Short answer
MARINE PRODUCTS CORP (MPX) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $244M (+3.3% year over year) and net income of $11M.
- Top risk flagged: Regulatory risk: oversight of cybersecurity risk by Audit Committee per enterprise risk management requirements
FY2025 key financial metrics · XBRL
- Revenue
- $244M
- +3.3% YoY
- Net income
- $11M
- −36.2% YoY
- Operating margin
- 5.7%
- −2.0 pp YoY
- Gross margin
- 19.1%
- −0.1 pp YoY
- EPS (diluted)
- $0.32
- −36.0% YoY
- ROE
- 9.1%
- −4.7 pp YoY
- Operating cash flow
- $16M
- −44.2% YoY
Source: XBRL data from the MARINE PRODUCTS CORP (MPX) FY2025 10-K on SEC EDGAR. USD.
MARINE PRODUCTS CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Manufacture and sale of recreational boats through independent dealer network with dealer financing guarantees
- Strategic emphasis: Merger Agreement with restrictions limiting boat inventory repurchases to $500K individual, $1M aggregate until merger completion
- Guarantee liabilities for floorplan lenders total $29.6M as of December 31, 2025, with no material repurchases triggered in 2024-2025
- Cost of sales incentives steady near 9.1% of gross sales in 2025, slightly down from 9.2% in 2024, impacting net sales and margin by ~$0.5M per 0.25% change
- Warranty expense rose to 1.9% of net sales in 2025 from 1.5%, increasing operating costs by approximately $0.2M per 0.10% increment
Management Discussion & Analysis
- Revenue $244.4M in 2025, up 3.3% YoY from $236.6M, driven by 9% price/mix increase partially offset by 6% volume decline
- Net income $11.4M, down from $17.9M, net income margin 4.7% vs 7.5%, diluted EPS $0.32 vs $0.50 in 2024
- Best segment: price/mix contributing to revenue growth; Worst segment: unit sales decline by 6%, reducing volume
- Operating cash flow $16.5M and free cash flow $14.9M in 2025, down from $29.5M and $24.9M in 2024; Capex $1.5M vs $4.6M, no buybacks, dividends paid in prior year
- 2026 Outlook: capital expenditures $1M-$5M with merger-related transaction costs expected, uncertainty from elevated interest rates and tariffs on imported materials
Risk Factors
- Regulatory risk: oversight of cybersecurity risk by Audit Committee per enterprise risk management requirements
- Operational risk: reliance on IT manager with 20+ years cybersecurity experience monitoring threats and vulnerabilities
- Cybersecurity risk: periodic third-party external vulnerability scans detect no critical threats to date
- Governance risk: Board reviews enterprise risk management and delegates cybersecurity oversight to Audit Committee quarterly updates
Generated from the filing text; verify against the original. How to read a 10-K
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