FirstCash (FCFS) AI Stock Analysis

• Market Cap: $8.23B
• Dividend Yield: 0.99%
• Average Volume (3M): 271.05K
• Price to Earnings (P/E): 21.7
• Beta (1Y): >-0.01
• Revenue Growth: 3.86%
• EPS Growth: 28.06%
• Country: US
• Employees: 20,000
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): 2.64
• Shares Outstanding: 43,984,695
• 10 Day Avg. Volume: 284,385
• 30 Day Avg. Volume: 271,046
• PEG Ratio: 0.79
• Price to Book (P/B): 3.15
• Price to Sales (P/S): 1.96
• P/FCF Ratio: 15.28
• Enterprise Value/Market Cap: 1.33
• Enterprise Value/Revenue: 2.99
• Enterprise Value/Gross Profit: 5.95
• Enterprise Value/Ebitda: 10.95
• 1Y Price Target: $203.50
• Price Target Upside: 8.80% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 10.34
• Revenue Forecast (FY): $4.17B

• Rating: 67 Neutral
• Price Target: $214.00 ▲(14.41% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is driven mainly by solid financial execution (growth, improving margins, and healthy operating cash flow), tempered by higher 2025 leverage and a recent dip in free cash flow. Technically, the trend is strong but indicators are overheated, and valuation is a modest headwind given the ~26 P/E and low dividend yield.

Positive Factors

Multi-year revenue growth

Sustained multi-year revenue growth and a much larger revenue base (TTM $3.7B) signal durable demand and successful scaling of the pawn/retail model. A larger revenue base improves operating leverage potential and reinforces stable cash generation over the medium term.

Pawn footprint expansion

Aggressive store expansion and a pawn-dominant mix materially deepen market penetration and local customer relationships. Scale plus data-driven underwriting make growth self-reinforcing, creating a structural competitive advantage in serving underbanked consumers across cycles.

Strong operating cash flow

Consistently robust operating cash conversion supports reinvestment, store growth, and working capital needs without reliance on equity dilution. Reliable OCF underpins long-term financial flexibility, funding strategy execution even when free cash flow lags temporarily.

Negative Factors

Rising leverage

Materially higher leverage reduces balance-sheet flexibility and raises funding and interest-rate sensitivity. With debt up sharply, the company has less cushion to absorb operational shocks or to pursue opportunistic investments without increasing refinancing or credit-cost risk.

Free cash flow deceleration

A notable FCF decline limits capacity to pay down debt, fund acquisitions, or return capital. If FCF underperformance persists, it may force reliance on external financing or slow the expansion strategy, weakening the company’s ability to capitalize on secular opportunity.

Modest, volatile net margins

Modest and variable net margins indicate earnings sensitivity to cost swings, credit losses, and competitive pricing. Margin volatility undermines predictability of profits and can magnify downside during economic stress, challenging long-term return consistency for shareholders.

FirstCash Business Overview & Revenue Model

Company 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.

How the Company Makes Money

FirstCash generates revenue primarily through its pawn operations, which include interest and fees from pawn loans, as well as the sale of unredeemed pawned items. The company charges interest on pawn loans, which typically have higher rates compared to traditional loans, thus creating a substantial income stream. Additionally, FirstCash earns revenue from the retail sale of merchandise acquired through pawn transactions, including electronics, jewelry, and other goods. The company also engages in the sale of other consumer financial products, such as check cashing and bill payment services, which contribute to its overall revenue. Key partnerships with financial service providers enhance its offerings, while the growing demand for alternative financing solutions among consumers fuels its earnings.

FirstCash Financial Statement Overview

Summary

Strong multi-year revenue growth with improving 2025 margins and generally healthy operating cash flow (often exceeding net income). Offsetting this, balance-sheet risk increased as leverage rose meaningfully in 2025 (debt-to-equity ~1.24) and free cash flow declined in 2025, which reduces flexibility if conditions soften.

Income Statement

Revenue has grown steadily over the last several years (roughly doubling since 2020), with 2025 showing mid-single-digit growth on a much larger base. Profitability has also improved: operating margin and net margin expanded versus 2023–2024, and gross margin rose meaningfully in 2025. The main weakness is that net margin remains modest for the business model and has been somewhat volatile across years (e.g., stronger in 2022 than 2023–2024), suggesting earnings can be sensitive to costs and the credit cycle.

