Pool Corporation (POOL)

Outperform Initiating Coverage

The Toll Booth on Every Backyard Pool in America, Now Trading at a Cyclical Trough Multiple

Hold Recap: Q4 2025

Record Q4 Gross Margin Can't Mask the Miss — Cycle Turn Thesis on Probation as Flat FY26 Guide Resets Expectations

Outperform Recap: Q3 2025

Building Materials Inflect, POOL360 Hits Record, and the Q2 Upgrade Thesis Is Tracking — Stay Long Into the Trough

Outperform Recap: Q2 2025

Revenue Inflects Positive for the First Time in Years, POOL360 Flywheel Accelerates — Upgrading on Cycle Turn

Hold Recap: Q1 2025

Maintenance Floor Holds, But Texas Freeze and Margin Compression Expose the Discretionary Void