Leslie's, Inc. (LESL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the LESL SEC filings page.
Leslie's, Inc. (LESL) reported $1.2B in revenue over the twelve months to Jul 4, 2026, down 5.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Leslie’s 2025 collapse came from operating costs overwhelming a still-positive gross margin, while debt and negative equity constrain the balance sheet.
The sharpest deterioration occurred below gross profit: gross margin was35.4% in FY2025, near FY2024’s35.9% , yet operating margin fell to-13.7% as sales weakened while SG&A remained about$426M . That combination indicates the cost base stopped flexing with revenue, rather than product-level gross profitability disappearing.
The earnings-to-cash gap is unusually wide: FY2025’s net loss was
The balance sheet combines negative equity of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Leslie's, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Leslie's, Inc. has an operating margin of -13.7%, meaning the company loses $14 on every $100 of revenue. This results in a profitability score of 22/100. This is down from 4.3% the prior year.
Leslie's, Inc.'s revenue declined 6.6% year-over-year, from $1.3B to $1.2B. This contraction results in a growth score of 12/100.
Not available for Leslie's, Inc., and counted as zero in the overall score.
Leslie's, Inc.'s current ratio of 1.57 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.
While Leslie's, Inc. generated $8.8M in operating cash flow, capex of $25.5M consumed most of it, leaving -$16.7M in free cash flow. This results in a low score of 25/100, reflecting heavy capital investment rather than weak cash generation.
Leslie's, Inc. scores 0.13, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Leslie's, Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Leslie's, Inc. reported a net loss of $237.0M while generating $8.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Leslie's, Inc. reported an operating loss of $169.9M against $62.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Leslie's, Inc. generated $458.5M in revenue in Q3 2026. This represents a decrease of 8.4% from the same quarter a year earlier. Against the prior quarter it is up 148.2%.
Leslie's, Inc.'s EBITDA was $69.0M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.2% from the same quarter a year earlier. Against the prior quarter it is up 329.1%.
Leslie's, Inc. reported $47.8M in net income in Q3 2026. This represents an increase of 119.9% from the same quarter a year earlier. Against the prior quarter it is up 191.0%.
Leslie's, Inc. earned $5.01 per diluted share (EPS) in Q3 2026. Against the prior quarter it is up 189.0%.
Cash & Balance Sheet
Leslie's, Inc. generated $97.9M in free cash flow in Q3 2026, representing cash available after capex. This represents a decrease of 8.5% from the same quarter a year earlier. Against the prior quarter it is up 261.6%.
Leslie's, Inc. held $45.9M in cash against $753.4M in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Leslie's, Inc.'s gross margin was 36.4% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 3.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.6 percentage points.
Leslie's, Inc.'s operating margin was 13.4% in Q3 2026, reflecting core business profitability. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 33.8 percentage points.
Leslie's, Inc.'s net profit margin was 10.4% in Q3 2026, showing the share of revenue converted to profit. This is up 6.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 38.8 percentage points.
Not reported for Q3 2026.
Capital Allocation
Leslie's, Inc. invested $1.0M in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 87.1% from the same quarter a year earlier. Against the prior quarter it is down 80.6%.
Not reported for Q3 2026.
Not reported for Q3 2026.
