MasterCraft Boat Holdings, Inc. is a prominent player in the recreational marine industry, known for its innovation and premium positioning. The company was founded in Maryville, Tennessee, in 1968, and later moved its headquarters to Vonore, Tennessee. It went public on NASDAQ in July 2015 under the symbol MCFT, initially ...MasterCraft Boat Holdings, Inc. is a prominent player in the recreational marine industry, known for its innovation and premium positioning. The company was founded in Maryville, Tennessee, in 1968, and later moved its headquarters to Vonore, Tennessee. It went public on NASDAQ in July 2015 under the symbol MCFT, initially as MCBC Holdings, Inc., and adopted its current name in November 2018. The company designs, manufactures, and markets a diverse portfolio of recreational powerboats, catering to enthusiasts of water skiing, wakeboarding, wake surfing, fishing, and general leisure boating.
The business is segmented into three main areas: MasterCraft, which produces high-performance sport boats and luxury day boats under the MasterCraft and Aviara brands; NauticStar, which focuses on saltwater fishing and recreational boats; and Crest, which specializes in pontoon boats. The company also offers a variety of boat types, including ski/wake, outboard, and sterndrive models, as well as accessories like trailers and aftermarket parts. Distribution is handled through a network of independent dealers across North America and internationally, ensuring a wide market reach.
Financially, MasterCraft has shown resilience with a market capitalization of about $396 million, a price-to-earnings ratio of 35.6, and a beta of 1.075. The company maintains a solid balance sheet with minimal leverage, positive working capital of over $64 million, and strong liquidity ratios, including a current ratio of 1.83 and a cash ratio of 0.97. Its profitability margins, while moderate (gross margin ~22.8%, net margin ~3.7%), reflect ongoing investments in innovation and brand development. The company generates consistent free cash flow, with trailing free cash flow of about $25.6 million, and prudent capital expenditures relative to depreciation.
Leadership is currently headed by CEO Bradley Nelson, who took office in March 2024, bringing over 30 years of executive experience. The company also emphasizes its commitment to quality and customer satisfaction, positioning itself as a leader in the premium boating segment. With a strong brand heritage, a diverse product lineup, and strategic acquisitions (such as the recent expansion with Aviara), MasterCraft continues to strengthen its competitive edge. Its focus on innovation, operational efficiency, and shareholder value makes it a notable entity in the consumer cyclical sector.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$284.2M
-22.5%
+9.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$7.0M
-9.7%
-129.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+20.0%
+9.3%
+16.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+4.0%
+89.8%
-142.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+2.5%
+16.5%
-126.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$26.4M
+783.1%
-73.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+9.3%
+981.1%
-75.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
0.0%
-100.0%
—
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.86x
-6.6%
-11.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Ladies and gentlemen, thank you for standing by and welcome to the MasterCraft Boat Holdings, Incorporated Fiscal Third Quarter 2026 Earnings Conference Call. Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Alec Harmon, Senior Director of Strategy and Investor Relations. Please go ahead, sir.
Alec Harmon: Thank you, operator, and welcome, everyone. Thank you for joining us today as we discuss MasterCraft's fiscal third quarter performance for 2026. As a reminder, today's call is being webcast live and will also be archived on our website for future listening. With me on this morning's call is Brad Nelson, Chief Executive Officer; and Scott Kemp, Chief Financial Officer. Brad will begin with an overview of our operational performance. After that, Scott will discuss our financial performance. Brad will then provide some closing remarks before we open the call up for questions. Before we begin, we'd like to remind participants that the information contained in this call is current only as of today, May 7, 2026. The company assumes no obligation to update any statements, including forward-looking statements. Statements that are not historical facts are forward-looking statements and subject to the safe harbor disclosure or disclaimer in today's press release. Additionally, on this conference call, we will discuss non-GAAP measures that include or exclude items not indicative of our ongoing operations. For each non-GAAP measure, we will also provide the most directly comparable GAAP measure in today's press release, which includes a reconciliation of these non-GAAP measures to our GAAP results. As a reminder, unless otherwise noted, the following commentary is made on a continuing operations basis and all references to specific quarters and periods will be on a fiscal basis. Today's outlook also excludes any impact from the proposed combination with Marine Products Corporation. With that, I will turn the call over to Brad.
Bradley Nelson: Thank you, Alec, and good morning, everyone. We delivered third quarter results that exceeded our expectations driven by disciplined execution across the business and continued new product momentum. In a dynamic market environment, we remain focused on our strategy and core strength driving operational efficiencies, aligning production with demand and delivering differentiated innovation that is resonating with customers and dealers. Our team's ability to stay agile and extend our premium product leadership continues to be a competitive advantage and a key driver of momentum across our brands. As we move into the heart of the selling season, we remain focused on dealer health and pipeline discipline, keeping our wholesale plans measured and flexible while continuing to build momentum across our brands. As always, I want to thank our team members and dealer partners for their focus and dedication as we …