# MasterCraft Boat Holdings, Inc. (MCFT)

Informational only - not investment advice.

CIK: 0001638290
SIC: 3730 Ship & Boat Building & Repairing
SIC breadcrumb: [Manufacturing](/division/D/) > [Transportation Equipment](/major-group/37/) > [SIC 3730 Ship & Boat Building & Repairing](/industry/3730/)
Latest 10-K filed: 2025-08-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=1638290
Filing source: https://www.sec.gov/Archives/edgar/data/1638290/000095017025111682/mcft-20250630.htm

## At a glance

FY2025 · period end 2025-06-30 · filed 2025-08-27 · accession 0000950170-25-111682 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001638290.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 284,203,000 USD | 2025 | verified |
| Net income | 7,043,000 USD | 2025 | verified |
| Assets | 259,948,000 USD | 2025 | verified |
| Free cash flow | 26,395,000 USD | 2025 | computed |
| Net margin | 2.48% | 2025 | computed |
| Operating margin | 3.95% | 2025 | computed |
| Revenue YoY | -11.83% | 2025 | computed |
| ROE | 3.84% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MCFT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.5% | 3.7% | 38 | 65 |
| Operating margin | 4.0% | 7.3% | 34 | 57 |
| Revenue growth | -11.8% | 5.6% | 7 | 73 |
| FCF margin | 9.3% | 4.4% | 79 | 72 |
| ROE | 3.8% | 6.0% | 38 | 72 |
| ROA | 2.7% | 2.8% | 49 | 75 |
| Liabilities / equity | 0.42 | 1.45 | 17 | 72 |
| Current ratio | 1.86 | 2.20 | 37 | 71 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 37 Transportation Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 284203000 | USD | 2025 | 2025-08-27 |
| Net income | 7043000 | USD | 2025 | 2025-08-27 |
| Assets | 259948000 | USD | 2025 | 2025-08-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-08-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001638290.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 228,634,000 | 332,725,000 | 466,381,000 | 363,073,000 | 465,962,000 | 641,609,000 | 609,903,000 | 322,351,000 | 284,203,000 |
| Net income | 10,210,000 | 19,570,000 | 39,653,000 | 21,354,000 | -24,047,000 | 56,170,000 | 58,214,000 | 68,937,000 | 7,800,000 | 7,043,000 |
| Operating income | 22,011,000 | 33,515,000 | 55,983,000 | 33,259,000 | -26,567,000 | 78,643,000 | 116,195,000 | 121,429,000 | 27,476,000 | 11,232,000 |
| Gross profit | 61,079,000 | 63,476,000 | 90,364,000 | 113,127,000 | 75,356,000 | 125,131,000 | 168,190,000 | 168,739,000 | 71,610,000 | 56,865,000 |
| Diluted EPS | 0.56 | 1.05 | 2.12 | 1.14 | -1.28 | 2.96 | 3.12 | 3.88 | 0.46 | 0.43 |
| Operating cash flow | 30,747,000 | 26,232,000 | 49,397,000 | 55,886,000 | 30,198,000 | 68,538,000 | 73,311,000 | 134,196,000 | 12,497,000 | 35,593,000 |
| Capital expenditures | 3,817,000 | 4,135,000 | 5,305,000 | 14,064,000 | 14,241,000 | 25,219,000 | 12,296,000 | 24,563,000 | 10,525,000 | 9,198,000 |
| Share buybacks | 4,502,000 |  |  |  |  | 0.00 | 25,454,000 | 22,949,000 | 16,257,000 | 9,767,000 |
| Assets | 82,533,000 | 83,321,000 | 176,924,000 | 248,773,000 | 207,923,000 | 276,460,000 | 297,052,000 | 353,976,000 | 317,984,000 | 259,948,000 |
| Liabilities | 90,912,000 | 71,560,000 | 124,402,000 | 176,457,000 | 159,053,000 | 168,672,000 | 153,404,000 | 161,887,000 | 134,105,000 | 76,362,000 |
| Stockholders' equity | -8,379,000 | 11,761,000 | 52,522,000 | 72,316,000 | 48,870,000 | 107,788,000 | 143,648,000 | 191,969,000 | 183,679,000 | 183,386,000 |
| Cash and cash equivalents | 73,000 | 4,038,000 | 7,909,000 | 5,826,000 | 16,319,000 | 39,252,000 | 34,203,000 | 19,817,000 | 7,394,000 | 28,926,000 |
| Free cash flow | 26,930,000 | 22,097,000 | 44,092,000 | 41,822,000 | 15,957,000 | 43,319,000 | 61,015,000 | 109,633,000 | 1,972,000 | 26,395,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 8.56% | 11.92% | 4.58% | -6.62% | 12.05% | 9.07% | 11.30% | 2.42% | 2.48% |
| Operating margin |  | 14.66% | 16.83% | 7.13% | -7.32% | 16.88% | 18.11% | 19.91% | 8.52% | 3.95% |
| Return on equity |  | 166.40% | 75.50% | 29.53% | -49.21% | 52.11% | 40.53% | 35.91% | 4.25% | 3.84% |
| Return on assets | 12.37% | 23.49% | 22.41% | 8.58% | -11.57% | 20.32% | 19.60% | 19.48% | 2.45% | 2.71% |
| Liabilities / equity |  | 6.08 | 2.37 | 2.44 | 3.25 | 1.56 | 1.07 | 0.84 | 0.73 | 0.42 |
| Current ratio | 0.41 | 0.59 | 0.73 | 0.79 | 1.02 | 1.48 | 1.57 | 1.91 | 1.99 | 1.86 |

