Brunswick Corp (BC)

Price$74.09Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because solid cash generation is offset by cyclical risk and debt.

At the observed market value of roughly $4.9 billion, management’s 2026 midpoint implies about 16.5 times adjusted earnings, which exclude certain unusual accounting items. Guidance for at least $400 million of free cash flow—cash left after running and investing in the business—equals more than $8 of annual cash for each $100 of market value. That offers support, but it is not a deep bargain for a cyclical marine company carrying roughly $2.0 billion more debt and lease-like obligations than cash. The balance supports a fair-priced verdict.

Big pictureSales and cash generation are recovering, but profits remain well below the last cycle peak.

Revenue peaked near $6.8 billion in 2022, fell to $5.24 billion in 2024, and recovered slightly to $5.36 billion in 2025. Cash held up better: 2025 operating cash flow was $562 million and capital spending was $166 million, leaving about $396 million of free cash flow even though net income was negative. The loss was distorted by a large Navico goodwill impairment, a non-cash write-down. In the first half of 2026, revenue rose to $2.94 billion from $2.67 billion a year earlier. The recovery is real, but boat demand remains cyclical.

Business strengthStrong brands and repeat customer spending help, while debt limits the company’s margin for mistakes.

Brunswick has multiple defenses against a weak boat market: Mercury propulsion, parts and accessories, marine electronics, and Freedom Boat Club create revenue beyond new-boat sales. Short-term liquidity is adequate, with about $2.21 billion of current assets against $1.52 billion of current liabilities, but the supplied figures show roughly $2.0 billion more debt and lease-like obligations than cash. Past share repurchases reduced dilution: shares outstanding fell about 17% from 2020 to mid-2026. Management expects at least $160 million of debt reduction in 2026 while continuing dividends and at least $50 million of buybacks.

What could change the storyA modest boating recovery could unlock upside, but missed margin gains would make today’s valuation demanding.

The upside case is Brunswick’s 2030 plan: $7 billion to $8 billion of revenue, $8 to $12 of earnings per share, and more than $550 million of annual free cash flow. Management says that plan assumes only a modest U.S. boat-market recovery to 145,000–160,000 units, still below the 2018 peak. The bear case is execution: if sales stay near the mid-$5 billions or adjusted operating margin—the share of sales left after operating costs—fails to hold near 8%, paying about sixteen times expected 2026 earnings would look full rather than cheap.

AI: News

Q2 beat and guidance raiseSecond-quarter sales and profit beat expectations, and management raised its full-year cash and earnings forecast.

On July 30, 2026, second-quarter revenue reached $1.558 billion, up about 8% from a year earlier, while adjusted earnings per share, which exclude certain unusual items, were $1.56. Management raised its 2026 adjusted earnings forecast to $4.35–$4.75 and free cash flow—cash left after running and investing in the business—to at least $400 million. The shares traded as much as roughly 5% above the prior close during the session but finished about 1% lower, so the day’s price action was mixed and cannot be attributed to the earnings release alone.

2030 growth targetsInvestor Day set ambitious but not boom-time targets, giving investors a clearer long-term profit path.

At the August 11 Investor Day, Brunswick targeted $7–$8 billion of revenue, $8–$12 of earnings per share, and more than $550 million of annual free cash flow by 2030. The plan assumes U.S. retail boat demand of only 145,000–160,000 units, about 5%–15% above 2025 and still roughly 20% below 2018. That makes company-specific share gains, pricing, product mix, and cost improvements more important than a broad industry boom.

Efficiency and club expansionCost-saving factory changes and continued boat-club expansion gave investors two company-specific growth signals.

