OneWater Marine Inc
onewatermarine.comOneWater Marine Inc. (NASDAQ: ONEW) is a marine retail company that sells new and pre-owned boats through a network of dealerships across the United States. Revenue comes from four primary streams: new boat sales, pre-owned boat sales, repair and maintenance services, and finance and insurance products including retail installment contracts, extended service contracts, and boat insurance. As of September 30, 2025, OneWater operated 95 dealership locations and 9 distribution centers and warehouses, concentrated in the Southeast, Gulf Coast, Mid-Atlantic, and Northeast. The company competes primarily against local marine retailers owning three or fewer stores, a limited number of larger regional operators, national specialty marine parts retailers, online catalog sellers, and private pre-owned boat sellers. OneWater went public on February 11, 2020, with One Water Marine Holdings, LLC as its principal operating subsidiary.
Products & Services
New boats across categories including fishing boats (37% of new boat revenue, FY2025) from brands such as Everglades, Grady-White, Pursuit, Sportsman, Cobia, and World Cat; pontoon boats and runabouts (28% of new boat revenue, FY2025) from brands including Bennington, Barletta, Cobalt, Regal, and Yamaha. Pre-owned boat sales. Repair and maintenance services covering warranty and non-warranty work. Engine parts, oils, lubricants, steering and control systems, electronics, and safety products. Finance and insurance products including retail installment contracts, extended service contracts, and boat property, disability, gel sealant, fabric protection, and casualty insurance.
Revenue Model
Transactional revenue from new and pre-owned boat sales, parts and accessories sales, and repair and maintenance labor. Finance and insurance revenue from retail installment contract origination fees, third-party extended service contract sales, and insurance product placement. Warranty repair labor is reimbursed by manufacturers at a percentage of posted service rates or at a fixed per-repair amount, varying by customer satisfaction index rating and service training attendance.
Customers & Markets
Retail consumers purchasing new and pre-owned recreational boats for fishing, family recreation, and water sports. End markets include freshwater lakes, coastal bays, and offshore waters. Demand is seasonal, with the quarterly period ending June 30 representing approximately 30% of average annual revenue over the three-year period ended September 30, 2025, and December 31 representing the lowest share at approximately 20%.
Geographic Exposure
United States only, with dealerships concentrated in the Southeast, Gulf Coast, Mid-Atlantic, and Northeast as of September 30, 2025. Florida operations generate revenue that offsets lower winter sales in colder regions. Dealerships in the Northeast and Midwest experience lower sales in the quarterly periods ending December 31 and March 31.
Financial Snapshot
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