MeritValue

MALIBU BOATS, INC.

MBUUdata completeness 100%15 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

The thesis, from the filings

MALIBU BOATS, INC. earns about 8% on invested capital, below its ~9% cost of capital, and has bought back 8% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $5.9 and $7.85 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$1.21B1$1.39B2$829M3$807.6M3$914.6M3
Net income$157.6M4$104.5M5−$55.9M6$14.9M6$1.65M6
Operating cash flow$164.8M7$184.7M8$55.6M9$56.5M9$67.5M9
Capital expenditure$55.1M10$54.8M11$76M12$27.9M12$24.7M12
Free cash flow (derived)$109.8M7$129.9M8−$20.4M9$28.6M9$42.8M9
Total debt$239.2M13$013$014$36M15$330M15
Cash & equivalents$83.7M16$78.9M17$26.9M18$37M19$74.4M19
Diluted shares21.0M20.6M20.4M19.7M19.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$271.1
your share of equity
Profit it earned you last year
$0.85
Free cash flow it threw off
$22.15
Debt you’d be carrying
$170.59

10 shares is a claim on $271.1 of net worth that earned you $0.85 and generated $22.15 of cash last year, against $170.59 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY22 24%FY23 20%FY24 -9%FY25 3%FY26 0%

It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 38% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 3 estimate methods that apply put fair value between $5.9 and $7.85 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$5.9
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$28.6M
DCF · Growth Exit 5Y
$7.44
assumptions (10)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$28.6M
Earnings Power Value
$7.85
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$14.9M
  • growthAssumed0.0%
Graham Number
$7.41
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)9.08%
Terminal growth2.5%
At your growth, a share is worth $7.44
The three cases
Bear0.0%$7.44
Base0.0%$7.44
Bull5.0%$12.43

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-06-30 · accession 0001590976-24-000073 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-06-30 · accession 0001590976-25-000080 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001590976-26-000037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0001590976-24-000073 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001590976-25-000080 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001590976-26-000037 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001590976-24-000073 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001590976-25-000080 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001590976-26-000037 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001590976-24-000073 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-06-30 · accession 0001590976-25-000080 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001590976-26-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001590976-23-000069 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-06-30 · accession 0001590976-25-000080 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2025-06-30 · accession 0001590976-26-000037 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-06-30 · accession 0001590976-23-000069 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-06-30 · accession 0001590976-24-000073 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-06-30 · accession 0001590976-25-000080 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-06-30 · accession 0001590976-26-000037 (CashAndCashEquivalentsAtCarryingValue)