Malibu Boats designs, manufactures, and sells premium recreational powerboats across eight brands, organized into three segments: performance sport boats (Malibu and Axis brands), saltwater fishing boats (Pursuit, Cobia, Pathfinder, Maverick, and Hewes), and luxury sterndrive and outboard cruisers (Cobalt). Malibu sells exclusively through a network of over 325 independent dealers globally, with North America as the dominant market. OneWater Marine represented roughly 25% of FY25 net sales, making it a highly concentrated customer. Malibu's revenue is driven by unit volume and average selling price, which management influences through product mix, optional features, and annual price increases. Roughly 80% of North American shipments go through dealer floor plan financing, and Malibu pays dealer interest costs on offseason orders to smooth production throughout the year. The cost structure is highly variable — roughly 80%-90% of costs above the gross margin line are variable — allowing Malibu to cut production quickly during downturns. Vertical integration is a key margin lever: Malibu manufactures its own Monsoon engines, trailers, towers, wiring harnesses, and machined parts in-house. Malibu has built its multi-brand portfolio entirely through M&A, acquiring Cobalt in 2017, Pursuit in 2018, and Maverick Boat Group in 2020, then driving value through manufacturing optimization, shared procurement, and vertical integration. Malibu allocates capital toward internal investment, acquisitions, debt repayment, and share repurchases.