## As-reported value updates

15 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/MCFT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001638290.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-01-02 |  |  | 0.81 | reported discrete quarter |
| 2022-Q3 | 2022-04-03 |  |  | 1.13 | reported discrete quarter |
| 2023-Q3 | 2023-04-02 | 166,776,000 | 22,510,000 | 1.27 | reported discrete quarter |
| 2023-Q4 | 2023-06-30 | 166,566,000 | 22,676,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2023-10-01 |  |  | 0.36 | reported discrete quarter |
| 2023-Q2 | 2023-12-31 | 99,481,000 | 5,886,000 | 0.34 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 | 95,708,000 | 3,755,000 | 0.22 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 67,182,000 | -8,036,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-09-29 | 65,359,000 | -5,145,000 | -0.31 | reported discrete quarter |
| 2024-Q2 | 2024-12-29 | 63,368,000 | 2,748,000 | 0.17 | reported discrete quarter |
| 2025-Q3 | 2025-03-30 | 75,960,000 | 3,743,000 | 0.23 | reported discrete quarter |
| 2025-Q4 | 2025-06-30 | 79,516,000 | 5,697,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-09-28 | 69,002,000 | 3,636,000 | 0.22 | reported discrete quarter |
| 2025-Q2 | 2025-12-28 | 71,759,000 | 2,527,000 | 0.16 | reported discrete quarter |
| 2026-Q3 | 2026-03-29 | 78,206,000 | -742,000 | -0.05 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MCFT's latest 10-K: [/company/MCFT/business/](/company/MCFT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MCFT's latest 10-K: [/company/MCFT/risk-factors/](/company/MCFT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1638290/000119312526211213/mcft-20260329.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-07
Report date: 2026-03-29

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis should be read together with the unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. In addition, the statements in this discussion and analysis regarding our expectations concerning the performance of our business, anticipated financial results, liquidity and the other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above and in “Risk Factors” set forth in our 2025 Annual Report. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

Certain statements in the following discussions are based on non-GAAP financial measures. A “non-GAAP financial measure” is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP in the statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Non-GAAP financial measures do not include operating and statistical measures. The Company includes non-GAAP financial measures in Management’s Discussion and Analysis, as the Company’s management believes that these measures and the information they provide are useful to users of the financial statements, including investors, because they permit users of the financial statements to view the Company’s performance using the same tools that management utilizes and to better evaluate the Company’s ongoing business performance. In order to better align the Company’s reported results with the internal metrics used by the Company's management to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to business acquisitions.

