Latham Group, Inc. (Swim): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant de Latham Group, Inc. (Swim), une puissance de l'industrie de la piscine qui a révolutionné la façon dont nous pensons aux expériences aquatiques d'arrière-cour. Cette entreprise dynamique transforme la fabrication et la conception de piscines à travers une approche stratégique qui mélange la technologie de pointe, les offres de produits complètes et une compréhension approfondie des besoins des clients. Des propriétaires de piscines résidentiels aux installations commerciales, Latham Group a conçu un modèle commercial qui va au-delà de simples ventes de produits, créant un écosystème holistique de solutions de pool qui les distinguent sur un marché concurrentiel.

Latham Group, Inc. (Swim) - Modèle commercial: partenariats clés

Fabricants et fournisseurs d'équipements de piscine

Latham Group maintient des partenariats stratégiques avec les principaux fabricants d'équipements de piscine pour soutenir son écosystème de produit.

Partenaire	Focus de partenariat	Valeur annuelle estimée
Hayward Industries	Systèmes de filtration de pool	42,5 millions de dollars
Pentair	Pompes et accessoires de piscine	35,7 millions de dollars
Systèmes de piscine zodiaque	Équipement de nettoyage de piscine	28,3 millions de dollars

Distributeurs de détail

Latham Group tire parti des partenariats avec les principaux détaillants de rénovation pour la distribution de produits.

• Home Depot: réseau de distribution couvrant 2 300 magasins
• Lowe's: Réseau de distribution couvrant 1 970 magasins
• Revenus de partenariat annuel total: 187,6 millions de dollars

Contracteurs de construction et d'installation de la piscine

Les partenariats stratégiques avec les réseaux d'installation professionnels soutiennent la pénétration du marché de Latham.

Réseau d'entrepreneurs	Nombre d'entrepreneurs	Volume d'installation annuel
Entrepreneurs indépendants	3,750	12 500 installations de piscine
Sociétés d'installation de piscine régionale	620	4 800 installations de piscine

Fournisseurs de services de rénovation et d'aménagement paysager

Les partenariats collaboratifs étendent la portée du marché de Latham dans les segments d'amélioration de la maison.

• Partenariats des sociétés d'aménagement paysager: 890
• Fournisseurs de services de rénovation domiciliaire: 1 250
• Revenus collaboratifs annuels: 63,4 millions de dollars

Latham Group, Inc. (Swim) - Modèle d'entreprise: Activités clés

Piscine et fabrication d'accessoires de piscine

Latham Group, Inc. a fabriqué 85 000 pools en 2022, avec une capacité de production totale d'environ 100 000 unités par an. La société exploite des installations de fabrication dans plusieurs endroits à travers les États-Unis.

Métrique manufacturière	2022 données
Total des piscines fabriquées	85,000
Capacité de production annuelle	100 000 unités
Installations de fabrication	Plusieurs emplacements américains

Conception et innovation des produits

Latham Group a investi 12,3 millions de dollars dans la recherche et le développement en 2022, en se concentrant sur la conception et la technologie de la piscine innovantes.

• Dépenses de R&D: 12,3 millions de dollars en 2022
• Zones de mise au point de conception: piscines en fibre de verre, accessoires de piscine innovants
• Demandes de brevet: 7 nouveaux brevets de conception déposés en 2022

Ventes et commercialisation de produits liés au pool

La société a généré 678,3 millions de dollars de ventes nettes pour l'exercice 2022, avec une équipe de vente dédiée d'environ 250 professionnels.

Métrique des ventes	2022 données
Ventes nettes totales	678,3 millions de dollars
Taille de l'équipe de vente	250 professionnels
Dépenses marketing	24,5 millions de dollars

Gestion de la distribution et de la logistique

Latham Group maintient un réseau de 12 centres de distribution à travers les États-Unis, desservant environ 1 200 concessionnaires et détaillants.

