Malibu BOATS, Inc. (MBUU) intrinsic value & 10-year financials
Malibu BOATS, Inc. (MBUU) has a Graham intrinsic value of $1.64 per share. At $22.26 on Oct 17, 2026, the stock trades 1257% above that value. Over the last 10 fiscal years revenue grew 13.8% a year to $807.6M, with an average return on invested capital of 22.9%.
- Graham intrinsic value
- $1.64
- Share price (Oct 17, 2026)
- $22.26
- Price vs Graham value
- 1257% above
- Market cap
- $438.4M
- Revenue (FY2025)
- $807.6M
- Revenue growth (10-yr CAGR)
- 13.8%
- ROIC (10-yr avg)
- 22.9%
- Free cash flow (FY2025)
- $28.6M
MBUU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $807.6M | $14.9M | $0.76 | $28.6M | 2.7% | 3.2% |
| FY2024 | $829.0M | -$55.9M | -$2.74 | -$20.4M | -6.7% | -10.5% |
| FY2023 | $1.4B | $104.5M | $5.06 | $129.9M | 10.4% | 20.2% |
| FY2022 | $1.2B | $157.6M | $7.51 | $109.8M | 17.6% | 31.9% |
| FY2021 | $926.5M | $109.8M | $5.23 | $100.6M | 16.2% | 28.4% |
| FY2020 | $653.2M | $61.6M | $2.95 | $52.9M | 13.1% | 21.4% |
| FY2019 | $684.0M | $66.1M | $3.15 | $63.6M | 14.3% | 31.2% |
| FY2018 | $497.0M | $27.6M | $1.36 | $48.0M | 14.1% | 27.9% |
| FY2017 | $281.9M | $28.4M | $1.58 | $26.6M | 14.0% | 37.9% |
| FY2016 | $253.0M | $18.0M | $1.00 | $29.4M | 14.2% | 37.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MALIBU BOATS, INC. is a consistent compounder, expanding top-line revenue at 13.8% annually over the past decade.
MALIBU BOATS, INC. has earned high returns on invested capital, averaging 22.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
MALIBU BOATS, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MALIBU BOATS, INC. is modeled at -3.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.64 per share.