MasterCraft Boat Holdings, Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business carries its own weight: MasterCraft leads its category with a 19.2 percent share in ski and wake boats, rode the drop in net sales from $609.9 million to $284.2 million (fiscal 2023 to fiscal 2025) without ever drawing on a credit line, and reported $84.6 million of cash and short-term investments plus $189.3 million of equity as of March 29, 2026; margins are coming back, with gross margin at 25.0 percent against 20.8 percent in the third quarter of fiscal 2026. Nothing in the filings threatens the substance of the company. What is open is a clearly operational question: earnings per share from continuing operations fell from $5.28 in fiscal 2023 to $0.65 in fiscal 2025, and the third quarter of fiscal 2026 carried a reported loss of $0.7 million — the turnaround out of the cycle is not yet proven. On top of that sits the Marine Products acquisition: its earnings contribution has not appeared in any report so far, pro forma cash falls from $75.4 million to $30.5 million, and 47 percent of the balance sheet consists of goodwill and intangible assets whose allocation is expressly preliminary — at a company that already wrote off $22.5 million and $9.8 million on divested brands in fiscal 2023 and fiscal 2024. That is not a threat to substance, but it is not proven quality either — hence yellow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Operating recovery
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.
Balance sheet and financing capacity
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.
Dilution from the merger
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.
Balance sheet quality after the deal
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.
Valuation
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.
Comparability of the reporting
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at MCFT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 17.20 $ to 27.40 $ · Last price: 20.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Recreational Vehicles
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| MasterCraft Boat Holdings, Inc. MCFT | 0.5 | 28.8 | 29.2 | 22.9 | -1.7 | -22.5 | -9.8 |
| Brunswick Corporation BC | 4.4 | – | 22.0 | 26.0 | 4.0 | 2.4 | 6.8 |
| Thor Industries Inc THO | 3.6 | 14.3 | 6.5 | 13.2 | 3.5 | -4.6 | -32.2 |
| Polaris Industries Inc PII | 3.2 | – | 48.8 | 22.0 | -0.4 | -0.3 | 1.6 |
| Harley-Davidson Inc HOG | 2.8 | – | 6.7 | 28.0 | 3.1 | -13.8 | -8.1 |
| Patrick Industries Inc PATK | 2.3 | 18.6 | 8.9 | 23.1 | 6.5 | 6.3 | -32.9 |
| LCI Industries LCII | 2.1 | 10.7 | 6.9 | 25.7 | 8.7 | 10.2 | -8.7 |
| Winnebago Industries Inc WGO | 0.8 | – | 9.3 | 13.0 | – | -5.9 | -14.8 |
| Malibu Boats Inc MBUU | 0.5 | – | 11.7 | 16.4 | – | -2.6 | -29.0 |
| Median of companies shown | 2.3 | 16.5 | 9.3 | 22.9 | 3.5 | -2.6 | -9.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 229 | 34 | 20 | 1.05 | 26 | 12 | 83 |
| 2018 | 333 | 56 | 40 | 2.12 | 49 | 53 | 177 |
| 2019 | 466 | 64 | 21 | 1.14 | 56 | 72 | 249 |
| 2020 | 363 | -27 | -24 | -1.28 | 30 | 49 | 208 |
| 2021 | 466 | 79 | 56 | 2.96 | 69 | 108 | 276 |
| 2022 | 642 | 116 | 58 | 3.12 | 73 | 144 | 297 |
| 2023 | 610 | 121 | 69 | 3.88 | 134 | 192 | 354 |
| 2024 | 367 | 8 | 8 | 0.46 | 13 | 184 | 318 |
| 2025 | 284 | 11 | 7 | 0.43 | 36 | 183 | 260 |
| 2026 | 349 | -1 | -2 | -0.10 | 30 | 381 | 500 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| 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 | -0.31 | -186.10 | 65 | -30.70 | -7.90 | 2 | 0 |
| 2024: Q4 | 0.17 | -50.00 | 63 | -29.40 | 4.30 | 6 | 4 |
| 2025: Q1 | 0.23 | 4.50 | 76 | -9.50 | 4.90 | 6 | 4 |
| 2025: Q2 | 0.35 | 975.00 | 80 | 18.40 | 7.20 | 20 | 18 |
| 2025: Q3 | 0.22 | 171.00 | 69 | 5.60 | 5.30 | -7 | -10 |
| 2025: Q4 | 0.16 | -5.90 | 72 | 13.20 | 3.50 | 16 | 14 |
| 2026: Q1 | -0.05 | -121.70 | 78 | 3.00 | -0.90 | 5 | 4 |
| 2026: Q2 | -0.43 | -222.90 | 130 | 63.40 | -5.50 | 17 | 15 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Earnings & Surprises
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 1.93 | 1.85 – 2.00 | 623 | 9.4% | 2 |
| 06/30/2028 | 2.06 | 2.01 – 2.10 | 652 | 8.2% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 8.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $22.8M |
|---|---|
| Market cap | $474.0M |
| Free cash flow in year ten | $50.3M |
| Terminal value as a share of market value | 55.9% |
For comparison: over the past five years free cash flow shrank by 11.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft 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.
10-K · 2025-08-27 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -17.0%
- More than 10% revenue growth is expected for the coming year -53.3%
- Share count grows by less than 3% a year -1.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 29.2%
- Gross margin at 40% or higher and without meaningful erosion 22.9%
- Goodwill from acquisitions does not grow faster than revenue 26.8%
- Net debt below twice EBITDA 44 m net cash
- Operating cash flow covers the profits of the last three years 65 m
- Return on capital at 15% or higher, or up versus two years ago -0.3%
- Insiders hold at least 10% or are net buyers 25.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 4.8%
- Exp. sales growth 3Y > 5% 36.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 36.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -1.0%
- ROCE > 15% -0.3%
- Expected return > 10% 43.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Nelson Bradley M. | Chief Executive Officer | Buy | 100 | 19.45 | 1,945 |
| Sep 15, 2026 | Nelson Bradley M. | Chief Executive Officer | Buy | 2,400 | 19.50 | 46,800 |
| Sep 15, 2026 | Lambert Roch | Director | Buy | 3,845 | 19.51 | 75,016 |
| Sep 5, 2026 | O'connell Michael | Sr. Vice President | Other | 1,278 | 24.15 | 30,864 |
| Sep 5, 2026 | O'connell Michael | Sr. Vice President | Other | 3,250 | 24.15 | 78,488 |
The company
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
- 1,400
- Headquarters
- Vonore, TN
- Address
- 100 Cherokee Cove Drive, 37885 Vonore, United States
- Phone
- 423 884 2221
- Website
- mastercraft.com
- IPO Date
- 07/17/2015
- ISIN
- US57637H1032
Management
| Name | Title | Birth Year |
|---|---|---|
| Bradley M. Nelson | CEO & Director | 1969 |
| Jim Brown | President | – |
| W. Scott Kent | Chief Financial Officer | – |
| Alec Harmon | Senior Director of Strategy & Investor Relations | – |
| Charlene Hampton | Vice President of Human Resources | – |
| Jan Morton | Chief Procurement Officer | – |
| 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/10/2026 MasterCraft Boat Holdings, Inc. (MCFT): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.