SG&A·Benchmarking Benchmark MBUU SG&A Headcount

TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 17 US-GAAP Specialty Retail peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 17 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2028 analyst estimates

On the record · verbatim from the earnings calls

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Malibu Boats, Inc. SG&A versus peers

Malibu Boats, Inc. (MBUU) runs normalized SG&A at 14.3% of revenue, against a median of 11.3% across 16 Specialty Retail peers, and 4 of the 16 run heavier.

Figures as filed through , published by SG&A Benchmarking. This is the briefing above in text.

Malibu Boats, Inc. reports revenue of $808 million. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Stock-based comp 0.7% of revenue (17 of 17 companies disclose it); Restructuring 0.0% of revenue (17 of 17 companies disclose it).

Closing the gap to the peer median is worth about $23 million a year (288 bps of revenue); to the lean quartile, $31 million (389 bps).

Over 5 years (FY2020 to FY2025), Malibu Boats, Inc.'s total shareholder return was -40% against +59% for the peer composite; SG&A contributed -28.1 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/MBUU.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.