Latest Ratios: P/E Ratio 24.7x · EV/EBITDA 11.3x · ROE 10.0%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $3.4B | $3.4B | $3.0B | $2.2B | $5.3B | — | — |
| Enterprise Value | $3.3B | $3.1B | $4.2B | $4.0B | $3.2B | $6.0B | — | — |
| P/E Ratio → | 24.74 | 22.72 | 28.31 | 36.76 | 12.05 | 53.53 | — | — |
| P/S Ratio | 3.25 | 3.06 | 3.22 | 3.02 | 1.64 | 3.75 | — | — |
| P/B Ratio | 2.35 | 2.16 | 2.38 | 2.29 | 1.77 | 3.84 | — | — |
| P/FCF | 16.17 | 15.21 | 18.03 | 19.55 | 25.02 | 32.43 | — | — |
| P/OCF | 14.34 | 13.49 | 15.96 | 16.26 | 18.62 | 27.78 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.78 | 3.96 | 4.02 | 2.45 | 4.27 | — | — |
| EV / EBITDA | 11.32 | 10.59 | 15.36 | 16.51 | 9.15 | 15.32 | — | — |
| EV / EBIT | 14.05 | 13.14 | 18.67 | 20.95 | 11.26 | 19.67 | — | — |
| EV / FCF | — | 13.81 | 22.17 | 25.96 | 37.24 | 36.91 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.6% | 45.6% | 47.7% | 45.0% | 43.0% | 44.5% | 41.0% | 38.4% |
| Operating Margin | 21.1% | 21.1% | 20.5% | 19.0% | 22.4% | 23.8% | 16.4% | 11.2% |
| Net Profit Margin | 13.5% | 13.5% | 11.3% | 8.1% | 13.6% | 14.5% | 4.9% | 1.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 8.7% | 6.4% | 13.8% | 18.7% | 8.9% | 5.2% |
| ROA | 4.9% | 4.9% | 4.0% | 2.8% | 6.1% | 7.3% | 1.7% | 0.3% |
| ROIC | 10.2% | 10.2% | 7.2% | 6.2% | 10.1% | 12.2% | 6.6% | 4.9% |
| ROCE | 8.6% | 8.6% | 8.0% | 7.0% | 11.0% | 13.2% | 5.9% | 3.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.69 | 0.89 | 0.91 | 0.72 | 1.62 | 7.00 |
| Debt / EBITDA | 0.05 | 0.05 | 3.60 | 4.82 | 3.16 | 2.54 | 6.50 | 8.12 |
| Net Debt / Equity | — | -0.20 | 0.55 | 0.75 | 0.86 | 0.53 | 1.48 | 6.71 |
| Net Debt / EBITDA | -1.07 | -1.07 | 2.87 | 4.08 | 3.00 | 1.86 | 5.92 | 7.79 |
| Debt / FCF | — | -1.40 | 4.15 | 6.42 | 12.22 | 4.48 | 5.99 | 16.36 |
| Interest Coverage | 3.96 | 3.96 | 3.28 | 2.59 | 5.58 | 5.99 | 1.78 | 1.14 |
Net cash position: cash ($330M) exceeds total debt ($13M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.94 | 2.94 | 2.45 | 3.02 | 2.63 | 2.47 | 1.94 | 2.75 |
| Quick Ratio | 2.29 | 2.29 | 1.76 | 2.13 | 1.41 | 1.70 | 1.28 | 1.77 |
| Cash Ratio | 1.23 | 1.23 | 0.63 | 0.85 | 0.24 | 0.87 | 0.53 | 0.34 |
| Asset Turnover | — | 0.36 | 0.35 | 0.34 | 0.46 | 0.47 | 0.34 | 0.28 |
| Inventory Turnover | 2.90 | 2.90 | 2.54 | 2.54 | 2.64 | 3.34 | 3.55 | 3.29 |
| Days Sales Outstanding | — | 91.13 | 98.92 | 103.30 | 65.63 | 54.19 | 58.46 | 92.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.0% | — | — |
| Payout Ratio | — | — | — | — | — | 0.0% | 635.5% | 4.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 4.4% | 3.5% | 2.7% | 8.3% | 1.9% | — | — |
| FCF Yield | 6.2% | 6.6% | 5.5% | 5.1% | 4.0% | 3.1% | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 15.9% | 0.2% | — | — |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 15.9% | 0.2% | — | — |
| Shares Outstanding | — | $222M | $221M | $221M | $230M | $201M | $46M | $46M |
Distributor inventory channel destocking
According to current market data, HAYW trades at a forward P/E of 19.19, which appears to discount the company as a cyclical housing play rather than recognizing the recurring revenue potential of its massive installed base of residential pool equipment.
The current valuation multiple suggests investors are pricing in significant volatility, yet the PEG ratio of 0.17 indicates that the market may be severely underestimating the company's growth-adjusted earning power. This valuation gap warrants further investigation into whether the market is misinterpreting the non-discretionary nature of the aftermarket replacement cycle.
Based on reported financial figures, Hayward's ROIC has struggled to break above 4% in recent quarters, suggesting that the company's capital-intensive manufacturing footprint and seasonal working capital requirements are currently suppressing the returns generated on invested capital relative to its industrial peers.
The low ROIC trend appears to be a function of both the high asset base and the cyclical nature of the pool industry, which forces significant capital to be tied up in inventory ahead of peak seasons. Investors should monitor whether the shift toward higher-margin IoT automation can eventually drive a structural improvement in these returns.
As reported in recent quarterly filings, Hayward's cash conversion cycle remains highly volatile, peaking at 249 days in 2024Q1, which highlights the significant friction in managing inventory and receivables across a fragmented pro-channel distribution network that is prone to periodic destocking events.
The wide swings in the CCC suggest that Hayward lacks the leverage to force distributors into more efficient inventory management, leaving the company vulnerable to sudden shifts in channel demand. This inefficiency appears to be a structural drag on cash flow that requires careful monitoring during periods of macroeconomic uncertainty.
Based on Hayward's reported figures, the debt-to-equity ratio plummeted to an anomalous 0.01 in 2025Q4, a development that contradicts the company's historical capital structure and warrants immediate skepticism regarding the accuracy of the reported leverage metrics in the current financial snapshot.
If this deleveraging is accurate, it would represent a fundamental shift in the company's risk profile, yet the lack of clarity surrounding this move suggests potential accounting distortions. Investors should treat these leverage figures with caution until further disclosures confirm whether this represents a permanent reduction in debt or a temporary reporting anomaly.
The most commonly misapplied metric for Hayward is the correlation to new housing starts, which obscures the reality that 75% of revenue is derived from non-discretionary aftermarket maintenance rather than the cyclical new construction market.
Analysts frequently use housing starts as a primary indicator for Hayward, but this metric fails to capture the annuity-like nature of the existing pool installed base. A more appropriate metric would be the 'Installed Base Age' or 'Aftermarket Replacement Rate,' which better reflects the company's true defensive characteristics and long-term earnings stability.
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Quick answers to the most common questions about buying HAYW stock.
Hayward Holdings, Inc.'s current P/E ratio is 24.7x. The historical average is 30.7x. This places it at the 40th percentile of its historical range.
Hayward Holdings, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Hayward Holdings, Inc.'s return on equity (ROE) is 10.0%. The historical average is 10.3%.
Based on historical data, Hayward Holdings, Inc. is trading at a P/E of 24.7x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hayward Holdings, Inc. has 45.6% gross margin and 21.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hayward Holdings, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.