Forensic Analysis · Durable Goods, Textiles & Apparel · as of Aug 11, 2026

Latham Group, Inc. (SWIM)

A forensic read on Latham Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

3.2

Distress distance

Clean

Earnings quality

Forensic signals

102.9

P / E (ttm)

2.7%

ROE

$843M

Market cap

7.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Latham Group, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.4%

FY2025

Return on invested capital. Return on invested capital is 3.4% in the latest fiscal year and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

+1.9%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +6% over the last 3 years to FY2025 (+1.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~5%.

stopped

FY2022→FY2024

Shareholder returns — halted. Capital returns have STOPPED — $281M of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash.

Key fundamentals

Latest Revenue$545.9M

Revenue Growth YoY+7.4%

Revenue CAGR (3yr)-7.8%

Net Margin2.0%

Free Cash Flow$38.0M

Return on Equity2.7%

Debt / Equity0.69x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.