OneWater Marine Inc.
ONEW Nasdaq Retail-Auto & Home Supply Stores Financials FY2018–FY2025
Last close · Oct 23, 2026
$9.37
1.6%
Revenue
Total sales reported in the income statement.
$1.9B
5.6%
vs prior year
Operating margin
Operating income as a share of revenue.
−4.6%
8.2 pts
Net income
Profit after all expenses, interest and tax.
−$115M
Free cash flow
Cash from operations minus capital spending.
$79.7M
793.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−10.7%
17.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What OneWater Marine Inc. does
No business description yet.
- Legal name
- OneWater Marine Inc.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Dec 15, 2025
- Accession · CIK
- 0001772921-25-000085
0001772921
Revenue and margins
OneWater Marine Inc. had $1.9B of revenue in fiscal 2025, up 5.6% on the year before.
FY18
Revenue —
FY19
Revenue —
FY20
Revenue $1.0B
FY21
Revenue $1.2B
FY22
Revenue $1.7B
FY23
Revenue $1.9B
FY24
Revenue $1.8B
FY25
Revenue $1.9B
Q4 '23
Revenue $451M
Q1 '24
Revenue $364M
Q2 '24
Revenue $488M
Q3 '24
Revenue $542M
Q4 '24
Revenue $378M
Q1 '25
Revenue $376M
Q2 '25
Revenue $484M
Q3 '25
Revenue $553M
Q4 '25
Revenue $460M
Q1 '26
Revenue $381M
Q2 '26
Revenue $442M
Q3 '26
Revenue $531M
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross —
Operating —
Net —
FCF —
FY20
Gross 23.0%
Operating 7.7%
Net 1.7%
FCF 20.2%
FY21
Gross 29.1%
Operating 12.1%
Net 6.4%
FCF 12.2%
FY22
Gross 31.7%
Operating 12.5%
Net 7.5%
FCF −0.2%
FY23
Gross 27.6%
Operating 0.9%
Net −2.0%
FCF −7.8%
FY24
Gross 24.5%
Operating 3.7%
Net −0.3%
FCF 0.5%
FY25
Gross 22.8%
Operating −4.6%
Net −6.1%
FCF 4.3%
Gross
Operating
Net
FCF
Q4 '23
Gross 26.4%
Operating −26.0%
Net −21.9%
FCF 0.0%
Q1 '24
Gross 25.1%
Operating 1.8%
Net −2.0%
FCF −31.6%
Q2 '24
Gross 24.6%
Operating 2.8%
Net −0.8%
FCF 2.8%
Q3 '24
Gross 24.4%
Operating 7.4%
Net 2.7%
FCF 16.0%
Q4 '24
Gross 24.0%
Operating 1.2%
Net −2.4%
FCF 6.1%
Q1 '25
Gross 22.4%
Operating −0.5%
Net −3.2%
FCF −10.7%
Q2 '25
Gross 22.8%
Operating 3.4%
Net −0.1%
FCF 4.9%
Q3 '25
Gross 23.3%
Operating 5.5%
Net 1.9%
FCF 16.1%
Q4 '25
Gross 22.6%
Operating −28.3%
Net −24.5%
FCF 1.6%
Q1 '26
Gross 23.5%
Operating −1.4%
Net −2.0%
FCF −20.6%
Q2 '26
Gross 23.9%
Operating 1.7%
Net −2.9%
FCF 11.3%
Q3 '26
Gross 24.0%
Operating 6.7%
Net 2.2%
FCF 14.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $1.9M
FY19
Net income $37.3M
FY20
Net income $17.4M
FY21
Net income $79.1M
FY22
Net income $131M
FY23
Net income −$38.6M
FY24
Net income −$5.7M
FY25
Net income −$115M
Q4 '23
Net income −$98.9M
Q1 '24
Net income −$7.2M
Q2 '24
Net income −$4.0M
Q3 '24
Net income $14.7M
Q4 '24
Net income −$9.2M
Q1 '25
Net income −$12.0M
Q2 '25
Net income −$0.4M
Q3 '25
Net income $10.7M
Q4 '25
Net income −$113M
Q1 '26
Net income −$7.7M
Q2 '26
Net income −$12.9M
Q3 '26
Net income $11.7M
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS $2.77
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 9.2%
Return on assets —
FY19
Return on capital —
