Onewater Marine Inc. Financials

ONEW

Source SEC Filings (10-K/10-Q) Updated Feb 9, 2026 Currency USD FYE September

This page shows Onewater Marine Inc. (ONEW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 31/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Onewater Marine Inc. has an operating margin of -4.6%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 12/100, suggesting thin profitability after operating expenses. This is down from 3.7% the prior year.

Growth

Onewater Marine Inc.'s revenue grew 5.6% year-over-year to $1.9B, a solid pace of expansion. This earns a growth score of 43/100.

Leverage

Onewater Marine Inc. carries a low D/E ratio of 1.17, meaning only $1.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Onewater Marine Inc.'s current ratio of 1.14 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 18/100, which could limit financial flexibility.

Cash Flow

Onewater Marine Inc. has a free cash flow margin of 4.3%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Onewater Marine Inc. generates a -40.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -1.6% the prior year.

Piotroski F-Score Neutral

4/9

Onewater Marine Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.80x

For every $1 of reported earnings, Onewater Marine Inc. generates $-0.80 in operating cash flow ($91.8M OCF vs -$114.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-2.4x

Onewater Marine Inc. earns $-2.4 in operating income for every $1 of interest expense (-$85.5M vs $36.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$1.9B

YoY+5.6%

5Y CAGR+12.9%

Onewater Marine Inc. generated $1.9B in revenue in fiscal year 2025. This represents an increase of 5.6% from the prior year.

EBITDA

-$61.0M

YoY-170.1%

Onewater Marine Inc.'s EBITDA was -$61.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 170.1% from the prior year.

Net Income

-$114.6M

YoY-1908.4%

Onewater Marine Inc. reported -$114.6M in net income in fiscal year 2025. This represents a decrease of 1908.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$79.7M

YoY+793.8%

5Y CAGR-17.3%

Onewater Marine Inc. generated $79.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 793.8% from the prior year.

Cash & Debt

$64.8M

YoY+137.1%

5Y CAGR-1.0%

Onewater Marine Inc. held $64.8M in cash against $334.2M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

22.8%

YoY-1.7pp

5Y CAGR-0.2pp

Onewater Marine Inc.'s gross margin was 22.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the prior year.

Operating Margin

-4.6%

YoY-8.2pp

5Y CAGR-12.2pp

Onewater Marine Inc.'s operating margin was -4.6% in fiscal year 2025, reflecting core business profitability. This is down 8.2 percentage points from the prior year.

Net Margin

-6.1%

YoY-5.8pp

5Y CAGR-7.8pp

Onewater Marine Inc.'s net profit margin was -6.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.8 percentage points from the prior year.

Return on Equity

-40.2%

YoY-38.6pp

5Y CAGR-54.4pp

Onewater Marine Inc.'s ROE was -40.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 38.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

Onewater Marine Inc. spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$12.0M

YoY-53.6%

5Y CAGR+13.8%

Onewater Marine Inc. invested $12.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 53.6% from the prior year.

ONEW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.9B+5.6%	$1.8B-8.5%	$1.9B+11.0%	$1.7B+42.1%	$1.2B+20.1%	$1.0B
Cost of Revenue	$1.4B+8.1%	$1.3B-4.5%	$1.4B+17.6%	$1.2B+36.8%	$870.8M+10.6%	$787.4M
Gross Profit	$427.0M-1.8%	$435.1M-18.7%	$535.1M-3.3%	$553.7M+54.9%	$357.5M+51.8%	$235.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$343.3M+3.2%	$332.7M-3.7%	$345.5M+14.4%	$302.1M+51.8%	$199.0M+38.6%	$143.6M
Operating Income	-$85.5M-231.8%	$64.8M+258.8%	$18.1M-91.7%	$217.8M+46.3%	$148.9M+90.2%	$78.3M
Interest Expense	$36.2M-2.3%	$37.0M+7.2%	$34.6M+161.8%	$13.2M+203.9%	$4.3M-50.8%	$8.8M
Income Tax	-$35.3M-22384.7%	-$157K+95.4%	-$3.4M-107.9%	$43.2M+67.5%	$25.8M+307.7%	$6.3M
Net Income	-$114.6M-1908.4%	-$5.7M+85.2%	-$38.6M-129.5%	$130.9M+65.6%	$79.1M+353.7%	$17.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$2.77

