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Side-by-side financial comparison of Leslie's, Inc. (LESL) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Leslie's, Inc. is the larger business by last-quarter revenue ($147.1M vs $134.3M, roughly 1.1× Mayville Engineering Company, Inc.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -56.4%, a 53.1% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -16.0%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-85.5M). Over the past eight quarters, Mayville Engineering Company, Inc.'s revenue compounded faster (-8.8% 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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
LESL vs MEC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $134.3M |
| Net Profit | $-83.0M | $-4.4M |
| Gross Margin | 18.4% | 6.8% |
| Operating Margin | -46.7% | -4.1% |
| Net Margin | -56.4% | -3.2% |
| Revenue YoY | -16.0% | 10.7% |
| Net Profit YoY | -86.2% | -127.3% |
| EPS (diluted) | $-8.92 | $-0.22 |
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 | $389.2M | $134.3M | ||
| Q3 25 | — | $144.3M | ||
| Q2 25 | $500.3M | $132.3M | ||
| Q1 25 | $177.1M | $135.6M | ||
| Q4 24 | $175.2M | $121.3M | ||
| Q3 24 | $397.9M | $135.4M | ||
| Q2 24 | $569.6M | $163.6M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $-4.4M | ||
| Q3 25 | — | $-2.7M | ||
| Q2 25 | $21.7M | $-1.1M | ||
| Q1 25 | $-51.3M | $20.0K | ||
| Q4 24 | $-44.6M | $16.0M | ||
| Q3 24 | $-9.9M | $3.0M | ||
| Q2 24 | $60.6M | $3.8M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | 39.6% | 10.3% | ||
| Q1 25 | 24.8% | 11.3% | ||
| Q4 24 | 27.2% | 8.9% | ||
| Q3 24 | 36.0% | 12.6% | ||
| Q2 24 | 40.2% | 13.6% |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | -4.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | 13.7% | 0.1% | ||
| Q1 25 | -27.3% | 1.2% | ||
| Q4 24 | -22.7% | 19.0% | ||
| Q3 24 | 6.6% | 4.2% | ||
| Q2 24 | 17.2% | 5.0% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | -3.2% | ||
| Q3 25 | — | -1.9% | ||
| Q2 25 | 4.3% | -0.8% | ||
| Q1 25 | -29.0% | 0.0% | ||
| Q4 24 | -25.4% | 13.2% | ||
| Q3 24 | -2.5% | 2.2% | ||
| Q2 24 | 10.6% | 2.3% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $-0.22 | ||
| Q3 25 | — | $-0.13 | ||
| Q2 25 | $0.12 | $-0.05 | ||
| Q1 25 | $-0.28 | $0.00 | ||
| Q4 24 | $-4.82 | $0.76 | ||
| Q3 24 | $-2.46 | $0.14 | ||
| Q2 24 | $0.33 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.6M | $1.5M |
| Total DebtLower is stronger | $781.6M | — |
| Stockholders' EquityBook value | $-489.9M | $240.7M |
| Total Assets | $649.4M | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $1.5M | ||
| Q3 25 | — | $1.2M | ||
| Q2 25 | $42.7M | $206.0K | ||
| Q1 25 | $17.3M | $183.0K | ||
| Q4 24 | $11.6M | $206.0K | ||
| Q3 24 | $108.5M | $178.0K | ||
| Q2 24 | $74.4M | $314.0K |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $776.6M | — | ||
| Q1 25 | $858.1M | — | ||
| Q4 24 | $796.6M | — | ||
| Q3 24 | $783.7M | — | ||
| Q2 24 | $783.7M | — |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $240.7M | ||
| Q3 25 | — | $244.8M | ||
| Q2 25 | $-246.2M | $246.8M | ||
| Q1 25 | $-269.5M | $250.0M | ||
| Q4 24 | $-220.0M | $251.8M | ||
| Q3 24 | $-177.1M | $238.4M | ||
| Q2 24 | $-168.2M | $238.1M |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $563.6M | ||
| Q3 25 | — | $585.6M | ||
| Q2 25 | $989.5M | $433.7M | ||
| Q1 25 | $1.0B | $447.7M | ||
| Q4 24 | $967.0M | $445.6M | ||
| Q3 24 | $1.1B | $466.0M | ||
| Q2 24 | $1.1B | $488.2M |
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 | $-81.1M | $13.4M |
| Free Cash FlowOCF − Capex | $-85.5M | $10.2M |
| FCF MarginFCF / Revenue | -58.1% | 7.6% |
| Capex IntensityCapex / Revenue | 2.9% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $13.4M | ||
| Q3 25 | — | $1.9M | ||
| Q2 25 | $114.9M | $15.0M | ||
| Q1 25 | $-49.2M | $8.3M | ||
| Q4 24 | $-105.1M | $38.0M | ||
| Q3 24 | $47.1M | $17.9M | ||
| Q2 24 | $175.5M | $23.3M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $10.2M | ||
| Q3 25 | — | $-1.1M | ||
| Q2 25 | $107.1M | $12.5M | ||
| Q1 25 | $-55.8M | $5.4M | ||
| Q4 24 | $-109.8M | $35.6M | ||
| Q3 24 | $34.1M | $15.1M | ||
| Q2 24 | $165.2M | $19.2M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | 7.6% | ||
| Q3 25 | — | -0.8% | ||
| Q2 25 | 21.4% | 9.5% | ||
| Q1 25 | -31.5% | 4.0% | ||
| Q4 24 | -62.6% | 29.4% | ||
| Q3 24 | 8.6% | 11.1% | ||
| Q2 24 | 29.0% | 11.7% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 2.4% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | 1.6% | 1.8% | ||
| Q1 25 | 3.7% | 2.2% | ||
| Q4 24 | 2.7% | 1.9% | ||
| Q3 24 | 3.2% | 2.1% | ||
| Q2 24 | 1.8% | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.29× | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | 2.89× | 6.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LESL
Segment breakdown not available.
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
