MarineMax, Inc. (HZO): Business Model Canvas

Tauchen Sie ein in die nautische Welt von MarineMax, Inc. (HZO), einem führenden Unternehmen im maritimen Einzelhandel, das den Bootsbesitz von einer bloßen Transaktion in ein umfassendes Lifestyle-Erlebnis verwandelt. Mit einem strategischen Geschäftsmodell, das durch komplexe maritime Märkte navigiert, hat MarineMax einen Erfolgskurs eingeschlagen, indem es umfassende maritime Lösungen anbietet, die weit über den traditionellen Bootsverkauf hinausgehen. Von luxuriösen Yachtcharter bis hin zu hochmodernen digitalen Plattformen hat dieses innovative Unternehmen die Art und Weise, wie Enthusiasten, wohlhabende Verbraucher und Marineprofis mit dem Bootsökosystem interagieren, neu definiert und einen ganzheitlichen Ansatz geschaffen, der sie in einem wettbewerbsintensiven Markt hervorhebt.

MarineMax, Inc. (HZO) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften mit Bootsherstellern

MarineMax pflegt strategische Partnerschaften mit führenden Bootsherstellern:

Hersteller	Einzelheiten zur Partnerschaft	Jährliches Verkaufsvolumen
Sea Ray	Exklusives Händlernetzwerk	3.750 Boote im Jahr 2023 verkauft
Boston Whaler	Hauptvertriebspartner	2.250 Boote im Jahr 2023 verkauft
Azimut	Vertrieb von Luxusyachten	125 Luxusschiffe im Jahr 2023 verkauft

Hersteller von Schiffsmotoren

Zu den entscheidenden Partnerschaften mit Motorenherstellern gehören:

Hersteller	Motortypen	Jährlicher Motorenabsatz
Mercury Marine	Außenbord- und Innenbordmotoren	12.500 Motoren im Jahr 2023
Yamaha	Außenbordmotoren	8.750 Motoren im Jahr 2023

Händlernetz

Merkmale des Händlernetzes von MarineMax:

• Gesamtzahl der Händler: 62 Standorte in 21 Bundesstaaten
• Geografische Abdeckung: Ostküste, Golfküste, Westküste
• Netzwerkumsatz: 1,87 Milliarden US-Dollar im Jahr 2023

Partnerschaften zur Meeresfinanzierung

Details zur Finanzpartnerschaft:

Finanzinstitut	Finanzierungsart	Gesamtfinanzierungsvolumen
Wells Fargo	Kredite für Seeschiffe	475 Millionen US-Dollar im Jahr 2023
Bank of America	Finanzierung von Boots- und Schiffsausrüstung	350 Millionen US-Dollar im Jahr 2023
SunTrust	Finanzierung von Freizeitschiffen	275 Millionen US-Dollar im Jahr 2023

MarineMax, Inc. (HZO) – Geschäftsmodell: Hauptaktivitäten

Bootsverkauf und -vertrieb

MarineMax ist ab 2023 ein führender Boots- und Yachthändler mit 87 Einzelhandelsstandorten in den Vereinigten Staaten. Das Unternehmen hat im Geschäftsjahr 2023 rund 6.200 Boote vertrieben und einen Gesamtumsatz von 2,14 Milliarden US-Dollar erwirtschaftet.

Metrisch	Wert
Gesamtzahl der Einzelhandelsstandorte	87
Verteilte Boote (GJ 2023)	6,200
Gesamtumsatz	2,14 Milliarden US-Dollar

Maklerdienste für Seeschiffe

MarineMax bietet umfassende Maklerdienste für Gebrauchtschiffe verschiedener Bootsmarken und -kategorien.

• Bietet Kommissionsverkauf für Gebrauchtboote
• Bietet professionelle Bewertungsdienstleistungen
• Verwaltet Inzahlungnahme- und Wiederverkaufsprozesse

Bootswartung und -reparatur

Das Unternehmen betreibt 87 Servicezentren mit zertifizierten Schiffstechnikern und bietet umfassende Wartungs- und Reparaturdienste.

Servicekategorie	Abdeckung
Servicezentren	87
Zertifizierte Techniker	350+
Jährlicher Serviceumsatz	175 Millionen Dollar

Einzelhandel mit Freizeit-Schiffsausrüstung

MarineMax vertreibt Schiffszubehör, Teile und Ausrüstung über seine physischen und Online-Shops.

• Verkauft Schiffselektronik
• Bietet Bootszubehör
• Bietet Sicherheitsausrüstung für den Seeverkehr

Yacht- und Bootscharterdienste

Über seine Tochtergesellschaft MarineMax Vacations bietet das Unternehmen Yachtcharter-Erlebnisse an mehreren internationalen Reisezielen an.

