FCFS
FirstCash Holdings, IncFirstCash 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
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 1,150 | 373.8 | -- | 115.0 | -- | 178.3 | -25.3 | 1,216 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 1,070 | 310.3 | -- | 91.0 | -- | 133.8 | -19.3 | 1,038 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 1,005 | 286.4 | -- | 80.4 | -- | 120.6 | -20.1 | 904.4 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 990.0 | 297.0 | -- | 89.1 | -- | 133.7 | -17.8 | 783.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 1,100 | 352.0 | -- | 104.5 | -- | 165.0 | -27.5 | 650.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 1,020 | 290.7 | -- | 81.6 | -- | 122.4 | -18.4 | 485.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 955.0 | 267.4 | -- | 71.6 | -- | 109.8 | -19.1 | 362.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 940.0 | 277.3 | -- | 79.9 | -- | 122.2 | -16.9 | 252.9 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 1,052 | 288.2 | 175.7 | 107.7 | 153.6 | 103.0 | -50.7 | 130.7 | 2,611 | 44.3 | 15.6% | 8.3x | 10.6x |
| Act | 2025-Q4 | 1,058 | 363.7 | 172.1 | 104.2 | 206.7 | 171.5 | -35.2 | 125.2 | 2,818 | 44.3 | 14.3% | 10.3x | 9.5x |
| Act | 2025-Q3 | 935.6 | 249.8 | 149.3 | 82.8 | 135.8 | 124.3 | -11.6 | 130.2 | 2,579 | 45.0 | 13.9% | 7.8x | 9.5x |
| Act | 2025-Q2 | 830.6 | 133.3 | 105.2 | 59.8 | 116.9 | 103.9 | -13.0 | 101.5 | 2,023 | 45.0 | 11.8% | 5.1x | 8.3x |
| Act | 2025-Q1 | 836.4 | 253.0 | 135.6 | 83.6 | 126.6 | 113.7 | -12.9 | 146.0 | 2,033 | 45.0 | 15.6% | 9.2x | 6.6x |
| Act | 2024-Q4 | 883.8 | 261.1 | 137.1 | 83.6 | 198.2 | 185.9 | -12.2 | 175.1 | 2,050 | 45.0 | 15.9% | 9.6x | 7.1x |
| Act | 2024-Q3 | 837.3 | 243.5 | 112.8 | 64.8 | 113.1 | 99.7 | -13.4 | 106.3 | 2,054 | 45.0 | 13.4% | 8.9x | 6.8x |
| Act | 2024-Q2 | 831.0 | 228.1 | 94.9 | 49.1 | 106.2 | 80.2 | -26.0 | 113.7 | 1,997 | 45.3 | 11.6% | 9.1x | 7.8x |
| Act | 2024-Q1 | 836.4 | 253.6 | 105.6 | 61.4 | 122.5 | 96.1 | -26.4 | 135.1 | 1,854 | 45.4 | 12.9% | 10.0x | 6.9x |
| Act | 2023-Q4 | 852.1 | 249.3 | 121.3 | 69.6 | 99.1 | 85.7 | -13.4 | 127.0 | 1,923 | 45.4 | 14.9% | 9.4x | 7.0x |
| Act | 2023-Q3 | 786.3 | 233.4 | 104.7 | 57.1 | 111.4 | 93.0 | -18.4 | 86.6 | 1,899 | 45.4 | 13.1% | 9.4x | 6.7x |
| Act | 2023-Q2 | 750.6 | 211.2 | 80.7 | 45.2 | 95.1 | 80.6 | -14.5 | 104.6 | 1,706 | 45.7 | 11.1% | 10.0x | 6.9x |
| Act | 2023-Q1 | 762.7 | 212.8 | 82.9 | 47.4 | 110.6 | 96.8 | -13.8 | 100.8 | 1,641 | 46.3 | 11.7% | 10.2x | 6.3x |
| Act | 2022-Q4 | 749.3 | 238.6 | 96.2 | 80.1 | 143.5 | 137.6 | -6.0 | 117.3 | 1,671 | 46.5 | 12.8% | 11.9x | 5.9x |
| Act | 2022-Q3 | 672.1 | 206.2 | 74.8 | 59.3 | 99.0 | 89.1 | -9.9 | 100.6 | 1,662 | 47.0 | 10.4% | 11.3x | -- |
| Act | 2022-Q2 | 647.6 | 234.5 | 57.4 | 86.1 | 106.6 | 94.0 | -12.7 | 110.4 | 1,599 | 47.5 | 6.7% | 14.4x | -- |
| Act | 2022-Q1 | 659.8 | 172.5 | 55.5 | 28.0 | 120.1 | 113.1 | -7.0 | 113.3 | 1,543 | 48.3 | 8.8% | 10.6x | -- |
AI Analysis
LLM Evaluations
FirstCash is a well-managed, dominant pawn operator with attractive counter-cyclical characteristics and a growing international footprint. The core pawn business generates solid mid-teens FCF margins with ROIC consistently above 10%, and the H&T acquisition provides a new growth vector. However, at ~24-25x P/E and ~22x EV/FCF, the stock is priced for flawless execution at a time when the AFF segment faces rising charge-offs, leverage is elevated post-acquisition, insiders are selling aggressively, and regulatory risks persist (CFPB settlement). The market is pricing in continued gold price tailwinds and successful UK integration, leaving limited margin of safety. Fair value is roughly in line with current levels, making this a hold rather than a compelling entry point.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $195.00 | $33.40/$37.10 | 0 | $0.10/$3.60 | 0 |
| $200.00 | $28.60/$32.60 | 0 | $0.60/$4.10 | 0 |
