How has Latham Group's net income changed over the last 6 years?

Below is a breakdown of Latham Group's net income over the past 5 years: 2021: -$62.35 million 2022: -$5.69 million 2023: -$2.39 million 2024: -$17.86 million 2025: $11.12 million Check out Latham Group's forecast to explore projected trends and price targets.

What is Latham Group's operating income?

Latham Group's total operating income in 2025 was $30.58 million, based on the following breakdown: Total Gross Profit: $182.09 million Total Operating Expenses: $151.51 million

Latham Group (SWIM) Financials

$6.46 +0.07 (+1.02%)

As of 11:43 AM Eastern

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Annual Income Statements for Latham Group

This table shows Latham Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	7.46	16	-62	-5.69	-2.39	-18	11
Consolidated Net Income / (Loss)	7.46	16	-62	-5.69	-2.39	-18	11
Net Income / (Loss) Continuing Operations	7.46	16	-62	-5.69	-2.39	-18	11
Total Pre-Tax Income	2.79	23	-54	14	-10	-8.74	13
Total Operating Income	25	40	-36	30	16	18	31
Total Gross Profit	98	143	204	216	153	154	182
Total Revenue	318	403	630	696	566	509	546
Operating Revenue	318	403	630	696	566	509	546
Total Cost of Revenue	220	261	426	479	414	355	364
Operating Cost of Revenue	220	261	426	479	414	355	364
Total Operating Expenses	73	103	240	186	137	135	152
Selling, General & Admin Expense	57	86	218	147	110	108	123
Amortization Expense	16	17	23	28	27	27	29
Total Other Income / (Expense), net	-22	-17	-17	-16	-30	-31	-22
Interest Expense	23	18	24	19	31	25	26
Interest & Investment Income	0.00	0.00	2.22	4.23	3.72	4.06	5.22
Other Income / (Expense), net	0.30	1.11	4.86	-1.30	1.00	-6.24	3.49
Income Tax Expense	-4.67	6.78	8.82	19	-7.67	9.12	2.36
Basic Earnings per Share	$0.08	$0.16	($0.56)	($0.05)	($0.02)	($0.15)	$0.10
Weighted Average Basic Shares Outstanding	95.03M	101.61M	110.64M	113.25M	112.90M	115.43M	116.42M
Diluted Earnings per Share	$0.08	$0.16	($0.56)	($0.05)	($0.02)	($0.15)	$0.09
Weighted Average Diluted Shares Outstanding	95.40M	102.60M	110.64M	113.25M	112.90M	115.43M	119.82M
Weighted Average Basic & Diluted Shares Outstanding	-	-	119.52M	114.68M	115.39M	115.78M	116.77M

This table shows Latham Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
Net Income / (Loss) Attributable to Common Shareholders	6.15	0.11	-7.86	13	5.90	-29	-5.96	16	8.12	-7.01	-8.53
Consolidated Net Income / (Loss)	6.15	0.11	-7.86	13	5.90	-29	-5.96	16	8.12	-7.01	-8.53
Net Income / (Loss) Continuing Operations	6.15	0.11	-7.86	13	5.90	-29	-5.96	16	8.12	-7.01	-8.53
Total Pre-Tax Income	13	-16	-7.33	14	5.85	-21	-10	21	16	-13	-11
Total Operating Income	18	-9.02	-2.07	20	13	-13	-4.93	25	22	-11	-6.60
Total Gross Profit	48	21	31	53	49	21	33	64	57	28	37
Total Revenue	161	91	111	160	150	87	111	173	162	100	117
Operating Revenue	161	91	111	160	150	87	111	173	162	100	117
Total Cost of Revenue	113	70	80	107	102	66	79	109	105	72	80
Operating Cost of Revenue	113	70	80	107	102	66	79	109	105	72	80
Total Operating Expenses	30	30	33	33	35	34	38	39	36	39	44
Selling, General & Admin Expense	23	24	26	27	28	27	31	32	29	31	37
Amortization Expense	6.64	6.62	6.41	6.43	6.98	7.28	7.19	7.30	7.21	7.24	7.17
Total Other Income / (Expense), net	-5.24	-7.15	-5.26	-6.29	-7.52	-6.65	-6.06	-3.61	-5.93	-7.66	-5.57
Interest Expense	5.98	9.65	4.98	6.01	9.16	4.69	6.37	7.15	6.07	6.22	4.76
Interest & Investment Income	1.77	1.26	1.31	0.53	0.94	1.28	0.95	0.49	1.31	2.47	0.84
Other Income / (Expense), net	-1.03	1.21	-1.59	-0.80	0.69	-4.54	0.31	3.05	-1.17	1.31	-0.82
Income Tax Expense	6.69	-16	0.53	0.44	-0.04	8.19	-4.08	5.13	7.47	-6.15	-2.81
Basic Earnings per Share	$0.05	$0.01	($0.07)	$0.12	$0.05	($0.25)	($0.05)	$0.14	$0.07	($0.06)	($0.07)
Weighted Average Basic Shares Outstanding	113.54M	112.90M	115.04M	115.47M	115.56M	115.43M	115.89M	116.47M	116.60M	116.42M	116.89M
Diluted Earnings per Share	$0.05	$0.01	($0.07)	$0.11	$0.05	($0.24)	($0.05)	$0.13	$0.07	($0.06)	($0.07)
Weighted Average Diluted Shares Outstanding	114.66M	112.90M	115.04M	117.02M	118.45M	115.43M	115.89M	119.39M	119.91M	119.82M	116.89M
Weighted Average Basic & Diluted Shares Outstanding	114.76M	115.39M	115.57M	115.58M	115.62M	115.78M	116.37M	116.54M	116.66M	116.77M	117.41M