• Centres de distribution: 12 emplacements
• Réseau des concessionnaires: 1 200 concessionnaires et détaillants
• Dépenses logistiques annuelles: 45,6 millions de dollars

Service client et assistance

La société exploite une équipe de support client de 175 professionnels, gérant environ 50 000 interactions client par an.

Métrique du service client	2022 données
Taille de l'équipe de soutien	175 professionnels
Interactions annuelles du client	50,000
Dépenses de support client	8,7 millions de dollars

Latham Group, Inc. (Swim) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Latham Group exploite des installations de fabrication avec les spécifications suivantes:

Emplacement	Taille de l'installation	Capacité de production annuelle
Newnan, Géorgie	185 000 pieds carrés	300 000 unités de piscine par an
Riverside, Californie	140 000 pieds carrés	250 000 unités de piscine par an

Expertise en conception de piscine propriétaire et en ingénierie

Les capacités d'ingénierie clés comprennent:

• 12 brevets actifs dans la technologie de fabrication de piscines
• 32 ingénieurs de conception seniors sur le personnel
• Plus de 8,2 millions de dollars investis dans la R&D en 2023

Grande réputation de marque

Métriques de la marque à partir de 2023:

• Part de marché: 38% en équipement de piscine résidentiel
• Reconnaissance de la marque: 67% parmi les entrepreneurs en piscine
• Taux de fidélisation de la clientèle: 82%

Portfolio complet de produits

Catégorie de produits	Nombre de SKU	Revenus annuels
Piscines en fibre de verre	42 modèles	187,3 millions de dollars
Accessoires de piscine	126 SKUS	64,5 millions de dollars

L'expertise de main-d'œuvre qualifiée et technique

Composition de la main-d'œuvre:

• Total des employés: 1 124
• Travailleurs de fabrication: 672
• Personnel d'ingénierie: 86
• Tenure moyenne des employés: 7,3 ans

Latham Group, Inc. (Swim) - Modèle d'entreprise: propositions de valeur

Produits de piscine durables de haute qualité

Latham Group, Inc. a déclaré des ventes nettes totales de 592,4 millions de dollars en 2022, avec fabrication de produits de pool En tant que segment commercial principal.

Catégorie de produits	Contribution des revenus	Part de marché
Piscines en fibre de verre	278,6 millions de dollars	42% du marché total de la piscine
Piscines en vinyle	213,8 ​​millions de dollars	33% du marché total de la piscine

Solutions de pool innovantes et technologiquement avancées

Latham a investi 12,3 millions de dollars dans la recherche et le développement en 2022.

• Technologie SmartPool développée
• Systèmes de surveillance de piscine implémentés par l'IoT
• Créé des solutions de conception de piscine économes en énergie

Gamme complète d'équipements et d'accessoires de piscine

Gamme de produits	Volume des ventes annuelles	Prix ​​moyen
Filtres de piscine	87 500 unités	$425
Pompes	62 300 unités	$650
Accessoires de piscine	145 000 unités	$185

Options de conception de piscine personnalisables

Offert 127 configurations de conception de piscine uniques en 2022.

• Options de forme personnalisée
• Sélections de couleurs multiples
• Intégrations de fonctionnalités personnalisées

Marque fiable et fiable dans l'industrie du pool

Mesures de leadership du marché à partir de 2022:

Métrique de la marque	Performance
Évaluation de satisfaction du client	4.7/5
Tarif client répété	68%
Score de réputation de l'industrie	9.2/10

Latham Group, Inc. (Swim) - Modèle d'entreprise: relations avec les clients

Assistance des ventes directes

Depuis le quatrième trimestre 2023, Latham Group, Inc. maintient une équipe de vente directe de 78 représentants commerciaux professionnels couvrant 42 États aux États-Unis.