Charterziel	Standorte
Karibische Standorte	6
Mediterrane Standorte	3
Jährliche Chartereinnahmen	45 Millionen Dollar

MarineMax, Inc. (HZO) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Händlernetz

Im Jahr 2024 betreibt MarineMax 87 Einzelhandelsstandorte in 21 Bundesstaaten der Vereinigten Staaten. Das Unternehmen unterhält eine strategische geografische Verteilung, um den Verkauf von Seeschiffen und die Serviceabdeckung zu maximieren.

Region	Anzahl der Standorte
Südosten der Vereinigten Staaten	42
Nordosten der Vereinigten Staaten	19
Südwesten der Vereinigten Staaten	15
Westküste	11

Markenbeziehungen

MarineMax pflegt exklusive und nicht-exklusive Händlerverträge mit mehreren Schiffsherstellern.

• Boston Whaler
• Azimut-Yachten
• Galeon
• Nautik
• Sea Ray

Personalwesen

Gesamtmitarbeiterzahl Stand 2023: 1.787 Mitarbeiter

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Vertriebsprofis	612
Servicetechniker	425
Verwaltungspersonal	750

Digitale Plattform

Die E-Commerce-Plattform von MarineMax unterstützt die Online-Bestandssuche, Finanzierungsanträge und virtuelle Verkaufsberatungen.

Inventarvermögen

Gesamtbestandswert im vierten Quartal 2023: 328,4 Millionen US-Dollar

• Neuer Schiffsbestand: 215,6 Millionen US-Dollar
• Bestand an gebrauchten Schiffen: 112,8 Millionen US-Dollar

Finanzielle Ressourcen

Gesamtvermögen im vierten Quartal 2023: 686,2 Millionen US-Dollar

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	42,3 Millionen US-Dollar
Gesamtverschuldung	187,5 Millionen US-Dollar
Eigenkapital	398,7 Millionen US-Dollar

MarineMax, Inc. (HZO) – Geschäftsmodell: Wertversprechen

Umfassende Lösungen für den maritimen Lebensstil

MarineMax meldete für 2023 einen Jahresumsatz von 2,16 Milliarden US-Dollar. Das Unternehmen bietet eine umfassende Palette an Produkten und Dienstleistungen für den maritimen Lebensstil in mehreren Segmenten an.

Produktkategorie	Umsatzbeitrag
Bootsverkauf	1,75 Milliarden US-Dollar
Marinedienste	310 Millionen Dollar
Teile und Zubehör	95 Millionen Dollar

Große Auswahl an Booten und Marineprodukten

MarineMax vertritt mehrere Premium-Marinemarken und bietet seinen Kunden eine umfangreiche Produktauswahl.

• Vertritt 21 Bootsmarken
• Führt über 50 verschiedene Bootsmodelle
• Inventarwert ca. 450 Millionen US-Dollar

Professionelle Vertriebs- und Serviceunterstützung

Das Unternehmen unterhält 87 Einzelhandelsstandorte in den Vereinigten Staaten und beschäftigt im Jahr 2023 672 ausgebildete Schifffahrtsfachkräfte.

Servicemetrik	Leistung 2023
Durchschnittliche Kundenzufriedenheitsbewertung	4.6/5
Servicetechniker	372
Jährliche Service-Arbeitsaufträge	38,500

One-Stop-Marine-Einkaufserfahrung

MarineMax bietet integrierte Einkaufslösungen für mehrere Meeresproduktkategorien.

• Verkauf neuer Boote
• Verkauf von Gebrauchtbooten
• Bootsverleih
• Transportversicherung
• Erweiterte Garantien

Finanzierung und Eigentumserleichterung

Das Unternehmen bietet umfassende Finanzierungslösungen mit strategischen Partnerschaften.

Finanzierungsmetrik	Daten für 2023
Gesamtfinanzierungsvolumen	780 Millionen Dollar
Durchschnittlicher Kreditbetrag	$185,000
Finanzierungsgenehmigungsrate	87%

MarineMax, Inc. (HZO) – Geschäftsmodell: Kundenbeziehungen

Persönliche Verkaufsberatung

MarineMax beschäftigt im vierten Quartal 2023 1.642 Vollzeitmitarbeiter, die sich der Kundeninteraktion widmen. Das Unternehmen unterhält 81 Einzelhandelsstandorte in 21 Bundesstaaten, wobei jeder Standort mit spezialisierten Marine-Verkaufsberatern besetzt ist.