This table details how cash moves in and out of Latham Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	24	2.66	-15	-11	70	-46	15
Net Cash From Operating Activities	36	63	34	32	116	61	63
Net Cash From Continuing Operating Activities	36	63	34	32	116	61	63
Net Income / (Loss) Continuing Operations	7.46	16	-62	-5.69	-2.39	-18	11
Consolidated Net Income / (Loss)	7.46	16	-62	-5.69	-2.39	-18	11
Depreciation Expense	22	25	32	38	41	44	51
Amortization Expense	3.15	2.32	6.42	1.57	1.72	1.72	1.72
Non-Cash Adjustments To Reconcile Net Income	6.82	3.32	125	77	29	25	13
Changes in Operating Assets and Liabilities, net	-3.43	16	-68	-79	47	8.04	-14
Net Cash From Investing Activities	-27	-116	-108	-45	-32	-85	-42
Net Cash From Continuing Investing Activities	-27	-116	-108	-45	-32	-85	-42
Purchase of Property, Plant & Equipment	-8.17	-16	-25	-40	-33	-20	-25
Acquisitions	-20	-100	-91	-5.36	0.00	-65	-4.93
Other Investing Activities, net	-	-	0.00	0.00	1.46	0.00	-12
Net Cash From Financing Activities	17	54	60	3.78	-14	-22	-6.97
Net Cash From Continuing Financing Activities	17	54	60	3.78	-14	-22	-6.97
Repayment of Debt	-5.81	-24	-186	-293	-62	-22	-29
Issuance of Debt	22	20	239	320	48	0.00	25
Other Financing Activities, net	0.00	-6.62	-	-	0.00	0.00	-2.90
Effect of Exchange Rate Changes	-0.96	1.00	-0.86	-2.39	-0.63	-1.01	0.51
Cash Interest Paid	19	16	17	13	26	25	27
Cash Income Taxes Paid	0.17	15	20	20	6.99	15	8.18

This table details how cash moves in and out of Latham Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
Net Change in Cash & Equivalents	35	25	-59	47	-31	-3.46	-32	2.98	44	0.53	-44
Net Cash From Operating Activities	52	28	-35	52	37	6.16	-47	36	51	23	-48
Net Cash From Continuing Operating Activities	52	28	-35	52	37	6.16	-47	36	51	23	-48
Net Income / (Loss) Continuing Operations	6.15	0.11	-7.86	13	5.90	-29	-5.96	16	8.12	-7.01	-8.53
Consolidated Net Income / (Loss)	6.15	0.11	-7.86	13	5.90	-29	-5.96	16	8.12	-7.01	-8.53
Depreciation Expense	11	11	10	11	11	12	12	13	13	13	13
Amortization Expense	0.43	0.43	0.43	0.43	0.43	0.43	0.43	0.43	0.43	0.43	0.43
Non-Cash Adjustments To Reconcile Net Income	4.51	3.82	5.68	5.24	3.61	10	3.19	0.28	5.79	4.16	3.85
Changes in Operating Assets and Liabilities, net	30	13	-43	23	16	12	-57	6.59	24	12	-57
Net Cash From Investing Activities	-4.91	-3.45	-5.35	-4.49	-68	-6.74	-8.39	-6.89	-5.82	-21	-25
Net Cash From Continuing Investing Activities	-4.91	-3.45	-5.35	-4.49	-68	-6.74	-8.39	-6.89	-5.82	-21	-25
Purchase of Property, Plant & Equipment	-4.91	-4.92	-5.35	-4.49	-4.03	-6.26	-3.45	-6.89	-5.82	-9.23	-11
Acquisitions	-	-	0.00	-	-	-0.48	-4.93	-	-	-	-14
Net Cash From Financing Activities	-11	-1.00	-19	-1.00	-0.19	-1.82	22	-26	-1.34	-2.06	28
Net Cash From Continuing Financing Activities	-11	-1.00	-19	-1.00	-0.19	-1.82	22	-26	-1.34	-2.06	28
Repayment of Debt	-11	47	-19	-1.00	-0.19	-1.82	-0.20	-26	-1.02	-1.83	-0.22
Issuance of Debt	-	-48	0.00	-	-	-	25	-	-	-	31
Other Financing Activities, net	-	-	0.00	-	-	-	-2.31	-0.06	-0.31	-0.22	-2.38
Effect of Exchange Rate Changes	-0.94	0.86	-0.09	0.03	0.12	-1.06	0.34	-0.04	-0.30	0.50	0.66
Cash Interest Paid	7.29	7.21	9.51	6.62	4.35	4.41	6.27	8.42	6.05	6.26	5.35
Cash Income Taxes Paid	1.78	4.00	0.04	2.54	6.34	6.56	0.34	0.04	7.64	0.16	-0.12

