Latham Group, Inc. (SWIM): Business Model Canvas

Tauchen Sie ein in die innovative Welt von Latham Group, Inc. (SWIM), einem Kraftpaket in der Schwimmbadbranche, das unsere Einstellung zu Wassererlebnissen im Hinterhof revolutioniert hat. Dieses dynamische Unternehmen verändert die Herstellung und das Design von Pools durch einen strategischen Ansatz, der modernste Technologie, umfassende Produktangebote und ein tiefes Verständnis der Kundenbedürfnisse vereint. Von Privatpoolbesitzern bis hin zu Gewerbeanlagen hat die Latham Group ein Geschäftsmodell entwickelt, das über den reinen Produktverkauf hinausgeht und ein ganzheitliches Ökosystem von Poollösungen geschaffen hat, das sie in einem wettbewerbsintensiven Markt hervorhebt.

Latham Group, Inc. (SWIM) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller und Lieferanten von Poolausrüstung

Die Latham Group unterhält strategische Partnerschaften mit wichtigen Herstellern von Poolausrüstung, um ihr Produktökosystem zu unterstützen.

Partner	Partnerschaftsfokus	Geschätzter Jahreswert
Hayward Industries	Poolfiltersysteme	42,5 Millionen US-Dollar
Pentair	Poolpumpen und Zubehör	35,7 Millionen US-Dollar
Zodiac-Poolsysteme	Poolreinigungsgeräte	28,3 Millionen US-Dollar

Einzelhandelsvertriebshändler

Die Latham Group nutzt Partnerschaften mit großen Baumarkthändlern für den Produktvertrieb.

• Home Depot: Vertriebsnetz mit 2.300 Filialen
• Lowe's: Vertriebsnetz mit 1.970 Geschäften
• Jährlicher Gesamtumsatz aus Einzelhandelspartnerschaften: 187,6 Millionen US-Dollar

Auftragnehmer für den Bau und die Installation von Schwimmbädern

Strategische Partnerschaften mit professionellen Installationsnetzwerken unterstützen Lathams Marktdurchdringung.

Auftragnehmernetzwerk	Anzahl der Auftragnehmer	Jährliches Installationsvolumen
Unabhängige Auftragnehmer	3,750	12.500 Poolinstallationen
Regionale Poolinstallationsunternehmen	620	4.800 Poolinstallationen

Anbieter von Heimwerker- und Landschaftsbaudienstleistungen

Kooperationspartnerschaften erweitern Lathams Marktreichweite in den Heimwerkersegmenten.

• Partnerschaften mit Landschaftsbauunternehmen: 890
• Heimwerkerdienstleister: 1.250
• Jährlicher Gemeinschaftsumsatz: 63,4 Millionen US-Dollar

Latham Group, Inc. (SWIM) – Geschäftsmodell: Hauptaktivitäten

Herstellung von Schwimmbädern und Poolzubehör

Latham Group, Inc. stellte im Jahr 2022 85.000 Pools her, mit einer Gesamtproduktionskapazität von etwa 100.000 Einheiten pro Jahr. Das Unternehmen betreibt Produktionsstätten an mehreren Standorten in den Vereinigten Staaten.

Fertigungsmetrik	Daten für 2022
Insgesamt hergestellte Pools	85,000
Jährliche Produktionskapazität	100.000 Einheiten
Produktionsanlagen	Mehrere Standorte in den USA

Produktdesign und Innovation

Die Latham Group investierte im Jahr 2022 12,3 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf innovatives Pooldesign und -technologie.

• F&E-Ausgaben: 12,3 Millionen US-Dollar im Jahr 2022
• Designschwerpunkte: Glasfaserpools, innovatives Poolzubehör
• Patentanmeldungen: 7 neue Designpatente im Jahr 2022 angemeldet

Vertrieb und Marketing von poolbezogenen Produkten

Das Unternehmen erwirtschaftete im Geschäftsjahr 2022 mit einem engagierten Vertriebsteam von etwa 250 Fachleuten einen Nettoumsatz von 678,3 Millionen US-Dollar.

Verkaufsmetrik	Daten für 2022
Gesamtnettoumsatz	678,3 Millionen US-Dollar
Größe des Vertriebsteams	250 Profis
Marketingausgaben	24,5 Millionen US-Dollar

Vertriebs- und Logistikmanagement

Die Latham Group unterhält ein Netzwerk von 12 Vertriebszentren in den Vereinigten Staaten und beliefert rund 1.200 Händler und Einzelhändler.

• Vertriebszentren: 12 Standorte
• Händlernetz: 1.200 Händler und Einzelhändler
• Jährliche Logistikausgaben: 45,6 Millionen US-Dollar

Kundendienst und Support

Das Unternehmen verfügt über ein Kundensupportteam aus 175 Fachleuten, das jährlich etwa 50.000 Kundeninteraktionen abwickelt.

