Customer concentration
A small number of distributors account for a large share of sales and receivables, so lost volume would hit revenue and cash collection.
- Scope
- Pool Corporation represented about 33% of net sales in Fiscal 2025
- Materiality
- high
Hayward Holdings, Inc.
Hayward Holdings designs and manufactures pool equipment, outdoor living products, and industrial flow control products. Its core business is selling replacement and upgrade equipment for installed pools, with demand driven by aftermarket repairs, remodeling, and adoption of connected and energy-efficient products.
22,8 %
48,0 %
13,5 %
+6,7 %
2.94
2.29
| % | |
|---|---|
| Pool equipment | 80% Residential and commercial pool circulation, filtration, heating, cleaning, and sanitization products. |
| Outdoor living technology | 5% Connected controls, lighting, and energy-efficient products that improve pool ownership and backyard experience. |
| Industrial flow control | 15% Thermoplastic valves and process liquid control products sold into industrial applications. |
Hayward sells mainly through distributors, but also directly to builders, retailers, servicers, buying groups, and...
- Distributorsprimary
Buy most of the company's pool equipment for stocking and resale to the trade; they are the main route to market and a major source of volume.
- Builders and servicersprimary
Buy equipment used in new pool construction, maintenance, repair, and upgrades, and strongly influence product selection.
- Retailers and e-commerce customerssecondary
Purchase directly for broader geographic reach and consumer access, especially where large-scale inventory management is feasible.
- Buying groupssecondary
Independent member groups that buy with negotiated pricing and incentives, supporting channel penetration.
- Industrial customerssecondary
Buy flow control products for liquid handling applications outside the pool market.
Hayward operates globally but is concentrated in North America and Europe, which together account for most pool...
- •North America is the largest segment and includes the U.S. and Canada
- •Europe & Rest of World covers Europe, Latin America, the Middle East, Australia, and Asia Pacific
- •Seven manufacturing facilities span the U.S., Spain, and China
- •U.S. distribution is supported by East Coast and West Coast centers
- •Regional mix matters because pool markets, channel structure, and seasonality differ by geography
Hayward is focused on monetizing its installed base through aftermarket replacements, upgrades, and recurring...
01
Increase aftermarket mixshort-term
Aftermarket sales are recurring and tied to the installed base, supporting steadier demand and margins.
02
Expand IoT and energy-efficient offeringsmedium-term
Higher-value connected and efficient products support differentiation and premium pricing.
03
Protect channel relationshipsmedium-term
Distributors, builders, and servicers are the main route to market and influence end-customer choice.
04
Maintain liquidity and balance sheet flexibilityshort-term
Working capital, debt service, and seasonal swings require reliable cash generation and access to credit.
Hayward’s results depend heavily on distributors, builders, and servicers, so customer concentration and inventory...
Channel inventory destocking
Distributors control stocking levels, so their purchasing decisions can temporarily depress shipments even if end demand is stable.
- Scope
- Pool trade channel and buying groups
- Materiality
- high
Competitive pressure
The company competes with national, global, regional, and low-cost manufacturers across multiple price points.
- Scope
- Pool equipment and flow control products
- Materiality
- medium
International operating risk
Manufacturing and sales across multiple regions expose the company to currency, logistics, and geopolitical disruptions.
- Scope
- Spain, China, Europe, Asia Pacific, Latin America
- Materiality
- medium
Goodwill and intangible impairment
Acquisitions and brand value must be supported by future cash flows; weaker performance could trigger write-downs.
- Scope
- Acquired businesses and indefinite-lived intangibles
- Materiality
- high
Revenue recognition and variable consideration
Net sales and accounts receivable
Customer rebates
Gross sales, receivables, and accrued liabilities
Seasonality
Quarterly revenue, margins, and cash flow
Goodwill and indefinite-lived intangibles
Potential impairment charges
Warranty and freight accruals
Gross margin and operating expense
: 28.4.2026