Fluidra (FDR) AI Stock Analysis

• Market Cap: €4.31B
• Dividend Yield: 2.34%
• Average Volume (3M): 178.46K
• Price to Earnings (P/E): 24.5
• Beta (1Y): 0.81
• Revenue Growth: 6.00%
• EPS Growth: 37.95%
• Country: ES
• Employees: 6,328
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 0.18
• Shares Outstanding: 192,129,070
• 10 Day Avg. Volume: 147,056
• 30 Day Avg. Volume: 178,458
• PEG Ratio: 0.91
• Price to Book (P/B): 2.76
• Price to Sales (P/S): 1.98
• P/FCF Ratio: 14.56
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €27.75
• Price Target Upside: 22.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 1.4
• Revenue Forecast (FY): €2.31B

• Rating: 62 Neutral
• Price Target: €24.00 ▲(5.82% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is driven primarily by solid and improving financial performance (better 2025 margins and strong free-cash-flow rebound) but is held back by weak technical momentum (price below key moving averages with negative MACD). Valuation is neither clearly attractive nor extreme, with a higher P/E partly offset by a moderate dividend yield.

Positive Factors

Cash generation strength

A ~+69.6% rebound in free cash flow in 2025 with FCF covering ~88% of net income and operating cash flow (~€343M) indicates durable cash generation. This supports investment, dividends, and debt reduction capacity, enhancing financial flexibility over the medium term.

Improved profitability

Material margin improvement in 2025 (operating ~13.9%, EBITDA ~21.2%, net ~7.9%) signals better cost control, pricing or mix. Higher sustained margins boost internal funding, return on equity (~11.1%) and resilience versus competitors, strengthening long-term earnings power if maintained.

Diversified revenue base & global footprint

A broad global footprint, strategic acquisitions and recurring streams (chemicals, maintenance) plus distributor and retail partnerships create diversified, repeatable revenue. This enhances cross-selling, scale economics and structural competitiveness across regions over multiple cycles.

Negative Factors

Moderate-to-elevated leverage

Debt-to-equity near 0.85x leaves the balance sheet moderately leveraged for an industrial business. That reduces strategic optionality, raises interest and refinancing risk, and can constrain capital allocation (capex, M&A, dividends) if revenues soften or rates rise.

Uneven revenue growth

Top-line inconsistency—sharp decline in 2023 then modest recovery in 2025—signals demand volatility in the pool/wellness market. Uneven revenue complicates capacity planning, forecasting and investment decisions and increases the risk that cost leverage will turn against margins in down cycles.

Margin volatility and cycle sensitivity

Net margin variability (peak ~11.4% in 2021 vs ~7.9% in 2025) shows earnings sensitivity to product mix, input costs and seasonality. Persistent margin volatility undermines predictability of free cash flow and complicates long-term budgeting and investor return expectations.

Fluidra Business Overview & Revenue Model

Company Description

Fluidra, S.A., together with its subsidiaries, manufactures and markets accessories and machineries for swimming pools, irrigation, and water treatment and purification for private and public customers worldwide. The company manufactures and distributes various components required for the construction, renovation, improvement, and maintenance of residential and commercial pools; markets fluid handling products and pool materials; and provides financial advisory services in the acquisition of shares. It also engages in the design, distribution, installation, and project management of fountains and ponds; marketing of pool materials; marketing of pool, water treatment, and irrigation products; export and import of various types of swimming-pool products; manufacture and distribution of plastic materials and plastic injection molds, as well as plastic parts for valves; manufacture and distribution of automatic pool covers; sale of bathroom equipment, plastic products, rubber products, and electronic products and metal materials, as well as the import and export of goods and technology; manufacture of chemical products and specialty products; and purchase and sale of sports and leisure equipment and related accessories. Fluidra, S.A. sells its products primarily under the Jandy, AstralPool, Polaris, Cepex, Zodiac, CTX Professional, and Gre brand names in approximately 47 countries. The company was formerly known as Aquaria de Inv. Corp., S.L. and changed its name to Fluidra, S.A. in September 2007. Fluidra, S.A. was founded in 1969 and is headquartered in Sant Cugat del Vallés, Spain.

How the Company Makes Money

Fluidra generates its revenue primarily through the sale of pool and spa equipment, including pumps, filters, heaters, and automation systems. The company has established multiple key revenue streams, including direct sales to consumers, partnerships with distributors, and collaborations with installation professionals. Additionally, Fluidra benefits from recurring revenue through the sale of water treatment chemicals and maintenance services. The company's global footprint and strategic acquisitions have strengthened its market position, enabling it to leverage economies of scale and enhance its product offerings. Partnerships with key retail and distribution channels further contribute to its earnings by expanding market reach and increasing brand visibility.

Fluidra Financial Statement Overview

Summary

Fundamentals are generally solid: profitability improved in 2025 (operating margin ~13.9%, net margin ~7.9%) and free cash flow rebounded strongly (~+69.6%) with good FCF-to-net-income (~0.88). Offsetting this, revenue growth has been uneven across years and leverage is moderately elevated for the profile (2025 debt-to-equity ~0.85x), which increases sensitivity to a cyclical slowdown.

Income Statement

Revenue growth re-accelerated in 2025 (+2.0%) after a decline in 2023 (-14.2%), but the top-line trajectory remains uneven versus the strong expansion seen in 2021. Profitability is solid with 2025 operating margin at ~13.9% and EBITDA margin at ~21.2%, and net margin improved to ~7.9% from ~6.5% in 2024. The main watch-out is the margin volatility versus prior peaks (e.g., 2021 net margin ~11.4%), indicating earnings are still sensitive to cycle/mix and cost dynamics.

