Latham Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Latham Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	318	403	630	696	566	509	546
Cost of revenue	220	261	426	479	414	355	364
Gross profit	98.2	143	204	216	153	154	182
Selling, general and administrative	57.4	85.5	218	147	110	108	123
Operating income	25.1	39.9	-36.2	30	16.1	18.3	30.6
Interest expense	22.6	18.3	24.4	15.8	30.9	24.8	25.8
Other non-operating income	-22.3	-17.1	-19.6	-20.5	-29.9	-31.1	-22.3
Pre-tax income	2.79	22.8	-53.5	13.7	-10.1	-8.74	13.5
Income tax	-4.67	6.78	8.82	19.4	-7.67	9.12	2.36
Net income	7.46	16	-62.3	-5.69	-2.39	-17.9	11.1
EBITDA	46.8	65.3	-3.95	68.2	56.9	62.7	81.9
EPS, basic	0.08	0.16	-0.56	-0.05	-0.02	-0.15	0.10
EPS, diluted	0.08	0.16	-0.56	-0.05	-0.02	-0.15	0.09
Shares, basic (weighted)	95	102	111	113	113	115	116
Shares, diluted (weighted)	95.4	103	111	113	113	115	120
Dividend per share			1.00

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	56.7	59.3	44	32.6	103	56.4	71
Receivables		32.8	60.8	48.8	30.4	32.3	39.9
Inventory		64.8	110	165	97.1	77.1	74.9
Other current assets		6.06	10.8	6	7.33	8.54	20.9
Total current assets		167	229	255	239	178	219
Property, plant and equipment		47.4	63.5	98.2	113	113	119
Lease right-of-use assets				38.3	30.8	28.3	30.7
Goodwill	102	116	129	131	131	153	155
Intangible assets		289	338	309	283	293	268
Other non-current assets		0	0.77	4.73
Total assets		647	794	870	835	794	823
Accounts payable		26.9	38	25.4		13.1	19.3
Accrued liabilities		53.5	59.1	50.9
Deferred revenue		4.53	5.93	4.48	3.79	3.79	4.33
Short-term debt		13	17.2	3.25	21.3	3.25	3.25
Total current liabilities		93.9	115	86.9	86.2	71	79.1
Long-term debt		208	263	310	280	278	277
Lease liabilities				32.4	24.8	22.1	24
Other non-current liabilities		1.94	0.45	0.7	4.77	3.25	3.4
Total liabilities		365	441	487	436	407	417
Total debt		221	280	313	301	282	280
Paid-in capital		265	402	441	460	467	473
Retained earnings		13.8	-48.6	-54.6	-57	-74.8	-63.7
Other comprehensive income		2.35	0.37	-3.53	-3.54	-5.05	-3.88
Shareholders' equity	194	282	354	383	399	387	406
Total equity	194	282	354	383	399	387	406
Total liabilities and equity		647	794	870	835	794	823
Shares outstanding		119	119	115	115	116	117

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7.46	16	-62.3	-5.69	-2.39	-17.9	11.1
Depreciation and amortization	21.7	25.4	32.2	38.2	40.8	44.4	51.4
Stock-based compensation	0.81	1.83	129	50.6	18.8	7.39	9.25
Deferred income tax	-10.2	-4.67	-12	-3.8	-9.69	-1.68	2.41
Change in receivables	-7.1	9.46	-26	8.99	13	-2.38	-9.22
Change in inventory	13	-17	-39.7	-57	68.2	22.7	2.84
Change in payables	-2.28	9.78	10.7	-12.4	-8.51	-4.04	5.8
Cash from operations	35.7	63.2	33.7	32.3	116	61.3	63.4
Capital expenditures	-8.17	-16.3	-25	-39.7	-33.2	-20.1	-25.4
Acquisitions	-20.2	-74.7	-90.5	-5.36	0	-64.5	-4.93
Cash from investing	-27.1	-116	-108	-45	-31.7	-84.6	-42.3
Debt issued	22.3	20	223	320	0	0
Stock issued	0.25	65.6		258	0	0
Share buybacks	-0.2	-0.58	-282	-281	0	0
Dividends paid		-6.62	-110
Cash from financing	16.6	54.3	60	3.78	-13.9	-22	-6.97
Net change in cash	24.2	2.66	-15.4	-11.3	70.1	-46.4	14.6
Free cash flow	27.5	46.9	8.72	-7.38	83.2	41.2	38
Interest paid	19.5	15.6	17.4	12.6	25.7	24.9	27
Income taxes paid	0.17	14.8	20.1	20.3	6.99	15.5	8.18

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $6.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.4%	Gross profit / revenue.
Operating margin	5.1%	Operating income / revenue.
EBITDA margin	14.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.7%	Pre-tax income / revenue.
Net margin	0.9%	Net income / revenue.
FCF margin	8.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.9%	Cash from operations / revenue.
Effective tax rate	46.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.
Return on invested capital (ROIC)	2.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	23.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.4%	Capital expenditures / revenue.
D&A / revenue	9.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	67.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-5.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	30.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	-7.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	-10.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	3.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-4.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.16x	Current assets / current liabilities.
Quick ratio	1.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.5%	Total debt / total assets.
Liabilities / assets	52.2%	Total liabilities / total assets.
Net debt	$236.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.87x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.27x	Operating income / interest expense.
Working capital	$129.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$8.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	4.23x	Revenue / average property, plant and equipment.
Inventory turnover	4.83x	Cost of revenue / average inventory.
Days inventory	76 days	365 x average inventory / cost of revenue.
Receivables turnover	6.06x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	36 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	100 days	Days inventory + days sales outstanding - days payables.
FCF conversion	920.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.82	Revenue / diluted weighted shares.
FCF per share	$0.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.67	Cash from operations / diluted weighted shares.
Book value per share	$3.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.07	Tangible book value / shares outstanding.
Cash per share	$0.37	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$734.7M	Share price x shares outstanding.
Enterprise value	$971.0M	Market cap + total debt - cash - short-term investments.
P/E	138x	Market cap / net income. Only when net income is positive.
P/S	1.27x	Market cap / revenue.
P/B	1.79x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	15.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.17x	Market cap / cash from operations, when positive.
EV/Sales	1.68x	Enterprise value / revenue.
EV/EBIT	33.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.7%	Free cash flow / market cap.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).

What was Latham Group, Inc.'s revenue in fiscal 2025?

Latham Group, Inc. reported revenue of $545.9M for fiscal 2025, 7.4% higher than the year before.

Was Latham Group, Inc. profitable in fiscal 2025?

Yes. Net income was $11.1M, a net margin of 2%.

How much free cash flow did Latham Group, Inc. generate in fiscal 2025?

Cash from operations of $63.4M minus capital expenditures of $25.4M left free cash flow of $38.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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