Business Description
FirstCash Holdings, Inc, together with its subsidiaries, operates retail pawn stores in the United States, Mexico, and rest of Latin America. Its pawn stores lend money on the collateral of pledged personal property, including jewelry, electronics, tools, appliances, sporting goods, and musical instruments; and retails merchandise acquired through collateral forfeitures on forfeited pawn loans and over-the-counter purchases of merchandise directly from customers. The company is also involved in melting scrap jewelry, as well as sells gold, silver, and diamonds in commodity markets. As of December 31, 2021, it operated 1,081 stores in the United States and the District of Columbia; 1,656 stores in Mexico; 60 stores in Guatemala; 13 stores in El Salvador; and 15 stores in Colombia. The company was incorporated in 1988 and is headquartered in Fort Worth, Texas.
Business History
Generated: Jun 7, 2026 3:11pmPrice Overview
Last updated: Jun 7, 2026 3:08pm (5d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 7.35
Total Equity: $2.28B
Shares: 44,526,000
Total Debt: $2.57B
Cash: $125.20M
EBITDA: $999.78M
Total Debt: $2.57B
Cash: $125.20M
Revenue: $3.66B
Revenue: $3.66B
Revenue: $3.66B
Total Equity: $2.28B
Tax Rate: 26.2%
Equity: $2.28B
Total Debt: $2.57B
Cash: $125.20M
Current Liabilities: $407.81M
Long-Term Debt: $2.46B
Total Debt: $2.57B
Total Equity: $2.28B
Shares: 44,526,000
Shares: 44,526,000
CapEx: -$116.83M
Shares: 44,526,000
Stock Price: $225.44
Net Income: $330.38M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 3:14pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $2.7B | $3.2B | $3.4B | $3.7B |
| Cost of Revenue | $779.8M | $1.5B | $1.6B | $1.8B | $1.8B |
| Gross Profit | $919.2M | $1.3B | $1.5B | $1.6B | $1.9B |
| Operating Expenses | $722.0M | $980.7M | $1.1B | $1.2B | $1.3B |
| Operating Income | $197.2M | $283.9M | $389.6M | $450.4M | $562.2M |
| Net Income | $124.9M | $253.5M | $219.3M | $258.8M | $330.4M |
| EBITDA | $257.6M | $851.7M | $906.7M | $986.2M | $999.8M |
| EPS | $3.05 | $5.37 | $4.82 | $5.76 | $7.35 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 3:08pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $120.0M | $117.3M | $127.0M | $175.1M | $125.2M |
| Total Current Assets | $1.1B | $1.1B | $1.3B | $1.4B | $1.9B |
| Total Assets | $3.8B | $3.9B | $4.3B | $4.5B | $5.3B |
| Current Liabilities | $392.2M | $295.5M | $335.6M | $339.4M | $407.8M |
| Long-Term Debt | $1.3B | $1.4B | $1.6B | $1.7B | $2.5B |
| Total Liabilities | $2.0B | $2.0B | $2.3B | $2.4B | $3.0B |
| Total Equity | $1.8B | $1.9B | $2.0B | $2.1B | $2.3B |
| Retained Earnings | $866.7M | $1.1B | $1.2B | $1.4B | $1.7B |
Cash Flow (Annual)
Last updated: Jun 7, 2026 3:14pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $223.3M | $469.3M | $416.1M | $540.0M | $585.9M |
| Capital Expenditure | -$42.0M | -$35.6M | -$60.1M | -$68.2M | -$116.8M |
| Free Cash Flow | $181.3M | $433.7M | $356.0M | $471.7M | $469.1M |
| Acquisitions (net) | -$543.9M | -$96.8M | -$181.3M | -$76.0M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$49.6M | -$157.9M | -$114.4M | -$85.0M | -$115.8M |
| Net Change in Cash | $54.2M | -$2.7M | $9.7M | $48.1M | -$49.9M |
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 3:08pm (5d ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$4.6B $4.4B – $4.9B
|
$5.2B $5.2B – $5.3B
|
$5.7B $5.6B – $5.9B
|
$6.1B $6.0B – $6.3B
|
| EBITDA |
$1.7B $1.6B – $1.8B
|
$1.9B $1.9B – $1.9B
|
$2.1B $2.1B – $2.2B
|
$2.3B $2.2B – $2.3B
|
| Net Income |
$556.0M $538.2M – $573.8M
|
$671.5M $650.1M – $692.8M
|
$754.3M $734.7M – $783.4M
|
$843.3M $821.4M – $875.9M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 3:14pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +60.6% | +15.5% | +7.5% | +8.0% |
