FirstCash Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business model plainly carries: pawn lending has been robust for centuries, the store metrics are strong, the books are clean enough for 8 of 9 on the Piotroski test, operating cash flow runs well above reported profit, and leverage stays inside the stated range. What remains open is a material operating question — twice over. First, the 2026 earnings jump depends 71 percent on a commodity price and an acquisition rather than on the pawn margin. Second, the AFF segment is shrinking 39 percent while $486.2 million of goodwill sits unchanged on it and tangible equity amounts to only $91.0 million. This is not an existential issue — interest coverage, cash flow and an Altman Z-Score of 7.71 argue clearly against that — but it is more than a formality. Hence yellow: proven strength at the core, unresolved questions at two edges. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
FirstCash runs 3,343 pawn stores in four countries, and that core business clearly works: pawn receivables 63 percent above the prior year as of June 30, 2026, twelve consecutive quarters of double-digit same-store growth in the U.S., $673 million of operating cash flow over twelve months and 8 of 9 points on the Piotroski test. But the record first half of 2026 stands on two legs that do not belong to pawn lending: 71 percent of the earnings gain came from gross profit on scrap gold, much of it from a U.K. business bought in August 2025. At the same time the AFF lease-to-own segment saw earnings fall 39 percent while $486.2 million of goodwill remains booked against it — on tangible equity of $91.0 million. Not investment advice.
Core pawn business
The store business is verifiably strong: consolidated pawn receivables were 63 percent above the prior year as of June 30, 2026, and 22 percent higher on a same-store basis. In the U.S. it was the twelfth consecutive quarter of double-digit same-store growth, the retail margin held at 43 percent and inventory aged over one year fell to 1.5 percent. Pre-tax income of the three pawn segments reached $452.4 million in the first half of 2026 versus $283.8 million.
Where the earnings gain came from
Of the $79.8 million increase in first-half 2026 pre-tax income, $57.1 million is attributable to gross profit on scrap gold — about 71 percent. Of that, $37.2 million came from the U.K. business acquired on August 14, 2025. Without the scrap effect, pre-tax income would have grown roughly 12 percent instead of 42 percent. A commodity price is not an operating achievement.
The AFF segment
The lease-to-own arm AFF earned $54.7 million of pre-tax income in the first half of 2026 against $90.2 million a year earlier — down 39 percent. Origination volume fell 14 percent in the second quarter, and the company expects segment net revenue 20 to 25 percent lower for full-year 2026. Furniture fell from 48 percent of volume in 2023 to 23 percent in 2025.
Balance sheet substance
Of $2,321.8 million in shareholders' equity as of June 30, 2026, $2,030.6 million is goodwill and $200.2 million other intangibles; tangible equity comes to $91.0 million. $486.205 million of that goodwill sits on the shrinking AFF segment and was carried unchanged as of December 31, 2023, 2024 and 2025 — with no impairment determined for 2025 or 2024.
Funding and capital discipline
Financial debt rose from $1,729.3 million to $2,346.0 million in eighteen months, and first-half 2026 interest expense reached $70.2 million versus $53.8 million. Against that stand leverage of 2.7 times inside the stated 2.0 to 3.0 range, $673 million of operating cash flow over twelve months, and a $750 million note issue in May 2026 that termed out debt to 2034 at 6.125 percent.
Valuation
At a market capitalization of roughly $9.7 billion (data as of July 24, 2026), the price-to-earnings ratio is about 25 on trailing twelve-month net income and about 22 on adjusted net income. Enterprise value of roughly $11.9 billion equals about 15 times adjusted EBITDA. The company itself repurchased shares in 2026 at an average of $206.73.
Worth Noting
FirstCash reached our research list through our in-house Piotroski F-Score screen (8 of 9 points, relative strength 80 of 99, as of July 26, 2026); the U.S. selection of that screen held 16 names at the time. On the same day the stock appeared on eleven scanner screens in total, including Quality Growth, Martin Zweig: Growth at a Reasonable Price and Stan Weinstein: Stage 2. These lists are recalculated daily.
Identity note: FirstCash Holdings, Inc. (CIK 0000840489) was named FirstCash, Inc. until 2021 and First Cash Financial Services, Inc. before that; older documents carry those names. On June 18, 2026, the company reincorporated from Delaware to Texas — share count, shareholder rights and the Nasdaq listing were unaffected. Not to be confused with the U.K. acquisition H&T Group plc (part of the group since August 14, 2025) or with the pending acquisition of Ramsdens Holdings plc.
