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Hayward Holdings (HAYW) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

Posted by Defense World Staff on Apr 3rd, 2026

Hayward Holdings, Inc. (NYSE:HAYW – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $17.8333.

A number of equities research analysts have recently commented on HAYW shares. Jefferies Financial Group reiterated a “hold” rating and set a $15.00 target price (down from $16.00) on shares of Hayward in a research note on Tuesday. Zacks Research upgraded shares of Hayward from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $19.50 price objective (up from $19.00) on shares of Hayward in a research report on Thursday, February 26th. Bank of America upgraded shares of Hayward from an “underperform” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Friday, March 6th. Finally, Weiss Ratings raised shares of Hayward from a “hold (c)” rating to a “buy (b-)” rating in a research report on Thursday, February 26th.

Check Out Our Latest Stock Report on Hayward

Hayward Trading Down 0.9% NYSE HAYW opened at $13.38 on Tuesday. The company has a current ratio of 2.94, a quick ratio of 2.29 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $15.29 and a 200 day simple moving average of $15.62. Hayward has a 12 month low of $11.10 and a 12 month high of $17.73. The firm has a market capitalization of $2.91 billion, a P/E ratio of 19.67, a PEG ratio of 1.35 and a beta of 1.18.

Hayward (NYSE:HAYW – Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Hayward had a net margin of 13.51% and a return on equity of 11.27%. The firm had revenue of $349.38 million for the quarter, compared to the consensus estimate of $332.84 million. During the same period in the previous year, the firm earned $0.27 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. Hayward has set its FY 2026 guidance at 0.820-0.860 EPS. On average, analysts predict that Hayward will post 0.6 EPS for the current fiscal year.

Insiders Place Their Bets In other Hayward news, CFO Eifion Jones sold 15,000 shares of the business’s stock in a transaction on Monday, March 9th. The stock was sold at an average price of $14.57, for a total value of $218,550.00. Following the sale, the chief financial officer directly owned 316,100 shares in the company, valued at $4,605,577. The trade was a 4.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Kevin Holleran sold 52,389 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $13.42, for a total value of $703,060.38. Following the transaction, the chief executive officer owned 701,234 shares of the company’s stock, valued at $9,410,560.28. The trade was a 6.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 224,557 shares of company stock valued at $3,424,249 over the last three months. Company insiders own 5.06% of the company’s stock.

Institutional Trading of Hayward Hedge funds and other institutional investors have recently modified their holdings of the business. Covestor Ltd increased its position in shares of Hayward by 10,452.9% in the third quarter. Covestor Ltd now owns 1,794 shares of the company’s stock worth $27,000 after purchasing an additional 1,777 shares during the last quarter. Hantz Financial Services Inc. lifted its position in Hayward by 80.2% during the fourth quarter. Hantz Financial Services Inc. now owns 2,058 shares of the company’s stock valued at $32,000 after purchasing an additional 916 shares during the last quarter. GAMMA Investing LLC grew its stake in Hayward by 82.4% in the 4th quarter. GAMMA Investing LLC now owns 2,183 shares of the company’s stock worth $34,000 after buying an additional 986 shares in the last quarter. IFP Advisors Inc grew its stake in Hayward by 103.9% in the 4th quarter. IFP Advisors Inc now owns 2,482 shares of the company’s stock worth $38,000 after buying an additional 1,265 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Hayward in the 4th quarter worth $39,000.

About Hayward (Get Free Report)

Hayward Holdings, Inc is a leading manufacturer and marketer of residential and commercial swimming pool equipment and related outdoor living products. The company designs, engineers and produces a comprehensive range of products that address water circulation, filtration, heating, sanitation, automation, lighting and cleaning needs for pools and spas. Hayward’s offerings include pumps, filters, heaters, salt and chemical sanitization systems, automation controls, lights, robotic cleaners and various accessories that serve both new pool construction and aftermarket renovation markets.

Hayward’s product portfolio is organized into several core categories.

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Investors looking for stocks in the Electronics - Miscellaneous Products sector might want to consider either Hayward Holdings, Inc. (HAYW - Free Report) or Hoya Corp. (HOCPY - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Hayward Holdings, Inc. and Hoya Corp. are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that HAYW's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

HAYW currently has a forward P/E ratio of 15.69, while HOCPY has a forward P/E of 35.98. We also note that HAYW has a PEG ratio of 1.34. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. HOCPY currently has a PEG ratio of 2.51.

Another notable valuation metric for HAYW is its P/B ratio of 1.82. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, HOCPY has a P/B of 8.69.

These metrics, and several others, help HAYW earn a Value grade of B, while HOCPY has been given a Value grade of D.

HAYW has seen stronger estimate revision activity and sports more attractive valuation metrics than HOCPY, so it seems like value investors will conclude that HAYW is the superior option right now.

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CHARLOTTE, N.C.--(BUSINESS WIRE)--Hayward Holdings, Inc. (NYSE: HAYW) (“Hayward” or the “Company”), a global designer, manufacturer, and marketer of a broad portfolio of pool and outdoor living technology, announced today it will report its first quarter 2026 earnings results on Wednesday, April 29, 2026. Following the earnings release, the Company will hold a conference call to discuss the results at 9:00 a.m. Eastern Time that day.

Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at https://investor.hayward.com/events-and-presentations/default.aspx. An earnings presentation will be posted to the Investor Relations section of the Company’s website prior to the conference call.

The conference call may also be accessed by dialing (877) 423-9813 or (201) 689-8573 or by clicking on this link for telephone access to the live call.

For those unable to listen to the live conference call, a replay will be available approximately three hours after the call through the Investor Relations section of the Company’s website or by dialing (844) 512-2921, or (412) 317-6671. The access code for the replay is 13759829. The replay will be available until 11:59 p.m. Eastern Time on May 13, 2026.

About Hayward Holdings, Inc.

Hayward Holdings, Inc. (NYSE: HAYW) is a leading global specialty water management company focused on designing and manufacturing pool and outdoor living technology and industrial flow control products. Driven by a mission to transform the experience of water, Hayward offers a comprehensive portfolio of energy‑efficient and sustainable pool equipment—including pumps, heaters, sanitizers, filters, LED lighting, water features, and cleaners—integrated through its intuitive, IoT‑enabled SmartPad™ platform. The Company also provides industrial thermoplastic valves and process control products serving a wide range of applications.

More News From Hayward Holdings, Inc.

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Hayward Holdings (HAYW) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

CHARLOTTE, N.C.--(BUSINESS WIRE)--Hayward Holdings, Inc. (NYSE: HAYW) (“Hayward,” the “Company,” “we,” “us,” or “our”), a leading global specialty water management company focused on designing and manufacturing pool and outdoor living technology and industrial flow control products, today announced financial results for the first quarter of fiscal year 2026, ended March 28, 2026. Comparisons are to financial results for the prior-year first fiscal quarter.