| Gross Profit Growth | +37.6% | +19.2% | +8.1% | +16.1% |
| Operating Income Growth | +44.0% | +37.2% | +15.6% | +24.8% |
| Net Income Growth | +102.9% | -13.5% | +18.0% | +27.6% |
| EBITDA Growth | +230.6% | +6.5% | +8.8% | +1.4% |
Insider Trading (Recent)
Last updated: Jun 7, 2026 3:12pm (5d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-05 | Ramos Raul | S-Sale | 6,835.00 | $225.23 | $1.5M |
| 2026-05-28 | Ramos Raul | S-Sale | 3,165.00 | $231.13 | $731,526 |
| 2026-05-18 | Stuart Thomas Brent | S-Sale | 10,000.00 | $228.49 | $2.3M |
| 2026-05-19 | Hambleton Howard F | S-Sale | 3,000.00 | $226.41 | $679,230 |
| 2026-05-18 | ORR R DOUGLAS | S-Sale | 1,000.00 | $227.32 | $227,320 |
| 2026-05-18 | ORR R DOUGLAS | S-Sale | 1,000.00 | $227.31 | $227,310 |
| 2026-05-18 | ORR R DOUGLAS | S-Sale | 1,000.00 | $227.28 | $227,280 |
| 2026-05-01 | Garrett Paula K | S-Sale | 1,500.00 | $217.40 | $326,100 |
| 2026-04-15 | ORR R DOUGLAS | G-Gift | 12,500.00 | $0.00 | $0 |
| 2026-02-06 | Hostetler Brian D | 0.00 | $0.00 | $0 | |
| 2026-02-06 | Hostetler Brian D | 0.00 | $0.00 | $0 | |
| 2026-02-18 | Hambleton Howard F | S-Sale | 4,000.00 | $185.12 | $740,480 |
| 2026-02-17 | ORR R DOUGLAS | S-Sale | 1,000.00 | $182.98 | $182,980 |
| 2026-02-17 | ORR R DOUGLAS | S-Sale | 1,000.00 | $182.98 | $182,980 |
| 2026-02-17 | ORR R DOUGLAS | S-Sale | 1,000.00 | $182.99 | $182,990 |
| 2026-02-17 | Stuart Thomas Brent | S-Sale | 10,000.00 | $182.53 | $1.8M |
| 2026-02-05 | ORR R DOUGLAS | S-Sale | 4,000.00 | $175.37 | $701,480 |
| 2026-02-05 | ORR R DOUGLAS | S-Sale | 1,500.00 | $174.96 | $262,440 |
| 2026-02-05 | ORR R DOUGLAS | S-Sale | 2,000.00 | $175.01 | $350,020 |
| 2026-02-05 | Hambleton Howard F | S-Sale | 2,000.00 | $177.65 | $355,300 |
Dividend History (Last 20)
Last updated: Jun 7, 2026 3:08pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-15 | $0.42 | 2026-04-22 | 2026-05-15 | 2026-05-29 |
| 2026-02-18 | $0.42 | 2026-01-28 | 2026-02-18 | 2026-02-27 |
| 2025-11-14 | $0.42 | 2025-10-22 | 2025-11-14 | 2025-11-26 |
| 2025-08-15 | $0.42 | 2025-07-23 | 2025-08-15 | 2025-08-29 |
| 2025-05-15 | $0.38 | 2025-04-24 | 2025-05-15 | 2025-05-30 |
| 2025-02-14 | $0.38 | 2025-01-30 | 2025-02-14 | 2025-02-28 |
| 2024-11-15 | $0.38 | 2024-10-23 | 2024-11-15 | 2024-11-27 |
| 2024-08-15 | $0.38 | 2024-07-25 | 2024-08-15 | 2024-08-30 |
| 2024-05-14 | $0.35 | 2024-04-25 | 2024-05-15 | 2024-05-31 |
| 2024-02-13 | $0.35 | 2024-02-01 | 2024-02-14 | 2024-02-28 |
| 2023-11-14 | $0.35 | 2023-10-26 | 2023-11-15 | 2023-11-30 |
| 2023-08-14 | $0.35 | 2023-07-27 | 2023-08-15 | 2023-08-31 |
| 2023-05-12 | $0.33 | 2023-04-27 | 2023-05-15 | 2023-05-31 |
| 2023-02-13 | $0.33 | 2023-02-02 | 2023-02-14 | 2023-02-28 |
| 2022-11-14 | $0.33 | 2022-10-27 | 2022-11-15 | 2022-11-30 |
| 2022-08-11 | $0.33 | 2022-07-28 | 2022-08-12 | 2022-08-26 |
| 2022-05-13 | $0.30 | 2022-04-28 | 2022-05-16 | 2022-05-31 |
| 2022-02-17 | $0.30 | 2022-02-08 | 2022-02-21 | 2022-02-28 |
| 2021-11-12 | $0.30 | 2021-10-20 | 2021-11-15 | 2021-11-30 |
| 2021-08-12 | $0.30 | 2021-07-21 | 2021-08-13 | 2021-08-27 |
Narrative Economics
Advanced Analysis Forensic deep-dive · two lenses
The two lenses tell a coherent story: this is a real business (clean cash conversion, margin expansion, Beneish/Altman both benign) but it's a levered compounder the market already understands, so the +25 quality read and the -26 valuation read net out to 'good company, no edge today.' I'm not paying 22x and ~12.4x EV/EBITDA on $2.44B of net debt and 2.1%/yr share creep when deserved value is $215–235 and spot is $225 — that's zero margin of safety against AFF/CFPB tail risk and one-way insider selling. So I do nothing at $225 beyond putting it on the active watchlist.
