Keybanc Upholds Overweight Rating for OneWater Marine (ONEW)
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 15 2025
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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 98 retail locations, nine distribution centers/warehouses and multiple online marketplaces in 19 different states. The Company's segments include Dealerships and Distribution. The Dealership segment is engaged in the sale of new and pre-owned boats (saltwater fishing boats, pontoon, runabout, wake/ski boats and yachts), 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, rigging parts, plumbing components and LED lighting.
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 Inc. Reports Q1 2026 Earnings with Modest Growth
- Revenue Growth: OneWater Marine reported Q1 revenue of $381 million, a 1% increase year-over-year, despite a 6% decline in new boat sales, while pre-owned boat sales surged by 24%, indicating resilient market demand.
- Margin Improvement: The first quarter gross profit reached $89 million, with a gross margin of 23.5%, up 110 basis points from the prior year, reflecting the company's success in brand rationalization and product mix optimization.
- Strategic Asset Divestiture: The company announced plans to sell certain non-core distribution assets to strengthen its balance sheet and sharpen its long-term focus, with expectations to reduce leverage to below 4x by year-end.
- Outlook: Management maintains its fiscal 2026 sales guidance in the range of $1.83 billion to $1.93 billion, acknowledging pressures on same-store sales from brand rationalization while viewing the overall market environment as flat to slightly down.
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OneWater Marine Q1 Earnings Beat Expectations
- Earnings Performance: OneWater Marine reported a Q1 non-GAAP EPS of -$0.04, beating expectations by $0.53, indicating an improvement in profitability despite ongoing challenges.
- Revenue Growth: The company achieved Q1 revenue of $380.6 million, reflecting a 1.2% year-over-year increase and surpassing market expectations by $570,000, demonstrating stability in sales performance.
- Gross Margin Improvement: With a gross profit margin of 23.5%, the company showcases the positive impact of its portfolio optimization efforts, enhancing overall profitability.
- 2026 Outlook: OneWater Marine anticipates total revenue between $1.83 billion and $1.93 billion for 2026, with adjusted EBITDA expected to range from $65 million to $85 million, reflecting cautious optimism for future growth.
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