Latest Ratios: P/E Ratio 101.6x · EV/EBITDA 13.7x · ROE 2.8%. (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 | $922M | $761M | $803M | $297M | $365M | $2.8B | — | — |
| Enterprise Value | $1.2B | $1.0B | $1.1B | $527M | $684M | $3.0B | — | — |
| P/E Ratio → | 101.55 | 68.43 | — | — | — | — | — | — |
| P/S Ratio | 1.54 | 1.39 | 1.58 | 0.52 | 0.52 | 4.39 | — | — |
| P/B Ratio | 2.32 | 1.87 | 2.07 | 0.74 | 0.95 | 7.83 | — | — |
| P/FCF | 26.73 | 29.21 | 19.50 | 3.57 | — | 317.78 | — | — |
| P/OCF | 17.92 | 14.79 | 13.10 | 2.55 | 11.29 | 82.20 | — | — |
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 | — | 1.83 | 2.08 | 0.93 | 0.98 | 4.77 | — | — |
| EV / EBITDA | 13.68 | 12.22 | 16.87 | 9.27 | 10.03 | — | — | — |
| EV / EBIT | 38.00 | 25.48 | 65.71 | 25.28 | 16.51 | — | — | — |
| EV / FCF | — | 38.44 | 25.68 | 6.34 | — | 344.91 | — | — |
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 | 33.4% | 33.4% | 30.2% | 27.0% | 31.1% | 32.4% | 35.4% | 30.9% |
| Operating Margin | 5.6% | 5.6% | 3.6% | 2.8% | 4.3% | -5.7% | 9.9% | 7.9% |
| Net Profit Margin | 2.0% | 2.0% | -3.5% | -0.4% | -0.8% | -9.9% | 4.0% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 2.8% | 2.8% | -4.5% | -0.6% | -1.5% | -19.6% | 6.7% | 3.8% |
| ROA | 1.4% | 1.4% | -2.2% | -0.3% | -0.7% | -8.7% | 2.7% | 1.4% |
| ROIC | 3.6% | 3.6% | 2.2% | 1.8% | 3.5% | -5.2% | 7.4% | 5.2% |
| ROCE | 4.2% | 4.2% | 2.5% | 2.1% | 4.1% | -5.9% | 7.8% | 5.3% |
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 | 0.77 | 0.77 | 0.80 | 0.83 | 0.92 | 0.79 | 0.79 | 1.15 |
| Debt / EBITDA | 3.80 | 3.80 | 4.96 | 5.86 | 5.17 | — | 3.39 | 4.77 |
| Net Debt / Equity | — | 0.59 | 0.66 | 0.58 | 0.83 | 0.67 | 0.58 | 0.86 |
| Net Debt / EBITDA | 2.93 | 2.93 | 4.06 | 4.05 | 4.69 | — | 2.49 | 3.56 |
| Debt / FCF | — | 9.23 | 6.18 | 2.77 | — | 27.13 | 3.46 | 6.06 |
| Interest Coverage | 1.52 | 1.52 | 0.65 | 0.67 | 2.63 | -1.19 | 2.25 | 1.12 |
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 | 2.77 | 2.77 | 2.51 | 2.77 | 2.94 | 1.99 | 1.78 | 2.54 |
| Quick Ratio | 1.82 | 1.82 | 1.43 | 1.64 | 1.03 | 1.04 | 1.09 | 1.83 |
| Cash Ratio | 0.90 | 0.90 | 0.79 | 1.19 | 0.38 | 0.38 | 0.63 | 1.13 |
| Asset Turnover | — | 0.66 | 0.64 | 0.68 | 0.80 | 0.79 | 0.62 | 0.60 |
| Inventory Turnover | 4.86 | 4.86 | 4.60 | 4.26 | 2.90 | 3.89 | 4.02 | 6.17 |
| Days Sales Outstanding | — | 34.83 | 26.03 | 20.23 | 26.84 | 37.51 | 33.60 | 36.07 |
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 | — | — | — | — | — | 4.0% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 2.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.5% | — | — | — | — | — | — |
| FCF Yield | 3.7% | 3.4% | 5.1% | 28.0% | — | 0.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 77.0% | 10.2% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 77.0% | 14.1% | — | — |
| Shares Outstanding | — | $120M | $115M | $113M | $113M | $111M | $120M | $120M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SWIM stock.