Balance Sheet

Leverage is moderate-to-elevated for an industrial profile, with debt running around 0.8–0.9x equity (2025 ~0.85x), which limits balance-sheet flexibility if the cycle softens. Equity is sizeable (2025 ~€1.59B) and returns improved in 2025 (return on equity ~11.1%) from 2023–2024 levels, suggesting better capital productivity. Overall, the balance sheet is serviceable, but the consistently meaningful debt load is the key constraint.

Cash Flow

Cash generation is a clear positive: 2025 free cash flow increased strongly (~+69.6%) and free cash flow covered a large portion of earnings (free cash flow to net income ~0.88). Operating cash flow is healthy in absolute terms (2025 ~€343M), though cash conversion has not been consistently strong year-to-year (notably weak in 2022), and 2025 operating cash flow was below EBITDA (coverage ~0.74), pointing to some working-capital or cash-timing drag. Still, the recent rebound supports improved financial flexibility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.18B	2.22B	2.14B	2.08B	2.43B	2.22B
Gross Profit	1.12B	706.90M	1.25B	1.14B	1.28B	1.20B
EBITDA	477.78M	471.30M	417.62M	383.52M	436.20M	496.12M
Net Income	161.68M	176.03M	138.07M	113.83M	159.93M	252.36M
Balance Sheet
Total Assets	3.59B	3.41B	3.64B	3.51B	3.77B	3.51B
Cash, Cash Equivalents and Short-Term Investments	112.96M	120.65M	162.21M	111.30M	81.33M	98.60M
Total Debt	1.27B	1.36B	1.32B	1.33B	1.46B	1.17B
Total Liabilities	2.03B	1.81B	1.98B	1.93B	2.09B	1.88B
Stockholders Equity	1.55B	1.59B	1.65B	1.57B	1.67B	1.61B
Cash Flow
Free Cash Flow	178.16M	302.07M	237.49M	364.80M	41.91M	271.16M
Operating Cash Flow	245.34M	342.61M	310.60M	428.93M	120.28M	342.58M
Investing Cash Flow	-123.35M	-183.84M	-74.29M	-94.26M	-94.35M	-504.10M
Financing Cash Flow	-118.02M	-181.43M	-190.59M	-293.29M	-37.98M	18.12M

Fluidra Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 22.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:FDR, the sentiment is Negative. The current price of 22.68 is below the 20-day moving average (MA) of 24.74, below the 50-day MA of 24.54, and below the 200-day MA of 23.25, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 27.38 is Positive, neither overbought nor oversold. The STOCH value of 13.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:FDR.

Fluidra Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CIE	74 Outperform	€3.81B	11.29	23.31%	3.23%	-2.79%	0.61%
FCC	70 Outperform	€5.58B	23.56	5.28%	4.49%	5.00%	-64.19%
ENO	67 Neutral	€2.44B	22.03	-6.79%	13.00%	11.61%	-212.68%
SCYR	65 Neutral	€3.58B	42.12	10.80%	5.28%	2.03%	-32.59%
VID	65 Neutral	€2.88B	13.79	17.47%	1.65%	-5.27%	27.73%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
FDR	62 Neutral	€4.31B	24.46	11.34%	2.34%	6.00%	37.95%

Fluidra Corporate Events

Fluidra reshapes board committees after proprietary director’s resignation

Fluidra has announced several board and committee changes following the resignation of proprietary director M. Steven Langman, who represented major shareholder Piscine Luxembourg Holdings 1 S.à r.l. and stepped down from the board and the Appointments and Remuneration Committee effective 22 February 2026. To maintain shareholder representation and continuity, the board has co-opted Allison Steiner as a new proprietary director on the proposal of the same shareholder and adjusted committee memberships accordingly, naming José Manuel Vargas to the Appointments and Remuneration Committee and assigning Steiner to the Audit and Sustainability Committee, a reshuffle that preserves a balance between independent and proprietary voices in key governance bodies.

The Appointments and Remuneration Committee is now chaired by independent director Esther Berrozpe and includes independent members Jorge Valentín Constans and Brian McDonald alongside proprietary director Vargas, while the Audit and Sustainability Committee remains majority independent under chair Olatz Urroz with Berrozpe, McDonald and Steiner as members. Fluidra’s Executive Committee, led by executive chairman Eloy Planes and CEO Jaime Alberto Ramírez, continues to blend executive, independent and proprietary directors, suggesting that despite the change in shareholder representation, the overall governance structure and oversight framework remain stable, which should reassure investors focused on board independence and committee expertise.

The most recent analyst rating on (ES:FDR) stock is a Sell with a EUR21.50 price target. To see the full list of analyst forecasts on Fluidra stock, see the ES:FDR Stock Forecast page.

Fluidra Sets February Date to Present FY 2025 Results to Market

Fluidra has announced that it will publish its full-year 2025 financial results on Thursday, February 26, before the opening of European markets, and will present the figures to analysts and institutional investors via a webcast at 10:00 CET the same day. The company will complement the webcast with a telephone-only Q&A session requiring prior registration, while making the presentation materials available on its website and the Spanish market regulator’s platform on the day of release, and posting a recording of the webcast the following business day, underlining its emphasis on transparency and structured communication with the financial community.

The most recent analyst rating on (ES:FDR) stock is a Hold with a EUR26.00 price target. To see the full list of analyst forecasts on Fluidra stock, see the ES:FDR Stock Forecast page.