FCFS

FirstCash operates pawn stores across the U.S. and Latin America plus a retail point-of-sale lending business (AFF), a counter-cyclical, cash-generative model. FY2025 delivered excellent results: revenue grew 10.7% to $1.67B, net income jumped 27.6% to $330M, and diluted EPS rose 29.5% to $7.42, helped by a modest 1.7% reduction in share count. The growth is consistent and accelerating — net income has climbed from $125M (FY2021) to $330M (FY2025) — and profitability is strong, with a 19.8% net margin and a 14.5% return on equity.

The balance sheet and capital allocation support the quality read. Operating cash flow rose 8.5% to $586M against just $54.9M of capex, funding both $116M of buybacks (+36.3%) and $70.9M of dividends (+7.8%) while retained earnings grew 18.4% to $1.67B. Leverage is moderate at 1.33x liabilities/equity, though long-term debt grew 27.7% to $2.21B to fund store and receivables growth — worth monitoring, but comfortably serviced by the cash flows. The pawn model is inherently defensive: demand for collateralized small-dollar credit tends to rise when consumers are stretched.