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Side-by-side financial comparison of Leslie's, Inc. (LESL) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
Leslie's, Inc. is the larger business by last-quarter revenue ($147.1M vs $124.7M, roughly 1.2× SMITH & WESSON BRANDS, INC.). SMITH & WESSON BRANDS, INC. runs the higher net margin — 1.5% vs -56.4%, a 57.9% gap on every dollar of revenue. On growth, SMITH & WESSON BRANDS, INC. posted the faster year-over-year revenue change (-3.9% vs -16.0%). SMITH & WESSON BRANDS, INC. produced more free cash flow last quarter ($16.3M vs $-85.5M). Over the past eight quarters, SMITH & WESSON BRANDS, INC.'s revenue compounded faster (-4.8% 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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
LESL vs SWBI — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $124.7M |
| Net Profit | $-83.0M | $1.9M |
| Gross Margin | 18.4% | 24.3% |
| Operating Margin | -46.7% | 3.3% |
| Net Margin | -56.4% | 1.5% |
| Revenue YoY | -16.0% | -3.9% |
| Net Profit YoY | -86.2% | -53.6% |
| EPS (diluted) | $-8.92 | $0.04 |
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 | $124.7M | ||
| Q3 25 | — | $85.1M | ||
| Q2 25 | $500.3M | $140.8M | ||
| Q1 25 | $177.1M | $115.9M | ||
| Q4 24 | $175.2M | $129.7M | ||
| Q3 24 | $397.9M | $88.3M | ||
| Q2 24 | $569.6M | $159.1M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $1.9M | ||
| Q3 25 | — | $-3.4M | ||
| Q2 25 | $21.7M | $8.6M | ||
| Q1 25 | $-51.3M | $2.1M | ||
| Q4 24 | $-44.6M | $4.5M | ||
| Q3 24 | $-9.9M | $-1.9M | ||
| Q2 24 | $60.6M | $27.9M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | 39.6% | 28.8% | ||
| Q1 25 | 24.8% | 24.1% | ||
| Q4 24 | 27.2% | 26.6% | ||
| Q3 24 | 36.0% | 27.4% | ||
| Q2 24 | 40.2% | 35.5% |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | 3.3% | ||
| Q3 25 | — | -3.5% | ||
| Q2 25 | 13.7% | 9.3% | ||
| Q1 25 | -27.3% | 4.1% | ||
| Q4 24 | -22.7% | 5.8% | ||
| Q3 24 | 6.6% | -1.7% | ||
| Q2 24 | 17.2% | 17.4% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | 1.5% | ||
| Q3 25 | — | -4.0% | ||
| Q2 25 | 4.3% | 6.1% | ||
| Q1 25 | -29.0% | 1.8% | ||
| Q4 24 | -25.4% | 3.5% | ||
| Q3 24 | -2.5% | -2.1% | ||
| Q2 24 | 10.6% | 17.5% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $0.04 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | $0.12 | $0.19 | ||
| Q1 25 | $-0.28 | $0.05 | ||
| Q4 24 | $-4.82 | $0.10 | ||
| Q3 24 | $-2.46 | $-0.04 | ||
| Q2 24 | $0.33 | $0.60 |
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 | $22.4M |
| Total DebtLower is stronger | $781.6M | — |
| Stockholders' EquityBook value | $-489.9M | $363.2M |
| Total Assets | $649.4M | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $22.4M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | $42.7M | $25.2M | ||
| Q1 25 | $17.3M | $26.7M | ||
| Q4 24 | $11.6M | $39.1M | ||
| Q3 24 | $108.5M | $35.5M | ||
| Q2 24 | $74.4M | $60.8M |
| 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 | $363.2M | ||
| Q3 25 | — | $364.4M | ||
| Q2 25 | $-246.2M | $372.5M | ||
| Q1 25 | $-269.5M | $366.9M | ||
| Q4 24 | $-220.0M | $371.5M | ||
| Q3 24 | $-177.1M | $380.0M | ||
| Q2 24 | $-168.2M | $399.9M |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $548.6M | ||
| Q3 25 | — | $554.6M | ||
| Q2 25 | $989.5M | $559.6M | ||
| Q1 25 | $1.0B | $578.9M | ||
| Q4 24 | $967.0M | $587.4M | ||
| Q3 24 | $1.1B | $571.3M | ||
| Q2 24 | $1.1B | $577.4M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-85.5M | $16.3M |
| FCF MarginFCF / Revenue | -58.1% | 13.1% |
| Capex IntensityCapex / Revenue | 2.9% | 8.8% |
| Cash ConversionOCF / Net Profit | — | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $27.3M | ||
| Q3 25 | — | $-8.1M | ||
| Q2 25 | $114.9M | $40.8M | ||
| Q1 25 | $-49.2M | $-9.8M | ||
| Q4 24 | $-105.1M | $-7.4M | ||
| Q3 24 | $47.1M | $-30.8M | ||
| Q2 24 | $175.5M | $43.7M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $16.3M | ||
| Q3 25 | — | $-12.4M | ||
| Q2 25 | $107.1M | $33.5M | ||
| Q1 25 | $-55.8M | $-16.1M | ||
| Q4 24 | $-109.8M | $-10.7M | ||
| Q3 24 | $34.1M | $-35.5M | ||
| Q2 24 | $165.2M | $38.2M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | 13.1% | ||
| Q3 25 | — | -14.6% | ||
| Q2 25 | 21.4% | 23.8% | ||
| Q1 25 | -31.5% | -13.9% | ||
| Q4 24 | -62.6% | -8.3% | ||
| Q3 24 | 8.6% | -40.2% | ||
| Q2 24 | 29.0% | 24.0% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 8.8% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | 1.6% | 5.2% | ||
| Q1 25 | 3.7% | 5.4% | ||
| Q4 24 | 2.7% | 2.5% | ||
| Q3 24 | 3.2% | 5.3% | ||
| Q2 24 | 1.8% | 3.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.22× | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.29× | 4.73× | ||
| Q1 25 | — | -4.68× | ||
| Q4 24 | — | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.89× | 1.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
