Latham Group, Inc. Financials
Latham Group, Inc. (SWIM) reported $545.9M in revenue for fiscal year 2025, up 7.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Latham’s turnaround is being driven more by margin repair and working-capital normalization than by a full sales recovery.
FY2023’s cash surge came while earnings stayed near break-even because falling inventory and receivables released cash as revenue contracted, so the cash conversion story was partly balance-sheet driven rather than a durable profit step-up. In the latest year, net income turned positive at$11.1M , but operating cash flow of$63.4M was still well below that spike, reinforcing that the earlier working-capital unwind was temporary.
The notable change in the latest year is gross-margin expansion to
The balance sheet looks liquid but not debt-light: cash was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Latham Group, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Latham Group, Inc. has an operating margin of 5.6%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is up from 3.6% the prior year.
Latham Group, Inc.'s revenue grew 7.4% year-over-year to $545.9M, a solid pace of expansion. This earns a growth score of 26/100.
Latham Group, Inc. has elevated debt relative to equity (D/E of 0.68), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 25/100, reflecting increased financial risk.
With a current ratio of 2.77, Latham Group, Inc. holds $2.77 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
Latham Group, Inc. has a free cash flow margin of 7.0%, earning a moderate score of 64/100. The company generates positive cash flow after capital investments, but with room for improvement.
Latham Group, Inc.'s ROE of 2.7% shows moderate profitability relative to equity, earning a score of 36/100. This is up from -4.6% the prior year.
Latham Group, Inc. scores 2.09, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($838.8M) relative to total liabilities ($417.4M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Latham Group, Inc. passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Latham Group, Inc. generates $5.70 in operating cash flow ($63.4M OCF vs $11.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Latham Group, Inc. earns $1.19 in operating income for every $1 of interest expense ($30.6M vs $25.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Latham Group, Inc. generated $545.9M in revenue in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Latham Group, Inc.'s EBITDA was $81.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 30.6% from the prior year.
Latham Group, Inc. reported $11.1M in net income in fiscal year 2025. This represents an increase of 162.3% from the prior year.
Latham Group, Inc. earned $0.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 160.0% from the prior year.
Cash & Balance Sheet
Latham Group, Inc. generated $38.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.6% from the prior year.
Latham Group, Inc. held $71.0M in cash against $276.6M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Latham Group, Inc.'s gross margin was 33.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.
Latham Group, Inc.'s operating margin was 5.6% in fiscal year 2025, reflecting core business profitability. This is up 2.0 percentage points from the prior year.
Latham Group, Inc.'s net profit margin was 2.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.5 percentage points from the prior year.
Latham Group, Inc.'s ROE was 2.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.4 percentage points from the prior year.
Capital Allocation
Latham Group, Inc. invested $25.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 26.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
