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Private company

MARINE PRODUCTS GROUP, LLC

MARINE PRODUCTS GROUP, LLC is an American ship and boat building and repairing company based in Vonore.1

Last updated Oct 21, 2026.

Overview

  • IndustryShip & Boat Building & Repairing1
  • HeadquartersVonore, Tennessee1
  • Incorporated inDE2
  • Business address100 Cherokee Cove Drive, Vonore, Tn 378852
  • Filer categoryAccelerated filer2

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Marine Products manufactures fiberglass motorized boats distributed and marketed through its independent dealer network. Marine Products’ product offerings include Chaparral sterndrive and outboard sport boats and Robalo outboard sport fishing boats.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

19.1%Gross margin5
5.7%Operating margin5
4.7%Net margin5
3.3%Revenue growth, 20255
9.1%Return on equity5
$14.9MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue80¢$197.6M
  • Selling, general and admin13¢$32.7M
  • Income tax2¢$4.4M
  • Profit5¢$11.4M

Out of $244.4M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending7¢$1.5M
  • Dividends paid88¢$19.6M
  • Share buybacks5¢$1.1M

Out of $16.5M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue67895$244.4M in 2025−16% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $292.1M$292.1M20192020: $239.8M$239.8M2020−18%2021: $298.0M$298.0M2021+24%2022: $381.0M$381.0M2022+28%2023: $383.7M$383.7M2023+1%2024: $236.6M$236.6M2024−38%2025: $244.4M$244.4M2025+3%
Gross profit67895$46.8M in 2025−28% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $65.4M$65.4M20192020: $53.6M$53.6M2020−18%2021: $68.3M$68.3M2021+27%2022: $93.7M$93.7M2022+37%2023: $90.4M$90.4M2023−4%2024: $45.5M$45.5M2024−50%2025: $46.8M$46.8M2025+3%
Operating income67895$14.0M in 2025−59% since 2019
0$20.0M$40.0M$60.0M2019: $34.1M$34.1M20192020: $24.4M$24.4M2020−29%2021: $36.4M$36.4M2021+49%2022: $51.8M$51.8M2022+42%2023: $49.2M$49.2M2023−5%2024: $18.3M$18.3M2024−63%2025: $14.0M$14.0M2025−23%
Net income67895$11.4M in 2025−60% since 2019
0$20.0M$40.0M$60.0M2019: $28.2M$28.2M20192020: $19.4M$19.4M2020−31%2021: $29.0M$29.0M2021+49%2022: $40.3M$40.3M2022+39%2023: $41.7M$41.7M2023+3%2024: $17.9M$17.9M2024−57%2025: $11.4M$11.4M2025−36%
Fiscal year2019202020212022202320242025
Revenue$292.1M6$239.8M7$298.0M8$381.0M9$383.7M5$236.6M5$244.4M5
Cost of revenue$226.7M6$186.2M7$229.7M8$287.3M9$293.4M5$191.1M5$197.6M5
Gross profit$65.4M6$53.6M7$68.3M8$93.7M9$90.4M5$45.5M5$46.8M5
Research and development
Selling, general and admin$31.3M6$29.2M7$31.9M8$41.9M9$43.2M5$27.4M5$32.7M5
Operating income$34.1M6$24.4M7$36.4M8$51.8M9$49.2M5$18.3M5$14.0M5
Income before tax$36.4M8$52.1M9$52.1M5$21.1M5$15.8M5
Income tax$6.2M6$5.0M7$7.4M8$11.8M9$10.4M5$3.3M5$4.4M5
Net income$28.2M6$19.4M7$29.0M8$40.3M9$41.7M5$17.9M5$11.4M5
Earnings per share$0.836$0.577$0.858$1.189$1.215$0.505$0.325
Earnings per share (diluted)$0.836$0.577$0.858$1.189$1.215$0.505$0.325
Shares (weighted, basic)33.3M shares833.4M shares933.6M shares533.8M shares534.1M shares5
Shares (weighted, diluted)33.3M shares833.4M shares933.6M shares533.8M shares534.1M shares5

Compare MARINE PRODUCTS GROUP, LLC with another company

Corporate structure

MARINE PRODUCTS GROUP, LLC is part of a group headed by MasterCraft Boat Holdings, Inc.. 15 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MARINE PRODUCTS GROUP, LLC