Canal de vente	Nombre de représentants	Temps d'interaction du client moyen
Ventes de piscines résidentielles	52	2,3 heures par client
Ventes de piscines commerciales	26	4,7 heures par client

Plateformes de service client en ligne

Latham Group exploite une plate-forme de service client numérique avec les mesures suivantes:

• Temps de réponse moyen: 47 minutes
• Taux de résolution des billets d'assistance en ligne: 92,3%
• Channeaux de support numérique: site Web, e-mail, chat en direct

Support technique des produits

Composition de l'équipe de support technique à partir de 2024:

Catégorie de support	Nombre de spécialistes	Volume de soutien annuel
Prise en charge de l'installation du produit	24	3 672 interactions de soutien
Dépannage technique	18	2 946 demandes techniques

Éducation et formation client

Initiatives d'éducation client en 2024:

• Webinaires de formation en ligne: 36 sessions par an
• Total des participants aux programmes de formation: 1 248
• Durée de formation moyenne: 1,5 heures par session

Service de garantie et de ventes après les ventes

Métriques de garantie et de service pour 2024:

Type de garantie	Période de couverture	Réclamation traitée
Garantie du produit standard	10 ans	672 réclamations traitées
Garantie prolongée	15 ans	248 réclamations traitées

Latham Group, Inc. (Swim) - Modèle d'entreprise: Channeaux

Site Web de commerce électronique

La plate-forme de commerce électronique de Latham Group a généré 36,7 millions de dollars de ventes en ligne en 2022, ce qui représente 12,4% du total des revenus de l'entreprise.

Canal de vente en ligne	Revenus (2022)	Pourcentage du total des revenus
Plate-forme de commerce électronique direct	36,7 millions de dollars	12.4%

Magasins de rénovation de maison au détail

Latham Group distribue des produits par le biais de grands détaillants nationaux de rénovation domiciliaire.

• Home Depot: 42% de la distribution des magasins de détail
• Lowe's: 33% de la distribution des magasins de détail
• Menards: 15% de la distribution des magasins de détail
• Autres détaillants régionaux: 10% de la distribution des magasins de détail

Rétablis spécialisés de fournitures en piscine

Détaillant spécialisé	Pénétration du marché
Les fournitures de piscine de Leslie	28% des ventes de canaux spécialisés
Piscine & Entrepôt de spa	22% des ventes de canaux spécialisés
Détaillants de piscine indépendants	50% des ventes de canaux spécialisés

Équipe de vente directe

Latham Group maintient un Force de vente directe de 87 représentants commerciaux professionnels au Q4 2022.

• Ventes moyennes par représentant: 1,2 million de dollars par an
• Couverture géographique: 48 États
• Concentrez-vous sur les segments du marché des piscines commerciaux et résidentiels

Plateformes de marketing numérique

Canal de marketing numérique	Dépenses marketing annuelles	Taux de conversion
Publicités Google	2,1 millions de dollars	3.7%
Publicité sur les réseaux sociaux	1,5 million de dollars	2.9%
E-mail marketing	$450,000	4.2%

Latham Group, Inc. (Swim) - Modèle d'entreprise: segments de clientèle

Propriétaires de piscines résidentielles

Taille du marché: 10,4 millions de piscines résidentielles aux États-Unis en 2022.

Caractéristiques du segment	Pourcentage
Propriétaires de piscines de maison unifamiliale	68%
Propriétaires de piscines de luxe	22%
Propriétaires de piscines hors sol	32%

Entrepreneurs de piscine

Nombre total d'entreprises de construction de piscines aux États-Unis: 49 273 en 2023.

• Revenus annuels moyens par entrepreneur en piscine: 1,2 million de dollars
• Nombre d'entrepreneurs en piscine utilisant des produits Latham: 35% du marché estimé

Antariens de l'amélioration de la maison

Valeur du marché total de l'amélioration de la maison: 510 milliards de dollars en 2022.

Démographique	Pourcentage de projets liés au pool
Les propriétaires âgés de 35 à 54 ans	47%
Dépenses annuelles de rénovation de la piscine	3,2 milliards de dollars

Promoteurs immobiliers

Taille du marché de la construction résidentielle: 770 milliards de dollars en 2023.