This table presents Latham Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	647	794	870	835	794	823
Total Current Assets	167	229	255	239	178	219
Cash & Equivalents	59	44	33	103	56	71
Accounts Receivable	33	61	49	30	32	40
Inventories, net	65	110	165	97	77	75
Prepaid Expenses	6.06	11	6.00	7.33	8.54	21
Current Deferred & Refundable Income Taxes	4.38	4.04	2.32	0.98	3.96	12
Plant, Property, & Equipment, net	47	64	98	113	113	119
Total Noncurrent Assets	432	502	516	483	503	485
Long-Term Investments	25	23	25	26	25	26
Goodwill	116	129	131	131	153	155
Intangible Assets	289	338	309	283	293	268
Noncurrent Deferred & Refundable Income Taxes	0.35	11	7.76	7.49	0.73	0.72
Other Noncurrent Operating Assets	1.04	0.77	43	36	32	35
Total Liabilities & Shareholders' Equity	647	794	870	835	794	823
Total Liabilities	365	441	487	436	407	417
Total Current Liabilities	94	115	87	86	71	79
Short-Term Debt	13	17	3.25	21	3.25	3.25
Accounts Payable	27	39	26	17	13	19
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	0.00
Other Current Liabilities	-	0.00	58	48	55	57
Total Noncurrent Liabilities	271	326	400	350	336	338
Long-Term Debt	208	263	310	280	278	277
Noncurrent Deferred & Payable Income Tax Liabilities	61	62	57	40	32	34
Other Noncurrent Operating Liabilities	1.94	0.45	33	30	25	27
Total Equity & Noncontrolling Interests	282	354	383	399	387	406
Total Preferred & Common Equity	282	354	383	399	387	406
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00
Total Common Equity	282	354	383	399	387	406
Common Stock	265	402	441	460	467	473
Retained Earnings	14	-49	-55	-57	-75	-64
Accumulated Other Comprehensive Income / (Loss)	2.35	0.37	-3.53	-3.54	-5.05	-3.88
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00

