MarineMax vs Sally Beauty
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KIRA’s take AI analyst
I put MarineMax and Sally Beauty side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
MarineMax
HZO
2/11
5-year growthShare count change
Sally Beauty
SBH
9/11
Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.