OneWater Marine Inc. (NASDAQ: ONEW)

Sector: Consumer Cyclical Industry: Specialty Retail CIK: 0001772921
Market Cap 194.13 Mn
P/B 0.70
P/E -1.76
P/S 0.10
ROIC (Qtr) -2.61
Div Yield % 0.00
Rev 1y % (Qtr) 1.26
Total Debt (Qtr) 1.02 Bn
Debt/Equity (Qtr) 3.67
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About

Investment thesis

Bull case

  • Robust free cash flow of 41.79M exceeds capital expenditure of 11.12M by 3.76x, indicating strong organic growth funding capability.
  • Robust tangible asset base of 1.05B provides 11.43x coverage of working capital 92.25M, indicating strong operational backing.
  • Cash reserves of 42.44M provide ample 59.52x coverage of acquisition spending 713000, enabling strategic growth opportunities.
  • Operating cash flow of 52.91M fully covers other non-current liabilities 36.96M by 1.43x, showing strong long-term stability.
  • Strong free cash flow of 41.79M provides 58.61x coverage of acquisition spending 713000, indicating disciplined M&A strategy.

Bear case

  • Operating cash flow of 52.91M barely covers its investment activities of (10.90M), with a coverage ratio of -4.85, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • With cash reserves of 42.44M against inventory of 601.51M, the 0.07 cash-to-inventory ratio suggests potential liquidity risks if inventory turnover slows, particularly concerning given current supply chain volatilities.
  • Operating cash flow of 52.91M provides thin coverage of dividend payments of (275000) with a -192.39 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Operating cash flow of 52.91M provides minimal -1.22x coverage of tax expenses of (43.42M), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (89.31M) show weak coverage of depreciation charges of 23.39M, with a -3.82 ratio indicating high capital intensity and potential reinvestment needs.

Product and Service Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Specialty Retail
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ULTA Ulta Beauty, Inc. 32.20 Bn 27.06 2.69 2.57 Bn
2 WSM Williams Sonoma Inc 29.62 Bn 25.19 3.40 1.47 Bn
3 TSCO Tractor Supply Co /De/ 28.42 Bn 25.23 1.93 5.72 Bn
4 DKS Dick'S Sporting Goods, Inc. 24.98 Bn 88.10 4.64 7.70 Bn
5 CASY Caseys General Stores Inc 24.65 Bn 59.49 1.65 2.92 Bn
6 BBY Best Buy Co Inc 17.85 Bn 11.66 0.41 4.09 Bn
7 MUSA Murphy USA Inc. 15.91 Bn 61.33 1.35 2.75 Bn
8 FIVE Five Below, Inc 11.68 Bn 37.94 2.64 2.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.76 2.23
EV to Cash from Ops. EV/CFO 20.67 14.70
EV to Debt EV to Debt 1.07 79.39
EV to EBIT EV/EBIT -12.25 -40.16
EV to EBITDA EV/EBITDA -16.22 11.51
EV to Free Cash Flow [EV/FCF] EV/FCF 26.17 -286.14
EV to Market Cap EV to Market Cap 5.63 6.33
EV to Revenue EV/Rev 0.58 2.39
Price to Book Value [P/B] P/B 0.70 32.78
Price to Earnings [P/E] P/E -1.76 -36.32
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) -401.17 -4.05
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 14.19
Dividend per Basic Share Div per Share (Qtr) 0.00 0.71
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 18.58
Interest Coverage Int. cover (Qtr) -1.39 4.43
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 51.06 13.87
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 16.08 33.75
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -247.27 -272.99
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -180.65 588.45
EBIT Growth (1y) % EBIT 1y % (Qtr) -257.97 29.27
EBT Growth (1y) % EBT 1y % (Qtr) -1,026.39 -92.23
EPS Growth (1y) % EPS 1y % (Qtr) -892.86 -121.86
FCF Growth (1y) % FCF 1y % (Qtr) -50.67 71.80
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 1.10 2.50
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.30 1.24
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.04
Cash Ratio Cash Ratio (Qtr) 0.06 0.74
Current Ratio Curr Ratio (Qtr) 1.13 3.56
Debt to Equity Ratio Debt/Equity (Qtr) 3.67 25.92
Interest Cover Ratio Int Coverage (Qtr) -1.39 4.43
Times Interest Earned Times Interest Earned (Qtr) -1.39 4.43
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -3.50 -42.64
EBIT Margin % EBIT Margin % (Qtr) -4.76 -131.12
EBT Margin % EBT Margin % (Qtr) -8.19 -64.70
Gross Margin % Gross Margin % (Qtr) 23.00 30.93
Net Profit Margin % Net Margin % (Qtr) -5.90 -65.71