  • ROLLINS GARY W Filed SCHEDULE 13D/A on MARINE PRODUCTS GROUP, LLC, latest May 19, 2026 (5 filings since Dec 5, 2022)
  • MasterCraft Boat Holdings, Inc. Vonore, Tennessee, United States
    • MARINE PRODUCTS GROUP, LLC Vonore, Tennessee
    • 255RC, LLC Subsidiary · Delaware, United States
    • Anchor Assurance Company, Inc. Subsidiary · North Carolina, United States
    • AV Boats, LLC Subsidiary · Tennessee, United States
    • Berrien Land Company, LLC Subsidiary · Georgia, United States
    • Chaparral Boats, Inc. Subsidiary · Georgia, United States
    • Chaparral Marine, Inc. Subsidiary · Georgia, United States
    • Crest Marine, LLC Subsidiary · Michigan, United States
    • JBMC, LLC Subsidiary · Tennessee, United States
    • Marine Products Investment Company, LLC Subsidiary · Delaware, United States
    • MASTERCRAFT BOAT COMPANY, LLC Subsidiary · Vonore, Tennessee, United States
    • MasterCraft Parts Limited Subsidiary · United Kingdom
    • NSB Boats, LLC Subsidiary · Mississippi, United States
    • Robalo Boats LLC Subsidiary · Georgia, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MARINE PRODUCTS GROUP, LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$60.2M5 Dec 31, 2025$58.7M5 Dec 31, 2024+2.6%
Accumulated depreciation$37.5M5 Dec 31, 2025$34.4M5 Dec 31, 2024+9.1%
Property and equipment, net$22.6M5 Dec 31, 2025$24.2M5 Dec 31, 2024−6.6%
Operating-lease assets (leased space)$152.0K5 Dec 31, 2025$219.0K5 Dec 31, 2024−30.6%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$05 Dec 31, 2025$05 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$3.3M5 Dec 31, 2025$3.3M5 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$465.0K5 Dec 31, 2025$465.0K5 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$54.7M5 Dec 31, 2025$50.0M5 Dec 31, 2024+9.5%
Work in process$13.2M5 Dec 31, 2025$9.9M5 Dec 31, 2024+32.8%
Finished goods$14.4M5 Dec 31, 2025$10.3M5 Dec 31, 2024+39.5%

Properties, in its own words

Marine Products’ corporate offices are in Atlanta, Georgia. These offices are currently shared with RPC and are leased. The monthly rent paid is allocated between Marine Products and RPC. Under this arrangement, Marine Products pays approximately $4,600 per month in rent. Marine Products may cancel this arrangement at any time after giving a 30-day notice. If the Mergers are completed, this arrangement will be terminated prior to or as of the closing date.

Chaparral owns and maintains approximately 1,285,200 square feet of space utilized for manufacturing, research and development, warehouse, sales office and operations in Nashville, Georgia. In addition, the Company owns 83,000 square feet of manufacturing space in Valdosta, Georgia. Marine Products’ total square footage under roof is allocated as follows: manufacturing — 729,900, research and development — 68,500, warehousing — 446,900, office and other — 122,900.

Item 2 of the 10-K filed Feb 27, 2026.4

Leadership

Who has led MARINE PRODUCTS GROUP, LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Richard A. Hubbell2006–2022
  2. Gary W. Rollins2020–2021
  3. Ben M. Palmer2022–now

Chair

  1. R. Randall Rollins2006–2020
  2. Gary W. Rollins2021
  3. Richard A. Hubbell2022–now

President

  1. Richard A. Hubbell2006–2022
  2. Ben M. Palmer2022–now

Chief financial officer

  1. Ben M. Palmer2006–2022
  2. Michael Schmit2022–now
2010201520202025
Board members and other officers (19)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Anchor Assurance Company, Inc. North Carolina3
  • Chaparral Boats, Inc. Georgia3
  • Chaparral Marine, Inc. Georgia3
  • Marine Products Investment Company, LLC Delaware3
  • Robalo Boats, LLC Georgia3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • MARINE PRODUCTS CORPDec 8, 2000 to May 15, 20262

Timeline

  1. May 15, 20268-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights36
  2. May 12, 20268-K Shareholder vote; Other events37
  3. May 7, 20268-K Results of operations38
  4. May 1, 20268-K Other events39
  5. Apr 28, 20268-K Other events40
  6. Mar 18, 20268-K Executive or director change41
  7. Feb 5, 20268-K Results of operations; Other events42
  8. Feb 5, 20268-K Entered a material agreement43
  9. Jan 28, 20268-K Executive or director change; Other events44
  10. Oct 30, 20258-K Results of operations45
  11. Jul 24, 20258-K Results of operations46
  12. Jul 14, 20258-K Executive or director change47
  13. May 19, 2022New chief executive Ben M. Palmer becomes CEO14
  14. Jul 2, 2020New chief executive Gary W. Rollins becomes CEO15
  15. Jan 17, 2006New chief executive Richard A. Hubbell becomes CEO16