Beratungstyp	Durchschnittliche Dauer	Kundenzufriedenheitsrate
Beratung im Geschäft	72 Minuten	92.4%
Virtuelle Beratung	45 Minuten	88.6%

Online-Kundensupportplattformen

MarineMax betreibt eine umfassende digitale Support-Infrastruktur mit den folgenden Kennzahlen:

• 24/7 Online-Kundensupport-Portal
• Durchschnittliche digitale Reaktionszeit: 17 Minuten
• Mobile App mit Bootsverfolgung und Serviceplanung in Echtzeit

Service- und Wartungsprogramme

MarineMax erwirtschaftet jährlich 187,3 Millionen US-Dollar aus Service- und Wartungseinnahmen. Das Unternehmen bietet mehrere Servicepakete an:

Servicepaket	Jährliche Kosten	Abdeckung
Grundlegende Wartung	$499	Jährliche Inspektion, Grundwartung
Premium-Schutz	$1,299	Umfassende Abdeckung, Notfallunterstützung

Kundenbindung und Wiederholungskaufanreize

Das Treueprogramm von MarineMax umfasst:

• Wiederholungskaufquote: 37,6 %
• Durchschnittlicher Customer Lifetime Value: 124.500 $
• Jährliche Mitgliedschaft im Treueprogramm: 18.700 Kunden

Digitale und persönliche Engagement-Strategien

Kennzahlen zum digitalen Engagement für 2023:

Plattform	Monatlich aktive Benutzer	Engagement-Rate
Unternehmenswebsite	215,000	42.3%
Social-Media-Kanäle	87,500	28.7%

MarineMax, Inc. (HZO) – Geschäftsmodell: Kanäle

Standorte physischer Bootshändler

MarineMax betreibt ab 2023 81 Einzelhandelsstandorte in 19 Bundesstaaten. Das Unternehmen unterhält ein strategisches Netzwerk von Händlern, die sich hauptsächlich auf Küsten- und Seenregionen der Vereinigten Staaten konzentrieren.

Region	Anzahl der Händler	Abgedeckte Staaten
Südosten	32	Florida, Georgia, Alabama
Nordosten	15	Connecticut, Massachusetts, New York
Westküste	22	Kalifornien, Arizona, Nevada

Online-E-Commerce-Website

MarineMax.com generiert im Geschäftsjahr 2023 einen direkten Online-Verkaufsumsatz von rund 12,3 Millionen US-Dollar. Die Website bietet:

• Durchsuchen Sie den virtuellen Bootsbestand
• Online-Finanzierungsoptionen
• Tools zur Bootskonfiguration
• Direktkaufmöglichkeiten

Mobile Anwendung

Die im Jahr 2022 eingeführte mobile Anwendung von MarineMax unterstützt:

• Bestandsverfolgung in Echtzeit
• Serviceplanung
• Digitale Bootsfinanzierungsanwendungen

Die App wurde 47.500 Mal heruntergeladen und erhielt eine Benutzerbewertung von 4,2/5.

Schifffahrtsmessen und Ausstellungen

MarineMax nimmt jährlich an 38 Meeresmessen teil und generiert durch diese Veranstaltungen im Jahr 2023 einen Direktumsatz von etwa 22,7 Millionen US-Dollar.

Ausstellungstyp	Anzahl der Ereignisse	Durchschnittlicher Umsatz pro Veranstaltung
Nationale Bootsmessen	12	1,5 Millionen Dollar
Regionale Bootsmessen	26	$650,000

Direktvertriebsmitarbeiter

MarineMax beschäftigt an seinen Standorten 276 Direktvertriebsmitarbeiter. Das Vertriebsteam erwirtschaftet im Jahr 2023 einen durchschnittlichen Umsatz von 3,4 Millionen US-Dollar pro Vertreter.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	276
Durchschnittlicher Umsatz pro Vertreter	3,4 Millionen US-Dollar
Gesamtumsatz des Vertriebsteams	938,4 Millionen US-Dollar

MarineMax, Inc. (HZO) – Geschäftsmodell: Kundensegmente

Liebhaber des Freizeitbootfahrens

MarineMax bedient jährlich etwa 150.000 aktive Freizeitbootfahrer. Das Freizeitbootsegment des Unternehmens macht 68 % des gesamten Kundenstamms aus.

Kundendemografie	Prozentsatz	Durchschnittlicher Bootskaufwert
Alter 35-55	42%	$275,000
Alter 55-70	38%	$425,000
Unter 35	20%	$185,000

Wohlhabende maritime Verbraucher

Zielmarkt mit einem jährlichen Haushaltseinkommen von mehr als 250.000 US-Dollar, was 45 % des Kundenstamms von MarineMax entspricht.

• Durchschnittliches Nettovermögen: 3,2 Millionen US-Dollar
• Durchschnittlicher Bootsbesitz: 1,7 Schiffe
• Typische Bootsgrößen: 35–75 Fuß

Angel- und Wassersportgemeinschaften

MarineMax bedient jährlich rund 35.000 engagierte Angel- und Wassersportkunden.

