Leslie's, Inc. (LESL) Balance Sheet
LESL balance sheet, FY2025
September 30, 2025 · U.S. dollars$741.5M assets = $1.15B liabilities + −$408.0M equity
Liabilities exceed assets: shareholders’ equity is negative (−$408.0M).
Both columns are drawn to the same scale: what LESL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LESL financial health
Descriptive bands, not a rating. Fiscal FY2025.
LESL balance sheet trends, FY2018–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $453.2MFY2018 | $741.5MFY2025 | +7.3%/yr | |
| Total liabilities | $1.34BFY2018 | $1.15BFY2025 | −2.2%/yr | |
| Shareholders’ equity | −$888.9MFY2018 | −$408.0MFY2025 | — | |
| Cash & short-term investments | $77.6MFY2018 | $64.3MFY2025 | −2.6%/yr | |
| Total debt | $1.20BFY2018 | $1.01BFY2025 | −2.4%/yr | |
| Net cash (debt) | −$1.12BFY2018 | −$947.5MFY2025 | +$172.8M | |
| Working capital | $118.2MFY2018 | $119.7MFY2025 | +$1.6M | |
| Book value per share | −$95.28FY2018 | −$43.92FY2025 | — | |
| Current ratio | 1.86FY2018 | 1.57FY2025 | −0.29 | |
| Shares outstanding | 9.3MFY2018 | 9.3MFY2025 | −0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LESL assets
LESL liabilities and equity
LESL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LESL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $64.3M | $108.5M | $55.4M | $112.3M | $345.1M | $157.1M | $90.9M | $77.6M |
| Cash & equivalents | $64.3M | $108.5M | $55.4M | $112.3M | $345.1M | $157.1M | $90.9M | $77.6M |
| Receivables | $26.5M | $45.5M | $29.4M | $45.3M | $38.9M | $31.5M | $33.9M | $28.7M |
| Inventory | $208.0M | $234.3M | $311.8M | $361.7M | $198.8M | $149.0M | $149.7M | $143.2M |
| Other current assets | $29.9M | $34.2M | $23.6M | $23.1M | $20.6M | $34.6M | $7.6M | $5.8M |
| Total current assets | $328.8M | $422.4M | $420.3M | $542.4M | $603.3M | $372.1M | $282.1M | $255.3M |
| Property, plant & equipment (net) | $345.5M | $368.9M | $341.7M | $314.6M | $282.6M | $244.0M | $78.5M | $80.3M |
| Goodwill & intangible assets | $211.4M | $215.1M | $218.9M | $213.7M | $129.0M | $121.2M | $117.7M | $111.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $43.8M | $53.5M | $39.0M | $28.9M | $9.1M | $1.4M | $5.9M |
| Total assets | $741.5M | $1.05B | $1.03B | $1.11B | $1.04B | $746.4M | $479.7M | $453.2M |
| Liabilities | ||||||||
| Accounts payable | $51.9M | $67.6M | $58.6M | $156.5M | $101.0M | $92.4M | $68.3M | $61.6M |
| Short-term debt | $74.7M | $71.5M | $70.9M | $68.5M | $69.2M | $62.8M | $8.3M | $8.3M |
| Deferred revenue | $13.6M | $11.6M | $6.8M | $5.5M | $6.7M | $13.3M | $68.9M | $10.9M |
| Total current liabilities | $209.1M | $246.9M | $225.8M | $348.0M | $309.7M | $258.2M | $165.5M | $137.2M |
| Long-term debt | $752.1M | $769.1M | $773.3M | $779.7M | $786.1M | $1.18B | $1.19B | $1.19B |
| Lease obligations | $259.8M | $272.4M | $256.0M | $240.2M | $221.1M | $184.7M | — | — |
| Other long-term liabilities | $188.4M | $211.5M | $196.7M | $179.9M | $164.0M | $135.7M | $15.1M | $15.4M |
| Total liabilities | $1.15B | $1.23B | $1.20B | $1.31B | $1.26B | $1.57B | $1.37B | $1.34B |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $9,000 | $9,000 | $184,000 | $183,000 | $190,000 | $157,000 | $157,000 | $157,000 |
| Retained earnings (deficit) | −$521.2M | −$284.2M | −$260.8M | −$288.1M | −$422.5M | −$549.1M | −$887.4M | −$607.1M |
| Accumulated other comprehensive income | — | — | — | — | — | −$278.1M | −$279.8M | −$272.3M |
