Latham Group, Inc. (SWIM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Latham Group, Inc. (Swim), una potencia en la industria de las piscinas que ha revolucionado cómo pensamos sobre las experiencias acuáticas del patio trasero. Esta empresa dinámica transforma la fabricación y el diseño del grupo a través de un enfoque estratégico que combina tecnología de vanguardia, ofertas integrales de productos y una comprensión profunda de las necesidades del cliente. Desde propietarios de piscinas residenciales hasta instalaciones comerciales, Latham Group ha creado un modelo de negocio que va más allá de las simples ventas de productos, creando un ecosistema holístico de soluciones de piscinas que los distingue en un mercado competitivo.

Latham Group, Inc. (Swim) - Modelo de negocios: asociaciones clave

Fabricantes y proveedores de equipos de piscina

Latham Group mantiene asociaciones estratégicas con fabricantes de equipos de piscina clave para apoyar su ecosistema de productos.

Pareja	Enfoque de asociación	Valor anual estimado
Industrias de Hayward	Sistemas de filtración de piscina	$ 42.5 millones
Pentair	Bombas y accesorios de la piscina	$ 35.7 millones
Sistemas de piscina del zodiaco	Equipo de limpieza de piscinas	$ 28.3 millones

Distribuidores minoristas

Latham Group aprovecha las asociaciones con importantes minoristas de mejoras para el hogar para la distribución de productos.

• Home Depot: red de distribución que cubre 2.300 tiendas
• Lowe's: Red de distribución que cubre 1,970 tiendas
• Ingresos anuales de asociación minorista anual: $ 187.6 millones

Contratistas de construcción e instalación de piscinas

Las asociaciones estratégicas con redes de instalación profesional admiten la penetración del mercado de Latham.

Red de contratistas	Número de contratistas	Volumen de instalación anual
Contratistas independientes	3,750	12,500 instalaciones de la piscina
Empresas de instalación de piscinas regionales	620	4.800 instalaciones de piscina

Proveedores de servicios de mejoras y paisajismo del hogar

Las asociaciones colaborativas extienden el alcance del mercado de Latham en segmentos de mejoras para el hogar.

• Asociaciones de compañías de paisajismo: 890
• Proveedores de servicios de mejoras para el hogar: 1.250
• Ingresos colaborativos anuales: $ 63.4 millones

Latham Group, Inc. (Swim) - Modelo de negocio: actividades clave

Natación de la piscina y la fabricación de accesorios de piscina

Latham Group, Inc. fabricó 85,000 grupos en 2022, con una capacidad de producción total de aproximadamente 100,000 unidades anuales. La compañía opera instalaciones de fabricación en múltiples ubicaciones en los Estados Unidos.

Métrico de fabricación	Datos 2022
Piscinas totales fabricadas	85,000
Capacidad de producción anual	100,000 unidades
Instalaciones de fabricación	Múltiples ubicaciones de EE. UU.

Diseño e innovación de productos

Latham Group invirtió $ 12.3 millones en investigación y desarrollo en 2022, centrándose en el diseño y la tecnología innovadores de la piscina.

• Gasto de I + D: $ 12.3 millones en 2022
• Áreas de enfoque de diseño: piscinas de fibra de vidrio, accesorios innovadores de piscinas
• Solicitudes de patentes: 7 nuevas patentes de diseño presentadas en 2022

Ventas y marketing de productos relacionados con la piscina

La compañía generó $ 678.3 millones en ventas netas para el año fiscal 2022, con un equipo de ventas dedicado de aproximadamente 250 profesionales.

Métrico de ventas	Datos 2022
Ventas netas totales	$ 678.3 millones
Tamaño del equipo de ventas	250 profesionales
Gasto de marketing	$ 24.5 millones

Gestión de distribución y logística

Latham Group mantiene una red de 12 centros de distribución en los Estados Unidos, atendiendo a aproximadamente 1,200 distribuidores y minoristas.

