Malibu Boats (MBUU) Fiscal Q4 2026 Earnings Call: Sales Surge, FY2027 Guidance
Source Tradingkey
Key Takeaways
- Malibu Boats’ fiscal Q4 2026 net sales rose 42.7% year over year to $295.5 million, including $61.2 million from Saxdor. Legacy net sales increased 13.2% to $234.3 million.
- Adjusted EBITDA increased 72.7% to $33.9 million, while adjusted EBITDA margin expanded 200 basis points to 11.5%. Gross margin rose 190 basis points to 17.7%.
- Fiscal 2026 net sales reached $914.6 million, up 13.3%, while adjusted EBITDA declined 1.1% to $73.9 million. Free cash flow was approximately $43.2 million.
- Management expects fiscal 2027 net sales of $1.080 billion to $1.120 billion and adjusted EBITDA of $101 million to $109 million, including a full year of Saxdor ownership.
- Dealer inventories declined during fiscal 2026, and management said aged inventory across the portfolio was in one of its best positions in some time.
- Management expects the broader market to remain flat to down in fiscal 2027, with softer conditions in the first half and improvement toward a roughly flat year in the second half.
Key Financial Data
| Metric | Fiscal Q4 2026 | Year-over-year change | Commentary |
|---|---|---|---|
| Net sales | $295.5 million | +42.7% | Included $61.2 million from Saxdor |
| Legacy net sales | $234.3 million | +13.2% | Supported by Cobalt and Saltwater Fishing volumes, mix and pricing |
| Unit volume | 1,456 | +19.2% | Saxdor contributed 180 units |
| Net sales per unit | $203,000 | +19.7% | Driven by mix, Saxdor and legacy price increases |
| Gross profit | $52.2 million | +59.4% | Higher-margin model mix supported growth |
| Gross margin | 17.7% | +190 bps | Improved product mix |
| GAAP net income | $7.4 million | +53.7% | Diluted EPS was $0.37 |
| Adjusted EBITDA | $33.9 million | +72.7% | Saxdor contributed approximately $4 million |
| Adjusted EBITDA margin | 11.5% | +200 bps | Prior-year margin was 9.5% |
| Adjusted EPS | $0.90 | +114.3% | Based on approximately 19.7 million diluted shares |
| Fiscal 2026 Metric | Result | Year-over-year change |
|---|---|---|
| Net sales | $914.6 million | +13.3% |
| Legacy net sales | $830.3 million | +2.8% |
| Adjusted EBITDA | $73.9 million | -1.1% |
| Adjusted EBITDA margin | 8.1% | Down from 9.3% |
| GAAP net income | $1.7 million | -88.8% |
| Cash from operations | $67.5 million | Approximately +$11 million |
| Free cash flow | Approximately $43.2 million | Approximately 58% of adjusted EBITDA |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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