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Side-by-side financial comparison of Leslie's, Inc. (LESL) and P10, Inc. (PX). Click either name above to swap in a different company.
Leslie's, Inc. is the larger business by last-quarter revenue ($147.1M vs $81.0M, roughly 1.8× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -56.4%, a 68.1% gap on every dollar of revenue. On growth, P10, Inc. posted the faster year-over-year revenue change (-4.7% vs -16.0%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-85.5M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% 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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
LESL vs PX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $81.0M |
| Net Profit | $-83.0M | $9.5M |
| Gross Margin | 18.4% | — |
| Operating Margin | -46.7% | 31.9% |
| Net Margin | -56.4% | 11.7% |
| Revenue YoY | -16.0% | -4.7% |
| Net Profit YoY | -86.2% | 79.0% |
| 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 | $81.0M | ||
| Q3 25 | — | $75.9M | ||
| Q2 25 | $500.3M | $72.7M | ||
| Q1 25 | $177.1M | $67.7M | ||
| Q4 24 | $175.2M | $85.0M | ||
| Q3 24 | $397.9M | $74.2M | ||
| Q2 24 | $569.6M | $71.1M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $9.5M | ||
| Q3 25 | — | $2.1M | ||
| Q2 25 | $21.7M | $3.4M | ||
| Q1 25 | $-51.3M | $4.5M | ||
| Q4 24 | $-44.6M | $5.3M | ||
| Q3 24 | $-9.9M | $1.4M | ||
| Q2 24 | $60.6M | $7.0M |
| 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% | 31.9% | ||
| Q3 25 | — | 14.1% | ||
| Q2 25 | 13.7% | 24.4% | ||
| Q1 25 | -27.3% | 16.6% | ||
| Q4 24 | -22.7% | 26.9% | ||
| Q3 24 | 6.6% | 11.9% | ||
| Q2 24 | 17.2% | 23.7% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | 11.7% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | 4.3% | 4.7% | ||
| Q1 25 | -29.0% | 6.7% | ||
| Q4 24 | -25.4% | 6.2% | ||
| Q3 24 | -2.5% | 1.9% | ||
| Q2 24 | 10.6% | 9.8% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $0.08 | ||
| Q3 25 | — | $0.02 | ||
| Q2 25 | $0.12 | $0.03 | ||
| Q1 25 | $-0.28 | $0.04 | ||
| Q4 24 | $-4.82 | $0.05 | ||
| Q3 24 | $-2.46 | $0.01 | ||
| Q2 24 | $0.33 | $0.06 |
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 | $28.2M |
| Total DebtLower is stronger | $781.6M | $373.2M |
| Stockholders' EquityBook value | $-489.9M | $403.5M |
| Total Assets | $649.4M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $28.2M | ||
| Q3 25 | — | $40.0M | ||
| Q2 25 | $42.7M | $33.4M | ||
| Q1 25 | $17.3M | $74.4M | ||
| Q4 24 | $11.6M | $67.5M | ||
| Q3 24 | $108.5M | $61.5M | ||
| Q2 24 | $74.4M | $31.2M |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | $776.6M | $373.0M | ||
| Q1 25 | $858.1M | $357.2M | ||
| Q4 24 | $796.6M | $319.8M | ||
| Q3 24 | $783.7M | $319.4M | ||
| Q2 24 | $783.7M | $300.6M |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $403.5M | ||
| Q3 25 | — | $396.8M | ||
| Q2 25 | $-246.2M | $388.9M | ||
| Q1 25 | $-269.5M | $374.3M | ||
| Q4 24 | $-220.0M | $386.9M | ||
| Q3 24 | $-177.1M | $394.1M | ||
| Q2 24 | $-168.2M | $396.9M |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $928.3M | ||
| Q3 25 | — | $936.0M | ||
| Q2 25 | $989.5M | $932.2M | ||
| Q1 25 | $1.0B | $877.4M | ||
| Q4 24 | $967.0M | $869.3M | ||
| Q3 24 | $1.1B | $857.0M | ||
| Q2 24 | $1.1B | $823.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-85.5M | $18.1M |
| FCF MarginFCF / Revenue | -58.1% | 22.3% |
| Capex IntensityCapex / Revenue | 2.9% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $23.0M | ||
| Q3 25 | — | $-8.6M | ||
| Q2 25 | $114.9M | $13.4M | ||
| Q1 25 | $-49.2M | $-4.7M | ||
| Q4 24 | $-105.1M | $101.0M | ||
| Q3 24 | $47.1M | $27.5M | ||
| Q2 24 | $175.5M | $34.8M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $18.1M | ||
| Q3 25 | — | $-9.5M | ||
| Q2 25 | $107.1M | $11.6M | ||
| Q1 25 | $-55.8M | $-6.0M | ||
| Q4 24 | $-109.8M | $96.6M | ||
| Q3 24 | $34.1M | $25.2M | ||
| Q2 24 | $165.2M | $33.9M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | 22.3% | ||
| Q3 25 | — | -12.6% | ||
| Q2 25 | 21.4% | 15.9% | ||
| Q1 25 | -31.5% | -8.9% | ||
| Q4 24 | -62.6% | 113.6% | ||
| Q3 24 | 8.6% | 34.0% | ||
| Q2 24 | 29.0% | 47.7% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 6.0% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | 1.6% | 2.5% | ||
| Q1 25 | 3.7% | 1.9% | ||
| Q4 24 | 2.7% | 5.2% | ||
| Q3 24 | 3.2% | 3.0% | ||
| Q2 24 | 1.8% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | 5.29× | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | 2.89× | 4.98× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LESL
Segment breakdown not available.
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
