Hayward Holdings, Inc.
HAYW NYSE Refrigeration & Service Industry Machinery Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$1.1B
6.7%
vs prior year
Operating margin
Operating income as a share of revenue.
20.8%
0.9 pts
Net income
Profit after all expenses, interest and tax.
$152M
27.7%
Free cash flow
Cash from operations minus capital spending.
$227M
19.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.9%
1.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.73 EPS (TTM)
What Hayward Holdings, Inc. does
No business description yet.
- Legal name
- Hayward Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001834622-26-000008
0001834622
Revenue and margins
Hayward Holdings, Inc. had $1.1B of revenue in fiscal 2025, up 6.7% on the year before.
FY19
Revenue $733M
FY20
Revenue $875M
FY21
Revenue $1.4B
FY22
Revenue $1.3B
FY23
Revenue $992M
FY24
Revenue $1.1B
FY25
Revenue $1.1B
Q2 '23
Revenue $284M
Q3 '23
Revenue $220M
Q4 '23
Revenue $278M
Q1 '24
Revenue $213M
Q2 '24
Revenue $284M
Q3 '24
Revenue $228M
Q4 '24
Revenue $327M
Q1 '25
Revenue $229M
Q2 '25
Revenue $300M
Q3 '25
Revenue $244M
Q4 '25
Revenue $349M
Q1 '26
Revenue $255M
FY19
Gross 44.1%
Operating 13.5%
Net 1.2%
FCF 9.4%
FY20
Gross 45.4%
Operating 14.2%
Net 4.9%
FCF 22.8%
FY21
Gross 46.8%
Operating 22.7%
Net 14.5%
FCF 11.6%
FY22
Gross 45.4%
Operating 21.7%
Net 13.6%
FCF 6.6%
FY23
Gross 43.3%
Operating 17.7%
Net 8.1%
FCF 15.7%
FY24
Gross 46.3%
Operating 19.9%
Net 11.3%
FCF 18.0%
FY25
Gross 48.0%
Operating 20.8%
Net 13.5%
FCF 20.3%
Gross
Operating
Net
FCF
Q2 '23
Gross 48.1%
Operating 22.2%
Net 10.4%
FCF 87.4%
Q3 '23
Gross 47.8%
Operating 13.1%
Net 5.4%
FCF 19.7%
Q4 '23
Gross 32.2%
Operating 19.9%
Net 11.1%
FCF −13.9%
Q1 '24
Gross 45.3%
Operating 14.5%
Net 4.6%
FCF −38.9%
Q2 '24
Gross 46.9%
Operating 23.9%
Net 13.2%
FCF 99.4%
Q3 '24
Gross 45.7%
Operating 14.7%
Net 7.3%
FCF 26.1%
Q4 '24
Gross 46.9%
Operating 23.4%
Net 16.7%
FCF −21.4%
Q1 '25
Gross 46.0%
Operating 14.6%
Net 6.3%
FCF −5.0%
Q2 '25
Gross 49.2%
Operating 23.8%
Net 15.0%
FCF 62.5%
Q3 '25
Gross 47.8%
Operating 16.8%
Net 9.8%
FCF 35.7%
Q4 '25
Gross 40.7%
Operating 25.0%
Net 19.6%
FCF −10.3%
Q1 '26
Gross 46.5%
Operating 16.6%
Net 9.2%
FCF −61.8%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2019 to 2025, diluted EPS grew 54.5% a year. Loss periods are shown in red.
