Marinemax, Inc. (HZO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo náutico da Marinemax, Inc. (HZO), uma potência no setor de varejo marítimo que transforma a propriedade de barcos de uma mera transação em uma experiência imersiva no estilo de vida. Com um modelo de negócios estratégico que navega por mercados marítimos complexos, a Marinemax traçou um curso de sucesso, oferecendo soluções marinhas abrangentes que se estendem muito além das vendas tradicionais de barcos. De cartas de iate luxuosas a plataformas digitais de ponta, essa empresa inovadora reimaginou como os entusiastas, consumidores ricos e profissionais marinhos interagem com o ecossistema de barco, criando uma abordagem holística que os diferencia em um mercado competitivo.

Marinemax, Inc. (HZO) - Modelo de Negócios: Parcerias -Chaves

Parcerias dos fabricantes de barcos

O Marinemax mantém parcerias estratégicas com os principais fabricantes de barcos:

Fabricante	Detalhes da parceria	Volume anual de vendas
Raio marinho	Rede de revendedores exclusivos	3.750 barcos vendidos em 2023
Boston Whaler	Parceiro de distribuição primária	2.250 barcos vendidos em 2023
Azimut	Distribuição de iate de luxo	125 navios de luxo vendidos em 2023

Fabricantes de motores marinhos

Parcerias críticas com os fabricantes de motores incluem:

Fabricante	Tipos de motor	Vendas anuais de motores
Mercury Marine	Motores externos e internos	12.500 motores em 2023
Yamaha	Motores externos	8.750 motores em 2023

Rede de concessionária

Características da rede de concessionárias da Marinemax:

• Total de concessionárias: 62 locais em 21 estados
• Cobertura geográfica: Costa Leste, Costa do Golfo, Costa Oeste
• Receita de rede: US $ 1,87 bilhão em 2023

Parcerias de financiamento marítimo

Detalhes da parceria financeira:

Instituição financeira	Tipo de financiamento	Volume total de financiamento
Wells Fargo	Empréstimos para embarcações marinhas	US $ 475 milhões em 2023
Bank of America	Financiamento de equipamentos de barco e marinho	US $ 350 milhões em 2023
Suntrust	Financiamento de embarcações recreativas	US $ 275 milhões em 2023

Marinemax, Inc. (HZO) - Modelo de negócios: Atividades -chave

Vendas e distribuição de barcos

A Marinemax opera como um varejista líder de barco e iate, com 87 locais de varejo nos Estados Unidos a partir de 2023. A empresa distribuiu aproximadamente 6.200 barcos no ano fiscal de 2023, gerando US $ 2,14 bilhões em receita total.

Métrica	Valor
Locais totais de varejo	87
Barcos distribuídos (FY 2023)	6,200
Receita total	US $ 2,14 bilhões

Serviços de corretagem de embarcações marítimas

A Marinemax oferece serviços abrangentes de corretagem para embarcações usadas em várias marcas e categorias de barcos.

• Fornece vendas de consignação para barcos usados
• Oferece serviços de avaliação profissional
• Gerencia processos de troca e revenda

Manutenção e reparo de barcos

A empresa opera 87 centros de serviços com técnicos marítimos certificados, fornecendo serviços abrangentes de manutenção e reparo.

Categoria de serviço	Cobertura
Centros de serviço	87
Técnicos certificados	350+
Receita anual de serviço	US $ 175 milhões

Varejo de equipamentos marinhos recreativos

A MarineMax vende acessórios, peças e equipamentos marítimos por meio de suas lojas físicas e on -line.

• Vende eletrônicos marinhos
• Oferece acessórios para barcos
• Fornece equipamentos de segurança marinha

Serviços de fretamento de iate e barco

Através de suas férias subsidiárias da Marinemax, a empresa oferece experiências de fretamento de iate em vários destinos internacionais.

Destino de fretamento	Locais
Locais do Caribe	6
Locais do Mediterrâneo	3
Receita anual de fretamento	US $ 45 milhões

Marinemax, Inc. (HZO) - Modelo de negócios: Recursos -chave

Extensa rede de concessionárias

A partir de 2024, a Marinemax opera 87 locais de varejo em 21 estados nos Estados Unidos. A empresa mantém uma distribuição geográfica estratégica para maximizar as vendas de embarcações marítimas e a cobertura de serviços.

Região	Número de locais
Sudeste dos Estados Unidos	42
Nordeste dos Estados Unidos	19
Sudoeste dos Estados Unidos	15
Costa Oeste	11

Relacionamentos de marca

Marinemax mantém Acordos exclusivos e não exclusivos de revendedores com vários fabricantes marítimos.

• Boston Whaler
• Azimut Yachts
• Galeon
• Nautique
• Raio marinho

Recursos Humanos

Contagem total de funcionários em 2023: 1.787 funcionários

Categoria de funcionários	Número de funcionários
Profissionais de vendas	612
Técnicos de serviço	425
Equipe administrativo	750

Plataforma digital

A plataforma de comércio eletrônico da Marinemax suporta a navegação de inventário on-line, pedidos de financiamento e consultas de vendas virtuais.

Ativos de inventário

Valor total do inventário a partir do quarto trimestre 2023: US $ 328,4 milhões

• Novo inventário de embarcações: US $ 215,6 milhões
• Inventário de embarcações de propriedade: US $ 112,8 milhões

Recursos financeiros

Total de ativos a partir do quarto trimestre 2023: US $ 686,2 milhões

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 42,3 milhões
Dívida total	US $ 187,5 milhões
Equidade dos acionistas	US $ 398,7 milhões

Marinemax, Inc. (HZO) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de estilo de vida marinha

A Marinemax registrou 2023 receita anual de US $ 2,16 bilhões. A empresa oferece uma gama abrangente de produtos e serviços de estilo de vida marinha em vários segmentos.

Categoria de produto	Contribuição da receita
Vendas de barcos	US $ 1,75 bilhão
Serviços marinhos	US $ 310 milhões
Peças e acessórios	US $ 95 milhões

Ampla seleção de barcos e produtos marinhos

O Marinemax representa várias marcas marinhas premium, oferecendo aos clientes extensas opções de produtos.

• Representa 21 marcas de barco
• Carrega mais de 50 modelos de barco diferentes
• Valor de inventário aproximadamente US $ 450 milhões

Vendas profissionais e suporte de serviço

A empresa mantém 87 locais de varejo nos Estados Unidos, com 672 profissionais marinhos treinados a partir de 2023.

Métrica de serviço	2023 desempenho
Classificação média de satisfação do cliente	4.6/5
Técnicos de serviço	372
Ordens de serviço de serviço anual	38,500

Experiência de compra marinha única

O Marinemax oferece soluções de compra integradas em várias categorias de produtos marítimos.

• Vendas de novos barcos
• Vendas de barcos usados
• Aluguel de barcos
• Seguro marítimo
• Garantias estendidas

Facilitação de financiamento e propriedade

A empresa fornece soluções abrangentes de financiamento com parcerias estratégicas.

Métrica de financiamento	2023 dados
Volume total de financiamento	US $ 780 milhões
Valor médio do empréstimo	$185,000
Taxa de aprovação de financiamento	87%

Marinemax, Inc. (HZO) - Modelo de Negócios: Relacionamentos do Cliente

Consultas de vendas pessoais

A Marinemax emprega 1.642 funcionários em período integral dedicados à interação do cliente a partir do quarto trimestre 2023. A empresa mantém 81 locais de varejo em 21 estados, com cada local com consultores de vendas marítimas especializadas.

Tipo de consulta	Duração média	Taxa de satisfação do cliente
Consulta na loja	72 minutos	92.4%
Consulta virtual	45 minutos	88.6%

Plataformas de suporte ao cliente online

O MarineMax opera uma infraestrutura abrangente de suporte digital com as seguintes métricas:

• 24/7 portal de suporte ao cliente online
• Tempo médio de resposta digital: 17 minutos
• Aplicativo móvel com rastreamento de barco em tempo real e agendamento de serviços

Programas de serviço e manutenção

O Marinemax gera US $ 187,3 milhões anualmente a partir de receitas de serviço e manutenção. A empresa oferece vários pacotes de serviço:

Pacote de serviço	Custo anual	Cobertura
Manutenção básica	$499	Inspeção anual, serviço básico
Proteção premium	$1,299	Cobertura abrangente, suporte de emergência

Lealdade do cliente e repetir incentivos de compra

O programa de fidelidade de Marinemax inclui:

• Taxa de compra repetida do cliente: 37,6%
• Valor da vida média do cliente: US $ 124.500
• Associação anual do Programa de Fidelidade: 18.700 clientes

Estratégias de engajamento digital e pessoal

Métricas de engajamento digital para 2023:

Plataforma	Usuários ativos mensais	Taxa de engajamento
Site da empresa	215,000	42.3%
Canais de mídia social	87,500	28.7%

Marinemax, Inc. (HZO) - Modelo de Negócios: Canais

Locais de concessionária de barcos físicos

A MarineMax opera 81 locais de varejo em 19 estados a partir de 2023. A Companhia mantém uma rede estratégica de concessionárias concentrada principalmente nas regiões costeiras e lagos dos Estados Unidos.

Região	Número de concessionárias	Estados cobertos
Sudeste	32	Flórida, Geórgia, Alabama
Nordeste	15	Connecticut, Massachusetts, Nova York
Costa Oeste	22	Califórnia, Arizona, Nevada

Site online de comércio eletrônico

Marinemax.com gera aproximadamente US $ 12,3 milhões em receita direta de vendas on -line para o ano fiscal de 2023. O site oferece:

• Navegação de inventário de barco virtual
• Opções de financiamento online
• Ferramentas de configuração de barco
• Recursos de compra direta

Aplicativo móvel

O aplicativo móvel da Marinemax, lançado em 2022, suporta:

• Rastreamento de inventário em tempo real
• Programação de serviço
• Aplicações de financiamento de barcos digitais

O aplicativo foi baixado 47.500 vezes com uma classificação de usuário 4.2/5.

Shows de barcos marinhos e exposições

O Marinemax participa de 38 exposições marinhas anualmente, gerando aproximadamente US $ 22,7 milhões em vendas diretas através desses eventos em 2023.

Tipo de exposição	Número de eventos	Vendas médias por evento
Shows nacionais de barco	12	US $ 1,5 milhão
Shows regionais de barco	26	$650,000

Representantes de vendas diretas

A Marinemax emprega 276 representantes de vendas diretas em seus locais. A equipe de vendas gera uma média de US $ 3,4 milhões em receita por representante em 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	276
Receita média por representante	US $ 3,4 milhões
Receita total da equipe de vendas	US $ 938,4 milhões

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

Entusiastas de barco recreativo

A Marinemax atende a aproximadamente 150.000 clientes ativos de barco recreativo anualmente. O segmento de barco recreativo da empresa representa 68% da base total de clientes.

Demografia demográfica do cliente	Percentagem	Valor médio de compra de barco
Idade 35-55	42%	$275,000
Idade 55-70	38%	$425,000
Abaixo de 35	20%	$185,000

Consumidores marítimos ricos

Mercado -alvo com renda familiar anual superior a US $ 250.000, representando 45% da base de clientes da Marinemax.

• Patrimônio líquido médio: US $ 3,2 milhões
• Propriedade mediana do barco: 1,7 navios
• Tamanhos de barcos típicos: 35-75 pés

Comunidades de pesca e esportes aquáticos

A Marinemax atende a aproximadamente 35.000 clientes dedicados de esportes de pesca e água anualmente.

Tipo de cliente	Quota de mercado	Gastos médios anuais
Pesca profissional	12%	$450,000
Pesca recreativa	58%	$125,000
Entusiastas dos esportes aquáticos	30%	$95,000

Indivíduos de alta rede

Segmento representando 22% do portfólio total de clientes da MarineMax, com investimentos médios de barco que variam de US $ 500.000 a US $ 5 milhões.

• Patrimônio líquido individual médio: US $ 15,7 milhões
• Tipos típicos de embarcações: iates e super iates de luxo
• Concentração geográfica: Flórida, Califórnia, nordeste dos EUA

Clientes marítimos corporativos e comerciais

A Marinemax atende clientes corporativos em vários setores da indústria marinha.

Setor da indústria	Contagem de clientes	Receita média anual por cliente
Turismo marinho	125	US $ 1,2 milhão
Serviços offshore	85	US $ 2,5 milhões
Instituições de pesquisa	45	$750,000

Marinemax, Inc. (HZO) - Modelo de negócios: estrutura de custos

Despesas de aquisição de inventário

Para o ano fiscal de 2023, a Marinemax registrou custos totais de estoque de US $ 438,7 milhões, representando uma parcela significativa de suas despesas operacionais.

Categoria de inventário	Custo (2023)
Inventário de barco	US $ 362,5 milhões
Peças e acessórios marinhos	US $ 76,2 milhões

Custos operacionais da concessionária

As despesas operacionais anuais de concessionária para Marinemax em 2023 totalizaram US $ 187,3 milhões.

• Manutenção da instalação: US $ 42,6 milhões
• Utilitários e aluguel: US $ 35,9 milhões
• Despesas de seguro e propriedade: US $ 24,7 milhões

Salários e treinamento de funcionários

As despesas totais relacionadas ao pessoal para 2023 foram de US $ 214,6 milhões.

Categoria de despesas com funcionários	Quantia
Salários da base	US $ 168,3 milhões
Treinamento e desenvolvimento	US $ 6,2 milhões
Benefícios e compensação	US $ 40,1 milhões

Despesas de marketing e publicidade

A Marinemax investiu US $ 27,4 milhões em marketing e publicidade para o ano fiscal de 2023.

• Marketing Digital: US $ 9,6 milhões
• Publicidade da mídia tradicional: US $ 11,8 milhões
• Feira de feira e marketing de eventos: US $ 6,0 milhões

Manutenção de tecnologia e infraestrutura digital

Os custos de infraestrutura e manutenção de tecnologia para 2023 totalizaram US $ 18,9 milhões.

Categoria de despesa de tecnologia	Quantia
Infraestrutura de TI	US $ 8,7 milhões
Licenças de software	US $ 5,2 milhões
Manutenção da plataforma digital	US $ 5,0 milhões

Marinemax, Inc. (HZO) - Modelo de negócios: fluxos de receita

Vendas de novos barcos

Para o ano fiscal de 2023, a Marinemax registrou uma receita total de vendas de barcos de US $ 2,24 bilhões. A empresa vende barcos de várias marcas premium, incluindo:

• Raio marinho
• Boston Whaler
• Azimut Yachts
• Galeon
• Nautique

Transações de barco usadas

As vendas de barcos usadas geraram aproximadamente US $ 187,3 milhões em receita para o Marinemax no ano fiscal de 2023.

Categoria de barco	Receita anual	Porcentagem de vendas totais
Barcos de força usados	US $ 142,5 milhões	76%
Sailboats usados	US $ 44,8 milhões	24%

Peças e acessórios marinhos

A receita de peças e acessórios marítimos totalizou US $ 248,6 milhões no ano fiscal de 2023, representando 11% da receita total da empresa.

Taxas de serviço e manutenção

As taxas de serviço e manutenção contribuíram com US $ 312,4 milhões para a receita da Marinemax no ano fiscal de 2023.

Tipo de serviço	Receita anual
Manutenção de rotina	US $ 189,7 milhões
Principais reparos	US $ 122,7 milhões

Financiamento de barcos e comissões de seguros

As comissões de financiamento e seguros geraram US $ 76,5 milhões em receita para o Marinemax no ano fiscal de 2023.

• Comissões de financiamento de barco: US $ 52,3 milhões
• Comissões de seguro marítimo: US $ 24,2 milhões

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.