Does Latham Group, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Latham Group, Inc. (SWIM) 37.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 49, returns on capital 10, balance-sheet safety 20, capital discipline 76.

Is SWIM stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $0.49 per share versus a recent price of $5.89 — 1096% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has SWIM's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 37.0 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Latham Group, Inc.

SWIM · Materials · $687.8M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power49

Median gross margin 31.1% over 7y, stable.

Returns on capital10

Median ROIC 2.9%, above the 9% hurdle in 29% of years.

Balance-sheet safety20

Net debt/EBITDA 2.5x, interest coverage 1x.

Capital discipline76

Owner earnings +10.0%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

1096% above value

Owner earnings (normalized): $5.2M
Est. intrinsic value / share: $0.49
Recent price: $5.89
Discount to value: 1096% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for SWIM yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SWIM has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#115 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#113RCKY ROCKY BRANDS, INC.37.2 out of 100, No moatNo moat
#114VHI VALHI, INC.37.1 out of 100, No moatNo moat
#116NL NL INDUSTRIES, INC.36.9 out of 100, No moatNo moat
#117LWLG Lightwave Logic, Inc.36.8 out of 100, No moatNo moat

Compare SWIM with its nearest peers →All Materials companies on the Index →

Common questions about SWIM

Does Latham Group, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Latham Group, Inc. (SWIM) 37.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 49, returns on capital 10, balance-sheet safety 20, capital discipline 76.
Is SWIM stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $0.49 per share versus a recent price of $5.89 — 1096% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has SWIM's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 37.0 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SWIM. See the disclaimer.