MasterCraft Boat Holdings, Inc.
MCFT · Ship & Boat Building & Repairing · 16.3M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $19M (gross $23M, SBC $3M)
Reference price $23.50 · est. market cap ~$383M — last insider sale, 2026-02-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C66Premium boat maker with a debt-free balance sheet but thin margins and weak returns in a cyclical downturn.
Strengths
- No debt, strong interest coverage (9.6x, 81.6th pct) and solid ROA (69.5th pct)
- Improved net income growth (80.4th pct) and good liquidity
Risks
- Low gross margin (20%, 18.8th pct) and mid-pack ROE (3.8%, 48th pct) — no standout return
- Cyclical discretionary demand; net sales fell 11.8% and units down 23.5% as dealers destock
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~12% of revenue from one customer/distributor — Consolidated Results 2025 2024 Change % Change (Dollar amounts in thousands) Consolidated statements of operations : NET SALES $ 284,203 $ 322,351 $ (38,148 )
- Insider sellingInsider selling — 4 open-market sale(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
20.0%
Operating margin
4.0%
Net margin
2.5%
Return on equity
3.8%
Return on assets
2.7%
ROIC
4.8%
Revenue growth (QoQ)
9.0%
Net-income growth
-9.7%
Debt / equity
0.0×
Net debt / EBITDA
-3.8×
Interest coverage
9.6×
Current ratio
1.9×
Free cash flow
$26M
EBITDA
$21M
Tangible book value
$123M
Cash & investments
$79M
Stock comp / revenue
1.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-18 | Nelson Bradley M. | Tax withheld | 5.0K | $19.68 |
| 2026-02-20 | Forager Fund, L.P. | Sell | 26K | $23.50 |
| 2026-02-19 | Forager Fund, L.P. | Sell | 30K | $23.43 |
| 2026-02-18 | Forager Fund, L.P. | Sell | 19K | $23.72 |
| 2026-02-17 | Forager Fund, L.P. | Sell | 12K | $23.74 |
| 2025-12-22 | Coliseum Capital Management, LLC | Buy | 25K | $19.66 |
| 2025-12-19 | Coliseum Capital Management, LLC | Buy | 76K | $19.79 |
| 2025-12-18 | Coliseum Capital Management, LLC | Buy | 34K | $19.34 |
| 2025-11-10 | Forager Fund, L.P. | Sell | 810 | $20.33 |
| 2025-11-07 | Forager Fund, L.P. | Sell | 58K | $20.37 |
| 2025-11-06 | Forager Fund, L.P. | Sell | 45K | $20.50 |
| 2025-06-30 | Oxley Timothy M. | Tax withheld | 3.0K | $18.58 |
| 2025-06-30 | Nelson Bradley M. | Tax withheld | 4.1K | $18.58 |
| 2025-05-01 | Forager Fund, L.P. | Buy | 32K | $16.66 |
| 2025-04-30 | Forager Fund, L.P. | Buy | 7.8K | $16.24 |
| 2025-04-29 | Forager Fund, L.P. | Buy | 9.8K | $16.27 |
| 2025-04-23 | Forager Fund, L.P. | Buy | 15K | $16.32 |
| 2025-04-22 | Forager Fund, L.P. | Buy | 8.6K | $15.96 |
| 2025-04-21 | Forager Fund, L.P. | Buy | 4.6K | $15.99 |
| 2025-04-17 | Forager Fund, L.P. | Buy | 11K | $15.82 |
| 2025-04-16 | Forager Fund, L.P. | Buy | 11K | $15.41 |
| 2025-04-15 | Forager Fund, L.P. | Buy | 4.7K | $15.09 |
| 2025-03-04 | Nelson Bradley M. | Buy | 5.0K | $16.72 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Exhibits | filing ↗ |
| 2026-05-22 | Other | filing ↗ |
| 2026-05-15 | Acquisition/dispositionExec/director changeReg FDExhibits | filing ↗ |
| 2026-05-12 | Shareholder voteOther | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-05-01 | Other | filing ↗ |
| 2026-02-05 | ResultsOtherExhibits | filing ↗ |
| 2026-02-05 | Material agreementDebt obligationExec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K/A | 2026-06-12 | 2026-05-15 | 0001193125-26-269732 ↗ |
| 8-K | 2026-05-22 | 2026-05-19 | 0001193125-26-235547 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001193125-26-226778 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-219537 ↗ |
| 10-Q | 2026-05-07 | 2026-03-29 | 0001193125-26-211213 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210365 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001193125-26-201645 ↗ |
| 10-Q | 2026-02-05 | 2025-12-28 | 0001193125-26-038844 ↗ |
| 8-K | 2026-02-05 | 2026-02-04 | 0001193125-26-039497 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001193125-26-038499 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-268104 ↗ |
| 10-Q | 2025-11-06 | 2025-09-28 | 0001193125-25-268696 ↗ |