olivLaw · US equity research
FirstCash Holdings, Inc. FCFS
Retail-Miscellaneous Retail · SIC 5900 · Vertical: Retail-Miscellaneous Retail (SIC 5900)
FirstCash Holdings is the largest operator of pawn stores in the U.S., Latin America and the U.K., complemented by a POS payment unit through AFF that funds retail purchases with merchant partners. The company reported record results in 2026, with trailing revenue of 4.3 billion USD across a network of more than 3,300 stores.
At the close of 04 Nov 2026, FirstCash Holdings, Inc. (FCFS) stock was 193.34 USD (−0.60% on the day), with market capitalisation 8.3 bn USD, P/E 20.9 on diluted EPS of 9.23 USD over the last 12 months, dividend yield 0.87%, beta 0.45, 52-week range 148.05–236.43 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (+17.7% YoY), net income of 101.2 m USD (+22.2% YoY), diluted EPS 2.33 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.2
- weak (30–45)
- Bollinger (20, 2)
- 169.24 – 232.16
- in the lower half of the band · %B 0.38 · band width 31.3%
- SMA 50 / 200
- 211.22 / 206.77
- mixed trend
- MACD (12, 26, 9)
- -6.84 / -6.76
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.5% | −1.1% | −7.4 pp | — |
| 3 months | −7.0% | −0.5% | −6.6 pp | — |
| 6 months | −14.6% | +4.4% | −19.0 pp | — |
| Year to date | +21.3% | +12.3% | +9.0 pp | — |
| 1 year | +20.9% | +13.5% | +7.4 pp | −30.6% |
| 3 years | +77.2% | +76.4% | +0.8 pp | −33.2% |
| 5 years | +123.6% | +63.7% | +60.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 883.8 m | 836.4 m | 830.6 m | 935.6 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn |
| Cost of revenue | 450.1 m | 412.2 m | 417.8 m | 461.9 m | 528.5 m | 509.3 m | 541.0 m | 555.6 m |
| Gross profit | 433.7 m | 424.2 m | 412.8 m | 473.7 m | 529.9 m | 542.4 m | 533.7 m | 545.5 m |
| Pre-tax income | 109.5 m | 111.2 m | 81.1 m | 112.5 m | 142.8 m | 145.1 m | 127.0 m | 138.7 m |
| Income tax | 26.0 m | 27.6 m | 21.3 m | 29.7 m | 38.6 m | 37.4 m | 33.5 m | 37.5 m |
| Net income | 83.5 m | 83.6 m | 59.8 m | 82.8 m | 104.2 m | 107.7 m | 93.5 m | 101.2 m |
| Diluted EPS | 1.86 ≈ | 1.87 | 1.34 | 1.86 | 2.35 ≈ | 2.43 | 2.12 | 2.33 |
| Operating cash flow | 198.1 m | 126.6 m | 116.9 m ≈ | 135.8 m ≈ | 206.6 m | 153.6 m | 176.8 m ≈ | 142.0 m ≈ |
| Dividends paid | 17.0 m | 16.9 m | 16.9 m ≈ | 18.6 m ≈ | 18.4 m | 18.5 m | 18.4 m ≈ | 18.2 m ≈ |
| Share repurchases | 0 | 59.6 m | 850.0 k ≈ | 30.0 m ≈ | 25.4 m | 50.0 m | 66.9 m ≈ | 134.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 40-quarter history (min 16.2, median 22.7, max 34.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.9 bn | 1.6 bn | 1.7 bn | 2.7 bn | 3.2 bn | 3.4 bn | 3.7 bn |
| Revenue YoY | +0.1% | +4.7% | −12.5% | +4.1% | +60.6% | +15.5% | +7.5% | +8.0% |
| Net income | 153.2 m | 164.6 m | 106.6 m | 124.9 m | 253.5 m | 219.3 m | 258.8 m | 330.4 m |
| Net income YoY | +6.5% | +7.4% | −35.3% | +17.2% | +102.9% | −13.5% | +18.0% | +27.6% |
| Diluted EPS | 3.41 | 3.81 | 2.56 | 3.04 | 5.36 | 4.80 | 5.73 | 7.42 |
| Diluted EPS YoY | +13.7% | +11.7% | −32.8% | +18.8% | +76.3% | −10.4% | +19.4% | +29.5% |
| net % | 8.6% | 8.8% | 6.5% | 7.4% | 9.3% | 7.0% | 7.6% | 9.0% |
| Free cash flow | 207.8 m | 187.3 m | 184.7 m | 181.3 m | 433.7 m | 356.0 m | 471.7 m | 531.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 125.2 m USD
- Financial debt
- 2.2 bn USD
- Net debt
