OneWater Marine Inc.

Listed Company

ONEWCIK 0001772921NasdaqAcceleratedSmaller ReportingRetail-Auto & Home Supply StoresDelawareFY ends Sep 30

Period

FY 2025

Revenue

$1.87B

Net Income

$-114.58M

Total Assets

$1.40B

Equity

$284.95M

Shares Out

1.0K

Op. Cash Flow

$91.75M

Business

OneWater Marine Inc. is a holding company that operates a consolidated marine retail and distribution business through its subsidiaries. It sells new and pre-owned recreational boats and yachts and provides finance & insurance products, repair and maintenance services, parts and accessories, marina services, storage and rentals. The company reports through two segments—Dealerships, which sells boats and related services, and Distribution, which manufactures, assembles and distributes marine-related products and branded/private label consumables. Operations serve customers primarily across the Southeast, Gulf Coast, Mid-Atlantic and Northeast U.S. through dealership locations, distribution centers, national retail partners and online marketplaces.

Summary from filing dated 2025-12-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Total revenues	1,872	1,773	1,936	1,745	1,228
Total cost of sales	1,445	1,338	1,401	1,191	871
Selling, general and administrative expenses	343	333	346	302	199
Depreciation and amortization	22	19	24	16	5
Transaction costs	2	2	2	8	869,000
Change in fair value of contingent consideration	−2	4	−2	10	3
Restructuring and impairment	148	12	147	0	—
(Loss) income from operations	−85	65	18	218	149
Interest expense floor plan	28	34	25	5	3
Interest expense other	36	37	35	13	4
Other expense, net	1	14,000	953,000	4	−248,000
Total other expense, net	66	71	61	22	7
Net loss before income tax benefit	−152	−6	−43	196	142
Income tax benefit	−35	−157,000	−3	43	26
Net loss	−116	−6	−39	153	116
Net income attributable to non-controlling interests	0	−119,000	−4	−3	0
Net loss attributable to non-controlling interests of One Water Marine Holdings, LLC	2	590,000	4	−19	−37
Net loss attributable to OneWater Marine Inc.	−115	−6	−39	131	79

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash	52	17	85	42	63
Restricted cash	13	10	9	19	11
Accounts receivable, net	61	73	113	58	29
Inventories	540	591	610	373	144
Prepaid expenses and other current assets	54	86	66	75	35
Total current assets	719	777	882	567	281
Property and equipment, net	92	93	82	110	67
Operating lease right-of-use assets	129	139	136	124	89
Other Assets, Noncurrent	2	1	—	697	283
Deferred tax assets, net	73	37	35	8	29
Intangible assets, net	130	205	212	306	85
Goodwill	259	337	337	379	168
Total assets	1,404	1,590	1,689	1,497	721
Accounts payable	44	32	27	27	18
Other payables and accrued expenses	41	42	55	55	28
Customer deposits	29	64	52	65	—
Notes payable floor plan	420	443	489	267	114
Current portion of operating lease liabilities	17	16	15	13	9
Current portion of long-term debt, net	78	8	29	22	11
Current portion of tax receivable agreement liability	3	3	2	2	482,000
Total current liabilities	631	608	669	452	228
Other long-term liabilities	3	13	14	23	15
Tax receivable agreement liability	35	38	41	44	40
Long-term operating lease liabilities	116	126	123	112	80
Long-term debt, net	334	415	428	421	103
Total liabilities	1,119	1,199	1,275	1,053	466
COMMITMENTS AND CONTINGENCIES (Note 18)	—	—	—	—	—
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding as of September 30, 2025 and September 30, 2024	0	0	0	0	0
Additional paid-in capital	240	203	193	180	151
Retained earnings	45	160	165	205	75
Accumulated other comprehensive loss	−643,000	−2	1,000	−7,000	0
Total stockholders equity attributable to OneWater Marine Inc.	285	361	359	385	226
Equity attributable to non-controlling interests	0	30	55	60	29
Total stockholders equity	285	391	414	445	255
Total liabilities and stockholders equity	1,404	1,590	1,689	1,497	721

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	24	22	27	16	5
Equity-based compensation	10	8	9	10	6
Loss on asset disposals	298,000	36,000	221,000	−135,000	−94,000
Loss on disposal of a business	0	0	750,000	0	0
Restructuring and impairment	146	539,000	147	0	—
Non-cash interest expense	5	2	10	3	659,000
Deferred income tax provision	−36	−334,000	−23	6	4
Change in fair value of contingent consideration	−2	2	−2	10	3
Loss on equity investment	61,000	198,000	446,000	1	0
Accounts receivable	15	−1	−10	−4	−10
Inventories	48	25	−232	−167	25
Prepaid expenses and other current assets	32	−18	10	−34	−19
Other assets	−1	5	−3	−2	−173,000
Accounts payable	12	233,000	197,000	6	−26,000
Other payables and accrued expenses	−4	−13	−8	4	4
Tax receivable agreement liability	−3	−3	−3	−67,000	0
Customer deposits	−39	12	−15	4	24
Net cash provided by (used in) operating activities	92	35	−130	7	159
Purchases of property and equipment and construction in progress	−12	−26	−21	−11	−10
Proceeds from disposal of property and equipment	416,000	757,000	567,000	345,000	233,000
Cash used for additions to intangible assets	−714,000	−909,000	−3	−4	0
Cash received (used) in acquisitions	713,000	−6	−29	−460	−108
Proceeds from disposal of a business	0	45	788,000	0	0
Net cash (used in) provided by investing activities	−12	13	−52	−477	−117
Net (payments) borrowings from floor plan	−24	−46	220	153	−23
Proceeds from long-term debt	28	43	30	412	30
Payments on long-term debt	−42	−78	−18	−88	−9
Payments of debt issuance costs	−935,000	−2	0	−9	−701,000
Payments of contingent consideration	−2	−6	−13	−371,000	0
Proceeds from issuance of Class A common stock as part of employee stock purchase plan	1	2	2	0	0
Payments of tax withholdings for equity-based awards	−2	−3	−2	−2	−802,000
Distributions to members	−275,000	−5	−4	−9	−5
Purchase of non-controlling interest	0	−19	0	0	—
Repurchase and retirement of Class A common stock	0	0	−2	−354,000	0
Net cash (used in) provided by financing activities	−43	−114	214	456	−36
Effects of exchange rate changes on cash and restricted cash	−52,000	−18,000	9,000	−8,000	0
Net change in cash and restricted cash	37	−66	32	−13	6
Cash paid for interest	61	76	50	15	6
Cash (received) paid for income taxes and income tax refunds	−6	5	23	35	29
Acquisition purchase price funded by contingent consideration	0	0	3	15	9
Purchase of property and equipment funded by long-term debt	219,000	156,000	1	2	2
Acquisition purchase price funded by affiliate financing	0	0	11	0	0
Settlement of affiliate financing with proceeds from sale and leaseback	0	0	11	0	0

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