Data basis and evergreen note: annual figures come from the 10-K for 2025 (filed February 9, 2026), quarterly figures from the 10-Q as of March 31, 2026 (filed April 24, 2026), and half-year figures from the Form 8-K filed July 23, 2026. The only price anchor in the text is not a daily quote but the average repurchase price of $206.73 documented in that release. Analyses are evergreen; daily prices are not a buy argument.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 146.40 $ to 236.40 $ · Last price: 219.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Credit Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| FirstCash Inc FCFS | 9.8 | 26.3 | 10.9 | 57.9 | 16.7 | 8.0 | 49.9 |
| Visa Inc. Class A V | 699.4 | 33.2 | 24.3 | 97.7 | 67.4 | 11.3 | 7.7 |
| Mastercard Inc MA | 500.7 | 33.9 | 23.1 | 100.0 | 60.8 | 16.4 | -4.9 |
| American Express Company AXP | 213.1 | 19.5 | 0.0 | 62.3 | 21.3 | 8.4 | -6.4 |
| Capital One Financial Corporation COF | 124.4 | 62.2 | 0.0 | 100.0 | 28.6 | 28.4 | -9.1 |
| PayPal Holdings Inc PYPL | 45.7 | 10.1 | 6.6 | 40.5 | 17.0 | 4.3 | -20.3 |
| Synchrony Financial SYF | 25.3 | 7.7 | 0.0 | 100.0 | 48.0 | -7.9 | 2.1 |
| Affirm Holdings Inc AFRM | 23.7 | 63.7 | 25.7 | 48.9 | 8.5 | 38.8 | -22.3 |
| SoFi Technologies Inc. SOFI | 21.0 | 35.7 | 0.0 | 83.7 | 18.3 | 82.6 | -38.4 |
| Median of companies shown | 45.7 | 33.2 | 6.6 | 83.7 | 21.3 | 11.3 | -6.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,088 | 149 | 60 | 1.72 | 97 | 1,450 | 2,145 |
| 2017 | 1,780 | 218 | 144 | 3.00 | 220 | 1,475 | 2,063 |
| 2018 | 1,781 | 240 | 153 | 3.41 | 243 | 1,318 | 2,108 |
| 2019 | 1,864 | 259 | 165 | 3.81 | 232 | 1,350 | 2,439 |
| 2020 | 1,631 | 196 | 107 | 2.56 | 222 | 1,284 | 2,372 |
| 2021 | 1,699 | 197 | 125 | 3.04 | 223 | 1,808 | 3,836 |
| 2022 | 2,729 | 284 | 254 | 5.36 | 469 | 1,880 | 3,905 |
| 2023 | 3,152 | 390 | 219 | 4.80 | 416 | 1,996 | 4,290 |
| 2024 | 3,389 | 450 | 259 | 5.76 | 540 | 2,054 | 4,477 |
| 2025 | 3,661 | 562 | 330 | 7.42 | 586 | 2,277 | 5,301 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.86 | 21.30 | 884 | 3.70 | 9.50 | 198 | 186 |
| 2025: Q1 | 1.86 | 37.50 | 836 | 0.00 | 10.00 | 127 | 114 |
| 2025: Q2 | 1.33 | 22.70 | 831 | 0.00 | 7.20 | 117 | 104 |
| 2025: Q3 | 1.84 | 27.70 | 936 | 11.70 | 8.90 | 136 | 124 |
| 2025: Q4 | 2.35 | 26.60 | 1,058 | 19.80 | 9.80 | 207 | 189 |
| 2026: Q1 | 2.43 | 30.90 | 1,052 | 25.70 | 10.20 | 154 | 134 |
| 2026: Q2 | 2.12 | 59.40 | 1,075 | 29.40 | 8.70 | 177 | 177 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 13 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 11.29 | 11.00 – 11.85 | 4,375 | 28.9% | 5 |
| 12/31/2027 | 13.10 | 12.55 – 13.76 | 4,792 | 16.0% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 5.1% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $596.3M |
|---|---|
| Market cap | $9.83B |
| Free cash flow in year ten | $978.2M |
| Terminal value as a share of market value | 52.4% |
For comparison: over the past five years free cash flow grew by 23.5% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
FirstCash entscheidet die Ratenkauf- und Mietkaufanträge seiner Tochter AFF über eine eigene, automatisierte Entscheidungsplattform, deren Algorithmen laut Geschäftsbericht 2025 auch Antragsteller ohne Kreditscore bewerten; künstliche Intelligenz und maschinelles Lernen nennt derselbe Bericht als Technik, in die investiert werden muss — als eigenes Produkt verkauft wird sie nicht.
View the full file — quotes, sources, reviewed filings
„A proprietary decisioning platform is utilized by AFF to determine whether a particular applicant meets AFF’s LTO or RISA decisioning criteria or the Bank’s loan qualifications for a particular amount. Sophisticated algorithms consider external and internal data points beyond traditional credit scores, allowing AFF or the Bank to approve customers that do not have a credit score. AFF employs an automated application decisioning process, creating a highly efficient, scalable model."