Calendar

When it reported results

  1. May 7, 2026Reported quarterly or annual results38
  2. Feb 5, 2026Reported quarterly or annual results42
  3. Oct 30, 2025Reported quarterly or annual results45
  4. Jul 24, 2025Reported quarterly or annual results46
  5. Apr 24, 2025Reported quarterly or annual results48
  6. Jan 30, 2025Reported quarterly or annual results49
  7. Oct 24, 2024Reported quarterly or annual results50
  8. Jul 25, 2024Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

251 filings to the SEC since October 2021: 6 annual reports, 14 quarterly reports, 61 major events, 120 insider forms, 5 large holders, 45 other. The latest 20:

  1. May 26, 202615-12G EDGAR
  2. May 19, 20264 EDGAR
  3. May 19, 20264 EDGAR
  4. May 19, 20264 EDGAR
  5. May 19, 20264 EDGAR
  6. May 19, 20264 EDGAR
  7. May 19, 20264 EDGAR
  8. May 19, 20264 EDGAR
  9. May 19, 20264 EDGAR
  10. May 19, 20264 EDGAR
  11. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  12. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  13. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  14. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  15. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  16. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  17. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  18. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  19. May 19, 20264 OWNERSHIP DOCUMENT EDGAR
  20. May 19, 20264 OWNERSHIP DOCUMENT EDGAR

The 251 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How MARINE PRODUCTS GROUP, LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMARINE PRODUCTS GROUP, LLC1
  • CIK0001129155
  • Employer ID (EIN)58-25724194
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3730 Ship & Boat Building & Repairing1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address100 Cherokee Cove Drive, Vonore, TN 378851
  • Phone423 884-22211
  • Shares outstanding34,234,398 as of Apr 24, 202612
  • Public float$71.4M as of Jun 30, 20254
  • AuditorGRANT THORNTON LLP, Atlanta, Georgia PCAOB ID 248; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceDec 8, 20001
  • Filings1,105 in all: 4 (407), 8-K (388), 10-Q (76), 10-K (25), 3 (25), DEF 14A (24), 425 (21), SC 13D/A (16)1
    All 39 form types

    4/A (15), SD (12), ARS (11), DEFA14A (9), SC 13G/A (8), UPLOAD (7), 5 (5), CORRESP (5), 8-K/A (4), EFFECT (4), S-8 (4), S-8 POS (4), SC 13D (4), SCHEDULE 13D/A (4), 10-Q/A (3), SC TO-I/A (3), 10-12B/A (2), 10-K/A (2), POS AM (2), PRE 14A (2), S-3 (2), SC 13G (2), 10-12B (1), 10-K405 (1), 15-12G (1), 25-NSE (1), 8-A12B (1), CERTNYS (1), DEFM14A (1), SC TO-C (1), SC TO-I (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) May 8, 2026
    Proxy statement (DEF 14A) Mar 12, 2025
    Latest 8-K (8-K) May 15, 2026

Securities registered for trading

ClassSymbolExchange
COMMON STOCK, $0.10 PAR VALUEMPXNYSE

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks MARINE PRODUCTS GROUP, LLC names in Item 1A of its 10-K filed Feb 27, 2026: 32 risks under these headings, as written.4