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$233K-99.9%	$380.6M-17.3%	$460.1M-16.8%	$552.9M+14.3%	$483.5M+28.7%	$375.8M-0.5%	$377.9M-30.3%	$542.4M
Cost of Revenue	$195K-99.9%	$291.2M-18.3%	$356.2M-16.0%	$424.2M+13.7%	$373.1M+27.9%	$291.8M+1.6%	$287.2M-29.9%	$409.8M
Gross Profit	$38K-100.0%	$89.4M-14.0%	$103.9M-19.3%	$128.7M+16.5%	$110.4M+31.4%	$84.1M-7.3%	$90.7M-31.6%	$132.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$81K-99.9%	$81.3M-3.5%	$84.3M-8.5%	$92.1M+5.0%	$87.8M+11.0%	$79.1M-0.6%	$79.5M-8.7%	$87.1M
Operating Income	$5K+100.1%	-$5.2M+96.0%	-$130.1M-528.3%	$30.4M+86.7%	$16.3M+924.7%	-$2.0M-143.9%	$4.5M-88.8%	$40.0M
Interest Expense	$9K-99.9%	$8.6M-4.6%	$9.1M+0.1%	$9.0M-0.6%	$9.1M+1.2%	$9.0M-7.3%	$9.7M+7.7%	$9.0M
Income Tax	$13K+100.1%	-$13.4M+59.9%	-$33.4M-1052.3%	$3.5M+2469.6%	-$148K+97.2%	-$5.3M-121.2%	-$2.4M-137.5%	$6.3M
Net Income	$8K+100.1%	-$7.7M+93.2%	-$113.0M-1154.2%	$10.7M+3011.7%	-$368K+96.9%	-$12.0M-29.4%	-$9.2M-163.0%	$14.7M
EPS (Diluted)	$0.47	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ONEW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.4B-11.7%	$1.6B-5.9%	$1.7B+12.8%	$1.5B+107.8%	$720.6M+57.3%	$458.1M
Current Assets	$719.2M-7.5%	$777.4M-11.9%	$881.9M+55.6%	$566.9M+101.8%	$280.9M+11.5%	$252.1M
Cash & Equivalents	$64.8M+137.1%	$27.3M-70.7%	$93.3M+53.1%	$60.9M-17.6%	$73.9M+8.5%	$68.2M
Inventory	$539.8M-8.6%	$590.8M-3.1%	$609.6M+63.5%	$373.0M+159.2%	$143.9M-4.2%	$150.1M
Accounts Receivable	$60.9M-16.9%	$73.3M-35.3%	$113.2M+95.3%	$58.0M+103.2%	$28.5M+54.4%	$18.5M
Goodwill	$259.0M-23.1%	$336.6M0.0%	$336.6M-11.1%	$378.6M+124.7%	$168.5M+49.0%	$113.1M
Total Liabilities	$1.1B-6.7%	$1.2B-5.9%	$1.3B+21.1%	$1.1B+126.0%	$465.8M+63.6%	$284.8M
Current Liabilities	$631.3M+3.9%	$607.7M-9.2%	$669.0M+48.0%	$452.1M+98.6%	$227.6M+22.6%	$185.7M
Long-Term Debt	$334.2M-19.5%	$414.9M-3.2%	$428.4M+1.7%	$421.2M+308.6%	$103.1M+25.7%	$82.0M
Total Equity	$285.0M-21.0%	$360.8M+0.6%	$358.6M-6.9%	$385.3M+70.6%	$225.9M+83.9%	$122.9M
Retained Earnings	$45.0M-71.8%	$159.6M-3.5%	$165.4M-19.3%	$204.9M+173.3%	$75.0M+347.3%	$16.8M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$1.4M-99.9%	$1.4B+2.7%	$1.4B-8.9%	$1.5B-6.3%	$1.6B+2.0%	$1.6B+1.4%	$1.6B-2.8%	$1.6B
Current Assets	$782K-99.9%	$782.3M+8.8%	$719.2M-2.8%	$740.0M-11.2%	$833.7M+4.5%	$797.5M+2.6%	$777.4M-5.4%	$822.0M
Cash & Equivalents	$32K-99.9%	$42.4M-34.5%	$64.8M-20.9%	$81.9M+8.4%	$75.6M+106.7%	$36.6M+33.7%	$27.3M-47.4%	$51.9M
Inventory	$602K-99.9%	$601.5M+11.4%	$539.8M+4.4%	$517.1M-14.2%	$602.4M-5.4%	$636.7M+7.8%	$590.8M-1.3%	$598.6M
Accounts Receivable	$40K-99.9%	$39.6M-35.0%	$60.9M-23.4%	$79.5M-13.3%	$91.6M+61.0%	$56.9M-22.3%	$73.3M-29.4%	$103.9M
Goodwill	$259K-99.9%	$259.0M0.0%	$259.0M-23.1%	$336.6M0.0%	$336.6M0.0%	$336.6M0.0%	$336.6M0.0%	$336.6M
Total Liabilities	$1.2M-99.9%	$1.2B+4.1%	$1.1B-2.5%	$1.1B-9.1%	$1.3B+2.8%	$1.2B+2.4%	$1.2B-2.9%	$1.2B
Current Liabilities	$690K-99.9%	$690.0M+9.3%	$631.3M+4.6%	$603.3M-13.4%	$696.8M+8.0%	$644.9M+6.1%	$607.7M-4.9%	$638.9M
Long-Term Debt	$326K-99.9%	$325.8M-2.5%	$334.2M-12.4%	$381.5M-4.7%	$400.5M-2.9%	$412.6M-0.6%	$414.9M-0.6%	$417.6M
Total Equity	$277K-99.9%	$277.5M-2.6%	$285.0M-27.5%	$393.2M+3.0%	$381.6M+7.6%	$354.8M-1.7%	$360.8M-2.1%	$368.6M
Retained Earnings	$37K-99.9%	$37.2M-17.2%	$45.0M-71.5%	$158.0M+7.3%	$147.3M-0.2%	$147.7M-7.5%	$159.6M-5.5%	$169.0M