CEO COMMENTS

“Hayward delivered an outstanding first quarter highlighted by double-digit net sales growth and increased profitability,” said Kevin Holleran, Hayward’s President and Chief Executive Officer. “Net sales increased 12% year-over-year, primarily driven by further strong price realization and positive volume growth, underscoring the strength of our predominantly installed base aftermarket business model and disciplined execution of our strategic initiatives. We achieved another quarter of margin expansion while making targeted investments in new product innovation and customer service. Based on our strong start to the year, we are increasing our full year guidance and remain confident in our ability to deliver continued profitable growth and stockholder value.”

FIRST QUARTER FISCAL 2026 CONSOLIDATED RESULTS

Net sales increased by 12% to $255.2 million for the first quarter of fiscal 2026. The increase in net sales during the quarter was driven by positive net price to offset inflation and tariffs, the favorable impact from foreign currency translation, and an increase in volume.

Gross profit increased by 13% to $118.7 million for the first quarter of fiscal 2026. Gross profit margin increased by 50 basis points to 46.5% primarily due to positive net price and operating efficiencies, partially offset by an increase in cost of sales driven by tariffs and inflation.

Selling, general, and administrative expense (“SG&A”) increased by 10% to $62.6 million for the first quarter of fiscal 2026. The increase in SG&A was mainly attributable to the timing of certain sales expenses during the year, incremental advertising expense for trade shows and new customers, and increased software costs. As a percentage of net sales, SG&A decreased to 24.5% for the first quarter of fiscal 2026 as compared to 24.9% in the prior-year period, a decrease of 40 basis points, as the growth in net sales exceeded the growth in SG&A.

Research, development, and engineering expense (“RD&E”) increased by 13% to $6.8 million for the first quarter of fiscal 2026. The increase was primarily driven by investments in new product development and new product performance improvements. As a percentage of net sales, RD&E remained relatively consistent as 2.6% for both the first quarters of fiscal 2026 and 2025.

Operating income increased by 27% to $42.5 million for the first quarter of fiscal 2026, due to the aggregated effects of the items described above. Operating income as a percentage of net sales was 16.6% for the first quarter of fiscal 2026, a 200 basis point increase compared to 14.6% in the prior-year period.

Interest expense, net, decreased by 16% to $11.5 million for the first quarter of fiscal 2026, primarily due to higher interest income on cash deposits and decreased net interest expense on bank debt.

Net income increased by 63% to $23.4 million for the first quarter of fiscal 2026. Net income margin increased by 290 basis points to 9.2%. Adjusted net income* increased by 35% to $29.8 million for the first quarter of fiscal 2026. Adjusted net income margin* increased by 200 basis points to 11.7%.

Adjusted EBITDA* increased by 15% to $56.4 million for the first quarter of fiscal 2026 compared to $49.1 million in the prior-year period. Adjusted EBITDA margin* increased by 60 basis points to 22.1%.

Diluted EPS increased by 83% to $0.11 for the first quarter of fiscal 2026. Adjusted diluted EPS* increased by 30% to $0.13 for the first quarter of fiscal 2026.

FIRST QUARTER FISCAL 2026 SEGMENT RESULTS

North America (“NAM”)

Net sales increased by 12% to $209.8 million for the first quarter of fiscal 2026. The increase was driven by positive net price to offset inflation and tariffs, an increase in volume, and the favorable impact from foreign currency translation.

Segment income increased by 16% to $50.5 million for the first quarter of fiscal 2026. Adjusted segment income* increased by 13% to $57.3 million.

Europe & Rest of World (“E&RW”)

Net sales increased by 9% to $45.4 million for the first quarter of fiscal 2026. The increase was primarily due to the favorable impact of foreign currency translation and positive net price, partially offset by a modest decrease in volume.

Segment income increased by 27% to $8.3 million for the first quarter of fiscal 2026. Adjusted segment income* increased by 26% to $8.8 million.

BALANCE SHEET AND CASH FLOW

As of March 28, 2026, Hayward had cash and cash equivalents of $135.8 million, short-term investments of $94.9 million and $186.6 million available for future borrowings under its revolving credit facilities. Net cash used in operating activities for the three months ended March 28, 2026 increased by $144.8 million from the three months ended March 29, 2025. The increase in cash used was primarily driven by higher accounts receivable, largely because there were no sales under the Receivables Purchase Agreement in the current period, whereas the prior year period included the sale of $100.0 million of accounts receivable.

OUTLOOK

Hayward is increasing its full year 2026 guidance reflecting continued sales and earnings growth driven by solid execution across the organization, positive price realization and continued technology adoption. For Fiscal Year 2026, Hayward now expects net sales to increase approximately 5% from Fiscal Year 2025, compared to our prior guidance of approximately 4%. We now expect adjusted diluted earnings per share* of $0.84 to $0.87, an increase of approximately 9% to 13% from Fiscal Year 2025, compared to our prior guidance of $0.82 to $0.86.

Hayward is excited about the long-term dynamics of the pool industry. The installed base of pools increases every year, providing continued growth opportunities, and the Company benefits from favorable secular demand trends in outdoor living, sunbelt migration, and technology adoption. Hayward continues to leverage its competitive advantages and drive increasing adoption of its leading SmartPad™ pool equipment products both in new construction and the aftermarket, which represents approximately 85% of net sales. Hayward is confident in its long-term outlook for profitable growth and robust cash flow generation, driven by its technology leadership, operational excellence, strong brand and installed base, and multi-channel capabilities.

Please see the Forward-Looking Statements section of this release for a discussion of certain risks relevant to Hayward’s outlook.

CONFERENCE CALL INFORMATION

Hayward will hold a conference call to discuss the results today, April 29, 2026 at 9:00 a.m. (ET).

Interested investors and other parties can listen to a webcast of the live conference call by logging on to the Investor Relations section of the Company’s website at https://investor.hayward.com/events-and-presentations/default.aspx. An earnings presentation will be posted to the Investor Relations section of the Company’s website prior to the conference call.

The conference call can also be accessed by dialing (877) 423-9813 or (201) 689-8573.

For those unable to listen to the live conference call, a replay will be available approximately three hours after the call through the archived webcast on the Hayward website or by dialing (844) 512-2921 or (412) 317-6671. The access code for the replay is 13759829. The replay will be available until 11:59 p.m. Eastern Time on May 13, 2026.

ABOUT HAYWARD HOLDINGS, INC.

Hayward Holdings, Inc. (NYSE: HAYW) is a leading global specialty water management company focused on designing and manufacturing pool and outdoor living technology and industrial flow control products. Driven by a mission to transform the experience of water, Hayward offers a comprehensive portfolio of energy‑efficient and sustainable pool equipment—including pumps, heaters, sanitizers, filters, LED lighting, water features, and cleaners—integrated through its intuitive, IoT‑enabled SmartPad™ platform. The Company also provides industrial thermoplastic valves and process control products serving a wide range of applications.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) and rules and regulations of the Securities and Exchange Commission (“SEC”). Forward-looking statements include, without limitation, statements regarding our plans, strategies, objectives, expectations, intentions, outlook, expenditures, guidance, targets, and assumptions, as well as other statements that are not historical facts. Forward-looking statements are based on management’s current beliefs, assumptions, expectations, and information available at the time the statements are made. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These statements are made in reliance upon the safe harbor provisions of the Act. However, forward-looking statements are subject to risks, uncertainties, and other factors, many of which are beyond our control, that could cause actual results to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to publicly update, revise, or correct any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable federal securities laws. Forward-looking statements should be read in conjunction with the risk factors and other cautionary statements, including those described under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and other filings with the SEC.

Important factors that could cause actual results to differ materially include, but are not limited to, the following:

our business depends on the performance of distributors, builders, buying groups, retailers and servicers; the demand for our products may be adversely affected by unfavorable economic and business conditions; we operate in markets with high levels of competition; our future success depends on developing, manufacturing and attaining market adoption of new products and maintaining product quality and reliability; our ability to keep pace with rapidly evolving technological developments and standards, including artificial intelligence , and effectively develop and deploy such technologies; our results of operations and cash flows may fluctuate from quarter to quarter; a loss of, or material cancellation, reduction or delay in purchases by one or more of our largest customers; our exposure to credit risk on our accounts receivable; risks arising from our international business operations; past growth may not be indicative of future growth; our inability to identify, finance and complete suitable acquisitions; negative impacts of litigation and other claims; future impairment of our goodwill and intangible assets; exchange rate fluctuations, cost increases and other inflation, changes in our effective tax rate or exposure to additional income tax liabilities; our ability to attract, develop and retain highly qualified personnel, including key members of management; disruptions in the financial markets; significant disruption or breach of our technology infrastructure or that of our vendors or third parties, or failure to maintain the security of confidential information; difficulties in operating or implementing the new ERP system or human resources information system; misuse of our technology-enabled products; failure to maintain an effective system of internal controls; dependence on key suppliers, including single-source suppliers and sole-source suppliers; ability to manage product inventory in an effective and efficient manner; product manufacturing disruptions, including as a result of catastrophic or other events beyond our control; tariffs and other trade restrictions and the cost of raw materials; compliance with, and potential liabilities under, employment, environmental, health, transportation, safety and other governmental laws and regulations; risks related to our handling of personal information; our employees, commercial partners and vendors may engage in misconduct or other improper activities; violations of the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and other anti-corruption laws; our failure to comply with international trade compliance regulations, and changes in U.S. government sanctions; changes in laws, regulations, government policies or regulatory interpretations; climate change and legal or regulatory responses thereto, and increasing scrutiny from stakeholders on environmental, social and other sustainability matters; our ability to obtain, maintain and enforce our intellectual property and proprietary rights; protection of our trademarks or trade names; our reliance on access to intellectual property owned by third parties; claims that our employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets or other proprietary information or claims asserting ownership of intellectual property that we regard as our own; our ability to enforce our intellectual property rights in all jurisdictions; other risks related to our indebtedness, corporate structure and ownership of our common stock; and other factors described in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2025. Many of these factors are beyond our control. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, actual results, performance, or achievements may differ materially from those expressed or implied by forward-looking statements in this earnings release. The forward-looking statements included in this earnings release speak only as of the date of this release.

*NON-GAAP FINANCIAL MEASURES

This earnings release includes certain financial measures not presented in accordance with the generally accepted accounting principles in the United States (“GAAP”), including adjusted net income, adjusted net income margin, adjusted basic EPS, adjusted diluted EPS, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted segment income and adjusted segment income margin. These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Hayward believes these non-GAAP measures provide analysts, investors and other interested parties with additional insight into the underlying trends of its business and assist these parties in analyzing the Company’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance, which allows for a better comparison against historical results and expectations for future performance. Management uses these non-GAAP measures to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short and long-term operating planning, employee incentive compensation, and debt compliance. These measures should not be considered in isolation or as an alternative to net income, segment income or other measures of profitability, performance or financial condition under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of historical non-GAAP measures to the most directly comparable GAAP measures.

Reconciliation of full fiscal year 2026 adjusted diluted earnings per share outlook to diluted earnings per share is not being provided, as Hayward does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation. The outlook for adjusted diluted earnings per share for full year 2026 is calculated in a manner consistent with the historical presentation of these measures, as shown in the appendix.

  Hayward Holdings, Inc.

Unaudited Condensed Consolidated Balance Sheets

(Dollars in thousands. except per share data)

  March 28, 2026

December 31, 2025

Assets

Current assets

Cash and cash equivalents

$

135,794

$

329,648

Short-term investments

94,935

69,462

Accounts receivable, net of allowances of $1,614 and $1,931, respectively

430,878

280,161

Inventories, net

229,032

210,739

Prepaid expenses

14,702

19,500

Income tax receivable

—

656

Other current assets

42,927

41,080

Total current assets

948,268

951,246

Property, plant, and equipment, net of accumulated depreciation of $130,634 and $125,807, respectively

165,466

164,560

Goodwill

949,778

951,197

Trademark

736,000

736,000

Customer relationships, net

172,865

178,126

Other intangibles, net

85,854

88,899

Other non-current assets

77,352

80,956

Total assets

$

3,135,583

$

3,150,984

Liabilities and Stockholders’ Equity

Current liabilities

Current portion of long-term debt

$

11,053

$

13,261

Accounts payable

86,097

77,007

Accrued expenses and other liabilities

178,408

224,222

Income taxes payable

15,231

8,754

Total current liabilities

290,789

323,244

Long-term debt, net

942,756

943,547

Deferred tax liabilities, net

227,734

227,449

Other non-current liabilities

62,570

63,736

Total liabilities

1,523,849

1,557,976

Stockholders’ equity

Preferred stock, $0.001 par value, 100,000,000 authorized, no shares issued or outstanding as of March 28, 2026 and December 31, 2025

—

—

Common stock $0.001 par value, 750,000,000 authorized; 246,928,772 issued and 217,662,403 outstanding at March 28, 2026; 246,272,783 issued and 217,356,414 outstanding at December 31, 2025

247

247

Additional paid-in capital

1,113,530

1,109,522

Common stock in treasury; 29,266,369 and 28,916,369 at March 28, 2026 and December 31, 2025, respectively

(370,720

)

(363,182

)

Retained earnings

874,493

851,134

Accumulated other comprehensive loss

(5,816

)

(4,713

)

Total stockholders’ equity

1,611,734

1,593,008

Total liabilities and stockholders’ equity

$

3,135,583

$

3,150,984

  Hayward Holdings, Inc.

