Microwave magnetodynamics in ferromagnets are often studied in the small-amplitude or weakly nonlinear regime corresponding to modulations of a well-defined magnetic state. However, strongly nonlinear regimes, where the aforementioned approximations are not applicable, have become experimentally accessible. By reinterpreting the governing Landau-Lifshitz equation of motion, we derive an exact set of equations of dispersive hydrodynamic form that are amenable to analytical study even when full nonlinearity and exchange dispersion are included. The resulting equations are shown to, in general, break Galilean invariance. A magnetic Mach number is obtained as a function of static and moving reference frames. The simplest class of solutions are termed uniform hydrodynamic states (UHSs), which exhibit fluidlike behavior including laminar flow at subsonic speeds and the formation of a Mach cone and wave fronts at supersonic speeds. A regime of modulational instability is also possible, where the UHS is violently unstable. The hydrodynamic interpretation opens up novel possibilities in magnetic research.