Updated
The most significant concentration Pool discloses is California, Florida, Texas and Arizona at 53%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Pool’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Our primary markets with the highest concentration of swimming pools are California, Florida, Texas and Arizona, collectively representing approximately 53% of our 2025 net sales'”
“10-K Item 1A: 'Pentair plc, Zodiac Pool Systems, Inc. and Hayward Holdings, Inc., which accounted for 20%, 12% and 11%, respectively, of the costs of products we sold in 2025'”
“10-K Item 1A: 'Pentair plc, Zodiac Pool Systems, Inc. and Hayward Holdings, Inc., which accounted for 20%, 12% and 11%, respectively, of the costs of products we sold in 2025'”
“10-K Item 1A: 'Pentair plc, Zodiac Pool Systems, Inc. and Hayward Holdings, Inc., which accounted for 20%, 12% and 11%, respectively, of the costs of products we sold in 2025'”
The company's most prominent concentration is geographic: California, Florida, Texas, and Arizona collectively represented approximately 53% of 2025 net sales — a high-share structural exposure tied to the regional distribution of installed swimming pools in the United States. This concentration is a feature of where the installed base sits, not a strategic customer bet, but it means that housing-market downturns, severe weather disruptions, or regional economic weakness in those four states would be the primary channel through which demand softness would affect results. On the supply side, three vendors — Pentair plc, Zodiac Pool Systems, Inc., and Hayward Holdings, Inc. — together accounted for 20%, 12%, and 11%, respectively, of the costs of products sold in 2025. Each individually carries a low-share disclosed size, but collectively they represent a meaningful portion of the product cost base, and their combined weight means any supply disruption, pricing increase, or quality issue from the group would be visible in gross margins. The character across all three is dependency — there are limited alternative suppliers for branded pool equipment at scale, and customer pull-through often specifies particular brands. The supplier and geographic concentrations are partially correlated: the Sunbelt and West Coast markets that dominate the revenue base are also the end-markets that these three equipment suppliers serve most heavily. A housing contraction in those regions would compress both unit volumes and the revenue that supports these vendor relationships.
For the engine’s reasoning on POOL’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNM | Core & Main, Inc. | 1 | 2 | 0 | 3 |
| POOL● | Pool Corporation | 1 | 0 | 3 | 4 |
| AIT | Applied Industrial Technologies | 1 | 0 | 0 | 1 |
| DNOW | DNOW Inc. | 0 | 1 | 0 | 1 |
| DXPE | DXP Enterprises, Inc. | 0 | 1 | 0 | 1 |
| FAST | Fastenal Company | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.