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Fluidra
(BME:FDR)
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Rating:63Neutral
Price Target:
€21.00
▲(12.54% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid (but uneven) financial performance: positive profitability and strong recent free-cash-flow improvement are tempered by margin compression, moderate leverage, and inconsistent cash conversion. Technicals add only moderate support (improving short-to-mid-term trend but still below the 200-day average), and valuation is fair with a supportive dividend yield but a mid-range P/E.
Positive Factors
Recurring aftermarket demand and multi-channel model
Fluidra's revenue is supported by a large installed base and a multi-channel distribution model selling through professionals and specialty retailers. This creates recurring aftermarket replacement and maintenance revenue that is structurally durable, smoothing cycles from new-build weakness and supporting long-term revenue visibility.
Negative Factors
Gross margin compression
Material gross margin erosion is a structural threat to profitability and free cash generation. If driven by input cost inflation, pricing limits, or mix shifts, compressed gross margins can persist and limit the company’s ability to convert revenue into durable earnings and cash flow without sustained pricing power or cost restructuring.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring aftermarket demand and multi-channel model
Fluidra's revenue is supported by a large installed base and a multi-channel distribution model selling through professionals and specialty retailers. This creates recurring aftermarket replacement and maintenance revenue that is structurally durable, smoothing cycles from new-build weakness and supporting long-term revenue visibility.
Read all positive factors
Fluidra (FDR) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€3.66B
Dividend Yield3.22%
Average Volume (3M)178.46K
Price to Earnings (P/E)22.2
Beta (1Y)0.81
Revenue Growth2.69%
EPS Growth2.90%
CountryES
Employees6,666
SectorGeneral
Sector StrengthN/A
IndustryLeisure
Share Statistics
EPS (TTM)0.73
Shares Outstanding192,129,070
10 Day Avg. Volume147,056
30 Day Avg. Volume178,458
Financial Highlights & Ratios
PEG Ratio0.91
Price to Book (P/B)2.76
Price to Sales (P/S)1.98
P/FCF Ratio14.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€25.50Price Target Upside36.66% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)1.28
Revenue Forecast (FY)€2.27B
Fluidra Business Overview & Revenue Model
Company Description
Fluidra, S.A., established in 1969 and headquartered in Sant Cugat del Vallés, Spain, is a global enterprise specializing in the production and sale of equipment and accessories for swimming pools, irrigation, and water treatment and purification....
How the Company Makes Money
Fluidra makes money primarily by selling pool and wellness products through professional and trade distribution channels, monetizing both (a) new pool construction/installation demand and (b) recurring aftermarket replacement/maintenance demand. K...
Fluidra Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
62
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.72B | 2.22B | 2.14B | 2.08B | 2.43B | 2.22B |
| Gross Profit | 434.73M | 706.90M | 1.25B | 1.14B | 1.28B | 1.20B |
| EBITDA | 745.54M | 471.30M | 417.62M | 383.52M | 436.20M | 496.12M |
| Net Income | 138.91M | 176.03M | 138.07M | 113.83M | 159.93M | 252.36M |
Balance Sheet | ||||||
| Total Assets | 3.76B | 3.41B | 3.64B | 3.51B | 3.77B | 3.51B |
| Cash, Cash Equivalents and Short-Term Investments | 141.49M | 120.65M | 162.21M | 111.30M | 81.33M | 98.60M |
| Total Debt | 1.25B | 1.36B | 1.32B | 1.33B | 1.46B | 1.17B |
| Total Liabilities | 2.12B | 1.81B | 1.98B | 1.93B | 2.09B | 1.88B |
| Stockholders Equity | 1.63B | 1.59B | 1.65B | 1.57B | 1.67B | 1.61B |
Cash Flow | ||||||
| Free Cash Flow | 164.19M | 302.07M | 237.49M | 364.80M | 41.91M | 271.16M |
| Operating Cash Flow | 224.56M | 342.61M | 310.60M | 428.93M | 120.28M | 342.58M |
| Investing Cash Flow | -124.21M | -183.84M | -74.29M | -94.26M | -94.35M | -504.10M |
| Financing Cash Flow | -107.79M | -181.43M | -190.59M | -293.29M | -37.98M | 18.12M |
Fluidra Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | €3.66B | 22.20 | 10.31% | 3.32% | 2.69% | 2.90% | |
59 Neutral | €2.90B | 14.37 | 21.10% | 9.34% | 6.96% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €5.37B | 32.02 | 5.02% | 4.21% | 6.93% | -64.18% | |
54 Neutral | €13.04B | 16.19 | 17.19% | 2.28% | 7.62% | -56.65% | |
54 Neutral | €3.71B | 28.18 | 13.38% | 2.71% | 3.64% | 41.50% | |
48 Neutral | €318.20M | -4.70 | -22.86% | ― | -3.31% | 33.30% |
* General Sector Average
ES:FDR
Fluidra
20.36
-2.31
-10.19%
ES:ANA
Acciona
213.00
44.99
26.78%
ES:ENO
Elecnor
33.05
9.78
42.02%
ES:ECR
Ercros SA
3.49
0.85
32.20%
ES:FCC
Fomento de Construcciones y Contratas
11.04
0.76
7.42%
ES:SCYR
Sacyr SA
4.58
0.98
27.32%
Fluidra Corporate Events
Fluidra Outlines Preliminary 1H 2026 Figures and Use of Alternative Metrics
Jul 31, 2026
Fluidra has released preliminary financial information for the first half of 2026 prepared under IFRS, stressing that the data has not yet been audited and may be subject to future changes. The company notes that some figures rely on assumptions a...
Fluidra lifts profits, trims debt and accelerates growth with strategic acquisitions
Jul 31, 2026
Fluidra reported solid first-half 2026 results, with sales rising 5% at constant currency to 1,258 million euros and adjusted EBITDA up 6% to 321 million euros, supported by resilient aftermarket demand and tight cost control. Strong cash generati...
Fluidra Launches €40 Million Share Buyback to Boost Shareholder Returns
Jul 31, 2026
Fluidra, S.A. is a Spain-based company operating in the pool and wellness sector, supplying equipment and solutions for residential and commercial swimming pools and related water treatment systems. The group focuses on global markets, combining m...
Fluidra Board Confirms Integrity of First-Half 2026 Financial Report
Jul 31, 2026
Fluidra has released its first semi-annual financial report for 2026, covering the period ended 30 June 2026 and formally signed on 28 July 2026 by its board of directors. The report, filed with Spain’s securities regulator, presents summary...
Fluidra launches €300 million commercial paper programme on MARF
Jul 3, 2026
Fluidra has registered its tenth commercial paper issuance programme, “Programa Pagarés Fluidra 2026,” on Spain’s Mercado Alternativo de Renta Fija with a maximum outstanding balance of €300 million and an initial term...
Fluidra Sets Timetable for First Tranche of 2026 Cash Dividend
Jun 24, 2026
Fluidra will distribute a total cash dividend of €0.65 gross per share against 2025 results, paid in two instalments in July and December 2026, following approval at its Ordinary General Shareholders’ Meeting. The first tranche of S...
Fluidra Continues Share Buyback to Fund Employee Share Plan
Jun 19, 2026
Fluidra has continued to execute its share buyback programme linked to a global incentivised share purchase plan for employees, acquiring 6,869 of its own shares on 15 June 2026 on Spanish stock exchanges at an average price close to €19.44....
Fluidra names veteran finance executive Juan Graham as new CFO
May 29, 2026
Fluidra has appointed seasoned finance executive Juan Graham as its new Chief Financial Officer, following a planned succession process after long-serving CFO Xavier Tintoré chose to embark on a new professional and personal chapter. Graham, ...
Fluidra Executes May Share Buyback for Employee Incentive Plan
May 21, 2026
Fluidra has reported a new set of share repurchases under its ongoing share buyback programme linked to a global share purchase incentive plan for its employees. On 15 May 2026, the company bought 7,281 of its own shares on Spanish stock exchanges...
Fluidra Continues Employee-Focused Share Buyback Programme With May Purchases
May 21, 2026
Fluidra has reported a new tranche of share repurchases under its ongoing buyback programme linked to a global share purchase incentive plan for employees. The company bought 7,281 of its own shares on Spanish stock exchanges on 15 May 2026 at an ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.