AFF nutzt eine eigene Entscheidungsplattform, um festzustellen, ob ein Antragsteller die Mietkauf- oder Ratenkaufkriterien von AFF beziehungsweise die Kreditanforderungen der Partnerbank für einen bestimmten Betrag erfüllt. Ausgefeilte Algorithmen berücksichtigen externe und interne Datenpunkte jenseits klassischer Kreditscores und erlauben es AFF oder der Bank, auch Kunden ohne Kreditscore zu genehmigen. AFF setzt einen automatisierten Antragsentscheidungsprozess ein und schafft damit ein hocheffizientes, skalierbares Modell.
10-K · 2026-02-09 · View SEC filing
„The Company’s industry is marked by rapid technological developments and innovations, such as the use of artificial intelligence and machine learning, to conform to evolving industry standards. The Company may be required to make significant investments in its information technology systems, including those related to artificial intelligence and machine learning, in order to maintain its competitive position in the market."
Die Branche des Unternehmens ist von schnellen technologischen Entwicklungen und Neuerungen geprägt, etwa dem Einsatz künstlicher Intelligenz und maschinellen Lernens, um sich an fortschreitende Branchenstandards anzupassen. Das Unternehmen muss möglicherweise erhebliche Investitionen in seine Informationstechnik tätigen, auch in solche mit Bezug zu künstlicher Intelligenz und maschinellem Lernen, um seine Wettbewerbsposition am Markt zu halten.
10-K · 2026-02-09 · View SEC filing
Filings Reviewed: 10-Q 2026-04-24 · 10-K 2026-02-09 · 10-Q 2025-11-03 · 10-Q 2025-07-28 · 10-Q 2025-04-28 · 10-K 2025-02-03
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 10.3%
- More than 10% revenue growth is expected for the coming year 8.5%
- Share count grows by less than 3% a year -2.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 22.6%
- Gross margin at 40% or higher and without meaningful erosion 51.7%
- Goodwill from acquisitions does not grow faster than revenue 38.2%
- Net debt below twice EBITDA 2.7 x EBITDA
- Operating cash flow covers the profits of the last three years 734 m
- Return on capital at 15% or higher, or up versus two years ago 11.5%
- Insiders hold at least 10% or are net buyers 8.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 14.4%
- Exp. sales growth 3Y > 5% 14.4%
- EBIT growth 10Y > 5% 15.9%
- Exp. EBIT growth 3Y > 5% 32.9%
- Net debt < 4x EBIT 4.8x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 24.2%
- Return on equity > 15% 1,488.5%
- ROCE > 15% 11.5%
- Expected return > 10% 40.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Graves James H | Director | Other | 750 | 0.00 | – |
| Sep 3, 2026 | Graves James H | Director | Sell | 3,750 | 221.20 | 829,500 |
| Aug 18, 2026 | Hambleton Howard F | AFF President | Sell | 2,000 | 212.98 | 425,960 |
| Aug 17, 2026 | Stuart Thomas Brent | President and COO | Sell | 5,348 | 214.63 | 1,147,841 |
| Aug 17, 2026 | Orr R Douglas | EVP & Chief Financial Officer | Sell | 1,000 | 215.97 | 215,970 |
The company
About the Company
FirstCash Holdings, Inc. betreibt mit ihren Tochtergesellschaften Pfandhäuser im Einzelhandel in den USA, Mexiko, dem übrigen Lateinamerika und dem Vereinigten Königreich.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 20,000
- Headquarters
- Fort Worth, TX
- Address
- 1600 West 7th Street, 76102 Fort Worth, United States
- Phone
- 817 335 1100
- Website
- firstcash.com
- IPO Date
- 04/25/1991
- ISIN
- US33768G1076
- Stock Split
- 2:1 on 02/22/2006
- Stock Split
- 3:2 on 04/06/2004
Management
| Name | Title | Birth Year |
|---|---|---|
| Rick L. Wessel | Vice Chairman & CEO | 1959 |
| Thomas Brent Stuart | President, COO & Director | 1970 |
| R. Douglas Orr | Executive VP, CFO, Treasurer & Secretary | 1961 |
| Raul R. Ramos | Senior Vice President of Latin American Operations | 1966 |
| Howard F Hambleton | AFF President | 1973 |
| Brian D. Hostetler | Senior VP & Chief Accounting Officer | 1984 |
| Gar Jackson | Investor Relations-Global IR Group | – |
| Peter H. Watson J.D. | Senior Vice President of Compliance & Government Relations | 1949 |
| Sean D. Moore | Senior Vice President of Store Development & Facilities | 1977 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/31/2026 FirstCash Holdings, Inc. (FCFS): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/06/2026 FirstCash Holdings, Inc. (FCFS): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/23/2026 FirstCash Holdings, Inc. (FCFS): Results of Operations and Financial Condition; Other Events; Financial Statements and Exhibits SEC ↗
- 07/22/2026 FirstCash Holdings, Inc. (FCFS): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 07/16/2026 FirstCash Holdings, Inc. (FCFS): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.