LESL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $458.5M-8.4% | $184.7M+4.3% | $147.1M-16.0% | $389.2M-2.2% | $500.3M-12.2% | $177.1M-6.1% | $175.2M+0.7% | $397.9M-8.0% |
| Cost of Revenue | $291.4M-3.7% | $131.4M-1.3% | $120.1M-5.8% | $239.1M-6.1% | $302.5M-11.3% | $133.2M-0.9% | $127.5M+3.2% | $254.6M-6.5% |
| Gross Profit | $167.1M-15.5% | $53.3M+21.4% | $27.1M-43.3% | $150.1M+4.8% | $197.9M-13.5% | $43.9M-19.1% | $47.7M-5.3% | $143.2M-10.6% |
| SG&A Expenses | $106.4M-17.9% | $92.2M-0.1% | $85.7M-2.0% | $116.4M-0.4% | $129.6M-1.2% | $92.3M+8.8% | $87.4M+0.6% | $116.8M-4.0% |
| Operating Income | $61.5M-10.0% | -$37.7M+22.1% | -$68.7M-73.2% | -$150.1M-668.1% | $68.3M-30.1% | -$48.4M-58.5% | -$39.7M-8.9% | $26.4M-31.5% |
| EBITDA | $69.0M-10.2% | -$30.1M+24.9% | -$60.9M-93.6% | -$145.9M-567.5% | $76.9M-27.4% | -$40.1M-76.8% | -$31.5M-11.8% | $31.2M-27.1% |
| Interest Expense | $14.1M-10.3% | $14.4M-9.6% | $13.5M-14.1% | $15.5M-8.9% | $15.8M-13.2% | $15.9M-12.4% | $15.8M-7.7% | $17.0M-0.8% |
| Income Tax | -$478K-101.6% | $447K+103.5% | $687K+106.3% | -$2.8M-114.3% | $30.8M+63.2% | -$13.0M+8.3% | -$10.9M+22.1% | $19.3M+293.9% |
| Net Income | $47.8M+119.9% | -$52.5M-2.3% | -$83.0M-86.2% | -$162.8M-1540.8% | $21.7M-64.2% | -$51.3M-48.5% | -$44.6M-12.7% | -$9.9M-160.2% |
| EPS (Basic) | $5.10+4150.0% | -$5.63-1.6% | -$8.92-85.1% | -$25.17-41850.0% | $0.12-63.6% | -$5.54-2815.8% | -$4.82-2195.2% | -$0.06-166.7% |
| EPS (Diluted) | $5.01 | -$5.63 | -$8.92 | -$25.17 | $0.12-63.6% | -$5.54 | -$4.82 | -$0.06-166.7% |
| Diluted Shares (Avg) | 10M | 9M | 9M | N/A | 185M+0.3% | 9M | 9M | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
LESL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $722.2M-27.0% | $715.5M-31.4% | $649.4M-32.8% | $741.5M-29.4% | $989.5M-10.5% | $1.0B-4.8% | $967.0M-3.2% | $1.1B+1.5% |
| Current Assets | $351.2M-8.8% | $340.1M-18.5% | $267.0M-21.8% | $328.8M-22.2% | $385.1M-15.7% | $417.6M-7.9% | $341.6M-12.9% | $422.4M+0.5% |
| Cash & Equivalents | $45.9M+7.6% | $16.9M-1.9% | $3.6M-68.8% | $64.3M-40.7% | $42.7M-42.7% | $17.3M+104.5% | $11.6M+38.4% | $108.5M+95.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $233.4M-14.6% | $262.4M-21.7% | $210.0M-20.0% | $208.0M-11.2% | $273.2M-9.6% | $335.1M-11.6% | $262.4M-21.5% | $234.3M-24.9% |
| Accounts Receivable | $32.2M-7.5% | $22.8M-28.9% | $15.9M-46.8% | $23.2M-48.9% | $34.8M-24.1% | $32.0M-2.0% | $29.8M+32.5% | $45.5M+54.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $180.7M0.0% | $180.7M0.0% | $180.7M0.0% | $180.7M0.0% |
| Total Liabilities | $1.2B-1.7% | $1.3B-4.2% | $1.1B-4.0% | $1.1B-6.4% | $1.2B-3.0% | $1.3B-1.0% | $1.2B-0.8% | $1.2B+2.6% |
| Current Liabilities | $260.2M-0.7% | $234.4M-12.4% | $188.0M-3.1% | $209.1M-15.3% | $262.0M-8.4% | $267.6M+2.1% | $194.0M-5.2% | $246.9M+9.3% |
| Non-Current Liabilities | $954.7M-1.9% | $1.0B-2.1% | $951.3M-4.2% | $940.4M-4.1% | $973.7M-1.4% | $1.0B-1.8% | $993.1M0.0% | $980.6M+1.1% |
| Long-Term Debt | $753.4M+0.2% | $752.9M+0.2% | $752.4M+0.2% | $752.1M-2.2% | $751.5M-2.2% | $751.1M-2.5% | $750.6M-2.7% | $769.1M-0.5% |
