# Hayward Holdings, Inc. (HAYW)

> Source: Nexqual · https://nexqual.com/HAYW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hayward Holdings, Inc. (HAYW), nexqual.com/HAYW" · informational, not investment advice.

**Price:** USD 12.71 (+5.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.06 · day 11.94–12.73 · 52w 11.24–17.73 · market cap $2.70B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $1.17B, net income $161M (13.8% margin), free cash flow $206M (SEC filings).
- Valuation: P/E 16.7x (avg 29.5x at the last 3 fiscal year-ends), EV/EBITDA 11.7x, net debt $462M.
- Earnings quality: non-operating income -$51.0M vs operating income $247M over the last four quarters; P/E excluding non-operating income ≈13.3x (estimate: non-operating income taxed at the company's 17.6% effective rate).
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $6.6M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.70 on a 1–5 scale) (10 analysts), mean target USD 16.5 (range 13–19.5).
- Total return with dividends: 1Y -17.1% vs S&P 500 +14.9%; 5Y -47.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.15, revenue estimate $252M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.40B | $1.31B | $992M | $1.05B | $1.12B | $1.17B |
| Gross profit | $656M | $597M | $429M | $487M | $539M | — |
| Operating income | $318M | $286M | $175M | $209M | $233M | $247M |
| Net income | $204M | $179M | $80.7M | $119M | $152M | $161M |
| EPS (diluted) | $0.49 | $0.78 | $0.37 | $0.54 | $0.68 | — |
| Free cash flow | $163M | $86.3M | $156M | $190M | $227M | $206M |
| Gross margin | 46.8% | 45.4% | 43.3% | 46.3% | 48.0% | — |
| Operating margin | 22.7% | 21.7% | 17.7% | 19.9% | 20.8% | 21.1% |
| Net margin | 14.5% | 13.6% | 8.1% | 11.3% | 13.5% | 13.8% |
| Revenue growth | +60.1% | -6.3% | -24.5% | +6.0% | +6.7% | — |
| Cash + short-term investments | $266M | $56.2M | $203M | $197M | $399M | — |
| Total debt | $995M | $1.11B | $1.11B | $971M | $960M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 16.7x · P/E ex non-operating (est.) ≈13.3x · P/S 2.3x · EV/EBITDA 11.7x · EV/Sales 2.7x · P/FCF 13.1x · P/B 1.7x · FCF yield 7.62% · Earnings yield 5.99% · Buyback yield (TTM) 2.57% · Net debt $462M · EV $3.16B
P/E at fiscal year-ends: Dec 2025 22.7x, Dec 2024 28.5x, Dec 2023 37.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
9 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Canning Susan M. | SVP, CLO, Corporate Secretary | 3,500 | $41K | 2.1% | Yes (adopted May 19, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-10-05 | Holleran Kevin | President and CEO | 50,000 | $620K | 6.6% | Yes | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-09-15 | Canning Susan M. | SVP, CLO, Corporate Secretary | 3,500 | $45K | 2% | Yes (adopted May 19, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-01 | Holleran Kevin | President and CEO | 50,000 | $692K | 6.6% | Yes | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-08-17 | Canning Susan M. | SVP, CLO, Corporate Secretary | 3,500 | $53K | 2% | Yes (adopted May 19, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-03 | Holleran Kevin | President and CEO | 50,000 | $766K | 6.6% | Yes | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-06-30…2026-07-01 | Holleran Kevin | President and CEO | 170,000 | $2.9M | 19.5% | Yes (adopted August 18, 2025) | Routine (sold in Jul each year 2023–2025) |
| 2026-06-01 | Holleran Kevin | President and CEO | 52,389 | $722K | 6.9% | Yes (adopted August 18, 2025) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-05-05 | Holleran Kevin | President and CEO | 52,389 | $764K | 6.9% | Yes (adopted August 18, 2025) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.70 on a 1–5 scale), 10 analysts; mean target USD 16.5 (low 13, high 19.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Goldman Sachs | Target lowered | Neutral | $17 → $14 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -17.1% | -47.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -17.2% | -11.9% |
| Volatility (annualized) | 33.0% | 37.8% |
| Max drawdown | -34.4% (Jun 2026→Oct 2026) | -69.3% (Nov 2021→Oct 2022) |

## Peers (Electrical Equipment & Parts)
ACCV (Accelevation Holdings Corp.) USD 12.25 -12.06% · ATKR (Atkore Inc.) USD 94.96 +0.04% · PLUG (Plug Power, Inc.) USD 1.38 -2.13% · PLPC (Preformed Line Products Company) USD 331.72 -8.23% · ENR (Energizer Holdings, Inc.) USD 23.43 +2.94% · FOIL (Londian Wason New Energy Tech I) USD 17.32 -0.17%

## More
Full page: https://nexqual.com/HAYW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HAYW's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1834622/000183462226000008/hayw-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TEXTRON INC (TXT) | "Textron's Industrial Segment is composed of Textron Specialized Vehicles, Inc. ("Textron Specialized Vehicles"), a leading global manufacturer of purpose-built vehicles and equipment for a variety of commercial and recre…" |
| Customer | POOL CORP (POOL) | "Most of our net sales are generated from sales to distributors, including our largest customer, Pool Corporation, which represented approximately 33% of our net sales in Fiscal Year 2025 and approximately 46% of our acco…" |

Other companies that name HAYW in their own reports (relationship from HAYW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | POOL CORP (POOL) | 10-K 2026-02-26 | "Our largest suppliers include Pentair plc, Zodiac Pool Systems, Inc. and Hayward Holdings, Inc., which accounted for approximately 20%, 12% and 11%, respectively, of the cost of products we sold in 20…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| NAM | $277.7M | 87.2% | +8.8% | $90.2M | 32.5% |
| E&RW | $40.7M | 12.8% | -8.3% | $6.6M | 16.3% |
| Corporate costs (not allocated) | — | — | — | $13.7M | — |
| Total revenue | $318.4M | 100% | — | $76.0M | 23.9% |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Residential pool | $283.4M | 89.0% | +5.9% |
| Commercial pool | $21.0M | 6.6% | +8.4% |
| Flow control | $13.9M | 4.4% | +11.4% |
| Total revenue | $318.4M | 100% | — |

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $257.6M | 80.9% | +9.4% |
| Total International | $60.7M | 19.1% | -5.2% |
| — Europe (part of Total International) | $26.5M | 8.3% | -3.9% |
| — CANADA (part of Total International) | $20.0M | 6.3% | +1.9% |
| — Rest of World (part of Total International) | $14.3M | 4.5% | -15.5% |
| Total revenue | $318.4M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 33%, 12% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.15 | $0.15 | +1.1% | $251.7M | 9 |
| Next quarter (ends 2026-12-31) | $0.32 | $0.32 | -0.5% | $354.5M | 9 |
| Current fiscal year (ends 2026-12-31) | $0.86 | $0.84 | +2.6% | $1.18B | 10 |
| Next fiscal year (ends 2027-12-31) | $0.95 | $0.94 | +0.8% | $1.24B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±16.0%; last 8 reports averaged ±5.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 70.6% | ±16.0% |
| 2026-12-18 | 56 | 41.3% | ±13.4% |
| 2027-01-15 | 84 | 49.5% | ±19.3% |
| 2027-04-16 | 175 | 45.8% | ±25.4% |