Leslies Inc
LESLBuild a strategy around LESL
Leslies Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -408M with 1.0B total debt creates existential balance sheet risk; debt is 2.9x total assets TTM.[Common Stockholders Equity]
- Interest expense of 62.9M TTM exceeds operating income of 14M by 4.5x - cannot service debt from operations.[Interest Expense]
- Revenue declined -6.5% 3Y CAGR while inventory rose 65.2M - demand destruction with rising obsolescence risk.[Change in Inventory]
Watch Triggers
- Cash and Equivalents: Falls below 40M — Current 64M provides ~4 quarters runway at -16.7M FCF burn; breach signals imminent liquidity crisis.
- Operating Income: Turns negative for 2+ consecutive quarters — Currently 14M TTM barely positive; negative would eliminate any debt refinancing optionality.
- Inventory: Exceeds 250M or days inventory rises 20%+ — 208M inventory already elevated vs declining revenue; further build signals demand collapse.
Bull Case
Gross margin 35.4% TTM near industry median 42.6% shows core business viability if SG&A rationalized; 48.2M operating cash flow provides runway.
Asset turnover 1.39x TTM at industry median suggests efficient capital deployment; turnaround could unlock operating leverage.
Bear Case
Negative equity -408M and tangible book -439M means shareholders wiped out in any liquidation; debt holders own the company.
Revenue -6.5% 3Y CAGR with -237M net loss TTM indicates secular decline, not cyclical - no path to debt service.
Bull vs Bear Balance
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Forward Thesis
Balance sheet restructuring or dilutive equity raise likely within 12-18 months absent turnaround.
- Negative equity -408M with 1.0B debt
- FCF negative -16.7M TTM
- Interest coverage below 1x
Valuation Context
Caveats
Public Strategies Rankings
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LESL Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$9.39M | — | ||
$1.03B | — | ||
0.00 | — | ||
$1.21B | -8.8% | — | |
$-29.67 | — | ||
-0.41% | -4.5% | — | |
-22.7% | -20.6% | — | |
$7.63M | -76.9% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
LESL Dividend History
LESL Stock Splits
LESL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/18/26 | 01/03/26 | 10-Q | |
12/18/25 | 10/04/25 | 10-K | |
08/07/25 | 06/28/25 | 10-Q | |
05/08/25 | 03/29/25 | 10-Q | |
02/06/25 | 12/28/24 | 10-Q | |
11/27/24 | 09/28/24 | 10-K | |
08/08/24 | 06/29/24 | 10-Q | |
05/09/24 | 03/30/24 | 10-Q | |
02/02/24 | 12/30/23 | 10-Q | |
11/29/23 | 09/30/23 | 10-K | |
08/03/23 | 07/01/23 | 10-Q | |
05/05/23 | 04/01/23 | 10-Q | |
02/03/23 | 12/31/22 | 10-Q | |
11/30/22 | 10/01/22 | 10-K | |
08/05/22 | 07/02/22 | 10-Q | |
05/06/22 | 04/02/22 | 10-Q | |
02/04/22 | 01/01/22 | 10-Q | |
12/10/21 | 10/02/21 | 10-K | |
08/06/21 | 07/03/21 | 10-Q | |
05/10/21 | 04/03/21 | 10-Q | |
02/08/21 | 01/02/21 | 10-Q | |
12/23/20 | 10/03/20 | 10-K | |
10/30/20 | 06/27/20 | 424B4 | |
05/10/21 | 03/28/20 | 10-Q | |
02/08/21 | 12/28/19 | 10-Q | |
10/30/20 | 09/28/19 | 424B4 |