Download PDF

1. Company Snapshot

1.a. Company Description

Fluidra, S.A., together with its subsidiaries, manufactures and markets accessories and machineries for swimming pools, irrigation, and water treatment and purification for private and public customers worldwide.The company manufactures and distributes various components required for the construction, renovation, improvement, and maintenance of residential and commercial pools; markets fluid handling products and pool materials; and provides financial advisory services in the acquisition of shares.It also engages in the design, distribution, installation, and project management of fountains and ponds; marketing of pool materials; marketing of pool, water treatment, and irrigation products; export and import of various types of swimming-pool products; manufacture and distribution of plastic materials and plastic injection molds, as well as plastic parts for valves; manufacture and distribution of automatic pool covers; sale of bathroom equipment, plastic products, rubber products, and electronic products and metal materials, as well as the import and export of goods and technology; manufacture of chemical products and specialty products; and purchase and sale of sports and leisure equipment and related accessories.


Fluidra, S.A. sells its products primarily under the Jandy, AstralPool, Polaris, Cepex, Zodiac, CTX Professional, and Gre brand names in approximately 47 countries.The company was formerly known as Aquaria de Inv.Corp., S.L. and changed its name to Fluidra, S.A. in September 2007.


Fluidra, S.A. was founded in 1969 and is headquartered in Sant Cugat del Vallés, Spain.

Show Full description

1.b. Last Insights on FDR

Fluidra's recent performance was negatively impacted by the market's cautious outlook on the company's valuation, as reflected in the €26.91 target reset. Despite strong Q4 2025 earnings, with a 7% sales increase and 9% EBITDA growth, the market's focus on execution and market swings may have tempered investor enthusiasm. The company's proposal to distribute a €0.65 dividend per share, representing 50% of adjusted net income, may also be seen as a cautious move, rather than a bold step towards returning value to shareholders.

1.c. Company Highlights

2. Strong H1 Performance, Confident Outlook

The company delivered a strong first half performance with sales up 5% year-on-year to EUR 1.227 billion, driven by growth across all regions. Adjusted EBITDA was up 6% year-on-year to EUR 314 million, representing a 25.6% margin. Gross margin expanded by 60 basis points, driven by the company's simplification program. Profit grew by 21% in the period, reflecting a strong operational performance and lower restructuring costs.

Publication Date: Aug -14

📋 Highlights
  • Sales Growth:: First-half sales increased by 5% to EUR 1.227 billion, with adjusted EBITDA rising 6% to EUR 314 million.
  • Gross Margin Expansion:: Gross margin reached 56.5%, up 60 basis points, driven by the simplification program targeting EUR 100 million in annual savings.
  • Full-Year Guidance:: Sales projected between EUR 2.160 billion and EUR 2.220 billion; adjusted EBITDA between EUR 500 million and EUR 520 million.
  • Aftermarket Growth:: Market share gains in the aftermarket sector, with 16% growth (double industry rate) from dealer conversion and service support.
  • Aiper Acquisition:: Expected antitrust clearance in Q4 2025; Aiper’s performance aligns with growth plans despite potential EUR 20–25 million tariff impact.

Confident Guidance

The company is confident in its full year 2025 guidance, with sales expected to be between EUR 2.160 billion and EUR 2.220 billion, adjusted EBITDA between EUR 500 million and EUR 520 million, and adjusted EPS between EUR 1.33 and EUR 1.40. As Executive Chairman Eloy Planes mentioned, "We had a strong H1 and trading in July is extremely solid."

Segment Performance

The company's aftermarket segment is a key driver of growth, with a 16% growth rate, almost double the growth rate of its competitors. This is due to the company's focus on converting dealers to its products and providing strong support and service. The company is also gaining market share in the aftermarket.

Tariffs and Pricing

The estimated impact of tariffs is between EUR 20 million to EUR 25 million. The company expects pricing to be around 1%-1.5% in Europe, mid-single-digit in North America, and around 2%-2.5% overall for the year.

Valuation

With a P/E Ratio of 28.61, the company's valuation appears to be pricing in its strong performance and confident guidance. The P/S Ratio of 2.12 and EV/EBITDA of 12.1 also suggest that the market is expecting continued growth from the company. The ROIC of 7.09% and ROE of 10.09% indicate that the company is generating strong returns on its investments.

3. NewsRoom

Card image cap

Fluidra proposes a dividend of €0.65 per share and the appointment of two new Board members

Mar -26

Source:

Card image cap

Fluidra SA (FLUIF) Q4 2025 Earnings Call Highlights: Strong Sales and EBITDA Growth Amid Market ...

