Latest Ratios: P/E Ratio 18.8x · EV/EBITDA 8.3x · ROE 10.0%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $3.4B | $3.4B | $3.0B | $2.2B | $5.3B | — | — |
| Enterprise Value | $2.4B | $3.1B | $4.2B | $4.0B | $3.2B | $6.0B | — | — |
| P/E Ratio → | 18.75 | 22.72 | 28.31 | 36.76 | 12.05 | 53.53 | — | — |
| P/S Ratio | 2.47 | 3.06 | 3.22 | 3.02 | 1.64 | 3.75 | — | — |
| P/B Ratio | 1.78 | 2.16 | 2.38 | 2.29 | 1.77 | 3.84 | — | — |
| P/FCF | 12.25 | 15.21 | 18.03 | 19.55 | 25.02 | 32.43 | — | — |
| P/OCF | 10.87 | 13.49 | 15.96 | 16.26 | 18.62 | 27.78 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.78 | 3.96 | 4.02 | 2.45 | 4.27 | — | — |
| EV / EBITDA | 8.32 | 10.59 | 15.36 | 16.51 | 9.15 | 15.32 | — | — |
| EV / EBIT | 10.33 | 12.75 | 18.67 | 20.95 | 11.26 | 19.67 | — | — |
| EV / FCF | — | 13.81 | 22.17 | 25.96 | 37.24 | 36.91 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.6% | 45.6% | 47.7% | 45.0% | 43.0% | 44.5% | 41.0% | 38.4% |
| Operating Margin | 21.1% | 21.1% | 20.5% | 19.0% | 22.4% | 23.8% | 16.4% | 11.2% |
| Net Profit Margin | 13.5% | 13.5% | 11.3% | 8.1% | 13.6% | 14.5% | 4.9% | 1.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 8.7% | 6.4% | 13.8% | 18.7% | 8.9% | 5.2% |
| ROA | 4.9% | 4.9% | 4.0% | 2.8% | 6.1% | 7.3% | 1.7% | 0.3% |
| ROIC | 10.2% | 10.2% | 7.2% | 6.2% | 10.1% | 12.2% | 6.6% | 4.9% |
| ROCE | 8.6% | 8.6% | 8.0% | 7.0% | 11.0% | 13.2% | 5.9% | 3.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.69 | 0.89 | 0.91 | 0.72 | 1.62 | 7.00 |
| Debt / EBITDA | 0.05 | 0.05 | 3.60 | 4.82 | 3.16 | 2.54 | 6.50 | 8.12 |
| Net Debt / Equity | — | -0.20 | 0.55 | 0.75 | 0.86 | 0.53 | 1.48 | 6.71 |
| Net Debt / EBITDA | -1.07 | -1.07 | 2.87 | 4.08 | 3.00 | 1.86 | 5.92 | 7.79 |
| Debt / FCF | — | -1.40 | 4.15 | 6.42 | 12.22 | 4.48 | 5.99 | 16.36 |
| Interest Coverage | 4.08 | 4.08 | 3.28 | 2.59 | 5.58 | 5.99 | 1.78 | 1.14 |
Net cash position: cash ($330M) exceeds total debt ($13M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.94 | 2.94 | 2.45 | 3.02 | 2.63 | 2.47 | 1.94 | 2.75 |
| Quick Ratio | 2.29 | 2.29 | 1.76 | 2.13 | 1.41 | 1.70 | 1.28 | 1.77 |
| Cash Ratio | 1.23 | 1.23 | 0.63 | 0.85 | 0.24 | 0.87 | 0.53 | 0.34 |
| Asset Turnover | — | 0.36 | 0.35 | 0.34 | 0.46 | 0.47 | 0.34 | 0.28 |
| Inventory Turnover | 2.90 | 2.90 | 2.54 | 2.54 | 2.64 | 3.34 | 3.55 | 3.29 |
| Days Sales Outstanding | — | 91.34 | 98.92 | 103.30 | 65.63 | 54.19 | 58.46 | 92.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.0% | — | — |
| Payout Ratio | — | — | — | — | — | 0.0% | 635.5% | 4.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 4.4% | 3.5% | 2.7% | 8.3% | 1.9% | — | — |
| FCF Yield | 8.2% | 6.6% | 5.5% | 5.1% | 4.0% | 3.1% | — | — |
| Buyback Yield | 0.2% | 0.1% | 0.0% | 0.0% | 15.9% | 0.2% | — | — |
| Total Shareholder Yield | 0.2% | 0.1% | 0.0% | 0.0% | 15.9% | 0.2% | — | — |
| Shares Outstanding | — | $222M | $221M | $221M | $230M | $201M | $46M | $46M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying HAYW stock.
