HZOMARINEMAX INC
Retail-Auto & Home Supply Stores
- Revenue
- $2.3B
- 5.0% YoY
- Operating margin
- 1.5%
- 72% YoY
- EBITDA
- $83M
- 52% YoY
- Market cap
- $1.2B
- Employees
- 3,385
- $682K revenue each
- Net debt / EBITDA
- 2.6×
- $218M net debt
- AI in 10-K
- 0.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo22% of assetsOver 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$682K · 33rd pctBottom quartile of its SIC industry
- Quiet on AIYes0.4 per 10K words · 20th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.6× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.1B | $2.3B | $2.4B | $2.4B | $2.3B | 5.0% |
| Operating income | $209M | $265M | $201M | $128M | $34M | 73% |
| Net income | $155M | $198M | $109M | $38M | −$32M | 183% |
| Operating cash flow | $374M | $77M | −$222M | −$26M | $73M | 384% |
| Capex | $26M | $58M | $65M | $60M | $61M | 0.7% |
| Stock-based comp | $10M | $16M | $22M | $24M | $19M | 19% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 2, 2026 | DEFM14A | Blackstone Infrastructure Partners L.P. | $53.00 | 33.33% |
| Sep 22, 2026 | PREM14A | Blackstone Infrastructure Partners L.P. | $53.00 | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 21, 2026 | PPF Group a.s. | SCHEDULE 13D/A | — | Passive |
| Sep 8, 2026 | PPF Group a.s. | SCHEDULE 13D/A | 6.1% | Passive |
| Aug 27, 2026 | PPF Group a.s. | SCHEDULE 13D/A | 8.1% | Passive |
| Oct 25, 2024 | PPF Group N.V. | SC 13D/A | 8.0% | Active |
| Sep 28, 2023 | PPF Group N.V. | SC 13D/A | 8.2% | Active |
| Sep 14, 2023 | PPF Group N.V. | SC 13D/A | 6.8% | Active |
| May 26, 2023 | PPF Group N.V. | SC 13D | 5.4% | Active |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.