# LESLIE’S, INC. (LESLQ) · Edgar & Edgarette company card

> Leslie’s (LESLQ) saw revenue fall 6.6% in FY2025 to $1.2 billion, operating margin -13.7% against a 0.2% median for retail stores, equity -55.0% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1821806 · fiscal year ended 2025-10-04 · 5 audited years read · [page](https://www.pops4.com/boards/company/LESLQ) · [JSON](https://www.pops4.com/boards/company/LESLQ.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $1.2B |
| Revenue growth, 1 year | -6.6% |
| Revenue growth per year | -1.9% |
| Operating margin | -13.7% (prior year 4.3%) |
| Net margin | -19.1% |
| Operating cash flow | $9M |
| Capital spending | $25M |
| Free cash flow | −$17M |
| Cash | $64M |
| Long-term debt | $757M |
| Total assets | $741M |
| Total equity | −$408M |
| Equity ÷ assets | -55.0% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -3.14 (distress zone)
- Piotroski F: 4 of 9 (middling)
- Beneish M: -4.69 (below the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed bankruptcy or receivership, debt accelerated or triggered, auditor change, restructuring or exit costs, material impairment in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress); slow and jumpy: growing slower than its size class, with revenue that swings more; operating loss: a margin of -13.7% in FY2025; free cash flow was negative: capital spending outran operating cash (-$16.7M in FY2025)
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $1.2B (FY2025), total debt $756.6M. Experience: revenue down 6.6% on the year, down 1.9% a year over 4 years; operating margin -13.7%, down from 4.3%. Soundness: equity -55.0% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $972.9M and $1.3B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $872.9M to $1.5B. A statistical range, not company guidance. Against peers (11 filers, $50M+ revenue, retail-retail stores, nec): operating margin -13.7% against a 0.2% median; growth -6.6% against -0.4%.

Range logged 2026-10-01, receipt 1bca335c86148b86, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 1.03 Bankruptcy or receivership: 3, latest 2026-10-22 ([filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526428048/0001193125-26-428048-index.htm))
- Item 3.01 Exchange listing notice or transfer: 2, latest 2026-10-05 ([filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526414287/0001193125-26-414287-index.htm))
- Item 2.04 Debt accelerated or triggered: 1, latest 2026-09-30 ([filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526408874/0001193125-26-408874-index.htm))
- Item 4.01 Auditor change: 1, latest 2026-01-30 ([filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526030559/0001193125-26-030559-index.htm))
- Item 2.05 Restructuring or exit costs: 2, latest 2026-09-30 ([filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526408874/0001193125-26-408874-index.htm))
- Item 2.06 Material impairment: 2, latest 2026-09-30 ([filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526408874/0001193125-26-408874-index.htm))
- Item 5.02 Director or officer change: 1, latest 2026-01-08 ([filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526007067/0001193125-26-007067-index.htm))

## Recent filings

- 8-K · filed 2026-10-22 · 1.03 Bankruptcy or Receivership; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526428048/0001193125-26-428048-index.htm)
- 8-K · filed 2026-10-05 · 1.01 Entry into a Material Definitive Agreement; 1.03 Bankruptcy or Receivership; 2.03 Creation of a Direct Financial Obligation; 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526414287/0001193125-26-414287-index.htm)
- 8-K · filed 2026-09-30 · 1.01 Entry into a Material Definitive Agreement; 1.03 Bankruptcy or Receivership; 2.04 Triggering Events That Accelerate a Financial Obligation; 2.05 Costs Associated with Exit or Disposal Activities; 2.06 Material Impairments; 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526408874/0001193125-26-408874-index.htm)
- 10-Q · filed 2026-08-12 · [filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526347169/0001193125-26-347169-index.htm)
- 8-K · filed 2026-08-12 · 2.02 Results of Operations and Financial Condition · [filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526346961/0001193125-26-346961-index.htm)
- 8-K · filed 2026-06-01 · 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/1821806/000119312526251517/0001193125-26-251517-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001821806.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1821806

## Cite

POPS4, Edgar & Edgarette: LESLIE’S, INC. (LESLQ) company card, from the company's own SEC filings, accessed 2026-11-02, https://www.pops4.com/boards/company/LESLQ. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.