MarineMax, Inc. (HZO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo náutico de Marinemax, Inc. (HZO), una potencia en la industria minorista marina que transforma la propiedad del barco de una mera transacción a una experiencia de estilo de vida inmersiva. Con un modelo de negocio estratégico que navega a través de complejos mercados marítimos, Marinemax ha trazado un curso de éxito al ofrecer soluciones marinas integrales que se extienden mucho más allá de las ventas tradicionales de botes. Desde chárteres de yates de lujo hasta plataformas digitales de vanguardia, esta compañía innovadora ha reinventado cómo los entusiastas, los consumidores ricos y los profesionales marinos interactúan con el ecosistema de navegación, creando un enfoque holístico que los distingue en un mercado competitivo.

Marinemax, Inc. (HZO) - Modelo de negocios: asociaciones clave

Asociaciones de fabricantes de barcos

Marinemax mantiene asociaciones estratégicas con los principales fabricantes de botes:

Fabricante	Detalles de la asociación	Volumen de ventas anual
Rayo de mar	Red de distribuidores exclusivos	3.750 barcos vendidos en 2023
Boston Whaler	Socio de distribución principal	2.250 barcos vendidos en 2023
Azimut	Distribución de yates de lujo	125 buques de lujo vendidos en 2023

Fabricantes de motores marinos

Las asociaciones críticas con los fabricantes de motores incluyen:

Fabricante	Tipos de motor	Venta anual de motor
Marina de mercurio	Motores externos e intermedios	12,500 motores en 2023
Yamaha	Motores externos	8,750 motores en 2023

Red de concesionario

Características de la red de concesionario de Marinemax:

• Concesionarios totales: 62 ubicaciones en 21 estados
• Cobertura geográfica: costa este, costa del golfo, costa oeste
• Ingresos de la red: $ 1.87 mil millones en 2023

Asociaciones de financiamiento marino

Detalles de la asociación financiera:

Institución financiera	Tipo de financiamiento	Volumen de financiamiento total
Wells Fargo	Préstamos de embarcaciones marinas	$ 475 millones en 2023
Banco de América	Financiación de equipos marinos y marinos	$ 350 millones en 2023
Suntrust	Financiación de buques recreativos	$ 275 millones en 2023

Marinemax, Inc. (HZO) - Modelo de negocio: actividades clave

Venta y distribución de botes

Marinemax opera como un minorista líder de botes y yates con 87 ubicaciones minoristas en los Estados Unidos a partir de 2023. La compañía distribuyó aproximadamente 6,200 barcos en el año fiscal 2023, generando $ 2.14 mil millones en ingresos totales.

Métrico	Valor
Ubicaciones minoristas totales	87
Barcos distribuidos (el año fiscal 2023)	6,200
Ingresos totales	$ 2.14 mil millones

Servicios de corretaje de embarcaciones marinas

Marinemax ofrece servicios integrales de corretaje para embarcaciones usadas en múltiples marcas y categorías de botes.

• Proporciona ventas de consignación para barcos usados
• Ofrece servicios de valoración profesional
• Gestiona los procesos de intercambio y reventa

Mantenimiento y reparación de botes

La compañía opera 87 centros de servicio con técnicos marinos certificados, proporcionando servicios integrales de mantenimiento y reparación.

Categoría de servicio	Cobertura
Centros de servicio	87
Técnicos certificados	350+
Ingresos de servicio anuales	$ 175 millones

Equipos marinos recreativos minorista

Marinemax vende accesorios, piezas y equipos marinos a través de sus tiendas físicas y en línea.

• Vende electrónica marina
• Ofrece accesorios para embarcaciones
• Proporciona equipos de seguridad marina

Servicios de chárter de yates y botes

A través de su subsidiaria Marinemax Vacations, la compañía ofrece experiencias de la carta de yates en múltiples destinos internacionales.

