WinstonWınston
Back
Leslie's logo

Leslie's

LESL
14
Home Improvement · Consumer Cyclical
Price
$2.59
-0.17 (-6.16%)
Market Cap
$24.2M
Winston Score
14
Winston is worried
Weak fundamentals across most pillars.

Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 9.5M (2021) → 9.3M (2025)

Leslie's sells supplies and equipment for swimming pools and spas. Its products include chemicals, cleaning tools, pumps, filters, and repair parts. The company sells to everyday pool owners as well as pool service professionals, and it operates the largest specialty pool supply retail chain in the United States.

Leslie's makes money by selling products both in its physical stores and through its website. It has roughly 1,000 locations across the U.S., giving it a wide distribution footprint that smaller competitors struggle to match. The company also offers in-store water testing and repair services, which help bring customers back regularly. However, Leslie's carries a heavy debt load from a leveraged buyout, and its thin operating margins leave little room for error — a key risk if consumer spending on home maintenance softens or if pool construction slows down.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-1.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

2.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$17M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Leslie's has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
28.9%
Modest — 28.9% gross margin
Operating Margin
-18.7%
Losing money on operations — -18.7%
ROCE
N/A
Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY
-8.4%
Shrinking sales (-8.4% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
0.2%
Thin free cash flow (0.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity
N/A
—
Data not available
Interest Cover
0.27x
Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial