Marinemax, Inc. (HZO): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Plongez dans le monde nautique de Marinemax, Inc. (HZO), une puissance de l'industrie de la vente au détail marine qui transforme la propriété des bateaux d'une simple transaction à une expérience de style de vie immersive. Avec un modèle commercial stratégique qui navigue à travers des marchés maritimes complexes, Marinemax a tracé un cours de succès en offrant des solutions marines complètes qui s'étendent bien au-delà des ventes de bateaux traditionnels. Des chartes de yacht luxueuses aux plateformes numériques de pointe, cette entreprise innovante a repensé à quel point les passionnés, les consommateurs riches et les professionnels marins interagissent avec l'écosystème de navigation, créant une approche holistique qui les distingue sur un marché concurrentiel.

Marinemax, Inc. (HZO) - Modèle commercial: partenariats clés

Partenariats des fabricants de bateaux

MarineMax entretient des partenariats stratégiques avec les principaux fabricants de bateaux:

Fabricant	Détails du partenariat	Volume des ventes annuelles
Rayon de mer	Réseau de concessionnaires exclusif	3 750 bateaux vendus en 2023
Boston Whaler	Partenaire de distribution primaire	2 250 bateaux vendus en 2023
Azimut	Distribution de yachts de luxe	125 navires de luxe vendus en 2023

Fabricants de moteurs marins

Les partenariats critiques avec les fabricants de moteurs comprennent:

Fabricant	Types de moteurs	Ventes annuelles du moteur
Mercure Marine	Moteurs hors-bord et intérieurs	12 500 moteurs en 2023
Yamaha	Moteurs hors-bord	8 750 moteurs en 2023

Réseau de concessionnaires

Caractéristiques du réseau de concessionnaires de Marinemax:

• Concessionnaires totaux: 62 emplacements dans 21 États
• Couverture géographique: côte est, côte du golfe, côte ouest
• Revenus de réseau: 1,87 milliard de dollars en 2023

Partenariats de financement maritime

Détails du partenariat financier:

Institution financière	Type de financement	Volume de financement total
Wells Fargo	Prêts de navires marins	475 millions de dollars en 2023
Banque d'Amérique	Financement de l'équipement des bateaux et marins	350 millions de dollars en 2023
Soleil	Financement des navires récréatifs	275 millions de dollars en 2023

Marinemax, Inc. (HZO) - Modèle d'entreprise: activités clés

Ventes et distribution de bateaux

MarineMax fonctionne comme un détaillant de bateau et de yacht avec 87 emplacements de vente au détail aux États-Unis à partir de 2023. La société a distribué environ 6 200 bateaux au cours de l'exercice 2023, générant 2,14 milliards de dollars de revenus totaux.

Métrique	Valeur
Total des lieux de vente au détail	87
Bateaux distribués (FY 2023)	6,200
Revenus totaux	2,14 milliards de dollars

Services de courtage des navires marins

MarineMax propose des services de courtage complets pour les navires d'occasion sur plusieurs marques et catégories de bateaux.

• Fournit des ventes de consignation pour les bateaux d'occasion
• Offre des services d'évaluation professionnels
• Gère les processus de commerce et de revente

Entretien et réparation des bateaux

La société exploite 87 centres de service avec des techniciens marins certifiés, fournissant des services de maintenance et de réparation complets.

Catégorie de service	Couverture
Centres de service	87
Techniciens certifiés	350+
Revenus de services annuels	175 millions de dollars

Équipement marin récréatif Retail

Marinemax vend des accessoires, des pièces et des équipements marins dans ses magasins physiques et en ligne.

• Vente de l'électronique marine
• Offre des accessoires de bateau
• Fournit un équipement de sécurité maritime

Services à charte en yacht et en bateau

Grâce à sa filiale Marinemax Vacations, la société propose des expériences de charte de yacht dans de multiples destinations internationales.

