MarineMax, Inc. (FL) — Earnings Quality Grade F
HZO · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 13 days, change +0 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -5.0%, CFFO 383.7%. Cash follows revenue
Expense Quality
Inventory -4.3% vs COGS -4.3%. Normal
CapEx growth 0.7% vs revenue -5.0%. Normal
SG&A/Gross Profit = 86.3%, exceeds 70%
Gross margin 32.5%, change -0.5pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF < 50% of Net Income for 2 years
Accruals ratio = -4.2%. Low accruals
Cash $0.2B covers only 14% of debt $1.2B
Balance Sheet Health
Goodwill+Intangibles $0.6B = 60% of equity. Over 50%
Debt/EBITDA = 15.0x (>4x). Interest coverage = 1.4x (<2x). Financial stress
Other assets 12.2% vs revenue -5.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -11% YoY. Normal
Manipulation Score
M-Score = -2.72 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25