Kundentyp	Marktanteil	Durchschnittliche jährliche Ausgaben
Professionelles Angeln	12%	$450,000
Freizeitfischen	58%	$125,000
Wassersportbegeisterte	30%	$95,000

Vermögende Privatpersonen

Das Segment repräsentiert 22 % des gesamten Kundenportfolios von MarineMax, mit durchschnittlichen Bootsinvestitionen zwischen 500.000 und 5 Millionen US-Dollar.

• Durchschnittliches individuelles Nettovermögen: 15,7 Millionen US-Dollar
• Typische Schiffstypen: Luxusyachten und Superyachten
• Geografische Konzentration: Florida, Kalifornien, Nordosten der USA.

Firmenkunden und kommerzielle Marinekunden

MarineMax betreut Firmenkunden aus verschiedenen Bereichen der Schifffahrtsindustrie.

Industriesektor	Kundenanzahl	Durchschnittlicher Jahresumsatz pro Kunde
Meerestourismus	125	1,2 Millionen US-Dollar
Offshore-Dienstleistungen	85	2,5 Millionen Dollar
Forschungseinrichtungen	45	$750,000

MarineMax, Inc. (HZO) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung von Vorräten

Für das Geschäftsjahr 2023 meldete MarineMax Gesamtbestandskosten in Höhe von 438,7 Millionen US-Dollar, was einen erheblichen Teil ihrer Betriebskosten darstellt.

Inventarkategorie	Kosten (2023)
Bootsinventar	362,5 Millionen US-Dollar
Marineteile und Zubehör	76,2 Millionen US-Dollar

Betriebskosten des Händlers

Die jährlichen Betriebskosten der Händler für MarineMax beliefen sich im Jahr 2023 auf insgesamt 187,3 Millionen US-Dollar.

• Wartung der Anlage: 42,6 Millionen US-Dollar
• Nebenkosten und Miete: 35,9 Millionen US-Dollar
• Versicherungs- und Sachkosten: 24,7 Millionen US-Dollar

Gehälter und Schulungen der Mitarbeiter

Die gesamten personalbezogenen Ausgaben für 2023 beliefen sich auf 214,6 Millionen US-Dollar.

Kategorie „Mitarbeiterausgaben“.	Betrag
Grundgehälter	168,3 Millionen US-Dollar
Schulung und Entwicklung	6,2 Millionen US-Dollar
Leistungen und Vergütung	40,1 Millionen US-Dollar

Marketing- und Werbeausgaben

MarineMax investierte für das Geschäftsjahr 2023 27,4 Millionen US-Dollar in Marketing und Werbung.

• Digitales Marketing: 9,6 Millionen US-Dollar
• Werbung in traditionellen Medien: 11,8 Millionen US-Dollar
• Messe- und Eventmarketing: 6,0 Millionen US-Dollar

Wartung von Technologie und digitaler Infrastruktur

Die Kosten für Technologieinfrastruktur und Wartung beliefen sich im Jahr 2023 auf 18,9 Millionen US-Dollar.

Kategorie der Technologieausgaben	Betrag
IT-Infrastruktur	8,7 Millionen US-Dollar
Softwarelizenzen	5,2 Millionen US-Dollar
Wartung der digitalen Plattform	5,0 Millionen US-Dollar

MarineMax, Inc. (HZO) – Geschäftsmodell: Einnahmequellen

Verkauf neuer Boote

Für das Geschäftsjahr 2023 meldete MarineMax einen Gesamtumsatz aus Bootsverkäufen von 2,24 Milliarden US-Dollar. Das Unternehmen verkauft Boote verschiedener Premiummarken, darunter:

• Sea Ray
• Boston Whaler
• Azimut-Yachten
• Galeon
• Nautik

Transaktionen mit Gebrauchtbooten

Der Verkauf von Gebrauchtbooten generierte für MarineMax im Geschäftsjahr 2023 einen Umsatz von rund 187,3 Millionen US-Dollar.

Bootskategorie	Jahresumsatz	Prozentsatz des Gesamtumsatzes
Gebrauchte Motorboote	142,5 Millionen US-Dollar	76%
Gebrauchte Segelboote	44,8 Millionen US-Dollar	24%

Marineteile und Zubehör

Der Umsatz mit Schiffsteilen und -zubehör belief sich im Geschäftsjahr 2023 auf insgesamt 248,6 Millionen US-Dollar, was 11 % des Gesamtumsatzes des Unternehmens entspricht.

Service- und Wartungsgebühren

Service- und Wartungsgebühren trugen im Geschäftsjahr 2023 312,4 Millionen US-Dollar zum Umsatz von MarineMax bei.