Overview

The Company’s results for all periods presented, as discussed in Management’s Discussion and Analysis, are presented on a continuing operations basis, which consists of our MasterCraft and Pontoon segments.

Marine Products Transaction

On February 5, 2026, the Company announced that it had entered into the Marine Products Transaction. The Marine Products Transaction is expected to close shortly after our special meeting of shareholders, scheduled May 12, 2026, subject to approval by both the Company's and Marine Products’ shareholders and the satisfaction of other customary closing conditions.

Results of Operations

Despite recent geopolitical and macroeconomic uncertainty, the Company delivered increased net sales of $2.2 million and increased gross margin of 420 basis points for the third quarter of fiscal 2026, when compared with the same prior-year period. These increases were primarily driven by favorable model mix and option sales, increased prices, and decreased dealer incentives, while maintaining effective cost controls, partially offset by lower unit volumes.

18

Results of Continuing Operations

Consolidated Results

The table below presents our consolidated results of operations for the three and nine months ended:

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","","2026 vs. 2025","","","Nine Months Ended","","","2026 vs. 2025"],["","","March 29,","","","March 30,","","","","","","%","","","March 29,","","","March 30,","","","","","","%"],["","","2026","","","2025","","","Change","","","Change","","","2026","","","2025","","","Change","","","Change"],["(Dollar amounts in thousands)"],["Consolidated statements of operations:"],["NET SALES","","$","78,206","","","$","75,960","","","$","2,246","","","","3.0","%","","$","218,967","","","$","204,687","","","$","14,280","","","","7.0","%"],["COST OF SALES","","","58,664","","","","60,195","","","","(1,531",")","","","(2.5","%)","","","168,502","","","","166,232","","","","2,270","","","","1.4","%"],["GROSS PROFIT","","","19,542","","","","15,765","","","","3,777","","","","24.0","%","","","50,465","","","","38,455","","","","12,010","","","","31.2","%"],["OPERATING EXPENSES:"],["Selling and marketing","","","3,360","","","","2,845","","","","515","","","","18.1","%","","","9,649","","","","8,543","","","","1,106","","","","12.9","%"],["General and administrative","","","17,030","","","","8,356","","","","8,674","","","","103.8","%","","","34,267","","","","23,258","","","","11,009","","","","47.3","%"],["Amortization of other intangible assets","","","450","","","","450","","","","\u2014","","","","\u2014","","","","1,350","","","","1,350","","","","\u2014","","","","\u2014"],["Total operating expenses","","","20,840","","","","11,651","","","","9,189","","","","78.9","%","","","45,266","","","","33,151","","","","12,115","","","","36.5","%"],["OPERATING INCOME (LOSS)","","","(1,298",")","","","4,114","","","","(5,412",")","","","(131.6","%)","","","5,199","","","","5,304","","","","(105",")","","","(2.0","%)"],["OTHER INCOME (EXPENSE):"],["Interest expense","","","(58",")","","","\u2014","","","","(58",")","","","\u2014","","","","(146",")","","","(1,169",")","","","1,023","","","","(87.5","%)"],["Interest income","","","760","","","","760","","","","\u2014","","","","\u2014","","","","2,257","","","","2,649","","","","(392",")","","","(14.8","%)"],["Loss on extinguishment of debt","","","(71",")","","","\u2014","","","","(71",")","","","\u2014","","","","(71",")","","","\u2014","","","","(71",")","","","0.0","%"],["INCOME (LOSS) BEFORE INCOME TAX EXPENSE","","","(667",")","","","4,874","","","","(5,541",")","","","(113.7","%)","","","7,239","","","","6,784","","","","455","","","","6.7","%"],["INCOME TAX EXPENSE","","","49","","","","1,053","","","","(1,004",")","","","(95.3","%)","","","1,811","","","","1,521","","","","290","","","","19.1","%"],["INCOME (LOSS) FROM CONTINUING OPERATIONS","","$","(716",")","","$","3,821","","","$","(4,537",")","","","(118.7","%)","","$","5,428","","","$","5,263","","","$","165","","","","3.1","%"],["Additional financial and other data:"],["Unit sales volume:"],["MasterCraft","","","409","","","","422","","","","(13",")","","","(3.1","%)","","","1,195","","","","1,196","","","","(1",")","","","(0.1","%)"],["Pontoon","","","162","","","","197","","","","(35",")","","","(17.8","%)","","","524","","","","527","","","","(3",")","","","(0.6","%)"],["Consolidated unit sales volume","","","571","","","","619","","","","(48",")","","","(7.8","%)","","","1,719","","","","1,723","","","","(4",")","","","(0.2","%)"],["Net sales:"],["MasterCraft","","$","66,764","","","$","64,227","","","$","2,537","","","","4.0","%","","$","186,647","","","$","174,857","","","$","11,790","","","","6.7","%"],["Pontoon","","","11,442","","","","11,733","","","","(291",")","","","(2.5","%)","","","32,320","","","","29,830","","","","2,490","","","","8.3","%"],["Consolidated net sales","","$","78,206","","","$","75,960","","","$","2,246","","","","3.0","%","","$","218,967","","","$","204,687","","","$","14,280","","","","7.0","%"],["Net sales per unit:"],["MasterCraft","","$","163","","","$","152","","","$","11","","","","7.2","%","","$","156","","","$","146","","","$","10","","","","6.8","%"],["Pontoon","","","71","","","","60","","","","11","","","","18.3","%","","","62","","","","57","","","","5","","","","8.8","%"],["Consolidated net sales per unit","","","137","","","","123","","","","14","","","","11.4","%","","","127","","","","119","","","","8","","","","6.7","%"],["Gross margin","","","25.0","%","","","20.8","%","","420 bps","","","","23.0","%","","","18.8","%","","420 bps"]]
[[/GREPCENT_TABLE]]