- 2.1 bn USD
- Equity
- 2.3 bn USD
- Total assets
- 5.3 bn USD
- Debt / equity
- 0.97x
- Current ratio
- 4.55x
- ROE
- 15.3%
- ROA
- 6.8%
- FCF margin
- 14.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.7 bn | 2.7 bn | 3.2 bn | 3.4 bn | 3.7 bn | SEC (XBRL)· 09 Feb 2026verified |
| Cost of revenue | 720.1 m | 779.8 m | 1.5 bn | 1.6 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 09 Feb 2026verified |
| Gross profit | 911.1 m | 919.2 m | 1.3 bn | 1.5 bn | 1.6 bn | 1.8 bn | SEC (XBRL)· 09 Feb 2026verified |
| Interest expense | 29.3 m | 32.4 m | 70.7 m | 93.2 m | — | — | SEC (XBRL)· 05 Feb 2024verified |
| Pre-tax income | 143.7 m | 166.5 m | 323.6 m | 292.8 m | 342.8 m | 447.6 m | SEC (XBRL)· 09 Feb 2026verified |
| Income tax | 37.1 m | 41.6 m | 70.1 m | 73.5 m | 84.0 m | 117.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Net income | 106.6 m | 124.9 m | 253.5 m | 219.3 m | 258.8 m | 330.4 m | SEC (XBRL)· 09 Feb 2026verified |
| Diluted EPS | 2.56 | 3.04 | 5.36 | 4.80 | 5.73 | 7.42 | SEC (XBRL)· 09 Feb 2026verified |
| Weighted average diluted shares | 41.6 m | 41.0 m | 47.3 m | 45.7 m | 45.2 m | 44.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Dividend per share | 1.08 | 1.17 | 1.26 | 1.36 | 1.46 | 1.60 | SEC (XBRL)· 09 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 65.9 m | 120.0 m | 117.3 m | 127.0 m | 175.1 m | 125.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Inventories | 190.4 m | 263.3 m | 288.3 m | 312.1 m | 334.6 m | 487.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Current assets | 624.6 m | 1.1 bn | 1.1 bn | 1.3 bn | 1.4 bn | 1.9 bn | SEC (XBRL)· 09 Feb 2026verified |
| Property, plant & equipment, net | 373.7 m | 462.5 m | 538.7 m | 632.7 m | 717.9 m | 808.1 m | SEC (XBRL)· 09 Feb 2026verified |
| Goodwill | 977.4 m | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 09 Feb 2026verified |
| Intangibles (excl. goodwill) | 83.7 m | 388.2 m | 330.3 m | 277.7 m | 228.9 m | 231.1 m | SEC (XBRL)· 09 Feb 2026verified |
| Total assets | 2.4 bn | 3.8 bn | 3.9 bn | 4.3 bn | 4.5 bn | 5.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Accounts payable | 7.2 m | 23.1 m | 27.4 m | 26.5 m | 31.1 m | 26.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Long-term debt | 615.9 m | 1.3 bn | 1.4 bn | 1.6 bn | 1.7 bn | 2.2 bn | SEC (XBRL)· 09 Feb 2026verified |
| Current liabilities | 206.4 m | 392.2 m | 295.5 m | 335.6 m | 339.4 m | 407.8 m | SEC (XBRL)· 09 Feb 2026verified |
| Total liabilities | 1.1 bn | 2.0 bn | 2.0 bn | 2.3 bn | 2.4 bn | 3.0 bn | SEC (XBRL)· 09 Feb 2026verified |
| Equity | 1.3 bn | 1.8 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 09 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 222.3 m | 223.3 m | 469.3 m | 416.1 m | 540.0 m | 585.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Capex | 37.5 m | 42.0 m | 35.6 m | 60.1 m | 68.2 m | 54.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Free cash flow | 184.7 m ≈ | 181.3 m ≈ | 433.7 m ≈ | 356.0 m ≈ | 471.7 m ≈ | 531.0 m ≈ | SEC (XBRL)· 09 Feb 2026derived |
| Investing cash flow | -20.4 m | -744.6 m | -336.4 m | -462.3 m | -441.6 m | -828.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Financing cash flow | -186.5 m | 577.0 m | -139.3 m | 51.3 m | -38.2 m | 176.4 m | SEC (XBRL)· 09 Feb 2026verified |
