$SWIM Overview Financial Statements SEC Filings Executives News Red Flags Capital Raising Ownership Insider Transactions Congressional Trades

Latham Group Inc

ir.lathampool.com

What Do They Do?

Makes in-ground residential swimming pools, pool covers and liners for homeowners, selling through dealers and distributors.

How Do They Make Money?

Dealers and distributors buy the products; most sales are tied to shipment or arrival, while custom products are counted as work progresses. Separately priced extended warranties are spread over the contract term.

revenue

Segment	Share	How money arrives
In-ground Swimming Pools Sold outright	48% FY2022: 55%	Sold outright
Covers Sold outright	29% FY2022: 23%	Sold outright
Liners Sold outright	23% FY2022: 22%	Sold outright

Who Are Their Customers?

Latham sells fiberglass pools directly to dealers; products in the two-step channel go to distributors, who sell to dealers and then homeowners.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 20% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

6% of revenue

▲ +67% vs FY2024 ($18.3M, 4%)

Net income, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$17.9M, −4%)

Free cash flow, FY2025

7% of revenue

▼ −8% vs FY2024 ($41.2M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 27, 2026

Revenue: ▲ +14%; vs $172.6M in Q2 FY2025
Net income: ▼ −20%; vs $16M in Q2 FY2025

In-ground Swimming Pools share of revenue vs 45.5% in Q2 FY2025

Shrinking. Revenue fell 13% in 4 years, from $630.5M in FY2021 to $545.9M in FY2025, about 4% a year.

Revenue over time

In-ground Swimming Pools Covers Liners

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025