SWIM · CIK 0001833197
What Latham Group, Inc. told the SEC could break it.
Latham's disclosures cluster on concentration at both ends of its pool-manufacturing business. On the sell side, a single customer — its largest distributor of more than 25 years — was about 22.6% of 2025 net sales, and its top ten dealer relationships were 49%, so channel consolidation or the loss of a key partner would bite. On the buy side, its top ten suppliers provided 60% of supplies (the largest 12%), and its products lean on commodity raw materials — PVC, galvanized steel, fiberglass, aluminum, and resins — that it typically reprices only annually. That import-and-materials footprint sits squarely in tariff territory: it sources materials abroad and ships finished products from its Kingston, Ontario plant, and 2025 already included $4.6 million of tariff-related pricing increases.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- one customer = 22.6% of net sales; top-10 dealers = 49%high
One customer represented ~22.6% of net sales in 2025 (its largest distributor of 25+ years), and the top ten dealer/distributor relationships were 49% of net sales — concentrating revenue in a few channel partners exposed to industry consolidation.
“During the years ended December 31, 2025, 2024 and 2023, one customer represented approximately 22.6%, 21.0% and 20.3% of our net sales, respectively.”
SEC filing →As of 2026
Commodity & input dependence
- PVC, galvanized steel, fiberglass, aluminum, resinsmedium
Latham's products depend on commodity raw materials — PVC, galvanized steel, fiberglass, aluminum, resins, high-impact polystyrene, gelcoat and polypropylene fabric — whose costs have historically varied and are typically repriced only annually.
“The primary raw materials used in our products are PVC, galvanized steel, fiberglass, aluminum, various resins, high impact polystyrene, gelcoat and polypropylene fabric.”
SEC filing →As of 2026
Regulatory & policy
- tariffs on steel/aluminum & Canadian-imported finished productsmedium
Latham sources materials from outside the U.S. and imports finished products from its Kingston, Ontario plant; tariffs on steel, aluminum and imported finished goods could substantially raise costs (2025 already included $4.6M of tariff-related pricing increases).
“We also import finished products into the U.S. from our Canadian production facility in Kingston, Ontario. The imposition of or increase in tariffs on raw materials such as steel and aluminum, the imposition of or increase in tariffs on finished products that we import, and other potential changes in U.S. and global trade policy could substantially increase the cost of and limit the availability of raw materials or our finished products.”
Supplier concentration
- top-10 suppliers = 60% of supplies; largest = 12%medium
Supply purchasing is concentrated — of 233 suppliers, the top ten provided 60% of supplies and the single largest supplier 12% in 2025 — so disruption or price increases from key suppliers could hit Latham's manufacturing.
“In 2025, we purchased supplies from 233 suppliers, with 60% of supplies being purchased from our top ten suppliers and 12% of supplies being purchased from our largest supplier.”
SEC filing →As of 2026
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