Latham Group, Inc.
Latham Group, Inc. designs, manufactures, and markets in-ground residential swimming pools and related products, with a core focus on fiberglass pools, vinyl liners, pool covers, and custom pool systems. The company sells primarily through dealer and distributor networks in North America, Australia, and New Zealand, while using direct-to-homeowner digital marketing to generate demand and support its channel partners.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaOne-piece in-ground fiberglass pools sold through dealers, with installation support and direct-to-homeowner lead generation.
Custom vinyl pool systems and related components for residential backyard installations.
Replacement and new vinyl liners for in-ground pools, a recurring need driven by replacement cycles.
Autocovers and related cover systems, including products expanded through the Coverstar acquisition.
Pool covers, accessories, warranties, and dealer support services tied to the core pool offering.
Tuotteet
Raportoitu · osuus liikevaihdosta- In Ground Swimming Pools48,0 %
- Covers29,4 %
- Liners22,6 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Latham sells to dealers and distributors, not directly to homeowners, and those channel partners are the immediate buyers that resell and install the products. Its customer base is concentrated in North America, with a mix of large dealers, distributor branches, and specialized pool builders that value lead generation, training, and product availability. The company also relies on homeowner demand creation because its marketing programs help drive purchase-ready leads into the dealer network.
Buy fiberglass pools, liners, and covers to install and resell to homeowners; they value lead flow and training.
Purchase products for warehousing and resale to dealers, supporting broader market reach and local availability.
Large dealers with exclusivity for fiberglass pools in specified territories, supporting volume and brand control.
Buy liners for aging vinyl pools, driven by a recurring 8-10 year replacement cycle.
Purchase autocovers and related systems for new pool builds and upgrades, especially after the Coverstar acquisition.
Strategia
Latham is focused on expanding adoption of fiberglass pools and automatic safety covers while improving operating efficiency through value engineering and lean manufacturing. It is also investing in digital marketing, product innovation, and selective acquisitions to deepen channel control and accelerate conversion from traditional pool formats.
Fiberglass is a core growth vector and supports brand differentiation versus traditional pool formats.
This category is gaining share and can be strengthened through vertical integration and dealer control.
Value engineering and lean manufacturing can offset raw material, tariff, and freight pressure.
Exclusive and preferred channel relationships support share, pricing power, and lead conversion.
Maantiede
2025Latham’s core business is concentrated in North America, where it holds the strongest position across its product categories, but it also serves Australia and New Zealand. The company operates approximately 30 locations, which supports short lead times and cost-effective distribution across its markets. Its manufacturing and distribution footprint is important because pool products are bulky, installation-sensitive, and tied to local dealer coverage.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
Latham is exposed to channel concentration, since a small number of dealers and distributors account for a large share of sales and can pressure pricing or switch suppliers. Demand is also cyclical and weather-sensitive, while tariffs, inflation, and macro uncertainty can affect both consumer demand and input costs. The company also faces operational and balance-sheet risks typical of a manufacturing business, including cyber threats, supply chain disruption, and asset impairment risk.
- Tariffs and inflationVaikutus: KorkeaTodennäköisyys: Korkea
Imported products, raw materials, labor, and services can become more expensive and reduce margins or demand.
Kohdistuu: U.S. imports and manufacturing inputs
- Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen
The largest customer and top ten dealers/distributors represent a large share of net sales, so loss or consolidation can materially hurt revenue.
Kohdistuu: Largest customer was 22.6% of 2025 net sales; top ten were 49.0%
- Demand cyclicality and weather dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen
New pool starts and installation timing depend on consumer confidence, weather, and local market conditions.
Kohdistuu: Residential pool demand and replacement timing
- Goodwill and asset impairmentVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Acquisitions and fixed assets may need impairment if market conditions weaken or integration underperforms.
Kohdistuu: Acquired autocover businesses and manufacturing assets
- Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Matala
The company depends on systems for sourcing, pricing, customer service, collections, and financial reporting.
Kohdistuu: Operational continuity and confidential data
Kirjanpito
Harkinnanvaraiset erätMost products are recognized on shipment or delivery, while warranties and custom products follow different timing rules.
Vaikutus: Can shift quarterly revenue and margin depending on mix and shipment timing
Revenue is recorded net of estimated rebates, returns, allowances, and discounts.
Vaikutus: Estimation changes can affect reported net sales and gross margin
Custom products use an input method based on work-in-process and cost estimates.
Vaikutus: Estimate revisions can change revenue and profit recognition
Recent acquisitions increase the need to test acquired assets for impairment.
Vaikutus: Non-cash charges could arise if acquired businesses underperform
Operating leases and term loan obligations are material contractual commitments.
Vaikutus: Affects leverage, interest expense, and fixed cash outflows
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Päivitetty: 24.9.2026