MALIBU BOATS, INC. recently released its 10-K report. The company designs, engineers, manufactures, markets, and sells recreational powerboats through three segments: Malibu, Saltwater Fishing, and Cobalt. Its brands include Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt, and its boats are sold through independent dealers for water sports and general recreational boating and fishing.
In Item 7, management said fiscal 2026 net sales rose to $914.6 million from $807.6 million in fiscal 2025, while net income fell to $1.7 million from $15.2 million. Adjusted EBITDA was $73.9 million, down slightly from $74.8 million a year earlier. The company said dealer inventories declined during fiscal 2026 as it kept wholesale shipments disciplined, and it expects a modest further reduction in dealer inventories in fiscal 2027.
Management described a soft retail environment heading into fiscal 2027, with macroeconomic pressure from inflation, elevated interest rates, tariffs, and weaker consumer demand. It said promotional activity and dealer incentive costs, including floor plan interest support, are expected to remain elevated relative to historical levels. The company also said it expects material tariff-related costs in fiscal 2027 of about 1.5% to 3% of cost of sales, assuming current tariff rates, and said it expects to largely offset those costs with recent price increases.
The Saxdor acquisition was a major event in the year. Malibu Boats bought Saxdor Yachts Oy on March 2, 2026 for €111.6 million, or about $131.3 million in cash, plus 1,523,794 shares of Class A common stock. The company also disclosed up to €71.3 million, or about $84.2 million, in potential earnout payments, with a current fair value of €26.2 million, or about $29.9 million. Saxdor added about 800 employees, three engineering and manufacturing facilities in Finland and Poland, and expanded the company’s international footprint to 68 countries.
By segment, Malibu said its Malibu and Axis brands represented 34.2% of total revenues in fiscal 2026, Saltwater Fishing 31.1%, Cobalt 25.5%, and Saxdor 9.2%. Retail prices typically ranged from $80,000 to $300,000 for Malibu and Axis boats, $45,000 to $1.4 million for Saltwater Fishing boats, $75,000 to $625,000 for Cobalt boats, and $130,000 to $825,000 for Saxdor boats. The dealer network totaled more than 345 locations globally, and one dealer accounted for more than 10% of consolidated net sales in both fiscal 2026 and 2025.
Management also pointed to a July 2026 amended credit agreement that provides a $250 million revolving credit facility and a $100 million term loan maturing in 2031. It said that, together with a $70 million share repurchase authorization, the financing gives the company flexibility to invest while returning capital to shareholders. Today the company's shares have moved 6.08% to a price of $28.2604. If you want to know more, read the company's complete 10-K report here.