Destino de la carta	Ubicación
Ubicaciones del Caribe	6
Ubicaciones mediterráneas	3
Ingresos anuales de la carta	$ 45 millones

Marinemax, Inc. (HZO) - Modelo de negocio: recursos clave

Red de concesionario extensa

A partir de 2024, Marinemax opera 87 ubicaciones minoristas en 21 estados en los Estados Unidos. La compañía mantiene una distribución geográfica estratégica para maximizar la cobertura de ventas y servicios de embarcaciones marinas.

Región	Número de ubicaciones
Sudeste de los Estados Unidos	42
Nordeste de los Estados Unidos	19
Suroeste de los Estados Unidos	15
Costa oeste	11

Relaciones de marca

Marinemax mantiene acuerdos exclusivos y no exclusivos con múltiples fabricantes marinos.

• Boston Whaler
• Yates azimut
• Galeón
• Náutica
• Rayo de mar

Recursos humanos

Total de los empleados cuenta a partir de 2023: 1.787 empleados

Categoría de empleado	Número de empleados
Profesionales de ventas	612
Técnicos de servicio	425
Personal administrativo	750

Plataforma digital

La plataforma de comercio electrónico de Marinemax admite la navegación de inventario en línea, aplicaciones de financiamiento y consultas de ventas virtuales.

Activos de inventario

Valor de inventario total a partir del cuarto trimestre 2023: $ 328.4 millones

• Nuevo inventario de embarcaciones: $ 215.6 millones
• Inventario de embarcaciones de propiedad de propiedad: $ 112.8 millones

Recursos financieros

Activos totales a partir del cuarto trimestre 2023: $ 686.2 millones

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 42.3 millones
Deuda total	$ 187.5 millones
Patrimonio de los accionistas	$ 398.7 millones

Marinemax, Inc. (HZO) - Modelo de negocio: propuestas de valor

Soluciones integrales de estilo de vida marino

Marinemax reportó 2023 ingresos anuales de $ 2.16 mil millones. La compañía ofrece una gama integral de productos y servicios de estilo de vida marino en múltiples segmentos.

Categoría de productos	Contribución de ingresos
Ventas de botes	$ 1.75 mil millones
Servicios marinos	$ 310 millones
Piezas y accesorios	$ 95 millones

Amplia selección de barcos y productos marinos

Marinemax representa múltiples marcas marinas premium, ofreciendo a los clientes amplias opciones de productos.

• Representa 21 marcas de botes
• Transporta a 50 modelos de botes diferentes
• Valor de inventario de aproximadamente $ 450 millones

Soporte de ventas y servicios profesionales

La compañía mantiene 87 ubicaciones minoristas en los Estados Unidos, con 672 profesionales marinos capacitados a partir de 2023.

Métrico de servicio	2023 rendimiento
Calificación promedio de satisfacción del cliente	4.6/5
Técnicos de servicio	372
Órdenes anuales de trabajo de servicio	38,500

Experiencia de compra marina única

Marinemax ofrece soluciones de compra integradas en múltiples categorías de productos marinos.

• Nuevas ventas de embarcaciones
• Ventas de botes usados
• Alquiler de botes
• Seguro marino
• Garantías extendidas

Facilitación de financiamiento y propiedad

La compañía proporciona soluciones de financiamiento integrales con asociaciones estratégicas.

Métrico de financiamiento	2023 datos
Volumen de financiamiento total	$ 780 millones
Monto promedio del préstamo	$185,000
Tasa de aprobación de financiamiento	87%

Marinemax, Inc. (HZO) - Modelo de negocios: relaciones con los clientes

Consultas de ventas personales

Marinemax emplea a 1.642 empleados a tiempo completo dedicados a la interacción del cliente a partir del cuarto trimestre de 2023. La compañía mantiene 81 ubicaciones minoristas en 21 estados, con cada ubicación atendida por consultores especializados de ventas marinas.

