Leslie's Inc. Common Stock (LESL)

FairStock Score: 15/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a patient value investor, and Leslie's is a reminder that a low price is not the same as a bargain. The company sells pool and spa supplies, chemicals, equipment, and services—often repeat-purchase categories that can be good businesses. But the filed numbers show deterioration. Revenue fell from $1.5B in FY2023 to $1.3B in FY2024 and $1.2B in FY2025. Net income went from $27.2M profit in FY2023 to -$23.4M in FY2024 and -$237.0M in FY2025. That is not evidence of a durable moat; it is a business under severe pressure. There is one bright spot: in fiscal Q3 2026, the quarter ended 2026-07-04, Leslie's reported revenue of $458.5M, net income of $47.8M, and diluted EPS of $5.01. That compares with net income of $21.7M in fiscal Q3 2025, the quarter ended 2025-06-28, though revenue was higher then at $500.3M. FairStock classifies it as a TURNAROUND—loss in latest year after earlier profits—and its FairStock Score is 15/100. The Piotroski F-Score is 7/9, but Altman Z is -0.12, suggesting distress. At the 2026-10-13 close of $0.02, market cap is only $187,309. FairStock's P/E is 0.00, P/B is N/A, ROCE is 2.30%, and trailing free cash flow is -$6.3M, a FCF yield of -3387.5%. A Graham-style investor would not call this cheap on numbers; it is speculative. The stock is down from a 52-week high of $12.53. Unless revenue stabilizes and annual profits and cash flow return, the margin of safety is not visible to me.

In plain English: Leslie's sells pool and spa supplies, chemicals, equipment, and repair services. The business has been getting weaker: annual revenue has fallen and it lost money in fiscal 2024 and fiscal 2025, though the latest filed quarter was profitable. The stock price is only 2 cents, but the numbers show a struggling company with negative cash flow, so it looks cheap mainly because it is deeply troubled rather than because it is a safe bargain.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-07-04) · fiscal Q2 2026 10-Q (period ended 2026-04-04) · fiscal Q1 2026 10-Q (period ended 2026-01-03) · fiscal Q3 2025 10-Q (period ended 2025-06-28) · FY2025 10-K (period ended 2025-10-04) · FY2024 10-K (period ended 2024-09-28) · FY2023 10-K (period ended 2023-09-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer