EZCORP

EZPW · Nasdaq · Financials · Financials, fiscal 2016 to 2025

EZPW · Last close · November 6, 2026

$28.55

EZCORP's revenue rose 9.7% to $1.3 billion in fiscal 2025. Its operating margin was 11.7%, up from 9.7% a year earlier. Free cash flow was $110 million, up 41.9%. It paid out $7 million in dividends and buybacks, 6% of free cash flow. The diluted share count fell 1.3%.

EZCORP, INC. Latest fiscal year ended September 30, 2025 10-K filed November 13, 2025 · 0000876523-25-000094 Updated November 5, 2026

Revenue

$1.3B

9.7%

Operating margin

11.7%

2.0 pts

Net income

$110M

31.9%

Free cash flow

$110M

41.9%

Return on capital

10.9%

2.2 pts

Market cap

$2.4B

Nov 6 close

P/E

14.4x

On $1.98 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What EZCORP does

EZCORP runs pawn stores in the United States and Latin America. At its pawn stores it lends cash against the value of items customers leave as collateral, and it sells merchandise to shoppers looking for good value. The merchandise is mostly pre-owned items that were forfeited when customers did not repay their loans, or that the store bought from customers.

At September 30, 2025, it operated 1,360 locations: 545 in the U.S. (mainly EZPAWN and Value Pawn & Jewelry), 622 in Mexico (mainly Empeño Fácil and Cash Apoyo Efectivo), and 193 in Guatemala, El Salvador and Honduras (GuatePrenda and MaxiEfectivo). By store count, EZCORP says it is the second-largest pawn store owner and operator in the U.S. and one of the largest in Latin America. Customers can also manage pawn loans, layaways and rewards through its EZ+ web applications.

EZCORP earns money from fees and interest on pawn loans and from selling merchandise. It also holds a stake in Cash Converters International, a company listed in Australia that franchises and runs stores and offers personal finance.

Its biggest risks, as it describes them

Changes in laws that affect pawn lending, or failing to comply with them.
Negative portrayals of the pawn industry that could lead to tighter rules.
Its U.S. business is concentrated in Texas and Florida.
A sharp fall in gold values or in gold transactions.
Risks from selling firearms, and from robberies and other crimes at its stores.

