | $196M |
| Growth | ||
| Revenue growth | −5.0% | −0.4% |
| 5-year growth | 8.9% | 1.0% |
| Share count change | −4.2% | −2.9% |
| Profitability | ||
| Gross margin | 32.5% | 51.6% |
| Operating margin | 1.5% | 8.9% |
| Net margin | −1.4% | 5.3% |
| FCF margin | 0.5% | 4.7% |
| Return on capital | 1.4% | 16.1% |
| Return on equity | −3.3% | 27.5% |
| Balance sheet | ||
| Net debt | $939M | $726M |
| Net debt / EBITDA | 11.3x | 1.7x |
| Dividends and buybacks | $27.5M | $54.0M |
| Valuation & quality | ||
| P/E | — | 9.1x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
HZO $942M
SBH $4.0B
FY17
HZO $1.1B
SBH $3.9B
FY18
HZO $1.2B
SBH $3.9B
FY19
HZO $1.2B
SBH $3.9B
FY20
HZO $1.5B
SBH $3.5B
FY21
HZO $2.1B
SBH $3.9B
FY22
HZO $2.3B
SBH $3.8B
FY23
HZO $2.4B
SBH $3.7B
FY24
HZO $2.4B
SBH $3.7B
FY25
HZO $2.3B
SBH $3.7B
HZO
SBH
Operating margin
FY16
HZO 4.3%
SBH 12.6%
FY17
HZO 4.3%
SBH 12.2%
FY18
HZO 5.4%
SBH 10.9%
FY19
HZO 4.9%
SBH 11.8%
FY20
HZO 7.1%
SBH 7.4%
FY21
HZO 10.2%
SBH 10.8%
FY22
HZO 11.5%
SBH 8.9%
FY23
HZO 8.4%
SBH 8.7%
FY24
HZO 5.3%
SBH 7.6%
FY25
HZO 1.5%
SBH 8.9%
HZO
SBH
Free cash flow
FY16
HZO $10.0M
SBH $203M
FY17
HZO −$9.6M
SBH $254M
FY18
HZO $56.6M
SBH $286M
FY19
HZO −$29.5M
SBH $213M
FY20
HZO $292M
SBH $316M
FY21
HZO $348M
SBH $308M
FY22
HZO $18.1M
SBH $57.3M
FY23
HZO −$288M
SBH $159M
FY24
HZO −$86.1M
SBH $145M
FY25
HZO $11.9M
SBH $173M
HZO
SBH
Return on capital
FY16
HZO 6.3%
SBH 22.4%
FY17
HZO 5.9%
SBH 20.5%
FY18
HZO 9.0%
SBH 23.0%
FY19
HZO 7.7%
SBH 23.5%
FY20
HZO 14.9%
SBH 13.1%
FY21
HZO 35.0%
SBH 23.9%
FY22
HZO 33.9%
SBH 19.7%
FY23
HZO 12.4%
SBH 17.2%
FY24
HZO 5.2%
SBH 14.1%
FY25
HZO 1.4%
SBH 16.1%
HZO
SBH
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.