The combination of strong margin expansion, positive net income turnaround, and accretive acquisition suggests improving fundamentals. The 2026 guidance implies sustained outperformance despite a flat overall pool market, making SWIM a potential outperformer. Traders should monitor execution in the Sand States and integration of Freedom Pools.
Price Chart
Executive Summary
Latham Pool Products (SWIM) reported strong full-year 2025 results with 7.4% revenue growth and a 24.4% increase in Adjusted EBITDA, driven by margin expansion and cost discipline. The company also announced a 2026 acquisition of Freedom Pools and provided guidance for 9.0% net sales growth and 12.7% Adjusted EBITDA growth at the midpoints, signaling continued outperformance in the U.S. in-ground pool market.
Key Financial Metrics
Key Facts
- Full-year 2025 net sales were $545.9 million, up 7.4% YoY.
- Full-year 2025 Adjusted EBITDA was $99.8 million, up 24.4% YoY, with margin expanding 250 bps to 18.3%.
- Net income turned positive at $11.1 million vs. a $17.9 million net loss in 2024.
- Gross margin expanded 320 bps to 33.4% in 2025 due to lean manufacturing and value engineering.
- Acquired Freedom Pools in February 2026, expected to add ~$20M in annualized net sales and ~$4M in Adjusted EBITDA.
- 2026 guidance: $580M–$610M net sales (9.0% growth at midpoint), $105M–$120M Adjusted EBITDA (12.7% growth at midpoint).
- Ended 2025 with $71.0M cash and net debt leverage ratio of 2.1x.
Financial Impact
Revenue expected to grow ~$50M in 2026 at midpoint, with Adjusted EBITDA growing ~$10M, driven by organic growth and acquisition. Margin expansion adds ~$19.6M in EBITDA versus prior year.
Risk Factors
- Increased SG&A spending on growth initiatives could pressure margins if ROI is delayed.
- Reliance on fiberglass pool segment (76.5% of in-ground sales) exposes company to product category concentration risk.
- Forward-looking guidance is subject to macroeconomic risks including consumer spending, weather, and supply chain disruptions.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3248924 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 21d ago | SC 13G/A | $6.39 | awaiting T+60 | — | $6.72 (+5.16%) |
Aug 21, 2026 9w ago | 8-K | $7.03 | awaiting T+60 | — | $6.72 (−4.41%) |
Aug 19, 2026 9w ago | 3 | $7.19 | awaiting T+60 | — | $6.72 (−6.54%) |
Jun 11, 2026 19w ago | Institutional Cluster | $5.69 $7.10 | ▲ +24.78% | ▲ +20.38% | $6.72 (+18.10%) |
May 21, 2026 22w ago | Insider Cluster | $5.16 $7.13 | ▲ +38.18% | ▲ +33.88% | $6.72 (+30.23%) |
Mar 20, 2026 31w ago | DEFA14A | $5.55 $5.45 | ▼ −1.80% | ▼ −16.22% | $6.72 (+21.08%) |
Mar 3, 2026 33w ago | Press Release | $7.20 $5.43 | ▼ −24.58% | ▼ −34.67% | $6.72 (−6.67%) |
Mar 3, 2026 33w ago | Press Release | $7.20 $5.43 | ▼ −24.58% | ▼ −34.67% | $6.72 (−6.67%) |
US Market Status
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