Malibu Boats

MBUU · Nasdaq · Consumer Discretionary · Financials, fiscal 2017 to 2026

MBUU · Last close · November 6, 2026

$20.22

Malibu Boats' revenue rose 13.2% to $915 million in fiscal 2026. Its operating margin was 0.3%, down from 2.7% a year earlier. Free cash flow was $43 million, up 49.9%. It paid out $34 million in dividends and buybacks, 79% of free cash flow. The diluted share count fell 1.8%.

MALIBU BOATS, INC. Latest fiscal year ended June 30, 2026 10-K filed August 27, 2026 · 0001590976-26-000037 Updated November 9, 2026

Revenue

$915M

13.2%

Operating margin

0.3%

2.4 pts

Net income

$2M

88.9%

Free cash flow

$43M

49.9%

Return on capital

0.4%

2.9 pts

Market cap

$402M

Nov 6 close

P/E

48.1x

On $0.42 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2026, earnings per share fell 27.3% a year and net income 26.9% a year, as new shares raised the share count by 7% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	84	79	27	37	74
Debt incl. finance leases	120	0	0	18	165
Net debt (negative means net cash)	36	−79	−27	−19	91
Net debt to EBITDA	0.1x	−0.5x	—	−0.3x	1.9x
Debt to equity	0.2x	0.0x	0.0x	0.0x	0.3x
Interest coverage	74.4x	48.9x	−30.4x	11.6x	0.9x
Current ratio	2.1x	1.4x	1.5x	1.6x	1.4x
Quick ratio	1.0x	0.7x	0.4x	0.6x	0.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Malibu Boats' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Malibu Boats' projections

Insider trades

No officer, director or 10% owner of Malibu Boats reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	4 of 9	8 of 9	5 of 9
Rule of 40	−42.8%	0.9%	17.9%
Altman Z''	4.87	5.65	3.41
Accruals ratio	−13.4%	−5.7%	−7.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 9	8 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Malibu Boats side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Malibu Boats	FY26	13.2%	0.3%	4.7%	0.4%	1.9x	5
Funko	FY25	−13.5%	−5.0%	−4.2%	−12.7%	4.3x	3	Compare
Cricut	FY25	−0.5%	13.6%	—	—	—	—	Compare
Johnson Outdoors	FY25	−0.1%	−2.7%	6.8%	−4.7%	−39.8x	4	Compare
JAKKS Pacific	FY25	−17.4%	2.5%	−0.2%	5.2%	−2.1x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	282	497	684	653	926	1,215	1,388	829	808	915
Revenue growth	11.4%	76.3%	37.6%	−4.5%	41.9%	31.1%	14.3%	−40.3%	−2.6%	13.2%
Gross profit	75	120	166	149	236	310	351	147	144	146
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	39	70	98	85	150	214	145	−56	22	3
Net income	28	28	66	62	110	158	104	−56	15	2
Diluted EPS (US$)	1.58	1.36	3.15	2.95	5.23	7.51	5.06	−2.74	0.76	0.09
Diluted shares (millions)	18	20	21	21	21	21	21	20	20	19
Cash flow
Cash from operations	36	58	82	94	131	165	185	56	56	68
Capital expenditure	9	10	18	41	31	55	55	76	28	25
Free cash flow	27	48	64	53	101	110	130	−20	29	43
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	14	0	35	8	29	36	34
Acquisitions	0	126	100	0	150	7	0	0	0	118
Stock-based compensation	1	2	3	3	6	6	6	5	6	6
Balance sheet at fiscal year end
Cash and short-term investments	33	62	27	34	42	84	79	27	37	74
Debt incl. finance leases	53	108	114	83	143	120	0	0	18	165
Total assets	224	366	451	477	743	851	926	740	735	996
Total liabilities	171	226	241	216	362	338	310	205	215	468
Shareholders' equity	47	134	204	255	373	503	608	530	516	524
Margins and ratios
Gross margin	26.6%	24.2%	24.3%	22.9%	25.5%	25.5%	25.3%	17.7%	17.8%	16.0%
Operating margin	14.0%	14.1%	14.3%	13.1%	16.2%	17.6%	10.4%	−6.8%	2.7%	0.3%
Net margin	10.1%	5.6%	9.7%	9.4%	11.9%	13.0%	7.5%	−6.7%	1.8%	0.2%
Free cash flow margin	9.4%	9.7%	9.3%	8.1%	10.9%	9.0%	9.4%	−2.5%	3.5%	4.7%
Rule of 40 (growth + FCF margin)	20.9%	85.9%	46.9%	3.6%	52.7%	40.2%	23.6%	−42.8%	0.9%	17.9%
Return on capital	36.5%	27.0%	30.8%	21.7%	29.1%	32.2%	20.3%	−8.5%	3.2%	0.4%
Return on equity	90.5%	30.4%	39.0%	26.8%	35.0%	36.0%	18.8%	−9.8%	2.9%	0.3%
Return on assets	12.7%	9.4%	16.2%	13.3%	18.0%	19.8%	11.8%	−6.7%	2.0%	0.2%
Net debt to EBITDA	0.5x	0.6x	0.8x	0.5x	0.6x	0.1x	−0.5x	—	−0.3x	1.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Malibu Boats' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Malibu Boats.