# Fluidra (FDR.MC)

Canonical: https://gigainvestors.com/s/FDR.MC

Analysis as of: 2026-10-16T07:38:31.920Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 17.65 per share; close as of 2026-10-15.

Estimated value: low EUR 11.92 per share, central EUR 13.50 per share, high EUR 15.59 per share. Buy at or below the central value EUR 13.50 per share. Valuation as of 2026-10-16T07:38:31.920Z; scenarios are not confidence intervals.

Expected annual return: 8.3% at the stated quote. About 8.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.49×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: -0.00×

- FY2019: 0.05×

- FY2020: 0.12×

- FY2021: 0.17×

- FY2022: 0.13×

- FY2023: 0.11×

- FY2024: 0.12×

- FY2025: 0.14×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 21.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.9%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: 21.0 pp

- Typical gross margin (annual median): 52.8%

- Recent gross margin (lower of latest and 3-year median): 31.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 6.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.6%

- FY2017: 14.2%

- FY2018: -0.1%

- FY2019: 4.9%

- FY2020: 14.5%

- FY2021: 21.2%

- FY2022: 12.8%

- FY2023: 11.7%

- FY2024: 13.1%

- FY2025: 14.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.29×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 840M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -7.1 pp

- Working capital / revenue, final three-year average: 22.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.07×

- FY2022: 1.25×

- FY2023: 1.47×

- FY2024: 1.37×

- FY2025: 1.48×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.6% vs 13.1%

- Per-share earnings: 0.22 to 0.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.4%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR 3.9B

- Cumulative retained earnings: EUR 176M

- Diluted shares, 10-year annual growth: 5.4%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.3%

- Per-share value change: EUR 0.51

- Per-share value, starting three-year median: EUR 0.22

- Per-share value, ending three-year median: EUR 0.73

- Buybacks concentrated in cheaper years (correlation): 0.79

- Average buyback yield: 2.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 2.2B

- Cumulative net income, 10 years: EUR 966M

- ROIC, first three-year median: 10.6%

- ROIC, last three-year median: 13.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.22

- FY2017: EUR 0.28

- FY2018: EUR -0.18

- FY2019: EUR 0.04

- FY2020: EUR 0.50

- FY2021: EUR 1.33

- FY2022: EUR 0.86

- FY2023: EUR 0.60

- FY2024: EUR 0.73

- FY2025: EUR 0.93

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.95×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.26×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -5.0%

- FY2018: -2.3%

- FY2019: -4.9%

- FY2020: -7.0%

- FY2021: -2.6%

- FY2022: 1.1%

- FY2023: -9.0%

- FY2024: -4.7%

- FY2025: -4.9%

## Holders

## Price story

Down 50% since Dec 2021 · sales +4%

Story as of 2026-10-16T10:00:10.026Z; price observation 2026-10-15.

Price needs cash profits to grow 4.4% a year for ten years

### Sales · FY2024–2025

sales +4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 713M 

- FY2017: EUR 797M 

- FY2018: EUR 1.0B 

- FY2019: EUR 1.4B 

- FY2020: EUR 1.5B 

- FY2021: EUR 2.2B 

- FY2022: EUR 2.4B 

- FY2023: EUR 2.1B 

- FY2024: EUR 2.1B 

- FY2025: EUR 2.2B 

### Gross margin · FY2025

gross margin 31.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 52.9% 

- FY2017: 52.7% 

- FY2018: 48.2% 

- FY2019: 22.8% 

- FY2020: 54.5% 

- FY2021: 54.2% 

- FY2022: 52.7% 

- FY2023: 54.9% 

- FY2024: 58.4% 

- FY2025: 31.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in leisure; annual sales are EUR 2.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2025: revenue 2221085000; grossProfit 706901000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FDR.MC: Fluidra, S.A., together with its subsidiaries, designs, manufactures, distributes, and markets accessories and machinery for swimming-pools, irrigation and water treatment, and residential and commercial pool purification market worldwide. It offers basic equipment, which includes pumps, valves, filters, heaters, ladders, showers, grates, lights, and cleaning accessories; specialized equipment, such as robotic cleaners, pool covers, fire and water features, slides, diving boards, and connected products; spare parts; and above-ground pools and ponds. The company also provides products and services for public-use aquatic facilities, including hotel and resort swimming pools, water parks, municipal swimming pools, competition pools, fountains, lagoons, and aquariums; and wellness products comprising saunas, steam baths, sensory showers, and Nordic baths. In addition, it offers systems for maintaining water quality in residential pools, such as disinfection systems comprising salt chlorinators and UV equipment, pH regulators, and pumps and other accessories; and chemical products. Further, the company provides fluid handling and control systems and components, such as pipes, valves, and thermoplastic made accessories designed to carry fluids. Additionally, it offers irrigation accessories for landscaping around pools, and fluid handling and flow control products for industrial use. It sells its products under the AstralPool, Zodiac, Jandy, Polaris, Gre, Cepex, CtxPro, S.R. Smith, CMP, Piscine Laghetto, AquaForte, Certikin, BARACUDA, Cover-Pools, BAC pool systems, taylor, and Grand Effects brand names. 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 Vallès, Spain.

