Quality Investor

Hayward Holdings, Inc.

Rank #395Value

HAYW · NYSE · Industrials

Hayward Holdings, Inc. (HAYW) — Rank #395 by gross profitability (GP/assets 0.17) · ROE 9.4% · Piotroski F-Score 8 / 9.

As-of 2026-09-15 · CIK 0001834622 · all metrics point-in-time as of the filing date.

About

Hayward Holdings, Inc. designs, manufactures, and markets a portfolio of pool equipment and associated automation systems in North America, Europe, and internationally.

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It offers pool equipment, including pumps, filters, robotics, suction and pressure cleaners, water features and landscape lighting, water sanitizers, salt chlorine generators, gas heaters and heat pumps, safety equipment, and in-floor automated cleaning systems, as well as LED illumination solutions. The company sells its products through specialty distributors, retailers, pool builders, and buying groups. Hayward Holdings, Inc.

was founded in 1925 and is headquartered in Charlotte, North Carolina.

Industry
Electrical Equipment & Parts
Sector
Industrials
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

HAYW-39.1% · -9.5% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

$2.68B

P/E (annual)

18.6

P/S (annual)

2.4

P/B

1.7

P/OCF (annual)

10.5

Shareholder Yield

-0.4%

Employees

1,960

Industry

Electrical Equipment & Parts

Exchange

NYSE

Signal Flags

3 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.17
Return on equity
9.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.95
Current ratio
3.26×
Net cash
-$729.10M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.2%

Growth

2/2 pass
Revenue growth
6.7%
Piotroski F-Score
8 / 9
Share dilution
0.4%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

1.3%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 0.4% — per-share value needs a total required return of 1.7% once share-count change is priced in.

vs. own 6-year median revenue growth: 6.3%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-2.6%

r = 10% (base)

1.3%

r = 12%

4.7%

Net debt / market cap: 26.0%

Base FCF: $223.7M3Y mean FCF: $188.3M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

22.0xCheap
15.8xmed 36.0x352.4x

P / S

Price / revenue per share

3.0xFair
0.0xmed 2.5x3.3x

P / B

Price / book value per share

2.1xFair
0.2xmed 2.3x2.6x

P / GP

Price / gross profit per share

6.2xExpensive
0.1xmed 5.4x6.8x

P / FCF

Price / free cash flow per share

14.9xFair
0.2xmed 17.4x32.8x

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Gross profitability (GP / assets)

0.17

Primary signal (Novy-Marx).

11th pctl of 36 SIC 35 peers

Return on equity

9.4%

Gross margin

48.0%

74th pctl of 36 SIC 35 peers

Revenue growth (YoY)

6.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-5.1%

Revenue CAGR (5Y)

5.1%

Earnings CAGR (3Y)

-5.5%

FCF CAGR (3Y)

37.4%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.95

43rd pctl of 36 SIC 35 peers (best = lowest)

Current ratio

3.26×

94th pctl of 36 SIC 35 peers

Quick ratio

2.28×

Net cash

-$729.10M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$223.68M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.48

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.2%

Stock-based comp intensity.

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Decline
Value