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Side-by-side financial comparison of Leslie's, Inc. (LESL) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Leslie's, Inc. is the larger business by last-quarter revenue ($147.1M vs $100.0M, roughly 1.5× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -56.4%, a 49.4% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -16.0%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-85.5M). Over the past eight quarters, Latham Group, Inc.'s revenue compounded faster (-4.9% 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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
LESL vs SWIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $100.0M |
| Net Profit | $-83.0M | $-7.0M |
| Gross Margin | 18.4% | 28.0% |
| Operating Margin | -46.7% | -10.7% |
| Net Margin | -56.4% | -7.0% |
| Revenue YoY | -16.0% | 14.5% |
| Net Profit YoY | -86.2% | 76.0% |
| EPS (diluted) | $-8.92 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | — | $161.9M | ||
| Q2 25 | $500.3M | $172.6M | ||
| Q1 25 | $177.1M | $111.4M | ||
| Q4 24 | $175.2M | $87.3M | ||
| Q3 24 | $397.9M | $150.5M | ||
| Q2 24 | $569.6M | $160.1M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $-7.0M | ||
| Q3 25 | — | $8.1M | ||
| Q2 25 | $21.7M | $16.0M | ||
| Q1 25 | $-51.3M | $-6.0M | ||
| Q4 24 | $-44.6M | $-29.2M | ||
| Q3 24 | $-9.9M | $5.9M | ||
| Q2 24 | $60.6M | $13.3M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | 39.6% | 37.1% | ||
| Q1 25 | 24.8% | 29.5% | ||
| Q4 24 | 27.2% | 24.6% | ||
| Q3 24 | 36.0% | 32.4% | ||
| Q2 24 | 40.2% | 33.1% |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | -10.7% | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | 13.7% | 14.3% | ||
| Q1 25 | -27.3% | -4.4% | ||
| Q4 24 | -22.7% | -14.9% | ||
| Q3 24 | 6.6% | 8.9% | ||
| Q2 24 | 17.2% | 12.5% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | -7.0% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | 4.3% | 9.3% | ||
| Q1 25 | -29.0% | -5.4% | ||
| Q4 24 | -25.4% | -33.4% | ||
| Q3 24 | -2.5% | 3.9% | ||
| Q2 24 | 10.6% | 8.3% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $-0.06 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | $0.12 | $0.13 | ||
| Q1 25 | $-0.28 | $-0.05 | ||
| Q4 24 | $-4.82 | $-0.24 | ||
| Q3 24 | $-2.46 | $0.05 | ||
| Q2 24 | $0.33 | $0.11 |
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 | — |
| Total DebtLower is stronger | $781.6M | $279.8M |
| Stockholders' EquityBook value | $-489.9M | $405.9M |
| Total Assets | $649.4M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $42.7M | — | ||
| Q1 25 | $17.3M | — | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $108.5M | — | ||
| Q2 24 | $74.4M | — |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | $776.6M | $281.5M | ||
| Q1 25 | $858.1M | $306.9M | ||
| Q4 24 | $796.6M | $281.5M | ||
| Q3 24 | $783.7M | $282.8M | ||
| Q2 24 | $783.7M | $282.4M |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $405.9M | ||
| Q3 25 | — | $408.4M | ||
| Q2 25 | $-246.2M | $398.4M | ||
| Q1 25 | $-269.5M | $381.1M | ||
| Q4 24 | $-220.0M | $387.2M | ||
| Q3 24 | $-177.1M | $416.6M | ||
| Q2 24 | $-168.2M | $408.1M |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $823.2M | ||
| Q3 25 | — | $844.4M | ||
| Q2 25 | $989.5M | $822.1M | ||
| Q1 25 | $1.0B | $824.6M | ||
| Q4 24 | $967.0M | $794.2M | ||
| Q3 24 | $1.1B | $853.4M | ||
| Q2 24 | $1.1B | $830.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-85.5M | $14.1M |
| FCF MarginFCF / Revenue | -58.1% | 14.1% |
| Capex IntensityCapex / Revenue | 2.9% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $23.3M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | $114.9M | $36.0M | ||
| Q1 25 | $-49.2M | $-46.9M | ||
| Q4 24 | $-105.1M | $6.2M | ||
| Q3 24 | $47.1M | $37.2M | ||
| Q2 24 | $175.5M | $52.4M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | $107.1M | $29.1M | ||
| Q1 25 | $-55.8M | $-50.3M | ||
| Q4 24 | $-109.8M | $-98.0K | ||
| Q3 24 | $34.1M | $33.2M | ||
| Q2 24 | $165.2M | $47.9M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | 21.4% | 16.8% | ||
| Q1 25 | -31.5% | -45.2% | ||
| Q4 24 | -62.6% | -0.1% | ||
| Q3 24 | 8.6% | 22.1% | ||
| Q2 24 | 29.0% | 29.9% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | 1.6% | 4.0% | ||
| Q1 25 | 3.7% | 3.1% | ||
| Q4 24 | 2.7% | 7.2% | ||
| Q3 24 | 3.2% | 2.7% | ||
| Q2 24 | 1.8% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | 5.29× | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | 2.89× | 3.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LESL
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