### Why customers stay

Margins ranged from 31.8% to 58.4% during 2023–25; it earns 12.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2023: grossProfit / revenue = 54.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2024: grossProfit / revenue = 58.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2025: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); 10-year return on capital observations [[2016,0.10622141351115844],[2017,0.14236014491837298],[2018,-0.001053203617562381],[2019,0.04890971735841126],[2020,0.14462358376786857],[2021,0.21211675157774848],[2022,0.12761090967916386],[2023,0.11739824053321103],[2024,0.1308682726405425],[2025,0.14651728008603465]]; median 0.12923959115985317. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 108 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2016: growth capex 0; upkeep 25541000; owner earnings 31952000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2017: growth capex 0; upkeep 28065000; owner earnings 36809000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2019: growth capex 0; upkeep 47038000; owner earnings 62890000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2020: growth capex 0; upkeep 41315000; owner earnings 148569400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2021: growth capex 0; upkeep 71422000; owner earnings 270009600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2022: growth capex 0; upkeep 78369000; owner earnings 200037200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2023: growth capex 0; upkeep 64130000; owner earnings 167159800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2024: growth capex 0; upkeep 73108000; owner earnings 189010600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2025: growth capex 0; upkeep 40535000; owner earnings 260312600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); Dividend observations: [[2016,12573000],[2017,17178000],[2018,3649000],[2019,4376000],[2020,42817000],[2021,77646000],[2022,162880000],[2023,132885000],[2024,107715000],[2025,116734000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); FY2025: cash repurchases 107956000 EUR.

### Are managers owners

Insiders own 46.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FDR.MC SharesStats.PercentInsiders = 46.394000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.4% yearly over ten years; actual growth was 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.920Z); Ten-year compound average after fade. Initial solved rate 0.04965653758346747. Price 17.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.19779876738108618 → FY2025 1.3709105080496937. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 4.35 per share

