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what it is
Latham makes in-ground pools, liners, and covers for homes in North America and nearby export markets.
how it gets paid
Last year Latham made $546M in revenue. In-ground pools was the main engine at $0.245B, or 45% of sales.
why it's growing
Revenue grew 7.4% last year. Revenue rose 175% vs. prior year. EPS, or earnings per share, was $0.15.
what just happened
Latham posted $446M of revenue and 34.6% gross margin in the latest quarter.
At a glance
C++ balance sheet — some cracks in the foundation
128.8x trailing p/e — you're paying up for this one
1.9% return on capital — nothing to write home about
-$0.15 fy2024 eps est
$509M fy2024 rev est
xvary composite: 41/100 — below average
What they do
Latham makes in-ground pools, liners, and covers for homes in North America and nearby export markets.
Latham is #1 in North America in every category it sells. It has dealer partners (local pool sellers) that stick around for 14 years on average, so your installer is already tied in. That matters when a summer project is on the calendar and nobody wants to restart it.
How they make money
$546M
annual revenue · their business grew +7.4% last year
In-ground pools
$0.245B
Pool liners
$0.136B
Pool covers
$0.082B
Accessories and other
$0.083B
The products that matter
manufactures fiberglass in-ground pools
Fiberglass Pools
$418M · 76.5% of in-ground pool sales
it's the main event: $418M in sales and roughly 50% fiberglass pool share. if this segment wins share, the whole company looks smarter.
core engine
sells adjacent pool products
Other Pool Products
$128M · 23.5% mix
this $128M bucket is the rest of the business. it matters because fiberglass alone is not enough to diversify a cyclical revenue base.
supporting revenue
adds acquired fiberglass capacity
Freedom Pools
~$20M expected sales
management expects this acquisition to add about $20M in net sales and be immediately accretive to earnings. that's small in absolute dollars, but meaningful when margins are thin.
execution watch
Key numbers
$546M
annual revenue
You get a $546M business with almost no profit cushion. That is why small cost moves matter.
1.0%
operating margin
For every $100 of sales, the business kept $1 before interest and taxes.
$303M
long-term debt
Debt equals 30% of capital. That makes refinancing a real gatekeeper.
1.75
beta
A 1.75 beta means the stock has swung 75% more than the market.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $303M (30% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for SWIM right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latham posted $446M of revenue and 34.6% gross margin in the latest quarter.
Revenue rose 175% vs. prior year. EPS, or earnings per share, was $0.15. Gross margin (profit after product costs) was 34.6%, so the product mix was stronger.
$446M
revenue
$0.15
eps
34.6%
gross margin
the number that mattered
34.6% gross margin mattered most because it shows the company kept more of each sales dollar after product costs.
source: company earnings report, 2026
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What could go wrong
the #1 risk is missing the 2026 share-gain plan in a flat in-ground pool market.
high
flat market, ambitious guide
management is guiding to $580M–$610M in 2026 net sales even though it expects U.S. in-ground pool starts to be flat against a weak 2025. your thesis depends on share gains, not industry recovery.
management is guiding to $580M–$610M in 2026 net sales even though it expects U.S. in-ground pool starts to be flat against a weak 2025. your thesis depends on share gains, not industry recovery.
med
new CEO, no grace period
Sean Gadd took over on jan 4, 2026. leadership transitions are always an execution test, and this one starts with a market that is not doing him any favors.
Sean Gadd took over on jan 4, 2026. leadership transitions are always an execution test, and this one starts with a market that is not doing him any favors.
high
thin margins meet real debt
a 1.0% operating margin leaves almost no buffer against $303M in long-term debt. 22.6% debt coverage is workable, but only if the business keeps moving forward.
a 1.0% operating margin leaves almost no buffer against $303M in long-term debt. 22.6% debt coverage is workable, but only if the business keeps moving forward.
med
concentration in fiberglass
fiberglass pools made up 76.5% of in-ground pool sales. that's great when the category is taking share. it is less great if that one engine cools off.
fiberglass pools made up 76.5% of in-ground pool sales. that's great when the category is taking share. it is less great if that one engine cools off.
if sales fail to track toward $580M–$610M or EBITDA slips below the $105M–$120M guide, the pressure lands on a business with $303M in debt and only a 1.0% operating margin.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guide check
does 2026 still look like $580M–$610M in sales
this is the cleanest scoreboard on the page. if quarterly updates stop supporting that range, the whole share-gain thesis weakens fast.
management
Sean Gadd's first full reporting cycle
the new CEO took over on jan 4, 2026. you want to hear early evidence that the handoff is changing execution, not just the org chart.
category mix
fiberglass staying dominant
fiberglass was 76.5% of in-ground pool sales and the company says it has about 50% share there. if that leadership slips, so does the cleanest part of the story.
integration
Freedom Pools actually adding the promised ~$20M
management says the deal should add about $20M in net sales and be accretive right away. small deals are supposed to be easy. that's why missing them looks bad.
Analyst rankings
coverage depth
thin
in human-speak: there is not enough ranking data here to lean on, so execution matters more than consensus labels.
what matters instead
guide
watch whether the company keeps supporting $580M–$610M in sales and $105M–$120M in EBITDA.
source: institutional data
Institutional activity
institutional ownership data for SWIM is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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