Tipo de consulta	Duración promedio	Tasa de satisfacción del cliente
Consulta en la tienda	72 minutos	92.4%
Consulta virtual	45 minutos	88.6%

Plataformas de atención al cliente en línea

Marinemax opera una infraestructura integral de soporte digital con las siguientes métricas:

• Portal de soporte al cliente en línea 24/7
• Tiempo de respuesta digital promedio: 17 minutos
• Aplicación móvil con seguimiento de botes en tiempo real y programación de servicios

Programas de servicio y mantenimiento

Marinemax genera $ 187.3 millones anuales a partir de ingresos por servicio y mantenimiento. La compañía ofrece múltiples paquetes de servicio:

Paquete de servicio	Costo anual	Cobertura
Mantenimiento básico	$499	Inspección anual, servicio básico
Protección premium	$1,299	Cobertura integral, apoyo de emergencia

Fidosidad de la lealtad del cliente y repetir los incentivos de compra

El programa de lealtad de Marinemax incluye:

• Tasa de compra del cliente repetido: 37.6%
• Valor promedio de por vida del cliente: $ 124,500
• Membresía anual del programa de fidelización: 18.700 clientes

Estrategias de participación digitales y en persona

Métricas de compromiso digital para 2023:

Plataforma	Usuarios activos mensuales	Tasa de compromiso
Sitio web de la empresa	215,000	42.3%
Canales de redes sociales	87,500	28.7%

Marinemax, Inc. (HZO) - Modelo de negocios: canales

Ubicaciones de concesionario físico de botes

Marinemax opera 81 ubicaciones minoristas en 19 estados a partir de 2023. La compañía mantiene una red estratégica de concesionarios concentrados principalmente en regiones costeras y de los lagos de los Estados Unidos.

Región	Número de concesionarios	Estados cubiertos
Sudeste	32	Florida, Georgia, Alabama
Nordeste	15	Connecticut, Massachusetts, Nueva York
Costa oeste	22	California, Arizona, Nevada

Sitio web de comercio electrónico en línea

Marinemax.com genera aproximadamente $ 12.3 millones en ingresos directos de ventas en línea para el año fiscal 2023. El sitio web ofrece:

• Navegación de inventario de botes virtuales
• Opciones de financiamiento en línea
• Herramientas de configuración de embarcaciones
• Capacidades de compra directa

Aplicación móvil

La aplicación móvil de Marinemax, lanzada en 2022, admite:

• Seguimiento de inventario en tiempo real
• Programación de servicios
• Aplicaciones de financiamiento de botes digitales

La aplicación se ha descargado 47,500 veces con una calificación de usuario de 4.2/5.

Espectáculos y exposiciones marinas de botes

Marinemax participa en 38 exposiciones marinas anualmente, generando aproximadamente $ 22.7 millones en ventas directas a través de estos eventos en 2023.

Tipo de exhibición	Número de eventos	Ventas promedio por evento
Espectáculos de botes nacionales	12	$ 1.5 millones
Espectáculos de botes regionales	26	$650,000

Representantes de ventas directas

Marinemax emplea a 276 representantes de ventas directas en sus ubicaciones. El equipo de ventas genera un promedio de $ 3.4 millones en ingresos por representante en 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	276
Ingresos promedio por representante	$ 3.4 millones
Ingresos totales del equipo de ventas	$ 938.4 millones

Marinemax, Inc. (HZO) - Modelo de negocio: segmentos de clientes

Entusiastas de la navegación recreativa

Marinemax atiende a aproximadamente 150,000 clientes activos de navegación recreativa anualmente. El segmento de navegación recreativa de la compañía representa el 68% de la base total de clientes.

Demográfico del cliente	Porcentaje	Valor promedio de compra del barco
Edad 35-55	42%	$275,000
Edad 55-70	38%	$425,000
Sobre 35	20%	$185,000

Consumidores marítimos ricos

Mercado objetivo con ingresos familiares anuales superiores a $ 250,000, lo que representa el 45% de la base de clientes de Marinemax.

• Patrimonio neto promedio: $ 3.2 millones
• Propiedad mediana del barco: 1.7 embarcaciones
• Tamaños típicos del barco: 35-75 pies

Comunidades de pesca y deportes acuáticos

Marinemax atiende a aproximadamente 35,000 clientes dedicados de pesca y deportes acuáticos anualmente.