This table presents Latham Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	10/1/2022	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025	6/28/2025	9/27/2025	3/28/2026
Total Assets	921	930	871	865	809	830	853	825	822	844	856
Total Current Assets	314	319	262	264	221	251	218	212	214	241	230
Cash & Equivalents	31	55	43	78	44	91	60	24	27	71	27
Accounts Receivable	103	102	82	72	74	66	66	84	89	81	89
Inventories, net	166	150	127	103	95	84	75	87	79	70	88
Prepaid Expenses	8.11	6.58	6.91	5.97	7.00	9.43	9.37	8.36	11	9.41	10
Current Deferred & Refundable Income Taxes	6.09	5.13	3.73	3.86	1.41	1.65	7.54	8.59	8.89	9.57	15
Plant, Property, & Equipment, net	84	105	111	110	113	113	115	112	114	114	138
Total Noncurrent Assets	522	506	498	492	475	466	521	501	493	489	488
Long-Term Investments	26	25	26	25	26	25	25	26	26	26	27
Goodwill	128	131	131	131	131	131	153	155	155	155	161
Intangible Assets	315	302	296	289	276	270	301	289	282	275	266
Noncurrent Deferred & Refundable Income Taxes	7.81	7.87	6.60	7.87	7.31	7.97	8.24	0.73	0.73	0.73	1.06
Other Noncurrent Operating Assets	45	39	39	39	34	32	33	31	29	33	33
Total Liabilities & Shareholders' Equity	921	930	871	865	809	830	853	825	822	844	856
Total Liabilities	522	555	485	473	417	422	437	443	424	436	460
Total Current Liabilities	116	106	88	87	71	78	89	83	90	99	122
Short-Term Debt	3.25	3.25	3.25	3.25	3.25	3.25	3.25	3.25	3.25	3.25	34
Accounts Payable	42	49	35	27	25	27	28	28	26	29	30
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	0.62
Other Current Liabilities	6.49	54	50	56	43	48	58	52	60	67	58
Total Noncurrent Liabilities	407	448	397	386	346	344	347	360	334	337	337
Long-Term Debt	310	357	309	298	280	279	280	304	278	278	277
Noncurrent Deferred & Payable Income Tax Liabilities	62	57	58	58	40	40	40	32	32	32	34
Other Noncurrent Operating Liabilities	34	34	31	30	26	25	28	24	23	27	26
Total Equity & Noncontrolling Interests	398	375	386	393	392	408	417	381	398	408	397
Total Preferred & Common Equity	398	375	386	393	392	408	417	381	398	408	397
Preferred Stock	0.00	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	398	375	386	393	392	408	417	381	398	408	397
Common Stock	439	448	453	456	461	463	465	467	468	470	472
Retained Earnings	-36	-69	-63	-57	-65	-52	-46	-81	-65	-57	-72
Accumulated Other Comprehensive Income / (Loss)	-5.14	-3.68	-4.01	-6.01	-4.35	-3.37	-2.59	-4.83	-4.85	-4.71	-3.23
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Latham Group's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	116,655,775.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	116,655,775.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.10
Growth Metrics	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	67	28	-25	-12	11	13	25
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-1.79%	1.61%	1.91%	3.68%
Earnings before Interest and Taxes (EBIT)	25	41	-31	29	17	12	34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	50	69	7.33	68	60	58	87
Valuation Ratios	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-390	-174	-84	78	-2.96	24
Efficiency Ratios	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	418	567	638	572	587	588
Increase / (Decrease) in Invested Capital	0.00	418	148	71	-66	16	0.72
Book Value per Share	$0.00	$2.77	$2.95	$3.27	$3.48	$3.35	$3.48
Tangible Book Value per Share	$0.00	($1.22)	($0.95)	($0.49)	($0.13)	($0.50)	($0.15)
Total Capital	0.00	503	634	696	700	669	686
Total Debt	0.00	221	280	313	301	282	280
Total Long-Term Debt	0.00	208	263	310	280	278	277
Net Debt	0.00	137	213	255	172	200	182
Capital Expenditures (CapEx)	6.87	16	25	40	33	20	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	27	87	139	71	54	72
Debt-free Net Working Capital (DFNWC)	0.00	86	131	171	174	111	143
Net Working Capital (NWC)	0.00	73	114	168	152	107	140
Net Nonoperating Expense (NNE)	60	12	37	-6.76	14	31	14
Net Nonoperating Obligations (NNO)	0.00	137	213	255	172	200	182
Total Depreciation and Amortization (D&A)	25	28	39	40	42	46	53
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.56)	($0.05)	($0.02)	($0.15)	$0.10
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	110.64M	113.25M	112.90M	115.43M	116.42M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.56)	($0.05)	($0.02)	($0.15)	$0.09
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	110.64M	113.25M	112.90M	115.43M	119.82M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	119.52M	114.68M	115.39M	115.78M	116.77M
Normalized Net Operating Profit after Tax (NOPAT)	18	28	-25	21	11	13	25
Debt Service Ratios	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Latham Group's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	116,655,775.00	116,766,927.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	116,655,775.00	116,766,927.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.06	-0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.11%	-15.80%	-19.67%	-9.60%	-6.40%	-3.96%	0.72%	7.82%	7.58%	-	5.29%
EBITDA Growth	-17.50%	134.73%	126.18%	21.48%	-7.72%	-238.93%	14.86%	35.31%	30.34%	-	-25.94%
EBIT Growth	-28.73%	61.13%	43.96%	33.12%	-17.50%	-124.90%	-26.35%	44.63%	44.62%	-	-60.48%
NOPAT Growth	-38.69%	55.80%	67.19%	168.19%	55.46%	-44.42%	-137.87%	-3.34%	-16.82%	-	-33.87%
Net Income Growth	-48.19%	100.59%	45.27%	132.35%	-4.18%	-26,145.54%	24.19%	20.34%	37.67%	-	-43.14%
EPS Growth	-50.00%	105.88%	46.15%	120.00%	0.00%	-2,500.00%	28.57%	18.18%	40.00%	-	-40.00%