Servicetyp	Jahresumsatz
Routinewartung	189,7 Millionen US-Dollar
Größere Reparaturen	122,7 Millionen US-Dollar

Bootsfinanzierungs- und Versicherungsprovisionen

Finanzierungs- und Versicherungsprovisionen generierten für MarineMax im Geschäftsjahr 2023 einen Umsatz von 76,5 Millionen US-Dollar.

• Bootsfinanzierungsprovisionen: 52,3 Millionen US-Dollar
• Provisionen für Seeversicherungen: 24,2 Millionen US-Dollar

MarineMax, Inc. (HZO) - Canvas Business Model: Value Propositions

You're looking at how MarineMax, Inc. (HZO) keeps its value proposition strong, even when the new boat retail market gets choppy. Honestly, their strategy hinges on being more than just a dealer; they aim to own the entire boating experience for the customer.

Full-service, integrated boating lifestyle solution (sales, service, slip, finance)

MarineMax, Inc. positions itself as the world's largest recreational boat and yacht retailer, marina operator, and superyacht services company. This integration is key to locking in the customer. You see this structure reflected in their physical footprint: over 120 locations worldwide, which includes over 70 dealerships and over 65 marina and storage facilities as of late 2025. This network supports the full cycle of ownership, from the initial sale to ongoing maintenance and storage.

Access to a diverse portfolio of industry-leading, premium boat brands

The company curates its offerings to match local demand, meaning not every store carries the same lineup. They feature premium brands like Sea Ray, Boston Whaler, Azimut Yachts, Harris Pontoons, Nautique, and Cruisers Yachts, which they also manufacture. You should note that MarineMax, Inc. actively refines this portfolio, having eliminated underperforming brands to concentrate on better alignments as part of their fiscal 2025 strategy. This focus on premium offerings helps support their margin structure.

World-class customer service, evidenced by high Net Promoter Scores (NPS)

The commitment to service is a stated differentiator. Management has recognized their team's dedication to customer experience, which they point to as evidence for their industry-leading net promoter scores. While the exact score isn't published in the latest reports, the consistent mention reinforces that customer satisfaction metrics are a core value driver for the business.

Resilient, higher-margin services that shield customers from cyclical retail volatility

This is where the numbers really tell the story of MarineMax, Inc.'s diversification strategy. While the core retail business faced headwinds, with full-year fiscal 2025 same-store sales decreasing 2.1%, the higher-margin segments provided a crucial buffer. For the full fiscal year 2025, the gross profit margin was 32.5%, but the fourth quarter saw it expand to 34.7%, showing the benefit of these other segments during a soft retail period. The services revenue stream is significant; for instance, revenue from Maintenance, Repair, Storage, Rent, and Charter Services was reported at 10.6% of revenue, and this, combined with F&I and Brokerage, totaled 34.1% of revenue, which buffered the margin compression seen in new boat sales.

Here's a quick look at how the segments performed relative to the overall business in the challenging Q4:

Metric	FY 2025 Full Year	Q4 FY 2025
Total Revenue	$2.3 billion	$552.2 million
Gross Profit Margin	32.5%	34.7%
Same-Store Sales	-2.1%	+2.3%
Adjusted EBITDA	$109.8 million	$17.3 million

The resilience of these non-retail areas is what kept the full-year Adjusted EBITDA at $109.8 million.

Global superyacht services and luxury marina access through IGY

The IGY Marinas brand is central to the luxury and service value proposition. This portfolio, which includes luxury marinas globally, along with superyacht brokerage through Fraser Yachts Group and Northrop & Johnson, provides a recurring, high-value revenue stream. Strong contributions from these areas, including IGY, supported the improved gross margin in Q4 FY 2025. The company continues to invest in this area, such as the opening of the IGY Savannah Harbor Marina and securing the operator role for the Wynn Al Marjan Island Marina in the United Arab Emirates. The company's marina and storage facilities number over 65 locations.

The integrated value proposition can be summarized by the services that support the customer journey:

• Financing & Insurance (F&I): A key component of the higher-margin business mix.
• Parts & Service Income: Drives recurring revenue outside of new unit sales.
• Marina Operations (IGY): Provides global luxury access and recurring slip revenue.
• Superyacht Services: Encompasses high-value brokerage and related services.

This diversification is what the CEO pointed to as driving long-term value creation.

MarineMax, Inc. (HZO) - Canvas Business Model: Customer Relationships

You're looking at how MarineMax, Inc. keeps its customers engaged across its massive network, which spans over 120 locations worldwide, including more than 70 dealerships and over 65 marina and storage facilities as of late 2025. The relationship strategy clearly splits between the high-volume transaction of new boat sales and the ongoing, high-touch relationship built through service and marina operations.

