Quality Investor

MasterCraft Boat Holdings, Inc.

Rank #402Hypergrowth

MCFT · Nasdaq · Consumer Cyclical

MasterCraft Boat Holdings, Inc. (MCFT) — Rank #402 by gross profitability (GP/assets 0.16) · ROE -0.4% · Piotroski F-Score N/A.

As-of 2026-09-16 · CIK 0001638290 · all metrics point-in-time as of the filing date.

About

MasterCraft Boat Holdings, Inc., through its subsidiaries, designs, manufactures, and markets recreational powerboats.

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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.

Industry
Recreational Vehicles
Sector
Consumer Cyclical
State
DE
Filer Category
Accelerated filer
Fiscal Year End
June 30

Price History

MCFT-22.1% · -4.9% CAGRSPY+79.7% · +12.4% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$474.37M

P/E (annual)

P/S (annual)

1.4

P/B

1.2

P/OCF (annual)

15.6

Shareholder Yield

-3.9%

Employees

1,400

Industry

Recreational Vehicles

Exchange

Nasdaq

Signal Flags

2 green1 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.16
Return on equity
-0.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.31
Current ratio
1.56×
Net cash
$43.87M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.2%

Growth

1/2 pass
Revenue growth
22.8%
Piotroski F-Score
N/A
Share dilution
3.9%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

3.7%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 3.9% — per-share value needs a total required return of 7.6% once share-count change is priced in.

vs. own 6-year median revenue growth: 13.0%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-0.3%

r = 10% (base)

3.7%

r = 12%

7.3%

Net debt / market cap: -13.1%

Base FCF: $22.4M3Y mean FCF: $15M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

N/A
5.6xmed 10.7x53.3x

P / S

Price / revenue per share

1.0xExpensive
0.6xmed 0.9x1.3x

P / B

Price / book value per share

0.9xCheap
0.9xmed 3.3x23.0x

P / GP

Price / gross profit per share

4.4xExpensive
2.3xmed 4.0x6.7x

P / FCF

Price / free cash flow per share

15.8xExpensive
3.7xmed 12.1x20.5x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.16

Primary signal (Novy-Marx).

23rd pctl of 23 SIC 37 peers

Return on equity

-0.4%

Gross margin

22.9%

50th pctl of 23 SIC 37 peers

Revenue growth (YoY)

22.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-17.0%

Revenue CAGR (5Y)

-5.6%

Earnings CAGR (3Y)

FCF CAGR (3Y)

-40.0%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.31

95th pctl of 22 SIC 37 peers (best = lowest)

Current ratio

1.56×

18th pctl of 23 SIC 37 peers

Quick ratio

0.57×

Net cash

$43.87M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$22.38M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

14.47

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.2%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20212026
Hypergrowth
Capital Return
Decline