From EZCORP's annual report on Form 10-K, filed November 13, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2025, earnings per share grew 11.8% a year and net income 16.9% a year, as new shares raised the share count by 53% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	254	206	221	170	470
Debt incl. finance leases	312	313	362	329	519
Net debt (negative means net cash)	58	107	142	158	50
Net debt to EBITDA	0.9x	1.0x	1.1x	1.1x	0.3x
Debt to equity	0.5x	0.5x	0.5x	0.4x	0.5x
Interest coverage	1.4x	7.5x	5.6x	8.3x	6.5x
Current ratio	3.9x	4.2x	3.8x	2.7x	5.6x
Quick ratio	3.2x	3.2x	2.9x	2.0x	4.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project EZCORP's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open EZCORP's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought EZCORP shares on the open market, and 7 insiders sold $5.5 million, $1.7 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 24, 2026	Ellen H BryantChief Legal Officer	Sold plan	30,000	$34.77	$1.0 million	Form 4
Jul 6, 2026	Pablo Lagos EspinosaDirector	Sold plan	10,000	$35.54	$355,400	Form 4
Jun 5, 2026	Pablo Lagos EspinosaDirector	Sold plan	10,000	$32.00	$320,000	Form 4
May 20, 2026	Matthew W AppelDirector	Sold	15,037	$33.25	$499,980	Form 4
May 12, 2026	Jason A. KulasDirector	Sold	20,000	$33.56	$671,200	Form 4
Mar 2, 2026	Sunil SajnaniChief Audit/LP Executive	Sold	18,353	$26.76	$491,126	Form 4
Feb 23, 2026	Gary TillettDirector	Sold	10,000	$25.50	$255,000	Form 4
Feb 19, 2026	Pablo Lagos EspinosaDirector	Sold	20,000	$25.00	$500,000	Form 4
Feb 18, 2026	Gary TillettDirector	Sold	10,000	$25.00	$250,000	Form 4
Feb 17, 2026	Nicole SwiesChief Revenue Officer	Sold	24,138	$24.75	$597,416	Form 4
Feb 17, 2026	Ellen H BryantChief Legal Officer	Sold	20,000	$25.00	$500,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	7 of 9	7 of 9
Rule of 40	24.2%	17.4%	18.4%
Altman Z''	4.82	4.86	5.81
Accruals ratio	−4.5%	−2.1%	−2.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	7 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put EZCORP side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
EZCORP	FY25	9.7%	11.7%	8.7%	10.9%	0.3x	7
Encore Capital Group	FY25	34.4%	35.4%	7.2%	10.5%	5.9x	—	Compare
PROG	FY25	0.4%	8.6%	13.5%	13.2%	1.2x	—	Compare
Navient	FY25	−47.0%	—	—	4.0%	—	—	Compare
World Acceptance	FY26	3.7%	—	43.7%	8.0%	5.6x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	730	748	812	847	823	730	886	1,049	1,162	1,274
Revenue growth	1.5%	2.4%	8.6%	4.3%	−2.9%	−11.3%	21.5%	18.4%	10.7%	9.7%
Gross profit	428	436	482	494	449	450	528	610	682	746
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	29	53	67	47	−48	31	75	92	112	149
Net income	−81	31	37	2	−68	9	50	38	83	110
Diluted EPS (US$)	−1.49	0.58	0.64	0.05	−1.24	0.15	0.70	0.53	1.10	1.42
Diluted shares (millions)	54	54	58	56	55	56	82	81	84	83
Cash flow
Cash from operations	68	51	89	104	49	46	66	102	114	149
Capital expenditure	13	25	40	39	28	24	32	40	36	39
Free cash flow	55	26	49	65	21	23	35	61	78	110
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	12	0	0	0	5	0	2	17	12	7
Acquisitions	6	2	93	8	0	19	2	15	12	21
Stock-based compensation	5	6	11	10	−5	4	5	10	10	12
Balance sheet at fiscal year end
Cash and short-term investments	66	164	285	158	304	254	206	221	170	470
Debt incl. finance leases	284	285	417	239	251	312	313	362	329	519
Total assets	983	1,024	1,242	1,084	1,197	1,267	1,348	1,468	1,493	1,951
Total liabilities	389	364	502	339	548	595	656	722	689	926
Shareholders' equity	595	662	743	745	649	672	692	746	805	1,026
Margins and ratios
Gross margin	58.6%	58.2%	59.3%	58.4%	54.6%	61.6%	59.6%	58.1%	58.7%	58.5%
Operating margin	4.0%	7.1%	8.3%	5.5%	−5.9%	4.3%	8.4%	8.8%	9.7%	11.7%
Net margin	−11.1%	4.2%	4.6%	0.3%	−8.3%	1.2%	5.7%	3.7%	7.2%	8.6%
Free cash flow margin	7.5%	3.4%	6.0%	7.6%	2.5%	3.1%	3.9%	5.8%	6.7%	8.7%
Rule of 40 (growth + FCF margin)	9.0%	5.8%	14.6%	11.9%	−0.4%	−8.2%	25.4%	24.2%	17.4%	18.4%
Return on capital	1.8%	5.0%	5.5%	2.8%	−5.4%	2.5%	7.3%	8.1%	8.7%	10.9%
Return on equity	−12.9%	5.0%	5.3%	0.3%	−9.8%	1.3%	7.3%	5.3%	10.7%	12.0%
Return on assets	−7.4%	3.1%	3.3%	0.2%	−6.0%	0.7%	3.8%	2.7%	5.6%	6.4%
Net debt to EBITDA	3.8x	1.6x	1.4x	1.1x	—	0.9x	1.0x	1.1x	1.1x	0.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: EZCORP's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with EZCORP.