  • Risks Related to our Business
  • Economic Conditions, Availability of Credit and Consumer Confidence Levels Affect Marine Products’ Sales Because Marine Products’ Products are Purchased with Discretionary Income.
  • Marine Products Relies Upon Third-Party Dealer Floor Plan Lenders Which Provide Financing to its Network of Independent Dealers.
  • Interest Rates and Fuel Prices Affect Marine Products’ Sales.
  • Marine Products’ Dependence on its Network of Independent Boat Dealers May Affect its Operating Results and Sales.
  • Marine Products’ Financial Condition and Operating Results may be Adversely Affected by Boat Dealer Defaults.
  • Marine Products’ Sales are Affected by Weather Conditions, Which May Involve Long-Term Impact from Global Warming.
  • Marine Products’ Single Operational Location Creates Risk for its Sales, Profits and the Value of its Assets.
  • Marine Products Encounters Intense Competition Which Affects our Sales and Profits.
  • Because Marine Products Relies on Third-Party Suppliers, Marine Products may be Unable to Obtain Adequate Raw Materials, Engines and Components at Reasonable Prices or at All, Which Could Increase our Working Capital Requirements and Adversely Affect Sales and Profit Margins.
  • Increasing Expectations from Customers, Investors and Other Stakeholders Regarding Our Environmental, Social and Governance (ESG) Practices may Affect Our Business, may Create Additional Costs for Us, or Expose Us to Related Risks.
  • Marine Products purchases materials and components for boat production, as well as conducts business internationally; these aspects of our business could be affected by tariffs.
The other 21 risks
  • Risk Management Risks
  • Marine Products Has Potential Liability for Personal Injury and Property Damage Claims.
  • Regulatory Risks
  • If Marine Products is Unable to Comply with Environmental and Other Regulatory Requirements, its Business may be Exposed to Liability and Fines.
  • Risks Related to our Labor Force
  • Marine Products’ Success Will Depend on its Key Personnel, and the Loss of any Key Personnel may Affect its Powerboat Sales.
  • Marine Products’ Ability to Attract and Retain Qualified Employees is Crucial to its Results of Operations and Future Growth.
  • Risks Related to Our Capital and Ownership Structure
  • Marine Products’ Executive Officers, Directors and Their Affiliates Together Have a Substantial Ownership Interest, and Public Stockholders may Have no Effective Voice in Marine Products’ Management.
  • Our Executive Officers, Directors and Their Affiliates Together Have a Substantial Ownership Interest, and the Availability of Marine Products’ Common Stock to the Investing Public may be Limited.
  • Prior to the completion of the Mergers, and in the event the Mergers are not completed for any reason, the availability of Marine Products’ common stock to the investing public may be limited to those shares not held by the executive officers, directors and their affiliates, which could negatively impact Marine Products’ stock trading prices and affect the ability of minority stockholders to sell their shares. Future sales by executive officers, directors and their affiliates of all or a portion of their shares could also negatively affect the trading price of our common stock.
  • The Controlling Group Could Take Actions That Could Negatively Impact Our Results of Operations, Financial Condition or Stock Price.
  • Provisions in Marine Products’ Certificate of Incorporation and Bylaws may Inhibit a Takeover of Marine Products.
  • Risks Related to Digital Operations, Cybersecurity and Business Disruption
  • Our Operations Rely on Digital Systems and Processes That are Subject to Cyber-Attacks or Other Threats That Could Have a Material Adverse Effect on our Business, Consolidated Results of Operations and Consolidated Financial Condition.
  • Risks Related to Artificial Intelligence
  • Increased usage of Artificial Intelligence (AI) and machine learning technologies could expose us to operational, safety, cybersecurity, legal and reputational risks and could adversely affect our ability to compete, our operating results and our cash flows.
  • General Risks
  • Marine Products’ Stock Price Has Been Volatile.
  • Risks Related to the Mergers
  • The number of shares of MasterCraft common stock issuable in the First Merger in respect of one share of our common stock is fixed and will not be adjusted. Because the market price of MasterCraft common stock may fluctuate, our stockholders cannot be sure of the market value of the stock consideration they will receive in exchange for their shares in connection with the proposed transaction.
  • Failure to complete the Mergers, or a delay in the completion of the Mergers, could negatively impact our business, results of operations, financial condition, and stock price.
  • Uncertainties associated with the Mergers may cause a loss of key employees at either of the Company or MasterCraft, which could adversely affect the future business and operations of the combined company following the Mergers.
  • Current holders of our common stock will have a significantly reduced ownership and voting interest in the combined company after the Mergers and will therefore have less voting influence over the combined company.
  • Litigation against us or MasterCraft, or the members of our or MasterCraft’s board of directors, could prevent or delay the completion of the Mergers.
  • The Merger Agreement limits our ability to pursue alternatives to the Mergers and may discourage other companies from trying to acquire us.
  • The need for regulatory approvals may delay the date of completion of the Mergers or may diminish the benefits of the Mergers.
  • If the Mergers are consummated, the combined company may not perform as we or the market expects and may fail to realize the projected benefits and cost savings of the Mergers, which could adversely affect the value of MasterCraft common stock, which our current stockholders will own following the completion of the Mergers.
  • If the Mergers were to fail to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), the Company’s stockholders may be required to pay additional U.S. federal income taxes.

Legal proceedings

Marine Products is involved in litigation from time to time in the ordinary course of its business.

In addition, stockholders have filed and may continue to file lawsuits challenging the Mergers, which may name us, MasterCraft, members of our Board, members of the MasterCraft board, or others as defendants. No assurance can be made as to the outcome of such lawsuits, including the amount of costs associated with defending claims or any other liabilities that may be incurred in connection with the litigation of any claims. If plaintiffs are successful in obtaining an injunction prohibiting the parties from

completing the Mergers on the agreed-upon terms, such an injunction may delay the completion of the Mergers or may prevent the Mergers from being completed altogether.

Except as noted above, Marine Products does not believe that the ultimate outcome of such litigation will have a material adverse effect on its liquidity, financial condition or results of operations.

The opening of Item 3, Legal Proceedings.4

Sources

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