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Side-by-side financial comparison of Leslie's, Inc. (LESL) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Leslie's, Inc. is the larger business by last-quarter revenue ($147.1M vs $97.9M, roughly 1.5× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -56.4%, a 84.9% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -16.0%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% 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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
LESL vs SAFE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $97.9M |
| Net Profit | $-83.0M | $27.9M |
| Gross Margin | 18.4% | 98.6% |
| Operating Margin | -46.7% | 27.4% |
| Net Margin | -56.4% | 28.5% |
| Revenue YoY | -16.0% | 6.5% |
| Net Profit YoY | -86.2% | 7.1% |
| EPS (diluted) | $-8.92 | $0.38 |
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 | $97.9M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | $500.3M | $93.8M | ||
| Q1 25 | $177.1M | $97.7M | ||
| Q4 24 | $175.2M | $91.9M | ||
| Q3 24 | $397.9M | $90.7M | ||
| Q2 24 | $569.6M | $89.9M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $27.9M | ||
| Q3 25 | — | $29.3M | ||
| Q2 25 | $21.7M | $27.9M | ||
| Q1 25 | $-51.3M | $29.4M | ||
| Q4 24 | $-44.6M | $26.0M | ||
| Q3 24 | $-9.9M | $19.3M | ||
| Q2 24 | $60.6M | $29.7M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | 98.6% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | 39.6% | 99.1% | ||
| Q1 25 | 24.8% | 98.8% | ||
| Q4 24 | 27.2% | 98.8% | ||
| Q3 24 | 36.0% | 98.8% | ||
| Q2 24 | 40.2% | 98.8% |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | 27.4% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | 13.7% | 25.5% | ||
| Q1 25 | -27.3% | 25.9% | ||
| Q4 24 | -22.7% | 24.6% | ||
| Q3 24 | 6.6% | 17.5% | ||
| Q2 24 | 17.2% | 26.7% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | 28.5% | ||
| Q3 25 | — | 30.5% | ||
| Q2 25 | 4.3% | 29.8% | ||
| Q1 25 | -29.0% | 30.1% | ||
| Q4 24 | -25.4% | 28.3% | ||
| Q3 24 | -2.5% | 21.3% | ||
| Q2 24 | 10.6% | 33.0% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $0.38 | ||
| Q3 25 | — | $0.41 | ||
| Q2 25 | $0.12 | $0.39 | ||
| Q1 25 | $-0.28 | $0.41 | ||
| Q4 24 | $-4.82 | $0.36 | ||
| Q3 24 | $-2.46 | $0.27 | ||
| Q2 24 | $0.33 | $0.42 |
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 | $21.7M |
| Total DebtLower is stronger | $781.6M | $4.6B |
| Stockholders' EquityBook value | $-489.9M | $2.4B |
| Total Assets | $649.4M | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $21.7M | ||
| Q3 25 | — | $12.1M | ||
| Q2 25 | $42.7M | $13.9M | ||
| Q1 25 | $17.3M | $17.3M | ||
| Q4 24 | $11.6M | $8.3M | ||
| Q3 24 | $108.5M | $15.6M | ||
| Q2 24 | $74.4M | $13.4M |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | $776.6M | $4.4B | ||
| Q1 25 | $858.1M | $4.3B | ||
| Q4 24 | $796.6M | $4.3B | ||
| Q3 24 | $783.7M | $4.3B | ||
| Q2 24 | $783.7M | $4.2B |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $2.4B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | $-246.2M | $2.4B | ||
| Q1 25 | $-269.5M | $2.4B | ||
| Q4 24 | $-220.0M | $2.3B | ||
| Q3 24 | $-177.1M | $2.3B | ||
| Q2 24 | $-168.2M | $2.3B |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $7.2B | ||
| Q3 25 | — | $7.1B | ||
| Q2 25 | $989.5M | $7.1B | ||
| Q1 25 | $1.0B | $6.9B | ||
| Q4 24 | $967.0M | $6.9B | ||
| Q3 24 | $1.1B | $6.8B | ||
| Q2 24 | $1.1B | $6.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $-85.5M | — |
| FCF MarginFCF / Revenue | -58.1% | — |
| Capex IntensityCapex / Revenue | 2.9% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $47.8M | ||
| Q3 25 | — | $-1.4M | ||
| Q2 25 | $114.9M | $28.0M | ||
| Q1 25 | $-49.2M | $8.9M | ||
| Q4 24 | $-105.1M | $37.9M | ||
| Q3 24 | $47.1M | $8.3M | ||
| Q2 24 | $175.5M | $24.8M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $107.1M | — | ||
| Q1 25 | $-55.8M | — | ||
| Q4 24 | $-109.8M | — | ||
| Q3 24 | $34.1M | — | ||
| Q2 24 | $165.2M | — |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 21.4% | — | ||
| Q1 25 | -31.5% | — | ||
| Q4 24 | -62.6% | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | 29.0% | — |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 1.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | 5.29× | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | 2.89× | 0.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LESL
Segment breakdown not available.
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