| Total Equity | -$492.7M-100.2% | -$541.3M-100.9% | -$489.9M-122.6% | -$408.0M-130.3% | -$246.2M-46.4% | -$269.5M-16.7% | -$220.0M-10.8% | -$177.1M-9.8% |
| Retained Earnings | -$608.8M-69.9% | -$656.6M-72.8% | -$604.1M-83.8% | -$521.2M-83.4% | -$358.4M-30.7% | -$380.1M-13.5% | -$328.8M-9.5% | -$284.2M-9.0% |
LESL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $99.0M-13.9% | -$55.4M-12.6% | -$81.1M+22.8% | $48.2M+2.5% | $114.9M-34.5% | -$49.2M-13.9% | -$105.1M-46.2% | $47.1M-42.1% |
| Depreciation & Amortization | $7.6M-11.7% | $7.6M-8.6% | $7.8M-4.8% | $4.2M-11.7% | $8.6M+3.9% | $8.3M+5.5% | $8.2M-1.1% | $4.8M+13.0% |
| Stock-Based Compensation | N/A | N/A | $1.1M-34.8% | N/A | N/A | N/A | $1.7M-36.6% | N/A |
| Capital Expenditures | $1.0M-87.1% | $5.2M-20.4% | $4.3M-7.5% | $6.4M-50.3% | $7.9M-23.9% | $6.5M-50.8% | $4.7M-56.4% | $12.9M+9.1% |
| Free Cash Flow | $97.9M-8.5% | -$60.6M-8.7% | -$85.5M+22.1% | $41.8M+22.4% | $107.1M-35.2% | -$55.8M+1.3% | -$109.8M-32.9% | $34.1M-50.8% |
| Investing Cash Flow | -$909K+88.4% | -$5.2M+20.1% | -$4.3M+6.9% | -$6.4M+50.4% | -$7.8M+23.9% | -$6.5M+51.2% | -$4.6M+56.6% | -$12.9M-11.0% |
| Financing Cash Flow | -$69.1M+15.4% | $73.9M+20.5% | $24.7M+92.8% | -$20.2M-27517.8% | -$81.7M+17.7% | $61.3M+8.5% | $12.8M-63.9% | -$73K+99.8% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
LESL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.4%-3.1pp | 28.9%+4.1pp | 18.4%-8.8pp | 38.6%+2.6pp | 39.6%-0.6pp | 24.8%-4.0pp | 27.2%-1.8pp | 36.0%-1.0pp |
| Operating Margin | 13.4%-0.2pp | -20.4%+6.9pp | -46.7%-24.1pp | -38.6%-45.2pp | 13.7%-3.5pp | -27.3%-11.1pp | -22.7%-1.7pp | 6.6%-2.3pp |
| Net Margin | 10.4%+6.1pp | -28.4%+0.6pp | -56.4%-31.0pp | -41.8%-39.3pp | 4.3%-6.3pp | -29.0%-10.7pp | -25.4%-2.7pp | -2.5%-6.3pp |
| Return on Assets | 6.6%+4.4pp | -7.3%-2.4pp | -12.8%-8.2pp | -22.0%-21.0pp | 2.2%-3.3pp | -4.9%-1.8pp | -4.6%-0.6pp | -0.9%-2.5pp |
| Current Ratio | 1.35-0.1x | 1.45-0.1x | 1.42-0.3x | 1.57-0.1x | 1.47-0.1x | 1.56-0.2x | 1.76-0.2x | 1.71-0.2x |
| Asset Turnover | 0.63+0.1x | 0.26+0.1x | 0.230.0x | 0.52+0.1x | 0.510.0x | 0.170.0x | 0.180.0x | 0.380.0x |
| FCF Margin | 21.4%0.0pp | -32.8%-1.3pp | -58.1%+4.5pp | 10.7%+2.2pp | 21.4%-7.6pp | -31.5%-1.5pp | -62.6%-15.1pp | 8.6%-7.5pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$408.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Leslie's, Inc. LESL | FY2025 | $1.2B | -$237.0M | -19.1% | $955K | 20/100 |
| GROW GENERATION CORP GRWG | FY2025 | $161.7M | -$24.0M | -14.9% | $86.0M | 38/100 |
| Rectitude Holdings Ltd RECT | FY2026 | $39.7M | $2.8M | 7.0% | $19.2M | 66/100 |
| Sportsman's Warehouse Holdings, Inc. SPWH | FY2025 | $1.2B | -$50.1M | -4.1% | $41.9M | 21/100 |
| BARK, Inc. BARK | FY2026 | $394.8M | -$39.0M | -9.9% | $67.8M | 39/100 |
| OneWater Marine Inc. ONEW | FY2025 | $1.9B | -$114.6M | -6.1% | $146.7M | 29/100 |
Where Leslie's, Inc. Ranks
Frequently Asked Questions
What is Leslie's, Inc.'s annual revenue?