FY19
Net income $8.5M
FY20
Net income $43.3M
FY21
Net income $204M
FY22
Net income $179M
FY23
Net income $80.7M
FY24
Net income $119M
FY25
Net income $152M
Q2 '23
Net income $29.5M
Q3 '23
Net income $11.8M
Q4 '23
Net income $31.0M
Q1 '24
Net income $9.8M
Q2 '24
Net income $37.6M
Q3 '24
Net income $16.5M
Q4 '24
Net income $54.7M
Q1 '25
Net income $14.3M
Q2 '25
Net income $44.8M
Q3 '25
Net income $24.0M
Q4 '25
Net income $68.4M
Q1 '26
Net income $23.4M
FY19
Diluted EPS $0.05
FY20
Diluted EPS $0.25
FY21
Diluted EPS $0.49
FY22
Diluted EPS $0.78
FY23
Diluted EPS $0.37
FY24
Diluted EPS $0.54
FY25
Diluted EPS $0.68
Q2 '23
Diluted EPS $0.13
Q3 '23
Diluted EPS $0.05
Q4 '23
Diluted EPS $0.15
Q1 '24
Diluted EPS $0.04
Q2 '24
Diluted EPS $0.17
Q3 '24
Diluted EPS $0.07
Q4 '24
Diluted EPS $0.26
Q1 '25
Diluted EPS $0.06
Q2 '25
Diluted EPS $0.20
Q3 '25
Diluted EPS $0.11
Q4 '25
Diluted EPS $0.31
Q1 '26
Diluted EPS $0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity 5.2%
Return on assets —
FY20
Return on capital 6.7%
Return on equity 23.2%
Return on assets 1.7%
FY21
Return on capital 11.9%
Return on equity 25.8%
Return on assets 7.3%
FY22
Return on capital 9.6%
Return on equity 13.8%
Return on assets 6.1%
FY23
Return on capital 6.3%
Return on equity 6.4%
Return on assets 2.8%
FY24
Return on capital 7.8%
Return on equity 8.7%
Return on assets 4.0%
FY25
Return on capital 8.9%
Return on equity 10.0%
Return on assets 4.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $227M in fiscal 2025, 20.3% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow $68.9M
FY20
Free cash flow $200M
FY21
Free cash flow $163M
FY22
Free cash flow $86.3M
FY23
Free cash flow $156M
FY24
Free cash flow $190M
FY25
Free cash flow $227M
Q2 '23
Free cash flow $248M
Q3 '23
Free cash flow $43.5M
Q4 '23
Free cash flow −$38.7M
Q1 '24
Free cash flow −$82.6M
Q2 '24
Free cash flow $283M
Q3 '24
Free cash flow $59.5M
Q4 '24
Free cash flow −$69.9M
Q1 '25
Free cash flow −$11.4M
Q2 '25
Free cash flow $187M
Q3 '25
Free cash flow $87.2M
Q4 '25
Free cash flow −$35.8M
Q1 '26
Free cash flow −$158M
FY19
Cash from operations $94.0M
Capital spending $25.0M
FY20
Cash from operations $214M
Capital spending $14.2M
FY21
Cash from operations $189M
Capital spending $26.2M
FY22
Cash from operations $116M
Capital spending $29.6M
FY23
Cash from operations $185M
Capital spending $28.9M
FY24
Cash from operations $212M
Capital spending $22.4M
FY25
Cash from operations $256M
Capital spending $28.7M
Cash from operations
Capital spending
Q2 '23
Cash from operations $257M
Capital spending $9.5M
Q3 '23
Cash from operations $50.4M
Capital spending $6.9M
Q4 '23
Cash from operations −$32.4M
Capital spending $6.3M
Q1 '24
Cash from operations −$77.2M
Capital spending $5.4M
Q2 '24
Cash from operations $287M
Capital spending $4.3M
Q3 '24
Cash from operations $65.9M
Capital spending $6.5M
Q4 '24
Cash from operations −$63.7M
Capital spending $6.2M
Q1 '25
Cash from operations −$5.9M
Capital spending $5.5M
Q2 '25
Cash from operations $194M
Capital spending $6.9M
Q3 '25
Cash from operations $94.6M
Capital spending $7.4M
Q4 '25
Cash from operations −$26.9M
Capital spending $8.9M
Q1 '26
Cash from operations −$151M
Capital spending $7.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Hayward Holdings, Inc. returned $5.0M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 0.4%.
FY19
Dividends $0.2M
Buybacks $1.0M
FY20
Dividends $275M
Buybacks $2.5M
FY21
Dividends $0.0M
Buybacks $9.5M
FY22
Dividends $0.0M
Buybacks $343M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.4M
FY25
Dividends —
Buybacks $5.0M
Dividends
Buybacks
Q2 '23
Dividends —
Buybacks $0.0M
Q3 '23
Dividends —
Buybacks $0.2M
Q4 '23
Dividends —
Buybacks −$0.2M
Q1 '24
Dividends —
Buybacks $0.4M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks −$0.4M
Q4 '24
Dividends —
Buybacks $0.4M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $1.1M
Q3 '25
Dividends —
Buybacks $0.1M
Q4 '25
Dividends —
Buybacks $3.9M
Q1 '26
Dividends —
Buybacks $5.9M
Dividends
Buybacks
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.20B
FY22
Diluted shares 0.23B
FY23
Diluted shares 0.22B
FY24
Diluted shares 0.22B
FY25
Diluted shares 0.22B
Balance sheet
Cash, debt and the ratios that show how comfortably Hayward Holdings, Inc. can carry it.
