One-glance verdict
Undervalued
$3.52 our estimate vs market $0.94
73% below our estimate, below the bear case
Fundamentals snapshot
Massimo Group
MAMO · NCM · Consumer Cyclical · Recreational Vehicles
Current price
$0.94
52-week range
$0.66 - $5.59
Market cap
$39.04M
Balance sheet
Healthy
43.66x Strong cushion
Net debt $3.75M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Returns 17.9% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 3/10 years.
- Reward Trades at 9.4x P/E vs peer median 14.1x (33.7% cheaper).
What this company does
Massimo Group
Massimo Group builds and sells powersports vehicles like ATVs and UTVs (utility task vehicles, which are like rugged golf carts), along with pontoon boats, mostly to customers in rural and agricultural areas. The company earns the vast majority of its revenue (the total money brought in from sales) from selling these vehicles through a network of dealers and large retail stores. This means its success is closely tied to consumer spending on outdoor recreation and utility equipment.
How the company got here
Founded in 2009 by David Shan, Massimo Group started as a small retail business selling scooters and mini-bikes. A key turning point was forming a partnership with Tractor Supply, which placed Massimo's products in nearly all of its 1,600 stores and significantly grew the brand's presence. The company expanded its product lines over the years, launching Massimo Marine in 2020 to enter the pontoon boat market. In April 2024, Massimo Group became a publicly traded company on the Nasdaq stock exchange.
What it actually does
Massimo Group manufactures and sells a variety of powersports vehicles and boats. Think of them as a company that makes fun and functional vehicles for outdoor and work activities, like utility terrain vehicles (UTVs) for farms, all-terrain vehicles (ATVs) for trails, and pontoon boats for relaxing on the water. They also offer smaller items like mini-bikes and go-karts, as well as parts and accessories for their products. The company sells its products through a network of dealers and large retail stores across the United States.
Sales of UTVs, ATVs and e-bikes
This is the company's core business, offering a range of four-wheeled vehicles designed for work and recreation. Utility Terrain Vehicles (UTVs) are often used on farms, ranches, and commercial properties for hauling and transportation. All-Terrain Vehicles (ATVs) are typically smaller and used more for recreational trail riding. This segment is the larger part of the company's business and sells to both individual consumers and commercial fleet customers like the U.S. Department of Defense.
Sales of Pontoon Boats
Through its Massimo Marine division, the company manufactures and sells pontoon and tritoon boats, which are flat-deck boats built on hollow tubes. These boats are popular for leisure activities like cruising and fishing on lakes and rivers. This is a newer and smaller part of Massimo's overall business compared to its powersports vehicles. The company is also developing electric versions of its pontoon boats to appeal to environmentally-conscious buyers.
What management is betting on now
Massimo's leadership is focused on a few key areas for future growth. They are working to sell more premium and higher-priced vehicles, such as UTVs with heating and air conditioning, to increase their profit margins (the amount of profit made on each sale). The company is also expanding its sales to commercial and government fleets, like the U.S. military, which could provide more stable and recurring revenue. Additionally, they are investing in new technologies, including electric vehicles and exploring the use of artificial intelligence in their products and operations. A recent strategic move involves shifting some manufacturing closer to North America to strengthen its supply chain (the network of companies involved in producing and distributing a product).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$4.63M
FY2024 Q4
$9.03M
FY2025 Q3
$567.87K
FY2025 Q4
$4.00M
FY2026 Q1
$-1.64M
FY2026 Q2
$901.40K
Revenue
$14.92M
Net income
$1.45M
Diluted EPS
0.03
Operating cash flow
$1.31M
Free cash flow
$901.40K
Fetching…
Sources
Revenue
$12.71M
Net income
$-1.01M
Diluted EPS
-0.02
Operating cash flow
$-1.38M
Free cash flow
$-1.64M
Fetching…
Sources
Revenue
$21.02M
Net income
$1.99M
Diluted EPS
0.05
Operating cash flow
$4.00M
Free cash flow
$4.00M
Fetching…
Sources
Revenue
$16.99M
Net income
$1.53M
Diluted EPS
0.04
Operating cash flow
$633.23K
Free cash flow
$567.87K
Fetching…
Sources
Revenue
$18.92M
Net income
$77.68K
Diluted EPS
0.00
Operating cash flow
$-1.39M
Free cash flow
—
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Sources
Revenue
$14.90M
Net income
$-2.09M
Diluted EPS
-0.05
Operating cash flow
$-3.34M
Free cash flow
—
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Sources
Revenue
$20.05M
Net income
$-340.87K
Diluted EPS
-0.01
Operating cash flow
$9.07M
Free cash flow
$9.03M
Fetching…
Sources
Revenue
$25.60M
Net income
$-2.50M
Diluted EPS
-0.06
Operating cash flow
$4.71M
Free cash flow
$4.63M
Fetching…
Sources
Is it cheap or expensive?
Fair value $3.52 vs current price $0.94
Our most-likely fair value is $3.52 a share — about 275.8% above today's price of $0.94, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $3.8M. Interest coverage 43.7x.
Net debt
$3.75M
Interest coverage
43.66x
Massimo Group's profit covers its interest bill about 43.7 times over. which is stronger than every peer shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
MAMO
BASELINE
Massimo Group
Total debt $8.39M Interest coverage 43.66x This is the baseline the peer rows are being compared against.
Total debt $2.06B Interest coverage 0.26x -99% vs MAMO Carries about 167.2x less debt cushion than MAMO.
Total debt $31.53M Interest coverage -20.95x -100% vs MAMO This peer has almost no interest-payment cushion compared with MAMO.
Total debt $77.31M Interest coverage -296.02x -100% vs MAMO This peer has almost no interest-payment cushion compared with MAMO.
Total debt $2.31B Interest coverage 11.56x -74% vs MAMO Carries about 3.8x less debt cushion than MAMO.
What you should know
The case for and against MAMO
3 Rewards
0 Risks
Rewards
-
Returns 17.9% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 3/10 years.
-
Trades at 9.4x P/E vs peer median 14.1x (33.7% cheaper).
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
9.38x
Forward P/E
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P/B
1.62x
P/S
0.59x
EV/EBITDA
7.94x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
43.0%
Operating margin
11.1%
Net margin
6.0%
ROE
17.9%
ROA
6.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.35x
Current ratio
1.85x
Quick ratio
0.60x
Total debt
$8.39M
Total cash
$4.64M
Growth
How the business has been compounding
Revenue TTM
$65.64M
Revenue 5Y CAGR
-21.0%
EPS TTM
0.10
EPS 5Y CAGR
-27.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$4.56M
Free CF TTM
$-829.31K
FCF margin
-1.3%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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