Latham Group, Inc. SWIM
We are the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. We hold the leading position in North America in every product category in which we compete. It is our view that we are the most sought-after brand in the pool industry. We are Latham, The Pool CompanyTM.
With an operating history that spans over 70 years, we offer the industry's broadest portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners.
We have a heritage of innovation. In an industry that has traditionally marketed on a business-to-business basis (pool manufacturer to dealer), we pioneered the first "direct-to-homeowner" digital and social marketing strategy that has transformed the homeowner's purchase journey. Through this marketing strategy, we are able to create demand for our pools and to provide high quality, purchase-ready consumer leads to our dealer partners.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $545.9M | $508.5M | $566.5M | $695.7M | $630.5M | $403.4M | $318.0M | — |
| Cost of revenue | $363.8M | $354.8M | $413.5M | $479.3M | $426.3M | $260.6M | $219.8M | — |
| Gross profit | $182.1M | $153.7M | $152.9M | $216.5M | $204.2M | $142.8M | $98.2M | — |
| SG&A | $122.6M | $108.4M | $110.3M | $146.8M | $217.8M | $85.5M | $57.4M | — |
| Operating income | $30.6M | $18.3M | $16.1M | $30.0M | -$36.2M | $39.9M | $25.1M | — |
| Interest expense | $25.8M | $24.8M | $30.9M | $15.8M | $24.4M | $18.3M | — | — |
| Pre-tax income | $13.5M | -$8.7M | -$10.1M | $13.7M | -$53.5M | $22.8M | $2.8M | — |
| Income tax | $2.4M | $9.1M | $7.7M | $19.4M | $8.8M | $6.8M | $4.7M | — |
| Net income | $11.1M | -$17.9M | -$2.4M | -$5.7M | -$62.3M | $16.0M | $7.5M | — |
| EPS, basic | 0.10 | -0.15 | -0.02 | -0.05 | -0.56 | 0.16 | 0.08 | — |
| EPS, diluted | 0.09 | -0.15 | -0.02 | -0.05 | -0.56 | 0.16 | 0.08 | — |
| Shares, diluted (wtd. avg.) | $119.8M | $115.4M | $112.9M | $113.2M | $110.6M | $102.6M | $95.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $71.0M | $56.4M | $102.8M | $32.6M | $44.0M | $59.3M | $56.7M | $32.5M |
| Receivables | $39.9M | $32.3M | $30.4M | $48.8M | $60.8M | $32.8M | — | — |
| Inventory | $74.9M | $77.1M | $97.1M | $165.2M | $109.6M | $64.8M | — | — |
| Total current assets | $219.0M | $178.3M | $238.6M | $255.0M | $229.1M | $167.3M | — | — |
| Property, plant and equipment | $118.8M | $112.8M | $113.0M | $98.2M | $63.5M | $47.4M | — | — |
| Goodwill | $155.2M | $152.6M | $131.4M | $131.4M | $128.9M | $115.8M | $101.7M | — |
| Other intangibles | $268.1M | $292.9M | $282.8M | $309.2M | $338.3M | $289.5M | — | — |
| Total assets | $823.2M | $794.2M | $835.0M | $869.7M | $794.5M | $646.7M | — | — |
| Accounts payable | $19.3M | $13.1M | — | $25.4M | $38.0M | $26.9M | — | — |
| Short-term debt | $3.2M | $3.2M | $21.2M | $3.2M | $17.2M | $13.0M | — | — |
| Total current liabilities | $79.1M | $71.0M | $86.2M | $86.9M | $115.2M | $93.9M | — | — |
| Long-term debt | $276.6M | $278.3M | $280.0M | $309.6M | $263.2M | — | — | — |
| Total liabilities | $417.4M | $407.0M | $435.8M | $486.9M | $440.8M | $365.1M | — | — |
| Retained earnings | -$63.7M | -$74.8M | -$57.0M | -$54.6M | -$48.6M | $13.8M | — | — |
| Total equity | $405.9M | $387.2M | $399.2M | $382.8M | $353.6M | $281.6M | $193.8M | $180.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $63.4M | $61.3M | $116.4M | $32.3M | $33.7M | $63.2M | $35.7M | — |
| Depreciation and amortisation | $51.4M | $44.4M | $40.8M | $38.2M | $32.2M | $25.4M | $21.7M | — |
| Stock-based compensation | $9.2M | $7.4M | $18.8M | $50.6M | $128.8M | $1.8M | $808.0K | — |
| Capital expenditure | $25.4M | $20.1M | $33.2M | $39.7M | $25.0M | $16.3M | $8.2M | — |
| Investing cash flow | -$42.3M | -$84.6M | -$31.7M | -$45.0M | -$108.2M | -$115.8M | -$27.1M | — |
| Financing cash flow | -$7.0M | -$22.0M | -$13.9M | $3.8M | $60.0M | $54.3M | $16.6M | — |
| Buybacks | — | $0 | $0 | $280.7M | $281.6M | $582.0K | $200.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001833197-26-000017.
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