Hayward Holdings, Inc. (HAYW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.2%

$12.44

vs $16.63 price

Levered DCF

$22.09

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.7

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.07×	27.8×	35.79×	11.46×	50.44×	1,976.74×	7,727.27×
P/B	2.1×	2.31×	2.21×	1.69×	3.59×	0.98×	4.8×
P/S	2.98×	3.13×	2.92×	1.57×	3.51×	0.9×	1.07×
EV / EBITDA	10.04×	14.58×	15.96×	9.1×	15.6×	10.17×	11.76×
Gross margin	45.6%	47.7%	45.0%	43.0%	44.5%	41.0%	38.4%
Operating margin	21.1%	20.5%	19.0%	22.4%	23.8%	16.4%	11.2%
Net margin	13.5%	11.3%	8.1%	13.6%	14.5%	4.9%	1.2%
Current ratio	2.94×	2.45×	3.02×	2.63×	2.47×	1.94×	2.75×
Debt / equity	0.01×	0.69×	0.89×	0.91×	0.72×	1.62×	7×
Interest coverage	3.96×	3.16×	2.56×	5.74×	6.55×	1.95×	0.98×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	34.9%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	635.5%	4.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.5%	8.3%	6.2%	14.7%	14.9%	5.4%	5.2%
Return on invested capital	6.9%	6.6%	5.5%	8.4%	9.7%	4.5%	2.4%
Return on assets	4.8%	4.0%	2.7%	6.2%	6.8%	1.7%	0.3%
Free cash flow yield	6.7%	5.7%	5.3%	4.2%	3.3%	25.2%	8.5%
Earnings yield	4.5%	3.6%	2.8%	8.7%	4.1%	5.5%	1.1%
Enterprise value	$3B	$4.1B	$3.9B	$3.1B	$5.7B	$2B	$1.9B
Net debt / EBITDA	-1.05×	2.79×	4.05×	3.08×	2.01×	6.12×	6.86×
Cash conversion cycle (days)	171	189	201	177	123	112	160