Net sales increased $2.2 million during the third quarter of fiscal 2026, when compared with the same prior-year period. The increase in net sales was driven by favorable model mix and option sales, increased prices, and decreased dealer incentives, partially offset by lower unit volumes.

Net sales increased $14.3 million during the first nine months of fiscal 2026, when compared with the same prior year period, due to favorable model mix and option sales, increased prices, and decreased dealer incentives.

Gross margin percentage increased 420 basis points during both the third quarter and first nine months of fiscal 2026, when compared with the same prior year periods. Higher margins were primarily the result of increased net sales, as discussed above, combined with effective cost controls.

19

Operating expenses increased $9.2 million and $12.1 million during the third quarter and first nine months of fiscal 2026, respectively, when compared with the same prior year periods, due to business development and consulting costs related to the Marine Products Transaction, increased selling and marketing costs, and ERP implementation costs.

Segment Results

MasterCraft Segment

The following table sets forth MasterCraft segment results for the three and nine months ended:

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","","2026 vs. 2025","","","Nine Months Ended","","","2026 vs. 2025"],["","","March 29,","","","March 30,","","","","","","%","","","March 29,","","","March 30,","","","","","","%"],["(Dollar amounts in thousands)","","2026","","","2025","","","Change","","","Change","","","2026","","","2025","","","Change","","","Change"],["Net sales","","$","66,764","","","$","64,227","","","$","2,537","","","","4.0","%","","$","186,647","","","$","174,857","","","$","11,790","","","","6.7","%"],["Operating income","","","277","","","","5,792","","","","(5,515",")","","","(95.2","%)","","","10,834","","","","12,864","","","","(2,030",")","","","(15.8","%)"],["Purchases of property, plant and equipment","","","836","","","","1,778","","","","(942",")","","","(53.0","%)","","","4,797","","","","5,459","","","","(662",")","","","(12.1","%)"],["Unit sales volume","","","409","","","","422","","","","(13",")","","","(3.1","%)","","","1,195","","","","1,196","","","","(1",")","","","(0.1","%)"],["Net sales per unit","","$","163","","","$","152","","","$","11","","","","7.2","%","","$","156","","","$","146","","","$","10","","","","6.8","%"]]
[[/GREPCENT_TABLE]]

Net sales increased $2.5 million and $11.8 million during the third quarter and first nine months of fiscal 2026, respectively, when compared with the same prior year periods. The increase was driven by favorable model mix and option sales, increased prices, and decreased dealer incentives, partially offset by lower unit volumes.

