MasterCraft Boat Holdings, Inc. (MCFT)
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MasterCraft builds recreational powerboats, and net sales from continuing operations fell from $609.9 million in fiscal 2023 to $284.2 million in fiscal 2025. On May 15, 2026, the company answered that decline by buying rival Marine Products, owner of the Chaparral and Robalo brands: 0.232 of its own shares plus $2.43 in cash for each Marine Products share, adding up to 8,088,387 new shares and $85.2 million out of the bank account. Shares outstanding rose from 16,279,890 to roughly 24.37 million — nearly half again as many. In the company's own pro forma math, earnings per share fall from $0.65 to $0.55 for fiscal 2025. The stock reached our desk at rank 47 in our in-house Big Earnings Surprise ranking (U.S. selection, as of July 25, 2026). Not investment advice — just the question of who owns how much of the company now.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralGeprüft am 25.07.2026 gegen die Geschäftsberichte (10-K) für die Geschäftsjahre 2024 und 2025 sowie die vier jüngsten Quartalsberichte (10-Q) bis zum 07.05.2026: In den ausgewerteten SEC-Filings von MasterCraft Boat Holdings gibt es keinen wesentlichen KI-Bezug. Die einzige Erwähnung künstlicher Intelligenz steht in beiden 10-K als generische Cybersicherheits-Floskel im Risikoteil — KI wird dort als Werkzeug von Angreifern genannt, nicht als Geschäftsrisiko für das eigene Modell („the deployment of evolving artificial intelligence and machine learning tools used to identify vulnerabilities and create more effective phishing attempts“). In den vier Quartalsberichten kommt der Begriff überhaupt nicht vor. Weder verkauft der Bootsbauer KI-Produkte noch belegen die Berichte einen operativen KI-Einsatz; das laufende ERP-Projekt wird ohne KI-Bezug beschrieben. Nach dem Kriterienkatalog bleibt es damit bei neutral.
View the full file — quotes, sources, reviewed filings
„The techniques and sophistication used to conduct cyberattacks and breaches of information technology systems change frequently, including as a result of the deployment of evolving artificial intelligence and machine learning tools used to identify vulnerabilities and create more effective phishing attempts, and have the potential to not be recognized until such attacks are launched or have been in place for a period of time."
Die Techniken und die Raffinesse, mit denen Cyberangriffe und Einbrüche in Informationstechnik-Systeme durchgeführt werden, ändern sich häufig, unter anderem durch den Einsatz sich weiterentwickelnder Werkzeuge der künstlichen Intelligenz und des maschinellen Lernens, mit denen Schwachstellen gefunden und wirksamere Phishing-Versuche erstellt werden; sie können unentdeckt bleiben, bis solche Angriffe gestartet werden oder eine Zeit lang bestanden haben.
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2026-02-05 · 10-Q 2025-11-06 · 10-Q 2025-05-07 · 10-K 2025-08-27 · 10-K 2024-08-30
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.04 | -102.90 | 67 | -59.70 | -12.00 | -10 | -14 |
| 2024: Q3 | 0.12 | -74.50 | 65 | -30.70 | -7.90 | 2 | 0 |
| 2024: Q4 | 0.10 | -73.00 | 63 | -29.40 | 4.30 | 6 | 4 |
| 2025: Q1 | 0.30 | -18.90 | 76 | -9.50 | 4.90 | 6 | 4 |
| 2025: Q2 | 0.40 | 1,100.00 | 80 | 18.40 | 7.20 | 20 | 18 |
| 2025: Q3 | 0.28 | 133.30 | 69 | 5.60 | 5.30 | -7 | -10 |
| 2025: Q4 | 0.29 | 190.00 | 72 | 13.20 | 3.50 | 16 | 14 |
| 2026: Q1 | 0.45 | 50.00 | 78 | 3.00 | -0.90 | 5 | 4 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Margins are coming back even as fewer boats ship: gross margin of 25.0 percent in the third quarter of fiscal 2026 against 20.8 percent a year earlier, and an adjusted EBITDA margin of 13.7 percent versus 9.9 percent — on 571 units shipped instead of 619. Net sales per boat rose from $123 thousand to $137 thousand.
As of March 29, 2026 nothing was drawn on credit lines, with $84.6 million of cash and short-term investments and $189.3 million of equity. After the merger, pro forma cash falls to $30.5 million and the revolving facility was cut from $100 million to $75 million, though extended to 2031. Debt free yes, cushion notably thinner.