The playbook: starter position (~1% of book) only if it trades into the $185–190 zone, which is the value lens's attractive-below line and where I'd be getting paid for the leverage and dilution drag. Scale to a full ~3% weight on a flush into the $160s or on a clean AFF regulatory resolution. I get aggressive — full weight in one shot — only if a macro/credit scare takes it sub-$150 with the underlying pawn unit economics still intact. Flip to sidelines permanently if AFF gets hit with a structural CFPB action or if net debt/FCF deteriorates past ~6x. Until then, it's a name I want to own, not a name I want to buy.
FirstCash is a mature specialty finance/pawn operator showing genuine operational improvement: revenue compounded from $1.70B (2021) to $3.66B (2025), operating margin expanded from 11.6% to 15.4%, and gross margin rebuilt from a 46.3% trough in 2022 to 51.7% in 2025. Net income nearly tripled over the period ($124.9M → $330.4M) and FCF has been consistently strong at $356M–$471M, with OCF/NI of 1.88x and accruals at -4.8% of assets — earnings appear real, not accrual-manufactured. Beneish M of -3.23 and Altman Z of 3.77 corroborate clean books.
The quality blemishes are structural rather than cosmetic. Net debt of ~$2.44B against only $125M liquid cash means the balance sheet is a working constraint — the business funds itself via FCF but has no cushion, and growth has clearly been debt-financed (consistent with the AFF acquisition history implied by the 2021→2022 revenue jump). Diluted shares grew from 41.0M to 44.5M (a 2.1% CAGR), and while management claims buybacks at 1761% of SBC, the share count is still drifting up — suggesting acquisition-related issuance is the real dilution source, not comp. Insider behavior is one-directional: 34 sells / 0 buys totaling $33M over twelve months, including repeated programmatic sales by Director Orr and executives Stuart and Hambleton. Not a panic pattern, but no insider is voting with cash on the other side.
Net: a legitimately improving business with clean earnings and strong cash conversion, tempered by leverage, persistent (if modest) share creep, and uniformly distributive insiders.
Verify before trusting this (6)
- Debt maturity ladder and weighted cost of the $2.44B net debt — refinancing exposure
- AFF segment regulatory status (CFPB actions, state-level rate caps) and segment-level margins vs core pawn
- Source of 2.1% share creep — acquisition consideration vs RSU grants — and whether buyback authorization is being used opportunistically
- Same-store / same-pawn-shop revenue and loan-balance growth vs total growth to isolate organic vs acquired
- Whether insider sales are 10b5-1 programmatic or discretionary
- Loan loss provisioning and charge-off trends in the consumer lending segment as a leading indicator of earnings durability
FCFS trades at $225.44 with a ~$9.9B market cap against a leveraged balance sheet ($2.44B net debt, $125M cash), so EV is ~$12.2B. The e2e synthesis flags 'Reasonable Premium,' which lines up with what I see: a solid, cash-generative pawn lender growing revenue and margins, but not a fortress balance sheet and quietly diluting ~2.1%/yr. That deserved-value uplift from quality is real but bounded — I get to roughly $215–$235 fair, putting the stock within a coin-flip of intrinsic.
What's priced in: continued LatAm store growth, stable pawn spreads, and the AFF consumer-finance arm not blowing up. That's a reasonable base case, not a heroic one, which is why I can't call this rich. But there's no margin of safety either — buyers here are paying for execution to continue, with leverage and dilution silently eating ~3-4% of equity returns per year. Earnings quality is clean (score 3), so no haircut is warranted on the reported numbers themselves.
Net: this is the classic 'good company the market already understands.' I'd want a visible pullback before pressing — not because the thesis is broken, but because the gap between price and deserved value is too thin to underwrite.
Verify before trusting this (5)
- AFF segment credit losses and reserves — a deterioration would compress deserved value materially
- Mexican peso FX impact on translated earnings in next 1-2 quarters
- Same-store pawn loan balance growth vs new-store growth (mix matters for deserved multiple)
- Buyback pace vs SBC — confirm whether 2.1% dilution is persisting or narrowing
- Gold price sensitivity disclosure — current commodity tailwind could be cyclical