Morningstar

Malibu Boats Inc Class A MBUU

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Stock XNAS Rating as of
$26.39 −0.68 (2.51%)
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As of Delayed Price Closed

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Malibu Positioned to Benefit From Diverse Portfolio When Growth in Boat Demand Resumes

Jaime M Katz

Malibu is a long-established name in performance sport boats, venturing into the sterndrive, saltwater, and dayboat segments via acquisitions over the last decade. However, the competitive landscape in the fragmented boating industry is rife with new products and choices, making consistent share gains difficult to reach. As such, we believe Malibu's brand-intangible asset is not strong enough to amass a competitive edge, which underpins our no moat rating. While Malibu has innovated to meet evolving customer preferences by bringing new products to market quickly, its peer set has done the same.

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Price vs Fair Value

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MBUU is trading at a 160% premium.
Price
$26.44
Fair Value
$94.00
Uncertainty
High
1-Star Price
$69.80
5-Star Price
$27.60
Economic Moat
Jrp
Capital Allocation
Gjkvrwz

Bulls Say, Bears Say

Bulls

Vertical integration across the brand portfolio could offer margin expansion that is ahead of our forecast.

Bears

Historical EBITDA margin goals of 17.5% in a normal environment could take longer to achieve than we currently anticipate. Additionally, management's desire to keep making acquisitions could prove to be a poor use of capital.

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Trading Information

Previous Close Price
$27.07
Day Range
$26.15–27.69
52-Week Range
$23.84–39.65
Bid/Ask
$25.07 / $28.97
Shares Outstanding
19.64M
Market Cap
$518.22M
Volume/Avg
160,192 / 345,636

Key Statistics

Price/Earnings (Normalized)
82.63
Price/Sales
0.61
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
7.62%

Company Profile

Malibu Boats is a designer and manufacturer of power boats in the United States. It is a market leader in performance sport boats, sold under its Malibu and Axis brands. It acquired Cobalt Boats, a producer of sterndrive boats, in 2017, and Pursuit Boats, which makes high-end offshore and outboard motorboats, in 2018. In 2021, it purchased Maverick Boat Group, a seller of flat fishing boats, with exposure to bay, dual console, and center console boats. Most recently, in 2026, it tied up with Saxdor Yachts, focused on adventure dayboats. Malibu has also expanded into boat trailers and accessories, and in 2020, began producing its own engines for its performance sport boats.
Sector
Consumer Cyclical
Industry
Recreational Vehicles
Stock Style Box
Small Value
Total Number of Employees
2,200
Website
https://www.malibuboats.com

Competitors

Valuation

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Metric
MBUU
DOO
PII
Price/Earnings (Normalized)
 82.6313.3664.76
Price/Book Value
 1.009.225.01
Price/Sales
 0.610.720.52
Price/Cash Flow
 10.186.6615.67
Price/Earnings
MBUU
DOO
PII

Financial Strength

Metric
MBUU
DOO
PII
Quick Ratio
 0.400.530.27
Current Ratio
 1.311.301.21
Interest Coverage
 0.772.90−3.07
Quick Ratio
MBUU
DOO
PII

Profitability

Metric
MBUU
DOO
PII
Return on Assets (Normalized)
 0.58%7.49%1.11%
Return on Equity (Normalized)
 0.90%85.55%5.65%
Return on Invested Capital (Normalized)
 1.09%18.16%5.58%
Return on Assets
MBUU
DOO
PII

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