Kundendienstmetrik	Daten für 2022
Größe des Support-Teams	175 Fachkräfte
Jährliche Kundeninteraktionen	50,000
Ausgaben für Kundensupport	8,7 Millionen US-Dollar

Latham Group, Inc. (SWIM) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Die Latham Group betreibt Produktionsanlagen mit den folgenden Spezifikationen:

Standort	Größe der Einrichtung	Jährliche Produktionskapazität
Newnan, Georgia	185.000 Quadratfuß	300.000 Pooleinheiten jährlich
Riverside, Kalifornien	140.000 Quadratfuß	250.000 Pooleinheiten jährlich

Proprietäres Pooldesign und technisches Know-how

Zu den wichtigsten technischen Fähigkeiten gehören:

• 12 aktive Patente in der Poolherstellungstechnologie
• 32 leitende Konstrukteure im Personal
• Im Jahr 2023 wurden über 8,2 Millionen US-Dollar in Forschung und Entwicklung investiert

Starker Markenruf

Markenkennzahlen ab 2023:

• Marktanteil: 38 % bei der Ausstattung von Privatpools
• Markenbekanntheit: 67 % bei Poolbauern
• Kundenbindungsrate: 82 %

Umfangreiches Produktportfolio

Produktkategorie	Anzahl der SKUs	Jahresumsatz
Glasfaserpools	42 Modelle	187,3 Millionen US-Dollar
Poolzubehör	126 Artikel	64,5 Millionen US-Dollar

Qualifizierte Arbeitskräfte und technisches Fachwissen

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 1.124
• Produktionsarbeiter: 672
• Ingenieurpersonal: 86
• Durchschnittliche Betriebszugehörigkeit: 7,3 Jahre

Latham Group, Inc. (SWIM) – Geschäftsmodell: Wertversprechen

Hochwertige, langlebige Schwimmbadprodukte

Latham Group, Inc. meldete im Jahr 2022 einen Gesamtnettoumsatz von 592,4 Millionen US-Dollar Herstellung von Poolprodukten als Kerngeschäftsfeld.

Produktkategorie	Umsatzbeitrag	Marktanteil
Glasfaserpools	278,6 Millionen US-Dollar	42 % des gesamten Poolmarktes
Vinyl-Pools	213,8 Millionen US-Dollar	33 % des gesamten Poolmarktes

Innovative und technologisch fortschrittliche Poollösungen

Latham investierte im Jahr 2022 12,3 Millionen US-Dollar in Forschung und Entwicklung.

• Entwickelte SmartPool™-Technologie
• Implementierung von IoT-fähigen Poolüberwachungssystemen
• Erstellt energieeffiziente Lösungen für die Poolgestaltung

Umfassendes Sortiment an Poolausrüstung und Zubehör

Produktlinie	Jährliches Verkaufsvolumen	Durchschnittlicher Preispunkt
Poolfilter	87.500 Einheiten	$425
Poolpumpen	62.300 Einheiten	$650
Poolzubehör	145.000 Einheiten	$185

Anpassbare Optionen für die Poolgestaltung

Im Jahr 2022 wurden 127 einzigartige Pooldesignkonfigurationen angeboten.

• Benutzerdefinierte Formoptionen
• Mehrere Farbauswahlen
• Personalisierte Funktionsintegrationen

Zuverlässige und vertrauenswürdige Marke in der Poolbranche

Kennzahlen zur Marktführerschaft ab 2022:

Markenmetrik	Leistung
Bewertung der Kundenzufriedenheit	4.7/5
Wiederholungskundenpreis	68%
Bewertung der Branchenreputation	9.2/10

Latham Group, Inc. (SWIM) – Geschäftsmodell: Kundenbeziehungen

Direktvertriebsunterstützung

Seit dem vierten Quartal 2023 verfügt Latham Group, Inc. über ein Direktvertriebsteam von 78 professionellen Vertriebsmitarbeitern, die 42 Bundesstaaten der Vereinigten Staaten abdecken.

Vertriebskanal	Anzahl der Vertreter	Durchschnittliche Kundeninteraktionszeit
Verkauf von Wohnpools	52	2,3 Stunden pro Kunde
Verkauf von Gewerbepools	26	4,7 Stunden pro Kunde

Online-Kundenserviceplattformen

Die Latham Group betreibt eine digitale Kundenserviceplattform mit den folgenden Kennzahlen:

• Durchschnittliche Antwortzeit: 47 Minuten
• Lösungsrate für Online-Support-Tickets: 92,3 %
• Digitale Supportkanäle: Website, E-Mail, Live-Chat

Technischer Produktsupport

Zusammensetzung des technischen Supportteams ab 2024:

Support-Kategorie	Anzahl der Spezialisten	Jährliches Supportvolumen
Unterstützung bei der Produktinstallation	24	3.672 Support-Interaktionen
Technische Fehlerbehebung	18	2.946 technische Anfragen