ONEW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$91.8M+163.4%	$34.8M+126.8%	-$129.8M-1842.4%	$7.4M-95.3%	$159.4M-25.0%	$212.5M
Capital Expenditures	$12.0M-53.6%	$25.9M+22.0%	$21.3M+86.4%	$11.4M+15.2%	$9.9M+56.9%	$6.3M
Free Cash Flow	$79.7M+793.8%	$8.9M+105.9%	-$151.0M-3717.3%	-$4.0M-102.6%	$149.5M-27.5%	$206.2M
Investing Cash Flow	-$11.6M-187.1%	$13.3M+125.8%	-$51.6M+89.2%	-$476.8M-307.1%	-$117.1M-2407.1%	-$4.7M
Financing Cash Flow	-$42.6M+62.7%	-$114.1M-153.4%	$213.7M-53.2%	$456.4M+1350.5%	-$36.5M+75.9%	-$151.1M
Dividends Paid	N/A	N/A	$0	$0-100.0%	$1.0M	$0
Share Buybacks	$0	$0-100.0%	$1.6M+346.0%	$354K	$0	$0

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$76K+100.1%	-$76.3M-868.0%	$9.9M-89.1%	$90.8M+219.0%	$28.5M+176.0%	-$37.4M-237.0%	$27.3M-70.9%	$93.8M
Capital Expenditures	$2K-99.9%	$1.9M-28.7%	$2.7M+40.5%	$1.9M-59.3%	$4.8M+82.8%	$2.6M-37.6%	$4.2M-39.8%	$6.9M
Free Cash Flow	$74K+100.1%	-$78.2M-1184.8%	$7.2M-91.9%	$88.9M+274.9%	$23.7M+159.2%	-$40.0M-272.9%	$23.2M-73.4%	$86.9M
Investing Cash Flow	$2K+100.1%	-$2.1M+27.6%	-$2.9M-35.0%	-$2.1M+44.8%	-$3.8M-38.5%	-$2.8M+34.8%	-$4.3M+65.1%	-$12.2M
Financing Cash Flow	$56K-99.9%	$56.0M+331.8%	-$24.2M+70.6%	-$82.3M-671.4%	$14.4M-70.9%	$49.4M+203.7%	-$47.6M+45.8%	-$87.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0