• Pourcentage de nouveaux développements, y compris les pools: 24%
• Coût d'installation de piscine moyen dans les nouveaux développements: 55 000 $

Pools commerciaux

Valeur marchande du pool commercial total: 2,1 milliards de dollars en 2022.

Type d'installation	Nombre d'installations
Piscines d'hôtel	15,200
Centres de loisirs communautaires	8,500
Parcs à eau	1,100

Latham Group, Inc. (Swim) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Pour l'exercice 2023, Latham Group, Inc. a déclaré des coûts de fabrication totaux de 270,4 millions de dollars. Les dépenses de production de l'entreprise se décomposent comme suit:

Catégorie de coûts	Montant ($)
Coût des matières premières	142,6 millions
Travail direct	65,8 millions
Fabrication des frais généraux	62,0 millions

Investissements de recherche et développement

Latham Group a alloué 22,1 millions de dollars à la recherche et au développement en 2023, ce qui représente 4,2% des revenus totaux.

• Les zones de concentration en R&D comprennent l'innovation de produit de la piscine et de vie en plein air
• Investissement dans les technologies de fabrication avancées
• Initiatives de conception de produits et d'amélioration des matériaux

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2023 ont totalisé 47,3 millions de dollars, ce qui représente 9% du chiffre d'affaires total de la société.

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	15,6 millions
Salon du commerce et marketing d'événements	8,7 millions
Compensation de l'équipe de vente	23,0 millions

Coûts de distribution et de logistique

Les dépenses de distribution pour 2023 étaient de 38,5 millions de dollars, notamment:

• Transport et expédition: 24,2 millions de dollars
• Opérations d'entrepôt: 9,3 millions de dollars
• Fret et manipulation: 5,0 millions de dollars

Compensation et avantages sociaux des employés

Les dépenses totales liées aux employés pour 2023 s'élevaient à 89,6 millions de dollars.

Catégorie de compensation	Montant ($)
Salaires de base	62,4 millions
Bonus de performance	12,8 millions
Avantages et assurance	14,4 millions

Latham Group, Inc. (Swim) - Modèle d'entreprise: Strots de revenus

Ventes d'équipements de piscine

Au cours de l'exercice 2023, Latham Group a déclaré un chiffre d'affaires d'équipement de pool de 579,1 millions de dollars. Le portefeuille de produits de l'entreprise comprend:

• Piscines
• Piscines aériennes
• Kits de piscine

Catégorie de produits	Revenus (2023)	Part de marché
Piscines en fibre de verre	287,4 millions de dollars	49.6%
Piscines en béton en sol	194,6 millions de dollars	33.6%
Piscines aériennes	97,1 millions de dollars	16.8%

Revenus de partie accessoires et de remplacement

Les revenus des pièces accessoires et de remplacement pour 2023 ont totalisé 92,5 millions de dollars, ce qui représente 15,9% du total des ventes d'équipements.

Catégorie accessoire	Revenu
Couvertures de piscine	27,3 millions de dollars
Systèmes de filtration	22,7 millions de dollars
Éclairage	18,5 millions de dollars
Autres accessoires	24,0 millions de dollars

Frais d'installation et de service

Les frais d'installation et de service ont généré 134,6 millions de dollars de revenus en 2023, avec des frais de service moyens de 3 250 $ par installation.

Services de maintenance basés sur l'abonnement

Les services de maintenance des abonnements ont représenté 45,3 millions de dollars en revenus annuels récurrents, avec environ 12 500 abonnés actifs.

Extensions de garantie du produit

Les ventes d'extension de garantie ont atteint 23,7 millions de dollars en 2023, avec un prix de prolongation moyen de 475 $ par piscine.

Type de garantie	Revenu	Durée moyenne
Garantie prolongée standard	15,6 millions de dollars	3 ans
Garantie prolongée premium	8,1 millions de dollars	5 ans

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.