Methodology · I — Comparable Companies
Pool Corporation (POOL)
Data as of 4 May 2026 · Industrials · Industrial - Distribution · NASDAQ · USD
Overview
This report presents a valuation of Pool Corporation (POOL) utilizing a Comparable Companies Analysis. The analysis is based on publicly available financial data and market multiples derived from a selected peer group. The objective is to estimate an intrinsic value range for Pool Corporation's equity by comparing its financial metrics to those of similar publicly traded entities.
Methodology
The Comparable Companies Analysis employs a market-based valuation approach, deriving valuation multiples from a set of comparable public companies. These multiples are then applied to Pool Corporation's relevant financial statistics to determine an implied enterprise and equity value range. Key financial metrics such as Enterprise Value to EBITDA and Price to Earnings are typically utilized, though data availability influences the specific multiples applied.
Peer set rationale
The peer group for Pool Corporation comprises Hayward Holdings (HAYWARD) and Fluidra (FLUIDRA). These companies operate within the industrial distribution and pool equipment sectors, exhibiting business models and operational characteristics deemed sufficiently comparable to Pool Corporation. However, it is noted that only two peers were identified, which is fewer than the generally recommended range of five to ten companies for robust comparative analysis.
Warranted EV/EBITDA — ROIC × Growth
| ROIC ↓ / g → | 0% | 2% | 4% | 6% | 8% |
|---|---|---|---|---|---|
| 4% | 9.1× | 5.9× | — | — | — |
| 8% | 9.1× | 8.8× | 8.2× | 6.8× | — |
| 12% | 9.1× | 9.8× | 11.0× | 13.7× | 27.4× |
| 16% | 9.1× | 10.3× | 12.3× | 17.1× | 41.1× |
| 20% | 9.1× | 10.6× | 13.1× | 19.2× | 49.3× |
Value-creation map — ROIC − WACC vs. growth
Peer multiples
| TICKER | COMPANY | EV | EV/EBITDA | EV/REVENUE | P/E | P/FCF |
|---|---|---|---|---|---|---|
| HAYWARD | — | — | — | — | — | — |
| FLUIDRA | — | — | — | — | — | — |
| POOL ✱ | Pool Corporation | 9.60b | 15.1× | 1.8× | 19.0× | 12.8× |
Distribution across peers
| MULTIPLE | N | MIN | P25 | MEDIAN | MEAN | P75 | MAX |
|---|---|---|---|---|---|---|---|
| EV/EBITDA | 0 | — | — | — | — | — | — |
| EV/Revenue | 0 | — | — | — | — | — | — |
| P/E | 0 | — | — | — | — | — | — |
| P/FCF | 0 | — | — | — | — | — | — |
Implied valuation range
Implied prices use the target's shares outstanding (37.1m). Enterprise-side multiples are bridged to equity using the target's net debt and minority interest.
| MULTIPLE | BASIS | EQUITY LOW | EQUITY MID | EQUITY HIGH | PX LOW | PX MID | PX HIGH |
|---|---|---|---|---|---|---|---|
| EV/EBITDA | enterprise | — | — | — | — | — | — |
| EV/Revenue | enterprise | — | — | — | — | — | — |
| P/E | equity | — | — | — | — | — | — |
| P/FCF | equity | — | — | — | — | — | — |
Multiples discussion
The analysis of market multiples revealed a significant absence of positive observations across the selected peer group. Specifically, no peers produced a positive multiple for EV/EBIT, EV/EBITDA, EV/(EBITDA-MCX), EV/Revenue, P/E, or P/FCF. Consequently, median, mean, and quartile statistics for these multiples could not be calculated from the current peer set. This data limitation prevents the direct application of peer-derived multiples to Pool Corporation's financial performance indicators. The lack of positive multiples suggests potential underlying issues within the peer group's recent financial performance or data reporting, warranting further investigation.
Implied range — narrative
Due to the absence of positive and calculable multiples from the identified peer group, no implied enterprise or equity value ranges could be derived for Pool Corporation. The inability to establish a robust set of comparable multiples precludes the generation of an implied share price range based on this methodology. This outcome necessitates reliance on alternative valuation methods or a re-evaluation of the peer selection.
Outliers, premium and discount
Given the complete absence of positive multiple observations across all metrics for the peer group, no outliers were identified or required exclusion. The current data limitations also prevent any meaningful discussion of a premium or discount relative to the peer group. A more comprehensive peer set with positive financial performance would be necessary to conduct such an analysis.
Quality checks
Items requiring analyst review
- ·equity_method_investments_m: Carrying value; mark to peer P/B in the EV bridge.
- ·share_options_and_exercise_prices: FMP does not provide this in a comparable-ready format
- ·free_float_and_significant_shareholdings: FMP does not provide this in a comparable-ready format
- ·minority_interest_market_value: FMP does not provide this in a comparable-ready format
- ·associates_and_jvs_market_value: FMP does not provide this in a comparable-ready format
- ·pension_deficit_or_surplus: FMP does not provide this in a comparable-ready format
- ·operating_lease_present_value: FMP does not provide this in a comparable-ready format
- ·true_exceptional_or_extraordinary_items: FMP does not provide this in a comparable-ready format
- ·pro_forma_acquisition_disposal_adjustments: FMP does not provide this in a comparable-ready format
- ·broker_consensus_forecasts: FMP does not provide this in a comparable-ready format
- ·EV bridge: Minority interest = 0.
- ·EV bridge: Pension: No pension deficit reported by data layer; bridge contribution = 0.
- ·EV bridge: Operating leases: No operating-lease data available; bridge contribution = 0.
- ·EV bridge: Associates: Associates stripped at carrying value 1.5m (no peer P/B or P/E available for mark-to-market).
- ·EV bridge: Preference shares: No preference shares outstanding.
- ·EV bridge: Convertibles: No convertible debt reported.
- ·EV bridge: Finance leases: 343.6m added (already debt-like).
Closing note
The current Comparable Companies Analysis for Pool Corporation is severely constrained by the limited and non-positive financial data from the selected peer group. While the methodology remains sound, its application is hindered by the available inputs. A more extensive peer universe or supplementary valuation approaches would be required to provide a conclusive valuation range for Pool Corporation.
Specialist modes Greenblatt v2 · sanity checks
Three optional cross-checks: a conservative liquidation floor (Net-Net + 30c PP&E), a merger-arbitrage spread analyser, and a stub-recap leverage amplifier. Each runs against the same FMP snapshot used by the main engine.
This document is produced by the Marlowe Keynes Valuation Engine for illustrative and analytical purposes. It does not constitute investment advice, an offer, or a solicitation. Any judgment, classification, or selection requiring analyst discretion is flagged as REVIEW and must be adjudicated by a qualified analyst.