회사 개요
Latham Group, Inc. (SWIM) operates within the Industrials sector, specifically focusing on the Building Products & Equipment industry, where it designs, manufactures, and markets in-ground residential swimming pools across North America, Australia, and New Zealand. The company's product portfolio includes fiberglass and packaged pools, safety and all-season covers, and liners, catering to residential infrastructure needs in these specific geographic regions. As of the latest data, the enterprise holds a market capitalization of $663.16M and generates annual revenue of $545.91M, employing a workforce of 1804 individuals. These valuation figures and revenue streams position the entity as a mid-sized industrial player with a specialized footprint, indicating a significant operational scale relative to small-cap peers but operating below the thresholds of large-cap industrial conglomerates. The specific concentration in the residential pool market defines its competitive landscape, distinguishing it from broader construction or manufacturing sectors.
재무 건전성
The company reported a trailing twelve-month revenue of $545.91M, with a net income of $11.12M and an EBITDA of $81.93M, highlighting a substantial gap between operational earnings and bottom-line profit that reveals a significant cost structure involving interest expenses and other non-operating charges. This financial structure is further characterized by a free cash flow of $33.84M, which demonstrates the company's ability to generate liquidity from its operations despite the net income compression, providing a degree of financial flexibility for capital allocation. The margin profile presents a gross margin of 33.4%, indicating healthy pricing power or cost control on the primary products, contrasted by an operating margin of -10.7% and a profit margin of 2.0%, which suggests that overhead costs or interest burdens are eroding operating profitability to a minimal net level. On the balance sheet, the company holds $83.91M in cash against total debt of $315.48M, resulting in a debt-to-equity ratio of 77.73, which indicates a highly leveraged financial position where liabilities significantly exceed equity. Liquidity is supported by a current ratio of 2.77, signaling that current assets are nearly three times the value of current liabilities and suggesting a conservative approach to meeting short-term obligations. Management effectiveness is reflected in a return on equity of 2.8% and a return on assets of 2.4%, metrics that indicate capital efficiency is currently low, requiring substantial equity and asset bases to generate modest absolute returns.
밸류에이션 평가
Valuation metrics show a trailing P/E ratio of 63.00 compared to a forward P/E of 20.82, implying a significant divergence between current earnings and future expectations that suggests analysts anticipate a major turnaround in profitability or a substantial reduction in current valuation multiples. The price-to-book ratio stands at 1.63, indicating that the market prices the company at a 63% premium over its book value, which may reflect confidence in future growth or asset revaluation potential despite current earnings struggles. Alternative valuation measures include a price-to-sales ratio of 1.21 and an EV/EBITDA of 10.91, suggesting that while earnings are currently depressed, the revenue base and enterprise value relative to earnings before interest, taxes, depreciation, and amortization remain in a range comparable to industry peers. The stock trades within a 52-week range between $4.56 and $8.97, and given the current market dynamics, the price sits below the 52-week high, reflecting recent volatility and market sentiment adjustments relative to the yearly peak. Risk assessment utilizes a beta of 1.75, which indicates that the stock price is theoretically 75% more volatile than the broader market, exposing investors to higher fluctuations in correlation with general market movements.
Growth & Income
Revenue growth stands at 14.5% year-over-year, while earnings growth is listed as N/A, implying that top-line expansion is occurring without a corresponding increase in net income, likely due to the previously mentioned operating margin compression and fixed cost structures. Regarding income distribution, the company does not pay a dividend, evidenced by a dividend yield of N/A and a payout ratio of 0.0%, meaning the entity retains all earnings rather than distributing them to shareholders. This non-dividend policy aligns with the company's need to reinvest capital into its manufacturing operations and debt management, prioritizing balance sheet strengthening over current income generation for investors. The overall growth and income profile is defined by strong revenue expansion in the residential pool market but constrained profitability, creating a scenario where value accrues primarily through capital appreciation potential rather than dividend yield or consistent earnings growth.