| $210.00 | $21.20/$24.30 | 0 | $3.00/$5.00 | 0 |
| $220.00 | $14.10/$17.70 | 1 | $5.70/$8.00 | 0 |
| $230.00 | $7.80/$11.90 | 0 | $9.10/$13.10 | 0 |
| $240.00 | $4.80/$7.00 | 38 | $15.50/$18.50 | 0 |
| $250.00 | $1.20/$4.80 | 0 | $22.50/$25.80 | 0 |
| $260.00 | $0.05/$1.75 | 6 | $31.20/$34.50 | 0 |
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 8.9% of float, sold 2.8%. 1 filer moved >1% of shares (1 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $891M | $113.16 | +$4.1M | −$72.4M | -0.2% | $5.69T |
| FMR LLC | $695M | $101.37 | −$18.0M | −$524M | +0.3% | $1.89T |
| EARNEST PARTNERS LLC | $406M | $91.09 | −$10.6M | −$31.2M | -1.1% | $24.25B |
| STATE STREET CORPPassive | $268M | $108.06 | +$3.5M | −$6.8M | -0.2% | $2.89T |
| PRICE T ROWE ASSOCIATES INC /MD/ | $264M | $159.20 | +$44.1M | +$259M | -0.2% | $864.93B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $217M | $130.03 | +$20.4M | +$34.4M | +2.3% | $1.61T |
| Hood River Capital Management LLC | $213M | $118.04 | +$3.3M | +$133M | -1.1% | $9.97B |
| BANK OF AMERICA CORP /DE/ | $209M | $106.86 | −$1.1M | −$14.8M | -0.1% | $1.36T |
| DIMENSIONAL FUND ADVISORS LPPassive | $186M | $94.13 | −$3.6M | −$3.3M | -0.4% | $480.92B |
| FIDUCIARY MANAGEMENT INC /WI/ | $171M | $101.25 | −$9.8M | −$72.0M | +1.4% | $8.06B |
| Stephens Investment Management Group LLC | $156M | $72.79 | −$2.8M | −$10.6M | -1.1% | $7.24B |
| ALLIANCEBERNSTEIN L.P. | $150M | $173.61 | +$84.8M | +$137M | -0.3% | $307.70B |
| SEI INVESTMENTS CO | $149M | $108.16 | +$3.2M | +$23.6M | -0.4% | $108.06B |
| Capital Research Global Investors | $105M | $149.69 | +$4.2M | +$105M | +0.4% | $644.55B |
| VICTORY CAPITAL MANAGEMENT INC | $99.6M | $119.66 | −$3.5M | +$67.5M | -0.2% | $156.12B |
| JPMORGAN CHASE & CO | $98.7M | $130.96 | −$8.8M | +$69.8M | -0.2% | $1.47T |
| NORTHERN TRUST CORPPassive | $97.3M | $99.39 | +$419K | −$12.7M | -0.2% | $755.34B |
| FULLER & THALER ASSET MANAGEMENT, INC. | $93.4M | $139.08 | +$5.4M | +$93.4M | -0.1% | $29.55B |
| Boston Partners | $93.0M | $97.86 | −$20.7M | −$30.5M | +0.5% | $95.40B |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | $89.3M | $116.53 | +$7.6M | −$31.1M | -0.4% | $9.95B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 36.0%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-19 | SELL | Hambleton Howard F | officer: AFF President | 3,000 | $226.41 | $679K | $7.34M |
| 2026-05-18 | SELL | ORR R DOUGLAS | officer: EVP & Chief Financial Officer | 3,000 | $227.30 | $682K | $8.12M |
| 2026-05-18 | SELL | Stuart Thomas Brent | officer: President and COO | 10,000 | $228.49 | $2.28M | $32.18M |
| 2026-05-01 | SELL | Garrett Paula K | director | 1,500 | $217.40 | $326K | $1.43M |
| 2026-02-18 | SELL | Hambleton Howard F | officer: AFF President | 4,000 | $185.12 | $740K | $6.55M |
| 2026-02-17 | SELL | ORR R DOUGLAS | officer: EVP & Chief Financial Officer | 3,000 | $182.98 | $549K | $6.72M |
| 2026-02-17 | SELL | Stuart Thomas Brent | officer: President and COO | 10,000 | $182.53 | $1.83M | $27.53M |
| 2026-02-05 | SELL | Hambleton Howard F | officer: AFF President | 2,000 | $177.65 | $355K | $7.00M |
| 2026-02-05 | SELL | ORR R DOUGLAS | officer: EVP & Chief Financial Officer | 7,500 | $175.19 | $1.31M | $6.61M |
| 2025-12-15 | SELL | Hambleton Howard F | officer: AFF President | 4,000 | $163.74 | $655K | $4.35M |
| 2025-11-20 | SELL | Owen Randel G | director | 1,500 | $152.20 | $228K | $1.16M |
| 2025-11-19 | SELL | WESSEL RICK L | director, officer: Vice-Chairman & CEO | 20,000 | $156.39 | $3.13M | $135.59M |
| 2025-11-17 | SELL | ORR R DOUGLAS | officer: EVP & Chief Financial Officer | 5,500 | $158.30 | $871K | $6.05M |
| 2025-11-17 | SELL | Stuart Thomas Brent | officer: President and COO | 10,000 | $159.97 | $1.60M | $20.43M |
| 2025-10-15 | SELL | ORR R DOUGLAS | officer: EVP & Chief Financial Officer | 6,852 | $159.67 | $1.09M | $6.34M |
| 2025-10-14 | SELL | ORR R DOUGLAS | officer: EVP & Chief Financial Officer | 648 | $159.00 | $103K | $7.47M |