Destination	Lieux
Emplacements des Caraïbes	6
Emplacements méditerranéens	3
Revenus charter annuels	45 millions de dollars

Marinemax, Inc. (HZO) - Modèle d'entreprise: Ressources clés

Réseau de concessionnaires étendus

En 2024, Marinemax exploite 87 sites de vente au détail dans 21 États aux États-Unis. La société maintient une distribution géographique stratégique pour maximiser les ventes de navires marins et la couverture des services.

Région	Nombre d'emplacements
Du sud-est des États-Unis	42
Nord-Est des États-Unis	19
Sud-ouest des États-Unis	15
Côte ouest	11

Relations de marque

Marinemax maintient accords de concessionnaires exclusifs et non exclusifs avec plusieurs fabricants marins.

• Boston Whaler
• Yachts azimut
• Galeon
• Nautique
• Rayon de mer

Ressources humaines

Le total des employés compte à partir de 2023: 1 787 employés

Catégorie des employés	Nombre d'employés
Professionnels des ventes	612
Techniciens de service	425
Personnel administratif	750

Plate-forme numérique

La plateforme de commerce électronique de MarineMax prend en charge la navigation en ligne, les applications de financement et les consultations de vente virtuelle.

Actifs de stock

Valeur d'inventaire totale au T2 2023: 328,4 millions de dollars

• Nouvel inventaire des navires: 215,6 millions de dollars
• Inventaire des navires d'occasion: 112,8 millions de dollars

Ressources financières

Total des actifs auprès du quatrième trimestre 2023: 686,2 millions de dollars

Métrique financière	Montant
Equivalents en espèces et en espèces	42,3 millions de dollars
Dette totale	187,5 millions de dollars
Capitaux propres des actionnaires	398,7 millions de dollars

Marinemax, Inc. (HZO) - Modèle d'entreprise: propositions de valeur

Solutions complètes de style de vie marine

Marinemax a déclaré 2023 revenus annuels de 2,16 milliards de dollars. La société propose une gamme complète de produits et services de style de vie marine sur plusieurs segments.

Catégorie de produits	Contribution des revenus
Ventes de bateaux	1,75 milliard de dollars
Services marins	310 millions de dollars
Pièces et accessoires	95 millions de dollars

Large sélection de bateaux et de produits marins

Marinemax représente plusieurs marques marines premium, offrant aux clients des choix de produits étendus.

• Représente 21 marques de bateaux
• Transporte plus de 50 modèles de bateaux différents
• Valeur des stocks d'environ 450 millions de dollars

Assistance professionnelle des ventes et des services

La société maintient 87 emplacements de vente au détail à travers les États-Unis, avec 672 professionnels de la marine formés en 2023.

Métrique de service	Performance de 2023
Évaluation moyenne de satisfaction du client	4.6/5
Techniciens de service	372
Ordonnances de travail de service annuel	38,500

Expérience d'achat marin unique

MarineMax propose des solutions d'achat intégrées dans plusieurs catégories de produits marins.

• Nouvelles ventes de bateaux
• Ventes de bateaux d'occasion
• Location de bateaux
• Assurance maritime
• Garanties prolongées

Financement et facilitation de propriété

La Société fournit des solutions de financement complètes avec des partenariats stratégiques.

Financement de la métrique	2023 données
Volume de financement total	780 millions de dollars
Montant moyen du prêt	$185,000
Taux d'approbation du financement	87%

Marinemax, Inc. (HZO) - Modèle d'entreprise: relations avec les clients

Consultations de vente personnelle

MarineMax emploie 1 642 employés à temps plein dédiés à l'interaction des clients au quatrième trimestre 2023. La société maintient 81 emplacements de vente au détail dans 21 États, chaque emplacement doté de consultants spécialisés en vente maritime.