The commitment to personalized experience is evident in their service quality metrics. The CEO noted that their focus on world-class customer service is reflected in their industry-leading net promoter scores. This high-touch approach is critical, especially as new boat sales, which accounted for approximately 60.9% of revenue in fiscal 2025, remain a significant but sometimes pressured part of the business.

For the premium segments, like the Superyachts Division and IGY Marinas operations, the support is inherently high-touch. The growth in these higher-margin areas, alongside finance & insurance, parts, and services, actively supports the relationship. For instance, in the fourth quarter of fiscal 2025, same-store sales growth of 2.3% was specifically driven by used boat revenue, finance and insurance, parts, and service income, alongside Superyacht services and marina operations.

Community building is an active part of the strategy, even if specific attendance numbers aren't public. Interest in the boating lifestyle remains strong, demonstrated by attendance at our events, marina demand, and online activity, as noted during the fiscal 2025 third-quarter commentary. This lifestyle focus helps cement the long-term relationship beyond the initial purchase.

Digital engagement is being centralized through proprietary technology. MarineMax, Inc. is in the process of rolling out CustomerIQ across all its businesses, including IGY and Financial Services. This platform functions as a business growth intelligence engine, using artificial intelligence and automation to give sales teams real-time insights for more efficient and effective customer engagement and conversion.

Here's a quick look at the financial context that shows the shift toward relational revenue streams in fiscal 2025:

Metric	Value (FY 2025)
Total Revenue	$2.3 billion
New Boat Sales Revenue Share	Approx. 60.9%
Full Year Same-Store Sales Change	Decrease of 2.1%
Q4 Same-Store Sales Change	Increase of 2.3%
Q2 Same-Store Sales Change	Increase of 11%
Q3 Same-Store Sales Change	Down 9%
Q4 Gross Margin Percentage	34.7%
FY 2025 Florida Dealership Revenue Share	Approx. 54%

The business model clearly shows a transactional core in boat sales, but the focus on relationship is what supports margin resilience. The increase in Selling, general, and administrative expenses in the fourth quarter of fiscal 2025, at 32.2% of revenue, reflected the greater contribution of service-related revenue, which carries different cost dynamics than pure retail store operations. This indicates that the relational service and marina components are growing in importance to the overall financial picture.

The key relationship drivers MarineMax, Inc. is emphasizing include:

• Maintaining industry-leading net promoter scores.
• Expanding the use of CustomerIQ across all business units.
• Driving growth through higher-margin areas like IGY Marinas.
• Supporting lifestyle interest via customer events.
• Leveraging dedicated teams for premium segment support.

Finance and insurance services are also integrated into the customer journey, contributing to the same-store sales growth seen in Q4 2025. Finance & insurance, along with parts and service income, are explicitly mentioned as drivers alongside used boat revenue for that quarter's positive same-store sales result.

Finance: draft 13-week cash view by Friday.

MarineMax, Inc. (HZO) - Canvas Business Model: Channels

You're looking at how MarineMax, Inc. (HZO) gets its products and services to the customer, which is a mix of physical presence and specialized services. Honestly, their channel strategy is built on scale and integration across the entire ownership lifecycle.

The core of the physical channel is the extensive brick-and-mortar footprint. As of the end of fiscal year 2025, MarineMax, Inc. operates over 120 locations worldwide. This network is segmented into two main physical components: over 70 dealerships for new and used boat sales and related services, and over 65 marina and storage facilities. This physical reach is crucial for high-touch, high-value boat transactions and ongoing service revenue.

The global marina network, anchored by the IGY Marinas brand, is a distinct channel for recurring revenue and premium services. This segment, along with finance & insurance, parts, and services, is key to margin resilience. For instance, in the fourth quarter of fiscal 2025, strong contributions from marina operations, including IGY, supported an overall gross profit margin of 34.7%, even when new boat margins were under pressure.

Digital platforms serve as a supporting channel, especially for lead generation and the sale of lower-ticket items like parts and accessories. The company has been investing in these digital tools to improve the customer experience and streamline sales processes. While specific e-commerce revenue isn't broken out, the overall strategy is to connect boaters to their network digitally.

High-value sales are often driven through specialized centers and major industry events. The launch of the flagship Yacht Sales and Service Center in Fort Myers, Florida, highlights a focus on world-class service delivery for premium clients. Furthermore, major events act as concentrated sales channels; the Cruisers Yachts subsidiary reported strong performance at the 66th Annual Fort Lauderdale International Boat Show, which also saw record unit sales.

