Marina & Boatyard Model
Hospitality Financial Model (Free Excel Download)
Underwrite marina performance from slips, occupancy, storage, fuel, service revenue, seasonal pricing, maintenance, staffing, capex, and financing.
professionals from Deloitte
Used by professionals from
About this model
This model helps you assess a marina or boatyard with wet slips, dry storage, fuel, repair services, and retail income. It brings boat demand and occupancy together with the labour, maintenance, and waterfront costs that define the business.
Use it to test pricing, capacity, storm risk, financing, and lease terms before investing. The summary shows how those assumptions affect profitability, cash flow, and value.
What every model includes
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
What's inside the Marina & Boatyard Model
- Berth inputs: Year-1 wet slips and dry stack racks, new slips and racks per year, average boat length, slip rate per linear foot, dry rack rate
- Occupancy: Year-1 slip and rack occupancy with an annual ramp and per-estate ceilings
- Fuel, service & retail: gallons per boat, retail pump price, technicians, billable hours per tech, shop labour rate, ship store spend per boat, price escalation
- Gross margins: slip dockage, dry stack, fuel dock, service yard (parts-only) and ship store
- Cost structure: harbourmaster, dockhand and technician wages with benefits and wage growth, slips per dockhand; marine insurance, dredging & dock maintenance, utilities, marketing and G&A as % of gross profit; depreciation (% of revenue)
- Land lease & storm: minimum annual rent, percentage rent, storm probability and per-event severity
- Tax: blended corporate rate on EBIT
- Capital and working capital: maintenance capex %, slip and rack build cost, NWC % of revenue growth, base-year revenue
Inside the Marina Financial Model: Capacity, Revenue, and Valuation
This marina financial model template gives you a structured way to evaluate a full-service marina and boatyard. It connects two capacity estates—wet slips and dry stack racks—to a resident boat count, then to dockage, storage, fuel, service, and retail revenue.
The model builds a P&L, unlevered free cash flow, and a DCF valuation.
Operating Drivers: Capacity, Occupancy, and Demand
The model begins with two independent capacity estates: wet slips and dry stack racks. Each rolls forward from a year-one count, adding new units annually to reach a closing capacity.
- Occupancy for each estate starts at a year-one rate and ramps annually toward its own ceiling. Occupied slips and racks are calculated by multiplying closing capacity by occupancy.
- Their sum gives the resident boat count, which is the key demand driver for fuel, service, and ship store revenue.
Revenue and Cost Mechanics
Revenue is built from five lines. Wet slip dockage multiplies occupied slips by average boat length and a rate per foot.
- Dry stack storage multiplies occupied racks by a flat rack rate. Fuel revenue multiplies resident boats by gallons per boat and pump price.
- Service revenue multiplies technician count by billable hours per tech and a labour rate. Ship store revenue multiplies resident boats by spend per boat.
Each line has its own gross margin, producing a per-line cost of goods and gross profit. Operating expenses include headcount-driven labour, a storm loss provision, and overhead geared to gross profit.
The Submerged Land Lease and Storm Provision
Two distinctive costs are explicit. The land lease payable is the greater of a minimum annual rent and a percentage of gross revenue.
- The model shows both helper rows and charges only the higher amount in opex. Early years often see the minimum bind, so incremental revenue drops to EBITDA; later, the percentage may take over.
- Storm exposure is handled as a probability-weighted expected annual loss, charged as recurring opex. This reflects coastal asset risk without simulating events.
Outputs and Valuation Flow
The P&L flows from revenue through cost of goods, land lease, and operating expenses to EBITDA, then depreciation to EBIT, tax to net income. Free cash flow is NOPAT plus depreciation, less capital expenditures and changes in net working capital.
- Capital expenditure includes maintenance plus new slip and rack builds. The DCF discounts explicit free cash flows at WACC and adds a Gordon-growth terminal value to derive enterprise value, then subtracts net debt for equity value and divides by shares for value per share.
- A dashboard summarises key metrics.
Formatted to IB standards
Named theme colors repaint the whole workbook in one click, on top of an investment-banking structure with clear input, output, and cross-sheet reference styling - brand-ready, institutional-grade, and fully auditable.
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Frequently asked
What is a marina financial model?+
A marina financial model captures the seven-year operating economics and intrinsic value of a full-service marina and boatyard. It rolls wet slips and dry stack racks forward on their own build pipelines, ramps occupancy on each to a ceiling, converts occupied berths into a resident boat count, and builds five revenue lines: slip dockage priced per linear foot of average boat length, dry stack storage, fuel dock volume at a retail pump price, boatyard service billed off technician hours, and ship store spend per boat. It then charges per-line cost of goods, labour, the submerged land lease and a storm loss provision to EBITDA, and discounts an unlevered free-cash-flow stream to enterprise value, equity value and value per share.
Why is the submerged land lease modelled as a greater-of clause?+
Because that is how bottomland leases actually work. A marina sits on state or municipal submerged land let under a lease whose rent is the greater of a minimum annual rent and a percentage of gross revenue. Modelling it as a flat rent or a flat percentage misses the economics entirely: while the marina is filling, the minimum binds and incremental revenue carries no incremental ground rent, so it drops nearly straight to EBITDA; once revenue passes the crossover, the percentage takes over and the landlord participates in every marginal dollar. The model computes both bases as visible rows, takes the maximum, and surfaces the resulting land-lease load on revenue.
Why is the fuel dock margin so low?+
Because wholesale rack cost is roughly eighty percent of the retail pump price. A marina fuel dock clears about a twenty percent gross margin, which makes it a volume business and a service that keeps resident boats at the dock rather than a profit centre. The model gives every revenue line its own margin precisely so this spread is visible: dockage runs near eighty-eight percent contribution while fuel runs at twenty, so the revenue mix, not just the revenue total, determines the blended margin.
How is the boatyard service business modelled?+
Service revenue is capacity-driven, technicians times billable hours per technician times a shop labour rate, because a yard can only sell the hours it has, not the hours boats want. Technician labour is charged as a headcount line in operating expenses, so the service gross margin in the model is parts-only at around eighty percent. Pulling technician wages into cost of goods as well would double-count them, which is a common error in yard models.
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