HAYWHayward Holdings, Inc.
Is the business good?
The checks split: 7 of 9 health tests passed and margins widening, but thin cash backing (0.6×).
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit outpaces operating cash flow, watch accruals and working capital. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 9% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is HAYW?
Hayward Holdings, Inc. earns 8.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 0.80 points below what the capital costs: growth destroys value
- Operating margin
- 21%
Operating margin · Electrical Equipment & Parts median 6.7% · 12 months to Q1 2026
- Cash conversion
- 0.56×
Cash conversion · 1.63× a year ago · the operating profit has not turned into cash yet
- Share count, year on year
- +0.26%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 14% |
| FY2021 | 23% |
| FY2022 | 22% |
| FY2023 | 18% |
| FY2024 | 20% |
| FY2025 | 21% |
Details›
- Gross margin12 months to Q1 2026
- 46%
- Operating margin12 months to Q1 2026
- 21%
- Net margin12 months to Q1 2026
- 14%
- Free cash flow margin
- 7.0%
- R&D as % of revenue
- 2.4%
- Revenue, trailing twelve months
- $1.15B
- Free cash flow, trailing twelve months
- $81M
- Net income, trailing twelve months
- $161M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Electrical Equipment & Parts
Ranks #6 of 19 by RyuScore