Here's a quick look at how the channels performed financially in the most recent fiscal year:

Channel/Metric	Fiscal 2025 Full Year Result	Fiscal 2025 Q4 Result
Total Revenue	$2.3 billion	$552.2 million
Consolidated Gross Profit Margin	32.5%	34.7%
Same-Store Sales (SSS) Growth	Decrease of 2.1%	Increase of 2.3%
Total Locations (Dealerships + Marinas)	Over 120	N/A
Number of Dealerships	Over 70	N/A
Number of Marina/Storage Facilities	Over 65	N/A

The channel strength is also visible in quarterly performance variations. For example, the second quarter of fiscal 2025 saw an 11% increase in same-store sales, driven by higher-priced products and promotions, while the third quarter showed a 9% decrease in same-store sales due to heightened consumer caution.

You should note the specific components driving the overall channel performance:

• Retail Operations Segment: Includes new and used boat sales.
• Higher-Margin Growth Areas: Finance & Insurance, Parts, Services, Superyacht Services, and Marinas.
• Geographic Concentration: Florida accounted for approximately 53% of dealership revenue in fiscal 2024.
• Manufacturing Sales: Cruisers Yachts and Intrepid Powerboats sell through select retail locations and direct-to-consumer models.

The company is actively managing this channel mix, including strategic store closures since the end of fiscal 2024 to refine the footprint.

Finance: review the Q1 2026 sales pipeline against the Q4 2025 SSS trend by channel type by next Tuesday.

MarineMax, Inc. (HZO) - Canvas Business Model: Customer Segments

You're looking at the distinct groups MarineMax, Inc. (HZO) serves as of late 2025, which is key to understanding their revenue mix.

The customer base is clearly segmented, moving beyond just new boat sales into higher-margin, recurring revenue streams. This diversification is a direct response to the challenging retail environment seen throughout fiscal 2025, where industry units were pressured.

Here are the primary customer segments:

• Affluent, premium recreational boaters seeking high-end brands and service.
• Superyacht owners and charter clients utilizing IGY Marinas and global services.
• Value-oriented boat buyers, though this segment saw unit decline in 2025.
• Existing boat owners requiring parts, maintenance, and storage solutions.
• Institutional investors, who own 92.85% of the stock as of late 2025.

The shift in focus is evident when you look at the performance metrics for the fiscal year ended September 30, 2025. While total revenue for the full year was $2.3 billion, same-store sales actually decreased by 2.1% for the full year, showing the pressure on core retail units. Still, the strength in other areas helped the full-year gross margin stay at 32.5%.

The segment focused on the highest end of the market, served partly through the superyacht and marina operations, is a major focus area. MarineMax, Inc. (HZO) owns IGY Marinas, which operates a global network. This network serves over 10,000 annual customers across 24 marinas in 14 countries. The contributions from superyacht services, finance & insurance, and marinas helped support the Q4 fiscal 2025 gross profit margin of 34.7%, even as new boat margins were historically low.

For the value-oriented and general recreational boater segment, the demand picture was mixed across 2025:

Time Period (FY2025)	Same-Store Sales (SSS) Change	Unit Trend Context
Q2 (ended March 31)	Increase of 11%	Growth primarily driven by higher boat sales.
Q3 (ended June 30)	Decrease of 9%	Increasing consumer caution, delaying purchases.
Q4 (ended September 30)	Increase of 2.3%	New boat sales and pricing under pressure.
Full Year	Decrease of 2.1%	Unit sales were down in the quarter ending September 30, 2025.

The segment of existing owners is captured by the strong performance in parts, service, and finance & insurance, which provided strong contributions throughout the year. This recurring service revenue helps stabilize the business when new unit sales slow down. The company's strategic cost reduction included consolidating or selling three locations during Q3 FY2025.

Finally, the financial market views MarineMax, Inc. (HZO) as heavily institutionally held. As of late 2025, institutional investors own approximately 92.85% of the stock. This concentration of ownership means decisions by large funds like BlackRock, Inc. and Vanguard Group Inc., who are among the largest shareholders, definitely matter to the stock's trading dynamics.

Finance: draft 13-week cash view by Friday.

MarineMax, Inc. (HZO) - Canvas Business Model: Cost Structure

You're looking at the major drains on MarineMax, Inc.'s bottom line as the company navigated a complex 2025. The cost structure is heavily weighted toward inventory management and operating a vast physical footprint, so when the market shifts, these costs become very visible.

The pressure on boat inventory margins was a defining feature of 2025. While the company successfully grew its gross margin percentage to 34.7% in the fourth quarter of fiscal 2025, this was achieved despite historically low margins on new boats across the industry. Gross Profit for Q4 2025 was $191 million on revenue of $552.2 million. For the full fiscal year 2025, the consolidated gross margin settled at 32.5%.

