Latham Group Inc
NASDAQ:SWIM
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Latham Group Inc
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Latham Group Inc
Latham Group, Inc. operates as a designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand. The company is headquartered in Latham, New York and currently employs 2,388 full-time employees. The company went IPO on 2021-04-23. The firm is principally engaged in designing, manufacturing and marketing of in-ground residential swimming pools in North America, Australia and New Zealand. The company offers a portfolio of pools and related products, including in-ground swimming pools, pool liners and pool covers. The firm manufactures fiberglass pools by applying various layers of materials onto a mold. The company has a broad and diverse mold portfolio designed to meet customer needs. The company also manufactures custom vinyl pools. The firm manufactures a complete line of both sonically and heat welded vinyl pool liners for both above and in-ground swimming pool applications. Its automatic safety covers manufacturing facilities cut, sew and assemble motorized safety covers. The firm also supports dealer network with business development tools, co-branded marketing programs and in-house training services, as well as a coast-to-coast operations platform in approximately 30 facilities.
Latham Group, Inc. operates as a designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand. The company is headquartered in Latham, New York and currently employs 2,388 full-time employees. The company went IPO on 2021-04-23. The firm is principally engaged in designing, manufacturing and marketing of in-ground residential swimming pools in North America, Australia and New Zealand. The company offers a portfolio of pools and related products, including in-ground swimming pools, pool liners and pool covers. The firm manufactures fiberglass pools by applying various layers of materials onto a mold. The company has a broad and diverse mold portfolio designed to meet customer needs. The company also manufactures custom vinyl pools. The firm manufactures a complete line of both sonically and heat welded vinyl pool liners for both above and in-ground swimming pool applications. Its automatic safety covers manufacturing facilities cut, sew and assemble motorized safety covers. The firm also supports dealer network with business development tools, co-branded marketing programs and in-house training services, as well as a coast-to-coast operations platform in approximately 30 facilities.
Performance: Q4 revenue was $100 million, up 15% year‑over‑year; full‑year sales were $546 million, up 7%, with adjusted EBITDA of $100 million (up $20 million).
Fiberglass momentum: Fiberglass represented 76.5% of In‑Ground pool sales in 2025; Latham estimates fiberglass penetration rose to ~24% of U.S. pool starts and fiberglass sales grew ~2.5% for the year.
Product strength: All three product lines grew in Q4 and FY25—In‑Ground pools, covers (autocovers up 22% FY), and liners—with covers up 22% for the year driving a lot of upside.
Margins: Gross margin expanded significantly (Q4 28%, +340 bps; FY 33%, +320 bps) driven by volume leverage, lean manufacturing and value engineering; adjusted EBITDA margin rose to 18.3% for the year.
Balance sheet & M&A: Year‑end cash $71 million, total debt $280 million, net debt leverage ~2.1; closed Freedom Pools acquisition (adds ~$20 million sales and $4 million adjusted EBITDA annualized) and purchased four fiberglass facilities.
2026 guide: Net sales $580–610 million and adjusted EBITDA $105–120 million (midpoint implies ~9% sales growth and ~12.7% EBITDA growth); CapEx planned $42–48 million.
Strategy priorities: Management will accelerate Sand States expansion (Florida focus), increase targeted marketing/brand investment and continue opportunistic accretive M&A.
