TakeoverPE & activists

HZOMARINEMAX INC

Retail-Auto & Home Supply Stores · $1.2B market cap · 3,385 employees

1.6×

More likely than average to be taken private

Top 8% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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 SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    22% of assets
    Over 40% of assets
  • Shareholder dissentNo
    90% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $682K · 33rd pct
    Bottom quartile of its SIC industry
  • Net cashNo
    2.6× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $0 net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 2, 2026DEFM14ABlackstone Infrastructure Partners L.P.$53.0033.33%
Sep 22, 2026PREM14ABlackstone Infrastructure Partners L.P.$53.00—
Aug 10, 20268-KBlackstone Infrastructure Partners (via Safe Harbor Marinas)——

Key numbers

Revenue
$2.3BFY2021: $2.1BFY2022: $2.3BFY2023: $2.4BFY2024: $2.4BFY2025: $2.3B
5.0% YoY
Operating margin
1.5%FY2021: 10.2%FY2022: 11.5%FY2023: 8.4%FY2024: 5.3%FY2025: 1.5%
72% YoY
EBITDA
$83MFY2021: $225MFY2022: $285MFY2023: $242MFY2024: $173MFY2025: $83M
52% YoY
Net debt / EBITDA
2.6×
$218M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$2.1B$2.3B$2.4B$2.4B$2.3B 5.0% FY2021: $2.1BFY2022: $2.3BFY2023: $2.4BFY2024: $2.4BFY2025: $2.3B
Operating income$209M$265M$201M$128M$34M 73% FY2021: $209MFY2022: $265MFY2023: $201MFY2024: $128MFY2025: $34M
Net income$155M$198M$109M$38M−$32M 183% FY2021: $155MFY2022: $198MFY2023: $109MFY2024: $38MFY2025: −$32M
Operating cash flow$374M$77M−$222M−$26M$73M 384% FY2021: $374MFY2022: $77MFY2023: −$222MFY2024: −$26MFY2025: $73M
Capex$26M$58M$65M$60M$61M 0.7% FY2021: $26MFY2022: $58MFY2023: $65MFY2024: $60MFY2025: $61M
Stock-based comp$10M$16M$22M$24M$19M 19% FY2021: $10MFY2022: $16MFY2023: $22MFY2024: $24MFY2025: $19M

13D filers

FiledFilerFormStakeIntent
Sep 21, 2026PPF Group a.s.SCHEDULE 13D/A—Passive
Sep 8, 2026PPF Group a.s.SCHEDULE 13D/A6.1%Passive
Aug 27, 2026PPF Group a.s.SCHEDULE 13D/A8.1%Passive
Oct 25, 2024PPF Group N.V.SC 13D/A8.0%Active
Sep 28, 2023PPF Group N.V.SC 13D/A8.2%Active
Sep 14, 2023PPF Group N.V.SC 13D/A6.8%Active
May 26, 2023PPF Group N.V.SC 13D5.4%Active

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.