Kundenschulung und -schulung

Kundenschulungsinitiativen im Jahr 2024:

• Online-Schulungswebinare: 36 Sitzungen jährlich
• Gesamtzahl der Teilnehmer an Schulungsprogrammen: 1.248
• Durchschnittliche Trainingsdauer: 1,5 Stunden pro Sitzung

Garantie und Kundendienst

Garantie- und Servicekennzahlen für 2024:

Garantietyp	Deckungszeitraum	Ansprüche bearbeitet
Standardproduktgarantie	10 Jahre	672 Anträge bearbeitet
Erweiterte Garantie	15 Jahre	248 Anträge bearbeitet

Latham Group, Inc. (SWIM) – Geschäftsmodell: Kanäle

E-Commerce-Website

Die E-Commerce-Plattform der Latham Group erwirtschaftete im Jahr 2022 Online-Umsätze in Höhe von 36,7 Millionen US-Dollar, was 12,4 % des Gesamtumsatzes des Unternehmens entspricht.

Online-Vertriebskanal	Umsatz (2022)	Prozentsatz des Gesamtumsatzes
Direkte E-Commerce-Plattform	36,7 Millionen US-Dollar	12.4%

Einzelhandelsgeschäfte für Heimwerkerbedarf

Die Latham Group vertreibt Produkte über große nationale Baumarkthändler.

• Home Depot: 42 % des Einzelhandelsvertriebs
• Lowe's: 33 % des Einzelhandelsverkaufs
• Menards: 15 % des Einzelhandelsverkaufs
• Andere regionale Einzelhändler: 10 % der Einzelhandelsverteilung

Fachhändler für Poolbedarf

Fachhändler	Marktdurchdringung
Leslies Poolzubehör	28 % des Spezialkanalumsatzes
Pool & Spa-Lager	22 % des Spezialkanalumsatzes
Unabhängige Poolhändler	50 % des Umsatzes über Spezialkanäle

Direktvertriebsteam

Die Latham Group unterhält eine Direktvertriebsteam von 87 professionellen Vertriebsmitarbeitern ab Q4 2022.

• Durchschnittlicher Umsatz pro Vertreter: 1,2 Millionen US-Dollar pro Jahr
• Geografische Abdeckung: 48 Staaten
• Konzentrieren Sie sich auf die Marktsegmente Gewerbe- und Privatpools

Digitale Marketingplattformen

Digitaler Marketingkanal	Jährliche Marketingausgaben	Conversion-Rate
Google-Anzeigen	2,1 Millionen US-Dollar	3.7%
Social-Media-Werbung	1,5 Millionen Dollar	2.9%
E-Mail-Marketing	$450,000	4.2%

Latham Group, Inc. (SWIM) – Geschäftsmodell: Kundensegmente

Eigentümer von Privatpools

Marktgröße: 10,4 Millionen Privatschwimmbäder in den Vereinigten Staaten im Jahr 2022.

Segmentmerkmale	Prozentsatz
Poolbesitzer von Einfamilienhäusern	68%
Besitzer von Luxuspools	22%
Besitzer von oberirdischen Pools	32%

Schwimmbadbauer

Gesamtzahl der Poolbauunternehmen in den USA: 49.273 (Stand 2023).

• Durchschnittlicher Jahresumsatz pro Poolunternehmer: 1,2 Millionen US-Dollar
• Anzahl der Poolunternehmer, die Latham-Produkte verwenden: Schätzungsweise 35 % des Marktes

Heimwerker-Enthusiasten

Gesamtwert des Heimwerkermarktes: 510 Milliarden US-Dollar im Jahr 2022.

Demographisch	Prozentsatz der Pool-bezogenen Projekte
Hausbesitzer im Alter von 35–54 Jahren	47%
Jährliche Ausgaben für die Poolrenovierung	3,2 Milliarden US-Dollar

Immobilienentwickler

Größe des Wohnungsbaumarkts: 770 Milliarden US-Dollar im Jahr 2023.

• Anteil der Neuentwicklungen inkl. Pools: 24 %
• Durchschnittliche Kosten für die Poolinstallation bei Neuentwicklungen: 55.000 $

Kommerzielle Poolanlagen

Gesamtmarktwert für gewerbliche Pools: 2,1 Milliarden US-Dollar im Jahr 2022.

Einrichtungstyp	Anzahl der Einrichtungen
Hotelpools	15,200
Gemeinde-Freizeitzentren	8,500
Wasserparks	1,100

Latham Group, Inc. (SWIM) – Geschäftsmodell: Kostenstruktur

Herstellungs- und Produktionskosten

Für das Geschäftsjahr 2023 meldete Latham Group, Inc. Gesamtherstellungskosten von 270,4 Millionen US-Dollar. Die Produktionskosten des Unternehmens setzen sich wie folgt zusammen:

Kostenkategorie	Betrag ($)
Rohstoffkosten	142,6 Millionen
Direkte Arbeit	65,8 Millionen
Fertigungsaufwand	62,0 Millionen

Forschungs- und Entwicklungsinvestitionen

Die Latham Group stellte im Jahr 2023 22,1 Millionen US-Dollar für Forschung und Entwicklung bereit, was 4,2 % des Gesamtumsatzes entspricht.

