The company's financial foundation has deteriorated into a $541.3 million equity deficit by 2026Q2, driven by a cumulative $656.6 million in negative retained earnings.
| Total Current Assets | 340.11M | 328.79M | 422.43M | 420.29M | 542.38M | 603.27M | 372.13M | 282.09M | 255.33M |
| Cash & Short-Term Investments | 16.92M | 64.34M | 108.5M | 55.42M | 112.29M | 345.06M | 157.07M | 90.9M | 77.57M |
| Cash Only | 16.92M | 64.34M | 108.5M | 55.42M | 112.29M | 345.06M | 157.07M | 90.9M | 77.57M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 22.78M | 23.22M | 45.47M | 29.4M | 45.3M | 38.86M | 31.48M | 33.87M | 28.7M |
| Days Sales Outstanding | 7.22 | 6.82 | 12.48 | 7.39 | 10.58 | 10.56 | 10.33 | 13.32 | 11.74 |
| Inventory | 262.36M | 207.98M | 234.28M | 311.84M | 361.69M | 198.79M | 148.97M | 149.73M | 143.22M |
| Days Inventory Outstanding | 109.72 | 94.62 | 100.21 | 126.05 | 148.6 | 97.03 | 83.46 | 99.64 | 97.63 |
| Other Current Assets | 38.05M | 33.25M | 9.44M | 10.13M | 15.6M | 8.88M | 34.61M | 0 | 0 |
| Total Non-Current Assets | 375.35M | 593.38M | 627.89M | 614.15M | 567.25M | 440.52M | 374.31M | 197.63M | 197.83M |
| Property, Plant & Equipment | 310.03M | 345.53M | 368.94M | 341.75M | 314.56M | 282.62M | 244.05M | 78.51M | 80.26M |
| Fixed Asset Turnover | 3.68x | 3.59x | 3.61x | 4.25x | 4.97x | 4.75x | 4.56x | 11.82x | 11.12x |
| Goodwill | 29.02M | 180.7M | 180.7M | 180.7M | 173.51M | 101.11M | 93.3M | 89.74M | 84.52M |
| Intangible Assets | 0 | 30.73M | 34.43M | 38.16M | 40.19M | 27.91M | 27.89M | 27.98M | 27.13M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.33M | 4.3M |
| Other Non-Current Assets | 36.3M | 36.42M | 39.66M | 45.95M | 37.72M | 25.15M | 2.49M | 1.4M | -8.73M |
| Total Assets | 715.46M | 741.48M | 1.05B | 1.03B | 1.11B | 1.04B | 746.44M | 479.72M | 453.16M |
| Asset Turnover | 1.58x | 1.67x | 1.27x | 1.40x | 1.41x | 1.29x | 1.49x | 1.93x | 1.97x |
| Asset Growth % | -104.11% | -29.41% | 1.54% | -6.78% | 6.31% | 39.84% | 55.6% | 5.86% | - |
| Total Current Liabilities | 234.39M | 209.06M | 246.92M | 225.83M | 347.96M | 309.71M | 258.2M | 165.52M | 137.16M |
| Accounts Payable | 94.24M | 51.89M | 67.62M | 58.56M | 156.46M | 100.96M | 92.37M | 68.35M | 61.6M |
| Days Payables Outstanding | 32.56 | 23.61 | 28.92 | 23.67 | 64.28 | 49.28 | 51.75 | 45.48 | 41.99 |
| Short-Term Debt | 69.82M | 74.72M | 8.1M | 8.1M | 8.1M | 8.1M | 62.8M | 8.34M | 8.34M |
| Deferred Revenue (Current) | 13.73M | 0 | 6.27M | 6.79M | 5.54M | 6.68M | 0 | 0 | 0 |
| Other Current Liabilities | 70.33M | 82.45M | 79.63M | 65.25M | 70.97M | 85.88M | 68.75M | 67.43M | 51.99M |
| Current Ratio | 1.45x | 1.57x | 1.71x | 1.86x | 1.56x | 1.95x | 1.44x | 1.70x | 1.86x |
| Quick Ratio | 0.33x | 0.58x | 0.76x | 0.48x | 0.52x | 1.31x | 0.86x | 0.80x | 0.82x |
| Cash Conversion Cycle | 84.38 | 77.84 | 83.76 | 109.77 | 94.9 | 58.31 | 42.04 | 67.48 | 67.38 |
| Total Non-Current Liabilities | 1.02B | 940.41M | 980.55M | 969.97M | 959.63M | 950.08M | 1.32B | 1.2B | 1.2B |
| Long-Term Debt | 167.31M | 752.05M | 769.07M | 773.28M | 779.73M | 786.13M | 1.18B | 1.19B | 1.19B |
| Capital Lease Obligations | 382.45M | 185.08M | 209.07M | 193.22M | 179.84M | 160.04M | 130.23M | 0 | 0 |
| Deferred Tax Liabilities | 2.15M | 287K | 94.59M | 74.97M | 68.22M | 59.21M | 53.82M | 1.24M | 1.06M |
| Other Non-Current Liabilities | 854.79M | 2.99M | 2.42M | 3.47M | 65K | 3.92M | 5.46M | 13.82M | 14.37M |
| Total Liabilities | 1.26B | 1.15B | 1.23B | 1.2B | 1.31B | 1.26B | 1.57B | 1.37B | 1.34B |
| Total Debt | 237.13M | 1.01B | 1.05B | 1.04B | 1.03B | 1.02B | 1.37B | 1.19B | 1.2B |
| Net Debt | 220.21M | 947.51M | 941.08M | 981.97M | 915.74M | 670.28M | 1.22B | 1.1B | 1.12B |
| Debt / Equity | -0.44x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 4.91x | 18.36x | 11.64x | 7.61x | 3.81x | 4.31x | 7.72x | 7.86x | 8.14x |