Operating Cash Flow Growth	155.06%	4.33%	-138.41%	3.27%	-28.16%	-78.20%	-35.84%	-31.37%	37.02%	-	-1.79%
Free Cash Flow Firm Growth	139.42%	170.11%	2,517.32%	212.06%	-113.34%	-141.50%	-175.33%	-144.83%	433.35%	-	47.69%
Invested Capital Growth	-9.74%	-10.39%	-7.78%	-8.66%	3.91%	2.76%	5.60%	9.02%	-3.42%	-	2.33%
Revenue Q/Q Growth	-9.23%	-43.48%	21.75%	44.74%	-6.01%	-42.01%	27.67%	54.94%	-6.22%	-	17.37%
EBITDA Q/Q Growth	12.45%	-87.18%	99.25%	323.02%	-14.58%	-119.30%	264.73%	398.33%	-17.72%	-	38.48%
EBIT Q/Q Growth	18.18%	-145.82%	53.16%	624.79%	-26.76%	-224.91%	73.68%	700.71%	-26.76%	-	21.22%
NOPAT Q/Q Growth	20.01%	-172.87%	77.02%	1,434.27%	-30.43%	-167.70%	62.15%	642.22%	-40.14%	-	38.44%
Net Income Q/Q Growth	7.66%	-98.18%	-7,121.43%	268.86%	-55.60%	-594.76%	79.56%	368.03%	-49.21%	-	-21.72%
EPS Q/Q Growth	0.00%	-80.00%	-800.00%	257.14%	-54.55%	-580.00%	79.17%	360.00%	-46.15%	-	-16.67%
Operating Cash Flow Q/Q Growth	2.11%	-45.51%	-222.18%	251.90%	-28.96%	-83.47%	-861.44%	176.74%	41.83%	-	-304.73%
Free Cash Flow Firm Q/Q Growth	206.01%	-17.28%	-17.39%	49.23%	-113.08%	-157.32%	-49.95%	11.19%	197.28%	-	-137.14%
Invested Capital Q/Q Growth	-6.10%	-3.26%	5.72%	-4.90%	6.84%	-4.34%	8.65%	-1.82%	-5.36%	-	11.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.95%	23.33%	27.65%	33.11%	32.35%	24.57%	29.51%	37.05%	35.40%	-	31.67%
EBITDA Margin	17.40%	3.95%	6.46%	18.88%	17.16%	-5.71%	7.37%	23.69%	20.78%	-	5.18%
Operating Margin	11.24%	-9.93%	-1.87%	12.49%	8.88%	-14.93%	-4.43%	14.32%	13.28%	-	-5.63%
EBIT Margin	10.60%	-8.60%	-3.31%	11.99%	9.35%	-20.13%	-4.15%	16.09%	12.56%	-	-6.32%
Profit (Net Income) Margin	3.83%	0.12%	-7.11%	8.29%	3.92%	-33.43%	-5.35%	9.26%	5.01%	-	-7.27%
Tax Burden Percent	47.92%	-0.69%	107.26%	96.78%	100.73%	139.03%	59.38%	75.70%	52.09%	-	75.26%
Interest Burden Percent	75.31%	207.43%	200.38%	71.46%	41.62%	119.44%	217.20%	76.01%	76.61%	-	152.85%
Effective Tax Rate	52.08%	0.00%	0.00%	3.22%	-0.73%	0.00%	0.00%	24.30%	47.91%	-	0.00%
Return on Invested Capital (ROIC)	5.05%	-6.51%	-1.12%	10.49%	7.61%	-9.17%	-2.54%	9.42%	6.11%	-	-3.37%
ROIC Less NNEP Spread (ROIC-NNEP)	3.94%	-3.50%	-3.73%	7.52%	3.78%	-19.93%	-3.61%	8.03%	4.50%	-	-4.89%
Return on Net Nonoperating Assets (RNNOA)	2.27%	-1.92%	-2.39%	3.88%	1.85%	-9.44%	-2.19%	3.93%	2.08%	-	-3.23%
Return on Equity (ROE)	7.32%	-8.42%	-3.52%	14.37%	9.45%	-18.61%	-4.73%	13.35%	8.20%	-	-6.59%
Cash Return on Invested Capital (CROIC)	10.77%	12.82%	10.36%	26.36%	-1.25%	-0.51%	-3.71%	-6.28%	-5.63%	-	0.83%
Operating Return on Assets (OROA)	6.93%	-5.71%	-2.05%	7.37%	5.57%	-12.57%	-2.59%	10.16%	7.89%	-	-4.15%
Return on Assets (ROA)	2.50%	0.08%	-4.41%	5.09%	2.33%	-20.87%	-3.34%	5.85%	3.15%	-	-4.78%
Return on Common Equity (ROCE)	7.32%	-8.42%	-3.52%	14.37%	9.45%	-18.61%	-4.73%	13.35%	8.20%	-	-6.59%
Return on Equity Simple (ROE_SIMPLE)	-5.48%	0.00%	1.05%	2.86%	2.74%	0.00%	-4.19%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	8.66	-6.31	-1.45	19	13	-9.12	-3.45	19	11	-7.51	-4.62
NOPAT Margin	5.39%	-6.95%	-1.31%	12.09%	8.95%	-10.45%	-3.10%	10.84%	6.92%	-	-3.94%
Net Nonoperating Expense Percent (NNEP)	1.10%	-3.01%	2.60%	2.97%	3.83%	10.76%	1.07%	1.39%	1.62%	-	1.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.90%	-	-	-	-1.36%	-0.50%	2.75%	1.63%	-1.09%	-0.65%
Cost of Revenue to Revenue	70.06%	76.67%	72.35%	66.89%	67.65%	75.43%	70.49%	62.95%	64.60%	-	68.33%
SG&A Expenses to Revenue	14.57%	25.97%	23.73%	16.60%	18.83%	31.16%	27.48%	18.50%	17.66%	-	31.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	18.70%	33.25%	29.52%	20.62%	23.47%	39.50%	33.94%	22.73%	22.11%	-	37.30%
Earnings before Interest and Taxes (EBIT)	17	-7.81	-3.66	19	14	-18	-4.62	28	20	-9.42	-7.42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	28	3.59	7.15	30	26	-4.98	8.21	41	34	4.39	6.08
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.82	0.76	1.17	0.86	1.87	2.08	1.95	1.92	2.15	-	1.56
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	48.25	0.00	0.00	0.00	0.00	0.00	-	0.00
Price to Revenue (P/Rev)	0.55	0.53	0.85	0.67	1.52	1.58	1.46	1.47	1.64	-	1.12
Price to Earnings (P/E)	0.00	0.00	111.01	29.98	68.19	0.00	0.00	0.00	0.00	-	72.23
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.90%	3.34%	1.47%	0.00%	0.00%	0.00%	0.00%	-	1.38%
Enterprise Value to Invested Capital (EV/IC)	0.88	0.83	1.11	0.90	1.59	1.71	1.57	1.59	1.79	-	1.34
Enterprise Value to Revenue (EV/Rev)	0.89	0.84	1.24	0.99	1.91	1.98	1.97	1.90	1.99	-	1.58
Enterprise Value to EBITDA (EV/EBITDA)	11.38	7.96	10.53	7.50	14.62	17.27	16.90	14.21	13.64	-	10.28
Enterprise Value to EBIT (EV/EBIT)	107.23	27.68	33.47	20.86	44.80	83.47	90.42	50.59	40.94	-	27.95
Enterprise Value to NOPAT (EV/NOPAT)	156.67	42.01	46.95	4.96	62.60	78.55	92.79	70.51	0.00	-	43.10
Enterprise Value to Operating Cash Flow (EV/OCF)	4.51	4.08	6.95	5.27	11.71	16.39	20.47	30.59	22.93	-	13.97
Enterprise Value to Free Cash Flow (EV/FCFF)	7.75	6.12	10.27	3.26	0.00	0.00	0.00	0.00	0.00	-	162.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.77	0.75	0.72	0.69	0.68	0.73	0.81	0.71	0.69	-	0.78
Long-Term Debt to Equity	0.76	0.70	0.71	0.68	0.67	0.72	0.80	0.70	0.68	-	0.70
Financial Leverage	0.58	0.55	0.64	0.52	0.49	0.47	0.61	0.49	0.46	-	0.66
Leverage Ratio	2.26	2.18	2.27	2.14	2.12	2.07	2.11	2.05	2.06	-	2.16
Compound Leverage Factor	1.70	4.52	4.54	1.53	0.88	2.47	4.59	1.56	1.58	-	3.30
Debt to Total Capital	43.44%	43.00%	41.92%	40.89%	40.43%	42.10%	44.61%	41.40%	40.77%	-	43.96%