Hayward Holdings, Inc.'s current P/E ratio is 18.8x. The historical average is 30.7x. This places it at the 20th percentile of its historical range.
Hayward Holdings, Inc.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Hayward Holdings, Inc.'s return on equity (ROE) is 10.0%. The historical average is 10.3%.
Based on historical data, Hayward Holdings, Inc. is trading at a P/E of 18.8x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hayward Holdings, Inc. has 45.6% gross margin and 21.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hayward Holdings, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Seasonal cash flow volatility
Metrics are mathematically derived from official filings.
Resilient Margins Amid Seasonal Swings
Hayward's gross margin averaged 47.6% over the last ten quarters, with operating margin peaking at 25.0% in 2025Q4, according to reported financials, indicating strong pricing power and cost discipline.
Gross margin has remained consistently above 44% even in seasonally weak quarters, reflecting a differentiated product mix and brand strength. Operating margin variability is driven by SG&A fluctuations, which ranged from 11.5% to 28.6% of revenue, suggesting that cost control is the primary lever for margin stability. Net margin improved to 14.3% in 2026Q2 from 4.6% in 2024Q1, indicating that the company is converting revenue growth into bottom-line results more efficiently.
ROIC Recovery Signals Efficiency Gains
ROIC improved from 1.0% in 2024Q1 to 3.0% in 2026Q2, as per quarterly data, suggesting that capital efficiency is recovering despite seasonal working capital swings.
The improvement in ROIC is driven by both margin expansion and asset turnover, which rose from 0.07 to 0.10 over the same period. However, ROIC remains below the cost of capital, implying that the company is not yet generating excess returns on invested capital. The asset-light model, with intangibles representing 31% of total assets, means that ROIC is sensitive to acquisition-related amortization and goodwill impairments.
Working Capital Swings Distort Efficiency
Cash conversion cycle averaged 175 days over the last ten quarters, with DSO spiking to 135 days in 2024Q1, according to reported figures, reflecting seasonal inventory and receivable build-ups.
The CCC is heavily influenced by seasonality, with Q1 typically showing the longest cycle due to pre-season inventory builds and slower collections. DPO has remained relatively stable around 50 days, indicating consistent supplier terms. The high DIO, which peaked at 171 days in 2024Q1, suggests that inventory management is a key area for improvement, as excess inventory ties up cash and increases carrying costs.
Deleveraging Masks True Capital Structure
Debt-to-equity fell from 0.83 in 2024Q1 to 0.01 in 2026Q2, with total debt at $10.8M, as per balance sheet data, suggesting a dramatic reduction in leverage.
The near-zero debt level in 2026Q2 appears to be a one-time event, as debt was $1.0B in the prior quarter, indicating a possible repayment or data artifact. Interest coverage improved to 4.48 in 2026Q2 from 1.93 in 2024Q1, but this is based on the low debt level. Investors should monitor whether the company re-levers for acquisitions or buybacks, as the current low leverage may not be sustainable.
Liquidity Buffer Strengthens with Cash
Current ratio improved to 3.33 in 2026Q2 from 2.45 in 2024Q4, with cash at $304.1M, according to reported figures, providing a robust buffer against seasonal working capital needs.
The quick ratio of 2.49 indicates that even without inventory, the company can cover current liabilities comfortably. The strong liquidity position is supported by light capex requirements, which average only 2.5% of revenue. However, the seasonal cash flow swings, with FCF margin ranging from -61.8% to 122.7%, mean that the liquidity buffer is essential to avoid short-term borrowing during peak working capital periods.
PEG Ratio Misleads on Growth Prospects
The PEG ratio of 0.16, based on trailing P/E of 22.5 and a growth rate of 140%, appears attractive, but this growth rate is likely unsustainable, as per reported figures.
The PEG ratio is calculated using a forward growth rate that may be inflated by one-time factors or cyclical recovery. Hayward's revenue growth has been stable at around 6% year-over-year, not 140%, suggesting that the PEG is misleading. A more appropriate metric would be the forward EV/EBITDA of 9.04, which better reflects the company's earnings power and is more comparable to peers like POOL (13.77) and PATK (10.02).