FirstCash Holdings, Inc (FCFS) | Investment Case

1. Company Snapshot

1.a. 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.

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1.b. Last Insights on FCFS

FirstCash Holdings' recent performance was driven by strong Q4 2025 earnings and revenue beat, with a 20% increase in revenues and even greater earnings growth. The company also announced the addition of 28 new pawn locations through acquisitions and openings, expanding its international retail pawn store operations. Furthermore, the Board of Directors declared a quarterly cash dividend of $0.42 per share, which will be paid in February 2026. Additionally, analysts expect FirstCash to post earnings of $2.54 per share and revenue of $1.0085 billion for the quarter, indicating a positive outlook for the company.

1.c. Company Highlights

Last Price	181.92
Change Percentage	2.40%
Open	181.45
Previous Close	177.65
Market Cap ( Millions)	8071
Volume	336855
Year High	188.75
Year Low	109.51
M A 50	164.51
M A 200	146.84

FCF Yield	6.54%
Dividend Yield	0.88%
ROE	15.23%
Debt / Equity	10.93%
Net Debt / EBIDTA	12.38%
Price To Book	3.59
Price Earnings Ratio	24.76
Price To FCF	15.29
Price To sales	2.2
EV / EBITDA	8.2

2. Transcript Summary

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3. NewsRoom

Agritek (OTCMKTS:AGTK) vs. FirstCash (NASDAQ:FCFS) Critical Review

Feb -07

Source: defenseworld.net

FirstCash (NASDAQ:FCFS) Hits New 1-Year High on Strong Earnings

Feb -06

Source: defenseworld.net

FirstCash Reports Record Fourth Quarter and Full-Year Operating Results; Fourth Quarter Revenues Increase 20%, Driving Even Greater Earnings Growth; 28 New Pawn Locations Added in the Fourth Quarter Through Acquisitions and Openings; Declares Quarterly Cash Dividend

Feb -05

Source: globenewswire.com

Amkor Technology (NASDAQ:AMKR) Shares Acquired Sen. Markwayne Mullin

Feb -05

Source: defenseworld.net

Sen. Markwayne Mullin Buys McKesson Corporation (NYSE:MCK) Stock

Feb -05

Source: defenseworld.net

Sen. Markwayne Mullin Buys FirstCash Holdings, Inc. (NASDAQ:FCFS) Stock

Feb -05

Source: defenseworld.net

Sen. Markwayne Mullin Purchases Shares of Carpenter Technology Corporation (NYSE:CRS)

Feb -05

Source: defenseworld.net

Sen. Markwayne Mullin Buys Citigroup Inc. (NYSE:C) Shares

Feb -05

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.94%)

6. Segments

United States Pawn

Expected Growth: 6%

United States Pawn segment of FirstCash Holdings, Inc. is driven by increasing demand for pawn loans, expansion of store count, and strategic acquisitions. Additionally, the company's focus on retail sales and jewelry scrapping contributes to growth. Furthermore, the rise of unbanked and underbanked populations, and the need for alternative financial services, also fuels growth.

Retail POS Payment Solutions

Expected Growth: 5%

FirstCash Holdings' Retail POS Payment Solutions growth is driven by increasing adoption of digital payments, expansion into new markets, strategic partnerships, and innovative product offerings. Additionally, the rise of omnichannel retailing, need for cashless transactions, and growing demand for contactless payments are contributing to the 5% growth.

Latin America Pawn

Expected Growth: 7%

Latin America Pawn from FirstCash Holdings, Inc. growth driven by increasing demand for pawn loans, expansion into underserved markets, and strategic acquisitions. Strong brand recognition, efficient operations, and favorable regulatory environment also contribute to 7% growth. Additionally, growing middle class, urbanization, and increasing access to financial services in Latin America support segment growth.