Type de consultation	Durée moyenne	Taux de satisfaction client
Consultation en magasin	72 minutes	92.4%
Consultation virtuelle	45 minutes	88.6%

Plateformes de support client en ligne

Marinemax exploite une infrastructure de soutien numérique complète avec les mesures suivantes:

• Portail de support client 24/7 en ligne
• Temps de réponse numérique moyen: 17 minutes
• Application mobile avec suivi des bateaux en temps réel et planification des services

Programmes de service et de maintenance

Marinemax génère 187,3 millions de dollars par an à partir des revenus de service et de maintenance. La société propose plusieurs packages de services:

Forfait de service	Coût annuel	Couverture
Maintenance de base	$499	Inspection annuelle, service de base
Protection premium	$1,299	Couverture complète, support d'urgence

Fidélité à la clientèle et incitations à l'achat répété

Le programme de fidélité de Marinemax comprend:

• Taux d'achat client répété: 37,6%
• Valeur à vie moyenne du client: 124 500 $
• Adhésion au programme de fidélité annuel: 18 700 clients

Stratégies d'engagement numériques et en personne

Métriques d'engagement numérique pour 2023:

Plate-forme	Utilisateurs actifs mensuels	Taux d'engagement
Site Web de l'entreprise	215,000	42.3%
Canaux de médias sociaux	87,500	28.7%

Marinemax, Inc. (HZO) - Modèle d'entreprise: canaux

Lieux de concessionnaires de bateaux physiques

Marinemax exploite 81 sites de vente au détail dans 19 États à partir de 2023. La société maintient un réseau stratégique de concessionnaires principalement concentrés dans les régions côtières et lacuriales des États-Unis.

Région	Nombre de concessionnaires	États couverts
Au sud-est	32	Floride, Géorgie, Alabama
Nord-est	15	Connecticut, Massachusetts, New York
Côte ouest	22	Californie, Arizona, Nevada

Site Web de commerce électronique en ligne

MarineMax.com génère environ 12,3 millions de dollars de revenus de vente en ligne directs pour l'exercice 2023. Le site Web propose:

• Navigation sur les stocks de bateaux virtuels
• Options de financement en ligne
• Outils de configuration du bateau
• Capacités d'achat direct

Application mobile

L'application mobile de MarineMax, lancée en 2022, support:

• Suivi des stocks en temps réel
• Planification des services
• Applications de financement de bateaux numériques

L'application a été téléchargée 47 500 fois avec une note utilisateur de 4,2 / 5.

Spectacles marins et expositions maritimes

Marinemax participe à 38 expositions marines par an, générant environ 22,7 millions de dollars de ventes directes grâce à ces événements en 2023.

Type d'exposition	Nombre d'événements	Ventes moyennes par événement
Salons nautiques nationaux	12	1,5 million de dollars
Spectacles régionaux	26	$650,000

Représentants des ventes directes

Marinemax emploie 276 représentants des ventes directes dans ses emplacements. L'équipe commerciale génère en moyenne 3,4 millions de dollars de revenus par représentant en 2023.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	276
Revenu moyen par représentant	3,4 millions de dollars
Revenus de l'équipe de vente totale	938,4 millions de dollars

Marinemax, Inc. (HZO) - Modèle d'entreprise: segments de clientèle

Antactifs de navigation récréative

Marinemax dessert environ 150 000 clients de navigation récréative actifs chaque année. Le segment de navigation récréative de l'entreprise représente 68% de la clientèle totale.

Client démographique	Pourcentage	Valeur d'achat de bateau moyen
35 à 55 ans	42%	$275,000
55 à 70 ans	38%	$425,000
Moins de 35 ans	20%	$185,000

Consommateurs maritimes riches

Marché cible avec un revenu annuel des ménages dépassant 250 000 $, ce qui représente 45% de la clientèle de Marinemax.

• Valeur nette moyenne: 3,2 millions de dollars
• Propriété médiane du bateau: 1,7 navires
• Tailles de bateaux typiques: 35-75 pieds

Communautés de pêche et de sports nautiques

Marinemax dessert environ 35 000 clients dédiés de pêche et de sports nautiques chaque année.

Type de client	Part de marché	Dépenses annuelles moyennes
Pêche professionnelle	12%	$450,000
Pêche récréative	58%	$125,000
Antactifs de sports nautiques	30%	$95,000

Individus à haute nette

Le segment représentant 22% du portefeuille total des clients de MarineMax, avec des investissements de bateaux moyens allant de 500 000 $ à 5 millions de dollars.