ONEW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	22.8%-1.7pp	24.5%-3.1pp	27.6%-4.1pp	31.7%+2.6pp	29.1%+6.1pp	23.0%
Operating Margin	-4.6%-8.2pp	3.7%+2.7pp	0.9%-11.5pp	12.5%+0.4pp	12.1%+4.5pp	7.6%
Net Margin	-6.1%-5.8pp	-0.3%+1.7pp	-2.0%-9.5pp	7.5%+1.1pp	6.4%+4.7pp	1.7%
Return on Equity	-40.2%-38.6pp	-1.6%+9.2pp	-10.8%-44.7pp	34.0%-1.0pp	35.0%+20.8pp	14.2%
Return on Assets	-8.2%-7.8pp	-0.4%+1.9pp	-2.3%-11.0pp	8.7%-2.2pp	11.0%+7.2pp	3.8%
Current Ratio	1.14-0.1	1.28-0.0	1.32+0.1	1.25+0.0	1.23-0.1	1.36
Debt-to-Equity	1.17+0.0	1.15-0.0	1.19+0.1	1.09+0.6	0.46-0.2	0.67
FCF Margin	4.3%+3.8pp	0.5%+8.3pp	-7.8%-7.6pp	-0.2%-12.4pp	12.2%-8.0pp	20.2%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	16.4%-7.1pp	23.5%+0.9pp	22.6%-0.7pp	23.3%+0.4pp	22.8%+0.5pp	22.4%-1.6pp	24.0%-0.5pp	24.4%
Operating Margin	2.2%+3.6pp	-1.4%+26.9pp	-28.3%-33.8pp	5.5%+2.1pp	3.4%+3.9pp	-0.5%-1.7pp	1.2%-6.2pp	7.4%
Net Margin	3.3%+5.3pp	-2.0%+22.5pp	-24.6%-26.5pp	1.9%+2.0pp	-0.1%+3.1pp	-3.2%-0.7pp	-2.5%-5.2pp	2.7%
Return on Equity	2.8%+5.6pp	-2.8%+36.9pp	-39.6%-42.4pp	2.7%+2.8pp	-0.1%+3.3pp	-3.4%-0.8pp	-2.6%-6.5pp	4.0%
Return on Assets	0.5%+1.1pp	-0.5%+7.5pp	-8.1%-8.8pp	0.7%+0.7pp	-0.0%+0.7pp	-0.7%-0.2pp	-0.6%-1.5pp	0.9%
Current Ratio	1.130.0	1.130.0	1.14-0.1	1.23+0.0	1.20-0.0	1.24-0.0	1.280.0	1.29
Debt-to-Equity	1.170.0	1.170.0	1.17+0.2	0.97-0.1	1.05-0.1	1.16+0.0	1.15+0.0	1.13
FCF Margin	31.9%+52.4pp	-20.6%-22.1pp	1.6%-14.5pp	16.1%+11.2pp	4.9%+15.6pp	-10.7%-16.8pp	6.1%-9.9pp	16.0%

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Frequently Asked Questions

What is Onewater Marine Inc.'s annual revenue?

Onewater Marine Inc. (ONEW) reported $1.9B in total revenue for fiscal year 2025. This represents a 5.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Onewater Marine Inc.'s revenue growing?

Onewater Marine Inc. (ONEW) revenue grew by 5.6% year-over-year, from $1.8B to $1.9B in fiscal year 2025.

Is Onewater Marine Inc. profitable?

No, Onewater Marine Inc. (ONEW) reported a net income of -$114.6M in fiscal year 2025, with a net profit margin of -6.1%.

What is Onewater Marine Inc.'s EBITDA?

Onewater Marine Inc. (ONEW) had EBITDA of -$61.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Onewater Marine Inc. have?

As of fiscal year 2025, Onewater Marine Inc. (ONEW) had $64.8M in cash and equivalents against $334.2M in long-term debt.

What is Onewater Marine Inc.'s gross margin?

Onewater Marine Inc. (ONEW) had a gross margin of 22.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Onewater Marine Inc.'s operating margin?

Onewater Marine Inc. (ONEW) had an operating margin of -4.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Onewater Marine Inc.'s net profit margin?

Onewater Marine Inc. (ONEW) had a net profit margin of -6.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Onewater Marine Inc.'s return on equity (ROE)?

Onewater Marine Inc. (ONEW) has a return on equity of -40.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Onewater Marine Inc.'s free cash flow?

Onewater Marine Inc. (ONEW) generated $79.7M in free cash flow during fiscal year 2025. This represents a 793.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Onewater Marine Inc.'s operating cash flow?

Onewater Marine Inc. (ONEW) generated $91.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Onewater Marine Inc.'s total assets?

Onewater Marine Inc. (ONEW) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Onewater Marine Inc.'s capital expenditures?

Onewater Marine Inc. (ONEW) invested $12.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Onewater Marine Inc.'s current ratio?

Onewater Marine Inc. (ONEW) had a current ratio of 1.14 as of fiscal year 2025, which is considered adequate.

What is Onewater Marine Inc.'s debt-to-equity ratio?

Onewater Marine Inc. (ONEW) had a debt-to-equity ratio of 1.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Onewater Marine Inc.'s return on assets (ROA)?

Onewater Marine Inc. (ONEW) had a return on assets of -8.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Onewater Marine Inc.'s Piotroski F-Score?

Onewater Marine Inc. (ONEW) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Onewater Marine Inc.'s earnings high quality?

Onewater Marine Inc. (ONEW) has an earnings quality ratio of -0.80x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Onewater Marine Inc. cover its interest payments?

Onewater Marine Inc. (ONEW) has an interest coverage ratio of -2.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Onewater Marine Inc.?

Onewater Marine Inc. (ONEW) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.