Latham Group, Inc. (SWIM) Stock Analysis

Latham Group’s principal competitive advantage is its scale and leadership in the North American fiberglass pool market, where it holds an estimated 44% share. This position is underpinned by the industry’s broadest product portfolio, a coast-to-coast manufacturing footprint, and a dealer network spanning over 6,000 partners. Latham’s vertical integration enables cost efficiencies and supply chain control, supporting its ability to offer a wide range of customizable pool shapes and finishes.

Fiberglass pools—Latham’s core product—are gaining share from concrete alternatives due to lower installation costs, faster lead times, and reduced maintenance. In 2025, fiberglass is expected to account for 24% of U.S. in-ground pool sales, with Latham capturing roughly three-quarters of that segment. The company’s proprietary tools, such as the AI-powered “Measure by Latham” for liners and covers, further differentiate its offering and improve dealer productivity.

However, Latham’s advantages are less pronounced compared to Pool Corporation (POOL), which benefits from a dominant distribution network and recurring aftermarket sales, or Hayward Holdings (HAYW), which leverages a global installed base and higher-margin equipment. Latham’s business remains highly cyclical, with limited recurring revenue and exposure to discretionary consumer spending. While its brand is well-known among dealers, it lacks the direct consumer pull and digital marketing strength of emerging rivals like River Pools. Overall, Latham’s scale and product breadth are defensible, but its moat is narrower and more volatile than those of its best-in-class peers.