| Dividends paid | 44.8 m | 47.5 m | 59.6 m | 61.9 m | 65.8 m | 70.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Share repurchases | 107.0 m | 49.6 m | 157.9 m | 114.4 m | 85.0 m | 115.8 m | SEC (XBRL)· 09 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 82 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation75
- Balance sheet100
- Quality91
- Growth81
- Returns76
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 121.28 – 317.46 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E121.28 – 317.46 (Mid 183.87)4 companies used · median multiple 19.9x · quartiles 13.1x – 34.4xEZPW, SPH, SVV, WINA
- Dividend discount (DDM)outside the aggregate21.03 – 28.28 (Mid 24.12)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 82/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.5% | 82 (vs peers) | 10% |
| FCF conversion · Quality | 153.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 10.3% | 86 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 11.4% | 76 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.8x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 20.9x | 60 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.5% | 94 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.2% | 60 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 11.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth81/100 · 2/2 factors with a value
- Quality91/100 · 2/3 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation75/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FIRSTCASH HOLDINGS, INC. (FCFS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.7 bn USD in 2025; YoY growth 8.0%; net margin 9.5%; ROE 18.2%.
The estimated value range is 121.28–317.46 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 183.87 USD, the price of 193.34 USD leaves a potential of -4.9% (value / price − 1) and a margin of safety of -5.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 82/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.5%
- FCF conversion: 153.5%
- Revenue CAGR 3Y: 10.3%
- EPS CAGR 3Y: 11.4%
- Current ratio: 4.8x
- FCF yield: 7.5%
- Payout ratio (FCF): 11.8%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Retail-Miscellaneous Retail (SIC 5900) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FCFSFirstcash Holdings, Inc. | 8.3 bn | 20.9 | 18.2% | 9.5% | +8.0% | +21% / +77% |
| REALTheRealReal, Inc. | 1.7 bn | — | — | -1.4% | +15.4% | −6% / +500% |
| SVVSavers Value Village, Inc. | 1.5 bn | 63.3 | 5.7% | 1.4% | unavailable | +10% / −33% |
| SPHSuburban Propane Partners LP | 1.1 bn | 7.3 | — | 9.4% | +7.9% | −12% / +0% |
| WINAWinmark Corporation | 987.7 m | 24.8 | — | 45.1% | +5.9% | −32% / −35% |
| TMSTeamshares Inc | 344.7 m | — | -6.7% | — | unavailable | −54% / unavailable |
| PLBYPlayboy, Inc. | 164.1 m | 609.5 | 12.4% | 0.2% | +4.1% | −29% / +161% |
| LIVELIVE VENTURES Inc | 22.9 m | — | -2.8% | -0.6% | −5.9% | −19% / −70% |
| WBUYWebuy Global Ltd | 1.3 m | — | -160.3% | -45.3% | −63.0% | −66% / −100% |
| NEXRNexera Technologies Ltd | 62.0 k | — | -43.2% | -21.8% | +23.0% | −100% / −100% |
| EZPWEzcorp, Inc. | — | 15.1 | 14.7% | 10.0% | +9.7% | +53% / +260% |
| WSHPWeShop Holdings Ltd | — | — | -946.5% | -14,972.7% | −67.3% | −98% / unavailable |
| POMPOMDOCTOR Ltd | — | — | — | -32.7% | unavailable | −98% / unavailable |
1- and 3-year price returns: for FCFS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 124.16 Total return -35% · Per year -35% | 218.93 Total return 14% · Per year 14% | 328.98 Total return 71% · Per year 71% |
