Forensic Analysis · Professional & Commercial Services · as of Aug 11, 2026

Sezzle Inc. (SEZL)

A forensic read on Sezzle Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

19.9

Distress distance

Clean

Earnings quality

Forensic signals

40.5

P / E (ttm)

78.4%

ROE

$4.0B

Market cap

66.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Sezzle Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 19.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+151.3%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +151.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by payables paid down 18% against +66% in revenue. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 128% of net operating assets, diverging from the balance-sheet accrual read.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed +557% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +87.3%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Latest Revenue$450.3M

Revenue Growth YoY+66.1%

Revenue CAGR (3yr)+53.0%

Net Margin29.6%

Free Cash Flow$209.3M

Return on Equity78.4%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.