Is OneWater Marine, Inc. overvalued or undervalued?

As of 16 November 2023, OneWater Marine, Inc. has moved from an attractive to a risky valuation grade, indicating a significant deterioration in its financial outlook. The company is currently assessed as overvalued, particularly given its negative P/E ratio of -224.96, which reflects its loss-making status. Additionally, the price-to-book value stands at 0.65, while the EV to EBITDA ratio is 12.92, suggesting that the company's valuation metrics do not favor its current price.
In comparison to its peers, OneWater Marine, Inc. lags behind Build-A-Bear Workshop, Inc., which is rated very attractive with a P/E of 12.51 and an EV to EBITDA of 7.89, and MarineMax, Inc., which has an attractive rating with a P/E of 21.85 and an EV to EBITDA of 10.33. The stark contrast in valuation metrics highlights the challenges OneWater faces in the market. Furthermore, the company's stock has underperformed significantly against the S&P 500, with a year-to-date return of -20.48% compared to the index's 2.44%, reinforcing the notion that it is currently overvalued.