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Latham Group, Inc.

SWIM

Latham Group, Inc. • NASDAQ
$7.15 ▼ -0.69% (-0.05)
Market Cap $834.09 M
52w High $8.46
52w Low $4.56
Dividend Yield 0%
P/E -71.5
Volume 268.96K
Outstanding Shares 116.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $161.903M ▼ $35.799M ▼ $8.117M ▼ 5.013% ▼ $0.07 ▼ $34.531M ▼
Q2-2025 $172.639M ▲ $39.239M ▲ $15.98M ▲ 9.256% ▲ $0.14 ▲ $40.956M ▲
Q1-2025 $111.42M ▲ $37.812M ▲ $-5.962M ▲ -5.351% ▲ $-0.05 ▲ $8.73M ▲
Q4-2024 $87.273M ▼ $34.471M ▼ $-29.17M ▼ -33.424% ▼ $-0.25 ▼ $-4.136M ▼
Q3-2024 $150.496M $35.318M $5.896M 3.918% $0.05 $26.332M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $70.518M ▲ $844.422M ▲ $436.065M ▲ $408.357M ▲
Q2-2025 $26.943M ▲ $822.142M ▼ $423.714M ▼ $398.428M ▲
Q1-2025 $23.966M ▼ $824.585M ▲ $443.443M ▲ $381.142M ▼
Q4-2024 $56.398M ▼ $794.207M ▼ $406.985M ▼ $387.222M ▼
Q3-2024 $59.862M $853.411M $436.764M $416.647M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.117M ▼ $51.026M ▲ $-5.816M ▲ $-1.338M ▲ $43.575M ▲ $45.21M ▲
Q2-2025 $15.98M ▲ $35.977M ▲ $-6.892M ▲ $-26.073M ▼ $2.977M ▲ $29.085M ▲
Q1-2025 $-5.962M ▲ $-46.882M ▼ $-8.386M ▼ $22.493M ▲ $-32.432M ▼ $-50.334M ▼
Q4-2024 $-29.17M ▼ $6.157M ▼ $-6.736M ▲ $-1.823M ▼ $-3.464M ▲ $-98K ▼
Q3-2024 $5.895M $37.239M $-68.074M $-193K $-30.906M $33.211M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Covers
Covers
 $60.00M ▲$30.00M ▼$40.00M ▲$50.00M ▲
InGround Swimming Pools
InGround Swimming Pools
 $180.00M ▲$60.00M ▼$80.00M ▲$80.00M ▲
Liners
Liners
 $70.00M ▲$20.00M ▼$60.00M ▲$30.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Sales grew strongly coming out of 2020 but have declined for the last two years as the post‑pandemic pool boom has cooled. Profitability is thin: operating profit is positive but modest, and bottom‑line results hover around breakeven with small losses recently. This suggests the core business model works, but it does not yet produce a wide earnings cushion if demand softens. Cost control appears reasonable, as gross profit has held up better than sales, but the company still needs either higher volumes or better pricing/mix to translate that into consistently solid net profits.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a mid‑sized industrial company. Assets and shareholder equity have steadily built up over time, showing reinvestment and retained value, while debt has increased but not in a way that appears extreme. Cash on hand is adequate but not abundant, which means there is some flexibility but not a large safety buffer. Overall, leverage is meaningful but appears manageable as long as cash flow stays positive and demand does not weaken sharply.

Cash Flow

Cash Flow Cash generation is a relative bright spot. The company has produced positive operating cash flow in each of the past several years, generally stronger than what the accounting earnings alone might suggest. Free cash flow has been positive in most years, even after funding a steady level of capital spending to support plants and equipment. This indicates the business can largely fund its own investments without constantly relying on new borrowing, provided current conditions continue.

Competitive Edge

Competitive Edge Latham holds a leading position in its niche as the top in‑ground residential pool brand across North America, with a long operating history and strong name recognition. Its wide product range and extensive dealer network create real barriers for smaller rivals and help it act as a one‑stop shop for many customers. Scale in manufacturing and sourcing supports cost advantages, and targeted acquisitions have deepened its presence in key product areas like safety covers. However, the business is still tied to highly cyclical, discretionary spending on home improvement and new housing, which can pressure even strong competitors when the cycle turns.

Innovation and R&D

Innovation and R&D The company is leaning heavily into technology to stand out in what has traditionally been a very traditional industry. Smart pool systems like its cloud‑based monitoring platform aim to make ownership easier and more energy‑efficient, while AI‑driven tools for dealers reduce measurement errors and speed up jobs. On the product side, advanced materials and manufacturing techniques for fiberglass pools, plus differentiated offerings like plunge pools and extensive customization, reinforce the brand’s premium positioning. The key question over time will be how broadly these innovations are adopted and how much extra pricing power, customer loyalty, and cost efficiency they actually deliver in practice.

Summary

Latham Group combines a leading competitive position and visible innovation efforts with only modest, cyclical profitability. Revenues have stepped down from pandemic highs, and while operations remain cash‑generative, net earnings are still fragile and sensitive to demand swings. The balance sheet appears sound but carries a meaningful level of debt, making continued strong cash flow important. Strategically, the company’s scale, dealer relationships, and technology investments give it clear strengths, especially in faster‑growing sunbelt markets, but its results will remain closely tied to consumer confidence, interest rates, and housing trends. Ongoing progress in stabilizing sales, widening margins, and monetizing its smart and AI‑enabled offerings will be central indicators of how its story develops from here.

NEWS

November 5, 2025 · 4:05 PM UTC

Latham Group, Inc. to Participate at the Upcoming Baird 2025 Global Industrial Conference

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November 4, 2025 · 4:05 PM UTC

Latham Group, Inc. Reports Third Quarter 2025 Financial Results

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October 7, 2025 · 4:05 PM UTC

Latham Group, Inc. Announces Third Quarter 2025 Earnings Release and Conference Call Date

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