Return on equity 141.1%
Return on assets 7.4%
FY20
Return on capital 48.1%
Return on equity 22.5%
Return on assets 3.6%
FY21
Return on capital 45.7%
Return on equity 45.3%
Return on assets 13.4%
FY22
Return on capital 22.1%
Return on equity 42.8%
Return on assets 11.8%
FY23
Return on capital 2.0%
Return on equity −10.4%
Return on assets −2.4%
FY24
Return on capital 6.8%
Return on equity −1.6%
Return on assets −0.3%
FY25
Return on capital −10.7%
Return on equity −35.5%
Return on assets −7.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $79.7M in fiscal 2025, 4.3% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow −$14.4M
FY19
Free cash flow −$13.0M
FY20
Free cash flow $206M
FY21
Free cash flow $150M
FY22
Free cash flow −$4.0M
FY23
Free cash flow −$151M
FY24
Free cash flow $8.9M
FY25
Free cash flow $79.7M
Q4 '23
Free cash flow $0.2M
Q1 '24
Free cash flow −$115M
Q2 '24
Free cash flow $13.8M
Q3 '24
Free cash flow $86.9M
Q4 '24
Free cash flow $23.2M
Q1 '25
Free cash flow −$40.0M
Q2 '25
Free cash flow $23.7M
Q3 '25
Free cash flow $88.9M
Q4 '25
Free cash flow $7.2M
Q1 '26
Free cash flow −$78.2M
Q2 '26
Free cash flow $50.2M
Q3 '26
Free cash flow $77.6M
FY18
Cash from operations −$4.3M
Capital spending $10.1M
FY19
Cash from operations −$5.7M
Capital spending $7.3M
FY20
Cash from operations $212M
Capital spending $6.3M
FY21
Cash from operations $159M
Capital spending $9.9M
FY22
Cash from operations $7.4M
Capital spending $11.4M
FY23
Cash from operations −$130M
Capital spending $21.3M
FY24
Cash from operations $34.8M
Capital spending $25.9M
FY25
Cash from operations $91.8M
Capital spending $12.0M
Cash from operations
Capital spending
Q4 '23
Cash from operations $4.4M
Capital spending $4.3M
Q1 '24
Cash from operations −$110M
Capital spending $4.9M
Q2 '24
Cash from operations $23.7M
Capital spending $9.9M
Q3 '24
Cash from operations $93.8M
Capital spending $6.9M
Q4 '24
Cash from operations $27.3M
Capital spending $4.2M
Q1 '25
Cash from operations −$37.4M
Capital spending $2.6M
Q2 '25
Cash from operations $28.5M
Capital spending $4.8M
Q3 '25
Cash from operations $90.8M
Capital spending $1.9M
Q4 '25
Cash from operations $9.9M
Capital spending $2.7M
Q1 '26
Cash from operations −$76.3M
Capital spending $1.9M
Q2 '26
Cash from operations $52.4M
Capital spending $2.3M
Q3 '26
Cash from operations $80.4M
Capital spending $2.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
OneWater Marine Inc. returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.0%.
FY18
Dividends —
Buybacks —
FY19
Dividends $0.0M
Buybacks —
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $1.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.4M
FY23
Dividends $0.0M
Buybacks $1.6M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $0.0M
Dividends
Buybacks
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Q3 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares 0.01B
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably OneWater Marine Inc. can carry it.
