# Leslies (LESL.US)

Canonical: https://gigainvestors.com/s/LESL

Analysis as of: 2026-10-13T06:31:19.127Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $0.04 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 100% since Dec 2021 · "Leslie's withdraws FY2026 guidance while targeting capex well below $20M" (seekingalpha.com, Aug 2026)

Story as of 2026-10-16T09:59:03.653Z; price observation 2026-10-15.

- 2025-07-29: Leslie's shares plunge as Q3 sales decline, 2025 guidance withdrawn ([investing.com](https://www.investing.com/news/stock-market-news/leslies-shares-plunge-as-q3-sales-decline-2025-guidance-withdrawn-4157245))

- 2025-08-07: Leslie's targets $20M inventory reduction and intensifies cost optimization amid Q3 sales decline ([seekingalpha.com](https://seekingalpha.com/news/4481055-leslies-targets-20m-inventory-reduction-and-intensifies-cost-optimization-amid-q3-sales?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-13: Leslie’s reiterates FY2026 sales $1.1B-$1.25B and adjusted EBITDA $55M-$75M as Price Drop drives traffic ([seekingalpha.com](https://seekingalpha.com/news/4592595-leslie-s-reiterates-fy2026-sales-1_1b-1_25b-and-adjusted-ebitda-55m-75m-as-price-drop-drives?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-13: Leslie's withdraws FY2026 guidance while targeting capex well below $20M ([seekingalpha.com](https://seekingalpha.com/news/4632049-leslies-withdraws-fy2026-guidance-while-targeting-capex-well-below-20m?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are USD 1.2 billion.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001821806.json#0001193125-25-323811 (filed 2025-12-18); FY2025: revenue 1241915000; grossProfit 439647000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.4% to 37.8% during 2023–25.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001821806.json#0001193125-25-323811 (filed 2025-12-18); FY2023: grossProfit / revenue = 37.8%.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001821806.json#0001193125-25-323811 (filed 2025-12-18); FY2024: grossProfit / revenue = 35.8%.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001821806.json#0001193125-25-323811 (filed 2025-12-18); FY2025: grossProfit / revenue = 35.4%.

### Where the cash goes

Paid no dividends in 3 years.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001821806.json#0001193125-25-323811 (filed 2025-12-18); FY2023: growth capex 0; upkeep 38577000; cash acquisitions 15549000; owner earnings 18465000. Growth capex plus acquisitions / owner earnings = 0.8420796100731113.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-18); Dividend observations: [[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is less than 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-18); Closing price 0.03500000014901161 USD; reporting-to-trading FX 1; FY2025 annual sales per share 134.00032369443247; price multiple 0.00026119340001613605. FY2025 cash earnings/share -25.157639188605955. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-10: $21.97 per share

- 2020-11: $20.69 per share

- 2020-12: $27.75 per share

- 2021-01: $28.60 per share

- 2021-02: $24.28 per share

- 2021-03: $24.49 per share

- 2021-04: $28.42 per share

- 2021-05: $29.16 per share

- 2021-06: $27.49 per share

- 2021-07: $24.35 per share

- 2021-08: $24.12 per share

- 2021-09: $20.54 per share

- 2021-10: $20.68 per share

- 2021-11: $20.96 per share

- 2021-12: $23.66 per share

- 2022-01: $20.83 per share

- 2022-02: $21.31 per share

- 2022-03: $19.36 per share

- 2022-04: $19.60 per share

- 2022-05: $19.42 per share

- 2022-06: $15.18 per share

- 2022-07: $15.16 per share

- 2022-08: $14.18 per share

- 2022-09: $14.71 per share

- 2022-10: $14.04 per share

- 2022-11: $14.60 per share

- 2022-12: $12.21 per share

- 2023-01: $15.49 per share

- 2023-02: $12.61 per share

- 2023-03: $11.01 per share

- 2023-04: $10.85 per share

- 2023-05: $9.48 per share

- 2023-06: $9.39 per share

- 2023-07: $6.37 per share

- 2023-08: $6.26 per share

- 2023-09: $5.66 per share

- 2023-10: $4.94 per share

- 2023-11: $4.93 per share

- 2023-12: $6.91 per share

- 2024-01: $6.71 per share

- 2024-02: $7.90 per share

- 2024-03: $6.50 per share

- 2024-04: $3.93 per share

- 2024-05: $5.72 per share

- 2024-06: $4.19 per share

- 2024-07: $2.95 per share

- 2024-08: $3.02 per share

- 2024-09: $3.16 per share

- 2024-10: $2.69 per share

- 2024-11: $2.30 per share

- 2024-12: $2.23 per share

- 2025-01: $2.02 per share

- 2025-02: $1.04 per share

- 2025-03: $0.74 per share

- 2025-04: $0.60 per share

- 2025-05: $0.75 per share

- 2025-06: $0.42 per share

- 2025-07: $0.37 per share

- 2025-08: $0.33 per share

- 2025-09: $5.50 per share

- 2025-10: $3.52 per share

- 2025-11: $2.97 per share

- 2025-12: $1.65 per share

- 2026-01: $1.37 per share

- 2026-02: $1.10 per share

- 2026-03: $1.12 per share

- 2026-04: $1.70 per share

- 2026-05: $3.82 per share

- 2026-06: $10.15 per share

- 2026-07: $0.95 per share

- 2026-08: $0.52 per share

- 2026-09: $0.16 per share

- 2026-10: $0.06 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312525323811/lesl-20251004.htm); period 2025-10-04, filed 2025-12-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.