• Centros de distribución: 12 ubicaciones
• Red de distribuidores: 1.200 distribuidores y minoristas
• Gastos de logística anual: $ 45.6 millones

Servicio al cliente y soporte

La compañía opera un equipo de atención al cliente de 175 profesionales, manejando aproximadamente 50,000 interacciones de clientes anualmente.

Métrica de servicio al cliente	Datos 2022
Tamaño del equipo de soporte	175 profesionales
Interacciones anuales del cliente	50,000
Gasto de atención al cliente	$ 8.7 millones

Latham Group, Inc. (Swim) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

Latham Group opera instalaciones de fabricación con las siguientes especificaciones:

Ubicación	Tamaño de la instalación	Capacidad de producción anual
Newnan, Georgia	185,000 pies cuadrados	300,000 unidades de piscina anualmente
Riverside, California	140,000 pies cuadrados	250,000 unidades de piscina anualmente

Diseño de piscina e experiencia en ingeniería patentada

Las capacidades clave de ingeniería incluyen:

• 12 patentes activas en tecnología de fabricación de piscinas
• 32 ingenieros de diseño senior en el personal
• Más de $ 8.2 millones invertidos en I + D en 2023

Reputación de marca fuerte

Métricas de marca a partir de 2023:

• Cuota de mercado: 38% en equipos de piscina residencial
• Reconocimiento de la marca: 67% entre los contratistas de la piscina
• Tasa de lealtad del cliente: 82%

Cartera integral de productos

Categoría de productos	Número de skus	Ingresos anuales
Piscinas de fibra de vidrio	42 modelos	$ 187.3 millones
Accesorios para la piscina	126 SKUS	$ 64.5 millones

Fuerza laboral calificada y experiencia técnica

Composición de la fuerza laboral:

• Total de empleados: 1.124
• Trabajadores de fabricación: 672
• Personal de ingeniería: 86
• Promedio de la tenencia del empleado: 7.3 años

Latham Group, Inc. (Swim) - Modelo de negocio: propuestas de valor

Productos de piscina duraderos y de alta calidad

Latham Group, Inc. reportó ventas netas totales de $ 592.4 millones en 2022, con fabricación de productos de piscina como un segmento comercial central.

Categoría de productos	Contribución de ingresos	Cuota de mercado
Piscinas de fibra de vidrio	$ 278.6 millones	42% del mercado total de billar
Piscinas de vinilo	$ 213.8 millones	33% del mercado total de billar

Soluciones de piscinas innovadoras y tecnológicamente avanzadas

Latham invirtió $ 12.3 millones en investigación y desarrollo en 2022.

• Tecnología desarrollada SmartPool ™
• Sistemas de monitoreo de piscina habilitados para IoT implementados
• Soluciones de diseño de piscina de eficiencia energética creada

Gama integral de equipos y accesorios de la piscina

Línea de productos	Volumen de ventas anual	Precio promedio
Filtros de piscina	87,500 unidades	$425
Bombas de piscina	62,300 unidades	$650
Accesorios para la piscina	145,000 unidades	$185

Opciones de diseño de piscina personalizables

Ofreció 127 configuraciones únicas de diseño de piscinas en 2022.

• Opciones de forma personalizadas
• Selecciones de color múltiples
• Integraciones de características personalizadas

Marca confiable y confiable en la industria de billar

Métricas de liderazgo del mercado a partir de 2022:

Métrico de marca	Actuación
Calificación de satisfacción del cliente	4.7/5
Tarifa de cliente repetida	68%
Puntaje de reputación de la industria	9.2/10

Latham Group, Inc. (Swim) - Modelo de negocios: relaciones con los clientes

Soporte de ventas directo

A partir del cuarto trimestre de 2023, Latham Group, Inc. mantiene un equipo de ventas directo de 78 representantes de ventas profesionales que cubren 42 estados en los Estados Unidos.

