# Sezzle Inc. (SEZL)

> Source: Nexqual · https://nexqual.com/SEZL · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Sezzle Inc. (SEZL), nexqual.com/SEZL" · informational, not investment advice.

**Price:** USD 130.02 (+2.09% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 127.36 · day 124.77–130.74 · 52w 49.5–195.71 · market cap $4.39B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $532M, net income $161M (30.4% margin), free cash flow $275M (SEC filings).
- Valuation: P/E 27.2x (avg 17.6x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $23.2M; 1 not under a Rule 10b5-1 plan ($126K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $44K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.29 on a 1–5 scale) (7 analysts), mean target USD 167.17 (range 150–196).
- Total return with dividends: 1Y +84.9% vs S&P 500 +13.6%; 5Y +5713.1% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 1.29, revenue estimate $155M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $115M | $126M | $159M | $271M | $450M | $532M |
| Operating income | -$68.7M | -$28.4M | $22.2M | $82.2M | $177M | $215M |
| Net income | -$75.2M | -$38.1M | $7.1M | $78.5M | $133M | $161M |
| EPS (diluted) | -$0.06 | -$1.17 | $0.21 | $2.19 | $3.72 | — |
| Free cash flow | -$72.8M | $8.5M | -$25.8M | $131M | $209M | $275M |
| Operating margin | -59.8% | -22.6% | 13.9% | 30.3% | 39.3% | 40.4% |
| Net margin | -65.5% | -30.3% | 4.5% | 29.0% | 29.6% | 30.4% |
| Revenue growth | +95.3% | +9.4% | +26.9% | +70.1% | +66.1% | — |
| Cash + short-term investments | $77.0M | $68.3M | $67.6M | $73.2M | $64.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.2x · P/S 8.3x · P/FCF 16.0x · P/B 18.9x · FCF yield 6.25% · Earnings yield 3.68% · Buyback yield (TTM) 1.52%
P/E at fiscal year-ends: Dec 2025 17.0x, Dec 2024 19.5x, Dec 2023 16.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-27 | Brehm Kyle M. | Director | 1,000 | $126K | 4% | No | Too little history (no open-market trades in 2023) |
| 2026-07-15…2026-07-16 | Paradis Paul | Director & President | 18,977 | $3.6M | 1.6% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-15…2026-07-16 | Brading Lee Dickson | Chief Financial Officer | 10,334 | $1.9M | 3.5% | Yes (adopted June 17, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-06 | Brading Lee Dickson | Chief Financial Officer | 100 | $19K | 0% | Yes (adopted June 17, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Brading Lee Dickson | Chief Financial Officer | 10,000 | $1.8M | 3.3% | Yes (adopted June 17, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Sabzivand Amin | Chief Operating Officer | 6,930 | $1.2M | 2.6% | Yes (adopted November 25, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-25…2026-06-26 | Brading Lee Dickson | Chief Financial Officer | 10,000 | $1.7M | 3.2% | Yes (adopted June 17, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Brading Lee Dickson | Chief Financial Officer | 3,920 | $630K | 1.2% | Yes (adopted June 17, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Paradis Paul | Director & President | 26,400 | $4.3M | 2.2% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-12 | Paradis Paul | Director & President | 26,400 | $3.5M | 2.2% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-27 | Krause Justin | SVP FINANCE AND CONTROLLER | 3,178 | $374K | 4.2% | Yes (adopted May 21, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Paradis Paul | Director & President | 768 | $77K | 0.1% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-07…2026-05-08 | Paradis Paul | Director & President | 25,632 | $2.6M | 2.1% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-07 | Krause Justin | SVP FINANCE AND CONTROLLER | 11,822 | $1.3M | 14.9% | Yes (adopted May 21, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $44K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-18 | Hunt Bryan Cecil | Director | 250 | $29K | 115.86 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-20 | Khurana Rajeev | General Counsel | 129 | $15K | 115.88 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 7 analysts; mean target USD 167.17 (low 150, high 196).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | TD Cowen | Target lowered | Buy | $165 → $160 |
| 2026-08-20 | Needham | Reiterated | Buy | $172 |
| 2026-08-10 | TD Cowen | Upgrade | Hold → Buy | $165 |
| 2026-08-07 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $190 → $155 |
| 2026-08-07 | Needham | Target raised | Buy | $166 → $172 |
| 2026-07-13 | Keefe, Bruyette & Woods | Downgrade | Outperform → Market Perform | $115 → $190 |
| 2026-07-07 | TD Cowen | Target raised | Hold | $108 → $165 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2023-09-11) |
|---|---|---|
| Total return | +84.9% | +5713.1% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +85.3% | +266.0% |
| Volatility (annualized) | 88.6% | 115.8% |
| Max drawdown | -43.3% (Jul 2026→Sep 2026) | -71.4% (Jun 2025→Nov 2025) |

