Keybanc Upholds Overweight Rating for OneWater Marine (ONEW)
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 15 2025
0mins
Should l Buy ONEW?
Source: NASDAQ.COM
Analyst Recommendation: Keybanc has maintained an Overweight recommendation for OneWater Marine (NasdaqGM:ONEW) as of November 14, 2025, with a projected one-year price target of $17.85/share, indicating a potential upside of 34.77% from its current price of $13.24/share.
Revenue and Earnings Projections: OneWater Marine is projected to achieve annual revenue of $2,024 million, reflecting an 8.10% increase, with a non-GAAP EPS forecast of 6.92.
Fund Sentiment: There are currently 235 funds reporting positions in OneWater Marine, showing a slight decrease in ownership by 0.42% over the last quarter, while the average portfolio weight dedicated to ONEW has increased by 12.77%.
Shareholder Activity: Notable changes in shareholder positions include American Century Companies increasing its stake by 3.48%, while Royce & Associates reduced its holdings by 7.00%. Other firms like Philadelphia Financial Management and Gilder Gagnon Howe & Co also adjusted their allocations in the last quarter.
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Analyst Views on ONEW
About ONEW
OneWater Marine Inc. is a premium marine retailer in the United States. The Company operates a total of approximately 95 retail locations, six distribution centers/warehouses and multiple online marketplaces in 18 different states. The Company's segments include Dealerships and Distribution. The Dealership segment is engaged in the sale of new and pre-owned boats, arranges financing and insurance products, performs repairs and maintenance services, offers marine related parts and accessories and offers slip and storage accommodations in certain locations. The Distribution segment is engaged in the manufacturing, assembly and distribution primarily of marine-related products to distributors, big box retailers and online retailers through a network of warehouses and distribution centers. It offers a range of branded parts and accessories including jack plates, bilge pumps, rigging parts, plumbing components, LED lighting, storage systems and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
OneWater Marine Misses Q1 Revenue Expectations
- Revenue Shortfall: OneWater Marine reported Q1 revenue of $442.3 million, an 8.5% year-over-year decline that fell short of analyst expectations of $482.1 million, indicating challenges in the retail environment and lower demand for new boats.
- Adjusted EPS Loss: The company posted an adjusted loss of $0.34 per share, significantly below the consensus estimate of $0.07, reflecting a substantial decline in profitability that could negatively impact investor confidence.
- Guidance Downgrade: Management lowered its full-year revenue guidance to $1.83 billion from $1.88 billion, a 2.7% decrease, while also reducing adjusted EPS expectations by 10%, signaling a cautious outlook on market conditions.
- Inventory Management Strength: Despite the sales decline, OneWater's gross margin improved by 110 basis points due to a richer mix of premium brands and disciplined pricing strategies, with management emphasizing that healthy inventory levels will support future sales performance.
See More
OneWater (ONEW) Q2 2026 Earnings Transcript
See More
OneWater Marine Inc. Q2 2026 Earnings Call Insights
- Sales Decline: OneWater Marine reported Q2 revenue of $442 million, falling short of analysts' expectations of $478 million, primarily due to a 12% decrease in new boat sales and an 8% drop in same-store sales, reflecting challenges in the retail environment and portfolio changes.
- Margin Improvement: Despite the revenue decline, gross profit margin improved to 23.9%, indicating progress in cost control and operational efficiency, which is expected to support future profitability.
- Debt Reduction and Liquidity: The company repaid $57 million of debt during the quarter, ending with $68 million in cash and total liquidity of approximately $73 million, demonstrating ongoing efforts to reduce financial leverage with a target of below 4x by fiscal year-end.
- Unchanged Outlook: Management reiterated full-year revenue guidance of $1.78 billion to $1.88 billion, despite facing industry demand pressures and portfolio changes, reflecting confidence and stability in the company's market position.
See More
OneWater Marine Set to Announce Q2 Earnings on April 30
- Earnings Announcement Date: OneWater Marine is scheduled to release its Q2 earnings on April 30 before market open, with a consensus EPS estimate of $0.07, reflecting a significant 46.2% year-over-year decline, indicating profitability challenges ahead.
- Revenue Expectations Decline: The anticipated revenue for Q2 stands at $478.56 million, down 1.1% year-over-year, which suggests weakening market demand and increasing competition that could hinder future growth prospects for the company.
- Historical Performance Review: Over the past two years, OneWater Marine has only beaten EPS estimates 25% of the time and revenue estimates 50% of the time, highlighting uncertainty in the company's ability to meet earnings forecasts.
- Estimate Revision Trends: In the last three months, EPS estimates have seen one upward revision and four downward revisions, while revenue estimates have experienced no upward revisions and five downward revisions, indicating a declining market confidence in the company's future performance.
See More
OneWater Marine to Release Q2 2026 Financial Results on April 30
- Earnings Release Schedule: OneWater Marine Inc. will announce its second quarter financial results for 2026 before the market opens on April 30, showcasing the company's performance in the rapidly growing marine retail sector.
- Management Conference Call: Following the earnings release, the management team will host a conference call at 8:30 a.m. Eastern Time to discuss the financial results, enhancing transparency for investors regarding the company's operations.
- Webcast Availability: The conference call will be available via live webcast on the company's investor relations webpage and archived for one year, ensuring that investors can access the information at their convenience.
