# Latham Group, Inc. (SWIM)

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

**Price:** USD 6.54 (+3.65% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.31 · day 6.3–6.55 · 52w 4.64–8.97 · market cap $769M · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $577M, net income $5.3M (0.9% margin), free cash flow $49.0M (SEC filings).
- Valuation: P/E 144.5x (avg 68.4x at the last 1 fiscal year-ends), EV/EBITDA 12.2x, net debt $236M.
- Earnings quality: non-operating income -$25.0M vs operating income $29.3M over the last four quarters; P/E excluding non-operating income ≈35.6x (estimate: non-operating income taxed at the company's 35% effective rate).
- 1 of 80 tracked superinvestors hold SWIM (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $316K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (7 analysts), mean target USD 8.53 (range 5.5–13).
- Total return with dividends: 1Y -15.3% vs S&P 500 +14.9%; 5Y -57.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.15, revenue estimate $181M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $630M | $696M | $566M | $509M | $546M | $577M |
| Gross profit | $204M | $216M | $153M | $154M | $182M | — |
| Operating income | -$36.2M | $30.0M | $16.1M | $18.3M | $30.6M | $29.3M |
| Net income | -$62.3M | -$5.7M | -$2.4M | -$17.9M | $11.1M | $5.3M |
| EPS (diluted) | -$0.56 | -$0.05 | -$0.02 | -$0.15 | $0.09 | — |
| Free cash flow | $8.7M | -$7.4M | $83.2M | $41.2M | $38.0M | $49.0M |
| Gross margin | 32.4% | 31.1% | 27.0% | 30.2% | 33.4% | — |
| Operating margin | -5.7% | 4.3% | 2.8% | 3.6% | 5.6% | 5.1% |
| Net margin | -9.9% | -0.8% | -0.4% | -3.5% | 2.0% | 0.9% |
| Revenue growth | +56.3% | +10.4% | -18.6% | -10.2% | +7.4% | — |
| Cash + short-term investments | $44.0M | $32.6M | $103M | $56.4M | $71.0M | — |
| Total debt | $280M | $313M | $301M | $282M | $280M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 144.5x · P/E ex non-operating (est.) ≈35.6x · P/S 1.3x · EV/EBITDA 12.2x · EV/Sales 1.7x · P/FCF 15.7x · P/B 1.9x · FCF yield 6.37% · Earnings yield 0.69% · Net debt $236M · EV $1.01B
P/E at fiscal year-ends: Dec 2025 68.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SWIM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Clifford Sosin | CAS Investment Partners | 0.32% | $6.0M | Reduced -0.6% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $316K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-20 | Gloe Oliver C. | CHIEF FINANCIAL OFFICER | 15,050 | $74K | 4.9 | Too little history (no open-market trades in 2023) |
| 2026-05-19 | Cline James E | Director | 50,000 | $242K | 4.84 | Too little history (no open-market trades in 2024) |
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 3.00 on a 1–5 scale), 7 analysts; mean target USD 8.53 (low 5.5, high 13).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | William Blair | Downgrade | Outperform → Market Perform |  |
| 2026-08-10 | Barclays | Target raised | Equal-Weight | $7 → $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -15.3% | -57.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.3% | -15.7% |
| Volatility (annualized) | 52.4% | 75.0% |
| Max drawdown | -40.4% (Oct 2025→May 2026) | -91.6% (Dec 2021→Oct 2023) |

## Peers (Building Products & Equipment)
NPKI (NPK International Inc.) USD 10.76 -2.98% · APOG (Apogee Enterprises, Inc.) USD 44.29 +1.40% · NX (Quanex Building Products Corpor) USD 20.65 +3.56% · JBI (Janus International Group, Inc.) USD 4.52 +5.85% · LMB (Limbach Holdings, Inc.) USD 47.55 -1.63% · ROCK (Gibraltar Industries, Inc.) USD 39.27 +1.26%

## More
Full page: https://nexqual.com/SWIM · 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 SWIM's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/1833197/000183319726000017/swim-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Coverstar Central | "We have made seven strategic acquisitions and one strategic investment since 2019: the purchase of Coverstar Central, an automatic safety cover dealer, in August 2024, followed shortly after by the purchase of two smalle…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| In-ground Swimming Pools | $96.3M | 48.8% | +22.5% |
| Liners | $60.2M | 30.5% | +6.0% |
| Covers | $41.0M | 20.8% | +10.0% |
| Total revenue | $197.5M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $462.1M | 84.6% | +7.6% |
| Canada | $50.1M | 9.2% | +4.1% |
| Australia | $21.8M | 4.0% | +1.5% |
| New Zealand | $6.3M | 1.1% | +9.7% |
| Other Geographic Areas | $5.7M | 1.0% | +46.5% |
| Total revenue | $545.9M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 22.6% of revenue from unnamed direct customers (10-K, filed 2026-03-04).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.15 | $0.15 | +0.3% | $181.1M | 5 |
| Next quarter (ends 2026-12-31) | $-0.04 | $-0.06 | -23.4% | $111.3M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.21 | $0.22 | -2.9% | $607.9M | 5 |
| Next fiscal year (ends 2027-12-31) | $0.30 | $0.28 | +7.8% | $644.4M | 4 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±31.3%; last 8 reports averaged ±12.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 120.0% | ±31.3% |