Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Latham Group, Inc.SWIM · manufacturing | |
|---|---|
| Grade |  Dfourth fifth of 255 graded peers; percentile 68.5, sampling error 3.0 points; lower is stronger |
| Rank | 175 of 255 |
| Profitability | B/Cpercentile 42.7 |
| Solvency | Cpercentile 48.0 |
| Growth and financing | Dpercentile 72.3 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $823.2M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: short runway, distress, fortress balance sheet |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Mar 4, 2026219 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $6.062026-10-08; market equity $712.9M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 4, 2026; the document on sec.gov.
We are the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. We hold the leading position in North America in every product category in which we compete. It is our view that we are the most sought-after brand in the pool industry. We are Latham, The Pool CompanyTM. With an operating history that spans over 70 years, we offer the industry’s broadest portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners. We have a heritage of innovation.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 42.7 | |||||||
| Gross profitability | 22.1% | [1,3] | 21.9% | 46.0 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (6.5%) | [1,4-6] | (3.6%) | 31.3 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 2.2 pts | [2-3,7-14] | 2.1 pts | 50.9 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 48.0 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 2.13 | [1,15-20] | 3.66 | 59.7 | 244 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.78x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 5.09x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 2.77x | [15-16] | 2.25x | 36.4 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 72.3 | |||||||
| Revenue growth, three-year compound | (7.8%) | [2,8,10,12] | 2.1% | 89.2 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 13.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | 26.1% | [15-16,18,21-26] | 26.4% | 50.7 | 139 | 2025-12-31 | |
| Asset growth, three years | (1.8%) | [1,6,27-28] | 4.4% | 74.8 | 279 | 2025-12-31 | |
| Net share issuance, one year | 0.9% | [29-30] | 0.01% | 74.4 | 243 | 2026-02-27 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.101; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 170 | Sylvamo Corp. (SLVM) Sylvamo Corp. (SLVM) Dfourth fifth; percentile 66.5 NYSE · Paper Mills market equity $1.3B; last close $32.64 No active warnings; 8 of 14 inputs | 66.5 | D | |
| 171 | Arts WAY Manufacturing Co. Inc. (ARTW) Arts WAY Manufacturing Co. Inc. (ARTW) Dfourth fifth; percentile 66.9 Nasdaq · Farm Machinery & Equipment market equity $19.1M; last close $3.01 No active warnings; 11 of 14 inputs | 66.9 | D | |
| 172 | Graham Corp. (GHM) Graham Corp. (GHM) Dfourth fifth; percentile 67.3 NYSE · General Industrial Machinery & Equipment market equity $957.2M; last close $81.54 Warnings: fortress balance sheet; 10 of 14 inputs | 67.3 | D | fortress balance sheet |
| 173 | Park Ohio Holdings Corp. (PKOH) Park Ohio Holdings Corp. (PKOH) Dfourth fifth; percentile 67.7 Nasdaq · Metal Forgings & Stampings market equity $702.0M; last close $49.01 No active warnings; 8 of 14 inputs | 67.7 | D | |
| 174 | Hyster-Yale, Inc. (HY) Hyster-Yale, Inc. (HY) Dfourth fifth; percentile 68.1 NYSE · Industrial Trucks, Tractors, Trailors & Stackers last close $32.47 No active warnings; 9 of 14 inputs | 68.1 | D | |
| 175 | Latham Group, Inc. (SWIM) Latham Group, Inc. (SWIM) Dfourth fifth; percentile 68.5 Nasdaq · Plastics Products, NEC market equity $712.9M; last close $6.06 No active warnings; 9 of 14 inputs | 68.5 | D | |
| 176 | Quad/Graphics, Inc. (QUAD) Quad/Graphics, Inc. (QUAD) Dfourth fifth; percentile 68.9 NYSE · Commercial Printing last close $9.48 No active warnings; 12 of 14 inputs | 68.9 | D | |
| 177 | Kimberly Clark Corp. (KMB) Kimberly Clark Corp. (KMB) Dfourth fifth; percentile 69.3 Nasdaq · Converted Paper & Paperboard Prods (No Contaners/Boxes) market equity $32.5B; last close $97.73 No active warnings; 12 of 14 inputs | 69.3 | D | |
| 178 | Eaton Corp. plc (ETN) Eaton Corp. plc (ETN) Dfourth fifth; percentile 69.7 NYSE · Misc Industrial & Commercial Machinery & Equipment market equity $164.9B; last close $424.46 No active warnings; 8 of 14 inputs | 69.7 | D | |
| 179 | Titan International Inc. (TWI) Titan International Inc. (TWI) Dfourth fifth; percentile 70.1 NYSE · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) market equity $440.2M; last close $6.83 No active warnings; 9 of 14 inputs | 70.1 | D | |
| 180 | Westinghouse AIR Brake Technologies Corp. (WAB) Westinghouse AIR Brake Technologies Corp. (WAB) Dfourth fifth; percentile 70.5 NYSE · Railroad Equipment market equity $47.4B; last close $280.93 No active warnings; 10 of 14 inputs | 70.5 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 54.8 | 2204 |
| sector peers, equal sleeves (the grade) | D | 68.5 | 255 |
| same exchange, equal sleeves | C | 53.4 | 1219 |
| sector peers, equal inputs | D | 75.2 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (7.1%) | 13.7% | 28 | hotter than 28 of 100 peers |