Balance Sheet

The company has built a larger equity base over time and is generating solid returns on equity (mid-teens in 2025), indicating good profitability relative to shareholder capital. However, leverage has increased: debt-to-equity moved from below 1.0 in prior years to about 1.24 in 2025, with total debt rising sharply year over year. This higher leverage reduces balance-sheet flexibility and increases exposure if operating conditions soften.

Cash Flow

Cash generation is generally healthy: operating cash flow has been strong and consistently exceeds net income in recent years, supporting earnings quality. Free cash flow remains sizable, but growth turned negative in 2025 (down ~11%), and free cash flow fell relative to net income versus 2024, indicating some pressure from working capital or reinvestment needs. Overall, cash flow supports operations well, but the recent deceleration is a watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.66B	3.39B	3.15B	2.73B	1.70B
Gross Profit	1.89B	1.63B	1.51B	1.26B	919.15M
EBITDA	999.78M	986.25M	906.71M	851.67M	257.62M
Net Income	330.38M	258.81M	219.30M	253.50M	124.91M
Balance Sheet
Total Assets	5.30B	4.48B	4.29B	3.90B	3.84B
Cash, Cash Equivalents and Short-Term Investments	125.20M	175.09M	127.02M	117.33M	120.05M
Total Debt	2.82B	2.05B	1.92B	1.67B	1.59B
Total Liabilities	3.02B	2.42B	2.29B	2.03B	2.03B
Stockholders Equity	2.28B	2.05B	2.00B	1.88B	1.81B
Cash Flow
Free Cash Flow	469.12M	471.71M	355.99M	433.72M	181.28M
Operating Cash Flow	585.94M	539.96M	416.14M	469.31M	223.30M
Investing Cash Flow	-828.04M	-441.59M	-462.33M	-336.44M	-744.64M
Financing Cash Flow	176.41M	-38.19M	51.31M	-139.27M	576.99M

FirstCash Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 187.04
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCFS, the sentiment is Positive. The current price of 187.04 is above the 20-day moving average (MA) of 185.57, above the 50-day MA of 173.75, and above the 200-day MA of 151.11, indicating a bullish trend. The MACD of 5.55 indicates Negative momentum. The RSI at 56.97 is Neutral, neither overbought nor oversold. The STOCH value of 75.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FCFS.

FirstCash Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EZPW	74 Outperform	$1.55B	6.71	12.97%	―	9.70%	26.63%
ENVA	71 Outperform	$3.55B	12.62	24.34%	―	21.10%	76.12%
OMF	68 Neutral	$6.45B	10.25	23.76%	6.07%	9.51%	29.38%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FCFS	67 Neutral	$8.23B	21.69	15.26%	0.99%	3.86%	28.06%
WRLD	60 Neutral	$719.35M	-193.38	14.57%	―	2.31%	-27.81%
PRAA	53 Neutral	$725.23M	-2.27	-28.86%	―	13.89%	-899.50%

FirstCash Corporate Events

FirstCash Highlights Strong 2025 Results and Pawn Expansion

FirstCash Holdings has published its latest investor presentation on its corporate website, outlining trailing twelve-month results through December 31, 2025, including $3.7 billion in revenue, GAAP net income of $330 million, adjusted net income of $390 million, adjusted EBITDA of $698 million and adjusted free cash flow of $307 million. The company reported that in the fourth quarter of 2025 GAAP net income and earnings per share rose about 25% year over year, highlighting strong momentum in its pawn-led model.

Management emphasized that pawn operations in the U.S., Latin America and the U.K. account for roughly 90% of projected 2026 segment contribution and that the business has historically performed well across economic cycles, benefiting when unsecured credit tightens. With over 3,300 stores as of year-end 2025, 1,697 of them opened or acquired since 2017, FirstCash continues to execute a long-term strategy of aggressive pawn footprint expansion and data-driven underwriting, a combination that underscores its growing scale and could further entrench its competitive position in serving cash-constrained consumers.

The most recent analyst rating on (FCFS) stock is a Hold with a $201.00 price target. To see the full list of analyst forecasts on FirstCash stock, see the FCFS Stock Forecast page.