Does LESLIE’S, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores LESLIE’S, INC. (LESL) 57.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 94, balance-sheet safety 28, capital discipline 24.

Is LESL stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $32.58 per share versus a recent price of $2.59 — 92% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has LESL's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 57.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

LESLIE’S, INC.

LESL · Consumer Discretionary · $24.1M mkt cap · FY2025 filings · Shallow moat ·

On the watchlist

Shallow moat

The four filters

Pricing power64

Median gross margin 40.9% over 7y, stable.

Returns on capital94

Median ROIC 25.8%, above the 9% hurdle in 83% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -3x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

92% below value

Owner earnings (normalized): $27.2M
Est. intrinsic value / share: $32.58
Recent price: $2.59
Discount to value: 92% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for LESL yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale57.7 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — LESL has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#119 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#117UNF UNIFIRST CORPORATION58.0 out of 100, Shallow moatShallow moat
#118ZUMZ ZUMIEZ INC57.9 out of 100, Shallow moatShallow moat
#120BWMN BOWMAN CONSULTING GROUP LTD.57.6 out of 100, Shallow moatShallow moat
#121RH RH57.0 out of 100, Shallow moatShallow moat

Compare LESL with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about LESL

Does LESLIE’S, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores LESLIE’S, INC. (LESL) 57.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 94, balance-sheet safety 28, capital discipline 24.
Is LESL stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $32.58 per share versus a recent price of $2.59 — 92% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has LESL's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 57.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows LESL’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/LESL"
  width="340" height="150" style="border:0"
  title="LESL Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LESL. See the disclaimer.