Latham Group, Inc.'s current P/E ratio is 101.6x. The historical average is 68.4x. This places it at the 100th percentile of its historical range.
Latham Group, Inc.'s current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Latham Group, Inc.'s return on equity (ROE) is 2.8%. The historical average is -1.9%.
Based on historical data, Latham Group, Inc. is trading at a P/E of 101.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Latham Group, Inc. has 33.4% gross margin and 5.6% operating margin.
Latham Group, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Seasonal Liquidity and Margin Volatility
Metrics are mathematically derived from official filings.
Premium Earnings Multiple Prices in Recovery
Based on the supplied multiples, SWIM trades at a trailing P/E of 84.59 and a forward P/E of 39.21, implying the market is pricing a sharp normalization in earnings that recent quarterly results have not yet demonstrated.
The gap between trailing and forward P/E suggests investors are capitalizing expected earnings recovery rather than current profitability, which is thin with a 2026Q3 net margin of 6.6%. The forward EV/EBITDA of 10.50 versus trailing 14.18 points to the same dynamic, and the implied growth rate is demanding relative to a business that posted negative net income in two of the last ten quarters. Price-to-book of 2.32 and price-to-sales of 1.69 are not extreme, so the valuation premium rests mainly on earnings durability rather than asset value, which warrants further investigation into the sustainability of the margin rebound.
Margin Rebound Still Short of Earning Power
Based on reported figures, gross margin recovered from 24.6% in 2024Q4 to 36.7% in 2026Q3, while net margin of 6.6% remains well below the 9.3% reached in 2025Q2, suggesting operating gains have not fully reached the bottom line.
The gross margin improvement is substantial and appears to reflect better unit economics, but the operating margin of 13.0% in 2026Q3 versus 14.3% in 2025Q2 indicates that SG&A and other items are absorbing part of the gain. The gap between operating and net margin, with net income near half of operating income, suggests below-the-line items or taxes that merit closer review. Investors should treat the 2025Q2 and 2026Q3 operating margins as the more representative benchmark for earning power than the trailing average, which includes the loss-making quarters.
Returns Recovering but Not Yet Compounding
As reported in financial statements, ROIC has moved from -1.5% in 2024Q4 to 2.7% in 2026Q3, with a peak of 3.5% in 2026Q2, indicating returns remain thin relative to the capital base of roughly $892M in total assets.
Returns on invested capital in the low single digits are weak for an industrial manufacturer and suggest the company is not yet earning a clear spread over its cost of capital. ROE of 2.9% and ROA of 1.4% in the latest quarter are consistent with this, and the goodwill concentration of about 18% of assets means part of the capital base is acquisition-driven and may be carried at values that current returns do not justify. The data suggests the recovery is real but early, and sustained ROIC above 8% would be needed to confirm compounding.
Leverage Stable but Coverage Volatile
According to recent SEC filings, debt-to-equity has held near 0.77 in recent quarters, while interest coverage has swung from -3.47 in 2024Q4 to 3.77 in 2026Q3, indicating debt service comfort depends heavily on the quarter's operating income.
The debt-to-equity ratio is stable, but the interest coverage path shows that earnings volatility translates directly into debt service stress, with coverage falling below 1.0 in several quarters. Debt-to-EBITDA figures such as 117.35 in 2025Q4 are distorted by near-zero EBITDA and should not be read as a precise leverage measure. Refinancing and covenant exposure cannot be fully assessed from the supplied data, so investors should monitor whether coverage holds above 3x through the seasonally weaker quarters.
Gross Margin Gains May Not Be Durable
Based on the reported quarterly series, the 2026Q3 gross margin of 36.7% sits near the 37.1% high of 2025Q2, but it followed a 28.0% trough, and the data does not establish whether the rebound is structural or cyclical.
The most commonly misapplied metric for a seasonal manufacturer is trailing P/E, since it is heavily distorted by quarters of losses and seasonal swings in earnings, making the 84.59 figure hard to interpret without normalization. Price-to-earnings on a normalized or through-cycle earnings base, or EV/EBITDA on a rolling-twelve-month basis, would give a more stable read on value. Margin gains tied to pricing or input-cost tailwinds may reverse, and the cash flow record, where free cash flow was deeply negative in 2026Q1, suggests the quality of the recovery warrants further investigation before it is extrapolated.