• Zu den Forschungs- und Entwicklungsschwerpunkten gehören Produktinnovationen für Pools und Outdoor-Leben
• Investition in fortschrittliche Fertigungstechnologien
• Produktdesign- und Materialverbesserungsinitiativen

Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebsausgaben beliefen sich im Jahr 2023 auf insgesamt 47,3 Millionen US-Dollar, was 9 % des Gesamtumsatzes des Unternehmens entspricht.

Kategorie der Marketingausgaben	Betrag ($)
Digitales Marketing	15,6 Millionen
Messe- und Eventmarketing	8,7 Millionen
Vergütung des Vertriebsteams	23,0 Millionen

Vertriebs- und Logistikkosten

Die Vertriebskosten für 2023 beliefen sich auf 38,5 Millionen US-Dollar, darunter:

• Transport und Versand: 24,2 Millionen US-Dollar
• Lagerbetrieb: 9,3 Millionen US-Dollar
• Fracht und Handling: 5,0 Millionen US-Dollar

Vergütung und Zusatzleistungen für Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2023 beliefen sich auf 89,6 Millionen US-Dollar.

Vergütungskategorie	Betrag ($)
Grundgehälter	62,4 Millionen
Leistungsprämien	12,8 Millionen
Leistungen und Versicherung	14,4 Millionen

Latham Group, Inc. (SWIM) – Geschäftsmodell: Einnahmequellen

Verkauf von Poolausrüstung

Im Geschäftsjahr 2023 meldete die Latham Group einen Umsatz mit Poolausrüstung in Höhe von 579,1 Millionen US-Dollar. Das Produktportfolio des Unternehmens umfasst:

• In den Boden eingelassene Pools
• Oberirdische Pools
• Pool-Kits

Produktkategorie	Umsatz (2023)	Marktanteil
Glasfaserpools	287,4 Millionen US-Dollar	49.6%
In den Boden eingelassene Betonbecken	194,6 Millionen US-Dollar	33.6%
Oberirdische Pools	97,1 Millionen US-Dollar	16.8%

Umsatzerlöse aus Zubehör und Ersatzteilen

Die Einnahmen aus Zubehör und Ersatzteilen beliefen sich im Jahr 2023 auf insgesamt 92,5 Millionen US-Dollar, was 15,9 % des gesamten Geräteumsatzes entspricht.

Zubehörkategorie	Einnahmen
Poolabdeckungen	27,3 Millionen US-Dollar
Filtrationssysteme	22,7 Millionen US-Dollar
Beleuchtung	18,5 Millionen US-Dollar
Sonstiges Zubehör	24,0 Millionen US-Dollar

Installations- und Servicegebühren

Die Installations- und Servicegebühren generierten im Jahr 2023 einen Umsatz von 134,6 Millionen US-Dollar, bei einer durchschnittlichen Servicegebühr von 3.250 US-Dollar pro Installation.

Abonnementbasierte Wartungsdienste

Abonnementwartungsdienste machten bei rund 12.500 aktiven Abonnenten einen wiederkehrenden Jahresumsatz von 45,3 Millionen US-Dollar aus.

Produktgarantieverlängerungen

Der Umsatz mit Garantieverlängerungen erreichte im Jahr 2023 23,7 Millionen US-Dollar, bei einem durchschnittlichen Verlängerungspreis von 475 US-Dollar pro Pool.

Garantietyp	Einnahmen	Durchschnittliche Dauer
Standardmäßige erweiterte Garantie	15,6 Millionen US-Dollar	3 Jahre
Erweiterte Premium-Garantie	8,1 Millionen US-Dollar	5 Jahre

Latham Group, Inc. (SWIM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Latham Group, Inc. (SWIM) products, grounded in the numbers from their recent performance through late 2025. These aren't abstract promises; they are measurable advantages in the pool industry.

Faster, Easier, and More Cost-Efficient Pool Installation (Fiberglass)

The shift toward fiberglass pools is a core value proposition, driven by tangible benefits in installation speed and long-term cost. Consumers are increasingly recognizing the advantages of fiberglass, such as cost-efficiency and fast and easy installation compared to traditional concrete pools. This preference is reflected in the sales mix; Latham fiberglass pool sales are on track to represent approximately 75% of the Company's full-year 2025 in-ground pool sales. Furthermore, the fiberglass category is gaining overall market traction, expected to represent approximately 24% of total U.S. in-ground pool sales in 2025. This focus on fiberglass helps contractors reduce on-site time and labor costs.