SWIM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $576.6M | $545.9M+7.4% | $508.5M-10.2% | $566.5M-18.6% | $695.7M+10.4% | $630.5M+56.3% | $403.4M+26.9% | $318.0M |
| Cost of Revenue | $384.2M | $363.8M+2.6% | $354.8M-14.2% | $413.5M-13.7% | $479.3M+12.4% | $426.3M+63.6% | $260.6M+18.6% | $219.8M |
| Gross Profit | $192.5M | $182.1M+18.4% | $153.7M+0.5% | $152.9M-29.3% | $216.5M+6.0% | $204.2M+43.0% | $142.8M+45.5% | $98.2M |
| SG&A Expenses | $134.2M | $122.6M+13.1% | $108.4M-1.8% | $110.3M-24.9% | $146.8M-32.6% | $217.8M+154.6% | $85.5M+49.0% | $57.4M |
| Operating Income | $29.3M | $30.6M+67.3% | $18.3M+13.3% | $16.1M-46.3% | $30.0M+182.9% | -$36.2M-190.7% | $39.9M+58.8% | $25.1M |
| Interest Expense | $23.0M | $25.8M+3.9% | $24.8M-19.7% | $30.9M+96.3% | $15.8M-35.5% | $24.4M+33.9% | $18.3M-19.4% | $22.6M |
| Income Tax | $4.6M | $2.4M-74.1% | $9.1M+218.9% | -$7.7M-139.5% | $19.4M+120.2% | $8.8M+30.1% | $6.8M+245.1% | -$4.7M |
| Net Income | $5.3M | $11.1M+162.3% | -$17.9M-647.9% | -$2.4M+58.1% | -$5.7M+90.9% | -$62.3M-490.1% | $16.0M+114.3% | $7.5M |
| EPS (Diluted) | — | $0.09+160.0% | -$0.15-650.0% | -$0.02+60.0% | -$0.05+91.1% | -$0.56-450.0% | $0.16+100.0% | $0.08 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SWIM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $823.2M+3.7% | $794.2M-4.9% | $835.0M-4.0% | $869.7M+9.5% | $794.5M+22.9% | $646.7M | N/A |
| Current Assets | $219.0M+22.8% | $178.3M-25.3% | $238.6M-6.4% | $255.0M+11.3% | $229.1M+36.9% | $167.3M | N/A |
| Cash & Equivalents | $71.0M+26.0% | $56.4M-45.1% | $102.8M+215.0% | $32.6M-25.8% | $44.0M-25.9% | $59.3M+4.7% | $56.7M |
| Inventory | $74.9M-2.8% | $77.1M-20.6% | $97.1M-41.2% | $165.2M+50.8% | $109.6M+69.0% | $64.8M | N/A |
| Accounts Receivable | $39.9M+23.6% | $32.3M+6.2% | $30.4M-37.8% | $48.8M-19.6% | $60.8M+85.5% | $32.8M | N/A |
| Goodwill | $155.2M+1.7% | $152.6M+16.2% | $131.4M0.0% | $131.4M+1.9% | $128.9M+11.3% | $115.8M+13.8% | $101.7M |
| Total Liabilities | $417.4M+2.5% | $407.0M-6.6% | $435.8M-10.5% | $486.9M+10.4% | $440.8M+20.8% | $365.1M | N/A |
| Current Liabilities | $79.1M+11.5% | $71.0M-17.7% | $86.2M-0.8% | $86.9M-24.6% | $115.2M+22.6% | $93.9M | N/A |
| Long-Term Debt | $276.6M-0.6% | $278.3M-0.6% | $280.0M-9.6% | $309.6M+17.6% | $263.2M+26.3% | $208.5M | N/A |
| Total Equity | $405.9M+4.8% | $387.2M-3.0% | $399.2M+4.3% | $382.8M+8.2% | $353.6M+25.6% | $281.6M+45.3% | $193.8M |
| Retained Earnings | -$63.7M+14.9% | -$74.8M-31.4% | -$57.0M-4.4% | -$54.6M-12.3% | -$48.6M-452.9% | $13.8M | N/A |
SWIM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $80.1M | $63.4M+3.5% | $61.3M-47.3% | $116.4M+260.2% | $32.3M-4.1% | $33.7M-46.7% | $63.2M+77.1% | $35.7M |
| Capital Expenditures | $31.1M | $25.4M+26.2% | $20.1M-39.4% | $33.2M-16.4% | $39.7M+58.9% | $25.0M+53.6% | $16.3M+99.2% | $8.2M |
| Free Cash Flow | $49.0M | $38.0M-7.6% | $41.2M-50.5% | $83.2M+1227.9% | -$7.4M-184.6% | $8.7M-81.4% | $46.9M+70.6% | $27.5M |
| Investing Cash Flow | -$57.3M | -$42.3M+50.0% | -$84.6M-166.8% | -$31.7M+29.5% | -$45.0M+58.4% | -$108.2M+6.6% | -$115.8M-327.6% | -$27.1M |
| Financing Cash Flow | -$7.1M | -$7.0M+68.3% | -$22.0M-58.7% | -$13.9M-467.5% | $3.8M-93.7% | $60.0M+10.5% | $54.3M+228.1% | $16.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $110.0M | N/A | N/A |
| Share Buybacks | N/A | N/A | $0 | $0-100.0% | $280.7M-0.3% | $281.6M+48291.4% | $582K+191.0% | $200K |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SWIM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 33.4%+3.1pp | 30.2%+3.2pp | 27.0%-4.1pp | 31.1%-1.3pp | 32.4%-3.0pp | 35.4%+4.5pp | 30.9% |
| Operating Margin | 5.6%+2.0pp | 3.6%+0.7pp | 2.9%-1.5pp | 4.3%+10.1pp | -5.7%-15.6pp | 9.9%+2.0pp | 7.9% |