On June 22, Navico Group announced Lowell, Michigan changes using selective insourcing, outside partners, and about 50,000 square feet of existing space to cut fixed costs, with a multi-million-dollar savings opportunity. Brunswick also highlighted continued Freedom Boat Club expansion. On June 24, the shares jumped more than 4% in morning trading as market commentary linked the move to those developments. That attribution is plausible but remains commentary rather than proof of a single cause.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$5.36B	$5.24B	$6.40B	$6.81B	$5.85B	$4.35B	$4.11B	$4.12B	$3.80B	$4.49B	$3.78B	$3.84B	$3.60B	$3.42B	$3.67B	$3.34B	$2.78B
Gross profit	$1.33B	$1.35B	$1.79B	$1.95B	$1.67B	$1.21B	$1.12B	$1.05B	$1.26B	$1.18B	$1.11B	$1.04B	$949.3M	$944.0M	$877.4M	$720.0M	$315.6M
Gross margin	24.84%	25.79%	27.92%	28.58%	28.50%	27.90%	27.29%	25.41%	33.19%	26.30%	29.49%	27.01%	26.37%	27.63%	23.91%	21.57%	11.37%
Research & development	$168.7M	$169.6M	$185.2M	$202.9M	$154.5M	$125.9M	$121.6M	$121.5M	$111.6M	$139.2M	$113.9M	$119.6M	$114.8M	$101.0M	$95.9M	$90.3M	$88.5M
Operating expenses	$1.35B	$1.02B	$1.04B	$999.3M	$853.1M	$673.7M	$650.0M	$691.5M	$931.8M	$700.8M	$783.3M	$708.3M	$667.5M	$706.8M	$663.7M	$657.1M	$886.1M
Operating income	−$40.7M	$311.6M	$734.9M	$947.8M	$812.9M	$539.3M	$471.0M	$355.5M	$330.3M	$479.5M	$331.3M	$328.5M	$281.8M	$237.2M	$213.7M	$62.9M	−$570.5M
Operating margin	−0.76%	5.95%	11.48%	13.91%	13.90%	12.40%	11.46%	8.63%	8.69%	10.68%	8.76%	8.56%	7.83%	6.94%	5.82%	1.88%	−20.55%
EBITDA	$251.8M	$600.4M	$1.01B	$1.18B	$991.0M	$692.7M	$609.7M	$479.5M	$417.4M	$583.4M	$408.4M	$409.7M	$353.2M	$310.1M	$313.1M	$186.8M	−$413.2M
EBITDA margin	4.70%	11.46%	15.74%	17.31%	16.95%	15.93%	14.84%	11.64%	10.98%	13.00%	10.80%	10.67%	9.81%	9.08%	8.53%	5.60%	−14.88%
Net income	−$137.3M	$130.1M	$420.4M	$677.0M	$593.3M	$372.7M	−$131.0M	$265.3M	$146.4M	$276.0M	$241.4M	$245.7M	$769.2M	$50.0M	$71.9M	−$110.6M	−$586.2M
Net profit margin	−2.56%	2.48%	6.57%	9.94%	10.15%	8.57%	−3.19%	6.44%	3.85%	6.15%	6.39%	6.40%	21.37%	1.46%	1.96%	−3.31%	−21.12%
Basic EPSper basic share	-$2.08	$1.94	$5.99	$9.05	$7.63	$4.70	-$1.54	$3.03	$1.64	$3.03	$2.60	$2.63	$8.43	$0.56	$0.81	-$1.25	-$6.63
Diluted EPSper diluted share	-$2.08	$1.93	$5.96	$9.00	$7.57	$4.68	-$1.53	$3.01	$1.62	$3.00	$2.56	$2.58	$8.20	$0.54	$0.78	-$1.25	-$6.63

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BC
Holder	Shares held
BlackRock, Inc.	6.75M
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	4.14M
VANGUARD PORTFOLIO MANAGEMENT LLC	3.46M
AMERICAN CENTURY COMPANIES INC	3.06M
VANGUARD CAPITAL MANAGEMENT LLC	2.93M
BAILLIE GIFFORD & CO	2.74M
DIMENSIONAL FUND ADVISORS LP	2.71M
AQR CAPITAL MANAGEMENT LLC	2.16M
STATE STREET CORP	2.13M
HARRIS ASSOCIATES L P	1.91M
MARSHALL WACE, LLP	1.83M
Lightrock Netherlands B.V.	1.49M
DEPRINCE RACE & ZOLLO INC	1.45M
GEODE CAPITAL MANAGEMENT, LLC	1.22M
Bank of New York Mellon Corp	1.2M
Channing Capital Management, LLC	1.11M
FRANKLIN RESOURCES INC	1.02M
FMR LLC	945.74K
RAYMOND JAMES FINANCIAL INC	897.22K
ALLIANCEBERNSTEIN L.P.	878.24K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$17.8K disclosed value

Sells (SEC code S)19$10.62M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 26, 2026Form 4	FOULKES DAVID MChief Executive Officer	SellCommon Stock	25.9K	$83.12	$2.15M	267.5K
May 1, 2026Form 4 · 10b5-1	COOPER NANCY EDirector	SellCommon Stock	194	$79.36	$15.4K	27.8K
Feb 19, 2026Form 4 · 10b5-1	COOPER NANCY EDirector	SellCommon Stock	192	$87.64	$16.8K	27.4K
Feb 17, 2026Form 4	Gwillim Ryan ME.V.P. , CFO, CSO	SellCommon Stock	12.8K	$87.23	$1.12M	32.3K
Feb 6, 2026Form 4	Dekker Christopher FE.V.P. GEN COUNSEL & SECRETARY	SellCommon Stock	5.0K	$87.38	$435.2K	39.7K

Review ownership filings at SEC.gov ↗

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Brunswick Corp (BC)

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