MeritValue

OneWater Marine Inc.

ONEWdata completeness 88%8 fiscal years on file
The thesis, from the filings

OneWater Marine Inc. earns about 11% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.23B1$1.74B2$1.94B3$1.77B3$1.87B3
Net income$79.1M4$130.9M5−$38.6M6−$5.71M6−$114.6M6
Operating cash flow$159.4M7$7.45M8−$129.8M9$34.8M9$91.8M9
Capital expenditure$9.9M10$11.4M11$21.3M12$25.9M12$12M12
Free cash flow (derived)$149.5M7−$3.96M8−$151M9$8.92M9$79.7M9
Total debt$114.4M13$442.8M14$457.8M15$422.8M16$412.1M16
Cash & equivalents$73.9M17$60.9M18$93.3M18$27.3M18$64.8M18
Diluted shares—————

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

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 45%FY22 21%FY23 -1%FY24 3%FY25 -14%

It earned an average 11% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 260% 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 v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0001772921-23-000087 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001772921-24-000101 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001772921-25-000085 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-09-30 · accession 0001772921-23-000087 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-30 · accession 0001772921-24-000101 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0001772921-25-000085 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-30 · accession 0001772921-23-000087 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-30 · accession 0001772921-24-000101 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0001772921-25-000085 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-30 · accession 0001772921-23-000087 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-09-30 · accession 0001772921-24-000101 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-09-30 · accession 0001772921-25-000085 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-09-30 · accession 0001140361-22-045699 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-09-30 · accession 0001772921-23-000087 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-09-30 · accession 0001772921-24-000101 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-09-30 · accession 0001772921-25-000085 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-09-30 · accession 0001772921-24-000101 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-09-30 · accession 0001772921-25-000085 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)