Short-Term Debt to Total Capital	0.47%	3.03%	0.48%	0.47%	0.46%	0.49%	0.47%	0.48%	0.47%	-	4.84%
Long-Term Debt to Total Capital	42.97%	39.97%	41.44%	40.42%	39.96%	41.61%	44.13%	40.92%	40.30%	-	39.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	56.56%	57.00%	58.08%	59.11%	59.57%	57.90%	55.39%	58.60%	59.23%	-	56.04%
Debt to EBITDA	6.60	5.05	4.45	4.10	4.23	4.84	5.18	4.02	3.61	-	3.66
Net Debt to EBITDA	4.34	2.89	3.34	2.42	2.96	3.44	4.34	3.26	2.38	-	3.02
Long-Term Debt to EBITDA	6.53	4.70	4.40	4.05	4.19	4.78	5.12	3.98	3.57	-	3.26
Debt to NOPAT	90.90	26.68	19.83	2.71	18.13	22.00	28.44	19.97	-5.11	-	15.34
Net Debt to NOPAT	59.76	15.28	14.91	1.60	12.66	15.65	23.82	16.19	-3.36	-	12.64
Long-Term Debt to NOPAT	89.93	24.80	19.60	2.68	17.92	21.75	28.13	19.74	-5.05	-	13.66
Altman Z-Score	1.30	1.19	1.42	1.37	1.83	1.78	1.66	1.90	2.02	-	1.45
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.03	2.77	3.12	3.22	2.44	2.51	2.55	2.39	2.43	-	1.88
Quick Ratio	1.73	1.54	1.66	2.00	1.41	1.25	1.30	1.29	1.53	-	0.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	72	60	50	74	-9.67	-25	-37	-33	32	-8.23	-20
Operating Cash Flow to CapEx	1,056.11%	574.57%	-645.69%	1,168.07%	924.50%	98.43%	-1,358.11%	522.01%	877.34%	-	-454.48%
Free Cash Flow to Firm to Interest Expense	12.12	6.21	9.94	12.29	-1.06	-5.30	-5.85	-4.63	5.31	-	-4.10
Operating Cash Flow to Interest Expense	8.67	2.93	-6.93	8.72	4.07	1.31	-7.36	5.03	8.41	-	-10.03
Operating Cash Flow Less CapEx to Interest Expense	7.85	2.42	-8.00	7.97	3.63	-0.02	-7.90	4.07	7.45	-	-12.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.66	0.62	0.61	0.60	0.62	0.62	0.63	0.63	-	0.66
Accounts Receivable Turnover	6.65	14.30	6.12	7.08	7.39	16.22	6.46	6.76	7.24	-	6.38
Inventory Turnover	3.21	3.15	3.18	3.52	4.03	4.07	3.88	4.37	4.92	-	4.19
Fixed Asset Turnover	6.00	5.36	4.95	4.67	4.55	4.50	4.53	4.60	4.66	-	4.41
Accounts Payable Turnover	12.44	19.26	10.49	12.04	12.87	23.44	13.32	13.46	12.39	-	12.62
Days Sales Outstanding (DSO)	54.85	25.53	59.66	51.59	49.37	22.50	56.51	54.01	50.39	-	57.21
Days Inventory Outstanding (DIO)	113.79	115.78	114.73	103.83	90.67	89.63	94.03	83.48	74.12	-	87.13
Days Payable Outstanding (DPO)	29.33	18.95	34.80	30.33	28.37	15.57	27.41	27.12	29.45	-	28.92
Cash Conversion Cycle (CCC)	139.32	122.36	139.59	125.09	111.67	96.56	123.13	110.37	95.06	-	115.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	591	572	604	575	614	587	638	627	593	588	653
Invested Capital Turnover	0.94	0.94	0.86	0.87	0.85	0.88	0.82	0.87	0.88	-	0.85
Increase / (Decrease) in Invested Capital	-64	-66	-51	-55	23	16	34	52	-21	0.72	15
Enterprise Value (EV)	520	474	670	517	976	1,005	1,002	994	1,061	-	874
Market Capitalization	322	302	457	350	779	805	744	766	876	-	618
Book Value per Share	$3.42	$3.48	$3.40	$3.53	$3.60	$3.35	$3.29	$3.42	$3.50	$3.48	$3.40
Tangible Book Value per Share	($0.23)	($0.13)	($0.13)	$0.06	($0.33)	($0.50)	($0.54)	($0.33)	($0.19)	($0.15)	($0.26)
Total Capital	694	700	675	690	699	669	688	680	689	686	708
Total Debt	302	301	283	282	283	282	307	281	281	280	311
Total Long-Term Debt	298	280	280	279	280	278	304	278	278	277	277
Net Debt	198	172	213	167	197	200	257	228	185	182	256
Capital Expenditures (CapEx)	4.91	4.92	5.35	4.49	4.03	6.26	3.45	6.89	5.82	9.23	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	102	71	110	86	72	54	108	101	74	72	114
Debt-free Net Working Capital (DFNWC)	180	174	154	176	132	111	132	128	145	143	142
Net Working Capital (NWC)	177	152	150	173	128	107	129	125	142	140	108
Net Nonoperating Expense (NNE)	2.51	-6.43	6.41	6.08	7.57	20	2.51	2.74	3.09	-0.49	3.91
Net Nonoperating Obligations (NNO)	198	172	213	167	197	200	257	228	185	182	256
Total Depreciation and Amortization (D&A)	11	11	11	11	12	13	13	13	13	14	13
Debt-free, Cash-free Net Working Capital to Revenue	17.44%	12.52%	20.37%	16.41%	14.03%	10.65%	21.17%	19.32%	13.96%	-	20.73%
Debt-free Net Working Capital to Revenue	30.83%	30.66%	28.49%	33.79%	25.72%	21.74%	25.87%	24.48%	27.18%	-	25.71%
Net Working Capital to Revenue	30.27%	26.90%	27.89%	33.16%	25.08%	21.10%	25.23%	23.86%	26.57%	-	19.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.05	$0.01	($0.07)	$0.12	$0.05	($0.25)	($0.05)	$0.14	$0.07	($0.06)	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	113.54M	112.90M	115.04M	115.47M	115.56M	115.43M	115.89M	116.47M	116.60M	116.42M	116.89M
Adjusted Diluted Earnings per Share	$0.05	$0.01	($0.07)	$0.11	$0.05	($0.24)	($0.05)	$0.13	$0.07	($0.06)	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	114.66M	112.90M	115.04M	117.02M	118.45M	115.43M	115.89M	119.39M	119.91M	119.82M	116.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114.76M	115.39M	115.57M	115.58M	115.62M	115.78M	116.37M	116.54M	116.66M	116.77M	117.41M
Normalized Net Operating Profit after Tax (NOPAT)	13	-6.31	-1.45	19	9.36	-9.12	-3.45	19	11	-7.51	-4.62
Normalized NOPAT Margin	7.87%	-6.95%	-1.31%	12.09%	6.22%	-10.45%	-3.10%	10.84%	6.92%	-	-3.94%
Pre Tax Income Margin	7.99%	-17.83%	-6.63%	8.57%	3.89%	-24.04%	-9.01%	12.23%	9.62%	-	-9.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.85	-0.81	-0.73	3.19	1.54	-3.75	-0.73	3.88	3.35	-	-1.56
NOPAT to Interest Expense	1.45	-0.65	-0.29	3.22	1.47	-1.94	-0.54	2.62	1.85	-	-0.97
EBIT Less CapEx to Interest Expense	2.03	-1.32	-1.81	2.45	1.10	-5.08	-1.27	2.92	2.39	-	-3.77
NOPAT Less CapEx to Interest Expense	0.63	-1.16	-1.36	2.47	1.03	-3.28	-1.08	1.65	0.89	-	-3.18
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

