OneWater Marine Inc.

Acquisitive boat retailer in a discretionary down-cycle with a loss year, high leverage and weak quick liquidity.

Strengths

• Positive FCF ($79.7M, 64th pct) and OCF margin (75th pct); scaled, diversified marine retailer
• Higher-margin parts/distribution (T-H Marine, Ocean Bio-Chem) ~42% of gross profit

Risks

• Net margin -6.1%, operating margin -4.6%, ROE -40% — a loss year
• High leverage (D/E 1.17, 81.6th pct) and weak quick ratio (0.28, 37.5th pct)
• Cyclical big-ticket discretionary demand; gross margin only 22.8% (25th pct)

Notable findings

• Net lossNet loss (net margin -6.1%)
• Customer concentration~92% of revenue from one customer/distributor — As of September 30, 2025, the Dealerships reporting segment includes operations of 95 dealerships in 17 states including Florida, Texas, Alabama and Georgia, among others, and represents 92% of revenu