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Side-by-side financial comparison of Leslie's, Inc. (LESL) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $147.1M, roughly 1.0× Leslie's, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -56.4%, a 61.9% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -16.0%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-85.5M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
LESL vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $148.3M |
| Net Profit | $-83.0M | $8.1M |
| Gross Margin | 18.4% | 31.6% |
| Operating Margin | -46.7% | 11.7% |
| Net Margin | -56.4% | 5.5% |
| Revenue YoY | -16.0% | 38.6% |
| Net Profit YoY | -86.2% | 3.9% |
| EPS (diluted) | $-8.92 | $0.05 |
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 | $148.3M | ||
| Q3 25 | — | $135.8M | ||
| Q2 25 | $500.3M | $110.8M | ||
| Q1 25 | $177.1M | $80.4M | ||
| Q4 24 | $175.2M | $107.0M | ||
| Q3 24 | $397.9M | $102.2M | ||
| Q2 24 | $569.6M | $99.2M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $8.1M | ||
| Q3 25 | — | $11.9M | ||
| Q2 25 | $21.7M | $13.9M | ||
| Q1 25 | $-51.3M | $-282.0K | ||
| Q4 24 | $-44.6M | $7.8M | ||
| Q3 24 | $-9.9M | $-267.0K | ||
| Q2 24 | $60.6M | $11.8M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | 39.6% | 37.2% | ||
| Q1 25 | 24.8% | 35.0% | ||
| Q4 24 | 27.2% | 37.6% | ||
| Q3 24 | 36.0% | 24.8% | ||
| Q2 24 | 40.2% | 40.3% |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | 11.7% | ||
| Q3 25 | — | 13.7% | ||
| Q2 25 | 13.7% | 14.4% | ||
| Q1 25 | -27.3% | 5.4% | ||
| Q4 24 | -22.7% | 15.4% | ||
| Q3 24 | 6.6% | 4.4% | ||
| Q2 24 | 17.2% | 18.7% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | 5.5% | ||
| Q3 25 | — | 8.7% | ||
| Q2 25 | 4.3% | 12.5% | ||
| Q1 25 | -29.0% | -0.4% | ||
| Q4 24 | -25.4% | 7.3% | ||
| Q3 24 | -2.5% | -0.3% | ||
| Q2 24 | 10.6% | 11.9% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $0.05 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | $0.12 | $0.08 | ||
| Q1 25 | $-0.28 | $0.00 | ||
| Q4 24 | $-4.82 | $0.04 | ||
| Q3 24 | $-2.46 | $0.00 | ||
| Q2 24 | $0.33 | $0.07 |
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 | $7.3M |
| Total DebtLower is stronger | $781.6M | — |
| Stockholders' EquityBook value | $-489.9M | $600.0M |
| Total Assets | $649.4M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | $42.7M | $4.7M | ||
| Q1 25 | $17.3M | $35.6M | ||
| Q4 24 | $11.6M | $23.5M | ||
| Q3 24 | $108.5M | $11.1M | ||
| Q2 24 | $74.4M | $3.2M |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $776.6M | — | ||
| Q1 25 | $858.1M | $141.8M | ||
| Q4 24 | $796.6M | $141.8M | ||
| Q3 24 | $783.7M | $141.8M | ||
| Q2 24 | $783.7M | $146.8M |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $600.0M | ||
| Q3 25 | — | $589.6M | ||
| Q2 25 | $-246.2M | $575.4M | ||
| Q1 25 | $-269.5M | $558.9M | ||
| Q4 24 | $-220.0M | $556.8M | ||
| Q3 24 | $-177.1M | $545.2M | ||
| Q2 24 | $-168.2M | $544.6M |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $904.1M | ||
| Q3 25 | — | $851.8M | ||
| Q2 25 | $989.5M | $795.0M | ||
| Q1 25 | $1.0B | $788.4M | ||
| Q4 24 | $967.0M | $793.1M | ||
| Q3 24 | $1.1B | $801.3M | ||
| Q2 24 | $1.1B | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-85.5M | $-11.3M |
| FCF MarginFCF / Revenue | -58.1% | -7.6% |
| Capex IntensityCapex / Revenue | 2.9% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $-4.1M | ||
| Q3 25 | — | $19.4M | ||
| Q2 25 | $114.9M | $-13.8M | ||
| Q1 25 | $-49.2M | $15.6M | ||
| Q4 24 | $-105.1M | $14.0M | ||
| Q3 24 | $47.1M | $15.7M | ||
| Q2 24 | $175.5M | $37.8M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $-11.3M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | $107.1M | $-26.0M | ||
| Q1 25 | $-55.8M | $12.3M | ||
| Q4 24 | $-109.8M | $12.5M | ||
| Q3 24 | $34.1M | $13.3M | ||
| Q2 24 | $165.2M | $35.8M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | -7.6% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | 21.4% | -23.5% | ||
| Q1 25 | -31.5% | 15.4% | ||
| Q4 24 | -62.6% | 11.6% | ||
| Q3 24 | 8.6% | 13.0% | ||
| Q2 24 | 29.0% | 36.1% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 4.8% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | 1.6% | 11.0% | ||
| Q1 25 | 3.7% | 4.0% | ||
| Q4 24 | 2.7% | 1.4% | ||
| Q3 24 | 3.2% | 2.3% | ||
| Q2 24 | 1.8% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | 5.29× | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.89× | 3.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LESL
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
