Pool Corporation (POOL)
NEUTRALファンダメンタル
61
株価
$184.69
時価総額
$6.84B
パート1 · 企業の価値
概要
Pool Corporation is the world's largest wholesale distributor of swimming pool equipment and supplies, plus related backyard products such as irrigation and landscape lighting. It does not manufacture or sell to homeowners directly: it buys from hundreds of manufacturers and resells through 456 of its own sales centers across North America, Europe and Australia to roughly 125,000 professional customers — pool builders, retailers and service companies — who in turn serve the end consumer.
収益の仕組み
Pool Corporation makes its margin as a middleman: it buys in bulk from manufacturers at scale discounts and resells in the smaller quantities its professional customers need, adding convenience, local inventory and credit terms they could not get buying direct. About 64% of 2025 sales came from recurring maintenance and minor repair — chemicals, filters, pumps — a steady, weather-driven demand base, while the remaining 36% came from discretionary pool remodeling and new construction, which rise and fall with the housing market and interest rates.
セグメント別売上高
Pool chemicals, filters, pumps and other recurring products that keep an existing pool running — non-discretionary, weather-driven demand.
Upgrades and renovations to existing pools, such as new equipment, resurfacing or added features — discretionary spending tied to home improvement budgets.
Equipment and materials for newly built pools — the most discretionary and interest-rate-sensitive category, and the first to slow when credit tightens.
競争優位性（moat）
規模の経済 · 狭いPool Corporation is roughly the size of its largest rivals combined, with 456 sales centers giving it purchasing power with manufacturers and same-day local inventory that a small regional distributor cannot match. That scale is a real advantage in a fragmented industry, but it is not unbreachable: some manufacturers sell direct, and competitors can build density in specific regions.
需要を左右する要因
中程度の景気循環性Maintenance spending on existing pools is fairly steady and weather-driven, giving the business a defensive core. But over a third of sales — remodeling and new construction — depend on discretionary spending, housing activity and the cost of credit, and both categories slowed noticeably when interest rates rose.
主なリスク
- Weather and seasonality — Most profit is earned in the second and third quarters; an unusually cool or rainy season reduces both pool usage and the urgency of maintenance and repair purchases.
- Interest rate sensitivity — New pool construction and larger remodeling projects are often financed; higher borrowing costs have already been shown to reduce demand for both discretionary categories.
- Discretionary spending exposure — A weaker economy, falling home values or lower consumer confidence reduce willingness to spend on remodeling and new pools, the more profitable, faster-growing side of the business.
- Fragmented, competitive distribution market — Pool Corporation competes with other national and regional distributors, mass-market retailers and online sellers, all bidding for the same professional customer base.
強気材料
Buyers argue that Pool Corporation's scale and distribution density give it durable purchasing and service advantages in a fragmented industry, that the 64% maintenance base provides a defensive floor to revenue, and that discretionary demand for remodeling and new pools should recover as interest rates ease.
弱気材料
Sellers worry that the discretionary two-thirds of sales — remodeling and new construction — is directly exposed to interest rates and housing activity, that weather variability makes results lumpy quarter to quarter, and that scale advantages erode if manufacturers increasingly sell direct to professional installers.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$5.36B
直近12か月（2026/3/31まで）
純利益
$406M
直近12か月（2026/3/31まで）
フリーキャッシュフロー
$310M
自己資本合計
$1.19B
負債合計
$2.44B
流動比率
1.87
利払い倍率
-
負債/EBITDA
2.50
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$224.19
現在株価
$184.69
安全マージン
+17.6%
適正価値レンジ
$157.61 - $290.77
推定方法
バリュエーション指標
P/E レシオ
17.30
ROE
34.3%
P/B レシオ
6.05
P/FCF
21.94
粗利益率
29.7%
ROIC
16.8%
収益性レーダー
Value Creation (Economic Moat)
ROIC
16.8%
WACC
8.3%
ROIC − WACC
+8.5 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（17）
- EPS shows upward trend
- EPS CAGR 14.00%
- Price CAGR 6.06%
- ROIC 16.8%
- P/FCF 21.94
- Debt/Equity ratio
- Operating Margin 10.9%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- ROE 32.3%
- Revenue Growth 5Y 6.1%
- Earnings Quality (OCF/NI) 0.90
- Share Dilution -2.5%
- Piotroski F-Score 5/9
不合格（9）
- Gross Margin 29.7%
- P/B Ratio 6.05
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 48% Buy
- Earnings Surprise avg -3.7%
- PEG Ratio 4.55
- Net Margin Trend 7.6% vs 7.8%
データなし（2）
- Dividend Payout NaN%
- Interest Coverage
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
中程度：利益とキャッシュの間にギャップがある
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. John E. Stokely | Executive Chairman | 72 |
| Ms. Melanie M. Housey Hart CPA | Senior VP, CFO & Treasurer | 52 |
| Ms. Jennifer M. Neil | Senior VP, Corporate Secretary & Chief Legal Officer | 51 |
| Mr. Kenneth G. St. Romain | Senior Vice President | 62 |
| Mr. John B. Watwood | President & CEO | 46 |
| Mr. Walker F. Saik | Chief Accounting Officer & Corporate Controller | 41 |
| Mr. Todd R. Marshall | VP & Chief Information Officer | - |
| Mr. Curtis J. Scheel | Director of Investor Relations | 66 |
| Ms. Carolyne K. Large | Vice President of Marketing | - |
| Mr. Luther A. Willems | VP & Chief Human Resources Officer | - |
監査リスク
2
取締役会リスク
1
報酬リスク
2
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for POOL, sourced from Markets Gazette.
- 3/5/2026NEGATIVESteadfast Capital Liquidates Pool Corporation Position With $156 Million Exit
Steadfast Capital has liquidated its entire position in Pool Corporation, an exit valued at $156 million. Pool Corporation is a leading distributor of pool and outdoor living products, with a significant presence across North America, Europe, and Australia. The sale of such a substantial stake by an institutional investor can be interpreted as a signal of reduced confidence or a strategic profit-taking maneuver. For investors, this event raises questions about the stock's future outlook and may indicate impending selling pressure, potentially impacting the share price negatively.
- 2/27/2026NEGATIVEPool Stock Is Down 35% This Past Year, and One Fund Recently Disclosed Dumping a $10 Million Stake
Pool Corporation's stock has plummeted by 35% over the past year, a significant red flag for investors. This concerning trend was exacerbated by the recent disclosure that a fund divested a $10 million stake in the company. Such a move by institutional investors often signals a lack of confidence in the firm's future prospects. Pool Corporation, a distributor of pool supplies and equipment across North America, Europe, and Australia, faces questions regarding its operational challenges or revised growth expectations. The substantial capital outflow and poor stock performance suggest potential headwinds, making it a less attractive investment in the short to medium term.
via Markets Gazette