Canal de ventas	Número de representantes	Tiempo promedio de interacción con el cliente
Ventas de piscinas residenciales	52	2.3 horas por cliente
Ventas de piscinas comerciales	26	4.7 horas por cliente

Plataformas de servicio al cliente en línea

Latham Group opera una plataforma de servicio al cliente digital con las siguientes métricas:

• Tiempo de respuesta promedio: 47 minutos
• Tasa de resolución de boletos de soporte en línea: 92.3%
• Canales de soporte digital: sitio web, correo electrónico, chat en vivo

Soporte de productos técnicos

Composición del equipo de soporte técnico a partir de 2024:

Categoría de apoyo	Número de especialistas	Volumen de soporte anual
Soporte de instalación de productos	24	3.672 interacciones de soporte
Solución de problemas técnicos	18	2,946 consultas técnicas

Educación y capacitación del cliente

Iniciativas de educación del cliente en 2024:

• Webinarios web de capacitación en línea: 36 sesiones anualmente
• Total de participantes en programas de capacitación: 1.248
• Duración promedio de capacitación: 1.5 horas por sesión

Garantía y servicio postventa

Garantía y métricas de servicio para 2024:

Tipo de garantía	Período de cobertura	Reclamaciones procesadas
Garantía de producto estándar	10 años	672 reclamos procesados
Garantía extendida	15 años	248 reclamos procesados

Latham Group, Inc. (Swim) - Modelo de negocio: canales

Sitio web de comercio electrónico

La plataforma de comercio electrónico de Latham Group generó $ 36.7 millones en ventas en línea en 2022, lo que representa el 12.4% de los ingresos totales de la compañía.

Canal de ventas en línea	Ingresos (2022)	Porcentaje de ingresos totales
Plataforma directa de comercio electrónico	$ 36.7 millones	12.4%

Tiendas minoristas de mejoras para el hogar

Latham Group distribuye productos a través de los principales minoristas nacionales de mejoras para el hogar.

• Home Depot: 42% de la distribución de tiendas minoristas
• Lowe's: 33% de la distribución de tiendas minoristas
• Menards: 15% de la distribución de tiendas minoristas
• Otros minoristas regionales: 10% de la distribución de tiendas minoristas

Minoristas especializados de suministros de piscina

Minorista especializado	Penetración del mercado
Suministros de la piscina de Leslie	28% de las ventas de canales especializados
Piscina & Almacén de spa	22% de las ventas de canales especializados
Minoristas de piscinas independientes	50% de las ventas de canales especializados

Equipo de ventas directas

Latham Group mantiene un Fuerza de ventas directa de 87 representantes de ventas profesionales A partir del cuarto trimestre 2022.

• Ventas promedio por representante: $ 1.2 millones anuales
• Cobertura geográfica: 48 estados
• Centrarse en segmentos de mercado de piscinas comerciales y residenciales

Plataformas de marketing digital

Canal de marketing digital	Gasto de marketing anual	Tasa de conversión
Ads de Google	$ 2.1 millones	3.7%
Publicidad en las redes sociales	$ 1.5 millones	2.9%
Marketing por correo electrónico	$450,000	4.2%

Latham Group, Inc. (Swim) - Modelo de negocio: segmentos de clientes

Propietarios de piscinas residenciales

Tamaño del mercado: 10.4 millones de piscinas residenciales en los Estados Unidos a partir de 2022.

Características de segmento	Porcentaje
Propietarios de piscinas caseras unifamiliares	68%
Propietarios de piscinas de lujo	22%
Propietarios de piscinas sobre el suelo	32%

Contratistas de piscina

Número total de negocios de construcción de piscinas en los EE. UU.: 49,273 a partir de 2023.

• Ingresos anuales promedio por contratista de piscina: $ 1.2 millones
• Número de contratistas de piscinas que utilizan productos Latham: estimado del 35% del mercado

Entusiastas de las mejoras del hogar

Valor de mercado total de mejoras para el hogar: $ 510 mil millones en 2022.

Demográfico	Porcentaje de proyectos relacionados con la piscina
Propietarios de viviendas de 35 a 54 años	47%
Gasto anual de renovación de piscinas	$ 3.2 mil millones

Desarrolladores inmobiliarios

Tamaño del mercado de construcción residencial: $ 770 mil millones en 2023.

