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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and Leslie's, Inc. (LESL). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $147.1M, roughly 1.6× Leslie's, Inc.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -56.4%, a 60.8% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs -16.0%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-85.5M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs -11.7%).
Leslie's, Inc., operating as Leslie's Swimming Pool Supplies, is the largest retailer of swimming pool supplies and related products. The company is headquartered in Phoenix, Arizona, and has a particularly strong retail presence in Arizona, California, Florida, Georgia and Texas.
CSW vs LESL — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $147.1M |
| Net Profit | $10.3M | $-83.0M |
| Gross Margin | 39.7% | 18.4% |
| Operating Margin | 7.4% | -46.7% |
| Net Margin | 4.4% | -56.4% |
| Revenue YoY | 20.3% | -16.0% |
| Net Profit YoY | -61.9% | -86.2% |
| EPS (diluted) | $0.62 | $-8.92 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $147.1M | ||
| Q4 25 | $233.0M | $389.2M | ||
| Q3 25 | $277.0M | — | ||
| Q2 25 | $263.6M | $500.3M | ||
| Q1 25 | $230.5M | $177.1M | ||
| Q4 24 | $193.6M | $175.2M | ||
| Q3 24 | $227.9M | $397.9M | ||
| Q2 24 | $226.2M | $569.6M |
| Q1 26 | — | $-83.0M | ||
| Q4 25 | $10.3M | $-162.8M | ||
| Q3 25 | $40.7M | — | ||
| Q2 25 | $40.9M | $21.7M | ||
| Q1 25 | $35.1M | $-51.3M | ||
| Q4 24 | $26.9M | $-44.6M | ||
| Q3 24 | $36.1M | $-9.9M | ||
| Q2 24 | $38.6M | $60.6M |
| Q1 26 | — | 18.4% | ||
| Q4 25 | 39.7% | 38.6% | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | 39.6% | ||
| Q1 25 | 44.2% | 24.8% | ||
| Q4 24 | 41.4% | 27.2% | ||
| Q3 24 | 45.6% | 36.0% | ||
| Q2 24 | 47.5% | 40.2% |
| Q1 26 | — | -46.7% | ||
| Q4 25 | 7.4% | -38.6% | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 20.8% | 13.7% | ||
| Q1 25 | 19.5% | -27.3% | ||
| Q4 24 | 15.3% | -22.7% | ||
| Q3 24 | 22.6% | 6.6% | ||
| Q2 24 | 24.3% | 17.2% |
| Q1 26 | — | -56.4% | ||
| Q4 25 | 4.4% | -41.8% | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 15.5% | 4.3% | ||
| Q1 25 | 15.2% | -29.0% | ||
| Q4 24 | 13.9% | -25.4% | ||
| Q3 24 | 15.8% | -2.5% | ||
| Q2 24 | 17.1% | 10.6% |
| Q1 26 | — | $-8.92 | ||
| Q4 25 | $0.62 | $-20.59 | ||
| Q3 25 | $2.41 | — | ||
| Q2 25 | $2.43 | $0.12 | ||
| Q1 25 | $2.05 | $-0.28 | ||
| Q4 24 | $1.60 | $-4.82 | ||
| Q3 24 | $2.26 | $-2.46 | ||
| Q2 24 | $2.47 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $3.6M |
| Total DebtLower is stronger | — | $781.6M |
| Stockholders' EquityBook value | $1.1B | $-489.9M |
| Total Assets | $2.3B | $649.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.6M | ||
| Q4 25 | $40.2M | $64.3M | ||
| Q3 25 | $31.5M | — | ||
| Q2 25 | $38.0M | $42.7M | ||
| Q1 25 | $225.8M | $17.3M | ||
| Q4 24 | $213.8M | $11.6M | ||
| Q3 24 | $273.2M | $108.5M | ||
| Q2 24 | $18.9M | $74.4M |
| Q1 26 | — | $781.6M | ||
| Q4 25 | — | $756.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $776.6M | ||
| Q1 25 | $800.1M | $858.1M | ||
| Q4 24 | — | $796.6M | ||
| Q3 24 | — | $783.7M | ||
| Q2 24 | — | $783.7M |
| Q1 26 | — | $-489.9M | ||
| Q4 25 | $1.1B | $-408.0M | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | $-246.2M | ||
| Q1 25 | $1.1B | $-269.5M | ||
| Q4 24 | $1.0B | $-220.0M | ||
| Q3 24 | $1.0B | $-177.1M | ||
| Q2 24 | $650.2M | $-168.2M |
| Q1 26 | — | $649.4M | ||
| Q4 25 | $2.3B | $741.5M | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | $989.5M | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.4B | $967.0M | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $-81.1M |
| Free Cash FlowOCF − Capex | $22.7M | $-85.5M |
| FCF MarginFCF / Revenue | 9.8% | -58.1% |
| Capex IntensityCapex / Revenue | 2.6% | 2.9% |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $7.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-81.1M | ||
| Q4 25 | $28.9M | $48.2M | ||
| Q3 25 | $61.8M | — | ||
| Q2 25 | $60.6M | $114.9M | ||
| Q1 25 | $27.3M | $-49.2M | ||
| Q4 24 | $11.6M | $-105.1M | ||
| Q3 24 | $66.8M | $47.1M | ||
| Q2 24 | $62.7M | $175.5M |
| Q1 26 | — | $-85.5M | ||
| Q4 25 | $22.7M | $41.8M | ||
| Q3 25 | $58.7M | — | ||
| Q2 25 | $57.7M | $107.1M | ||
| Q1 25 | $22.8M | $-55.8M | ||
| Q4 24 | $8.5M | $-109.8M | ||
| Q3 24 | $61.3M | $34.1M | ||
| Q2 24 | $59.6M | $165.2M |
| Q1 26 | — | -58.1% | ||
| Q4 25 | 9.8% | 10.7% | ||
| Q3 25 | 21.2% | — | ||
| Q2 25 | 21.9% | 21.4% | ||
| Q1 25 | 9.9% | -31.5% | ||
| Q4 24 | 4.4% | -62.6% | ||
| Q3 24 | 26.9% | 8.6% | ||
| Q2 24 | 26.3% | 29.0% |
| Q1 26 | — | 2.9% | ||
| Q4 25 | 2.6% | 1.7% | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 1.1% | 1.6% | ||
| Q1 25 | 2.0% | 3.7% | ||
| Q4 24 | 1.6% | 2.7% | ||
| Q3 24 | 2.4% | 3.2% | ||
| Q2 24 | 1.4% | 1.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.48× | 5.29× | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | 2.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
LESL
Segment breakdown not available.