| Net Margin | 2.0%+5.5pp | -3.5%-3.1pp | -0.4%+0.4pp | -0.8%+9.1pp | -9.9%-13.9pp | 4.0%+1.6pp | 2.4% |
| Return on Equity | 2.7%+7.4pp | -4.6%-4.0pp | -0.6%+0.9pp | -1.5%+16.1pp | -17.6%-23.3pp | 5.7%+1.8pp | 3.9% |
| Return on Assets | 1.4%+3.6pp | -2.3%-2.0pp | -0.3%+0.4pp | -0.7%+7.2pp | -7.8%-10.3pp | 2.5% | N/A |
| Current Ratio | 2.77+0.3x | 2.51-0.3x | 2.77-0.2x | 2.94+0.9x | 1.99+0.2x | 1.78 | N/A |
| Debt-to-Equity | 0.680.0x | 0.720.0x | 0.70-0.1x | 0.81+0.1x | 0.740.0x | 0.74 | N/A |
| FCF Margin | 7.0%-1.1pp | 8.1%-6.6pp | 14.7%+15.7pp | -1.1%-2.4pp | 1.4%-10.3pp | 11.6%+3.0pp | 8.6% |
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Where Latham Group, Inc. Ranks
Frequently Asked Questions
What is Latham Group, Inc.'s annual revenue?
Latham Group, Inc. (SWIM) reported $545.9M in total revenue for fiscal year 2025. This represents a 7.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Latham Group, Inc.'s revenue growing?
Latham Group, Inc. (SWIM) revenue grew by 7.4% year-over-year, from $508.5M to $545.9M in fiscal year 2025.
Is Latham Group, Inc. profitable?
Yes, Latham Group, Inc. (SWIM) reported a net income of $11.1M in fiscal year 2025, with a net profit margin of 2.0%.
What is Latham Group, Inc.'s EBITDA?
Latham Group, Inc. (SWIM) had EBITDA of $81.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Latham Group, Inc. have?
As of fiscal year 2025, Latham Group, Inc. (SWIM) had $71.0M in cash and equivalents against $276.6M in long-term debt.
What is Latham Group, Inc.'s gross margin?
Latham Group, Inc. (SWIM) had a gross margin of 33.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Latham Group, Inc.'s operating margin?
Latham Group, Inc. (SWIM) had an operating margin of 5.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Latham Group, Inc.'s net profit margin?
Latham Group, Inc. (SWIM) had a net profit margin of 2.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Latham Group, Inc.'s return on equity (ROE)?
Latham Group, Inc. (SWIM) has a return on equity of 2.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Latham Group, Inc.'s free cash flow?
Latham Group, Inc. (SWIM) generated $38.0M in free cash flow during fiscal year 2025. This represents a -7.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Latham Group, Inc.'s operating cash flow?
Latham Group, Inc. (SWIM) generated $63.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Latham Group, Inc.'s total assets?
Latham Group, Inc. (SWIM) had $823.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Latham Group, Inc.'s capital expenditures?
Latham Group, Inc. (SWIM) invested $25.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Latham Group, Inc.'s current ratio?
Latham Group, Inc. (SWIM) had a current ratio of 2.77 as of fiscal year 2025, which is generally considered healthy.
What is Latham Group, Inc.'s debt-to-equity ratio?
Latham Group, Inc. (SWIM) had a debt-to-equity ratio of 0.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Latham Group, Inc.'s return on assets (ROA)?
Latham Group, Inc. (SWIM) had a return on assets of 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Latham Group, Inc.'s Altman Z-Score?
Latham Group, Inc. (SWIM) has an Altman Z-Score of 2.09, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Latham Group, Inc.'s Piotroski F-Score?
Latham Group, Inc. (SWIM) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Latham Group, Inc.'s earnings high quality?
Latham Group, Inc. (SWIM) has an earnings quality ratio of 5.70x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Latham Group, Inc. cover its interest payments?
Latham Group, Inc. (SWIM) has an interest coverage ratio of 1.19x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Latham Group, Inc.?
Latham Group, Inc. (SWIM) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.