Corporate/Eliminations

Expected Growth: 4%

FirstCash Holdings' Corporate/Eliminations segment growth is driven by strategic acquisitions, expansion into new markets, and increased pawn loan balances. Additionally, the company's focus on cost savings initiatives, operational efficiencies, and effective capital allocation contribute to its growth. Furthermore, the segment benefits from a strong brand presence, diversified revenue streams, and a solid financial position, enabling it to invest in growth opportunities.

7. Detailed Products

Retail Pawn Loans

FirstCash Holdings, Inc. offers retail pawn loans, allowing customers to borrow money using their valuable items as collateral.

Retail Merchandise Sales

The company sells a wide range of merchandise, including jewelry, electronics, tools, and musical instruments, at discounted prices.

Wholesale Merchandise Sales

FirstCash Holdings, Inc. sells bulk merchandise to other retailers, wholesalers, and exporters.

Pawnbrokerage Services

The company provides pawnbrokerage services, allowing customers to buy, sell, and trade merchandise.

Gold Buying

FirstCash Holdings, Inc. buys gold and other precious metals from customers.

Check Cashing and Money Services

The company offers check cashing, money orders, and other financial services.

8. FirstCash Holdings, Inc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for FirstCash Holdings, Inc. is moderate due to the presence of alternative financial services providers, but the company's diversified revenue streams and strong brand recognition mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for FirstCash Holdings, Inc. due to the company's large customer base and diversified revenue streams, which reduce the dependence on individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for FirstCash Holdings, Inc. due to the company's dependence on a few large suppliers, but the company's strong relationships with suppliers and diversified supply chain mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low for FirstCash Holdings, Inc. due to the company's strong brand recognition, diversified revenue streams, and high barriers to entry in the financial services industry.

Intensity Of Rivalry

The intensity of rivalry is high for FirstCash Holdings, Inc. due to the competitive nature of the financial services industry, but the company's strong brand recognition, diversified revenue streams, and cost leadership strategy help to mitigate this threat.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	49.06%
Debt Cost	6.47%
Equity Weight	50.94%
Equity Cost	7.11%
WACC	6.80%
Leverage	96.33%

11. Quality Control: FirstCash Holdings, Inc passed 5 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

OneMain Holdings

A-Score: 6.6/10

Value: 5.5

Growth: 5.4

Quality: 5.2

Yield: 10.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

FirstCash

A-Score: 6.3/10

Value: 4.1

Growth: 7.6

Quality: 6.4

Yield: 2.0

Momentum: 9.5

Volatility: 8.0

1-Year Total Return ->

SLM

A-Score: 6.1/10

Value: 7.1

Growth: 5.6

Quality: 6.8

Yield: 4.0

Momentum: 7.0

Volatility: 6.0

1-Year Total Return ->

Western Union

A-Score: 6.0/10

Value: 7.4

Growth: 3.1

Quality: 6.2

Yield: 10.0

Momentum: 2.0

Volatility: 7.3

1-Year Total Return ->

Nelnet

A-Score: 5.8/10

Value: 4.9

Growth: 5.2

Quality: 5.3

Yield: 2.0

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

Ally Financial

A-Score: 5.6/10

Value: 6.6

Growth: 5.1

Quality: 3.1

Yield: 6.0

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

6.62%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.80%

FirstCash Holdings, Inc - US33768G1076

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on FCFS

1.c. Company Highlights

Strong Momentum

Fairly Valued

Average Growth

Earnings Beats

Revenues Miss

Average Yield

Stable Momentum

Medium Volatility

Higher Growth

Weak Momentum

Less Volatile

Revenues Beats

Expensive

Better Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.94%)

6. Segments

United States Pawn

Expected Growth: 6%

Retail POS Payment Solutions

Expected Growth: 5%

Latin America Pawn

Expected Growth: 7%

Corporate/Eliminations

Expected Growth: 4%

7. Detailed Products

Retail Pawn Loans

Retail Merchandise Sales

Wholesale Merchandise Sales

Pawnbrokerage Services

Gold Buying

Check Cashing and Money Services

8. FirstCash Holdings, Inc's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: FirstCash Holdings, Inc passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

181.92$

Current Price

181.92$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA