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Latham Group, Inc. (SWIM) 10-Year Financial Performance & Capital Metrics

SWIM • • Industrial / General
IndustrialsConstructionOutdoor & Recreational ProductsSwimming Pool Systems
AboutLatham Group, Inc. designs, manufactures, and markets in-ground residential swimming pools in North America, Australia, and New Zealand. It offers a portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners. The company was formerly known as Latham Topco, Inc. and changed its name to Latham Group, Inc. in March 2021. Latham Group, Inc. was incorporated in 2018 and is headquartered in Latham, New York.Show more
  • Revenue $509M -10.2%
  • EBITDA $63M +10.3%
  • Net Income -$18M -647.9%
  • EPS (Diluted) -0.15 -607.5%
  • Gross Margin 30.23% +12.0%
  • EBITDA Margin 12.33% +22.8%
  • Operating Margin 3.59% +26.2%
  • Net Margin -3.51% -733.3%
  • ROE -4.54% -643.8%
  • ROIC 2.16% +18.7%
  • Debt/Equity 0.80 -3.8%
  • Interest Coverage 0.74 +41.0%
Technical Analysis

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y9.85%
3Y-6.91%
TTM4.12%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-196.6%

EPS CAGR

10Y-
5Y-
3Y-
TTM-210.33%

ROCE

10Y Avg2.64%
5Y Avg2.12%
3Y Avg2.9%
Latest2.48%

Peer Comparison

Swimming Pool Systems
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SWIMLatham Group, Inc.795.59M6.82-45.47-10.23%-2.07%-2.7%5.18%0.80

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+317.98M403.39M630.46M695.74M566.49M508.52M
Revenue Growth %-0.27%0.56%0.1%-0.19%-0.1%
Cost of Goods Sold+219.82M260.62M426.29M479.27M413.55M354.78M
COGS % of Revenue0.69%0.65%0.68%0.69%0.73%0.7%
Gross Profit+98.16M142.77M204.16M216.47M152.94M153.74M
Gross Margin %0.31%0.35%0.32%0.31%0.27%0.3%
Gross Profit Growth %-0.45%0.43%0.06%-0.29%0.01%
Operating Expenses+73.03M102.87M240.34M186.46M136.81M135.47M
OpEx % of Revenue0.23%0.26%0.38%0.27%0.24%0.27%
Selling, General & Admin57.39M85.53M217.78M146.84M110.3M108.36M
SG&A % of Revenue0.18%0.21%0.35%0.21%0.19%0.21%
Research & Development000000
R&D % of Revenue------
Other Operating Expenses15.64M17.35M22.57M39.62M26.52M27.1M
Operating Income+25.13M39.9M-36.18M30.01M16.13M18.28M
Operating Margin %0.08%0.1%-0.06%0.04%0.03%0.04%
Operating Income Growth %-0.59%-1.91%1.83%-0.46%0.13%
EBITDA+46.78M65.26M-3.95M68.19M56.88M62.72M
EBITDA Margin %0.15%0.16%-0.01%0.1%0.1%0.12%
EBITDA Growth %-0.4%-1.06%18.27%-0.17%0.1%
D&A (Non-Cash Add-back)21.66M25.36M32.23M38.17M40.75M44.45M
EBIT25.43M41.01M-29.1M41.45M20.86M16.1M
Net Interest Income+-22.64M-18.25M-24.43M-15.75M-30.92M-24.84M
Interest Income000000
Interest Expense22.64M18.25M24.43M15.75M30.92M24.84M
Other Income/Expense-22.34M-17.14M-17.35M-16.29M-26.19M-27.02M
Pretax Income+2.79M22.76M-53.53M13.72M-10.06M-8.74M
Pretax Margin %0.01%0.06%-0.08%0.02%-0.02%-0.02%
Income Tax+-4.67M6.78M8.82M19.41M-7.67M9.12M
Effective Tax Rate %2.68%0.7%1.16%-0.41%0.24%2.04%
Net Income+7.46M15.98M-62.35M-5.69M-2.39M-17.86M
Net Margin %0.02%0.04%-0.1%-0.01%-0%-0.04%
Net Income Growth %-1.14%-4.9%0.91%0.58%-6.48%
Net Income (Continuing)7.46M15.98M-62.35M-5.69M-2.39M-17.86M
Discontinued Operations000000
Minority Interest000000
EPS (Diluted)+0.060.13-0.56-0.05-0.02-0.15
EPS Growth %-1.1%-5.31%0.91%0.58%-6.08%
EPS (Basic)0.060.13-0.56-0.05-0.02-0.15
Diluted Shares Outstanding120.43M120.43M110.64M113.25M112.9M115.44M
Basic Shares Outstanding120.43M120.43M110.64M113.25M112.9M115.44M
Dividend Payout Ratio0.03%-----