• Porcentaje de nuevos desarrollos, incluidos los grupos: 24%
• Costo promedio de instalación de la piscina en nuevos desarrollos: $ 55,000

Instalaciones de piscinas comerciales

Valor de mercado total de la piscina comercial: $ 2.1 mil millones en 2022.

Tipo de instalación	Número de instalaciones
Piscinas de hotel	15,200
Centros de recreación comunitaria	8,500
Parques acuáticos	1,100

Latham Group, Inc. (Swim) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

Para el año fiscal 2023, Latham Group, Inc. reportó costos totales de fabricación de $ 270.4 millones. Los gastos de producción de la compañía se descomponen de la siguiente manera:

Categoría de costos	Monto ($)
Costos de materia prima	142.6 millones
Trabajo directo	65.8 millones
Sobrecarga de fabricación	62.0 millones

Inversiones de investigación y desarrollo

Latham Group asignó $ 22.1 millones a la investigación y el desarrollo en 2023, lo que representa el 4.2% de los ingresos totales.

• Las áreas de enfoque de I + D incluyen innovación de productos para la piscina y la vida al aire libre
• Inversión en tecnologías de fabricación avanzada
• Iniciativas de diseño de productos y mejora de materiales

Gastos de marketing y ventas

Los gastos de marketing y ventas para 2023 totalizaron $ 47.3 millones, lo que representa el 9% de los ingresos totales de la compañía.

Categoría de gastos de marketing	Monto ($)
Marketing digital	15.6 millones
Marketing de ferias comerciales y eventos	8.7 millones
Compensación del equipo de ventas	23.0 millones

Costos de distribución y logística

Los gastos de distribución para 2023 fueron de $ 38.5 millones, que incluyen:

• Transporte y envío: $ 24.2 millones
• Operaciones de almacén: $ 9.3 millones
• Flete y manejo: $ 5.0 millones

Compensación y beneficios de los empleados

Los gastos totales relacionados con los empleados para 2023 ascendieron a $ 89.6 millones.

Categoría de compensación	Monto ($)
Salarios base	62.4 millones
Bonos de rendimiento	12.8 millones
Beneficios y seguro	14.4 millones

Latham Group, Inc. (Swim) - Modelo de negocio: Fleunas de ingresos

Ventas de equipos de piscina

En el año fiscal 2023, Latham Group informó ingresos por ventas de equipos de piscina de $ 579.1 millones. La cartera de productos de la compañía incluye:

• Piscinas
• Piscinas sobre el suelo
• Kits de piscina

Categoría de productos	Ingresos (2023)	Cuota de mercado
Piscinas de fibra de vidrio	$ 287.4 millones	49.6%
Piscinas de concreto en el suelo	$ 194.6 millones	33.6%
Piscinas sobre el suelo	$ 97.1 millones	16.8%

Ingresos de accesorios y piezas de reemplazo

Los ingresos por parte de accesorios y de reemplazo para 2023 totalizaron $ 92.5 millones, lo que representa el 15.9% de las ventas totales de equipos.

Categoría de accesorio	Ganancia
Cubiertas de piscina	$ 27.3 millones
Sistemas de filtración	$ 22.7 millones
Iluminación	$ 18.5 millones
Otros accesorios	$ 24.0 millones

Tarifas de instalación y servicio

Las tarifas de instalación y servicio generaron $ 134.6 millones en ingresos durante 2023, con una tarifa de servicio promedio de $ 3,250 por instalación.

Servicios de mantenimiento basados ​​en suscripción

Los servicios de mantenimiento de suscripción representaron $ 45.3 millones en ingresos anuales recurrentes, con aproximadamente 12,500 suscriptores activos.

Extensiones de garantía del producto

Las ventas de extensión de garantía alcanzaron los $ 23.7 millones en 2023, con un precio de extensión promedio de $ 475 por grupo.

Tipo de garantía	Ganancia	Duración promedio
Garantía extendida estándar	$ 15.6 millones	3 años
Garantía extendida premium	$ 8.1 millones	5 años

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.