- 2016-11: EUR 4.00 per share

- 2016-12: EUR 4.32 per share

- 2017-01: EUR 4.36 per share

- 2017-02: EUR 5.28 per share

- 2017-03: EUR 4.98 per share

- 2017-04: EUR 5.80 per share

- 2017-05: EUR 6.14 per share

- 2017-06: EUR 6.40 per share

- 2017-07: EUR 7.42 per share

- 2017-08: EUR 8.10 per share

- 2017-09: EUR 8.92 per share

- 2017-10: EUR 8.70 per share

- 2017-11: EUR 11.47 per share

- 2017-12: EUR 11.81 per share

- 2018-01: EUR 10.84 per share

- 2018-02: EUR 11.90 per share

- 2018-03: EUR 13.82 per share

- 2018-04: EUR 12.00 per share

- 2018-05: EUR 12.54 per share

- 2018-06: EUR 13.72 per share

- 2018-07: EUR 12.04 per share

- 2018-08: EUR 13.14 per share

- 2018-09: EUR 12.88 per share

- 2018-10: EUR 10.68 per share

- 2018-11: EUR 10.98 per share

- 2018-12: EUR 9.79 per share

- 2019-01: EUR 9.90 per share

- 2019-02: EUR 9.85 per share

- 2019-03: EUR 10.24 per share

- 2019-04: EUR 9.75 per share

- 2019-05: EUR 11.06 per share

- 2019-06: EUR 11.62 per share

- 2019-07: EUR 11.26 per share

- 2019-08: EUR 11.06 per share

- 2019-09: EUR 10.88 per share

- 2019-10: EUR 11.20 per share

- 2019-11: EUR 11.26 per share

- 2019-12: EUR 12.20 per share

- 2020-01: EUR 11.10 per share

- 2020-02: EUR 12.48 per share

- 2020-03: EUR 8.52 per share

- 2020-04: EUR 10.20 per share

- 2020-05: EUR 11.10 per share

- 2020-06: EUR 11.76 per share

- 2020-07: EUR 14.04 per share

- 2020-08: EUR 14.10 per share

- 2020-09: EUR 14.48 per share

- 2020-10: EUR 15.52 per share

- 2020-11: EUR 18.50 per share

- 2020-12: EUR 20.95 per share

- 2021-01: EUR 19.80 per share

- 2021-02: EUR 22.30 per share

- 2021-03: EUR 24.35 per share

- 2021-04: EUR 28.90 per share

- 2021-05: EUR 33.05 per share

- 2021-06: EUR 33.45 per share

- 2021-07: EUR 34.15 per share

- 2021-08: EUR 34.60 per share

- 2021-09: EUR 34.45 per share

- 2021-10: EUR 33.05 per share

- 2021-11: EUR 33.75 per share

- 2021-12: EUR 35.20 per share

- 2022-01: EUR 28.10 per share

- 2022-02: EUR 27.20 per share

- 2022-03: EUR 26.30 per share

- 2022-04: EUR 26.12 per share

- 2022-05: EUR 24.64 per share

- 2022-06: EUR 19.34 per share

- 2022-07: EUR 18.17 per share

- 2022-08: EUR 15.95 per share

- 2022-09: EUR 15.52 per share

- 2022-10: EUR 13.73 per share

- 2022-11: EUR 14.30 per share

- 2022-12: EUR 14.52 per share

- 2023-01: EUR 16.16 per share

- 2023-02: EUR 16.43 per share

- 2023-03: EUR 16.19 per share

- 2023-04: EUR 15.53 per share

- 2023-05: EUR 16.53 per share

- 2023-06: EUR 17.83 per share

- 2023-07: EUR 20.12 per share

- 2023-08: EUR 20.76 per share

- 2023-09: EUR 19.37 per share

- 2023-10: EUR 16.62 per share

- 2023-11: EUR 18.95 per share

- 2023-12: EUR 18.85 per share

- 2024-01: EUR 20.12 per share

- 2024-02: EUR 21.56 per share

- 2024-03: EUR 21.92 per share

- 2024-04: EUR 19.90 per share

- 2024-05: EUR 22.34 per share

- 2024-06: EUR 19.49 per share

- 2024-07: EUR 20.58 per share

- 2024-08: EUR 22.38 per share

- 2024-09: EUR 23.50 per share

- 2024-10: EUR 24.72 per share

- 2024-11: EUR 24.72 per share

- 2024-12: EUR 23.52 per share

- 2025-01: EUR 24.88 per share

- 2025-02: EUR 22.18 per share

- 2025-03: EUR 21.66 per share

- 2025-04: EUR 20.32 per share

- 2025-05: EUR 21.60 per share

- 2025-06: EUR 21.20 per share

- 2025-07: EUR 21.96 per share

- 2025-08: EUR 24.34 per share

- 2025-09: EUR 23.06 per share

- 2025-10: EUR 25.12 per share

- 2025-11: EUR 23.90 per share

- 2025-12: EUR 23.16 per share

- 2026-01: EUR 24.52 per share

- 2026-02: EUR 22.68 per share

- 2026-03: EUR 19.77 per share

- 2026-04: EUR 19.89 per share

- 2026-05: EUR 18.84 per share

- 2026-06: EUR 19.80 per share

- 2026-07: EUR 19.28 per share

- 2026-08: EUR 19.44 per share

- 2026-09: EUR 17.68 per share

- 2026-10: EUR 17.11 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 3.39 per share, central EUR 3.77 per share, high EUR 4.28 per share

- FY2017: low EUR 3.63 per share, central EUR 4.07 per share, high EUR 4.65 per share

- FY2018: low EUR 3.20 per share, central EUR 3.53 per share, high EUR 3.97 per share

- FY2019: low EUR 4.77 per share, central EUR 5.38 per share, high EUR 6.07 per share

- FY2020: low EUR 4.93 per share, central EUR 5.46 per share, high EUR 6.17 per share

- FY2021: low EUR 6.18 per share, central EUR 7.00 per share, high EUR 8.08 per share

- FY2022: low EUR 12.84 per share, central EUR 15.79 per share, high EUR 18.38 per share

- FY2023: low EUR 10.25 per share, central EUR 11.61 per share, high EUR 13.43 per share

- FY2024: low EUR 11.51 per share, central EUR 13.01 per share, high EUR 15.01 per share

- FY2025: low EUR 11.71 per share, central EUR 13.27 per share, high EUR 15.35 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:16.011Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations