Rankings Machinery & automation Fluidra
Fluidra
97
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- ROIC−4
- Quality of growth−3
- Margin−2
Strengths
- Pricing power+2
- Aftermarket+1
How the score is built
From 100 to 97, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 19.36 EUR
- Median analyst target
- 26.32 EUR
- Upside to median
- +36.0%
- Analysts
- 15
- Target range
- 19.00 – 31.00 EUR
- 52-week change
- −23%
- P/E (trailing)
- 22.1
- Forward P/E
- 13.2
- PEG
- 0.98
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−10 of −30
- −4ROICROIC 7.5% (TTM) and 6.0–8.2% in 2023–2025 vs a WACC of about 7.4%; capital is tied up in goodwill from the Zodiac merger, and the return has fallen from 12.4% in 2021.
- −3Quality of growthRevenue of EUR 2.29bn (TTM) is still below 2.45bn in 2022, and reported EPS of 0.88 is far below 1.32 in 2021; organic growth of 5% in H1 2026 and guidance of 3–7% for 2026.
- −2MarginReported operating margin 12.75% and net margin 7.3% vs 17.2% and 11.3% in 2021; adjusted EBITDA margin of 25.5% in H1 2026 was flat year over year.
- −1Capital allocationBuybacks of EUR 108–152m a year in 2023–2025 have not reduced the share count (+0.02% over a year); they go to cover share programmes, not to increase ownership.
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2Multiples vs own historyForward P/E 12.7 vs 11.2–21.5 in 2021–2025 and EV/EBITDA 11.3 vs 10.0–16.5 – at the low end. But reported P/E is 20.7, and the FCF yield after leases is about 8.6%; the discount depends on adjusted EPS.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−4 of −35
- −2USA and new constructionNorth American sales (41% of revenue) fell 1.6% reported in H1 2026 (+4% at constant exchange rates), and new pool construction remains weak in the major markets; it is the aftermarket that keeps growth up.
- −1TariffsNew US tariff rates affect the figures; management expects no major effect in H2 and says guidance does not require repayment of tariffs, but the effect is not quantified.
- −1DebtNet debt EUR 1.11bn, 2.2x adjusted EBITDA and 3.1x reported EBITDA; interest cover 5x.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Pricing powerGross margin has risen from 50.7% (2022) to 56.0% (TTM), and growth in H1 2026 came from both price and volume in all regions.
- +1AftermarketThe aftermarket (replacement, chemicals, robots for existing pools) is holding up sales despite weak new construction, and all regions grew at constant exchange rates in H1 2026.
Caveats
What the score does not capture, or where the data is weak.
Industrial: no category fits pool equipment (pumps, filters, robots, chemicals); nearest is "Machinery & automation" – demand also follows housing construction. Cyclical set to false because the aftermarket carries revenue, but the industry had a clear inventory cycle in 2023 (revenue −14%). Guidance and analysts' EPS are adjusted (excl. PPA amortisation from the Zodiac merger): adjusted EPS 2025 was about 1.30 vs reported 0.93, so forward P/E 12.7 is on adjusted EPS, while trailing P/E 20.7 is reported. Buybacks (about EUR 116m a year) only keep the share count flat (+0.02%) and therefore give no credit. Price targets last updated 31 July 2026. Insider trading and the ownership base (founding families/Rhône) have not been examined.
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