Unaudited Condensed Consolidated Statements of Operations

(Dollars in thousands, except per share data)

  Three Months Ended

March 28, 2026

March 29, 2025

Net sales

$

255,216

$

228,841

Cost of sales

136,515

123,588

Gross profit

118,701

105,253

Selling, general and administrative expense

62,586

56,995

Research, development and engineering expense

6,756

5,986

Acquisition and restructuring related expense

505

1,926

Amortization of intangible assets

6,366

6,835

Operating income

42,488

33,511

Interest expense, net

11,507

13,651

Loss on debt extinguishment

201

—

Other expense, net

666

1,179

Total other expense

12,374

14,830

Income from operations before income taxes

30,114

18,681

Provision for income taxes

6,755

4,348

Net income

$

23,359

$

14,333

Earnings per share

Basic

$

0.11

$

0.07

Diluted

$

0.11

$

0.06

Weighted average common shares outstanding

Basic

217,359,824

215,962,018

Diluted

222,423,409

221,851,399

  Hayward Holdings, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(Dollars in thousands)

  Three Months Ended

March 28, 2026

March 29, 2025

Cash flows from operating activities

Net income

$

23,359

$

14,333

Adjustments to reconcile net income to net cash used in operating activities

Depreciation

5,949

6,263

Amortization of intangible assets

8,181

8,535

Amortization of deferred debt issuance fees

826

837

Stock-based compensation

3,624

2,935

Deferred income taxes (benefit)

(273

)

(709

)

Allowance for credit losses

(282

)

(5

)

Loss on sale/disposal of property, plant and equipment

689

11

Changes in operating assets and liabilities

Accounts receivable

(151,601

)

(13,931

)

Inventories

(18,915

)

(14,977

)

Other current and non-current assets

6,174

7,918

Accounts payable

9,220

13,519

Accrued expenses and other liabilities

(37,588

)

(30,579

)

Net cash used in operating activities

(150,637

)

(5,850

)

Cash flows from investing activities

Purchases of property, plant, and equipment

(7,132

)

(5,517

)

Software development costs

(152

)

(595

)

Proceeds from sale of property, plant, and equipment

—

1

Purchases of short-term investments

(84,880

)

—

Proceeds from short-term investments

60,000

—

Net cash used in investing activities

(32,164

)

(6,111

)

Cash flows from financing activities

Payments of long-term debt

(3,384

)

(590

)

Payments of short-term notes payable

—

(1,788

)

Purchase of common stock

(5,851

)

—

Taxes paid for net share settlement of equity awards

(1,687

)

(993

)

Other, net

(43

)

(364

)

Net cash used in financing activities

(10,965

)

(3,735

)

Effect of exchange rate changes on cash and cash equivalents

(88

)

440

Change in cash and cash equivalents

(193,854

)

(15,256

)

Cash and cash equivalents, beginning of period

329,648

196,589

Cash and cash equivalents, end of period

$

135,794

$

181,333

Supplemental disclosures of cash flow information:

Cash paid-interest

$

9,248

$

9,826

Cash paid-income taxes, net of refunds

(126

)

151

Non-cash investing and financing activities:

Accrued and unpaid purchases of property, plant, and equipment

1,891

2,232

Equipment financed under finance leases

—

103

Reconciliations

Consolidated Reconciliations
Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (Non-GAAP)
Following is a reconciliation from net income and net income margin to adjusted EBITDA and adjusted EBITDA margin:

(Dollars in thousands)

Three Months Ended

March 28, 2026

March 29, 2025

Net income

$

23,359

$

14,333

Depreciation

5,949

6,263

Amortization

8,181

8,535

Interest expense, net

11,507

13,651

Income taxes

6,755

4,348

Loss on debt extinguishment

201

—

EBITDA

55,952

47,130

Stock-based compensation (a)

—

46

Currency exchange items (b)

(76

)

(6

)

Acquisition and restructuring related expense, net (c)

505

1,926

Other (d)

—

6

Total Adjustments

429

1,972

Adjusted EBITDA

$

56,381

$

49,102

Net income margin

9.2

%

6.3

%

Adjusted EBITDA margin

22.1

%

21.5

%

(a)

Represents non-cash stock-based compensation expense related to equity awards issued to management, employees, and directors. The adjustment includes only expense related to awards issued under the 2017 Equity Incentive Plan, which were awards granted prior to the effective date of Hayward’s initial public offering (the “IPO”).

(b)

Represents unrealized non-cash (gains) losses on foreign denominated monetary assets and liabilities and foreign currency contracts.

(c)

Adjustments in the three months ended March 28, 2026 were primarily driven by $0.5 million of costs related to termination benefits associated with the restructuring of several teams.

Adjustments in the three months ended March 29, 2025 were primarily driven by $1.7 million of transaction and integration costs associated with the acquisition of the business of ChlorKing HoldCo., LLC and related entities ("ChlorKing") and $0.2 million of separation costs for the consolidation of operations in North America.

(d)

Adjustments in the three months ended March 29, 2025 were primarily driven by losses on the sale of assets.

Following is a reconciliation from net income and net income margin to adjusted EBITDA and adjusted EBITDA margin for the last 12 months:

(Dollars in thousands)

Last Twelve Months(e)

Fiscal Year

March 28, 2026

December 31, 2025

Net income

$

160,596

$

151,570

Depreciation

22,521

22,835

Amortization

34,097

34,451

Interest expense, net

48,138

50,282

Income taxes

35,474

33,067

Loss on debt extinguishment

201

—

EBITDA

301,027

292,205

Stock-based compensation (a)

11

57

Currency exchange items (b)

9

79

Acquisition and restructuring related expense, net (c)

2,465

3,886

Other (d)

3,046

3,052

Total Adjustments

5,531

7,074

Adjusted EBITDA

$

306,558

$

299,279

Net income margin

14.0

%

13.5

%

Adjusted EBITDA margin

26.7

%

26.7

%

(a)

Represents non-cash stock-based compensation expense related to equity awards issued to management, employees, and directors. The adjustment includes only expense related to awards issued under the 2017 Equity Incentive Plan, which were awards granted prior to the effective date of the IPO.

(b)

Represents unrealized non-cash (gains) losses on foreign denominated monetary assets and liabilities and foreign currency contracts.

(c)

Adjustments in the last 12 months ended March 28, 2026 were primarily driven by $1.6 million of compensation expenses for the retention of key employees acquired in the ChlorKing acquisition. Pursuant to the ChlorKing acquisition agreement, the full amount held in escrow was released to the specified key employees if such employees were employed by Hayward on the one-year anniversary of the acquisition. These payments were contingent on continued employment and were not dependent on the achievement of any metric or performance measure. The retention costs were recognized over the 12-month period from the date of acquisition. Other adjustments include $0.5 million of costs related to termination benefits associated with the restructuring of several teams, $0.4 million of costs related to restructuring actions in E&RW and $0.2 million of other acquisition and integration costs, partially offset by a reduction in expense of $0.2 million to finalize the relocation of the Company's corporate office functions to Charlotte, North Carolina from Berkeley Heights, New Jersey.

