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Karat Packaging vs Latham: revenue, profit, margins and growth compared

Karat Packaging brought in $467.7M of revenue in fiscal 2025, Latham $545.9M in fiscal 2025. Revenue changed by +10.7% at Karat Packaging and +7.4% at Latham on the year before, so Karat Packaging grew faster. Karat Packaging kept 6.7% of its revenue as net profit, Latham 2.0%. Free cash flow was $33.1M at Karat Packaging and $38M at Latham.

Side by side, latest fiscal year

KRTSWIM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$467.7M$545.9M
Revenue growth+10.7%+7.4%
Net income$31.5M$11.1M
Net margin6.7%2.0%
Free cash flow$33.1M$38M
Free cash flow margin7.1%7.0%
Earnings per share (diluted)$1.56$0.09
Cash$37.9M$71M
Debt$12.9M$279.8M
Price to earnings34.069.4
Market value$1.1B$734.7M
Dividend yield3.39%n/a
Rank by revenue in sector#328 of 451 · Industrials#312 of 451 · Industrials

Over the years

Revenue
KRT FY2021: $295.5MKRT FY2021: $364.2MKRT FY2022: $423MKRT FY2023: $405.7MKRT FY2024: $422.6MKRT FY2025: $467.7MSWIM FY2019: $318MSWIM FY2021: $403.4MSWIM FY2021: $630.5MSWIM FY2022: $695.7MSWIM FY2023: $566.5MSWIM FY2024: $508.5MSWIM FY2025: $545.9MFY19FY21FY22FY23FY24FY25
KRT $467.7MSWIM $545.9M
Net income
KRT FY2021: $17.5MKRT FY2021: $20.8MKRT FY2022: $23.6MKRT FY2023: $32.5MKRT FY2024: $30MKRT FY2025: $31.5MSWIM FY2019: $7.5MSWIM FY2021: $16MSWIM FY2021: -$62.3MSWIM FY2022: -$5.7MSWIM FY2023: -$2.4MSWIM FY2024: -$17.9MSWIM FY2025: $11.1MFY19FY21FY22FY23FY24FY25
KRT $31.5MSWIM $11.1M
Net margin
KRT FY2021: 5.9%KRT FY2021: 5.7%KRT FY2022: 5.6%KRT FY2023: 8.0%KRT FY2024: 7.1%KRT FY2025: 6.7%SWIM FY2019: 2.3%SWIM FY2021: 4.0%SWIM FY2021: -9.9%SWIM FY2022: -0.8%SWIM FY2023: -0.4%SWIM FY2024: -3.5%SWIM FY2025: 2.0%FY19FY21FY22FY23FY24FY25
KRT 6.7%SWIM 2.0%
Revenue growth
KRT FY2021: +23.3%KRT FY2022: +16.1%KRT FY2023: -4.1%KRT FY2024: +4.2%KRT FY2025: +10.7%SWIM FY2021: +26.9%SWIM FY2021: +56.3%SWIM FY2022: +10.4%SWIM FY2023: -18.6%SWIM FY2024: -10.2%SWIM FY2025: +7.4%FY21FY22FY23FY24FY25
KRT +10.7%SWIM +7.4%
Free cash flow
KRT FY2021: -$15MKRT FY2021: $4.5MKRT FY2022: $26.8MKRT FY2023: $50.5MKRT FY2024: $47MKRT FY2025: $33.1MSWIM FY2019: $27.5MSWIM FY2021: $46.9MSWIM FY2021: $8.7MSWIM FY2022: -$7.4MSWIM FY2023: $83.2MSWIM FY2024: $41.2MSWIM FY2025: $38MFY19FY21FY22FY23FY24FY25
KRT $33.1MSWIM $38M

Fiscal years as each company reports them; the two may end in different months.

Questions about Karat Packaging and Latham

Which is bigger by revenue, Karat Packaging or Latham?

Latham is bigger by revenue: $545.9M in fiscal 2025, against $467.7M for Karat Packaging in fiscal 2025.

Which keeps more of its revenue as profit, Karat Packaging or Latham?

Karat Packaging had a net margin of 6.7% in fiscal 2025; Latham had 2.0% in fiscal 2025.

Which grew revenue faster, Karat Packaging or Latham?

In their latest fiscal years revenue changed by +10.7% at Karat Packaging and +7.4% at Latham.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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