FY19
Cash $47.2M
Debt —
FY20
Cash $115M
Debt $1.3B
FY21
Cash $266M
Debt $1.0B
FY22
Cash $56.2M
Debt $1.1B
FY23
Cash $203M
Debt $1.1B
FY24
Cash $197M
Debt $974M
FY25
Cash $399M
Debt $963M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $266M | $56.2M | $203M | $197M | $399M |
| Debt incl. finance leases | $1.0B | $1.1B | $1.1B | $974M | $963M |
| Net debt / EBITDA | 2.2x | 3.5x | 4.8x | 3.4x | 2.2x |
| Debt / equity | 0.7x | 0.9x | 0.8x | 0.7x | 0.6x |
| Interest coverage | — | — | — | 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 |
| Total assets | $3.0B | $2.9B | $2.9B | $3.0B | $3.2B |
| Total liabilities | $1.6B | $1.7B | $1.6B | $1.6B | $1.6B |
| Shareholders' equity | $1.4B | $1.2B | $1.3B | $1.4B | $1.6B |
| Net debt (− = net cash) | $737M | $1.1B | $909M | $777M | $564M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | ✓ | ✓ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✓ | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 7 / 9 | 3 / 9 | 6 / 9 | 7 / 9 | 8 / 9 |
| Accruals ratio | — | −6.5% | 0.5% | 2.2% | −3.6% | −3.1% | −3.4% |
| Altman Z'' | — | 1.21 | 2.95 | 2.88 | 2.96 | 3.18 | 3.76 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $733M | $875M | $1.4B | $1.3B | $992M | $1.1B | $1.1B |
| Net interest income | −$84.5M | −$73.6M | −$50.9M | −$51.4M | −$73.6M | — | — |
| Gross profit | $324M | $397M | $656M | $597M | $429M | $487M | $539M |
| Research and development | $19.9M | $20.0M | $22.9M | $22.4M | $24.5M | $25.8M | $27.2M |
| Operating income | $98.7M | $125M | $318M | $286M | $175M | $209M | $233M |
| Interest expense | −$0.1M | −$0.3M | −$0.0M | −$0.4M | −$7.1M | $67.1M | $50.3M |
| Pretax income | $12.1M | $57.8M | $260M | $234M | $101M | $144M | $185M |
| Income tax | $3.6M | $14.5M | $56.4M | $54.9M | $20.4M | $25.5M | $33.1M |
| Net income | $8.5M | $43.3M | $204M | $179M | $80.7M | $119M | $152M |
| Net income to common | $0.0M | $0.3M | $97.5M | $179M | $80.7M | — | — |
| Diluted EPS | $0.05 | $0.25 | $0.49 | $0.78 | $0.37 | $0.54 | $0.68 |
| Diluted shares | 0.00B | 0.00B | 0.20B | 0.23B | 0.22B | 0.22B | 0.22B |
| Cash flow | |||||||
| Cash from operations | $94.0M | $214M | $189M | $116M | $185M | $212M | $256M |
| Capital expenditure | $25.0M | $14.2M | $26.2M | $29.6M | $28.9M | $22.4M | $28.7M |
| Free cash flow | $68.9M | $200M | $163M | $86.3M | $156M | $190M | $227M |
| Depreciation and amortization | $17.2M | $18.8M | $18.8M | $19.2M | $16.0M | $20.1M | $22.8M |
| Stock-based compensation | $1.6M | $1.9M | $15.0M | $7.9M | $9.2M | $10.6M | $13.4M |
| Acquisitions | $0.0M | $0.0M | $21.5M | $63.0M | $0.0M | $55.2M | $0.0M |
| Share buybacks | $1.0M | $2.5M | $9.5M | $343M | $0.0M | $0.4M | $5.0M |
| Dividends paid | $0.2M | $275M | $0.0M | $0.0M | — | — | — |
| Dividends and buybacks | $1.2M | $278M | $9.5M | $343M | $0.0M | $0.4M | $5.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $47.2M | $115M | $266M | $56.2M | $203M | $197M | $399M |