Broadest Lineup of Fiberglass Pool Configurations and Price Points

Latham Group maintains its market leadership by offering a wide array of options. While the exact number of configurations isn't public, the strategy centers on market penetration across different consumer needs. The success of this strategy is evident in the overall financial performance; for the six months ended in 2025, Net sales reached $284.1 million, with Gross margin expanding to 34.1%, partly due to higher volumes across the portfolio. The company's ability to serve a broad dealer and contractor network with diverse options underpins this volume.

Enhanced Pool Safety via Automatic Safety Covers (Coverstar)

Safety is a major driver for autocover adoption. Latham Group's autocovers are valued for their unparalleled safety benefits and their ability to significantly reduce operational costs. The financial impact of integrating Coverstar is clear: Organic growth in autocovers, combined with the Coverstar acquisitions, drove a 46% increase in cover sales for the second quarter of 2025. To illustrate the cost-efficiency, these autocovers can effectively pay for themselves within four to five years by cutting down on water evaporation, energy use, and chemical consumption. This provides a concrete financial return on the safety investment.

Industry-Leading Lead Times for Vinyl Liners and Safety Covers

Reliability in supply chain and manufacturing translates directly into customer satisfaction for replacement parts. Latham Group has seen continued strong momentum in the replacement liner business, which increased 6% year-over-year in the second quarter of 2025, directly attributed to their industry-leading lead times. This is supported by the increasing adoption of Measure by Latham, their proprietary AI-powered tool, which streamlines the measurement and installation process for both liners and covers, helping maintain this speed advantage.

Eco-Friendly and Low-Maintenance Pool Solution

The environmental and upkeep benefits of fiberglass pools are a key part of the value proposition. Consumers are attracted to the eco-friendly aspects of fiberglass when contrasting it with concrete pools. Additionally, the low maintenance requirement of fiberglass systems reduces the ongoing time and chemical commitment for pool owners. This aligns with the cost-saving aspect of the autocovers, which reduce chemical usage, further enhancing the low-effort ownership experience.

Here's a quick look at the performance metrics supporting these value drivers as of the third quarter of 2025:

Metric	Value/Percentage	Period/Context
Fiberglass Pool Sales Mix (of In-Ground Sales)	Approx. 75%	Full Year 2025 Projection
Cover Sales Growth (Y/Y)	46% Increase	Q2 2025 (Driven by Autocovers/Coverstar)
Replacement Liner Sales Growth (Y/Y)	6% Increase	Q2 2025
Gross Margin	34.1%	Six Months Ended Q2 2025
Autocover Payback Period	Four to five years	Cost Savings via Evaporation/Energy Reduction

The company's focus on these areas is clearly paying off in their financial results. For instance, the gross margin expansion to 34.1% in the first half of 2025, up from 30.9% in the prior year period, shows that these product advantages are translating into better profitability through higher volumes and margin benefits from acquisitions like Coverstar.

• Fiberglass pools account for 75% of in-ground pool sales.
• Autocover sales growth was 46% in Q2 2025.
• Liner sales grew 6% in Q2 2025, aided by lead times.
• Gross Margin reached 34.1% for the first six months of 2025.

Latham Group, Inc. (SWIM) - Canvas Business Model: Customer Relationships

You're looking at how Latham Group, Inc. (SWIM) keeps its customers-the dealers and builders-loyal and how it drives demand from the end-user. It's a classic channel-focused approach, but with significant digital muscle behind it, especially targeting those high-growth areas.

Dealer-centric model with strong support programs

Latham Group, Inc. operates on a foundation that heavily favors its professional pool builders. They position themselves as partners, not just suppliers, making sure the dealer network feels supported every step of the way. This isn't just talk; they back it up with tangible resources designed to make the dealer's business more profitable and easier to run.

The support structure is comprehensive, aiming to ensure you sell more pools when you're selling Latham pools. This relationship is critical because Latham holds the number one market share in every subcategory it competes in, meaning dealers are aligning with the market leader.

Here's a snapshot of the support Latham Group, Inc. offers its dealer network:

• Unmatched support and essential resources.
• Comprehensive factory training programs and hands-on boot camps.
• Technical support and installation assistance.
• Product literature and co-branded marketing materials.

A key tool supporting dealer efficiency is the proprietary measuring tool, Measure by Latham. This system integrates with their order entry, letting dealers generate real-time quotes and track orders seamlessly. In the first quarter of 2025, we saw that almost half the dealers who purchased this tool were new to Latham, showing it's a powerful acquisition magnet for the dealer base itself.

Targeted direct-to-consumer marketing to generate dealer leads

The company doesn't just wait for dealers to bring in business; it actively generates pull-through demand. This is where the marketing spend comes in, directly aimed at homeowners to drive them to the local Latham dealer. Management has been ramping up these outlays as part of their growth initiatives.

For the first nine months of 2025, Selling, General & Administrative (SG&A) expenses reached $91.1 million, an increase of 12.3% from the prior-year period, largely due to investment in these sales and marketing efforts. This investment is clearly targeted, especially in the high-growth Sand States markets like Florida and Texas, which represent the majority of new pool starts.

