A Business at a Glance
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In this Annual Report on Form 10-K, unless otherwise indicated or the context otherwise requires, all references to “we,” “our,” “us,” “Leslie’s,” “the Company,” and “our Company” refer to Leslie’s, Inc. and its consolidated subsidiaries. Our Company Founded in 1963 by Phil Leslie Jr. in Southern California, the Company today known simply as “Leslie’s” has over sixdecades 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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 1.2B | 1.3B | 1.5B | 1.6B | 1.3B |
| Net Income | 0 | -237M | -23M | 27M | 159M | 127M |
| EPS | $0.00 | $-25.57 | $-2.53 | $2.93 | $17.00 | $13.40 |
| Free Cash Flow | 0 | -17M | 60M | -32M | 35M | 140M |
| ROIC | - | -50.6% | 8.6% | 9.8% | 29.7% | 136.5% |
| Gross Margin | - | 35.4% | 35.8% | 37.8% | 43.1% | 44.3% |
| Debt/Equity | 0.00 | -2.48 | -5.97 | -6.48 | -5.23 | -4.70 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | -170M | 57M | 102M | 239M | 209M |
| Operating Margin | 0.0% | -13.7% | 4.3% | 7.0% | 15.3% | 15.6% |
| ROE | 0.0% | 81.0% | 13.2% | -16.9% | -80.3% | -58.2% |
| Shares Outstanding | 9M | 9M | 9M | 9M | 9M | 9M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | TTM | ||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 928M | 1.1B | 1.3B | 1.6B | 1.5B | 1.3B | 1.2B | 0 |
| Gross Margin | 40.9% | 41.4% | 44.3% | 43.1% | 37.8% | 35.8% | 35.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 258M | 314M | 386M | 435M | 446M | 420M | 426M | 426M |
| EBIT | 122M | 146M | 209M | 239M | 102M | 57M | -170M | 0 |
| Op. Margin | 13.1% | 13.2% | 15.6% | 15.3% | 7.0% | 4.3% | -13.7% | 0.0% |
| Net Income | 702K | 59M | 127M | 159M | 27M | -23M | -237M | 0 |
| Net Margin | 0.1% | 5.3% | 9.4% | 10.2% | 1.9% | -1.8% | -19.1% | 0.0% |
| Non-Recurring | -1.8M | 0 | 0 | 0 | 0 | 0 | 181M | 181M |
| Returns on Capital | ||||||||
| ROIC | N/A | 58.4% | 136.5% | 29.7% | 9.8% | 8.6% | -50.6% | N/A |
| ROE | -0.1% | -7.1% | -58.2% | -80.3% | -16.9% | 13.2% | 81.0% | 0.0% |
| ROA | N/A | 7.8% | 12.2% | 14.3% | 2.6% | -2.2% | -26.5% | 0.0% |
| Cash Flow | ||||||||
| Op. Cash Flow | 58M | 103M | 169M | 67M | 6.5M | 107M | 8.8M | 0 |
| Free Cash Flow | 30M | 83M | 140M | 35M | -32M | 60M | -17M | 0 |
| Owner Earnings | 28M | 73M | 119M | 25M | -39M | 66M | -31M | -40M |
| CapEx | 27M | 21M | 29M | 32M | 39M | 47M | 25M | 0 |
| Maint. CapEx | 28M | 29M | 27M | 31M | 34M | 33M | 33M | 33M |
| Growth CapEx | 0 | 0 | 2.4M | 957K | 4.4M | 14M | 0 | 0 |
| D&A | 28M | 29M | 27M | 31M | 34M | 33M | 33M | 33M |
| CapEx/OCF | N/A | 19.9% | 17.1% | 47.6% | 596.2% | 44.0% | 288.9% | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 152M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 5.6% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.1M | 1.8M | 24M | 11M | 12M | 8.6M | 6.2M | 6.2M |
| Debt Repayment | 6.3M | 10M | 396M | 8.1M | 8.1M | 6.1M | 27M | 27M |
| Balance Sheet | ||||||||
| Net Debt | -85M | 1.1B | 336M | 812M | 935M | 841M | 883M | 0 |
| Cash & Equiv. | 91M | 157M | 343M | 112M | 55M | 109M | 64M | N/A |
| Long-Term Debt | 6.3M | 1.2B | 786M | 780M | 773M | 769M | 752M | 752M |