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+127.69M167.33M229.07M255.01M238.62M178.3M
Cash & Short-Term Investments56.66M59.31M43.95M32.63M102.76M56.4M
Cash Only56.66M59.31M43.95M32.63M102.76M56.4M
Short-Term Investments000000
Accounts Receivable31.43M37.13M64.79M51.16M31.39M36.26M
Days Sales Outstanding36.0733.637.5126.8420.2326.03
Inventory35.61M64.82M109.56M165.22M97.14M77.1M
Days Inventory Outstanding59.1390.7893.8125.8385.7379.32
Other Current Assets0006M7.33M8.54M
Total Non-Current Assets+398.02M479.35M565.42M614.68M596.39M615.91M
Property, Plant & Equipment37.84M47.36M63.51M136.49M143.8M141.11M
Fixed Asset Turnover8.40x8.52x9.93x5.10x3.94x3.60x
Goodwill101.67M115.75M128.87M131.38M131.36M152.63M
Intangible Assets258.3M289.47M338.31M309.21M282.79M292.91M
Long-Term Investments025.38M23.36M25.09M25.94M24.89M
Other Non-Current Assets01.04M765K4.73M5M3.64M
Total Assets+525.71M646.68M794.48M869.68M835M794.21M
Asset Turnover0.60x0.62x0.79x0.80x0.68x0.64x
Asset Growth %-0.23%0.23%0.09%-0.04%-0.05%
Total Current Liabilities+50.2M93.94M115.17M86.86M86.21M70.98M
Accounts Payable12.09M27.42M38M25.45M17.12M13.14M
Days Payables Outstanding20.0838.432.5319.3815.1113.52
Short-Term Debt6.89M13.04M17.22M3.25M21.25M3.25M
Deferred Revenue (Current)01000K1000K1000K1000K1000K
Other Current Liabilities15.93M10.12M46.48M39.73M2.89M2.39M
Current Ratio2.54x1.78x1.99x2.94x2.77x2.51x
Quick Ratio1.83x1.09x1.04x1.03x1.64x1.43x
Cash Conversion Cycle75.1385.9898.78133.2990.8591.83
Total Non-Current Liabilities+281.72M271.13M325.67M400.03M349.6M336.01M
Long-Term Debt216.33M208.45M263.19M309.63M279.95M278.27M
Capital Lease Obligations00032.39M24.79M22.14M
Deferred Tax Liabilities65.08M60.73M62.03M57.3M40.09M32.35M
Other Non-Current Liabilities306K1.94M453K702K4.77M3.25M
Total Liabilities331.92M365.07M440.84M486.89M435.8M406.99M
Total Debt+223.22M221.5M280.41M352.19M333.12M310.83M
Net Debt166.57M162.19M236.46M319.57M230.36M254.44M
Debt / Equity1.15x0.79x0.79x0.92x0.83x0.80x
Debt / EBITDA4.77x3.39x-5.17x5.86x4.96x
Net Debt / EBITDA3.56x2.49x-4.69x4.05x4.06x
Interest Coverage1.11x2.19x-1.48x1.91x0.52x0.74x
Total Equity+193.79M281.61M353.64M382.79M399.2M387.22M
Equity Growth %-0.45%0.26%0.08%0.04%-0.03%
Book Value per Share1.612.343.203.383.543.35
Total Shareholders' Equity193.79M281.61M353.64M382.79M399.2M387.22M
Common Stock11K12K12K11K11K12K
Retained Earnings-2.22M13.77M-48.58M-54.57M-56.96M-74.82M
Treasury Stock000000
Accumulated OCI-471K2.35M370K-3.53M-3.54M-5.05M
Minority Interest000000