| Total shareholders' equity | −$408.0M | −$177.1M | −$161.4M | −$198.0M | −$217.6M | −$827.0M | −$887.4M | −$888.9M |
| Key figures | ||||||||
| Total debt | $1.01B | $1.05B | $1.04B | $1.03B | $1.02B | $1.37B | $1.19B | $1.20B |
| Net cash (debt) | −$947.5M | −$941.1M | −$982.0M | −$915.7M | −$670.3M | −$1.22B | −$1.10B | −$1.12B |
| Working capital | $119.7M | $175.5M | $194.5M | $194.4M | $293.6M | $113.9M | $116.6M | $118.2M |
| Tangible book value | −$619.4M | −$392.3M | −$380.2M | −$411.7M | −$346.6M | −$948.2M | −$1.01B | −$1.00B |
| Book value per share | −$43.92 | −$19.18 | −$17.47 | −$21.27 | −$22.90 | −$88.64 | −$95.10 | −$95.28 |
| Shares outstanding | 9.3M | 9.2M | 9.2M | 9.3M | 9.5M | 9.3M | 9.3M | 9.3M |
| Current ratio | 1.57 | 1.71 | 1.86 | 1.56 | 1.95 | 1.44 | 1.70 | 1.86 |
| Quick ratio | 0.43 | 0.62 | 0.38 | 0.45 | 1.24 | 0.73 | 0.75 | 0.77 |
| Equity / assets | −55.0% | −16.9% | −15.6% | −17.8% | −20.8% | −110.8% | −185.0% | −196.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $45.9M | $16.9M | $3.6M | $64.3M | $42.7M | $17.3M | $11.6M | $108.5M | $74.4M | $8.4M | $8.4M | $55.4M |
| Cash & equivalents | $45.9M | $16.9M | $3.6M | $64.3M | $42.7M | $17.3M | $11.6M | $108.5M | $74.4M | $8.4M | $8.4M | $55.4M |
| Receivables | $35.3M | $25.2M | $18.5M | $26.5M | $34.8M | $32.0M | $29.8M | $45.5M | $48.2M | $32.7M | $22.5M | $29.4M |
| Inventory | $233.4M | $262.4M | $210.0M | $208.0M | $273.2M | $335.1M | $271.1M | $234.3M | $302.2M | $379.1M | $334.0M | $311.8M |
| Other current assets | $36.6M | $35.7M | $34.9M | $29.9M | $34.5M | $33.2M | $29.1M | $34.2M | $32.2M | $33.4M | $27.1M | $23.6M |
| Total current assets | $351.2M | $340.1M | $267.0M | $328.8M | $385.1M | $417.6M | $341.6M | $422.4M | $457.0M | $453.6M | $392.0M | $420.3M |
| Property, plant & equipment (net) | $307.6M | $310.0M | $316.4M | $345.5M | $355.1M | $346.4M | $356.9M | $368.9M | $376.7M | $350.0M | $330.7M | $341.7M |
| Goodwill & intangible assets | $28.2M | $58.0M | $59.7M | $211.4M | $212.4M | $213.3M | $214.2M | $215.1M | $216.0M | $217.0M | $217.9M | $218.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $35.2M | $7.3M | $6.3M | $0 | $36.9M | $65.6M | $54.3M | $43.8M | $55.4M | $74.6M | $57.9M | $53.5M |
| Total assets | $722.2M | $715.5M | $649.4M | $741.5M | $989.5M | $1.04B | $967.0M | $1.05B | $1.11B | $1.10B | $998.5M | $1.03B |
| Liabilities | ||||||||||||
| Accounts payable | $111.0M | $94.2M | $45.2M | $51.9M | $91.6M | $114.8M | $56.2M | $67.6M | $108.9M | $112.4M | $63.5M | $58.6M |
| Short-term debt | $69.2M | $69.8M | $73.9M | $74.7M | $65.8M | $64.5M | $65.1M | $71.5M | $69.7M | $69.7M | $71.2M | $70.9M |
| Deferred revenue | — | $16.6M | $14.5M | $13.6M | $13.7M | $6.6M | $11.2M | $6.3M | $12.1M | $13.9M | $11.8M | $6.8M |
| Total current liabilities | $260.2M | $234.4M | $188.0M | $209.1M | $262.0M | $267.6M | $194.0M | $246.9M | $285.9M | $262.1M | $204.6M | $225.8M |
| Long-term debt | $783.4M | $851.9M | $777.4M | $752.1M | $771.5M | $852.6M | $790.6M | $769.1M | $768.6M | $867.2M | $809.7M | $773.3M |
| Lease obligations | $238.1M | $237.1M | $244.5M | $259.8M | $263.1M | $252.7M | $262.9M | $272.4M | $278.4M | $255.4M | $242.5M | $256.0M |
| Other long-term liabilities | $171.3M | $170.5M | $173.9M | $188.4M | $202.1M | $192.2M | $202.4M | $211.5M | $218.9M | $197.0M | $182.9M | $196.7M |
