vs
Side-by-side financial comparison of Leslie's, Inc. (LESL) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
Leslie's, Inc. is the larger business by last-quarter revenue ($147.1M vs $88.4M, roughly 1.7× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -56.4%, a 74.7% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -16.0%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-85.5M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% 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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
LESL vs OPAL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $88.4M |
| Net Profit | $-83.0M | $16.2M |
| Gross Margin | 18.4% | — |
| Operating Margin | -46.7% | 7.5% |
| Net Margin | -56.4% | 18.3% |
| Revenue YoY | -16.0% | 18.7% |
| Net Profit YoY | -86.2% | 401.5% |
| EPS (diluted) | $-8.92 | $0.08 |
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 | $88.4M | ||
| Q3 25 | — | $77.9M | ||
| Q2 25 | $500.3M | $77.4M | ||
| Q1 25 | $177.1M | $83.0M | ||
| Q4 24 | $175.2M | $74.5M | ||
| Q3 24 | $397.9M | $82.6M | ||
| Q2 24 | $569.6M | $69.8M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $16.2M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | $21.7M | $7.6M | ||
| Q1 25 | $-51.3M | $1.3M | ||
| Q4 24 | $-44.6M | $-5.4M | ||
| Q3 24 | $-9.9M | $17.1M | ||
| Q2 24 | $60.6M | $1.9M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 39.6% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 27.2% | — | ||
| Q3 24 | 36.0% | — | ||
| Q2 24 | 40.2% | — |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | 7.5% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | 13.7% | -1.1% | ||
| Q1 25 | -27.3% | -2.3% | ||
| Q4 24 | -22.7% | -0.5% | ||
| Q3 24 | 6.6% | 14.9% | ||
| Q2 24 | 17.2% | 8.1% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | 18.3% | ||
| Q3 25 | — | 14.6% | ||
| Q2 25 | 4.3% | 9.8% | ||
| Q1 25 | -29.0% | 1.5% | ||
| Q4 24 | -25.4% | -7.2% | ||
| Q3 24 | -2.5% | 20.7% | ||
| Q2 24 | 10.6% | 2.7% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $0.08 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | $0.12 | $0.03 | ||
| Q1 25 | $-0.28 | $-0.01 | ||
| Q4 24 | $-4.82 | $-0.05 | ||
| Q3 24 | $-2.46 | $0.09 | ||
| Q2 24 | $0.33 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | $781.6M | $361.3M |
| Stockholders' EquityBook value | $-489.9M | $-12.9M |
| Total Assets | $649.4M | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $24.4M | ||
| Q3 25 | — | $29.9M | ||
| Q2 25 | $42.7M | $29.3M | ||
| Q1 25 | $17.3M | $40.1M | ||
| Q4 24 | $11.6M | $24.3M | ||
| Q3 24 | $108.5M | $31.0M | ||
| Q2 24 | $74.4M | $27.6M |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | $776.6M | $331.6M | ||
| Q1 25 | $858.1M | $307.0M | ||
| Q4 24 | $796.6M | $307.5M | ||
| Q3 24 | $783.7M | $252.9M | ||
| Q2 24 | $783.7M | $233.3M |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $-12.9M | ||
| Q3 25 | — | $7.5M | ||
| Q2 25 | $-246.2M | $-25.0M | ||
| Q1 25 | $-269.5M | $57.1M | ||
| Q4 24 | $-220.0M | $-148.4M | ||
| Q3 24 | $-177.1M | $-180.1M | ||
| Q2 24 | $-168.2M | $-273.0M |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $959.5M | ||
| Q3 25 | — | $916.7M | ||
| Q2 25 | $989.5M | $905.5M | ||
| Q1 25 | $1.0B | $884.9M | ||
| Q4 24 | $967.0M | $881.1M | ||
| Q3 24 | $1.1B | $831.1M | ||
| Q2 24 | $1.1B | $782.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| 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 | $-81.1M | $-3.5M |
| Free Cash FlowOCF − Capex | $-85.5M | $-13.4M |
| FCF MarginFCF / Revenue | -58.1% | -15.1% |
| Capex IntensityCapex / Revenue | 2.9% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $-3.5M | ||
| Q3 25 | — | $18.2M | ||
| Q2 25 | $114.9M | $-7.9M | ||
| Q1 25 | $-49.2M | $29.7M | ||
| Q4 24 | $-105.1M | $-532.0K | ||
| Q3 24 | $47.1M | $17.7M | ||
| Q2 24 | $175.5M | $533.0K |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $-13.4M | ||
| Q3 25 | — | $-9.3M | ||
| Q2 25 | $107.1M | $-29.7M | ||
| Q1 25 | $-55.8M | $18.1M | ||
| Q4 24 | $-109.8M | $-55.0M | ||
| Q3 24 | $34.1M | $-5.4M | ||
| Q2 24 | $165.2M | $-22.5M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | -15.1% | ||
| Q3 25 | — | -11.9% | ||
| Q2 25 | 21.4% | -38.4% | ||
| Q1 25 | -31.5% | 21.8% | ||
| Q4 24 | -62.6% | -73.8% | ||
| Q3 24 | 8.6% | -6.5% | ||
| Q2 24 | 29.0% | -32.2% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 11.1% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | 1.6% | 28.2% | ||
| Q1 25 | 3.7% | 13.9% | ||
| Q4 24 | 2.7% | 73.1% | ||
| Q3 24 | 3.2% | 27.9% | ||
| Q2 24 | 1.8% | 32.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | 5.29× | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | 2.89× | 0.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LESL
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