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+35.66M63.16M33.69M32.31M116.37M61.31M
Operating CF Margin %0.11%0.16%0.05%0.05%0.21%0.12%
Operating CF Growth %-0.77%-0.47%-0.04%2.6%-0.47%
Net Income7.46M15.98M-62.35M-5.69M-2.39M-17.86M
Depreciation & Amortization21.66M25.36M32.23M38.17M40.75M44.45M
Stock-Based Compensation808K1.83M128.78M50.63M18.8M7.39M
Deferred Taxes-10.23M-4.21M-12.03M-3.8M-17.19M-1.68M
Other Non-Cash Items10.6M3.14M1.84M26.59M17.1M18.48M
Working Capital Changes5.36M21.05M-54.78M-73.59M59.29M10.53M
Change in Receivables-7.1M5.27M-26.02M8.99M14.37M-2.38M
Change in Inventory12.96M-17.02M-39.66M-57.03M68.19M22.7M
Change in Payables-2.28M9.78M10.68M-12.36M-8.51M-4.04M
Cash from Investing+-27.08M-115.81M-108.2M-45.02M-31.73M-84.64M
Capital Expenditures-8.16M-16.26M-24.98M-39.68M-33.19M-20.12M
CapEx % of Revenue0.03%0.04%0.04%0.06%0.06%0.04%
Acquisitions------
Investments------
Other Investing1.3M579K35K24K1.46M0
Cash from Financing+16.55M54.3M60.02M3.77M-13.88M-22.02M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid-200K0-110.03M000
Share Repurchases------
Other Financing200K-6.62M-1.25M250.8M00
Net Change in Cash------
Free Cash Flow+27.49M46.9M8.71M-7.38M83.18M41.19M
FCF Margin %0.09%0.12%0.01%-0.01%0.15%0.08%
FCF Growth %-0.71%-0.81%-1.85%12.28%-0.5%
FCF per Share0.230.390.08-0.070.740.36
FCF Conversion (FCF/Net Income)4.78x3.95x-0.54x-5.67x-48.73x-3.43x
Interest Paid19.49M15.63M17.37M12.62M25.75M24.89M
Taxes Paid168K14.81M20.05M20.31M6.99M15.47M

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)3.85%6.72%-19.63%-1.55%-0.61%-4.54%
Return on Invested Capital (ROIC)5.23%7.44%-5.25%3.48%1.82%2.16%
Gross Margin30.87%35.39%32.38%31.11%27%30.23%
Net Margin2.35%3.96%-9.89%-0.82%-0.42%-3.51%
Debt / Equity1.15x0.79x0.79x0.92x0.83x0.80x
Interest Coverage1.11x2.19x-1.48x1.91x0.52x0.74x
FCF Conversion4.78x3.95x-0.54x-5.67x-48.73x-3.43x
Revenue Growth-26.86%56.29%10.35%-18.58%-10.23%

Revenue by Segment

2021202220232024
In-Ground Swimming Pools---259.21M
In-Ground Swimming Pools Growth----
Covers132.13M158.45M140.95M131.34M
Covers Growth-19.92%-11.04%-6.82%
Liners129.87M151.82M127.72M117.97M
Liners Growth-16.91%-15.88%-7.63%
In-ground Swimming Pools368.46M385.47M297.83M-
In-ground Swimming Pools Growth-4.61%-22.74%-

Revenue by Geography

2021202220232024
UNITED STATES---429.34M
UNITED STATES Growth----
CANADA---48.14M
CANADA Growth----
AUSTRALIA---21.45M
AUSTRALIA Growth----
NEW ZEALAND---5.72M
NEW ZEALAND Growth----
Other Geographic Areas---3.87M
Other Geographic Areas Growth----
United States491.87M558.83M475.02M-
United States Growth-13.61%-15.00%-
Canada98.66M91.58M58.44M-
Canada Growth--7.18%-36.18%-
Australia25.22M25.83M22.53M-
Australia Growth-2.42%-12.75%-
New Zealand8.05M9.35M6.03M-
New Zealand Growth-16.03%-35.48%-
Other6.65M10.16M4.46M-
Other Growth-52.67%-56.08%-

Frequently Asked Questions

Growth & Financials

Latham Group, Inc. (SWIM) reported $533.2M in revenue for fiscal year 2024. This represents a 68% increase from $318.0M in 2019.

Latham Group, Inc. (SWIM) saw revenue decline by 10.2% over the past year.

Latham Group, Inc. (SWIM) reported a net loss of $11.0M for fiscal year 2024.

Dividend & Returns

Latham Group, Inc. (SWIM) has a return on equity (ROE) of -4.5%. Negative ROE indicates the company is unprofitable.

Latham Group, Inc. (SWIM) generated $23.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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