Operating income decreased $5.5 million and $2.0 million during third quarter and first nine months of fiscal 2026, respectively, when compared with the same prior year periods. The change was primarily the result of increased operating expenses, partially offset by increased net sales, as discussed above.

Pontoon Segment

The following table sets forth Pontoon segment results for the three and nine months ended:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1638290/000095017025111682/mcft-20250630.htm
Complete FY 2025 MD&A: /company/MCFT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2025-08-27
Report date: 2025-06-30

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis should be read together with the sections entitled “Risk Factors” and the financial statements and the accompanying notes included elsewhere in this Form 10-K. In addition, the statements in this discussion and analysis regarding the performance expectations of our business, anticipated financial results, liquidity and the other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” and in “Risk Factors” above. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in Item 7 of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the SEC on August 30, 2024.

Key Performance Measures

From time to time we use certain key performance measures in evaluating our business and results of operations and we may refer to one or more of these key performance measures in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These key performance measures include:

•
Unit sales volume — We define unit sales volume as the number of our boats sold to our dealers during a period.

•
Net sales per unit — We define net sales per unit as net sales divided by unit sales volume.

•
Gross margin — We define gross margin as gross profit divided by net sales, expressed as a percentage.

•
Net income margin — We define net income margin as income from continuing operations divided by net sales, expressed as a percentage.

•
Adjusted EBITDA — We define Adjusted EBITDA as income from continuing operations, before interest, income taxes, depreciation, and amortization (“EBITDA”), as further adjusted to eliminate certain non-cash charges and unusual items that we do not consider to be indicative of our core/ongoing operations. For a reconciliation of EBITDA to Adjusted EBITDA, see “Non-GAAP Measures” below.

•
Adjusted EBITDA margin — We define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales, expressed as a percentage. For a reconciliation of Adjusted EBITDA margin to net income margin, see “Non-GAAP Measures” below.

•
Adjusted Net Income — We define Adjusted Net Income as income from continuing operations, adjusted to eliminate certain non-cash charges and other items that we do not consider to be indicative of our core/ongoing operations and adjusted for the impact to income tax expense related to non-GAAP adjustments. For a reconciliation of income from continuing operations to Adjusted Net Income, see “Non-GAAP Measures” below.

•
Free cash flow — We define Free cash flow from continuing operations as net cash from operating activities less purchases of property, plant, and equipment. For a reconciliation of net cash provided by operating activities of continuing operations to Free cash flow, see “Non-GAAP Measures” below.

Overview

Discontinued Operations

On October 18, 2024, the Company completed the Aviara Transaction and on December 23, 2024, the Company completed the Aviara Facility Sale. In fiscal 2023, the Company sold its NauticStar business. The Company's results for all periods presented, as discussed in Management's Discussion and Analysis, are presented on a continuing operations basis. Results related to our Aviara and NauticStar reporting units are reported as discontinued operations for all periods presented. See Notes 1 and 3 in Notes to Consolidated Financial Statements for more information on discontinued operations.

Leadership Transition

On April 7, 2025 Timothy M. Oxley, Chief Financial Officer (“CFO”) of the Company, announced his retirement from the Company, effective December 31, 2025. Prior to his retirement, Mr. Oxley stepped down as CFO, effective June 30, 2025, at which time, Mr. Oxley began serving as a Special Advisor. Scott Kent, Vice President of Finance, succeeded Mr. Oxley as CFO, effective July 1, 2025.

23

Tariff and Trade Environment

The recently imposed U.S. tariffs did not materially impact our fiscal 2025 results, but their effects and the potential imposition of modified or additional tariffs may, among other things, create new trade barriers that disrupt supply chains, raise costs, weaken consumer confidence and impact consumer demand for our products, and impact our ability to export our products, all of which could have an adverse effect on our business and financial results. The extent of the impact of tariffs on the Company’s business is highly uncertain and difficult to predict. We are closely monitoring the rapidly evolving tariff landscape and are working diligently with key suppliers to mitigate risks. For additional information regarding the potential impacts of tariffs on our business and results of operations, see Item 1A “Risk Factors — Risks Relating to Our Regulatory, Accounting, Legal, and Tax Environment.”