| 3 years | 134.93 Total return -28% · Per year -10% | 266.30 Total return 41% · Per year 12% | 437.27 Total return 130% · Per year 32% |
| 5 years | 146.64 Total return -20% · Per year -4% | 323.93 Total return 74% · Per year 12% | 581.21 Total return 209% · Per year 25% |
- Exit P/E± 66.58
- Net margin± 46.60
- Annual revenue growth± 36.24
- Annual dilution± 3.92
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
FirstCash Holdings is the largest operator of pawn stores in the U.S., Latin America and the U.K., complemented by a POS payment unit through AFF that funds retail purchases with merchant partners. The company reported record results in 2026, with trailing revenue of 4.3 billion USD 3 across a network of more than 3,300 stores 1.
SWOT
Strengths
- The company is the leading pawn operator across three regions with a large, geographically diversified store network.
- Financial results in 2026 reached record levels, with strong growth in revenue and profit.
- Its proprietary POS and loan management system allows real-time monitoring of store performance.
Weaknesses
- Activity depends on pawn loan demand and the volume of recovered merchandise, which can make revenue seasonal.
- The company carries significant debt, and high leverage can limit financial flexibility.
- Exposure to Latin American and U.K. currencies can add volatility to reported results.
Opportunities
- Fragmented pawn markets in Latin America and Europe could allow further acquisitions and store openings.
- If the Ramsdens acquisition closes, the U.K. network could expand significantly.
- Expanding AFF across more online and in-store merchants could increase transaction volume.
Threats
- Stricter rules for credit to constrained consumers could reduce margins or volume.
- Competition from banks, BNPL providers and online retailers could reduce market share.
- Trade policy changes and tariffs could affect costs and demand for the goods sold.
Risks
- Regulation and litigationhigh
Products are subject to extensive oversight in several jurisdictions, and litigation or legislative changes could affect results.
- Indebtednessmedium
Existing and future debt levels could limit the company's ability to finance itself and react to change.
- Precious metal pricesmedium
Lower gold, precious metal and diamond prices could reduce profitability of recovered merchandise sales.
- AFF dependence on merchantsmedium
The POS division relies on a limited number of merchant partners, and losing some of them could materially affect volume.
- Cybersecuritylow
Cyber attacks or fraud could disrupt operations and damage reputation.
Investment thesis
What would need to be true (bull case)
- Record pawn loan demand and rising store revenue could support profit growth if the trend holds.
- The global store network and acquisition opportunities in a fragmented market offer room for expansion.
- Strong operating cash flow allows share repurchases and dividend increases if performance continues.
What would break the thesis
- If rules for credit to constrained consumers tighten, margins could come under pressure.
- Currency volatility and precious metal prices could affect reported results.
- Competition from banks and digital providers could limit volume growth in some segments.
