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SEZZLE INC.

SEZL · Technology · $4.3B mkt cap · FY2025 filings · · Narrow moat ·

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The five investor questions

80

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $115M to $236M, increasing; diluted EPS -2.34 to 3.72, increasing.

—

Not enough years of gross-margin data to score pricing power.

100

Median ROIC 349.0%, above the 12% hurdle in 100% of years.

54

Net debt/EBITDA n/ax, interest coverage 13x.

32

Owner earnings changed trend unclear over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
4832% above value if growth stopped today
$7.9M
$2.59
$2.59
$127.65
4832% above value if growth stopped today

What today’s price assumes: owner earnings growing ~118%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 18, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

7 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $58.8M (FY2020) to $236M (FY2025) — about 32.0% a year compounded over 5 years.

SEZL's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2019–FY2025 · 7 fiscal years, normalized from SEZL’s SEC filings

Sales, as filed$236M FY2025
$0$100M$200M2019202120232025
Revenue kept after cost of goods

Not disclosed in SEZL’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$134M FY2025
$0$100M2019202120232025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How SEZZLE INC. makes its money

SEZZLE INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$236M100%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
$177M75%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Income before tax$163M69%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Income tax$29.8M13%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
$133M56%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What SEZZLE INC. owns — and owes

SEZZLE INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$400M100%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Cash and equivalents$64.1M16%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Stockholders’ equity$170M42%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What drives SEZZLE INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity103%Tax burden82%net income ÷ pretax incomeInterest burden92%pretax ÷ operating incomeOperating margin75%operating income ÷ revenueAsset turnover0.68×revenue ÷ average assetsEquity multiplier2.71×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$133MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Income before tax$163MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Operating income$177MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
$236MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Ending assets$400MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Beginning assets$298MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
$170MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
$87.8MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Source: · event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set
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Flagship explainer

Where SEZZLE INC.'s cash went

SEZZLE INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$210M100%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Depreciation and amortization$1.4M1%
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001662991-26-000016 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding SEZZLE INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 18, 2026

Flagship explainer

What SEZZLE INC. insiders reported

Records still being gathered — partial as of retrieval Oct 19, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

31 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale66.6 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Oct 18, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

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

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 19, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (7 versus 1). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Sabzivand AminChief Operating OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock, par value $0.00001 per share342$116.55$39,860252,465Sep 21, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 342 shares at $116.55 · code F · owned after 252,465 ·
Krause JustinSVP FINANCE AND CONTROLLERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock, par value $0.00001 per share68$116.55$7,92570,773Sep 21, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 68 shares at $116.55 · code F · owned after 70,773 ·
Hunt Bryan CecilDirectorOpen-market or private purchase (P)Table I · Acquired · Common Stock, par value $0.00001 per share250$115.86$28,9653,985Sep 18, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 250 shares at $115.86 · code P · owned after 3,985 ·
Youakim CharlesDirector, Executive Chairman and CEO, 10% ownerOther acquisition or disposition (J)Table I · Disposed · Common Stock, par value $0.00001 per share1,508,454Not disclosedNot disclosed0Sep 2, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 1,508,454 shares at Not disclosed · code J · owned after 0 ·
Brehm Kyle M.DirectorOpen-market or private sale (S)Table I · Disposed · Common Stock, par value $0.00001 per share1,000$125.92$125,92023,853Aug 27, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 1,000 shares at $125.92 · code S · owned after 23,853 ·
Khurana RajeevGeneral CounselOpen-market or private purchase (P)Table I · Acquired · Common Stock, par value $0.00001 per share129.4498$115.875$15,0003,629.4498Aug 20, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 129.4498 shares at $115.875 · code P · owned after 3,629.4498 ·
Youakim CharlesDirector, Executive Chairman and CEO, 10% ownerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock, par value $0.00001 per share6,978$118.00$823,40412,346,326Aug 10, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 6,978 shares at $118.00 · code F · owned after 12,346,326 ·
Paradis PaulDirector, Director & PresidentPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock, par value $0.00001 per share7,110$118.00$838,980390,108Aug 10, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 7,110 shares at $118.00 · code F · owned after 390,108 ·
Krause JustinSVP FINANCE AND CONTROLLERPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock, par value $0.00001 per share1,571$118.00$185,37870,841Aug 10, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 1,571 shares at $118.00 · code F · owned after 70,841 ·
Sabzivand AminChief Operating OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock, par value $0.00001 per share6,973$118.00$822,814252,807Aug 10, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 6,973 shares at $118.00 · code F · owned after 252,807 ·
Brading Lee DicksonChief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock, par value $0.00001 per share1,405$118.00$165,790285,092Aug 10, 2026
1 filed lot
  • Table I · Common Stock, par value $0.00001 per share: 1,405 shares at $118.00 · code F · owned after 285,092 ·

Source-event as of . Retrieved .

Track record

How SEZZLE INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2021–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored SEZL on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100Indexed price · log scale 20212022202320242025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, SEZL did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#134 of 752 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #132DSNY DESTINY MEDIA TECHNOLOGIES INC.67.0Narrow moat
  2. #133LOGI LOGITECH INTERNATIONAL S.A.66.8Narrow moat
  3. #135ADI ANALOG DEVICES INC66.5Narrow moat
  4. #136NOVT NOVANTA INC.66.5Narrow moat

Compare SEZL with its nearest peers →All Technology companies on the Index →

Common questions about SEZL

Does SEZZLE INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores SEZZLE INC. (SEZL) 66.6 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power not measurable from the filings, returns on capital 100, balance-sheet safety 54, capital allocation 32.
Is SEZL trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $2.59 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $127.65, that is 4832% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has SEZL's Moat Score changed over time?
The record logs 31 readings since Jul 17, 2026; the latest reads 66.6 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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