| Distance from 52-week high | (24.1%) | (24.3%) | 51 | closer to its high than 51 of 100 peers |
| EBIT to enterprise value | not computable | 4.1% | required accounting or market input is missing | |
| Free cash flow yield | 5.3% | 3.4% | 72 | pricier than 28 of 100 peers |
| Book value to price | 0.58 | 0.34 | 69 | pricier than 31 of 100 peers |
| Sales to price | 0.77 | 0.54 | 61 | pricier than 39 of 100 peers |
| Composite equity issuance, five years | not computable | (9.5%) | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | (0.21) | (0.00) | 28 | ahead of 28 of 100 peers |
Inputs: market equity $712.9M; EBIT $30.6M; free cash flow $38.0M; book equity $411.4M; sales $545.9M; debt $279.8M[31].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 7 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 1.4% | ✓ pass[4,6] |
| Operating cash flow above zero | $63.4M | ✓ pass[5] |
| Return on assets improved | 3.5 pts | ✓ pass[4,6,27,32] |
| Operating cash flow exceeds net income | $52.3M | ✓ pass[4-5] |
| Long-term leverage fell | 0.0 pts | ✗ fail[1,6,27,33-34] |
| Current ratio improved | 25.5 pts | ✓ pass[15-16,25-26] |
| No new shares issued | 0.9% | ✗ fail[29-30] |
| Gross margin improved | 3.1 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | 7.8 pts | ✓ pass[2,6,8,27] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | n/a |
| Operating cash flow, four quarters | n/a[5,35-38] |
| Months of runway | not finite |
| cash is missing at the end of the latest cash-flow quarter | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 65 |
| 10-Q received Aug 5, 2026 | |
| Median daily dollar volume | $4.4M |
| 63 sessions | |
| Days since newest grade input | 219 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $823.2M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $545.9M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $182.1M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $11.1M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $63.4M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $794.2M | 2024-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $153.7M | 2024-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $508.5M | 2024-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $152.9M | 2023-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $566.5M | 2023-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $216.5M | 2022-12-31 | 2025-03-05 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $695.7M | 2022-12-31 | 2025-03-05 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $204.2M | 2021-12-31 | 2024-03-13 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $630.5M | 2021-12-31 | 2024-03-13 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $219.0M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $79.1M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$63.7M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $30.6M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $405.9M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $417.4M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $25.4M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 22 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $51.4M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 23 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $13.5M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 24 | income tax | us-gaap:IncomeTaxExpenseBenefit | $2.4M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $178.3M | 2024-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $71.0M | 2024-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 27 | assets | us-gaap:Assets | $835.0M | 2023-12-31 | 2025-03-05 | 10-K | filing · viewer · series |
| 28 | assets | us-gaap:Assets | $869.7M | 2022-12-31 | 2024-03-13 | 10-K | filing · viewer · series |
| 29 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 116,766,927 | 2026-02-27 | 2026-03-04 | 10-K | filing · viewer · series |
| 30 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 115,776,595 | 2025-02-28 | 2025-03-05 | 10-K | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 117,646,086 | 2026-07-31 | 2026-08-05 | 10-Q | filing · viewer · series |
| 32 | net income | us-gaap:NetIncomeLoss | -$17.9M | 2024-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 33 | long term debt | us-gaap:LongTermDebtNoncurrent | $276.6M | 2025-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 34 | long term debt | us-gaap:LongTermDebtNoncurrent | $278.3M | 2024-12-31 | 2026-03-04 | 10-K | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $5.8M | 2026-06-27 | 2026-08-05 | 10-Q | filing · viewer · series |
| 36 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$47.7M | 2026-03-28 | 2026-05-06 | 10-Q | filing · viewer · series |
| 37 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $40.1M | 2025-09-27 | 2025-11-05 | 10-Q | filing · viewer · series |
| 38 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$10.9M | 2025-06-28 | 2026-08-05 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 68.5 is 8.5 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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