FY18
Cash $15.8M
Debt —
FY19
Cash $11.5M
Debt $75.9M
FY20
Cash $68.2M
Debt $89.4M
FY21
Cash $73.9M
Debt $114M
FY22
Cash $60.9M
Debt $443M
FY23
Cash $93.3M
Debt $458M
FY24
Cash $27.3M
Debt $423M
FY25
Cash $64.8M
Debt $412M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $73.9M | $60.9M | $93.3M | $27.3M | $64.8M |
| Debt incl. finance leases | $114M | $443M | $458M | $423M | $412M |
| Net debt / EBITDA | 0.3x | 1.6x | 8.1x | 4.5x | — |
| Debt / equity | 0.5x | 1.1x | 1.3x | 1.2x | 1.4x |
| Interest coverage | 34.3x | 16.5x | 0.5x | 1.7x | −2.4x |
| Current ratio | 1.2x | 1.3x | 1.3x | 1.3x | 1.1x |
| Quick ratio | 0.6x | 0.4x | 0.4x | 0.3x | 0.3x |
| Total assets | $721M | $1.5B | $1.7B | $1.6B | $1.4B |
| Total liabilities | $466M | $1.1B | $1.3B | $1.2B | $1.1B |
| Shareholders' equity | $226M | $385M | $359M | $361M | $285M |
| Net debt (− = net cash) | $40.5M | $382M | $364M | $395M | $347M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | — | — | — | — | — | — | — |
| Gross margin rose | — | — | — | ✓ | ✓ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | — | ✕ | ✕ | ✕ | ✕ | ✓ |
| F-score | — / 3 | — / 3 | — / 6 | 6 / 8 | 4 / 8 | 2 / 8 | 4 / 8 | 3 / 8 |
| Accruals ratio | — | 8.5% | −40.5% | −13.6% | 11.1% | 5.7% | −2.5% | −13.8% |
| Altman Z'' | — | — | 2.67 | 2.72 | 2.31 | 1.51 | 1.62 | 0.37 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | — | — | $1.0B | $1.2B | $1.7B | $1.9B | $1.8B | $1.9B |
| Gross profit | — | — | $236M | $357M | $554M | $535M | $435M | $427M |
| Operating income | — | — | $78.3M | $149M | $218M | $18.1M | $64.8M | −$85.5M |
| Interest expense | — | — | $8.8M | $4.3M | $13.2M | $34.6M | $37.1M | $36.2M |
| Pretax income | — | — | $54.8M | $142M | $196M | −$42.5M | −$6.3M | −$152M |
| Income tax | — | — | $6.3M | $25.8M | $43.2M | −$3.4M | −$0.2M | −$35.3M |
| Net income | $1.9M | $37.3M | $17.4M | $79.1M | $131M | −$38.6M | −$5.7M | −$115M |
| Diluted EPS | — | — | $2.77 | — | — | — | — | — |
| Diluted shares | — | — | 0.01B | — | — | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −$4.3M | −$5.7M | $212M | $159M | $7.4M | −$130M | $34.8M | $91.8M |
| Capital expenditure | $10.1M | $7.3M | $6.3M | $9.9M | $11.4M | $21.3M | $25.9M | $12.0M |
| Free cash flow | −$14.4M | −$13.0M | $206M | $150M | −$4.0M | −$151M | $8.9M | $79.7M |
| Depreciation and amortization | $1.7M | $2.7M | $3.2M | $5.4M | $16.3M | $26.8M | $22.2M | $24.4M |
| Stock-based compensation | $0.2M | $0.2M | $2.2M | $5.7M | $10.0M | $9.0M | $8.4M | $10.5M |
| Acquisitions | $13.8M | $19.4M | $0.0M | $107M | $460M | $28.9M | $5.7M | −$0.7M |
| Share buybacks | — | — | $0.0M | $0.0M | $0.4M | $1.6M | $0.0M | $0.0M |
| Dividends paid | — | $0.0M | $0.0M | $1.0M | $0.0M | $0.0M | — | — |
| Dividends and buybacks | — | $0.0M | $0.0M | $1.0M | $0.4M | $1.6M | $0.0M | $0.0M |
| Balance sheet | ||||||||