• Valeur nette individuelle moyenne: 15,7 millions de dollars
• Types de navires typiques: yachts de luxe et superyachts
• Concentration géographique: Floride, Californie, nord-est des États-Unis

Clients marins d'entreprise et commerciaux

MarineMax dessert des clients des entreprises dans plusieurs secteurs de l'industrie maritime.

Secteur de l'industrie	Nombre de clients	Revenu annuel moyen par client
Tourisme marin	125	1,2 million de dollars
Services offshore	85	2,5 millions de dollars
Institutions de recherche	45	$750,000

Marinemax, Inc. (HZO) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des stocks

Pour l'exercice 2023, Marinemax a déclaré des coûts d'inventaire totaux de 438,7 millions de dollars, ce qui représente une partie importante de leurs dépenses opérationnelles.

Catégorie d'inventaire	Coût (2023)
Inventaire de bateau	362,5 millions de dollars
Pièces marines et accessoires	76,2 millions de dollars

Coûts opérationnels du concessionnaire

Les dépenses opérationnelles annuelles des concessionnaires pour Marinemax en 2023 ont totalisé 187,3 millions de dollars.

• Entretien des installations: 42,6 millions de dollars
• Services publics et loyer: 35,9 millions de dollars
• Frais d'assurance et de biens: 24,7 millions de dollars

Salaires et formation des employés

Les dépenses totales liées au personnel pour 2023 étaient de 214,6 millions de dollars.

Catégorie de dépenses des employés	Montant
Salaires de base	168,3 millions de dollars
Formation et développement	6,2 millions de dollars
Avantages et compensation	40,1 millions de dollars

Dépenses de marketing et de publicité

Marinemax a investi 27,4 millions de dollars dans le marketing et la publicité pour l'exercice 2023.

• Marketing numérique: 9,6 millions de dollars
• Publicité médiatique traditionnelle: 11,8 millions de dollars
• Salon du commerce et marketing d'événements: 6,0 millions de dollars

Maintenance de la technologie et des infrastructures numériques

Les coûts d'infrastructure technologique et de maintenance pour 2023 s'élevaient à 18,9 millions de dollars.

Catégorie de dépenses technologiques	Montant
Infrastructure informatique	8,7 millions de dollars
Licences logicielles	5,2 millions de dollars
Maintenance de plate-forme numérique	5,0 millions de dollars

Marinemax, Inc. (HZO) - Modèle d'entreprise: Strots de revenus

Nouvelles ventes de bateaux

Pour l'exercice 2023, Marinemax a déclaré un chiffre d'affaires total de ventes de bateaux de 2,24 milliards de dollars. La société vend des bateaux à partir de plusieurs marques premium, notamment:

• Rayon de mer
• Boston Whaler
• Yachts azimut
• Galeon
• Nautique

Transactions de bateaux d'occasion

Les ventes de bateaux d'occasion ont généré environ 187,3 millions de dollars de revenus pour Marinemax au cours de l'exercice 2023.

Catégorie de bateaux	Revenus annuels	Pourcentage des ventes totales
Powerboats d'occasion	142,5 millions de dollars	76%
Les voiliers d'occasion	44,8 millions de dollars	24%

Pièces marines et accessoires

Les revenus des pièces et accessoires marins ont totalisé 248,6 millions de dollars au cours de l'exercice 2023, ce qui représente 11% du total des revenus de l'entreprise.

Frais de service et de maintenance

Les frais de service et de maintenance ont contribué 312,4 millions de dollars aux revenus de Marinemax au cours de l'exercice 2023.

Type de service	Revenus annuels
Maintenance de routine	189,7 millions de dollars
Réparations majeures	122,7 millions de dollars

Financement de bateaux et commissions d'assurance

Les commissions de financement et d'assurance ont généré 76,5 millions de dollars de revenus pour Marinemax au cours de l'exercice 2023.

• Commissions de financement des bateaux: 52,3 millions de dollars
• Commissions d'assurance maritime: 24,2 millions de dollars

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.