Adjustments in the year ended December 31, 2025 were primarily driven by $3.1 million of compensation expenses for the retention of key employees acquired in the ChlorKing acquisition pursuant to the conditions in the acquisition agreement discussed above. Other adjustments for the year ended December 31, 2025 include $0.4 million of costs related to restructuring actions in E&RW, $0.3 million of separation costs for the consolidation of operations in North America and $0.2 million of other acquisition and integration costs, partially offset by a reduction in expense of $0.2 million to finalize the relocation of the Company's corporate office functions to Charlotte, North Carolina from Berkeley Heights, New Jersey.

(d)

Adjustments in the last 12 months ended March 28, 2026 were primarily driven by $4.3 million for the settlement in principle of the securities class action litigation. Expenses beyond the $4.3 million related to this case are subject to insurance recoveries pursuant to the Company’s retention amount with its insurance carriers. Other adjustments include $1.3 million of income from insurance proceeds related to flood damage associated with a hurricane at a contract manufacturing facility, partially offset by losses on the sale of assets.

Adjustments in the year ended December 31, 2025 were primarily driven by $4.3 million for the settlement in principle of the securities class action litigation. Expenses beyond the $4.3 million related to this case are subject to insurance recoveries pursuant to the Company’s retention amount with its insurance carriers. Other adjustments include $1.3 million of income from insurance proceeds related to flood damage associated with a hurricane at a contract manufacturing facility.

(e)

Items for the last 12 months ended March 28, 2026 were calculated by adding the items for the three months ended March 28, 2026 plus fiscal year ended December 31, 2025 and subtracting the items for the three months ended March 29, 2025.

Net Income, Net Income Margin and Diluted EPS to Adjusted Net Income, Adjusted Net Income Margin and Adjusted EPS Reconciliations (Non-GAAP)

Following is a reconciliation of net income and net income margin to adjusted net income and adjusted net income margin, and a reconciliation of earnings per share to adjusted earnings per share:

(Dollars in thousands, except per share data)

Three Months Ended

March 28, 2026

March 29, 2025

Net income

$

23,359

$

14,333

Tax adjustments (a)

(277

)

(182

)

Other adjustments and amortization:

Stock-based compensation (b)

—

46

Currency exchange items (c)

(76

)

(6

)

Acquisition and restructuring related expense, net (d)

505

1,926

Other (e)

—

6

Total other adjustments

429

1,972

Loss on debt extinguishment

201

—

Amortization

8,181

8,535

Tax effect (f)

(2,057

)

(2,548

)

Adjusted net income

$

29,836

$

22,110

Weighted average number of common shares outstanding, basic

217,359,824

215,962,018

Weighted average number of common shares outstanding, diluted

222,423,409

221,851,399

Basic EPS

$

0.11

$

0.07

Diluted EPS

$

0.11

$

0.06

Adjusted basic EPS

$

0.14

$

0.10

Adjusted diluted EPS

$

0.13

$

0.10

(a)

Tax adjustments for the three months ended March 28, 2026 reflected a normalized tax rate of 23.3% compared to the Company’s effective tax rate of 22.4%. The Company’s effective tax rate for the three months ended March 28, 2026 was primarily driven by tax benefits resulting from stock-based compensation. Tax adjustments for the three months ended March 29, 2025 reflected a normalized tax rate of 24.3% compared to the Company's effective tax rate of 23.3%. The Company’s effective tax rate for the three months ended March 29, 2025 primarily included the tax benefits resulting from stock-based compensation.

(b)

Represents non-cash stock-based compensation expense related to equity awards issued to management, employees, and directors. The adjustment includes only expense related to awards issued under the 2017 Equity Incentive Plan, which were awards granted prior to the effective date of the IPO.

(c)

Represents unrealized non-cash (gains) losses on foreign denominated monetary assets and liabilities and foreign currency contracts.

(d)

Adjustments in the three months ended March 28, 2026 were primarily driven by $0.5 million of costs related to termination benefits associated with the restructuring of several teams.

Adjustments in the three months ended March 29, 2025 were primarily driven by $1.7 million of transaction and integration costs associated with the acquisition of the business of ChlorKing HoldCo., LLC and related entities ("ChlorKing") and $0.2 million of separation costs for the consolidation of operations in North America.

(e)

Adjustments in the three months ended March 29, 2025 were primarily driven by losses on the sale of assets.

(f)

The tax effect represented the immediately preceding adjustments at the normalized tax rates as discussed in footnote (a) above.

Segment Reconciliations
Following is a reconciliation from segment income and segment income margin to adjusted segment income and adjusted segment income margin for the NAM and E&RW segments:

(Dollars in thousands)

Three Months Ended

Three Months Ended

March 28, 2026

March 29, 2025

NAM

E&RW

NAM

E&RW

Segment income

$

50,506

$

8,283

$

43,454

$

6,538

Depreciation

5,013

508

5,500

414

Amortization

1,816

—

1,700

—

Other (a)

—

—

3

—

Total adjustments

6,829

508

7,203

414

Adjusted segment income

$

57,335

$

8,791

$

50,657

$

6,952

Segment income margin %

24.1

%

18.2

%

23.2

%

15.7

%

Adjusted segment income margin %

27.3

%

19.4

%

27.1

%

16.6

%

More News From Hayward Holdings, Inc.

Hayward Holdings, Inc. (HAYW) Q1 2026 Earnings Call Transcript

-

The rebrand of the CRSP indexes, with over $3 trillion in AUM benchmarked, solidifies Morningstar’s position as one of the top tier index providers and is an important new milestone in the CRSP integration.

CHICAGO--(BUSINESS WIRE)--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment insights, has reached a new milestone in its previously completed acquisition of the Center for Research in Security Prices (CRSP) from the University of Chicago, announcing the rebrand of the CRSP Market Indexes to reflect the Morningstar brand.

The CRSP Market Indexes, which underpin a range of popular mutual funds and ETFs including the Vanguard Total Stock Market Index Fund (VTSAX and VTI) and Vanguard Mid-Cap Index Fund (VIMAX and VO), will be renamed to be consistent with Morningstar’s broad range of global public and private market indexes. For example, the CRSP US Total Market Index, which underpins the Vanguard Total Stock Market Index Fund and Vanguard Total Stock Market ETF, will become the Morningstar US Total Market Index.

A full list of CRSP Market Indexes changing names can be found here. Name changes are expected to become effective in late July. The indexes will continue to follow their current methodology, and there will be no disruption to clients.

The recent acquisition of CRSP by Morningstar brought the CRSP Market Indexes, benchmarks for over $3 trillion in U.S. equities spanning market capitalizations, investment styles, and sectors, into the Morningstar Indexes family, making Morningstar the leading provider of broad US-equity benchmarks that cover the entire market and are the mainstay of retirement plans in the US. Long favored and popularized by the late Jack Bogle for their comprehensive coverage of the “total market,” their unique methodology has been shown to help lower transaction costs for investors.