Results of Operations

Fiscal 2025 was impacted by anticipated market and economic uncertainty. Net sales decreased primarily due to planned lower unit volumes aimed at aligning dealer inventories with retail demand. Gross margin declined due to lower cost absorption driven by decreased production volume.

We derived the consolidated statements of operations for the fiscal years ended June 30, 2025 and 2024 from our audited consolidated financial statements and related notes included elsewhere in this Form 10-K. Our historical results are not necessarily indicative of the results that may be expected in the future.

Consolidated Results

[[GREPCENT_TABLE]]
[["","","2025","","","2024","","","Change","","","% Change"],["(Dollar amounts in thousands)"],["Consolidated statements of operations:"],["NET SALES","","$","284,203","","","$","322,351","","","$","(38,148",")","","","(11.8","%)"],["COST OF SALES","","","227,338","","","","250,741","","","","(23,403",")","","","(9.3","%)"],["GROSS PROFIT","","","56,865","","","","71,610","","","","(14,745",")","","","(20.6","%)"],["OPERATING EXPENSES:"],["Selling and marketing","","","11,740","","","","11,203","","","","537","","","","4.8","%"],["General and administrative","","","32,093","","","","31,119","","","","974","","","","3.1","%"],["Amortization of other intangible assets","","","1,800","","","","1,812","","","","(12",")","","","(0.7","%)"],["Total operating expenses","","","45,633","","","","44,134","","","","1,499","","","","3.4","%"],["OPERATING INCOME","","","11,232","","","","27,476","","","","(16,244",")","","","(59.1","%)"],["OTHER INCOME (EXPENSE):"],["Interest expense","","","(1,169",")","","","(3,292",")","","","2,123","","","","(64.5","%)"],["Interest income","","","3,472","","","","5,789","","","","(2,317",")","","","(40.0","%)"],["INCOME BEFORE INCOME TAX EXPENSE","","","13,535","","","","29,973","","","","(16,438",")","","","(54.8","%)"],["INCOME TAX EXPENSE","","","2,820","","","","6,730","","","","(3,910",")","","","(58.1","%)"],["INCOME FROM CONTINUING OPERATIONS","","$","10,715","","","$","23,243","","","$","(12,528",")","","","(53.9","%)"],["Additional financial and other data:"],["Unit sales volume:"],["MasterCraft","","","1,548","","","","1,755","","","","(207",")","","","(11.8","%)"],["Pontoon","","","745","","","","1,241","","","","(496",")","","","(40.0","%)"],["Consolidated unit sales volume","","","2,293","","","","2,996","","","","(703",")","","","(23.5","%)"],["Net sales:"],["MasterCraft","","$","240,763","","","$","262,736","","","$","(21,973",")","","","(8.4","%)"],["Pontoon","","","43,440","","","","59,615","","","","(16,175",")","","","(27.1","%)"],["Consolidated net sales","","$","284,203","","","$","322,351","","","$","(38,148",")","","","(11.8","%)"],["Net sales per unit:"],["MasterCraft","","$","156","","","$","150","","","$","6","","","","4.0","%"],["Pontoon","","","58","","","","48","","","","10","","","","20.8","%"],["Consolidated net sales per unit","","","124","","","","108","","","","16","","","","14.8","%"],["Gross margin","","","20.0","%","","","22.2","%","","(220) bps"]]
[[/GREPCENT_TABLE]]

Net Sales. Net Sales decreased 11.8 percent for fiscal 2025 when compared to fiscal 2024. The decrease was a result of planned lower unit volumes and changes in price, partially offset by favorable model mix related to new product introductions, favorable option sales, and decreased dealer incentives.

24

Gross Margin. Gross Margin percentage declined 220 basis points during fiscal 2025 when compared to fiscal 2024. Lower margins were the result of lower cost absorption due to decreased production volume, material and overhead inflation, and changes in sales price.

