Latham Group, Inc. (SWIM) 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

-116.6%

-$1.24

vs $7.46 price

Levered DCF

$4.94

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.05

Grey zone

Rating

B-

Overall 2 / 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	66.42×	-46.4×	-124.06×	-64.02×	-44.7×	209.62×	440.23×
P/B	1.82×	2.07×	0.74×	0.95×	7.83×	11.65×	16.93×
P/S	1.35×	1.58×	0.52×	0.52×	4.39×	8.14×	10.32×
EV / EBITDA	10.81×	17.47×	8.56×	8.59×	959.43×	51.88×	73.23×
Gross margin	33.4%	30.2%	27.0%	31.1%	32.4%	35.4%	30.9%
Operating margin	5.6%	3.6%	2.8%	4.3%	-5.7%	9.9%	7.9%
Net margin	2.0%	-3.5%	-0.4%	-0.8%	-9.9%	4.0%	2.3%
Current ratio	2.77×	2.51×	2.77×	2.94×	1.99×	1.78×	2.54×
Debt / equity	0.77×	0.8×	0.83×	0.92×	0.79×	0.79×	1.15×
Interest coverage	1.19×	0.74×	0.52×	1.91×	-1.48×	2.19×	1.11×
Dividend yield	0.0%	0.0%	0.0%	0.0%	4.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-176.5%	0.0%	2.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.7%	-4.6%	-0.6%	-1.5%	-17.6%	5.7%	3.8%
Return on invested capital	3.3%	2.5%	0.5%	-1.6%	-5.2%	5.0%	5.2%
Return on assets	1.4%	-2.2%	-0.3%	-0.7%	-7.8%	2.5%	1.4%
Free cash flow yield	3.5%	5.1%	28.0%	-2.0%	0.3%	1.4%	0.8%
Earnings yield	1.5%	-2.2%	-0.8%	-1.6%	-2.3%	0.5%	0.2%
Enterprise value	$979.7M	$1.1B	$527.3M	$684.2M	$3B	$3.4B	$3.4B
Net debt / EBITDA	2.65×	4.2×	3.74×	4.01×	75.47×	2.44×	3.54×
Cash conversion cycle (days)	91	92	91	133	99	86	75