Latham Group’s latest quarter shows a sharp improvement from the prior year, but the business is still navigating uneven profitability and a leveraged balance sheet. In Q4 2025, revenue rose to $99.9 million from $87.3 million in Q4 2024, while the company cut its quarterly net loss to $7.0 million from a $29.2 million loss a year earlier. The quarter also generated $23.3 million in operating cash flow, a meaningful turnaround from weaker periods in 2024.

Looking at the full year trend, the business has clearly stabilized versus 2024’s volatility. Latham’s quarterly results in 2025 were much stronger in the spring and summer than the year-ago comps, with Q2 and Q3 both profitable and positive on operating cash flow. However, the latest quarter shows margin pressure returned, with operating income slipping back into the red due to a weak cost structure and heavy interest expense.

Q4 2025 revenue increased 14% year over year to $99.9 million, showing top-line growth despite a difficult backdrop.
Operating cash flow was solid at $23.3 million in Q4 2025, supported by non-cash items and working capital.
Cash and equivalents improved to $70.5 million at the end of Q3 2025 from $26.9 million at the end of Q2 2025.
Q3 2025 was a strong operating quarter, with revenue of $161.9 million and net income of $8.1 million.
Q2 2025 also showed healthy profitability, with net income of $16.0 million and operating cash flow of $36.0 million.
Gross profit remained positive across the period, indicating the core business still has pricing and production capability.
Depreciation and amortization are consistently large non-cash expenses, which support cash flow but weigh on reported earnings.
The company’s balance sheet is asset-heavy, with substantial goodwill and intangible assets from prior acquisitions.
Q4 2025 operating income was a loss of $10.7 million, reversing the profitability seen in Q2 and Q3.
Interest expense remains a major burden; Q4 2025 interest expense was $6.2 million, limiting bottom-line recovery.
Long-term debt remained high at $277.8 million in Q3 2025, keeping leverage elevated.
Q1 2025 was particularly weak, with operating cash flow of negative $46.9 million and net cash outflow of $32.4 million.