Operating expenses saw a notable increase, driven by strategic shifts. Selling, General, and Administrative (SG&A) expenses for the fourth quarter of fiscal 2025 totaled $177.6 million. This represented 32.2% of the quarter's revenue, up from 29.5% in the prior-year period. This increase reflects the greater contribution of service-related revenue, which drives gross margin but also carries a different cost dynamic than pure retail store operations, along with targeted marketing investments.

Here's a quick look at the key Q4 2025 financial figures that define the cost base:

Metric	Q4 2025 Amount (USD)	Context/Comparison
Revenue	$552.2 million	Slightly down from previous year
Gross Profit	$191 million	Gross Margin of 34.7%
SG&A Expenses	$177.6 million	32.2% of Q4 Revenue
Interest Expense	$17.3 million	3.1% of Q4 Revenue
Reported Net Loss	$0.9 million	-$0.04 per share

Interest expense remains a significant line item, especially in the high-rate environment of 2025. For the fourth quarter, interest expense was $17.3 million, or 3.1% of revenue. This is a key cost tied to financing the inventory levels, even though it was slightly down year-over-year from $17.9 million in the prior-year period.

Payroll and commissions are embedded within the SG&A structure, supporting the large, skilled sales and service team necessary for MarineMax, Inc.'s operations. The cost structure is also evolving to support higher-margin segments, which have different staffing and operational expense profiles:

• Payroll and commissions for the sales force.
• Costs associated with the growing Parts and Service teams.
• Investments in the Superyacht Services division personnel.
• Expenses related to the integration of new technology platforms like Customer IQ.

Capital expenditures reflect the ongoing investment in expanding the physical footprint and service capabilities, which adds to fixed costs. MarineMax, Inc. continued its strategic facility expansion and acquisition activity through 2025. The company noted making regular investments in its business, specifically mentioning the opening of IGY Savannah and the Stewart Marina expansion. Furthermore, the acquisition of Shelterbaymarine, a boat storage, sales, service, and repair provider, was completed in January 2025, adding to the fixed asset base and associated operational costs.

The full-year 2025 financial performance shows the cumulative impact of these costs:

• Full Year Revenue: $2.31 billion.
• Full Year Adjusted EBITDA: $110 million (down from $160 million the prior year).

Finance: draft 13-week cash view by Friday.

MarineMax, Inc. (HZO) - Canvas Business Model: Revenue Streams

You're looking at the engine room of MarineMax, Inc. (HZO)'s business, the actual money coming in across its diverse operations as of late 2025. The total top-line number for the full fiscal year 2025 was $2.3 billion. This figure reflects a challenging retail environment, yet the structure of how MarineMax, Inc. earns that revenue is what kept the consolidated gross margin for the full year at 32.5%.

The core of the business remains the sale of physical assets, but the margin profile is heavily influenced by other activities. New and used boat/yacht sales are the foundation, but honestly, they were the lowest margin source in 2025, facing pricing pressure industrywide, especially in the fourth quarter. Still, the company's strategic pivot toward services and recurring revenue is clearly visible in the financial results.

Here's a quick look at the financial context for the fiscal year ended September 30, 2025:

Revenue Stream Category	FY2025 Context/Metric	Value/Percentage
Total Company Revenue (FY2025)	Annual Total	$2.3 billion
Higher-Margin Diversified Streams (F&I, Service, Marina, Brokerage)	Contribution to Total Sales	34.1%
Gross Profit Margin (FY2025 Full Year)	Consolidated Margin	32.5%
Gross Profit Margin (Q4 FY2025)	Quarter End Margin	34.7%
New Boat Sales	Retail Environment Impact	Under pressure in Q4

Finance and Insurance (F&I) income stands out as a key higher-margin contributor. This segment, along with parts and service revenue, actively helped sustain that 32.5% full-year gross margin, preventing a steeper decline when boat margins compressed. The resilience of these streams is what management points to when discussing long-term value creation.

Marina and storage fees, anchored by the IGY Marinas portfolio, represent another critical, less cyclical revenue source. IGY's global luxury marina operations, alongside Superyacht services, are definitely a more resilient, high-value segment. These services, which include brokerage and charter operations, are explicitly cited as providing strong contributions that supported the improved Q4 gross margin of 34.7%.

To be fair, the diversification is the story here. The higher-margin, recurring, or service-based revenue streams provided a necessary buffer against the volatility in the core product sales. You can see this clearly when you look at the components:

• New and used boat/yacht sales provided the bulk of the revenue, but with lower margins.
• Finance and Insurance (F&I) income is a key driver of margin improvement.
• Parts and Service revenue is essential for margin stability.
• Marina and storage fees, including the IGY Marinas portfolio, offer recurring income.
• Superyacht services (brokerage and support) are noted as resilient and high-value.

Finance: draft the Q1 FY2026 revenue projection sensitivity analysis by next Tuesday.