What to watch
- Completion of the Ramsdens acquisition and integration of more than 175 U.K. locationsend of 2026
- Development of pawn loan balances and same-store sales in the U.S. and Latin AmericaQ1 2027
- Full-year 2026 results and guidance for 20272027
- Regulatory changes affecting pawn and retail finance products in the U.S. and Mexiconext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
FirstCash operates mainly through pawn stores that make non-recourse pawn loans and buy merchandise from customers, earning income from pawn fees and sales of recovered goods 1. Beyond pawn, it runs a POS payment business through AFF that offers layaway-to-own and retail finance products in the U.S. 1. At 30 September 2026 it had 3,352 pawn locations and about 17,000 AFF merchant partner locations 23.
The business is organized into four reportable segments: U.S. pawn, Latin America pawn, U.K. pawn and retail POS payment solutions through AFF 1. The acquisition of H&T, the largest U.K. pawnbroker, was completed in August 2025 and added 286 stores 1. Management says the pawn industry remains fragmented, which it views as a source of acquisition opportunities 1.
The strategy rests on opening new stores, acquiring existing pawnshops and increasing revenue in existing locations 1. Over the last five years, 783 pawn stores were opened or acquired 1. In the third quarter of 2026 the company also held 480 owned real estate properties, mostly in the U.S. 3.
Segments
U.S. pawn
The U.S. segment operates in 29 states and the District of Columbia, with the largest store count in Texas 1. In the third quarter of 2026 segment revenue rose 28% year on year, and same-store pawn receivables grew 12% 3.
Market context
The U.S. pawn industry is well established and estimated at 12,000 to 14,000 pawnshops, while Mexico has an estimated 8,000 to 9,000 1. The company notes only two publicly held U.S.-based pawn operators, which makes the market concentrated at the national level yet fragmented locally 1.
The POS and retail finance market for credit-constrained consumers is competitive, with banks, card issuers and buy-now/pay-later providers 1. The company notes that regulatory sensitivity is high and that legislative changes can affect demand directly 1.
Trends
- Record demand for pawn loanstailwind
Pawn receivables reached a record level at 30 September 2026, which suggests sustained demand from customers with limited access to bank credit 3. If this demand holds, fee revenue could keep growing.
- Expansion in Latin Americatailwind
The company sees room for growth in Mexico and other Latin American countries, where a large part of the population is unbanked and competition from large-format operators is limited 1. If expansion continues it could support segment growth.
- Regulation and public perceptionheadwind
The company warns that media reports and regulators treating products for credit-constrained consumers as predatory could weigh on results, and that new rules could raise compliance costs 1. This pressure could become a headwind.
- Precious metal prices and currency swingsmixed
Falling gold, precious metal and diamond prices could reduce profits on recovered jewelry sales, and currency moves in Latin America and the U.K. could affect reported results 1. The effect depends on market developments.
Competitive position
Competitors include other pawnshops, specialty consumer lenders, banks, card issuers, buy-now/pay-later providers and online retailers 1. The company says its advantages lie in store locations, customer service and the ability to lend competitive amounts 1.
In Mexico the stores compete directly with government-sponsored non-profit foundations that operate pawn stores 1. The company also notes that banks and other non-specialty lenders may offer more favorable terms, a pressure that could limit growth in some markets 1.
- Other publicly held U.S.-based pawn operators
The filing refers to two publicly held U.S.-based pawnshop operators without naming them, so they are not identified here.
- Banks and credit unions
They compete for credit-constrained customers with unsecured or secured loans, sometimes on terms more favorable than those offered by the company.
- BNPL providers and card issuers
They compete in point-of-sale financing, where some have greater financial resources and brand recognition.
- Government-sponsored pawn foundations in Mexico
They operate government-affiliated pawn stores and compete directly in the Mexican market.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Oct 2026Other events · Financial statements and exhibits
- Quarterly report26 Oct 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report31 Aug 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report06 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report27 Jul 2026
- Current report23 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report22 Jul 2026Departure or appointment of officers
- Current report16 Jul 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FirstCash Holdings, Inc. · 09 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / FirstCash Holdings, Inc. · 26 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FirstCash Holdings, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.