| 2025-09-02 | SELL | ORR R DOUGLAS | officer: EVP & Chief Financial Officer | 5,500 | $147.50 | $811K | $6.16M |
| 2025-08-21 | SELL | WESSEL RICK L | director, officer: Vice-Chairman & CEO | 30,976 | $139.33 | $4.32M | $125.67M |
| 2025-08-20 | SELL | WESSEL RICK L | director, officer: Vice-Chairman & CEO | 69,024 | $138.49 | $9.56M | $129.21M |
| 2025-08-04 | SELL | GRAVES JAMES H | director | 6,000 | $134.56 | $807K | $2.13M |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| U.S. Pawn Segment | $489.0M | +16% |
| Retail POS Payment Solutions | $204.5M | -11% |
| U.S. Pawn Segment | $489.0M | NEW |
| Latin America Pawn Segment | $257.1M | NEW |
| Retail POS Payment Solutions | $204.5M | NEW |
Filing Risk Analysis
Filing Risk Scores
FirstCash Holdings, Inc.: Administrative Shell Analysis Reveals Substantive Information Void
Counter-Thesis
Counter-Thesis & Recent News
As of early 2026, FirstCash faces a mixed outlook despite reporting strong 2025 earnings. Significant news includes a July 2025 $11M settlement with the CFPB over Military Lending Act (MLA) violations, where the company was fined $4M and ordered to pay $7M in consumer redress for charging service members usurious rates. More recently, in January 2026, Zacks Research downgraded the stock from 'Strong Buy' to 'Hold,' citing valuation concerns after a significant rally. Additionally, the company completed the $400M acquisition of UK-based H&T Group, which has increased leverage and introduced integration risks in a new regulatory environment (TipRanks, MarketBeat).
The bear case centers on a 'priced-to-perfection' valuation and deteriorating credit conditions. FCFS trades at a premium P/E of ~24.7x, which is historically high for a pawn operator and leaves zero margin for error. Analysts at Simply Wall St and TipRanks have flagged a slowing free-cash-flow trend and a 2025 leverage increase that could limit future M&A. Furthermore, while pawn demand is counter-cyclical, a 'goldilocks' economy of high employment but low affordability is shifting; if unemployment rises sharply, the retail side (selling forfeited goods) will crater even as loan demand rises, creating a margin squeeze.
Heavy insider selling is a primary red flag; in February 2026 alone, the CFO and other top executives sold over 30,500 shares valued at approximately $5.4M, representing significant position decreases (MarketBeat). Another major concern is the recurring nature of regulatory issues; the 2025 CFPB settlement was linked to violations of a previous 2013 consent order, suggesting a systemic failure to implement required compliance measures. High debt-to-equity following the H&T acquisition also poses a risk if interest rates remain elevated or if the UK market underperforms.
The rapid expansion of Buy Now, Pay Later (BNPL) services like Klarna and Affirm into 'everyday items' and point-of-sale financing represents a direct threat to FirstCash's American First Finance (AFF) segment. BNPL originations are estimated to reach $70B in 2025, capturing a demographic that previously relied on pawn or high-interest retail credit. Furthermore, traditional banks are increasingly entering the small-dollar loan space to recapture interchange fees, potentially siphoning away FCFS's under-banked customer base (Richmond Fed, The Financial Brand).
Sentiment among core users is deteriorating, characterized by high-friction disputes over collateral. Recent BBB filings from late 2025 and early 2026 include allegations of 'fraud' where items were reportedly sold while still in active loan status or placed under incorrect names to prevent retrieval. Customers frequently cite 'rude and unprofessional' staff and manager-level incompetence regarding technical items (e.g., damaged laptop screens during storage). Trustpilot ratings remain 'Poor,' reflecting a lack of trust in the transparency of the pawn process (BBB, Trustpilot).