OneWater Marine Inc.

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 1✗ 34▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)1/9 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)5/9 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)3.3%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-4.6% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-102.2M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-42.6%

  ✗Lynch> 15%

  EBIT / Enterprise Value-21.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-21.1%, ROC=-68.2%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-8.16%

  ✗PiotroskiROA > 0

  ROA Change YoY-0.36% -> -8.16% (delta: -7.80%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=6.54%, ROA=-8.16%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY24.5% -> 22.8%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue-8.4%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-42.6%

  ✗Dreman> 12%

  Margin of Safety

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-17.5% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency5/8 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-5.1%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-42.6%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend0.9% (2023) -> -4.6% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 27.6% -> 22.8%, operating margin 0.9% -> -4.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-78.14%; #5267/6340 (top 83.1%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+30.42%; #1403/3702 (top 37.9%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-42.61%; #4120/5226 (top 78.8%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0711; #3047/5884 (top 51.8%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth0% pass✓ 3✗ 10▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -6.1% vs Rev: 1.3%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency5/8 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth5.6%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 27.6% -> 22.8%, operating margin 0.9% -> -4.6%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR12.9%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Verdicts6% pass✓ 1✗ 15▾

  Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (2/9)✗LynchFAIL (1/7)✗GreenblattRank #2540✓PiotroskiPASS (F-Score 4)✗DremanFAIL (0/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (2/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1802/2370 (Top 76.0%))✗NeffFAIL (2/6)✗SchlossFAIL (0/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag ONEW's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current AssetsLT Debt $324.2M vs NCA $121.5M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.22, IC: -2.9x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.22

  ✗Lynch< 0.33

  Cash - Long-term Debt$-255.5M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change26.10% -> 23.81%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.22

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.22

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.22

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-2.9x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.22

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.2171; #3428/4210 (top 81.4%)

  ✗AsnessTop 30% of eligible cross-section
• Valuation8% pass✓ 5✗ 23▾

  12 of 13 flag ONEW's valuation — Graham, Lynch, Greenblatt +9 more

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-21.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-21.1%, ROC=-68.2%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)

  ✗Dreman< 8x

  Price / Book Value per Share

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation Reasonableness

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=51.1%

  ✓PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical Average

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low100% of trailing low ($9.36)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-78.14%; #5267/6340 (top 83.1%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+1.8338; #730/6449 (top 11.3%)

  ✓AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+11.6270; #294/5247 (top 5.6%)

  ✓OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+36.38%; #152/4519 (top 3.4%)

  ✓OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-6.96%; #3247/6202 (top 52.4%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Efficiency13% pass✓ 3✗ 8▾

  7 of 8 flag ONEW's efficiency — Graham, Greenblatt, Piotroski +4 more

  Current Ratio1.22

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)12.5%

  ✓Buffett> 10%

  ROIC - WACC+2.5%

  ✓BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-68.2%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.28 -> 1.14

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY1.11x -> 1.33x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities1.22

  ✗Dreman> 1.5

  Return on Invested Capital-11.5%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=1.7%; FY2024: ROIC=6.5%; FY2025: ROIC=-9.7%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)2/5 years above 12% (latest -9.7%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag ONEW's cash flow — Buffett, Lynch, Dreman +3 more

  Free Cash Flow Proxy$-102.2M

  ✗BuffettPositive and growing

  FCF Positive and Growing$56.8M

  ✗LynchPositive and growing

  Operating Cash Flow$91.8M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=6.54%, ROA=-8.16%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=51.1%

  ✓PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive4/8 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency5/8 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$56.8M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+36.38%; #152/4519 (top 3.4%)

  ✓OshaughnessyTop 10% of eligible cross-section