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OneWater Marine cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$77.6M in Q3 FY26 · $56.8M over twelve months

Operating cash flow$80.4M
Capital spending−$2.8M
Free cash flow+$77.6M
Cash / net income6.9×
Cash conversion cycle119 days

Analysis

In Q3 FY26, OneWater Marine generated $80.4M of operating cash flow and spent $2.8M on capital projects, leaving free cash flow of $77.6M. That is $11.3M less than in Q3 FY25 ($88.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was $66.4M; the largest uses were net borrowing (+) / repaid (−) ($73.7M), other financing ($33.9M), capital spending ($9.7M); besides operations, cash came from asset & business sales ($48.8M), shares issued ($1.1M); the cash balance fell by $3.0M.

Operating cash flow was $80.4M against net income of $11.7M — 6.9× profit, cash ran ahead of reported earnings. The largest differences: inventory +$65.1M, deferred taxes +$10.2M, deferred revenue −$5.8M.

Its cash conversion cycle was 119 days (receivables 11 + inventory 117 − payables 9).

Free cash flow

OneWater Marine: free cash flow by quarterOneWater Marine: free cash flow by quarter$23.2MQ4 FY24−$40.0MQ1 FY25$23.7MQ2 FY25$88.9MQ3 FY25$7.2MQ4 FY25−$78.2MQ1 FY26$50.2MQ2 FY26$77.6MQ3 FY26
Operating cash flow less capital spending.
OneWater Marine: operating cash flow against capital spendingOneWater Marine: operating cash flow against capital spendingOperating cash flowCapital spending$27.3M$4.2MQ4 FY24−$37.4M$2.6MQ1 FY25$28.5M$4.8MQ2 FY25$90.8M$1.9MQ3 FY25$9.9M$2.7MQ4 FY25−$76.3M$1.9MQ1 FY26$52.4M$2.3MQ2 FY26$80.4M$2.8MQ3 FY26
Latest (Q3 FY26): Operating cash flow $80.4M, Capital spending $2.8M.

Capital allocation, year by year

OneWater Marine: where the cash came from (up) and went (down), by fiscal yearOneWater Marine: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $159MFY21: Net borrowing $21.1MFY21: Asset sales $233KFY21: Capital spending −$9.9MFY21: Acquisitions −$107MFY21: Dividends −$1.0M$181MFY21FY22: Operating cash flow $7.4MFY22: Net borrowing $324MFY22: Asset sales $345KFY22: Capital spending −$11.4MFY22: Acquisitions −$460MFY22: Buybacks −$354K$332MFY22FY23: Operating cash flow −$130MFY23: Net borrowing $11.7MFY23: Shares issued $2.1MFY23: Asset sales $1.4MFY23: Capital spending −$21.3MFY23: Acquisitions −$28.9MFY23: Buybacks −$1.6M$15.1MFY23FY24: Operating cash flow $34.8MFY24: Net borrowing −$35.0MFY24: Shares issued $1.5MFY24: Asset sales $45.9MFY24: Capital spending −$25.9MFY24: Acquisitions −$5.7M$82.2MFY24FY25: Operating cash flow $91.8MFY25: Net borrowing −$42.1MFY25: Shares issued $1.2MFY25: Asset sales $416KFY25: Capital spending −$12.0MFY25: Acquisitions $713K$94.1MFY25
Over these 5 years operating cash flow totalled $164M; the largest uses were acquisitions ($602M) and operating cash flow ($130M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$68.7M
Debt$348M
Net debt$279M
Due within a year$81.7M

OneWater Marine funds itself: free cash flow was $56.8M over the last twelve months, and $68.7M of cash and investments stands against $348M of debt ($81.7M due within a year, 0.8× covered by cash).

OneWater Marine: debt maturities by year (FY25)OneWater Marine: debt maturities by year (FY25)$81.7MYear 1$334MYear 2$78KYear 3$42KYear 4$19KYear 5$6KAfter year 5
Principal due in each year as disclosed in the annual report, against $68.7M of cash and investments now.

Where the cash came from and went

OneWater Marine: sources (+) and uses (−) of cash, Q3 FY26OneWater Marine: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$80.4MOther financing−$68.4MNet borrowing (+) / repaid (−)−$6.8MCapital spending−$2.8MCash drawn (+) / kept (−)−$2.4MTaxes on employees’ shares−$12KAsset & business sales$4KExchange rates$1K
OneWater Marine: sources (+) and uses (−) of cash, TTM to Q3 FY26OneWater Marine: sources (+) and uses (−) of cash, TTM to Q3 FY26Net borrowing (+) / repaid (−)−$73.7MOperating cash flow$66.4MAsset & business sales$48.8MOther financing−$33.9MCapital spending−$9.7MCash drawn (+) / kept (−)$3.0MTaxes on employees’ shares−$1.6MShares issued$1.1MOther investing−$495KExchange rates$14K

From profit to cash

OneWater Marine: net income to operating cash flow, Q3 FY26OneWater Marine: net income to operating cash flow, Q3 FY26Net income$11.7MDepreciation & amortization$4.4MStock-based pay$4.0MDeferred taxes$10.2MReceivables−$3.8MInventory$65.1MPayables−$3.4MDeferred revenue−$5.8MPrepaid and other assets−$947KOperating cash flow$80.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26111179119
Q2 FY261015411153
Q1 FY261218014179
Q4 FY251413610141
Q3 FY25141208126
Q2 FY25141499154
Q1 FY251619410200
Q4 FY242219110202

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$80.4M−$2.8M−$6.8M—−$2.4M$77.6M
Q2 FY26$52.4M−$2.3M−$47.0M—−$34.1M$50.2M
Q1 FY26−$76.3M−$1.9M−$11.5M—$22.4M−$78.2M
Q4 FY25$9.9M−$2.7M−$8.6M$652K$17.1M$7.2M
Q3 FY25$90.8M−$1.9M−$9.0M—−$6.4M$88.9M
Q2 FY25$28.5M−$4.8M−$2.4M—−$39.0M$23.7M
Q1 FY25−$37.4M−$2.6M$5.5M—−$9.2M−$40.0M
Q4 FY24$27.3M−$4.2M−$2.5M$788K$24.6M$23.2M

OneWater Marine: income statement and cash flow

OneWater Marine, Q3 FY26: revenue $531M (-4% year over year), operating margin 6.7%. The chart follows the revenue to costs, profit and cash.

OneWater Marine: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.