| Net Debt / EBITDA | 4.56x | 17.20x | 10.43x | 7.20x | 3.40x | 2.84x | 6.83x | 7.26x | 7.62x |
| Interest Coverage | 0.27x | 0.34x | 0.81x | 1.56x | 7.88x | 5.74x | 1.73x | 1.23x | 1.24x |
| Total Equity | -541.33M | -407.99M | -177.15M | -161.36M | -197.95M | -217.56M | -827M | -887.36M | -888.95M |
| Equity Growth % | -400.22% | -130.31% | -9.78% | 18.48% | 9.01% | 73.69% | 6.8% | 0.18% | - |
| Book Value per Share | -58.04 | -43.92 | -19.18 | -17.47 | -21.27 | -22.90 | -88.64 | -95.10 | -95.28 |
| Total Shareholders' Equity | -541.33M | -407.99M | -177.15M | -161.36M | -197.95M | -217.56M | -827M | -887.36M | -888.95M |
| Common Stock | 9K | 9K | 185K | 184K | 183K | 190K | 157K | 0 | 157K |
| Retained Earnings | -656.64M | -521.17M | -284.2M | -260.83M | -288.07M | -422.46M | -549.09M | -887.36M | -607.13M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | -278.06M | 0 | -272.29M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative Equity and Liquidity
As reported in recent financial filings, Leslie's equity position has deteriorated into a significant deficit of $541.3 million by 2026Q2, reflecting a persistent trend of negative retained earnings that now total $656.6 million, signaling a fundamental weakening of the company's long-term financial foundation.
The consistent expansion of the retained earnings deficit suggests that the company is struggling to generate sufficient returns to offset its accumulated losses. This trajectory implies that the business model is currently unable to sustain its capital structure without ongoing reliance on external financing or further balance sheet degradation.
Based on the provided quarterly data, cash reserves have dwindled to $16.9 million as of 2026Q2, representing a sharp decline from the $108.5 million reported in 2024Q4, which leaves the company with a narrow buffer to manage its seasonal working capital requirements.
The current ratio of 1.45 indicates that while the company maintains some short-term coverage, the absolute cash level is concerning given the high fixed-cost nature of the store fleet. Investors should monitor whether this liquidity profile forces management to curtail necessary maintenance or inventory investments during peak demand periods.
According to the balance sheet, Leslie's has entered a state of negative shareholder equity, which reached -$541.3 million in 2026Q2, a stark reversal from previous periods that highlights the impact of sustained net losses on the company's book value.
This negative equity position suggests that the company's liabilities now exceed its total assets, which may limit future financing flexibility and increase the cost of capital. The absence of positive retained earnings indicates that the company has not been able to create value for shareholders over the recent reporting cycle.
As indicated by the financial statements, the company's goodwill balance dropped from $180.7 million in 2025Q4 to $29.0 million in 2026Q2, suggesting a significant impairment event that reflects a downward revision in the valuation of previously acquired assets.
This substantial reduction in goodwill implies that the carrying value of past acquisitions was likely overstated relative to current market realities. This development warrants further investigation into whether additional asset impairments may be necessary if the current revenue contraction persists.
Quick answers to the most common questions about buying LESL stock.
As of 2025, Leslie's, Inc. (LESL) had total assets of $741.5M including $328.8M in current assets.
Leslie's, Inc. (LESL) carries total debt of $1.01B, offset by $64.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Leslie's, Inc. (LESL) has total shareholders' equity (book value) of $-408.0M ($-43.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Leslie's, Inc. (LESL) reported a current ratio of 1.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.