| Debt/Equity | -0.01 | -1.67 | -4.70 | -5.23 | -6.48 | -5.97 | -2.48 | 0.00 |
| Interest Coverage | 1.2 | 1.7 | 6.1 | 7.9 | 1.6 | 0.8 | -2.7 | -2.7 |
| Equity | -887M | -827M | -218M | -198M | -161M | -177M | -408M | 0 |
| Total Assets | N/A | 746M | 1.0B | 1.1B | 1.0B | 1.1B | 741M | 0 |
| Total Liabilities | N/A | 1.6B | 1.3B | 1.3B | 1.2B | 1.2B | 1.1B | 1.1B |
| Intangibles | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 30M |
| Retained Earnings | N/A | -549M | -422M | -288M | -261M | -284M | -521M | -521M |
| Working Capital | N/A | 102M | 292M | 194M | 194M | 176M | 120M | 120M |
| Current Assets | N/A | 360M | 602M | 542M | 420M | 422M | 329M | 329M |
| Current Liabilities | N/A | 258M | 310M | 348M | 226M | 247M | 209M | 209M |
| Per Share Data | ||||||||
| EPS | 0.09 | 7.40 | 13.40 | 17.00 | 2.93 | -2.53 | -25.57 | 0.00 |
| Owner EPS | 3.55 | 9.19 | 12.54 | 2.62 | -4.26 | 7.12 | -3.33 | -4.26 |
| Book Value | -113.40 | -104.50 | -23.02 | -21.16 | -17.45 | -19.17 | -44.02 | 0.00 |
| Cash Flow/Share | 7.39 | 13.07 | 17.91 | 7.12 | 0.70 | 11.63 | 0.95 | 3.59 |
| Dividends/Share | 0.16 | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 7.8M | 7.9M | 9.5M | 9.4M | 9.2M | 9.2M | 9.3M | 9.3M |
| Valuation | ||||||||
| P/E Ratio | N/A | 59.4 | 30.7 | 17.0 | 34.0 | N/A | N/A | N/A |
| P/FCF | N/A | 42.0 | 27.7 | 77.2 | N/A | 8.8 | N/A | N/A |
| EV/EBIT | N/A | 31.0 | 20.2 | 14.7 | 18.2 | 24.0 | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | 3.1 | 3.5 | 2.2 | 1.3 | 0.7 | 0.2 | N/A |
| FCF Yield | N/A | 2.4% | 3.6% | 1.3% | -3.5% | 11.3% | -45.4% | N/A |
| Market Cap | N/A | 3.5B | 3.9B | 2.7B | 921M | 532M | 37M | 13M |
| Avg. Price | N/A | 439.40 | 493.80 | 369.95 | 204.41 | 98.60 | 22.20 | 1.39 |
| Year-End Price | N/A | 439.40 | 411.00 | 288.20 | 99.60 | 57.60 | 3.96 | 1.39 |
Leslie's, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 26.8% with a gross margin of 39.3%. At current prices, the estimated annualized return to fair value is -27.0%.
Leslie's, Inc. (LESL) has a 5-year average return on invested capital (ROIC) of 26.8%. This indicates strong capital allocation and a potential competitive advantage.
Leslie's, Inc. (LESL) has a market capitalization of $13M. It is classified as a small-cap stock.
Leslie's, Inc. (LESL) does not currently pay a regular dividend.
Leslie's, Inc. (LESL) operates in the Retail-Retail Stores, Nec industry, within the Consumer Cyclical sector.
Leslie's, Inc. (LESL) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Leslie's, Inc. (LESL) has a net profit margin of -19.1%. The company is currently unprofitable.
Leslie's, Inc. (LESL) generated $-17 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Leslie's, Inc. (LESL) reported earnings per share (EPS) of $-25.57 in its most recent fiscal year.
Leslie's, Inc. (LESL) has a return on equity (ROE) of 81.0%. This indicates the company generates strong returns for shareholders.
Leslie's, Inc. (LESL) has a 5-year average gross margin of 39.3%. This indicates decent pricing power.
The Ledger Terminal provides 7 years of financial data for Leslie's, Inc. (LESL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Leslie's, Inc. (LESL) has a book value per share of $-44.02, based on its most recent annual SEC filing.