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Side-by-side financial comparison of GCM Grosvenor Inc. (GCMG) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
GCM Grosvenor Inc. is the larger business by last-quarter revenue ($177.1M vs $100.0M, roughly 1.8× Latham Group, Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs -7.0%, a 39.9% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 7.2%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $14.1M). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% CAGR vs -4.9%).
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
GCMG vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $177.1M | $100.0M |
| Net Profit | $58.2M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 30.9% | -10.7% |
| Net Margin | 32.8% | -7.0% |
| Revenue YoY | 7.2% | 14.5% |
| Net Profit YoY | 149.2% | 76.0% |
| EPS (diluted) | $0.23 | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $177.1M | $100.0M | ||
| Q3 25 | $135.0M | $161.9M | ||
| Q2 25 | $119.7M | $172.6M | ||
| Q1 25 | $125.8M | $111.4M | ||
| Q4 24 | $165.3M | $87.3M | ||
| Q3 24 | $122.9M | $150.5M | ||
| Q2 24 | $117.0M | $160.1M | ||
| Q1 24 | $108.9M | $110.6M |
| Q4 25 | $58.2M | $-7.0M | ||
| Q3 25 | $10.5M | $8.1M | ||
| Q2 25 | $15.4M | $16.0M | ||
| Q1 25 | $463.0K | $-6.0M | ||
| Q4 24 | $7.6M | $-29.2M | ||
| Q3 24 | $4.2M | $5.9M | ||
| Q2 24 | $4.8M | $13.3M | ||
| Q1 24 | $2.1M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | 30.9% | -10.7% | ||
| Q3 25 | 32.7% | 13.3% | ||
| Q2 25 | 16.1% | 14.3% | ||
| Q1 25 | 12.2% | -4.4% | ||
| Q4 24 | 26.4% | -14.9% | ||
| Q3 24 | 20.3% | 8.9% | ||
| Q2 24 | 17.8% | 12.5% | ||
| Q1 24 | -14.7% | -1.9% |
| Q4 25 | 32.8% | -7.0% | ||
| Q3 25 | 7.8% | 5.0% | ||
| Q2 25 | 12.9% | 9.3% | ||
| Q1 25 | 0.4% | -5.4% | ||
| Q4 24 | 4.6% | -33.4% | ||
| Q3 24 | 3.4% | 3.9% | ||
| Q2 24 | 4.1% | 8.3% | ||
| Q1 24 | 2.0% | -7.1% |
| Q4 25 | $0.23 | $-0.06 | ||
| Q3 25 | $0.16 | $0.07 | ||
| Q2 25 | $0.05 | $0.13 | ||
| Q1 25 | $-0.02 | $-0.05 | ||
| Q4 24 | $0.09 | $-0.24 | ||
| Q3 24 | $0.03 | $0.05 | ||
| Q2 24 | $0.04 | $0.11 | ||
| Q1 24 | $-0.13 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $242.1M | — |
| Total DebtLower is stronger | $428.4M | $279.8M |
| Stockholders' EquityBook value | $27.0M | $405.9M |
| Total Assets | $813.8M | $823.2M |
| Debt / EquityLower = less leverage | 15.87× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.1M | — | ||
| Q3 25 | $182.7M | — | ||
| Q2 25 | $136.3M | — | ||
| Q1 25 | $94.5M | — | ||
| Q4 24 | $89.5M | — | ||
| Q3 24 | $98.4M | — | ||
| Q2 24 | $73.9M | — | ||
| Q1 24 | $41.9M | — |
| Q4 25 | $428.4M | $279.8M | ||
| Q3 25 | $429.3M | $281.1M | ||
| Q2 25 | $430.2M | $281.5M | ||
| Q1 25 | $431.1M | $306.9M | ||
| Q4 24 | $432.0M | $281.5M | ||
| Q3 24 | $432.9M | $282.8M | ||
| Q2 24 | $433.8M | $282.4M | ||
| Q1 24 | $384.0M | $282.8M |
| Q4 25 | $27.0M | $405.9M | ||
| Q3 25 | $-7.4M | $408.4M | ||
| Q2 25 | $-12.3M | $398.4M | ||
| Q1 25 | $-28.3M | $381.1M | ||
| Q4 24 | $-27.6M | $387.2M | ||
| Q3 24 | $-31.9M | $416.6M | ||
| Q2 24 | $-28.5M | $408.1M | ||
| Q1 24 | $-26.4M | $391.8M |
| Q4 25 | $813.8M | $823.2M | ||
| Q3 25 | $685.9M | $844.4M | ||
| Q2 25 | $636.9M | $822.1M | ||
| Q1 25 | $579.8M | $824.6M | ||
| Q4 24 | $612.7M | $794.2M | ||
| Q3 24 | $575.0M | $853.4M | ||
| Q2 24 | $543.9M | $830.0M | ||
| Q1 24 | $497.3M | $808.6M |
| Q4 25 | 15.87× | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $183.5M | $23.3M |
| Free Cash FlowOCF − Capex | $175.0M | $14.1M |
| FCF MarginFCF / Revenue | 98.8% | 14.1% |
| Capex IntensityCapex / Revenue | 4.8% | 9.2% |
| Cash ConversionOCF / Net Profit | 3.16× | — |
| TTM Free Cash FlowTrailing 4 quarters | $326.2M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.5M | $23.3M | ||
| Q3 25 | $79.8M | $51.0M | ||
| Q2 25 | $42.0M | $36.0M | ||
| Q1 25 | $33.3M | $-46.9M | ||
| Q4 24 | $148.8M | $6.2M | ||
| Q3 24 | $69.0M | $37.2M | ||
| Q2 24 | $17.5M | $52.4M | ||
| Q1 24 | $24.2M | $-34.5M |
| Q4 25 | $175.0M | $14.1M | ||
| Q3 25 | $78.3M | $45.2M | ||
| Q2 25 | $40.8M | $29.1M | ||
| Q1 25 | $32.1M | $-50.3M | ||
| Q4 24 | $132.0M | $-98.0K | ||
| Q3 24 | $62.2M | $33.2M | ||
| Q2 24 | $12.8M | $47.9M | ||
| Q1 24 | $20.0M | $-39.9M |
| Q4 25 | 98.8% | 14.1% | ||
| Q3 25 | 58.0% | 27.9% | ||
| Q2 25 | 34.1% | 16.8% | ||
| Q1 25 | 25.5% | -45.2% | ||
| Q4 24 | 79.9% | -0.1% | ||
| Q3 24 | 50.6% | 22.1% | ||
| Q2 24 | 10.9% | 29.9% | ||
| Q1 24 | 18.4% | -36.0% |
| Q4 25 | 4.8% | 9.2% | ||
| Q3 25 | 1.1% | 3.6% | ||
| Q2 25 | 1.0% | 4.0% | ||
| Q1 25 | 0.9% | 3.1% | ||
| Q4 24 | 10.1% | 7.2% | ||
| Q3 24 | 5.5% | 2.7% | ||
| Q2 24 | 4.0% | 2.8% | ||
| Q1 24 | 3.9% | 4.8% |
| Q4 25 | 3.16× | — | ||
| Q3 25 | 7.61× | 6.29× | ||
| Q2 25 | 2.72× | 2.25× | ||
| Q1 25 | 71.84× | — | ||
| Q4 24 | 19.54× | — | ||
| Q3 24 | 16.60× | 6.32× | ||
| Q2 24 | 3.64× | 3.95× | ||
| Q1 24 | 11.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
