Latest Ratios: P/E Ratio -0.3x · EV/EBITDA 18.7x · ROE N/A. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $81M | $46M | $528M | $1.0B | $2.7B | $3.9B | — | — | — |
| Enterprise Value | $1.0B | $993M | $1.5B | $2.0B | $3.7B | $4.6B | — | — | — |
| P/E Ratio → | -0.34 | — | — | 38.24 | 17.31 | 30.73 | — | — | — |
| P/S Ratio | 0.07 | 0.04 | 0.40 | 0.72 | 1.75 | 2.91 | — | — | — |
| P/B Ratio | — | — | — | — | — | — | — | — | — |
| P/FCF | — | — | 8.77 | — | 78.42 | 27.82 | — | — | — |
| P/OCF | 9.19 | 5.18 | 4.92 | 161.59 | 41.09 | 23.07 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.80 | 1.10 | 1.40 | 2.34 | 3.41 | — | — | — |
| EV / EBITDA | 18.67 | 18.03 | 16.29 | 14.87 | 13.56 | 19.45 | — | — | — |
| EV / EBIT | 47.54 | 45.91 | 25.72 | 19.84 | 15.33 | 23.20 | — | — | — |
| EV / FCF | — | — | 24.40 | — | 104.64 | 32.59 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.4% | 35.4% | 35.8% | 37.8% | 43.1% | 44.3% | 41.4% | 40.9% | 40.0% |
| Operating Margin | 1.7% | 1.7% | 4.3% | 7.0% | 15.3% | 15.6% | 13.2% | 13.1% | 12.9% |
| Net Profit Margin | -19.1% | -19.1% | -1.8% | 1.9% | 10.2% | 9.4% | 5.3% | 0.1% | 1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — |
| ROA | -26.5% | -26.5% | -2.2% | 2.5% | 14.8% | 14.1% | 9.6% | 0.2% | 3.8% |
| ROIC | 2.5% | 2.5% | 5.4% | 10.0% | 30.6% | 37.3% | 36.3% | 40.7% | 37.4% |
| ROCE | 3.2% | 3.2% | 7.1% | 13.0% | 31.9% | 34.2% | 36.5% | 38.6% | 36.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 18.36 | 18.36 | 11.64 | 7.61 | 3.81 | 4.31 | 7.72 | 7.86 | 8.14 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 17.20 | 17.20 | 10.43 | 7.20 | 3.40 | 2.84 | 6.83 | 7.26 | 7.62 |
| Debt / FCF | — | — | 15.63 | — | 26.23 | 4.77 | 14.68 | 36.34 | 77.29 |
| Interest Coverage | 0.34 | 0.34 | 0.81 | 1.56 | 7.88 | 5.74 | 1.73 | 1.23 | 1.24 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.57 | 1.57 | 1.71 | 1.86 | 1.56 | 1.95 | 1.44 | 1.70 | 1.86 |
| Quick Ratio | 0.58 | 0.58 | 0.76 | 0.48 | 0.52 | 1.31 | 0.86 | 0.80 | 0.82 |
| Cash Ratio | 0.31 | 0.31 | 0.44 | 0.25 | 0.32 | 1.11 | 0.61 | 0.55 | 0.57 |
| Asset Turnover | — | 1.67 | 1.27 | 1.40 | 1.41 | 1.29 | 1.49 | 1.93 | 1.97 |
| Inventory Turnover | 3.86 | 3.86 | 3.64 | 2.90 | 2.46 | 3.76 | 4.37 | 3.66 | 3.74 |
| Days Sales Outstanding | — | 6.82 | 12.48 | 7.39 | 10.58 | 10.56 | 10.33 | 13.32 | 11.74 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 176.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 2.6% | 5.8% | 3.3% | — | — | — |
| FCF Yield | — | — | 11.4% | — | 1.3% | 3.6% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.2% | 5.6% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.2% | 0.2% | 5.6% | 0.0% | — | — | — |
| Shares Outstanding | — | $9M | $9M | $9M | $9M | $10M | $9M | $9M | $9M |
Seasonal Fixed Cost Deleveraging
According to recent quarterly filings, Leslie's gross margin has experienced significant volatility, contracting to 28.9% in 2026Q2 from a peak of 40.2% in 2024Q3, which suggests that the company is struggling to maintain pricing power while absorbing the impact of a shifting product mix and inventory management challenges.
The persistent decline in operating margins, which reached -18.7% in 2026Q2, indicates that the company's high fixed-cost base is failing to deleverage effectively during periods of revenue contraction. Investors should monitor whether these margin pressures are purely cyclical or if they represent a structural shift toward lower-margin professional segments that may permanently impair the company's historical earning power.
Based on reported financial data, the company's cash conversion cycle has expanded significantly, reaching 125 days in 2026Q2 compared to 67 days in 2025Q3, which implies that inventory is lingering on shelves longer than in previous periods, thereby tying up critical liquidity during the off-season.
The sharp increase in days inventory outstanding, which hit 164 days in 2026Q2, suggests that procurement strategies are not currently aligned with the cooling demand environment. This inefficiency forces the company to carry higher carrying costs, further straining the balance sheet and limiting the capital available for necessary store-level investments.
As reported in recent balance sheet statements, the quick ratio has deteriorated to 0.33 in 2026Q2, down from 0.76 in 2024Q4, indicating that the company's ability to meet short-term obligations without relying on inventory liquidation has become increasingly constrained during the current fiscal cycle.
The reliance on inventory to satisfy current liabilities, as evidenced by the gap between the current and quick ratios, leaves the company vulnerable to any further softening in chemical demand. Given the seasonal nature of the business, this liquidity profile warrants close scrutiny as the company navigates its off-peak months with limited cash reserves.
Compared to industry peers like Pool Corp, which maintains a robust ROIC of 22.3%, Leslie's recent negative ROIC of -28.7% in 2026Q1 suggests a fundamental divergence in capital efficiency that may be more than just a temporary cyclical phenomenon, according to comparative market data.
While peers like Hayward Holdings benefit from manufacturing-led margins, Leslie's retail-heavy model appears to be suffering from a lack of scale in the current environment. The valuation discount relative to these peers implies that the market is pricing in a long-term impairment of the company's competitive moat rather than a simple cyclical recovery.
The market's reliance on P/S multiples to value Leslie's is likely misleading, as it obscures the company's inability to convert top-line revenue into sustainable free cash flow, particularly given the high fixed-cost burden of its 952-store footprint, as indicated by recent financial performance metrics.
Investors should instead focus on FCF yield or EV/EBITDA, as these metrics better capture the capital intensity and operational leverage inherent in the business model. Using P/S ignores the reality that revenue growth in this segment is increasingly expensive to acquire and maintain, potentially masking the underlying deterioration of the company's core profitability.
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Quick answers to the most common questions about buying LESL stock.
Leslie's, Inc.'s current P/E ratio is -0.3x. The historical average is 28.8x.
Leslie's, Inc.'s current EV/EBITDA is 18.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.4x.
Based on historical data, Leslie's, Inc. is trading at a P/E of -0.3x. Compare with industry peers and growth rates for a complete picture.
Leslie's, Inc. has 35.4% gross margin and 1.7% operating margin.
Leslie's, Inc.'s Debt/EBITDA ratio is 18.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.