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Data as of Q3 2026
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Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Z | $7.0B | 344.3× | 27.0× | 2.7× | 15.5% | 74.1% | 0.9% | 0.5% | 0.5% | -3.3× | 83 |
| WEX | $6.3B | 21.7× | 10.3× | 2.4× | 1.2% | 58.6% | 11.4% | 24.6% | 5.0% | 4.0× | 91 |
| LYFT | $6.2B | 2.4× | — | 1.0× | 9.2% | 41.5% | 45.0% | 86.9% | 65.7% | — | 106 |
| EXLS | $6.2B | 26.7× | 17.0× | 3.0× | 13.6% | 38.4% | 12.0% | 27.5% | 20.7% | 0.4× | 99 |
| AMTM | $5.4B | 81.7× | 17.1× | 0.4× | 71.6% | 10.5% | 0.5% | 1.5% | 0.8% | 6.7× | 101 |
| RELY | $5.2B | 79.5× | 47.1× | 3.2× | 29.4% | — | 4.2% | 7.8% | 6.6% | -3.8× | 71 |
| SEZL | $4.5B | 36.0× | 25.0× | 10.0× | 66.1% | — | 29.6% | 78.4% | 78.4% | -0.4× | 53 |
| PAY | $4.1B | 62.0× | 32.1× | 3.4× | 37.3% | 24.8% | 5.6% | 11.9% | 11.9% | -2.8× | 29 |
| MMS | $3.3B | 11.4× | 8.0× | 0.6× | 2.4% | 24.6% | 5.9% | 19.1% | 10.6% | 2.0× | 70 |
| FOUR | $3.1B | — | 8.5× | 0.7× | 25.5% | — | 2.8% | 8.3% | 2.0% | 4.6× | 62 |
| CBZ | $3.0B | 30.0× | 13.4× | 1.1× | 52.1% | 12.9% | 4.2% | 6.6% | 3.6% | 4.3× | 47 |
| TNET | $2.9B | 19.9× | — | 0.6× | -0.9% | — | 3.1% | 287% | 16.3% | — | 49 |
| PAYO | $2.4B | 37.5× | 10.5× | 2.3× | 7.7% | — | 7.0% | 10.4% | 10.4% | -2.2× | 61 |
| FLYW | $2.4B | 175.4× | 55.0× | 3.8× | 26.6% | — | 2.2% | 1.6% | 1.6% | -8.8× | 31 |
| TIC | $2.3B | — | 21.3× | 1.5× | 45.7% | 29.4% | -5.7% | -4.0% | -2.3% | 7.3× | — |
| WU | $1.9B | 4.1× | 4.5× | 0.5× | -3.8% | 37.0% | 12.3% | 52.2% | 13.0% | 2.1× | 120 |
| CNXC | $1.9B | — | — | 0.2× | 2.2% | 35.0% | -13.0% | -46.6% | -17.3% | — | 60 |
| RDWR | $1.5B | 81.4× | 62.2× | 5.1× | 9.8% | 80.7% | 6.7% | 5.8% | 5.8% | -4.5× | 13 |
Peers = companies sharing SEZL's sector (Services-Business Services, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
How management deployed cash over 6 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 78%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $64.7M buybacks = $64.7M returned on $209.3M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-29
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $450.3M 100.0% | $271.1M 100.0% | $159.4M 100.0% | $125.6M 100.0% | $114.8M 100.0% | $58.8M 100.0% |
| Selling, General & Admin | $16.8M 3.7% | $11.4M 4.2% | $8.6M 5.4% | $16.4M 13.1% | $15.8M 13.7% | $7.2M 12.3% |
| Total Operating Expenses | $273.5M 60.7% | $188.9M 69.7% | $137.2M 86.1% | $154.0M 122.6% | $183.5M 159.8% | $86.7M 147.5% |
| Operating Income | $176.8M 39.3% | $82.2M 30.3% | $22.2M 13.9% | -$28.4M -22.6% | -$68.7M -59.8% | -$27.9M -47.5% |
| Interest Expense | $14.0M 3.1% | $13.8M 5.1% | $16.0M 10.0% | $8.6M 6.8% | $5.3M 4.6% | $4.3M 7.3% |
| Other Income (Expense), net | $123K 0.0% | $354K 0.1% | $1.9M 1.2% | -$226K -0.2% | -$65K -0.1% | -$126K -0.2% |
| Pretax Income | $162.9M 36.2% | $67.3M 24.8% | $7.7M 4.8% | -$38.0M -30.3% | -$75.1M -65.4% | -$32.4M -55.0% |
| Income Tax Expense | $29.8M 6.6% | -$11.2M -4.1% | $611K 0.4% | $69K 0.1% | $58K 0.1% | $31K 0.1% |
| Net Income | $133.1M 29.6% | $78.5M 29.0% | $7.1M 4.5% | -$38.1M -30.3% | -$75.2M -65.5% | -$32.4M -55.1% |
| Per Share | ||||||
| EPS (Basic) | $3.93 | $2.33 | $1.27 | -$7.00 | -$0.38 | -$0.17 |
| EPS (Diluted) | $3.72 | $2.19 | $1.25 | -$7.00 | -$0.38 | -$0.17 |
| Weighted Avg Shares (Basic) | 33.9M | 33.7M | 5.6M | 5.4M | 200.3M | 186.8M |
| Weighted Avg Shares (Diluted) | 35.7M | 35.9M | 5.7M | 5.4M | 200.3M | 186.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $133.86 today, the market must believe free cash flow compounds 20.3%/yr for a decade (off $169.9M on the 3-yr avg basis).
On the basis ($164.1M) the requirement is 20.9%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 20.3% is more conservative than its 3-yr track record.
Default is 14.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.03B shares (market data) · net debt -$64.1M
mean -172.2% · volatility σ 329% · implied rate exceeded in 1/2 yrs
Central path = implied 20.3%/yr growth; shaded band = ±1σ (329%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-10-29
Where each multiple sits in its own 6-yr range · 96th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 6-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 78% against ROIC 78% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 103.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| SG&A | 12.3 | 13.7 | 13.1 | 5.4 | 4.2 | 3.7 |
| Operating Income | -47.5 | -59.8 | -22.6 | 13.9 | 30.3 | 39.3 |
| Income Tax | 0.1 | 0.1 | 0.1 | 0.4 | -4.1 | 6.6 |
| Net Income | -55.1 | -65.5 | -30.3 | 4.5 | 29.0 | 29.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SEZL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns 164.62pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2024 | 379.3% | 10.1% | 369.2pts |
| FY2025 | 148.1% | 15.0% | 133.1pts |
| Now | 78.4% | 14.9% | 63.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2020 | not reported | -47.5% | -55.1% |
| FY2021 | not reported | -59.8% | -65.5% |
| FY2022 | not reported | -22.6% | -30.3% |
| FY2023 | not reported | 13.9% | 4.5% |
| FY2024 | not reported | 30.3% | 29.0% |
| FY2025 | not reported | 39.3% | 29.6% |
Return on equity (78%) and return on invested capital (78%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
The spread has been narrowing over the last three years.
Cash conversion of -0.13x sits below the level that would make the earnings clearly cash-backed.
Capex has been below depreciation for 6 consecutive years (0.33x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Covers interest 8.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 12.61x |
| 5% | 11.98x |
| 10% | 11.35x |
| 15% | 10.72x |
| 20% | 10.09x |
| 25% | 9.46x |
| 30% | 8.83x |
| 35% | 8.20x |
| 40% | 7.57x |
| 45% | 6.93x |
| 50% | 6.30x |
| 55% | 5.67x |
| 60% | 5.04x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $824,000 of the $824,000 total — a fixed obligation that does not appear in a headline debt figure.
At $133.86, free cash flow must compound 20.35%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2023 | −404.6% | 20.3% |
| FY2025 | 60.3% | 20.3% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 1 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $133M | $133M |
| Share-based comp | $7M | $140M |
| Other non-cash & working capital | $70M | $210M |
| Operating cash flow | $210M | $210M |
| Capex | −$655,000 | $209M |
| Free cash flow | $209M | $209M |
| FCF after SBC | $203M | $203M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 95.3% | not reported | not reported |
| FY2022 | 9.4% | not reported | not reported |
| FY2023 | 26.9% | not reported | not reported |
| FY2024 | 70.1% | not reported | not reported |
| FY2025 | 66.1% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -4.4 percent |
| FY2021 | -1.4 percent |
| FY2022 | -27.0 percent |
| FY2023 | 15.4 percent |
| FY2024 | -17.5 percent |
| FY2025 | -19.2 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 6 consecutive years to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-21 | Sabzivand Amin Chief Operating Officer | Tax withholding | 342 | $116.55 | $40k |
| 2026-09-21 | Krause Justin SVP FINANCE AND CONTROLLER | Tax withholding | 68 | $116.55 | $8k |
| 2026-09-18 | Hunt Bryan Cecil Director | Open-market buy | 250 | $115.86 | $29k |
| 2026-09-02 | Youakim Charles Executive Chairman and CEO | Otherindirect7d late | 1,508,454 | — | — |
| 2026-08-27 | Brehm Kyle M. Director | Open-market sale | 1,000 | $125.92 | $126k |
| 2026-08-20 | Khurana Rajeev General Counsel | Open-market buy | 129 | $115.88 | $15k |
| 2026-08-10 | Krause Justin SVP FINANCE AND CONTROLLER | Tax withholding | 1,571 | $118.00 | $185k |
| 2026-08-10 | Youakim Charles Executive Chairman and CEO | Tax withholding | 6,978 | $118.00 | $823k |
| 2026-08-10 | Paradis Paul Director & President | Tax withholding | 7,110 | $118.00 | $839k |
| 2026-08-10 | Sabzivand Amin Chief Operating Officer | Tax withholding | 6,973 | $118.00 | $823k |
| 2026-08-10 | Brading Lee Dickson Chief Financial Officer | Tax withholding | 1,405 | $118.00 | $166k |
| 2026-07-16 | 8 co-filers Director & President | 10b5-1 plan sale | 7,232 | $190.25 | $1.4m |
| 2026-07-16 | 8 co-filers Director & President | 10b5-1 plan sale | 900 | $191.21 | $172k |
| 2026-07-16 | 8 co-filers Director & President | 10b5-1 plan sale | 500 | $192.19 | $96k |
| 2026-07-16 | 6 co-filers Chief Financial Officer | 10b5-1 plan sale | 434 | $195.03 | $85k |
| 2026-07-16 | 8 co-filers Director & President | 10b5-1 plan sale | 1,700 | $193.52 | $329k |
| 2026-07-16 | 8 co-filers Director & President | 10b5-1 plan sale | 400 | $194.51 | $78k |
| 2026-07-15 | 8 co-filers Director & President | 10b5-1 plan sale | 5,283 | $190.39 | $1.0m |
| 2026-07-15 | 6 co-filers Chief Financial Officer | 10b5-1 plan sale | 2,326 | $185.38 | $431k |
| 2026-07-15 | 8 co-filers Director & President | 10b5-1 plan sale | 2,362 | $191.86 | $453k |
| 2026-07-15 | 6 co-filers Chief Financial Officer | 10b5-1 plan sale | 1,104 | $186.45 | $206k |
| 2026-07-15 | 8 co-filers Director & President | 10b5-1 plan sale | 600 | $192.88 | $116k |
| 2026-07-15 | 6 co-filers Chief Financial Officer | 10b5-1 plan sale | 1,200 | $187.45 | $225k |
| 2026-07-15 | 6 co-filers Chief Financial Officer | 10b5-1 plan sale | 270 | $188.08 | $51k |
| 2026-07-15 | 6 co-filers Chief Financial Officer | 10b5-1 plan sale | 5,000 | $190.30 | $952k |
| 2026-07-06 | Brading Lee Dickson Chief Financial Officer | 10b5-1 plan sale | 100 | $185.00 | $19k |
| 2026-07-01 | 5 co-filers Chief Financial Officer | 10b5-1 plan sale | 2,425 | $175.31 | $425k |
| 2026-07-01 | 4 co-filers Chief Operating Officer | Option exercise | 6,930 | $5.23 | $36k |
| 2026-07-01 | 5 co-filers Chief Financial Officer | 10b5-1 plan sale | 2,475 | $176.60 | $437k |
| 2026-07-01 | 4 co-filers Chief Operating Officer | 10b5-1 plan sale | 3,837 | $179.59 | $689k |
| 2026-07-01 | 4 co-filers Chief Operating Officer | 10b5-1 plan sale | 3,093 | $180.31 | $558k |
| 2026-07-01 | 5 co-filers Chief Financial Officer | 10b5-1 plan sale | 100 | $177.25 | $18k |
| 2026-07-01 | 5 co-filers Chief Financial Officer | 10b5-1 plan sale | 4,286 | $180.35 | $773k |
| 2026-07-01 | 4 co-filers Chief Operating Officer | Option exercise | 6,930 | $0.00 | — |
| 2026-07-01 | 5 co-filers Chief Financial Officer | 10b5-1 plan sale | 714 | $181.18 | $129k |
| 2026-06-26 | 3 co-filers Chief Financial Officer | 10b5-1 plan sale | 574 | $165.00 | $95k |
| 2026-06-26 | 3 co-filers Chief Financial Officer | 10b5-1 plan sale | 5,000 | $170.07 | $850k |
| 2026-06-25 | 3 co-filers Chief Financial Officer | 10b5-1 plan sale | 4,426 | $165.19 | $731k |
| 2026-06-20 | Krause Justin SVP FINANCE AND CONTROLLER | Tax withholding | 45 | $163.28 | $7k |
| 2026-06-20 | Sabzivand Amin Chief Operating Officer | Tax withholding | 342 | $163.28 | $56k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.