Buckle up for $2, page-1420

Yeah, that's the trap when only comparing the dept/equity ratio between FXL as a whole, versus a BNPL operator.
While its true other BNPL companies have better ratios, FXL numbers don't only represent a BNPL business (multiple businesses in FXL).


If you compare FXL to another debt solutions/lending company like FSA group (FSA.ax) their debt/equity ratio is almost twice as healthy.

FXL debt/equity resides around the 400% mark while FSA exceeds the 700% mark.
FXL ratio as a whole is most close to something like CBA Commonwealth Bank, 350%.

Hearsay is one thing, but if you don't dissect the balance sheets you won't get the clear story.