Margin trends are mixed. In Q3 2025, Latham posted a strong operating margin and positive net income, but Q4 2025 saw SG&A rise to $31.4 million on only $28.0 million of gross profit, pushing operating income back into negative territory. That suggests earnings recovery may be uneven and highly dependent on cost control as well as seasonal demand.

Balance sheet trends are also worth watching. Total assets were $844.4 million at the end of Q3 2025 versus $822.1 million at Q2 2025, while total liabilities increased to $436.1 million from $423.7 million. Equity improved to $408.4 million, but debt still represents a significant portion of the capital structure.

Bottom line: Latham Group has shown real improvement from the weak periods of 2024 and early 2025, with better revenue and cash generation in recent quarters. Still, the company remains exposed to margin volatility and interest expense, so investors will want to see whether Q3’s profitability can be sustained beyond the latest quarter’s setback.

06/30/26 11:44 AM ETAI Generated. May Contain Errors.

Latham Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Latham Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Below is a breakdown of Latham Group's net income over the past 5 years:

2021: -$62.35 million
2022: -$5.69 million
2023: -$2.39 million
2024: -$17.86 million
2025: $11.12 million

Check out Latham Group's forecast to explore projected trends and price targets.

Latham Group's total operating income in 2025 was $30.58 million, based on the following breakdown:

Total Gross Profit: $182.09 million
Total Operating Expenses: $151.51 million

Over the last 6 years, Latham Group's total revenue changed from $317.98 million in 2019 to $545.91 million in 2025, a change of 71.7%.

Latham Group's total liabilities were at $417.36 million at the end of 2025, a 2.5% increase from 2024, and a 14.3% increase since 2020.

In the past 5 years, Latham Group's cash and equivalents has ranged from $32.63 million in 2022 to $102.76 million in 2023, and is currently $71.04 million as of their latest financial filing in 2025.

Over the last 6 years, Latham Group's book value per share changed from 0.00 in 2019 to 3.48 in 2025, a change of 347.9%.

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Financial statements for NASDAQ:SWIM last updated on 6/24/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Latham Group (SWIM) Financials

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