The results from these targeted programs are concrete:

Metric	Performance (Year-to-Date 2025)	Source of Growth
Increase in Leads to Dealers	18%	Targeted marketing programs for fiberglass pools.
Increase in Consumer Website Sessions	34%	Digital engagement driving awareness.
Fiberglass Pool Sales Share (Projected FY2025)	Approximately 75% of in-ground pool sales.	Consumer adoption of fiberglass advantages.

Dedicated sales teams for dealer and builder engagement

To execute the Sand State strategy and support the dealer network, Latham Group, Inc. deploys dedicated personnel. They are actively partnering with top-performing pool dealers to expand their footprint, particularly within Master Planned Communities (MPCs) in Florida and Texas.

This engagement isn't just about selling fiberglass pools; it's about ensuring product alignment with market demand, which includes pushing automatic covers. The company's strategy is built on increasing awareness and adoption of fiberglass pools and autocovers. The focus on personnel investment is reflected in the SG&A figures, which climbed to $31.9 million in the third quarter year-over-year, partly due to increased spending on sales and marketing personnel.

The sales teams are tasked with converting installers who face workforce shortages. Fiberglass installation allows them to install six pools in the time it takes to build one concrete pool, using two to three fewer workers, a strong selling point for the sales force.

Brand building through digital engagement and safety campaigns

Brand building is heavily weighted toward digital channels and specific messaging that highlights product benefits. A notable example is the active "GOOTSA" (Get Out of the Stone Age) ad campaign running in key Sand States markets.

The brand narrative emphasizes the advantages of fiberglass pools-cost-efficiency, fast installation, and low maintenance-compared to traditional concrete pools. Furthermore, the company is sponsoring a wide range of community events to boost consumer awareness. The engagement focus is clear: Latham Group, Inc. continues to lead the industry in brand visibility.

The PR strategy, managed by their agency of record, includes media relations, thought leadership, and influencer collaboration to amplify the brand story.

Transactional for replacement products like liners and covers

While large pool installations are project-based, the relationship for replacement products like liners and covers is more transactional, though still supported by dealer tools. These segments provide consistent, recurring revenue streams.

The company saw positive momentum across all product lines in the third quarter of 2025. Specifically for covers, sales increased by 15% year-over-year, with a meaningful portion coming from organic growth in auto covers, bolstered by recent acquisitions like Coverstar Central.

Here are the Q1 2025 sales figures for these replacement/component categories (in thousands of USD):

Product Category	Net Sales (Q1 2025, in thousands)
Covers	$31,611
Liners	$22,075

The 'Measure by Latham' tool is also designed to help expand market share specifically in liners and covers, suggesting a push to digitize and streamline these transactional sales for dealers.

Latham Group, Inc. (SWIM) - Canvas Business Model: Channels

You're looking at how Latham Group, Inc. gets its products-in-ground pools, covers, and liners-to the end customer as of late 2025. The structure relies heavily on a broad network, but they are pushing specific product lines through targeted routes.

Extensive network of independent pool dealers and builders

This is the backbone of the business, especially for the core in-ground pool sales. While the exact number of active dealers in 2025 isn't public in the latest reports, the company has historically focused on growing and leveraging this base. For context on the scale of their dealer engagement, in 2023, Latham Group had approximately 300 fiberglass grand dealers selling at least 5 pools. Latham Group holds the #1 market position in North America in every product category in which it competes.

The channel strategy is clearly focused on driving adoption of higher-value products through this network. For instance, in the third quarter of 2025, the covers segment showed strong year-on-year growth of 15%, and liners grew by 13%, indicating successful push through these established dealer relationships.

The scale of the overall operations platform supporting this network includes approximately 1,850 employees across about 30 locations as of August 2025, which helps service this extensive dealer base.

Direct sales force for custom home builders

The focus here is on capturing volume in new construction, particularly in high-growth areas. Management noted positive momentum in the Sand States, which account for approximately two-thirds of new U.S. in-ground pool starts annually. Specifically, year-to-date in 2025, their Florida sales increased at a high single-digit rate, suggesting the direct sales or builder-focused channel is gaining traction in key master planned communities (MPCs) there.

E-commerce and company website for consumer lead generation

While direct sales figures from e-commerce aren't itemized, the company invests in digital tools to support the sales process, which feeds the dealer network. A concrete example of this digital enablement is the success of the Measure by Latham tool for liners, which was cited as a contributor to liner sales growth in Q3 2025.

The overall revenue context for 2025 is significant, with the company narrowing its full-year net sales guidance to a range of $540 million to $550 million, with a midpoint of $545 million, representing 7% year-over-year growth.