Tipo de cliente	Cuota de mercado	Gasto anual promedio
Pesca profesional	12%	$450,000
Pesca recreativa	58%	$125,000
Entusiastas de los deportes acuáticos	30%	$95,000

Individuos de alto nivel de red

Segmento que representa el 22% de la cartera total de clientes de Marinemax, con inversiones promedio de botes que van desde $ 500,000 a $ 5 millones.

• Patrimonio neto individual promedio: $ 15.7 millones
• Tipos de vasos típicos: yates de lujo y superyates
• Concentración geográfica: Florida, California, noreste de EE. UU.

Clientes marinos corporativos y comerciales

Marinemax sirve a clientes corporativos en múltiples sectores de la industria marina.

Sector industrial	Conteo de clientes	Ingresos anuales promedio por cliente
Turismo marino	125	$ 1.2 millones
Servicios en alta mar	85	$ 2.5 millones
Instituciones de investigación	45	$750,000

Marinemax, Inc. (HZO) - Modelo de negocio: Estructura de costos

Gastos de adquisición de inventario

Para el año fiscal 2023, Marinemax informó costos totales de inventario de $ 438.7 millones, lo que representa una parte significativa de sus gastos operativos.

Categoría de inventario	Costo (2023)
Inventario de botes	$ 362.5 millones
Piezas y accesorios marinos	$ 76.2 millones

Costos operativos del concesionario

Los gastos operativos anuales del concesionario para Marinemax en 2023 totalizaron $ 187.3 millones.

• Mantenimiento de la instalación: $ 42.6 millones
• Servicios públicos y alquiler: $ 35.9 millones
• Gastos de seguro y propiedad: $ 24.7 millones

Salarios y capacitación de los empleados

Los gastos totales relacionados con el personal para 2023 fueron de $ 214.6 millones.

Categoría de gastos de los empleados	Cantidad
Salarios base	$ 168.3 millones
Capacitación y desarrollo	$ 6.2 millones
Beneficios y compensación	$ 40.1 millones

Gastos de marketing y publicidad

Marinemax invirtió $ 27.4 millones en marketing y publicidad para el año fiscal 2023.

• Marketing digital: $ 9.6 millones
• Publicidad de medios tradicional: $ 11.8 millones
• Marketing de ferias y eventos: $ 6.0 millones

Tecnología y mantenimiento de infraestructura digital

Los costos de infraestructura y mantenimiento de tecnología para 2023 ascendieron a $ 18.9 millones.

Categoría de gastos tecnológicos	Cantidad
Infraestructura	$ 8.7 millones
Licencias de software	$ 5.2 millones
Mantenimiento de la plataforma digital	$ 5.0 millones

Marinemax, Inc. (HZO) - Modelo de negocios: flujos de ingresos

Nuevas ventas de embarcaciones

Para el año fiscal 2023, Marinemax reportó ingresos totales de ventas de botes de $ 2.24 mil millones. La compañía vende barcos de múltiples marcas premium que incluyen:

• Rayo de mar
• Boston Whaler
• Yates azimut
• Galeón
• Náutica

Transacciones de botes usadas

Las ventas de botes de propiedad de propiedad generaron aproximadamente $ 187.3 millones en ingresos para Marinemax en el año fiscal 2023.

Categoría de bote	Ingresos anuales	Porcentaje de ventas totales
Botes de poder usados	$ 142.5 millones	76%
Veleros usados	$ 44.8 millones	24%

Piezas y accesorios marinos

Los ingresos por piezas y accesorios marinos totalizaron $ 248.6 millones en el año fiscal 2023, lo que representa el 11% de los ingresos totales de la compañía.

Tarifas de servicio y mantenimiento

Las tarifas de servicio y mantenimiento contribuyeron con $ 312.4 millones a los ingresos de Marinemax en el año fiscal 2023.

Tipo de servicio	Ingresos anuales
Mantenimiento de rutina	$ 189.7 millones
Reparaciones importantes	$ 122.7 millones

Financiamiento de botes y comisiones de seguros

Las comisiones de financiamiento y seguros generaron $ 76.5 millones en ingresos para Marinemax en el año fiscal 2023.

• Comisiones de financiamiento de botes: $ 52.3 millones
• Comisiones de seguro marino: $ 24.2 millones

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.