- Company Overview: OneWater Marine is one of the largest premium marine retailers in the U.S., operating 94 retail locations and 6 distribution centers, offering a diverse range of products and services, which underscores its strong competitive position in the marine retail market.
See More
OneWater Marine to Release Q2 2026 Financial Results on April 30
- Earnings Release Schedule: OneWater Marine will announce its Q2 2026 financial results on April 30, 2026, before market opening, reflecting the company's performance in the rapidly growing marine retail sector.
- Management Conference Call: Following the earnings release, the management team will host a conference call at 8:30 a.m. Eastern Time to discuss the financial results, enhancing investor understanding of the company's performance.
- Webcast Availability: The conference call will be available via live webcast on the company's Investor Relations section and archived for one year, ensuring investors can access the information at their convenience.
- Company Overview: OneWater Marine is one of the largest premium marine retailers in the U.S., operating 94 retail locations and 6 distribution centers, offering a diverse range of products and services including new and pre-owned boat sales, finance, insurance, and maintenance services.
See More
OneWater Marine Misses Q1 Revenue Expectations
- Revenue Shortfall: OneWater Marine reported Q1 revenue of $442.3 million, an 8.5% year-over-year decline that fell short of analyst expectations of $482.1 million, indicating challenges in the retail environment and lower demand for new boats.
- Adjusted EPS Loss: The company posted an adjusted loss of $0.34 per share, significantly below the consensus estimate of $0.07, reflecting a substantial decline in profitability that could negatively impact investor confidence.
- Guidance Downgrade: Management lowered its full-year revenue guidance to $1.83 billion from $1.88 billion, a 2.7% decrease, while also reducing adjusted EPS expectations by 10%, signaling a cautious outlook on market conditions.
- Inventory Management Strength: Despite the sales decline, OneWater's gross margin improved by 110 basis points due to a richer mix of premium brands and disciplined pricing strategies, with management emphasizing that healthy inventory levels will support future sales performance.
See More
OneWater (ONEW) Q2 2026 Earnings Transcript
See More
OneWater Marine Inc. Q2 2026 Earnings Call Insights
- Sales Decline: OneWater Marine reported Q2 revenue of $442 million, falling short of analysts' expectations of $478 million, primarily due to a 12% decrease in new boat sales and an 8% drop in same-store sales, reflecting challenges in the retail environment and portfolio changes.
- Margin Improvement: Despite the revenue decline, gross profit margin improved to 23.9%, indicating progress in cost control and operational efficiency, which is expected to support future profitability.
- Debt Reduction and Liquidity: The company repaid $57 million of debt during the quarter, ending with $68 million in cash and total liquidity of approximately $73 million, demonstrating ongoing efforts to reduce financial leverage with a target of below 4x by fiscal year-end.
- Unchanged Outlook: Management reiterated full-year revenue guidance of $1.78 billion to $1.88 billion, despite facing industry demand pressures and portfolio changes, reflecting confidence and stability in the company's market position.
See More
OneWater Marine Set to Announce Q2 Earnings on April 30
- Earnings Announcement Date: OneWater Marine is scheduled to release its Q2 earnings on April 30 before market open, with a consensus EPS estimate of $0.07, reflecting a significant 46.2% year-over-year decline, indicating profitability challenges ahead.
- Revenue Expectations Decline: The anticipated revenue for Q2 stands at $478.56 million, down 1.1% year-over-year, which suggests weakening market demand and increasing competition that could hinder future growth prospects for the company.
- Historical Performance Review: Over the past two years, OneWater Marine has only beaten EPS estimates 25% of the time and revenue estimates 50% of the time, highlighting uncertainty in the company's ability to meet earnings forecasts.
- Estimate Revision Trends: In the last three months, EPS estimates have seen one upward revision and four downward revisions, while revenue estimates have experienced no upward revisions and five downward revisions, indicating a declining market confidence in the company's future performance.
See More
OneWater Marine to Release Q2 2026 Financial Results on April 30
- Earnings Release Schedule: OneWater Marine Inc. will announce its second quarter financial results for 2026 before the market opens on April 30, showcasing the company's performance in the rapidly growing marine retail sector.
- Management Conference Call: Following the earnings release, the management team will host a conference call at 8:30 a.m. Eastern Time to discuss the financial results, enhancing transparency for investors regarding the company's operations.
- Webcast Availability: The conference call will be available via live webcast on the company's investor relations webpage and archived for one year, ensuring that investors can access the information at their convenience.
- Company Overview: OneWater Marine is one of the largest premium marine retailers in the U.S., operating 94 retail locations and 6 distribution centers, offering a diverse range of products and services, which underscores its strong competitive position in the marine retail market.
See More
OneWater Marine to Release Q2 2026 Financial Results on April 30
- Earnings Release Schedule: OneWater Marine will announce its Q2 2026 financial results on April 30, 2026, before market opening, reflecting the company's performance in the rapidly growing marine retail sector.
- Management Conference Call: Following the earnings release, the management team will host a conference call at 8:30 a.m. Eastern Time to discuss the financial results, enhancing investor understanding of the company's performance.
- Webcast Availability: The conference call will be available via live webcast on the company's Investor Relations section and archived for one year, ensuring investors can access the information at their convenience.
- Company Overview: OneWater Marine is one of the largest premium marine retailers in the U.S., operating 94 retail locations and 6 distribution centers, offering a diverse range of products and services including new and pre-owned boat sales, finance, insurance, and maintenance services.
See More
