A premier global manufacturer of custom architectural metal products including windows, doors, and roofing systems serving the construction industry with a strong legacy and expanding international footprint.
Hayward Holdings offers compelling value as a cyclical recovery play with earnings rebounding strongly after two years of volatility, evidenced by the jump in net income from $80.7M in 2023 to $151.6M in 2025. The company's diversified geographic presence and product mix provide inherent stability against regional economic shifts, while its long-term track record suggests resilience during downturns. With a healthy cash position of $329.6M and consistent organic growth potential in the green building envelope market, investors are positioned to capture upside as construction demand stabilizes.
Investors should be cautious regarding the company's sensitivity to raw material costs and global economic slowdowns, which previously caused revenue to contract sharply from $1.31B in 2022 to $992.5M in 2023. The substantial goodwill of $951.2M and a retained earnings deficit of $851.1M indicate past integration challenges or asset write-downs that could impact future profitability if not managed well. Additionally, the heavy reliance on international markets exposes the stock to geopolitical risks and currency headwinds that could dampen near-term growth prospects.
Hayward Holdings Inc. (HAYW) is a leading designer, manufacturer, and distributor of custom architectural metal products serving the global construction industry. The company primarily serves commercial, institutional, and residential markets across North America, Europe, Asia, and Latin America with its diverse portfolio including windows, doors, roofing systems, and custom metal components. With over 200 years of heritage in the fenestration and building envelope sectors, HAYW leverages a robust distribution network to deliver high-performance solutions for architects, builders, and homeowners worldwide.
Financial performance in 2025 shows a strong recovery with revenue reaching $1.12B and net income climbing to $151.6M, significantly better than the $80.7M recorded in 2023. Operating profit increased substantially to $233.2M, reflecting improved operational efficiency and successful pricing strategies that offset inflationary pressures on material costs. The strong cash flow from operations of $256.0M demonstrates the business's ability to generate liquidity despite heavy capital expenditures of $28.7M and debt repayments.
The architectural metal products industry is a mature yet evolving sector driven by urbanization, green building mandates, and a shift towards sustainable materials like recycled aluminum. Competition is intense among global players, but market leaders with established dealer networks and technical expertise command premium pricing power and customer loyalty. The trend towards energy-efficient fenestration systems and smart building integration offers growth opportunities for incumbents who can innovate their product portfolios.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.31B | $992.5M | $1.05B | $1.12B |
| Cost of Revenue | $717.1M | $515.5M | $520.8M | $583.5M |
| Gross Profit | $597.0M | $476.9M | $530.8M | $538.7M |
| Operating Expenses | $311.5M | $301.7M | $322.0M | $305.4M |
| Operating Income | $285.6M | $175.2M | $208.8M | $233.2M |
| R&D | $22.4M | $24.5M | $25.8M | $27.2M |
| G&A | $248.8M | $233.6M | $260.9M | $246.9M |
| Stock-Based Comp | $7.9M | $9.2M | $10.6M | $13.4M |
| Depreciation | $19.2M | $16.0M | $20.1M | $22.8M |
| Amortization | $38.4M | $37.1M | $35.8M | $34.5M |
| Other OpEx | $40.3M | $43.6M | $35.3M | $31.3M |
| Non-Operating Income | $-51.3M | $-74.1M | $-64.6M | $-48.6M |
| Interest Expense | $-356.0K | $-7.1M | — | — |
| Pre-Tax Income | $234.2M | $101.1M | $144.2M | $184.6M |
| Income Tax | $54.9M | $20.4M | $25.5M | $33.1M |