| Cash and short-term investments | $15.8M | $11.5M | $68.2M | $73.9M | $60.9M | $93.3M | $27.3M | $64.8M |
| Total debt | — | $75.9M | $89.4M | $114M | $443M | $458M | $423M | $412M |
| Current assets | — | $314M | $252M | $281M | $567M | $882M | $777M | $719M |
| Current liabilities | — | $263M | $186M | $228M | $452M | $669M | $608M | $631M |
| Inventory | — | $277M | $150M | $144M | $373M | $610M | $591M | $540M |
| Property and equipment, net | — | $16.0M | $18.4M | $67.1M | $110M | $81.5M | $93.2M | $91.6M |
| Goodwill | $96.2M | $113M | $113M | $168M | $379M | $337M | $337M | $259M |
| Intangible assets | — | $61.3M | $61.3M | $85.3M | $306M | $212M | $205M | $130M |
| Total assets | — | $505M | $458M | $721M | $1.5B | $1.7B | $1.6B | $1.4B |
| Total liabilities | — | $381M | $285M | $466M | $1.1B | $1.3B | $1.2B | $1.1B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $21.1M | $31.8M | $123M | $226M | $385M | $359M | $361M | $285M |
| Margins | ||||||||
| Gross margin | — | — | 23.0% | 29.1% | 31.7% | 27.6% | 24.5% | 22.8% |
| Operating margin | — | — | 7.7% | 12.1% | 12.5% | 0.9% | 3.7% | −4.6% |
| EBITDA margin | — | — | 8.0% | 12.6% | 13.4% | 2.3% | 4.9% | −3.3% |
| Net margin | — | — | 1.7% | 6.4% | 7.5% | −2.0% | −0.3% | −6.1% |
| FCF margin | — | — | 20.2% | 12.2% | −0.2% | −7.8% | 0.5% | 4.3% |
| Returns | ||||||||
| Return on capital | — | — | 48.1% | 45.7% | 22.1% | 2.0% | 6.8% | −10.7% |
| Return on capital employed | — | — | 28.7% | 30.2% | 20.8% | 1.8% | 6.6% | −11.1% |
| Return on equity | 9.2% | 141.1% | 22.5% | 45.3% | 42.8% | −10.4% | −1.6% | −35.5% |
| Return on assets | — | 7.4% | 3.6% | 13.4% | 11.8% | −2.4% | −0.3% | −7.7% |
| Growth | ||||||||
| Revenue growth | — | — | — | 20.1% | 42.1% | 11.0% | −8.5% | 5.6% |
| Net income growth | — | 1,814.9% | −53.2% | 353.7% | 65.6% | −129.5% | — | — |
| FCF growth | — | — | — | −27.5% | −102.6% | — | — | 793.8% |
| Financial health | ||||||||
| Net debt / EBITDA | — | — | 0.3x | 0.3x | 1.6x | 8.1x | 4.5x | — |
| Debt / equity | — | 2.4x | 0.7x | 0.5x | 1.1x | 1.3x | 1.2x | 1.4x |
| Interest coverage | — | — | 8.9x | 34.3x | 16.5x | 0.5x | 1.7x | −2.4x |
| Current ratio | — | 1.2x | 1.4x | 1.2x | 1.3x | 1.3x | 1.3x | 1.1x |
| Quick ratio | — | 0.1x | 0.5x | 0.6x | 0.4x | 0.4x | 0.3x | 0.3x |
| Capital allocation | ||||||||
| Capex / revenue | — | — | 0.6% | 0.8% | 0.7% | 1.1% | 1.5% | 0.6% |
| Stock comp / revenue | — | — | 0.2% | 0.5% | 0.6% | 0.5% | 0.5% | 0.6% |
| Payouts / FCF | — | — | 0.0% | 0.7% | — | — | 0.0% | 0.0% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 6.0 | 4.0 | 2.0 | 4.0 | 3.0 |
| Altman Z'' | — | — | 2.7 | 2.7 | 2.3 | 1.5 | 1.6 | 0.4 |
| Accruals ratio | — | 8.5% | −40.5% | −13.6% | 11.1% | 5.7% | −2.5% | −13.8% |
Source: SEC EDGAR XBRL filings (CIK 0001772921). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.