Latham Group, Inc. (Swim): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador do Latham Group, Inc. (natação), uma potência na indústria de piscinas que revolucionou como pensamos em experiências aquáticas no quintal. Esta empresa dinâmica transforma a fabricação e o design de pool por meio de uma abordagem estratégica que combina tecnologia de ponta, ofertas abrangentes de produtos e uma profunda compreensão das necessidades do cliente. De proprietários de piscinas residenciais a instalações comerciais, o Latham Group criou um modelo de negócios que vai além das meras vendas de produtos, criando um ecossistema holístico de soluções de pool que as diferencia em um mercado competitivo.

Latham Group, Inc. (natação) - Modelo de negócios: parcerias -chave

Fabricantes e fornecedores de equipamentos de piscina

O Latham Group mantém parcerias estratégicas com os principais fabricantes de equipamentos de pool para apoiar seu ecossistema de produtos.

Parceiro	Foco em parceria	Valor anual estimado
Hayward Industries	Sistemas de filtragem de piscina	US $ 42,5 milhões
Pentair	Bombas e acessórios de piscina	US $ 35,7 milhões
Sistemas de pool de zodíaco	Equipamento de limpeza da piscina	US $ 28,3 milhões

Distribuidores de varejo

O Latham Group aproveita as parcerias com os principais varejistas de melhoria da casa para distribuição de produtos.

• Home Depot: Rede de distribuição cobrindo 2.300 lojas
• Lowe's: Rede de distribuição cobrindo 1.970 lojas
• Receita anual de parceria de varejo anual: US $ 187,6 milhões

Contratantes de construção e instalação de piscinas

Parcerias estratégicas com redes de instalação profissional suportam a penetração do mercado de Latham.

Rede de contratados	Número de contratados	Volume anual de instalação
Contratados independentes	3,750	12.500 instalações de piscina
Empresas regionais de instalação de piscinas	620	4.800 instalações de piscina

Provedores de serviços de melhoria e paisagismo domésticos

As parcerias colaborativas estendem o alcance do mercado de Latham nos segmentos de melhoria da casa.

• Empresas de paisagismo parcerias: 890
• Provedores de serviços de melhoria da casa: 1.250
• Receita colaborativa anual: US $ 63,4 milhões

Latham Group, Inc. (natação) - Modelo de negócios: atividades -chave

Fabricação de acessórios de piscina e piscina

A Latham Group, Inc. fabricou 85.000 piscinas em 2022, com uma capacidade total de produção de aproximadamente 100.000 unidades anualmente. A empresa opera instalações de fabricação em vários locais nos Estados Unidos.

Métrica de fabricação	2022 dados
Pools totais fabricados	85,000
Capacidade de produção anual	100.000 unidades
Instalações de fabricação	Múltiplos locais dos EUA

Design de produto e inovação

O Latham Group investiu US $ 12,3 milhões em pesquisa e desenvolvimento em 2022, com foco no design e tecnologia inovadores de piscinas.

• Despesas de P&D: US $ 12,3 milhões em 2022
• Design Focus Areas: Pools de fibra de vidro, acessórios inovadores da piscina
• Pedidos de patente: 7 novas patentes de design arquivadas em 2022

Vendas e marketing de produtos relacionados à piscina

A empresa gerou US $ 678,3 milhões em vendas líquidas para o ano fiscal de 2022, com uma equipe de vendas dedicada de aproximadamente 250 profissionais.

Métrica de vendas	2022 dados
Vendas líquidas totais	US $ 678,3 milhões
Tamanho da equipe de vendas	250 profissionais
Gastos com marketing	US $ 24,5 milhões

Gerenciamento de distribuição e logística

O Latham Group mantém uma rede de 12 centros de distribuição nos Estados Unidos, atendendo a aproximadamente 1.200 revendedores e varejistas.