Retail distribution for replacement products

This channel primarily supports the liners and covers segments, which are replacement-oriented. The strong growth in these product lines suggests effective retail or replacement channel performance. In Q3 2025, the covers segment sales were up 15% and liners were up 13% year-on-year. This performance is a direct indicator of the strength in channels moving replacement and accessory products.

International operations in Australia and New Zealand

Latham Group, Inc. explicitly markets itself as operating in North America, Australia, and New Zealand. While specific revenue breakdowns for these international segments are not provided in the latest earnings summaries, the geographic footprint is a stated component of the business model. The company's total trailing twelve months revenue ending September 27, 2025, was $533.24 Million USD, which encompasses all geographic sales.

Here is a summary of the financial scale relevant to the overall channel performance in late 2025:

Metric	Value (As of Late 2025 Data)
Full Year 2025 Net Sales Guidance Midpoint	$545 Million USD
Trailing Twelve Months Revenue (TTM ending Sep 27, 2025)	$533.24 Million USD
Q3 2025 Net Sales	$161.9 Million USD
Q3 2025 Covers Sales Growth (YoY)	15%
Q3 2025 Liners Sales Growth (YoY)	13%
Estimated U.S. Pool Starts in Sand States	Approximately two-thirds of total

The company's strategy is clearly weighted toward outperforming the flat U.S. in-ground pool market by driving adoption of fiberglass pools through its channels. Fiberglass pools are on track to represent approximately 75% of Latham Group's own full-year 2025 in-ground pool sales.

You should track the Q4 2025 results, expected around March 2026, to see if the full-year guidance of $540 million to $550 million was achieved, as this will confirm the effectiveness of these combined channels.

Latham Group, Inc. (SWIM) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Latham Group, Inc. (SWIM) as of late 2025. Honestly, the customer base is a mix of professionals who build the pools and the homeowners who ultimately use them, with a heavy strategic tilt toward specific high-growth areas.

The primary channel for Latham Group, Inc. (SWIM) is the professional installer, which is clear when you see that the top ten dealer and distributor relationships accounted for 42.8% of net sales in 2024. This group includes the independent pool dealers and builders who are the gatekeepers to new construction.

The company is intensely focused on the consumers in high-growth Sand States (Florida, Texas, Arizona, California). This focus is strategic because these four states accounted for approximately two-thirds of U.S. new in-ground pool starts in 2024. Latham Group, Inc. (SWIM) is actively targeting Master Planned Communities (MPCs) in Florida and Texas, where up to 80% of new homes include a pool, according to past management estimates.

The segments are also defined by the product they buy, which points directly to residential homeowners seeking new in-ground pools, particularly those opting for fiberglass. Fiberglass pools are expected to gain another 1% of market share in the total U.S. in-ground pool sector in 2025, representing approximately 24% of all new installations.

Another key segment is existing pool owners needing replacement liners and covers. This replacement market is showing strong growth for Latham Group, Inc. (SWIM). For the third quarter of 2025, covers sales were up 15% year-over-year, and liners sales were up 13% year-over-year. To give you a concrete example from Q2 2025, pool cover sales hit $37.2 million, up from $25.5 million in Q2 2024.

The focus on custom home builders in master-planned communities ties directly into the Sand States strategy. The company is making specific capital expenditure investments, revising its 2025 CapEx estimate to a range of $22 million to $24 million, partly for developing new fiberglass pool models tailored to these Sand State markets.

Here's a quick look at how the Sand States focus relates to the company's product strength:

Metric	Value/Percentage
Sand States Share of U.S. New Pool Starts (2024 Estimate)	Approximately two-thirds
Latham's Fiberglass Pool Sales Share in Sand States (2024)	Approximately 17%
Latham's Fiberglass Pool Sales Share of Total In-Ground Pool Sales (2024)	75%
Expected Fiberglass Pool Market Share of Total U.S. In-Ground Pools (2025 Estimate)	Approximately 24%

The customer base also includes those buying specific high-margin components:

• Consumers valuing safety and water savings driving Autocovers adoption.
• Homeowners needing replacement Liners, with Q1 2025 liner sales at $22 million.
• Dealers purchasing fiberglass pools, which accounted for 75% of Latham's in-ground pool sales in 2024.

The overall market context is that while Latham Group, Inc. (SWIM) is targeting 7% net sales growth for 2025 (reaching a midpoint of $545 million), the broader U.S. in-ground pool market is expected to be flat to slightly below 2024 levels. This means the customer segments Latham Group, Inc. (SWIM) targets are actively choosing their products over the general market.

Latham Group, Inc. (SWIM) - Canvas Business Model: Cost Structure

You're looking at the expense side of the equation for Latham Group, Inc. as of late 2025, which is heavily influenced by manufacturing scale and aggressive market expansion. The cost structure is clearly segmented across production, overhead for growth, and balance sheet obligations.