“The addition of CRSP has furthered our efforts to disrupt the costly, entrenched index industry with indexes that deliver more value at global scale to help benefit investors. We are proud to put our name on these highly respected benchmarks,” said Morningstar CEO Kunal Kapoor. “We are excited to continue building on our collaboration with the team at Vanguard, who share our mission of providing efficient, low-cost, high-quality index-based investment strategies, and to offer the highly respected CRSP market indexes and data sets to an even broader set of clients.”

Added Amelia Furr, president of Morningstar Indexes, “Now with over $4.2 trillion in assets linked to our benchmarks, including over 370 investment products, Morningstar offers an expansive alternative to legacy index providers. Adding the Morningstar brand to the CRSP indexes is another step in growing global visibility for this high-quality methodology. We are committed to scaling our U.S. index capabilities and extending our reach to more clients across the market and investing ecosystem.”

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $369 billion in AUMA as of Sept. 30, 2025. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on LinkedIn @Morningstar.

About Morningstar Indexes

Morningstar Indexes was built to keep up with the evolving needs of investors—and to be a leading-edge advocate for them. Morningstar's rich heritage as a transparent, investor-focused leader in data and research uniquely equips Morningstar Indexes to support individuals, institutions, wealth managers and advisors in navigating investment opportunities across all major asset classes, styles, and strategies. In February 2026, the acquisition of CRSP brought the CRSP Market Indexes – benchmarks for over $3 trillion in US equities – into the Morningstar Indexes family. Additionally, CRSP’s Research Data Products, renowned for their academic rigor, historical depth and accuracy, further enhances Morningstar’s equity benchmark and data capabilities. This powerful combination unites two trusted sources of market insight, reinforcing a shared commitment to transparency, quality and investor-focused solutions. Please visit indexes.morningstar.com for more information.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as "will," "aim," "committed," "consider," "future," "goal," "is designed to," "maintain," "might," "objective," "ongoing," "could," "expect," "intend," "plan," "possible," "potential," "seek," "anticipate," "believe," "predict," "prospects," "continue," "strategy," "strive," "will," "would," "determine," "evaluate," or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. More information about factors that could affect Morningstar's business and financial results, including, among others, failing to complete the rebranding effort described in this press release on a timely basis or at all, are in our filings with the SEC, including our most recent reports on Forms 8-K, 10-K and 10-Q. Morningstar undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law.

©2026 Morningstar, Inc. All rights reserved.

MORN-C

More News From Morningstar, Inc.

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The iShares Morningstar Small-Cap Value ETF (ISCV - Free Report) was launched on June 28, 2004, and is a passively managed exchange traded fund designed to offer broad exposure to the Small Cap Value segment of the US equity market.

The fund is sponsored by Blackrock. It has amassed assets over $637.54 million, making it one of the average sized ETFs attempting to match the Small Cap Value segment of the US equity market.

Why Small Cap ValueThere's a lot of potential to investing in small cap companies, but with market capitalization below $2 billion, that high potential comes with even higher risk.

Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.

CostsInvestors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.

Annual operating expenses for this ETF are 0.06%, making it one of the least expensive products in the space.

It has a 12-month trailing dividend yield of 1.93%.

Sector Exposure and Top HoldingsIt is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation to the Financials sector -- about 24% of the portfolio. Industrials and Consumer Discretionary round out the top three.

Looking at individual holdings, Cf Industries Holdings Inc (CF) accounts for about 0.72% of total assets, followed by Alcoa Corp (AA) and Ovintiv Inc (OVV).

The top 10 holdings account for about 5.68% of total assets under management.

Performance and RiskISCV seeks to match the performance of the MORNINGSTAR US SML CP BRD VLUE EXTD INDX before fees and expenses. The Morningstar US Small Cap Broad Value Extended Index comprises of small-capitalization U.S. equities that exhibit value characteristics.

The ETF has added roughly 7.43% so far this year and is up about 31.02% in the last one year (as of 04/30/2026). In the past 52-week period, it has traded between $56.87 and $74.68.

The ETF has a beta of 1.02 and standard deviation of 19.57% for the trailing three-year period. With about 1079 holdings, it effectively diversifies company-specific risk.

AlternativesiShares Morningstar Small-Cap Value ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, ISCV is an excellent option for investors seeking exposure to the Style Box - Small Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.

The iShares Russell 2000 Value ETF (IWN) and the Vanguard Small-Cap Value Index Fund ETF Shares (VBR) track a similar index. While iShares Russell 2000 Value ETF has $13.20 billion in assets, Vanguard Small-Cap Value Index Fund ETF Shares has $34.30 billion. IWN has an expense ratio of 0.24% and VBR charges 0.05%.

Bottom-LinePassively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

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On May 18, 2026, Morningstar Inc (MORN) shares rose 4.0% today to a current price of $177.07. The stock has experienced significant volatility over the past yea

Morningstar Credit Analytics, a wholly owned subsidiary of Morningstar, Inc. (Nasdaq: MORN), today launched Corporate Credit Analytics, a new set of tools desi

Morningstar is priced for collapse, trading at one-third its 10-year average P/E, despite strong business performance. MORN delivered 10.8% revenue growth and 42.6% adjusted diluted EPS growth in Q1 2026, with standout results in its Credit business. Management signaled deep undervaluation by tripling share repurchases to $300 million and raising dividends, reinforcing shareholder return commitment.

On June 02, 2026, Morningstar Inc (MORN) shares fell 5.3% today, closing at $185.51. This decline comes in a 52-week range that has seen a high of $316.71 and a

SpaceX is preparing for the kind of stock-market debut Wall Street rarely gets to see: a planned $75 billion raise, a June 12 Nasdaq listing, and a target valuation of $1.75 trillion.

It is the sort of number that turns an IPO into a spectacle, but just as the roadshow begins, Morningstar has put a far colder figure on the table.

Its estimate of SpaceX’s fair value is $780 billion, leaving a valuation gap of nearly $970 billion.

The clash is simple enough to understand.

SpaceX wants public investors to value the company at $1.75 trillion. Morningstar says it is worth $780 billion.

The difference is bigger than the market value of many of the world’s largest public companies.

That $970 billion gap is what makes the research note so striking as this is not a modest disagreement over a premium.

It is an independent research firm saying the market may be paying almost twice what the business is worth today.

The contrast looks even sharper because private-market enthusiasm has already been intense.

SpaceX was last valued at $1.5 trillion on secondary trading platform Forge Global.

The IPO target would take that figure even higher, despite the company still asking investors to underwrite a long list of future technologies.

Morningstar equity analyst Nicolas Owens put the concern plainly.

We think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO.

That does not mean Morningstar is calling SpaceX a weak company. It means the firm is separating a great business from a great price.

Also read: 5 things to know before buying SpaceX IPO

Morningstar’s caution comes from how SpaceX is being valued across its three big pillars.

The first is the core business: launches and Starlink. This is the part investors understand best.

SpaceX has transformed launch economics with reusable rockets, while Starlink has become the company’s most visible consumer and connectivity business.

Owens’ model values the launch and Starlink operations at about $611 billion, which is enormous by any normal standard.

But even there, Morningstar sees limits. Starlink still faces technological hurdles, including satellite capacity, network performance, spectrum rules and competition in broadband markets.

The second pillar is artificial intelligence, including xAI and Grok. That is where the story becomes more speculative.

SpaceX has tied part of its future pitch to machine-learning infrastructure and Musk’s broader technology ecosystem.

Morningstar is not dismissing the opportunity entirely, as it assigns about $170 billion to probability-weighted outcomes tied to the AI business.

The caution is that the economics are still unclear. OpenAI, Anthropic and other labs are already fighting for talent, customers, computing power and capital.

Owens was blunt on that point: “We don’t see Grok as one of the leading AI labs today.”

The third pillar is the most futuristic: orbital data centres. The idea is bold, and it fits Musk’s reputation for making investors look far ahead.

But for Morningstar, that is exactly the problem. Space-based computing is still unproven at commercial scale, and a meaningful part of the AI valuation depends on technology that has not yet been built.

Also read: How to Invest in SpaceX Before Its IPO in 2026

Morningstar is not predicting an immediate flop as the firm expects SpaceX shares could rise in the near term because the IPO float is limited and investor appetite is high.

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are among the major banks underwriting the deal. Their presence signals that large institutions are taking the listing seriously.

The roadshow starts on June 4, with trading expected to begin on Nasdaq on June 12 under the ticker SPCX.

SpaceX is also not a typical IPO candidate. It has a dominant launch franchise, a huge satellite network, a powerful retail-investor following and one of the most recognisable founders in global business.

But Owens’ is warning that excitement around a historic listing can create a poor margin of safety.

Once the first wave of demand fades and the market begins judging quarterly numbers, the stock may have to prove that the $1.75 trillion dream is more than a Musk premium.

Deal teams and legal advisors can access PitchBook's trusted private market data directly within Harvey

SEATTLE--(BUSINESS WIRE)--PitchBook, the leading private capital market intelligence platform, today announced a premium partnership with Harvey, the leading AI platform for legal and professional services, to bring trusted private capital market data directly into legal and deal workflows. Through the PitchBook Premium Connector — built on the Model Context Protocol (MCP) — licensed users can retrieve PitchBook’s trusted data on private companies, deals, funds, and investors directly inside Harvey using natural language prompts. By connecting PitchBook to Harvey, mutual customers can now access that data within the same workspace where they draft, analyze, and review deal documents — making it easier to ground AI-powered outputs in trusted, authoritative market data. The PitchBook integration will be available to Harvey customers starting in June.

The integration pairs PitchBook's trusted private capital market data — powered by a combination of advanced AI, machine learning, and expert human analysis — with Harvey's purpose-built AI for legal and deal workflows. Together, they are optimized for the specific work products that deal teams and their advisors produce: investment committee memos, term sheet comparisons, cap-table analyses, diligence summaries, and fund formation documents. Every figure and market insight links directly back to its original PitchBook source, preserving auditability across legal and regulated workflows.

With this integration, deal teams and their legal advisors can:

Screen targets and build comparable company analyses Generate sector and fund landscape scans Draft IC memos with embedded PitchBook-sourced data, charts, and tables Conduct first-pass legal and commercial diligence by combining PitchBook data with NDAs, SPAs, LPAs, IMs, and internal memos Access the connector securely through Single Sign-On (SSO), available exclusively to mutual PitchBook-Harvey customers "As AI becomes more powerful, the grounding source behind it matters more than ever. We're committed to building intentionally across the AI ecosystem - putting trusted private capital market intelligence at the center of the workflows that matter most," said Thomas Van Buskirk, Executive Vice President of Technology and Engineering at PitchBook. "Our partnership with Harvey reflects that, giving modern deal teams and their advisors direct access to the quality insights that they need, when they need it."

“Deal professionals shouldn’t have to choose between the depth of data and the speed of AI-powered workflows,” said Anique Drumright, Chief Product Office at Harvey. “With this integration, mutual customers can go from a PitchBook query to a fully cited memo or comp table in a single workspace — no context-switching, no copy-pasting, and no compromise on data quality.”

Together, these collaborations reflect PitchBook's intentional approach to working across the AI ecosystem, extending access to trusted private market intelligence wherever professionals choose to work.

To learn more about PitchBook's AI partnerships, click here.

About PitchBook, a Morningstar company

As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc.

For more information, visit www.pitchbook.com.

About Harvey

Harvey is the operating system for legal and professional services. Our products streamline workflows in areas including contract analysis, due diligence, compliance, and litigation to drive efficiency and value. Global law firms and Fortune 500 enterprises around the world use Harvey to enable faster, smarter decision-making. Backed by world-class investors including Sequoia, Kleiner Perkins, GV, OpenAI Startup Fund, Coatue, Andreessen Horowitz, GIC and EQT, Harvey is used by 1,500+ customers in 60+ countries. For more information, visit harvey.ai.

iShares Morningstar Small-Cap Value ETF has a significantly lower expense ratio than iShares S&P Mid-Cap 400 Value ETF iShares S&P Mid-Cap 400 Value ETF offers lower volatility and a shallower maximum drawdown over the last five years iShares Morningstar Small-Cap Value ETF holds over 1,000 positions, providing much broader diversification than its mid-cap counterpart

The average of price targets set by Wall Street analysts indicates a potential upside of 43.4% in Privia Health (PRVA). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.

ARLINGTON, Va., March 24, 2026 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) announced that its network of affiliated medical groups, collectively Privia Medical Group, has been named a recipient of the 2026 MAP (Measure, Apply, Perform) Award for High Performance in Revenue Cycle, sponsored by the Healthcare Financial Management Association (HFMA).

Privia Health has been recognized by HFMA for its revenue cycle capabilities and performance in nine of the last ten years.

The MAP Award is one of the healthcare industry’s most respected distinctions, highlighting organizations that demonstrate sustained excellence across key revenue cycle metrics, including net collection rate, accounts receivable performance, denial prevention, and cost to collect. As a national award winner, Privia Health met or exceeded industry-standard revenue cycle benchmarks (MAP Keys®) while advancing patient-centered best practices aligned with HFMA’s Healthcare Dollars & Sense® initiative.

“Consistent recognition from HFMA reflects the strength of our revenue cycle operations and the collaboration across our teams to deliver a seamless, patient-centered financial experience,” said Melanie Suranto, Senior Vice President, Revenue Cycle Management and Credentialing at Privia Health. “This achievement is a testament to the discipline, innovation, and commitment of our teams nationwide to deliver value for both clinicians and patients.”

The award was presented on March 18 at the HFMA Revenue Cycle Conference in Arlington, Texas.

Privia Health’s performance was driven by a multi-year transformation strategy focused on:

Advanced analytics and KPI discipline to drive accountability and transparencyAI-enabled automation and workflow optimization to improve efficiency and accuracyEnhanced provider engagement and education to strengthen front-end performanceScalable operating models to support growth across diverse markets These efforts resulted in strong performance across HFMA’s MAP benchmarks, reinforcing Privia Health’s position as a leader in revenue cycle innovation and execution.