| Continuing Ops | $179.3M | $80.7M | $118.7M | $151.6M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $179.3M | $80.7M | $118.7M | $151.6M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $179.3M | $80.7M | $118.7M | $151.6M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $612.3M | $724.7M | $767.0M | $951.2M |
| Cash & Equivalents | $56.2M | $178.1M | $196.6M | $329.6M |
| Marketable Securities | — | $25.0M | $0 | $69.5M |
| Accounts Receivable | $209.1M | $270.9M | $278.6M | $280.2M |
| Inventory | $283.7M | $215.2M | $216.5M | $210.7M |
| Other Current Assets | $63.3M | $35.6M | $75.3M | $61.2M |
| Long-Term Assets | $2.26B | $2.22B | $2.22B | $2.20B |
| PP&E (Net) | — | — | — | $164.6M |
| Intangibles | $1.07B | $1.04B | $1.03B | $1.00B |
| Goodwill | $932.4M | $935.0M | $943.6M | $951.2M |
| Operating Leases | $65.5M | $58.6M | $55.8M | $54.2M |
| Other LT Assets | $191.7M | $191.5M | $193.8M | $26.7M |
| Total Assets | $2.88B | $2.95B | $2.99B | $3.15B |
| Current Liabilities | $232.4M | $239.7M | $313.0M | $323.2M |
| Accounts Payable | $54.0M | $68.9M | $81.5M | $77.0M |
| Current Leases | $8.7M | $7.8M | $8.7M | $10.0M |
| Deferred Revenue | $7.2M | $4.0M | $3.4M | $3.2M |
| Other Current Liab | $162.5M | $158.9M | $219.4M | $233.0M |
| Long-Term Liabilities | $1.42B | $1.40B | $1.25B | $1.23B |
| LT Operating Leases | $64.8M | $58.6M | $54.8M | $51.4M |
| Other LT Liab | $1.35B | $1.34B | $1.20B | $1.18B |
| Total Liabilities | $1.65B | $1.63B | $1.57B | $1.56B |
| Shareholders' Equity | $1.22B | $1.31B | $1.42B | $1.59B |
| Paid-In Capital | $1.07B | $1.08B | $1.09B | $1.11B |
| Retained Earnings | $500.2M | $580.9M | $699.6M | $851.1M |
| AOCI | $10.1M | $7.2M | $-11.5M | $-4.7M |
| Total L&E | $2.88B | $2.95B | $2.99B | $3.15B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $179.3M | $80.7M | $118.7M | $151.6M |
| Non-Cash Adjustments | $-105.4M | $123.2M | $37.5M | $33.6M |
| Working Capital Changes | $42.0M | $-19.4M | $55.9M | $70.8M |
| Cash from Operations | $115.9M | $184.5M | $212.1M | $256.0M |
| Capital Expenditures | $29.6M | $31.0M | $24.3M | $28.7M |
| Cash from Investing | $-92.6M | $-55.4M | $-54.1M | $-103.8M |
| Debt Issuances | $129.7M | $5.4M | $2.9M | $0 |
| Debt Repayments | $10.4M | $12.5M | $138.6M | $12.8M |
| Share Buybacks | $343.3M | $340.0K | $378.0K | $5.0M |
| Dividends Paid | $0 | — | — | — |
| Cash from Financing | $-229.2M | $-7.6M | $-136.8M | $-20.8M |
| FX Effect | $-3.8M | $373.0K | $-2.7M | $1.6M |
| Net Change in Cash | $-209.6M | $121.9M | $18.5M | $133.1M |
| Beginning Cash | $265.8M | $56.2M | $178.1M | $196.6M |
| Ending Cash | $56.2M | $178.1M | $196.6M | $329.6M |
The company's revenue is driven by four primary segments: Custom Metal (architectural windows, doors, and skylights), Roofing Systems (standing seam metal roofs and wall panels), Commercial Products (storefronts and curtain walls for commercial buildings), and Residential Products (pre-fabricated residential fenestration and roofing solutions).
The company faces significant exposure to raw material price volatility, particularly aluminum, steel, and zinc, which can erode gross margins if not effectively hedged or passed on to customers. Economic downturns in key markets like Europe and Asia could lead to reduced construction activity and delayed project completions, negatively impacting order backlogs and revenue recognition. Supply chain disruptions or logistics bottlenecks could increase costs and delay product delivery, while currency fluctuations may impact the valuation of international earnings.
Hayward Holdings possesses a deep-rooted heritage spanning over two centuries, providing unparalleled product knowledge and brand trust among architects and designers. The company benefits from a highly diversified global supply chain and distribution network that mitigates regional economic volatility and ensures consistent market access across multiple continents. Its vertical integration in manufacturing allows for superior quality control and the ability to offer high-margin custom solutions that mass-market competitors cannot match.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.