Latham Group
SWIM on Nasdaq. Latham Group designs and sells in-ground pools, pool covers, and liners to dealers and homeowners. Market value $752m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.52 of spare cash in the past 12 months. A savings account pays about $4.
You pay 33.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 2 cents a year. Above 10 is good.
Quality score: 43 of 100. Price score: 37 of 100. Our list needs 70 on quality and 60 on price.
$6.39 a share, 38% above its 1-year low
Over the past year the price has ranged from $4.64 to $8.97.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $630m | $696m | $566m | $509m | $546m |
| Operating margin | |||||
| Operating margin | -5.7% | 4.3% | 2.8% | 3.6% | 5.6% |
| Debt to equity | |||||
| Debt to equity | 0.79 | 0.82 | 0.76 | 0.74 | 0.70 |
| Shares outstanding | |||||
| Shares outstanding | 0.12bn | 0.11bn | 0.12bn | 0.12bn | 0.12bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)Yes
- Debt0.70× equity
- Revenue growth, five yearsShrinking, 3.5% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $197 million last quarter, up 14% on a year ago.
- Profit: $13 million, down 20% on a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, up from 4 cents a year earlier.
- Spare cash over the past 12 months: $49 million, up from $12 million.
- About the same number of shares as a year ago.
- Debt is $239 million more than cash, down from $258 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $150m |
| December 2024 | $87m |
| March 2025 | $111m |
| June 2025 | $173m |
| September 2025 | $162m |
| December 2025 | $100m |
| March 2026 | $117m |
| June 2026 | $197m |
| Quarter to | Amount |
|---|---|
| September 2024 | $6m |
| December 2024 | -$29m |
| March 2025 | -$6m |
| June 2025 | $16m |
| September 2025 | $8m |
| December 2025 | -$7m |
| March 2026 | -$9m |
| June 2026 | $13m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 4 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 135 funds in all.
- CAS Investment PartnersClifford Sosin
- Value
- $6m
- Share of fund
- 0.3%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| CAS Investment PartnersClifford Sosin | $6m | 0.3% | |
| Cullen Capital ManagementJames Cullen | $799,239 | <0.1% | Added |
Sold out this quarter
- Voss CapitalTravis CockeSold out
Largest holders overall
- Pamplona Capital Management$335m
- Wellington Management Group LLP$74mAdded
- ACK Asset Management$37mAdded
- Keybank National Association$26m
- Dimensional Fund Advisors LP$25mAdded
- BlackRock$24mAdded
- FMR$22mCut
- Wasatch Advisors LP$16m
- Vanguard Capital Management$15mCut
- Formula Growth$9mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Wellington Management Group LLPPassive investorat least 10.2%+0.5 pts(filed with 3 related holders)Since 30 September 2026
- Voss CapitalPassive investorat least 3.9%−1.3 pts(filed with 4 related holders)Since 30 September 2025
- WYNNCHURCH CAPITAL PARTNERS IV, L.P.Passive investorSold down below 5%Since 24 February 2026
| Holder | Stake | Since | |
|---|---|---|---|
Wellington Management Group LLP Passive investor | at least 10.2%+0.5 pts (filed with 3 related holders) | 30 September 2026 | |
Voss Capital Passive investor | at least 3.9%−1.3 pts (filed with 4 related holders) | 30 September 2025 | |
WYNNCHURCH CAPITAL PARTNERS IV, L.P. Passive investor | Sold down below 5% | 24 February 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $315,745 of shares on the open market.
- Gloe Oliver C.CHIEF FINANCIAL OFFICERBought
- Date
- 20 May 2026
- Shares
- 15,050
- Price
- $4.90
- Value
- $73,745
- Cline James EDirectorBought
- Date
- 19 May 2026
- Shares
- 50,000
- Price
- $4.84
- Value
- $242,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 May 2026 | Gloe Oliver C. CHIEF FINANCIAL OFFICER | Bought | 15,050 | $4.90 | $73,745 |
| 19 May 2026 | Cline James E Director | Bought | 50,000 | $4.84 | $242,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 3.5% a year.
- It isn't cheap on profits: 33.8× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.