About Privia Health
Privia Health™ is one of the largest physician enablement companies in the United States with a presence in 24 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 5.8+ million patients, and reward 5,300+ physicians and advanced practitioners for delivering high-value care.

Privia’s mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com.

Contact
Robert Borchert
SVP, Investor & Corporate Communications
[email protected]
817.783.4841

ARLINGTON, Va., April 08, 2026 (GLOBE NEWSWIRE) -- Privia Health Group, Inc. (Nasdaq: PRVA) today announced that it expects to release financial results for its first quarter ended March 31, 2026 before market open on Thursday, May 7, 2026.

The press release is expected to be publicly disseminated by 7:00 am ET and will also be available on the Company’s Investor Relations website at ir.priviahealth.com. Privia Health management will host a conference call beginning at 8:00 am ET on the same day, Thursday, May 7, to discuss the results and management’s outlook for future financial and operational performance.

You can visit ir.priviahealth.com/news-and-events/events-and-presentations to listen to the call via live webcast. The webcast will be archived and available for replay for on-demand listening shortly after the completion of the call under the same link. To participate in the live conference call, dial 888-596-4144 (or 646-968-2525 for international callers) and provide Conference ID 5704885.

About Privia Health

Privia Health™ is one of the largest physician enablement companies in the United States with a presence in 24 states and the District of Columbia. Privia builds scaled provider networks with primary-care centric medical groups, risk-bearing entities, a physician-led governance structure, and the Privia Platform comprising an extensive suite of technology and service solutions. Privia collaborates with medical groups, health plans and health systems to optimize 1,300+ physician practices, improve the patient experience for 5.8+ million patients, and reward 5,300+ physicians and advanced practitioners for delivering high-value care.

Privia’s mission is to transform healthcare delivery to achieve better outcomes, lower costs, and improve the health of communities and the well-being of providers. For more information, visit priviahealth.com.

Contact
Robert Borchert
SVP, Investor & Corporate Communications
[email protected] 
817.783.4841

Privia Health (PRVA - Free Report) came out with quarterly earnings of $0.02 per share, missing the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.03 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -76.19%. A quarter ago, it was expected that this physician practice management company would post earnings of $0.04 per share when it actually produced earnings of $0.07, delivering a surprise of +75%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Privia Health, which belongs to the Zacks Medical Info Systems industry, posted revenues of $603.85 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 7.84%. This compares to year-ago revenues of $480.1 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Privia Health shares have added about 1.2% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Privia Health?While Privia Health has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Privia Health was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.08 on $586.44 million in revenues for the coming quarter and $0.37 on $2.38 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Info Systems is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Health Catalyst (HCAT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 11.

This provider of data analytics for the health care industry is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Health Catalyst's revenues are expected to be $69.34 million, down 12.7% from the year-ago quarter.

Privia Health Group, Inc. (PRVA) Q1 2026 Earnings Call Transcript

Investors interested in Medical Info Systems stocks are likely familiar with TruBridge (TBRG) and Privia Health (PRVA). But which of these two stocks presents investors with the better value opportunity right now?

Investors looking for stocks in the Medical Info Systems sector might want to consider either TruBridge (TBRG - Free Report) or Privia Health (PRVA - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Currently, TruBridge has a Zacks Rank of #1 (Strong Buy), while Privia Health has a Zacks Rank of #3 (Hold). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that TBRG has an improving earnings outlook. But this is just one factor that value investors are interested in.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

TBRG currently has a forward P/E ratio of 11.53, while PRVA has a forward P/E of 69.38. We also note that TBRG has a PEG ratio of 1.46. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. PRVA currently has a PEG ratio of 1.79.

Another notable valuation metric for TBRG is its P/B ratio of 2.18. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, PRVA has a P/B of 3.46.

Based on these metrics and many more, TBRG holds a Value grade of B, while PRVA has a Value grade of C.

TBRG is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that TBRG is likely the superior value option right now.

What happenedAccording to an SEC filing dated May 15, 2026, Rubicon Founders LLC increased its holdings in Privia Health Group (PRVA +0.58%) by 175,142 shares during the first quarter. The estimated transaction value was $3.95 million, calculated using the average closing prices for the quarter. The quarter-end value of the position fell by $14.53 million, a figure that reflects both the trading activity and changes in share price.

What else to knowRubicon Founders’ post-trade position in Privia Health Group means the stock now represents 88.92% of 13F reportable AUM.Top holdings after the filing:NASDAQ: PRVA: $122.36 million (88.92% of AUM)NYSE: EVH: $13.26 million (9.64% of AUM)NYSE: AGL: $1.99 million (1.45% of AUM)As of May 14, 2026, shares of Privia Health Group were priced at $23.24, down 4.4% over the past year, trailing the S&P 500 by 31.66 percentage points.Company overviewMetricValueRevenue (TTM)$2.25 billionNet income (TTM)$21.76 millionMarket capitalization$2.94 billionPrice (as of market close May 14, 2026)$23.24Company snapshotPrivia Health Group offers technology solutions, population health tools, and management services to optimize physician practices and enhance patient care, generating revenue primarily from physician enablement and value-based care services.It operates a physician-enablement platform and management services organization that facilitates clinical integration, payer negotiations, and administrative support, monetizing through service fees and value-based contracts.The company serves independent providers, medical groups, health plans, and health systems across the United States, targeting healthcare organizations seeking efficiency and improved patient outcomes.Privia Health Group is a national healthcare platform specializing in physician enablement and value-based care solutions. The company leverages technology and coordinated care models to support independent providers and medical groups, driving operational efficiency and improved patient experiences.

With a scalable business model and a focus on aligning financial incentives, Privia Health positions itself as a strategic partner for healthcare organizations navigating the shift to value-based care.

What this transaction means for investorsRubicon Founders increasing its stake in Privia Health Group during the first quarter is a noteworthy event for investors. It demonstrates the hedge fund has a bullish outlook towards the stock, so much so that Privia Health now represents nearly 90% of the firm’s AUM. As a result, the fund’s performance depends almost entirely on this one stock.

A deeper look into Privia Health Group’s financials reveals a strong company. It ended 2025 with $2.1 billion in revenue, up an impressive 22% year over year. Its 2025 net income rose 59% over 2024 to $22.9 million. Its balance sheet was outstanding with $1.4 billion in total assets compared to $578.4 million in total liabilities and no debt.

The company followed 2025 with accelerating sales in the first quarter of 2026. Revenue rose 26% year over year to $603.8 million, and Privia Health expects full-year revenue to reach around $2.4 billion.

This performance suggests customers are finding its solutions are fulfilling an unmet need in the healthcare industry, and bodes well for Privia Health’s ongoing success. Consequently, its stock looks like a worthwhile long-term investment.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.