| Total liabilities | $1.21B | $1.26B | $1.14B | $1.15B | $1.24B | $1.31B | $1.19B | $1.23B | $1.27B | $1.33B | $1.20B | $1.20B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $9,000 | $9,000 | $9,000 | $9,000 | $186,000 | $185,000 | $185,000 | $185,000 | $185,000 | $185,000 | $184,000 | $184,000 |
| Retained earnings (deficit) | −$608.8M | −$656.6M | −$604.1M | −$521.2M | −$358.4M | −$380.1M | −$328.8M | −$284.2M | −$274.3M | −$334.9M | −$300.4M | −$260.8M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | — | — |
| Total shareholders' equity | −$492.7M | −$541.3M | −$489.9M | −$408.0M | −$246.2M | −$269.5M | −$220.0M | −$177.1M | −$168.2M | −$231.0M | −$198.6M | −$161.4M |
| Key figures | ||||||||||||
| Total debt | $1.02B | $1.09B | $1.02B | $1.01B | $1.03B | $1.11B | $1.05B | $1.05B | $1.06B | $1.13B | $1.06B | $1.04B |
| Net cash (debt) | −$975.5M | −$1.07B | −$1.02B | −$947.5M | −$992.0M | −$1.09B | −$1.04B | −$941.1M | −$980.7M | −$1.12B | −$1.05B | −$982.0M |
| Working capital | $91.0M | $105.7M | $79.0M | $119.7M | $123.2M | $150.0M | $147.6M | $175.5M | $171.1M | $191.5M | $187.5M | $194.5M |
| Tangible book value | −$520.9M | −$599.4M | −$549.6M | −$619.4M | −$458.6M | −$482.8M | −$434.3M | −$392.3M | −$384.2M | −$447.9M | −$416.6M | −$380.2M |
| Book value per share | −$52.82 | −$58.04 | −$52.69 | −$43.95 | −$26.58 | −$29.09 | −$23.79 | −$19.16 | −$18.19 | −$25.02 | −$21.55 | −$17.47 |
| Shares outstanding | 9.3M | 9.3M | 9.3M | 9.3M | 9.3M | 9.3M | 9.3M | 9.2M | 9.2M | 9.2M | 9.2M | 9.2M |
| Current ratio | 1.35 | 1.45 | 1.42 | 1.57 | 1.47 | 1.56 | 1.76 | 1.71 | 1.60 | 1.73 | 1.92 | 1.86 |
| Quick ratio | 0.31 | 0.18 | 0.12 | 0.43 | 0.30 | 0.18 | 0.21 | 0.62 | 0.43 | 0.16 | 0.15 | 0.38 |
| Equity / assets | −68.2% | −75.7% | −75.4% | −55.0% | −24.9% | −25.8% | −22.8% | −16.9% | −15.2% | −21.1% | −19.9% | −15.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 18, 2025); data from EODHD.
LESL financial position
At the end of fiscal 2025 (September 30, 2025), Leslie's had total assets of $741.5 million (down 29.4% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of -$408.0 million. It held $64.3 million in cash and short-term investments against $1.0 billion of debt, net debt of $947.5 million. Its current ratio was 1.57. In the latest quarter (ended June 30, 2026) total assets were $722.2 million and equity -$492.7 million.
Related: LESL income statement, LESL cash flow statement, LESL key metrics. See the LESL stock overview for the latest quote and news.
LESL balance sheet FAQ
What are Leslie's's total assets?
Leslie's reported total assets of $741.5 million at the end of fiscal 2025 (September 30, 2025), compared with $1.1 billion a year earlier.
How much debt does Leslie's have?
Leslie's had $1.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Leslie's have?
Leslie's held $64.3 million in cash and short-term investments at the end of fiscal 2025; with $1.0 billion of debt that is net debt of $947.5 million.
What is Leslie's's book value?
Leslie's's shareholders' equity (book value) was -$408.0 million at the end of fiscal 2025, or −$43.92 per share.
What is Leslie's's current ratio?
Leslie's had current assets of $328.8 million and current liabilities of $209.1 million, a current ratio of 1.57 (it can cover its short-term obligations).
How much goodwill does Leslie's have?
Leslie's carried $211.4 million of goodwill and intangible assets, 28.5% of total assets, at the end of fiscal 2025.