Hayward

HAYW · NYSE · Industrials · Financials, fiscal 2019 to 2025

HAYW · Last close · November 6, 2026

$16.24

Hayward's revenue rose 6.7% to $1.1 billion in fiscal 2025. Its operating margin was 20.8%, up from 19.9% a year earlier. Free cash flow was $227 million, up 19.8%. It paid out $5 million in dividends and buybacks, 2% of free cash flow. The diluted share count rose 0.4%.

Hayward Holdings, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001834622-26-000008 Updated November 5, 2026

Revenue

$1.1B

6.7%

Operating margin

20.8%

0.9 pts

Net income

$152M

27.7%

Free cash flow

$227M

19.8%

Return on capital

8.8%

1.0 pts

Market cap

$3.5B

Nov 6 close

P/E

20.8x

On $0.78 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Hayward does

Hayward designs and makes pool equipment, outdoor living products and industrial flow control products. Its pool products include equipment and energy-efficient and internet-connected models. Pool owners, builders and repair services buy them through distributors, large retailers and online resellers.

It has two reportable segments: North America, which accounts for about 85% of net sales, and Europe & Rest of World, about 15%. Sales to replace or upgrade equipment on existing pools, called aftermarket sales, have represented approximately 85% of net sales, which it estimates from customer feedback and industry data, not from its accounting results.

In North America, its field teams sell to specialized pool distributors, large retailers, major builders and online resellers, and ship from East Coast and West Coast distribution centers in the U.S. and one in Canada. Hayward says its results vary by season and weather.

Its biggest risks, as it describes them

Relying on distributors, builders, retailers and servicers to sell its products.
Weak demand for pools and pool equipment in poor economic conditions.
Losing, or seeing cuts or delays in orders from, its largest customers.
Seasonality and weather causing results to swing from quarter to quarter.
Falling behind in new products and fast-changing technology, including AI.

From Hayward's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2019 to 2025, earnings per share grew 54.5% a year and net income 61.6% a year, as new shares raised the share count by 9158% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	266	56	203	197	399
Debt incl. finance leases	1,003	1,121	1,112	974	964
Net debt (negative means net cash)	737	1,065	909	777	564
Net debt to EBITDA	2.0x	3.1x	4.0x	2.9x	1.9x
Debt to equity	0.7x	0.9x	0.8x	0.7x	0.6x
Interest coverage	8,367.7x	802.2x	24.7x	3.1x	4.6x
Current ratio	2.5x	2.6x	3.0x	2.5x	2.9x
Quick ratio	1.7x	1.4x	2.1x	1.8x	2.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Hayward's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Hayward's projections

What Hayward says to expect

Full year 2026: net salesFor Fiscal Year 2026, Hayward now expects net sales to increase approximately 5% to 6% from Fiscal Year 2025, compared to our prior guidance of approximately 5%.
Full year 2026: adjusted diluted earnings per shareWe now expect adjusted diluted earnings per share* of $0.86 to $0.88, an increase of approximately 12% to 14% from Fiscal Year 2025, compared to our prior guidance of $0.84 to $0.87.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 28, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $28,608 of Hayward shares on the open market, and 3 insiders sold $11.3 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 2, 2026	Kevin HolleranPresident and CEO, Director	Sold plan	50,000	$16.55	$827,720	Form 4
Nov 2, 2026	Susan M. CanningSVP, CLO, Corporate Secretary	Sold plan	2,500	$16.72	$41,800	Form 4
Oct 30, 2026	Susan M. CanningSVP, CLO, Corporate Secretary	Sold plan	2,500	$16.00	$40,000	Form 4
Oct 29, 2026	Susan M. CanningSVP, CLO, Corporate Secretary	Sold plan	2,000	$15.50	$31,000	Form 4
Sep 15, 2026	Susan M. CanningSVP, CLO, Corporate Secretary	Sold plan	3,500	$12.84	$44,940	Form 4
Sep 1, 2026	Kevin HolleranPresident and CEO, Director	Sold plan	50,000	$13.85	$692,500	Form 4
Aug 17, 2026	Susan M. CanningSVP, CLO, Corporate Secretary	Sold plan	3,500	$15.00	$52,500	Form 4
Aug 3, 2026	Kevin HolleranPresident and CEO, Director	Sold plan	50,000	$15.31	$765,500	Form 4
Jul 1, 2026	Kevin HolleranPresident and CEO, Director	Sold plan	120,000	$17.28	$2.1 million	Form 4
Jun 30, 2026	Kevin HolleranPresident and CEO, Director	Sold plan	50,000	$17.07	$853,500	Form 4
Jun 1, 2026	Kevin HolleranPresident and CEO, Director	Sold plan	52,389	$13.79	$722,444	Form 4
May 5, 2026	Kevin HolleranPresident and CEO, Director	Sold plan	52,389	$14.57	$763,308	Form 4

The latest 12 of 19 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	7 of 9	8 of 9
Rule of 40	−8.8%	24.0%	27.0%
Altman Z''	2.96	3.18	3.76
Accruals ratio	−3.6%	−3.1%	−3.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	6 of 9	7 of 9	8 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Hayward side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hayward	FY25	6.7%	20.8%	20.3%	8.8%	1.9x	8
Powell Industries	FY25	9.1%	19.7%	14.0%	116.3%	−2.1x	5	Compare
Mercury Systems	FY26	7.8%	0.0%	6.9%	—	—	—	Compare
Bloom Energy	FY25	37.3%	3.6%	2.8%	5.8%	1.4x	5	Compare
Vicor	FY25	26.1%	18.1%	26.3%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	733	875	1,402	1,314	992	1,052	1,122
Revenue growth	—	19.4%	60.1%	−6.2%	−24.5%	6.0%	6.7%
Gross profit	324	397	656	597	429	487	539
Research and development	20	20	23	22	24	26	27
Operating income	99	125	318	286	175	209	233
Net income	8	43	204	179	81	119	152
Diluted EPS (US$)	0.05	0.25	0.49	0.78	0.37	0.54	0.68
Diluted shares (millions)	2	2	201	230	221	221	222
Cash flow
Cash from operations	94	214	189	116	184	212	256
Capital expenditure	25	14	26	30	29	22	29
Free cash flow	69	200	163	86	156	190	227
Dividends paid	0	275	0	0	0	0	0
Share buybacks	1	2	10	343	0	0	5
Acquisitions	0	0	22	63	0	55	0
Stock-based compensation	2	2	15	8	9	11	13
Balance sheet at fiscal year end
Cash and short-term investments	47	115	266	56	203	197	399
Debt incl. finance leases	—	1,303	1,003	1,121	1,112	974	964
Total assets	—	2,607	2,978	2,875	2,946	2,991	3,151
Total liabilities	—	1,803	1,609	1,652	1,635	1,567	1,558
Shareholders' equity	164	209	1,370	1,223	1,312	1,424	1,593
Margins and ratios
Gross margin	44.1%	45.4%	46.8%	45.4%	43.3%	46.3%	48.0%
Operating margin	13.5%	14.2%	22.7%	21.7%	17.7%	19.9%	20.8%
Net margin	1.2%	5.0%	14.5%	13.7%	8.1%	11.3%	13.5%
Free cash flow margin	9.4%	22.8%	11.6%	6.6%	15.7%	18.0%	20.3%
Rule of 40 (growth + FCF margin)	—	42.2%	71.8%	0.3%	−8.8%	24.0%	27.0%
Return on capital	—	—	14.2%	9.9%	6.2%	7.8%	8.8%
Return on equity	—	—	25.8%	13.8%	6.4%	8.7%	10.1%
Return on assets	—	—	7.3%	6.1%	2.8%	4.0%	4.9%
Net debt to EBITDA	—	6.3x	2.0x	3.1x	4.0x	2.9x	1.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hayward's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hayward.