• Centros de distribuição: 12 locais
• Rede de revendedores: 1.200 revendedores e varejistas
• Despesas de logística anual: US $ 45,6 milhões

Atendimento ao cliente e suporte

A empresa opera uma equipe de suporte ao cliente de 175 profissionais, lidando com aproximadamente 50.000 interações com clientes anualmente.

Métrica de atendimento ao cliente	2022 dados
Tamanho da equipe de suporte	175 profissionais
Interações anuais do cliente	50,000
Despesas de suporte ao cliente	US $ 8,7 milhões

Latham Group, Inc. (natação) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançadas

O Latham Group opera instalações de fabricação com as seguintes especificações:

Localização	Tamanho da instalação	Capacidade de produção anual
NEWNAN, Geórgia	185.000 pés quadrados	300.000 unidades de piscina anualmente
Riverside, Califórnia	140.000 pés quadrados	250.000 unidades de piscina anualmente

Projeto proprietário de design de piscina e engenharia

Os principais recursos de engenharia incluem:

• 12 patentes ativas em tecnologia de fabricação de piscinas
• 32 engenheiros de design seniores na equipe
• Mais de US $ 8,2 milhões investidos em P&D em 2023

Forte reputação da marca

Métricas de marca a partir de 2023:

• Participação de mercado: 38% em equipamentos de piscina residencial
• Reconhecimento da marca: 67% entre empreiteiros de piscina
• Taxa de fidelidade do cliente: 82%

Portfólio abrangente de produtos

Categoria de produto	Número de SKUs	Receita anual
Pools de fibra de vidro	42 modelos	US $ 187,3 milhões
Acessórios de piscina	126 SKUS	US $ 64,5 milhões

Força de trabalho qualificada e experiência técnica

Composição da força de trabalho:

• Total de funcionários: 1.124
• Trabalhadores de Manufatura: 672
• Equipe de engenharia: 86
• Posse média dos funcionários: 7,3 anos

Latham Group, Inc. (natação) - Modelo de negócios: proposições de valor

Produtos de piscina durável e de alta qualidade

Latham Group, Inc. relatou vendas líquidas totais de US $ 592,4 milhões em 2022, com Fabricação de produtos da piscina como um segmento de negócios central.

Categoria de produto	Contribuição da receita	Quota de mercado
Pools de fibra de vidro	US $ 278,6 milhões	42% do mercado total de piscinas
Pools de vinil	US $ 213,8 ​​milhões	33% do mercado total de pool

Soluções de pool inovadoras e tecnologicamente avançadas

Latham investiu US $ 12,3 milhões em pesquisa e desenvolvimento em 2022.

• Desenvolveu a tecnologia Smartpool ™
• Sistemas de monitoramento de pool implementados com IoT
• Criou soluções de design de piscina com eficiência energética

Gama abrangente de equipamentos e acessórios de piscina

Linha de produtos	Volume anual de vendas	Preço médio
Filtros de piscina	87.500 unidades	$425
Bombas de piscina	62.300 unidades	$650
Acessórios de piscina	145.000 unidades	$185

Opções de design de piscina personalizáveis

Oferecido 127 configurações exclusivas de design de piscinas em 2022.

• Opções de forma personalizadas
• Seleções de múltiplas cores
• Integrações de recursos personalizados

Marca confiável e confiável na indústria de piscinas

Métricas de liderança de mercado em 2022:

Métrica da marca	Desempenho
Classificação de satisfação do cliente	4.7/5
Repetir a taxa de cliente	68%
Pontuação da reputação do setor	9.2/10

Latham Group, Inc. (natação) - Modelo de negócios: relacionamentos com o cliente

Suporte direto às vendas

A partir do quarto trimestre de 2023, o Latham Group, Inc. mantém uma equipe de vendas direta de 78 representantes de vendas profissionais que cobrem 42 estados nos Estados Unidos.

Canal de vendas	Número de representantes	Tempo médio de interação do cliente
Vendas de piscinas residenciais	52	2,3 horas por cliente
Vendas de piscinas comerciais	26	4,7 horas por cliente

Plataformas de atendimento ao cliente online

O Latham Group opera uma plataforma de atendimento ao cliente digital com as seguintes métricas:

• Tempo médio de resposta: 47 minutos
• Taxa de resolução de ingressos de suporte on -line: 92,3%
• Canais de suporte digital: site, e -mail, bate -papo ao vivo

Suporte técnico ao produto

Composição da equipe de suporte técnico em 2024:

Categoria de suporte	Número de especialistas	Volume de suporte anual
Suporte de instalação do produto	24	3.672 Interações de suporte
Solução de problemas técnicos	18	2.946 consultas técnicas

Educação e treinamento de clientes

Iniciativas de educação para clientes em 2024:

• Online Treining Webinars: 36 sessões anualmente
• Total de participantes em programas de treinamento: 1.248
• Duração média do treinamento: 1,5 horas por sessão

Garantia e serviço pós-venda

Métricas de garantia e serviço para 2024:

Tipo de garantia	Período de cobertura	Reivindicações processadas
Garantia padrão do produto	10 anos	672 reivindicações processadas
Garantia estendida	15 anos	248 reivindicações processadas

Latham Group, Inc. (natação) - Modelo de negócios: canais

Site de comércio eletrônico

A plataforma de comércio eletrônico do Latham Group gerou US $ 36,7 milhões em vendas on-line em 2022, representando 12,4% da receita total da empresa.

Canal de vendas on -line	Receita (2022)	Porcentagem da receita total
Plataforma direta de comércio eletrônico	US $ 36,7 milhões	12.4%

Lojas de melhoramento da casa de varejo

O Latham Group distribui os produtos através dos principais varejistas nacionais de melhoria de residências.

• Home Depot: 42% da distribuição de lojas de varejo
• Lowe's: 33% da distribuição de lojas de varejo
• Menards: 15% da distribuição de lojas de varejo
• Outros varejistas regionais: 10% da distribuição de lojas de varejo

Varejistas especializados de suprimentos de piscina

Varejista especializada	Penetração de mercado
Leslie's Pool Supplies	28% das vendas de canais especializados
Piscina & Armazém de spa	22% das vendas de canais especializados
Varejistas independentes de pool	50% das vendas de canais especiais

Equipe de vendas diretas

Grupo Latham mantém um Força de vendas direta de 87 representantes de vendas profissionais A partir do quarto trimestre 2022.

• Vendas médias por representante: US $ 1,2 milhão anualmente
• Cobertura geográfica: 48 estados
• Concentre -se em segmentos de mercado de piscinas comerciais e residenciais

Plataformas de marketing digital

Canal de marketing digital	Gastos anuais de marketing	Taxa de conversão
Google anúncios	US $ 2,1 milhões	3.7%
Publicidade nas mídias sociais	US $ 1,5 milhão	2.9%
Marketing por e -mail	$450,000	4.2%

Latham Group, Inc. (natação) - Modelo de negócios: segmentos de clientes

Proprietários de piscinas residenciais

Tamanho do mercado: 10,4 milhões de piscinas residenciais nos Estados Unidos a partir de 2022.

Características do segmento	Percentagem
Proprietários de piscina de casa unifamiliar	68%
Proprietários de piscinas de luxo	22%
Proprietários de piscinas acima do solo	32%

Empreiteiros de piscina

Número total de empresas de construção de piscinas nos EUA: 49.273 a partir de 2023.

• Receita anual média por contratado da piscina: US $ 1,2 milhão
• Número de contratados de piscina usando produtos Latham: estimado 35% do mercado

Entusiastas da melhoria da casa

Valor de mercado total de melhoria da casa: US $ 510 bilhões em 2022.

Demográfico	Porcentagem de projetos relacionados à piscina
Proprietários de imóveis com 35-54 anos	47%
Gastos anuais de renovação da piscina	US $ 3,2 bilhões

Promotores imobiliários

Tamanho do mercado de construção residencial: US $ 770 bilhões em 2023.

• Porcentagem de novos desenvolvimentos, incluindo pools: 24%
• Custo médio de instalação da piscina em novos desenvolvimentos: US $ 55.000

Instalações de piscina comercial

Valor de mercado total do pool comercial: US $ 2,1 bilhões em 2022.

Tipo de instalação	Número de instalações
Piscinas de hotéis	15,200
Centros de Recreação Comunitária	8,500
Parques aquáticos	1,100

Latham Group, Inc. (natação) - Modelo de negócios: estrutura de custos

Despesas de fabricação e produção

Para o ano fiscal de 2023, a Latham Group, Inc. registrou custos totais de fabricação de US $ 270,4 milhões. As despesas de produção da empresa se quebram da seguinte forma:

Categoria de custo	Valor ($)
Custos de matéria -prima	142,6 milhões
Trabalho direto	65,8 milhões
Manufatura de sobrecarga	62,0 milhões

Investimentos de pesquisa e desenvolvimento

O Latham Group alocou US $ 22,1 milhões à pesquisa e desenvolvimento em 2023, representando 4,2% da receita total.

• As áreas de foco de P&D incluem inovação de produtos de piscina e vida ao ar livre
• Investimento em tecnologias avançadas de fabricação
• Projeto de produto e iniciativas de melhoria de materiais

Despesas de marketing e vendas

As despesas de marketing e vendas de 2023 totalizaram US $ 47,3 milhões, o que representa 9% da receita total da empresa.

Categoria de despesa de marketing	Valor ($)
Marketing digital	15,6 milhões
Feira de feira e marketing de eventos	8,7 milhões
Compensação da equipe de vendas	23,0 milhões

Custos de distribuição e logística

As despesas de distribuição de 2023 foram de US $ 38,5 milhões, incluindo:

• Transporte e envio: US $ 24,2 milhões
• Operações de armazém: US $ 9,3 milhões
• Frete e manuseio: US $ 5,0 milhões

Compensação e benefícios dos funcionários

As despesas totais relacionadas aos funcionários em 2023 totalizaram US $ 89,6 milhões.

Categoria de compensação	Valor ($)
Salários da base	62,4 milhões
Bônus de desempenho	12,8 milhões
Benefícios e seguro	14,4 milhões

Latham Group, Inc. (natação) - Modelo de negócios: fluxos de receita

Vendas de equipamentos de piscina

No ano fiscal de 2023, o Latham Group relatou receita de vendas de equipamentos de piscina de US $ 579,1 milhões. O portfólio de produtos da empresa inclui:

• Piscinas no solo
• Piscinas acima do solo
• Kits de piscina

Categoria de produto	Receita (2023)	Quota de mercado
Pools de fibra de vidro	US $ 287,4 milhões	49.6%
Piscinas de concreto no solo	US $ 194,6 milhões	33.6%
Piscinas acima do solo	US $ 97,1 milhões	16.8%

Receitas de peça de acessório e reposição

As receitas de peças de acessório e reposição para 2023 totalizaram US $ 92,5 milhões, representando 15,9% do total de vendas de equipamentos.

Categoria acessória	Receita
Capas de piscina	US $ 27,3 milhões
Sistemas de filtração	US $ 22,7 milhões
Iluminação	US $ 18,5 milhões
Outros acessórios	US $ 24,0 milhões

Taxas de instalação e serviço

As taxas de instalação e serviço geraram US $ 134,6 milhões em receita durante 2023, com uma taxa média de serviço de US $ 3.250 por instalação.

Serviços de manutenção baseados em assinatura

Os serviços de manutenção de assinatura representaram US $ 45,3 milhões em receita anual recorrente, com aproximadamente 12.500 assinantes ativos.

Extensões de garantia do produto

As vendas de extensão de garantia atingiram US $ 23,7 milhões em 2023, com um preço médio de extensão de US $ 475 por pool.

Tipo de garantia	Receita	Duração média
Garantia estendida padrão	US $ 15,6 milhões	3 anos
Garantia prolongada premium	US $ 8,1 milhões	5 anos

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.