Operating Expenses. Operating expenses increased 3.4 percent during fiscal 2025 when compared to the same prior year period mainly due to increased variable compensation costs.

Interest Expense. Interest expense decreased $2.1 million primarily due to all outstanding borrowings under the Credit Agreement being repaid during the first six months of fiscal 2025.

Interest Income. Interest income decreased $2.3 million during fiscal 2025 primarily due to certain investment securities being sold to repay outstanding borrowings under the Revolving Credit Facility during the second quarter of fiscal 2025.

Income Tax Expense. Our consolidated effective income tax rate decreased to 20.8 percent for fiscal 2025 from 22.5 percent for fiscal 2024. See Note 10 in Notes to Consolidated Financial Statements for more information.

Segment Results

MasterCraft Segment

The following table sets forth MasterCraft segment results for the fiscal years ended:

[[GREPCENT_TABLE]]
[["(Dollar amounts in thousands)","","2025","","","2024","","","Change","","","% Change"],["Net sales","","$","240,763","","","$","262,736","","","$","(21,973",")","","","(8.4","%)"],["Operating income","","","20,658","","","","29,573","","","","(8,915",")","","","(30.1","%)"],["Purchases of property, plant and equipment","","","7,219","","","","7,912","","","","(693",")","","","(8.8","%)"],["Unit sales volume","","","1,548","","","","1,755","","","","(207",")","","","(11.8","%)"],["Net sales per unit","","$","156","","","$","150","","","$","6","","","","4.0","%"]]
[[/GREPCENT_TABLE]]

Net sales decreased 8.4 percent during fiscal 2025, when compared to fiscal 2024. The decrease was primarily driven by lower unit volumes and changes in price, partially offset by favorable model mix, decreased dealer incentives, and favorable option sales.

Operating income decreased 30.1 percent during fiscal 2025, when compared to the same prior year period. The overall decrease was driven by decreased net sales, as discussed above, increased materials and overhead inflation, and increased variable compensation costs.

Pontoon Segment

The following table sets forth Pontoon segment results for the fiscal years ended:

[[GREPCENT_TABLE]]
[["(Dollar amounts in thousands)","","2025","","","2024","","","Change","","","% Change"],["Net sales","","$","43,440","","","$","59,615","","","$","(16,175",")","","","(27.1","%)"],["Operating loss","","","(9,426",")","","","(2,097",")","","","(7,329",")","","","349.5","%"],["Purchases of property, plant and equipment","","","1,979","","","","2,613","","","","(634",")","","","(24.3","%)"],["Unit sales volume","","","745","","","","1,241","","","","(496",")","","","(40.0","%)"],["Net sales per unit","","$","58","","","$","48","","","$","10","","","","20.8","%"]]
[[/GREPCENT_TABLE]]

Net sales decreased 27.1 percent during fiscal 2025, when compared to fiscal 2024, as a result o

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MCFT/mda/fy2025/
All MD&A years: /company/MCFT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MCFT/mda/fy2024/): filed 2024-08-30; accession 0000950170-24-102002 (https://www.sec.gov/Archives/edgar/data/1638290/000095017024102002/mcft-20240630.htm)
- [FY 2023 MD&A](/company/MCFT/mda/fy2023/): filed 2023-08-30; accession 0000950170-23-045222 (https://www.sec.gov/Archives/edgar/data/1638290/000095017023045222/mcft-20230630.htm)
- [FY 2022 MD&A](/company/MCFT/mda/fy2022/): filed 2022-09-09; accession 0001564590-22-031335 (https://www.sec.gov/Archives/edgar/data/1638290/000156459022031335/mcft-10k_20220630.htm)
- [FY 2021 MD&A](/company/MCFT/mda/fy2021/): filed 2021-09-02; accession 0001564590-21-046866 (https://www.sec.gov/Archives/edgar/data/1638290/000156459021046866/mcft-10k_20210630.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3730 Ship & Boat Building & Repairing) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MCFT.md · JSON record: /company/MCFT.json · verified financials: /company/MCFT/financials.json / /company/MCFT/financials.csv · machine TOC for the whole site: /llms.txt