MasterCraft Boat Holdings designs and manufactures premium recreational powerboats under three brands: MasterCraft, Crest, and Balise. The company sells wholesale to independent dealer networks in the U.S. and internationally, with dealers then selling to end consumers. Revenue is driven by wholesale unit volume and average selling price (ASP). The flagship MasterCraft brand makes inboard ski/wake boats for water skiing, wakeboarding, and wake surfing, with retail prices ranging from roughly $110K for entry-level NXT models to over $500K for the ultra-premium XStar. MasterCraft holds roughly 19% unit share in the U.S. ski/wake category. Crest, acquired in 2018, makes pontoon boats targeting leisure and recreational buyers, and holds about 3% share of the aluminum pontoon market. Balise, launched in April 2024, is an ultra-premium pontoon brand priced from $230K to $350K, still in its early ramp phase. Margins are heavily influenced by production volume and product mix — higher volumes improve overhead absorption, and a richer mix of premium models improves ASPs. The business is highly cyclical, tied to consumer discretionary spending and interest rates. MasterCraft ended FY25 debt-free with $79M in cash, having fully repaid all debt during the year, and actively manages dealer inventory through production cuts during soft demand periods.