ONEWMEDIUM SIGNALFINANCIAL10-K

OneWater Marine's capital expenditures declined meaningfully while the company expanded its dealership footprint, suggesting improved capital efficiency amid modest balance sheet contraction.

The substantial reduction in capital spending while growing from an undisclosed prior count to 95 dealerships indicates OneWater has become more disciplined in its expansion strategy, potentially improving returns on invested capital. However, the decline in stockholders' equity and total assets suggests either dividend payments, share repurchases, or operational headwinds that warrant monitoring.

Comparing 2025-12-15 vs 2024-12-10View on EDGAR →
FINANCIAL ANALYSIS

OneWater's balance sheet contracted modestly with total assets declining to $1.4B and stockholders' equity falling to $285M, while accounts receivable also decreased to $60.9M. The most notable change was capital expenditures dropping substantially to $12M, indicating a more conservative approach to growth investments. Overall, the financial picture suggests a company focusing on capital discipline while managing through what appears to be a period of balance sheet optimization.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-53.6%
$25.9M→$12.0M

Capex reduced 53.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
-21%
$360.8M→$285.0M

Equity decreased 21% — buybacks or losses reducing book value, monitor solvency ratios.

Accounts Receivable
Balance Sheet
-16.9%
$73.3M→$60.9M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Assets
Balance Sheet
-11.7%
$1.6B→$1.4B

Total assets contracted 11.7% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2025-12-15
PRIOR — 2024-12-10
ADDED
The registrant had 16,527,533 shares of Class A common stock, par value $0.01 per share, and no shares of Class B common stock, par value $0.01 per share, outstanding as o f December 2, 2025.
Except as otherwise indicated or required by the context, all references in this Annual Report on Form 10-K to the Company, OneWater, we, us or our relate to OneWater Inc.
Overview We believe that we are one of the largest and fastest-growing marine retailers in the United States with 95 dealership locations, 9 distribution centers/warehouses and multiple online marketplaces as of September 30, 2025.
("Ocean Bio-Chem")) significantly expanded our sales of marine-related parts and accessories.
As of September 30, 2025, the Dealerships segment includes operations of 95 dealerships in 17 states including Florida, Texas, Alabama and Georgia, among others, and represents approximately 92% of revenues for the year ended September 30, 2025.
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REMOVED
The registrant had 14,826,496 shares of Class A common stock, par value $0.01 per share, and 1,429,940 shares of Class B common stock, par value $0.01 per share, outstanding as o f November 26, 2024.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading Risk Factors, Business, and Management s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-K.
All forward-looking statements, expressed or implied, included in this Form 10-K are expressly qualified in their entirety by this cautionary statement.
Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Form 10-K.
Except as otherwise indicated or required by the context, all references in this Form 10-K to the Company, OneWater, we, us or our relate to (i) for periods after the Reorganization, OneWater Inc.
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