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LESL

Leslie's, Inc.

LESL

Leslie's, Inc. • NASDAQ
$2.97 ▲ 0.00% (+0.00)
Market Cap $27.50 M
52w High $54.30
52w Low $2.72
Dividend Yield 0%
P/E -0.32
Volume 49.30K
Outstanding Shares 9.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $500.347M ▲ $129.571M ▲ $21.73M ▲ 4.343% ▲ $2.4 ▲ $51.811M ▲
Q2-2025 $177.134M ▲ $92.325M ▲ $-51.32M ▼ -28.972% ▼ $-5.6 ▼ $-40.108M ▼
Q1-2025 $175.228M ▼ $87.417M ▼ $-44.564M ▼ -25.432% ▼ $-4.8 ▼ $-31.463M ▼
Q4-2024 $397.859M ▼ $116.794M ▼ $-9.923M ▼ -2.494% ▼ $-1.074 ▼ $26.419M ▼
Q3-2024 $569.638M $131.145M $60.65M 10.647% $6.6 $105.942M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $42.684M ▲ $989.493M ▼ $1.236B ▼ $-246.167M ▲
Q2-2025 $17.252M ▲ $1.043B ▲ $1.312B ▲ $-269.459M ▼
Q1-2025 $11.615M ▼ $966.993M ▼ $1.187B ▼ $-220.038M ▼
Q4-2024 $108.505M ▲ $1.05B ▼ $1.227B ▼ $-177.149M ▼
Q3-2024 $74.438M $1.105B $1.273B $-168.157M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $21.73M ▲ $114.911M ▲ $-7.822M ▼ $-81.657M ▼ $25.432M ▲ $107.058M ▲
Q2-2025 $-51.32M ▼ $-49.231M ▲ $-6.477M ▼ $61.345M ▲ $5.637M ▲ $-55.764M ▲
Q1-2025 $-44.564M ▼ $-105.078M ▼ $-4.648M ▲ $12.836M ▲ $-96.89M ▼ $-109.756M ▼
Q4-2024 $-9.923M ▼ $47.056M ▼ $-12.916M ▼ $-73K ▲ $34.067M ▼ $34.136M ▼
Q3-2024 $60.65M $175.492M $-10.283M $-99.207M $66.002M $165.176M

Five-Year Company Overview

Income Statement

Income Statement Leslie’s income statement shows a business under earnings pressure. Sales have stopped growing and have slipped from their peak, even though the company still does solid volume. Profitability has come down more sharply than revenue: gross profit has narrowed, operating profit has shrunk, and the company recently moved from a healthy profit to a modest net loss. That suggests a mix of softer demand, higher costs, and possibly more promotional activity. Overall, the core business remains sizable, but the trend in margins and earnings is unfavorable and will need to stabilize or reverse for financial performance to look healthier again.

Balance Sheet

Balance Sheet The balance sheet is stretched. Total assets are fairly steady, but debt is very high relative to those assets, and shareholder equity is negative in every year shown. That usually points to a leveraged capital structure, possibly shaped by past buyouts or recapitalizations. Cash on hand has fluctuated and is not especially large compared with the debt load, so the company has limited cushion if conditions worsen. In short, Leslie’s runs with a lot of financial leverage, which amplifies both upside and downside and reduces balance-sheet flexibility.

Cash Flow

Cash Flow Cash flow looks better than the accounting earnings, but still not comfortably strong. The business has generated positive operating cash flow each year, though it dipped meaningfully at one point and then improved again. After relatively modest spending on stores, technology, and other long-term assets, free cash flow has generally been positive, with only one weak year. This suggests the model can still produce cash even when reported profits are under pressure. However, given the high debt and thinner cash generation than earlier in the decade, the margin for error is not wide, and disciplined capital spending and working-capital management remain important.

Competitive Edge

Competitive Edge Competitively, Leslie’s stands in a very strong niche position. It is the dominant direct-to-consumer brand in U.S. pool and spa care, with a large store network, a recognized brand, and products that are mostly non-discretionary maintenance items. That creates recurring demand that tends to be more stable than typical home-improvement spending. Its main advantages are scale, specialist expertise in stores, integrated services like repairs and installations, and loyalty programs that keep customers coming back. Risks include competition from online retailers and big-box chains, weather and housing-related swings in pool usage, and the need to keep prices competitive while costs rise. Still, its combination of physical presence, service network, and category focus gives it a meaningful moat compared with more generalist rivals.

Innovation and R&D

Innovation and R&D Leslie’s is leaning heavily on innovation in services and technology rather than traditional lab-style R&D. The AccuBlue water-testing ecosystem—both in-store and at home—is a key differentiator, tying customers into Leslie’s for ongoing treatment plans and supplies. The mobile app, loyalty program, and omni-channel platform deepen that relationship and make it easier for customers to buy and get advice wherever they are. The company is also pushing into the professional “Pro” segment, aiming to become a go-to partner for pool service businesses, and is investing in local fulfillment and e-commerce capabilities. Looking ahead, success will depend on wide adoption of AccuBlue Home subscriptions, effective growth in the Pro channel, and the rollout of new offerings in smart and more sustainable pool care. Execution risk is real: these initiatives require upfront investment and precise execution before they fully pay off.

Summary

Leslie’s combines a strong strategic position with a challenged financial picture. On the positive side, it is the clear specialist leader in a niche with recurring, largely non-discretionary demand, supported by a nationwide store base, service capabilities, and a growing digital ecosystem. Its AccuBlue technology, loyalty program, and omni-channel model create real differentiation and the potential for high customer lifetime value. On the negative side, revenue has softened from its peak, margins have compressed, and the company has slipped from solid profitability into a small loss. The balance sheet is highly leveraged with negative equity, which raises financial risk and limits room for missteps, even though cash flow remains mostly positive. The core question for the coming years is whether Leslie’s can use its innovation, scale, and service strengths to reignite profitable growth and steadily strengthen its financial footing, while managing its elevated debt load and the normal volatility of a seasonal, weather-affected business.

NEWS

November 18, 2025 · 4:15 PM UTC

Leslie's, Inc. to Report Fourth Quarter and Full Year Fiscal 2025 Financial Results on December 2, 2025

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September 16, 2025 · 4:15 PM UTC

Leslie's, Inc. Names Jeff White as Chief Financial Officer and Treasurer

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