On May 15, 2026 the company issued 8,088,387 new shares, lifting the count from 16,279,890 to roughly 24.37 million. In its own pro forma statements, earnings per share from continuing operations fall from $0.65 to $0.55 for fiscal 2025 and from $0.33 to $0.23 diluted for the first nine months of fiscal 2026. For scale: fiscal 2024 and 2025 together retired 1,282,913 shares for $25.8 million.
Goodwill and other intangible assets total $235.8 million pro forma, or 47 percent of the $504.3 million balance sheet. The purchase price allocation is expressly preliminary and will be finalized within one year of closing; the $92.8 million of goodwill is not expected to be deductible for tax purposes. The company booked a $22.5 million loss on the NauticStar sale in fiscal 2023 and a $9.8 million Aviara impairment in fiscal 2024.
A market capitalization of roughly $588 million (data as of July 25, 2026) equals a little more than two times MasterCraft's standalone net sales but only about 1.2 times the combined pro forma figure of $508.6 million. Enterprise value sits near 8.7 times the expected combined adjusted EBITDA of $64 million — slightly above the 7.2 times MasterCraft paid for Marine Products. Five firms cover the stock: one buy, four hold, price target $27.60.
On June 30, 2026 the board moved the fiscal year end from June 30 to December 31, effective July 1, 2026. The fiscal 2026 annual report is followed by a transition report covering only six months (July to December 2026); only calendar 2027 is a full comparison year again. Meanwhile the share count is already up by half while the acquired brands contribute only a fraction of their revenue.
MasterCraft rode out a hard cycle without debt — net sales from continuing operations fell from $609.9 million in fiscal 2023 to $284.2 million in fiscal 2025, and margins have been recovering noticeably through fiscal 2026. The company answered with the acquisition of Marine Products and its Chaparral and Robalo brands, completed on May 15, 2026 and paid for with $85.2 million of cash and 8,088,387 new shares. Pro forma revenue climbs to $508.6 million, but earnings per share fall from $0.65 to $0.55, cash drops from $75.4 million to $30.5 million, and 47 percent of the balance sheet now consists of goodwill and intangibles whose allocation is still preliminary. On top of that the fiscal year moves, which renders every time series unusable for one cycle. Not investment advice.
- Hook: rank 47 in our in-house Big Earnings Surprise ranking (U.S. selection), as of July 25, 2026 — based on adjusted earnings of $0.45 per share in the third quarter of fiscal 2026 against a consensus of $0.35. The scanner lists are recomputed daily.
- As-of dates: SEC figures as of June 30, 2025 (fiscal 2025), March 29, 2026 (third quarter of fiscal 2026) and May 15, 2026 (merger closing); market and consensus data as of July 25, 2026. Deliberately no daily prices.
- Risk of confusion: market data services partly still list MCFT as "MCBC Holdings Inc". The change of name to MasterCraft Boat Holdings, Inc. was effective November 7, 2018; the SEC carries MCBC Holdings, Inc. only as a former name.
- A second risk of confusion: share counts in data feeds lag the merger. The authoritative figures are 16,279,890 shares per the quarterly report cover page (as of May 1, 2026) plus the 8,088,387 new shares disclosed in the amendment of June 12, 2026.
- All revenue and earnings series in this analysis refer to continuing operations, meaning without the divested NauticStar and Aviara brands, exactly as the fiscal 2025 annual report restates them.
About the Company
MasterCraft Boat Holdings, Inc., through its subsidiaries, designs, manufactures, and markets recreational powerboats. It operates in two segments, MasterCraft and Pontoon. The MasterCraft segment produces premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating. The Pontoon segment provides pontoon boats for use in general recreational boating. The company also offers ski/wake and outboard boats, as well as various accessories, including trailers and aftermarket parts. It sells its boats under the MasterCraft, Crest, and Balise brands through a network of independent dealers in the United States and internationally. The company was formerly known as MCBC Holdings, Inc. and changed its name to MasterCraft Boat Holdings, Inc. in November 2018. MasterCraft Boat Holdings, Inc. was founded in 1968 and is headquartered in Vonore, Tennessee.
| Employees | 700 |
|---|---|
| Headquarters | Vonore, TN |
| Website | mastercraft.com |
| IPO Date | 17. Jul 2015 |
| Next Earnings | 26. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Bradley M. Nelson | CEO & Director | 1969 |
| W. Scott Kent | Chief Financial Officer | – |
| Jim Brown | Vice President of Operations | – |
| Alec Harmon | Senior Director of Strategy & Investor Relations | – |
| Charlene Hampton | Vice President of Human Resources | – |
| Mike O'Connell | Senior VP of Operational Excellence & President of Pontoon Segment | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.