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Building products & equipment · Industrials · Fiscal year ends Dec 31
Hayward reported revenue of $1.1B in the fiscal year ended Dec 2025, up 6.7% from the year before. Operating income was $233M, an operating margin of 20.8%, and net income was $152M. Operating cash flow of $256M less capital expenditure of $29M left free cash flow of $227M. Net debt was $630M.
Ranks among the 14 building products & equipment companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,402 | 1,314 | 992 | 1,052 | 1,122 |
| Cost of revenue | 746 | 717 | 563 | 565 | 583 |
| Gross profit | 656 | 597 | 429 | 487 | 539 |
| Research & development | 22.9 | 22.4 | 24.5 | 25.8 | 27.2 |
| Selling, general & admin | 267 | 249 | 186 | 217 | 247 |
| Operating income | 318 | 286 | 175 | 209 | 233 |
| Net interest incomeBanks | −50.9 | −51.4 | −73.6 | – | – |
| Interest expense | −0.0 | −0.4 | −7.1 | 67.1 | 50.3 |
| Pre-tax income | 260 | 234 | 101 | 144 | 185 |
| Income tax | 56.4 | 54.9 | 20.4 | 25.5 | 33.1 |
| Net income | 204 | 179 | 80.7 | 119 | 152 |
| Diluted EPS | 0.49 | 0.78 | 0.37 | 0.54 | 0.68 |
| Diluted shares | 201 | 230 | 221 | 221 | 222 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 266 | 56.2 | 178 | 197 | 330 |
| Receivables | 208 | 209 | 271 | 279 | 280 |
| Inventory | 233 | 284 | 215 | 216 | 211 |
| Current assets | 751 | 612 | 725 | 767 | 951 |
| Net PP&E | 147 | 150 | 159 | 160 | 165 |
| Goodwill | 924 | 932 | 935 | 944 | 951 |
| Total assets | 2,978 | 2,875 | 2,946 | 2,991 | 3,151 |
| Payables | 87.4 | 54.0 | 68.9 | 81.5 | 77.0 |
| Deferred revenue | 8.1 | 7.2 | 4.0 | 3.4 | 3.2 |
| Current liabilities | 304 | 232 | 240 | 313 | 323 |
| Long-term debt | 995 | 1,114 | 1,107 | 971 | 960 |
| Total liabilities | 1,609 | 1,652 | 1,635 | 1,567 | 1,558 |
| Shareholders' equity | 1,370 | 1,223 | 1,311 | 1,424 | 1,593 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 189 | 116 | 185 | 212 | 256 |
| Capital expenditure | 26.2 | 29.6 | 28.9 | 22.4 | 28.7 |
| Free cash flow | 163 | 86.3 | 156 | 190 | 227 |
| Depreciation & amortisation | 18.8 | 19.2 | 16.0 | 20.1 | 22.8 |
| Stock-based compensation | 15.0 | 7.9 | 9.2 | 10.6 | 13.4 |
| Acquisitions | 21.5 | 63.0 | 0.0 | 55.2 | 0.0 |
| Share buybacks | 9.5 | 343 | 0.0 | 0.4 | 5.0 |
| Dividends paid | 0.0 | 0.0 | – | – | – |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −6.3% | −24.5% | 6.0% | 6.7% |
| Operating income growth (YoY) | – | −10.2% | −38.6% | 19.2% | 11.7% |
| EPS growth (YoY) | – | 59.2% | −52.6% | 45.9% | 25.9% |
| Gross margin | 46.8% | 45.4% | 43.3% | 46.3% | 48.0% |
| Operating margin | 22.7% | 21.7% | 17.7% | 19.9% | 20.8% |
| Net margin | 14.5% | 13.6% | 8.1% | 11.3% | 13.5% |
| Return on equityBlank when equity is negative | 14.9% | 14.7% | 6.2% | 8.3% | 9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.9% | 10.8% | 6.5% | 7.8% | 8.2% |
| Free cash flow margin | 11.6% | 6.6% | 15.7% | 18.0% | 20.3% |
| Cash conversion (CFO ÷ net income) | 0.93x | 0.65x | 2.29x | 1.79x | 1.69x |
| Receivable days | 54 | 58 | 100 | 97 | 91 |
| Inventory days | 114 | 144 | 140 | 140 | 132 |
| Payable days | 43 | 27 | 45 | 53 | 48 |
| Interest cover | −8368x | −802x | −24.7x | 3.11x | 4.64x |
| Debt ÷ equity | 0.73x | 0.91x | 0.84x | 0.68x | 0.60x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 729 | 1,058 | 929 | 775 | 630 |
| Current ratio | 2.47x | 2.63x | 3.02x | 2.45x | 2.94x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.