Feb -28

Source:

Card image cap

Fluidra Delivers Strong 2025 Results, Advancing Its Strategic Priorities

Feb -26

Source:

Card image cap

How The Fluidra (BME:FDR) Investment Story Is Evolving After The €26.91 Target Reset

Feb -25

Source:

Card image cap

Pool Market Research Report 2025-2030: Modular Designs and Composite Materials Accelerate Innovation as Sustainability and Automation Reshape the $23.3 Billion Industry

Feb -17

Source:

Card image cap

Pool Salt Chlorinator Research Report 2025: A $1.98 Billion Market by 2030 with Pentair, Fluidra, Hayward, and Intex Recreation Leading

Feb -16

Source:

Card image cap

Pool Heat Pump Market Research Report 2025-2030, Profiles of Key Vendors - Rheem, AquaCal, Systemair, Pentair, Aldes, Hayward, Fluidra, Daikin, Fairland Group, PHNIX

Feb -10

Source:

Card image cap

Fluidra Delivers a Strong Third Quarter

Oct -30

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.03%)

6. Segments

EMEA

Expected Growth: 3.8%

EMEA region's 3.8% growth in Fluidra, S.A. is driven by increasing demand for pool renovation and maintenance, favorable weather conditions, and strategic acquisitions. Additionally, growing adoption of energy-efficient and sustainable pool solutions, as well as expansion into new markets, contribute to the region's growth momentum.

North America

Expected Growth: 4.2%

North America's 4.2% growth for Fluidra, S.A. is driven by increasing demand for pool renovation and remodeling, favorable weather conditions, and a strong residential construction market. Additionally, the region's growing popularity of outdoor living and wellness trends contribute to the growth of the pool equipment and services market.

APAC

Expected Growth: 4.5%

APAC's 4.5% growth driven by increasing middle-class disposable income, urbanization, and government initiatives promoting water conservation and sustainable infrastructure development in countries like China, India, and Australia, where Fluidra's pool and wellness solutions are in high demand.

Operations

Expected Growth: 3.5%

Fluidra, S.A.'s 3.5% operational growth is driven by increasing demand for pool equipment and services, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on innovation, digitalization, and sustainability initiatives has improved operational efficiency and enhanced customer experience, contributing to its growth momentum.

7. Detailed Products

Residential Pool Equipment

Fluidra offers a wide range of residential pool equipment, including pumps, filters, heaters, and lighting systems, designed to provide efficient and reliable pool operation.

Commercial Pool Equipment

Fluidra's commercial pool equipment is designed for large-scale pool operations, including hotels, resorts, and public pools, offering high-performance pumps, filters, and sanitizing systems.

Pool Water Treatment

Fluidra's pool water treatment solutions include sanitizers, disinfectants, and algae preventers, designed to keep pool water clean, clear, and safe for swimmers.

Pool Automation and Control Systems

Fluidra's pool automation and control systems enable remote monitoring and control of pool equipment, allowing for efficient energy management and optimized pool operation.

Wellness and Fitness Equipment

Fluidra's wellness and fitness equipment includes swim spas, hot tubs, and exercise pools, designed to promote relaxation, fitness, and overall well-being.

8. Fluidra, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Fluidra, S.A. operates in a market with moderate threat of substitutes, as there are alternative products and services available to customers, but they are not significantly cheaper or more convenient.

Bargaining Power Of Customers

Fluidra, S.A. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products and services are often customized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Fluidra, S.A. relies on a few large suppliers for some of its raw materials, which gives them some bargaining power. However, the company's size and global presence also give it some negotiating power.

Threat Of New Entrants

The pool industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This makes it difficult for new entrants to join the market, reducing the threat of new competition.

Intensity Of Rivalry

The pool industry is highly competitive, with several established players competing for market share. Fluidra, S.A. faces intense competition from rivals, which can lead to pricing pressure and high marketing expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 42.80%
Debt Cost 7.65%
Equity Weight 57.20%
Equity Cost 9.24%
WACC 8.56%
Leverage 74.83%

11. Quality Control: Fluidra, S.A. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Smiths

A-Score: 6.3/10

Value: 3.0

Growth: 5.1

Quality: 7.0

Yield: 3.8

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

View Full Report
Stock-Card
Valmet

A-Score: 6.0/10

Value: 5.6

Growth: 4.8

Quality: 5.2

Yield: 8.1

Momentum: 7.5

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
GEA

A-Score: 5.8/10

Value: 3.5

Growth: 5.1

Quality: 6.6

Yield: 3.8

Momentum: 7.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
IMI

A-Score: 5.3/10

Value: 1.5

Growth: 5.1

Quality: 6.4

Yield: 2.5

Momentum: 7.5

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
Mycronic

A-Score: 4.9/10

Value: 1.6

Growth: 8.1

Quality: 8.0

Yield: 3.1

Momentum: 5.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Fluidra

A-Score: 4.8/10

Value: 3.2

Growth: 6.2

Quality: 6.0

Yield: 4.4

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

20.66$

Current Price

20.66$

Potential

-0.00%

Expected Cash-Flows