Cost of Goods Sold (COGS) for Manufacturing and Raw Materials

The cost tied directly to making the pools and covers is substantial, reflecting raw material inputs and factory operations. For the nine months ended September 27, 2025, Net Sales reached $446.0 million. This translated to a Gross Profit of $154.2 million, which means the Cost of Goods Sold (COGS) for that period was approximately $291.8 million. The gross margin improved to 34.6%, up from 31.4% in the prior-year period, driven by production efficiencies and value engineering initiatives.

Here's a quick look at the nine-month performance driving the COGS:

Metric (Nine Months Ended Q3 2025)	Amount (USD)	Change vs. Prior Year
Net Sales	$446.0 million	Up 5.9%
Gross Profit	$154.2 million	Up 16.5%
Gross Margin	34.6%	Expanded by 320 basis points
Inferred COGS	$291.8 million	N/A

Selling, General, and Administrative (SG&A) Expenses for Growth Initiatives

SG&A spend reflects the company's commitment to strengthening its market position, which includes overhead for new systems and personnel. For the first nine months of 2025, Selling, General, and Administrative expenses totaled $91.1 million. This was an increase of $9.9 million, or 12.3%, compared to the $81.2 million reported in the prior-year period. This increase was explicitly tied to investments supporting strategic growth.

Investments in Marketing to Drive Fiberglass Adoption

A key component of that rising SG&A is the dedicated spend on marketing to push fiberglass adoption, which is a major strategic focus for Latham Group, Inc. These investments are designed to drive share gains against other pool types. The increased SG&A included:

• Investment in sales and marketing efforts to further strengthen market position.
• Investments in new ERP infrastructure.
• Inclusion of Coverstar Central-related overhead.

Capital Expenditures (CapEx)

Capital spending is necessary for facility improvements and new product development, especially for fiberglass expansion into new regions. While the initial full-year 2025 guidance anticipated CapEx around $30 million at the midpoint, the company revised this outlook later in the year. The updated estimate for full-year 2025 CapEx is a range of $22 million to $24 million. For the first nine months of 2025, capital expenditures totaled $16.2 million, with the third quarter alone accounting for $5.8 million. If onboarding takes 14+ days, churn risk rises, but here the CapEx is focused on building capacity.

Debt Servicing Costs on Total Debt

The cost of capital structure maintenance is a fixed drain on cash flow, tied to the outstanding borrowings. As of the end of the third quarter of 2025, Latham Group, Inc. reported Total Debt of $281.1 million. This figure represented a net debt leverage ratio improvement to 2.3, down from 3.0 in the second quarter of 2025, with an expectation to approach 2 by year-end. The actual debt servicing costs (interest expense) for the period are part of the overall operating costs, but the principal liability figure is $281.1 million.

Latham Group, Inc. (SWIM) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for Latham Group, Inc. as of late 2025, focusing on where the money actually comes from. Honestly, the numbers from the first nine months of the year give you a clear picture of the core business drivers.

For the nine months ended September 27, 2025, Latham Group, Inc. reported Net sales of $446.0 million. That represents a 5.9% increase compared to the same period last year. On the profitability front for that same nine-month period, the company generated Adjusted EBITDA of $89.4 million, which translated to an Adjusted EBITDA margin of 20.0%. To be fair, the third quarter itself showed even stronger margin performance, hitting 23.7% Adjusted EBITDA margin for the quarter.

The revenue streams are clearly segmented across the pool lifecycle, from initial installation to ongoing maintenance components. Here's a quick look at how the major product categories contributed to the nine-month sales, using the latest reported figures for the first three quarters:

Revenue Stream Component	Nine Months Ended September 27, 2025 (in thousands)	Notes
In-ground Swimming Pools Total	$211,711	This is the largest single component of the reported net sales.
Covers and Liners (Combined)	Calculated from Total Net Sales minus In-ground Pools	Specific combined figure not explicitly broken out for nine months, but Q3 showed strong growth.

The Sales of Fiberglass In-Ground Pools represent the bedrock of the installation revenue. Management commentary suggests that fiberglass pools remain on track to account for approximately 75% of the full-year 2025 in-ground pool sales. This focus on fiberglass is a strategic revenue driver, given its perceived advantages in installation speed and maintenance.

The other key revenue streams are heavily weighted toward accessories and the aftermarket, which is defintely important for recurring or replacement business. Both of these categories showed significant momentum in the third quarter of 2025:

• Sales of Automatic Safety Covers and components (Coverstar): Sales for this category showed strong year-on-year growth in the third quarter, specifically increasing by 15%. This stream benefits from recent acquisitions, like Coverstar Central.
• Sales of Vinyl Liners and Safety Covers (replacement market): This segment, which captures the replacement market, also saw considerable strength, with sales up 13% year-over-year in the third quarter.

It's worth noting that in the third quarter, all three product lines-in-ground pools, covers, and liners-experienced year-over-year growth. That diversification helps smooth out any softness in the new pool starts market, which the company expected to be flat to slightly down for 2025.

Finance: draft 13-week cash view by Friday.