SEZLSezzle Inc.
Services-Business Services, NEC
- Revenue
- $236M
- 69% YoY
- Operating margin
- 74.9%
- 27% YoY
- EBITDA
- $178M
- 114% YoY
- Market cap
- $4.5B
- Employees
- 201
- $1M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 2.1
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo1577× net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo31% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes78% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 81st pctBottom quartile of its SIC industry
- Quiet on AINo2.1 per 10K words · 57th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$27M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $115M | $12M | $61M | $139M | $236M | 69% |
| Operating income | −$69M | −$28M | $22M | $82M | $177M | 115% |
| Net income | −$75M | −$38M | $7K | $79K | $133K | 70% |
| Operating cash flow | −$72M | $9M | −$26M | $131M | $210M | 61% |
| Capex | $686K | $52K | $82K | $70K | $655K | 836% |
| Stock-based comp | $14M | $10M | $7M | $5M | $7M | 26% |
| Buybacks | $3M | $381K | $2M | $24M | $65M | 174% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 14, 2026 | Youakim Charles | SCHEDULE 13D/A | 39.6% | Passive |
| Mar 16, 2026 | Youakim Charles | SCHEDULE 13D/A | 44.1% | Passive |
| Feb 11, 2025 | Youakim Charles | SCHEDULE 13D/A | 44.2% | Passive |
| Jan 3, 2025 | Paradis Paul | SCHEDULE 13D/A | 4.5% | Passive |
| Feb 15, 2024 | Youakim Charles | SC 13D | 43.6% | Passive |
| Jan 8, 2024 | Paradis Paul | SC 13D | 5.5% | Passive |
| Jul 13, 2022 | Zip Co Ltd | SC 13D/A | 0.0% | Passive |
| Mar 4, 2022 | Zip Co Ltd | SC 13D | 48.1% | Active |
Insider trading
- Open-market buys, 12 mo
- $114K · 3
- Open-market sells, 12 mo
- $27M · 94
- Net
- −$27M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $1M | $6M | 3565 | 181 |
| FY2024 | $2M | $12M | 2394 | 180 |
| FY2023 | $2M | $2M | 192 | 134 |