## Peers (Credit Services)
NNI (Nelnet, Inc.) USD 121.88 -0.71% · ENVA (Enova International, Inc.) USD 179.82 +4.97% · BFH (Bread Financial Holdings, Inc.) USD 104.73 +2.07% · KLAR (Klarna Group plc) USD 13.16 +3.70% · SLM (SLM Corporation) USD 17.72 -5.59% · CACC (Credit Acceptance Corporation) USD 544.9 +0.44%

## More
Full page: https://nexqual.com/SEZL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SEZL's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1662991/000166299126000016/szl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Federal Deposit Insurance | "A substantial majority of the short-term credit products available on the Sezzle Platform are originated by our originating bank partner, WebBank, a Federal Deposit Insurance Company ("FDIC")-insured Utah state-chartered…" |
| Competitor | Shopify (SHOP) | "Sezzle is a seeking an injunction to prevent Shopify from continuing its anticompetitive conduct and to restore competition and consumer choice." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription Revenue | $35.7M | 23.9% | +58.0% |
| Virtual Card Interchanges | $17.3M | 11.6% | +64.8% |
| Total revenue | $149.7M | 100% | — |
The lines above cover 35.4% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.29 | $1.24 | +4.1% | $155.0M | 6 |
| Next quarter (ends 2026-12-31) | $1.42 | $1.44 | -1.4% | $169.3M | 6 |
| Current fiscal year (ends 2026-12-31) | $5.26 | $5.12 | +2.7% | $608.9M | 6 |
| Next fiscal year (ends 2027-12-31) | $6.65 | $6.54 | +1.6% | $757.2M | 6 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.13 | $1.01 | Beat +11.9% | — |
| — | Quarter ended Mar 31, 2026 | $1.43 | $1.24 | Beat +15.3% | — |
| — | Quarter ended Dec 31, 2025 | $1.21 | $0.96 | Beat +26.0% | — |
| — | Quarter ended Sep 30, 2025 | $0.71 | $0.65 | Beat +9.2% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-09 | DEF 14A | Proxy statement (pay, board, votes) · period ended Nov 19, 2026 | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000167/0001662991-26-000167-index.htm |
| 2026-10-08 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000165/0001662991-26-000165-index.htm |
| 2026-09-14 | Schedule 13D/A | Charles Youakim, Cerro Gordo LLC: 39.6% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000155/0001662991-26-000155-index.htm |
| 2026-08-28 | 8-K | Other material event — “On August 28, 2026, Sezzle Inc. (the "Company") announced that its 2026 Annual Meeting of Stockholders (the "Annual Meeting") will be held on Thursday, November 19, 2026. The Annual Meeting will be conducted exclusively online via live webcast. Additional details regarding the Annual Meeting, including instructions for attending and voting, will be included in the Company's definitive proxy statement for the Annual Meeting, to be filed with the Securities and Exchange Commission (the "SEC"). Because the date of…” | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000148/0001662991-26-000148-index.htm |
| 2026-08-18 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation — “On August 12, 2026, Sezzle Inc. ("Sezzle" or the "Company") and WebBank, a Utah-chartered industrial bank ("WebBank"), entered into a Second Amended and Restated Loan and Receivables Sale Agreement (the "Receivables Sale Agreement") and a Second Amended and Restated Marketing and Servicing Agreement (the "Servicing Agreement" and, together with the Receivables Sale Agreement, the "Second Amended Bank Program Agreements"). The Second Amended Bank Program Agreements amend and restate the previously disclosed Amended…” | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000144/0001662991-26-000144-index.htm |
| 2026-08-12 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000132/0001662991-26-000132-index.htm |
| 2026-08-07 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000126/0001662991-26-000126-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000124/0001662991-26-000124-index.htm |
| 2026-07-14 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1662991/000166299126000118/0001662991-26-000118-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.