Leslie's, Inc. (LESL) reported $1.2B in total revenue for fiscal year 2025. This represents a -6.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Leslie's, Inc.'s revenue growing?
Leslie's, Inc. (LESL) revenue declined by 6.6% year-over-year, from $1.3B to $1.2B in fiscal year 2025.
Is Leslie's, Inc. profitable?
No, Leslie's, Inc. (LESL) reported a net income of -$237.0M in fiscal year 2025, with a net profit margin of -19.1%.
What is Leslie's, Inc.'s EBITDA?
Leslie's, Inc. (LESL) had EBITDA of -$140.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Leslie's, Inc. have?
As of fiscal year 2025, Leslie's, Inc. (LESL) had $64.3M in cash and equivalents against $752.1M in long-term debt.
What is Leslie's, Inc.'s gross margin?
Leslie's, Inc. (LESL) had a gross margin of 35.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Leslie's, Inc.'s operating margin?
Leslie's, Inc. (LESL) had an operating margin of -13.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Leslie's, Inc.'s net profit margin?
Leslie's, Inc. (LESL) had a net profit margin of -19.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Leslie's, Inc.'s free cash flow?
Leslie's, Inc. (LESL) recorded an outflow of $16.7M in free cash flow during fiscal year 2025. This represents a -127.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Leslie's, Inc.'s operating cash flow?
Leslie's, Inc. (LESL) generated $8.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Leslie's, Inc.'s total assets?
Leslie's, Inc. (LESL) had $741.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Leslie's, Inc.'s capital expenditures?
Leslie's, Inc. (LESL) invested $25.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Leslie's, Inc.'s current ratio?
Leslie's, Inc. (LESL) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.
What is Leslie's, Inc.'s return on assets (ROA)?
Leslie's, Inc. (LESL) had a return on assets of -32.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Leslie's, Inc.'s P/E ratio?
Leslie's, Inc. (LESL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to July 4, 2026). The market capitalization is $955K as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Leslie's, Inc.'s price-to-sales ratio?
Leslie's, Inc. (LESL) trades at 0.0x sales, its market capitalization divided by revenue of $1.2B revenue, trailing 12 months to July 4, 2026. The market capitalization is $955K as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Leslie's, Inc.'s debt-to-equity ratio negative or not reported?
Leslie's, Inc. (LESL) has negative shareholder equity of -$408.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Leslie's, Inc.'s Altman Z-Score?
Leslie's, Inc. (LESL) has an Altman Z-Score of 0.13, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Leslie's, Inc.'s Piotroski F-Score?
Leslie's, Inc. (LESL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Leslie's, Inc.'s earnings high quality?
Leslie's, Inc. (LESL) reported a net loss of $237.0M while generating $8.8M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Leslie's, Inc. cover its interest payments?
Leslie's, Inc. (LESL) reported an operating loss of $169.9M against $62.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Leslie's, Inc.?
Leslie's, Inc. (LESL) scores 20 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.