MarineMax (HZO) opened Q1 2026 with revenue of US$505.2 million and a basic EPS loss of US$0.36, compared with Q1 2025 revenue of US$468.5 million and EPS of US$0.80. Over the intervening quarters, revenue ranged between roughly US$552 million and US$657.2 million. EPS moved from a profit of US$0.15 in Q2 2025 to a larger loss of US$2.42 in Q3 2025, keeping margin pressure firmly in focus for investors trying to make sense of the latest print.

With the numbers on the table, the next step is to see how this earnings profile lines up against the widely followed bullish and bearish narratives around MarineMax and where those stories might need updating.

Trailing 12-Month Losses Reach US$57.6 Million

• Over the last twelve months, MarineMax booked total revenue of about US$2.3b and a net loss of US$57.6 million, compared with a net loss of US$31.6 million on roughly US$2.3b of revenue for the prior trailing period.
• Critics who focus on the bearish side of the story point to the widening loss as a key concern, and the data backs that up:
  • Trailing basic EPS moved from a loss of US$1.43 to a larger loss of US$2.63, which lines up with commentary that losses have been growing at about 35.7% per year over five years.
  • Same store sales over the latest trailing window are described as growing 2.8% per year, which is slower than the 10.6% US market benchmark and gives bears more room to argue that modest top line progress is not offsetting cost pressure.

Q1 2026 Loss Narrows Versus Q3 2025

• Q1 2026 shows a basic EPS loss of US$0.36 on revenue of US$505.2 million, compared with a much larger EPS loss of US$2.42 on US$657.2 million of revenue in Q3 2025 and a smaller EPS loss of US$0.04 on US$552.2 million of revenue in Q4 2025.
• Supporters who lean more bullish argue that the latest figures sit inside a broader multi quarter adjustment, and the numbers offer a mixed picture for that view:
  • Net income went from a profit of US$18.1 million in Q1 2025 to a loss of US$7.9 million in Q1 2026, so any bullish angle has to account for that swing even as the most recent loss is smaller than the Q3 2025 loss of US$52.1 million.
  • Same store sales moved between an 11% decline in Q1 2025, an 11% increase in Q2 2025, and a 9% decline in Q3 2025, which shows how choppy demand has been for anyone arguing that the current loss is just a clean reset.

After a swing from profits to losses and back across recent quarters, some investors will want to see how management explains that path and what they think it means for the next few years of earnings power. 📊 Read the full MarineMax Consensus Narrative.

Cheap P/S But DCF Fair Value Sits At US$21.68

• At a current share price of US$24.65, MarineMax is described as trading on a P/S of 0.2x versus 0.9x for peers and 0.5x for the US Specialty Retail industry, while a DCF fair value in the dataset is US$21.68 and the cited analyst target is US$31.33.
• What stands out for bullish investors is the tension between low multiples and weak profitability, and the figures spell that out clearly:
  • The stock screens as cheap on sales, and analysts in aggregate are cited as seeing about 27.1% upside to US$31.33, yet the company was loss making over the last year with interest costs not well covered by earnings.
  • Forecasts in the data point to very strong expected earnings growth and a return to profitability within three years, which heavily supports the bullish case that today’s low P/S is tied to a turnaround story rather than a permanently impaired business.

When you put cheap sales multiples next to loss making financials, it really comes down to how much confidence you have in that earnings recovery path over the next few years. Curious how numbers become stories that shape markets? Explore Community Narratives

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on MarineMax's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

MarineMax is working through widening trailing losses, choppy same store sales and an earnings swing from profit to loss that keeps financial resilience in question.

If that kind of pressure on earnings and interest coverage makes you uneasy, filter for companies with stronger cushions and cleaner balance sheets using solid balance sheet and fundamentals stocks screener (389 results) today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.