Leslie's, Inc. LESL
Founded in 1963 by Phil Leslie Jr. in Southern California, the Company today known simply as "Leslie's" has over six
decades of disruptive retail innovation in the $15 billion U.S. pool and spa care industry. Today, we are the largest and most trusted direct-to-consumer brand in our segment, serving residential consumers and pool professionals, and many of the largest commercial property operators in the country. With over 1,000 retail locations, an integrated, digitally forward omnichannel strategy, and a horizontally integrated, nationwide ecosystem under the Leslie's and In the Swim® brands, among others, we have built a market-leading share of residential aftermarket product spend, based on 2024 industry analyst reports, and a physical network larger than the sum of our 20 largest competitors. We offer an extensive assortment of professional-grade products, the majority of which are exclusive to Leslie's, manufacturer certified installation and repair services, and in some markets, weekly pool maintenance services. Our dedicated, knowledgeable team of associates, pool and spa care experts, and experienced service technicians, are passionate about empowering every single Leslie's customer with the knowledge, products, and solutions necessary to confidently maintain and thoroughly enjoy their pools and spas. The considerable scale of our integrated marketing and distribution ecosystem, which is powered by our direct-to-consumer network, uniquely enables us to efficiently reach and service nearly every pool and spa in the continental United States.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.24B | $1.33B | $1.45B | $1.56B | $1.34B | $1.11B | $928.2M | — |
| Cost of revenue | $802.3M | $853.3M | $903.0M | $888.4M | $747.8M | $651.5M | $548.5M | — |
| Gross profit | $439.6M | $476.8M | $548.2M | $673.7M | $595.2M | $460.7M | $379.7M | — |
| SG&A | $425.7M | $419.7M | $446.0M | $435.0M | $386.1M | $314.3M | $258.2M | — |
| Operating income | -$169.9M | $57.1M | $102.2M | $238.8M | $209.1M | $146.4M | $121.6M | — |
| Interest expense | $62.9M | $70.4M | $65.4M | $30.2M | $34.4M | $84.1M | $98.6M | — |
| Pre-tax income | -$232.8M | -$13.3M | $36.7M | $208.1M | $163.1M | $61.2M | $15.6M | — |
| Income tax | $4.2M | $10.1M | $9.5M | $49.1M | $36.5M | $2.6M | $14.9M | — |
| Net income | -$237.0M | -$23.4M | $27.2M | $159.0M | $126.6M | $58.6M | $702.0K | — |
| EPS, basic | -25.57 | -2.53 | 2.96 | 0.86 | 0.68 | 0.37 | 0.00 | — |
| EPS, diluted | -25.57 | -2.53 | 2.95 | 0.85 | 0.67 | 0.37 | 0.00 | — |
| Shares, diluted (wtd. avg.) | $9.3M | $9.2M | $9.2M | $186.1M | $190.0M | $156.5M | $156.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $64.3M | $108.5M | $55.4M | $112.3M | $343.5M | $157.1M | — | — |
| Receivables | $23.2M | $45.5M | $29.4M | $45.3M | $38.9M | $31.5M | — | — |
| Inventory | $208.0M | $234.3M | $311.8M | $361.7M | $198.8M | $149.0M | — | — |
| Total current assets | $328.8M | $422.4M | $420.3M | $542.4M | $601.7M | $360.2M | — | — |
| Property, plant and equipment | $92.5M | $98.4M | $90.3M | $78.1M | $70.3M | $66.4M | — | — |
| Goodwill | $0 | $180.7M | $180.7M | $173.5M | $101.1M | $93.3M | $89.7M | — |
| Other intangibles | $30.7M | $34.4M | $38.2M | $40.2M | $27.9M | $27.9M | — | — |
| Total assets | $741.5M | $1.05B | $1.03B | $1.11B | $1.04B | $746.4M | — | — |
| Accounts payable | $51.9M | $67.6M | $58.6M | $156.5M | $101.0M | $92.4M | — | — |
| Short-term debt | $0 | $8.1M | $8.1M | $8.1M | $8.1M | $8.3M | — | — |
| Total current liabilities | $209.1M | $246.9M | $225.8M | $348.0M | $309.7M | $258.2M | — | — |
| Long-term debt | $752.1M | $769.1M | $773.3M | $779.7M | $786.1M | $1.18B | — | — |
| Total liabilities | $1.15B | $1.23B | $1.20B | $1.31B | $1.26B | $1.57B | — | — |
| Retained earnings | -$521.2M | -$284.2M | -$260.8M | -$288.1M | -$422.5M | -$549.1M | — | — |
| Total equity | -$408.0M | -$177.1M | -$161.4M | -$197.9M | -$217.6M | -$827.0M | -$887.4M | -$888.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.8M | $107.5M | $6.5M | $66.6M | $169.3M | $102.1M | $57.8M | — |
| Depreciation and amortisation | $29.3M | $29.2M | $29.8M | $27.8M | $26.6M | $28.9M | $27.9M | — |
| Stock-based compensation | $6.2M | $8.6M | $11.7M | $11.3M | $24.2M | $1.8M | $2.1M | — |
| Capital expenditure | $25.5M | $47.2M | $38.6M | $31.7M | $28.9M | $20.6M | $27.4M | — |
| Investing cash flow | -$25.4M | -$47.2M | -$52.5M | -$139.0M | -$35.4M | -$26.8M | -$37.0M | — |
| Financing cash flow | -$27.6M | -$7.2M | -$10.8M | -$158.9M | $53.8M | -$10.4M | -$7.5M | — |
| Dividends paid | — | — | — | — | — | — | $1.2M | — |
| Buybacks | — | $0 | $0 | $152.1M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-323811.
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