| Total debt | — | $1.3B | $995M | $1.1B | $1.1B | $971M | $960M |
| Finance lease liabilities | — | — | $7.8M | $6.7M | $4.7M | $2.4M | $3.6M |
| Current assets | — | $424M | $751M | $612M | $725M | $767M | $951M |
| Current liabilities | — | $219M | $304M | $232M | $240M | $313M | $323M |
| Inventory | — | $145M | $233M | $284M | $215M | $216M | $211M |
| Property and equipment, net | — | $142M | — | — | — | $160M | $165M |
| Goodwill | $915M | $920M | $924M | $932M | $935M | $944M | $951M |
| Intangible assets | $1.2B | $1.1B | $1.1B | $1.1B | $1.0B | $1.0B | $1.0B |
| Total assets | — | $2.6B | $3.0B | $2.9B | $2.9B | $3.0B | $3.2B |
| Total liabilities | — | $1.8B | $1.6B | $1.7B | $1.6B | $1.6B | $1.6B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $164M | $209M | $1.4B | $1.2B | $1.3B | $1.4B | $1.6B |
| Margins | |||||||
| 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% |
| EBITDA margin | 15.8% | 16.4% | 24.0% | 23.2% | 19.3% | 21.8% | 22.8% |
| Net margin | 1.2% | 4.9% | 14.5% | 13.6% | 8.1% | 11.3% | 13.5% |
| FCF margin | 9.4% | 22.8% | 11.6% | 6.6% | 15.7% | 18.0% | 20.3% |
| Net interest share of revenue | −11.5% | −8.4% | −3.6% | −3.9% | −7.4% | — | — |
| Returns | |||||||
| Return on capital | — | 6.7% | 11.9% | 9.6% | 6.3% | 7.8% | 8.9% |
| Return on capital employed | — | 5.2% | 11.9% | 10.8% | 6.5% | 7.8% | 8.2% |
| Return on equity | 5.2% | 23.2% | 25.8% | 13.8% | 6.4% | 8.7% | 10.0% |
| Return on assets | — | 1.7% | 7.3% | 6.1% | 2.8% | 4.0% | 4.9% |
| Growth | |||||||
| Revenue growth | — | 19.4% | 60.1% | −6.3% | −24.5% | 6.0% | 6.7% |
| Net income growth | — | 408.1% | 370.5% | −12.0% | −55.0% | 47.1% | 27.7% |
| EPS growth | — | 400.0% | 96.0% | 59.2% | −52.6% | 45.9% | 25.9% |
| FCF growth | — | 189.6% | −18.3% | −47.1% | 80.3% | 21.9% | 19.8% |
| Share count change | — | 1.3% | 8,024.0% | 14.5% | −3.9% | 0.3% | 0.4% |
| Financial health | |||||||
| Net debt / EBITDA | — | 8.3x | 2.2x | 3.5x | 4.8x | 3.4x | 2.2x |
| Debt / equity | — | 6.2x | 0.7x | 0.9x | 0.8x | 0.7x | 0.6x |
| Interest coverage | — | — | — | — | — | 3.1x | 4.6x |
| Current ratio | — | 1.9x | 2.5x | 2.6x | 3.0x | 2.5x | 2.9x |
| Quick ratio | — | 1.3x | 1.7x | 1.4x | 2.1x | 1.8x | 2.3x |
| Capital allocation | |||||||
| Capex / revenue | 3.4% | 1.6% | 1.9% | 2.3% | 2.9% | 2.1% | 2.6% |
| Stock comp / revenue | 0.2% | 0.2% | 1.1% | 0.6% | 0.9% | 1.0% | 1.2% |
| Payouts / FCF | 1.8% | 139.1% | 5.8% | 397.8% | 0.0% | 0.2% | 2.2% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 7.0 | 3.0 | 6.0 | 7.0 | 8.0 |
| Altman Z'' | — | 1.2 | 2.9 | 2.9 | 3.0 | 3.2 | 3.8 |
| Accruals ratio | — | −6.5% | 0.5% | 2.2% | −3.6% | −3.1% | −3.4% |
Source: SEC EDGAR XBRL filings (CIK 0001834622). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.