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Side-by-side financial comparison of Latham Group, Inc. (SWIM) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $100.0M, roughly 1.8× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -15.7%, a 8.7% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -10.2%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-58.3M). Over the past eight quarters, Wheels Up Experience Inc.'s revenue compounded faster (-3.4% CAGR vs -4.9%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
SWIM vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $100.0M | $183.8M |
| Net Profit | $-7.0M | $-28.9M |
| Gross Margin | 28.0% | 14.3% |
| Operating Margin | -10.7% | -0.9% |
| Net Margin | -7.0% | -15.7% |
| Revenue YoY | 14.5% | -10.2% |
| Net Profit YoY | 76.0% | 67.0% |
| EPS (diluted) | $-0.06 | $-0.04 |
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 | $100.0M | $183.8M | ||
| Q3 25 | $161.9M | $185.5M | ||
| Q2 25 | $172.6M | $189.6M | ||
| Q1 25 | $111.4M | $177.5M | ||
| Q4 24 | $87.3M | $204.8M | ||
| Q3 24 | $150.5M | $193.9M | ||
| Q2 24 | $160.1M | $196.3M | ||
| Q1 24 | $110.6M | $197.1M |
| Q4 25 | $-7.0M | $-28.9M | ||
| Q3 25 | $8.1M | $-83.7M | ||
| Q2 25 | $16.0M | $-82.3M | ||
| Q1 25 | $-6.0M | $-99.3M | ||
| Q4 24 | $-29.2M | $-87.5M | ||
| Q3 24 | $5.9M | $-57.7M | ||
| Q2 24 | $13.3M | $-97.0M | ||
| Q1 24 | $-7.9M | $-97.4M |
| Q4 25 | 28.0% | 14.3% | ||
| Q3 25 | 35.4% | 6.8% | ||
| Q2 25 | 37.1% | 8.3% | ||
| Q1 25 | 29.5% | 10.8% | ||
| Q4 24 | 24.6% | 13.9% | ||
| Q3 24 | 32.4% | 13.9% | ||
| Q2 24 | 33.1% | 2.3% | ||
| Q1 24 | 27.7% | -0.6% |
| Q4 25 | -10.7% | -0.9% | ||
| Q3 25 | 13.3% | -33.1% | ||
| Q2 25 | 14.3% | -31.4% | ||
| Q1 25 | -4.4% | -45.5% | ||
| Q4 24 | -14.9% | -26.0% | ||
| Q3 24 | 8.9% | -21.6% | ||
| Q2 24 | 12.5% | -40.3% | ||
| Q1 24 | -1.9% | -42.9% |
| Q4 25 | -7.0% | -15.7% | ||
| Q3 25 | 5.0% | -45.1% | ||
| Q2 25 | 9.3% | -43.4% | ||
| Q1 25 | -5.4% | -55.9% | ||
| Q4 24 | -33.4% | -42.7% | ||
| Q3 24 | 3.9% | -29.8% | ||
| Q2 24 | 8.3% | -49.4% | ||
| Q1 24 | -7.1% | -49.4% |
| Q4 25 | $-0.06 | $-0.04 | ||
| Q3 25 | $0.07 | $-0.12 | ||
| Q2 25 | $0.13 | $-0.12 | ||
| Q1 25 | $-0.05 | $-0.14 | ||
| Q4 24 | $-0.24 | $-0.13 | ||
| Q3 24 | $0.05 | $-0.08 | ||
| Q2 24 | $0.11 | $-0.14 | ||
| Q1 24 | $-0.07 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $133.9M |
| Total DebtLower is stronger | $279.8M | $671.3M |
| Stockholders' EquityBook value | $405.9M | $-392.1M |
| Total Assets | $823.2M | $968.8M |
| Debt / EquityLower = less leverage | 0.69× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | — | $125.3M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | — | $171.8M | ||
| Q4 24 | — | $216.4M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | — | $141.5M | ||
| Q1 24 | — | $180.9M |
| Q4 25 | $279.8M | $671.3M | ||
| Q3 25 | $281.1M | $766.5M | ||
| Q2 25 | $281.5M | $770.5M | ||
| Q1 25 | $306.9M | $765.8M | ||
| Q4 24 | $281.5M | $761.3M | ||
| Q3 24 | $282.8M | $596.9M | ||
| Q2 24 | $282.4M | $597.4M | ||
| Q1 24 | $282.8M | $603.2M |
| Q4 25 | $405.9M | $-392.1M | ||
| Q3 25 | $408.4M | $-374.5M | ||
| Q2 25 | $398.4M | $-347.8M | ||
| Q1 25 | $381.1M | $-288.1M | ||
| Q4 24 | $387.2M | $-202.1M | ||
| Q3 24 | $416.6M | $-117.7M | ||
| Q2 24 | $408.1M | $-72.2M | ||
| Q1 24 | $391.8M | $936.0K |
| Q4 25 | $823.2M | $968.8M | ||
| Q3 25 | $844.4M | $973.0M | ||
| Q2 25 | $822.1M | $1.0B | ||
| Q1 25 | $824.6M | $1.1B | ||
| Q4 24 | $794.2M | $1.2B | ||
| Q3 24 | $853.4M | $1.0B | ||
| Q2 24 | $830.0M | $1.1B | ||
| Q1 24 | $808.6M | $1.2B |
| Q4 25 | 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× | 644.43× |
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 | $23.3M | $-18.4M |
| Free Cash FlowOCF − Capex | $14.1M | $-58.3M |
| FCF MarginFCF / Revenue | 14.1% | -31.7% |
| Capex IntensityCapex / Revenue | 9.2% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $38.0M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $-18.4M | ||
| Q3 25 | $51.0M | $-37.1M | ||
| Q2 25 | $36.0M | $-62.9M | ||
| Q1 25 | $-46.9M | $-47.9M | ||
| Q4 24 | $6.2M | $37.9M | ||
| Q3 24 | $37.2M | $-16.9M | ||
| Q2 24 | $52.4M | $-25.2M | ||
| Q1 24 | $-34.5M | $-73.8M |
| Q4 25 | $14.1M | $-58.3M | ||
| Q3 25 | $45.2M | $-60.4M | ||
| Q2 25 | $29.1M | $-78.6M | ||
| Q1 25 | $-50.3M | $-62.6M | ||
| Q4 24 | $-98.0K | $-70.2M | ||
| Q3 24 | $33.2M | $-21.9M | ||
| Q2 24 | $47.9M | $-30.8M | ||
| Q1 24 | $-39.9M | $-77.8M |
| Q4 25 | 14.1% | -31.7% | ||
| Q3 25 | 27.9% | -32.6% | ||
| Q2 25 | 16.8% | -41.5% | ||
| Q1 25 | -45.2% | -35.3% | ||
| Q4 24 | -0.1% | -34.3% | ||
| Q3 24 | 22.1% | -11.3% | ||
| Q2 24 | 29.9% | -15.7% | ||
| Q1 24 | -36.0% | -39.5% |
| Q4 25 | 9.2% | 21.7% | ||
| Q3 25 | 3.6% | 12.5% | ||
| Q2 25 | 4.0% | 8.3% | ||
| Q1 25 | 3.1% | 8.3% | ||
| Q4 24 | 7.2% | 52.8% | ||
| Q3 24 | 2.7% | 2.6% | ||
| Q2 24 | 2.8% | 2.9% | ||
| Q1 24 | 4.8% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | 6.29× | — | ||
| Q2 25 | 2.25× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.32× | — | ||
| Q2 24 | 3.95× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
UP
Segment breakdown not available.
