FirstCash

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

FCFS · Last close · October 26, 2026

$175.27

FirstCash's revenue rose 8.0% to $3.7 billion in fiscal 2025. Its net margin was 9.0%, up from 7.6% a year earlier. Free cash flow was $531 million, up 12.6%. It paid out $187 million in dividends and buybacks, 35% of free cash flow. The diluted share count fell 1.4%.

FIRSTCASH HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 9, 2026 · 0000840489-26-000032 Updated October 26, 2026

Revenue

$3.7B

8.0%

Net margin

9.0%

1.4 pts

Net income

$330M

27.6%

Free cash flow

$531M

12.6%

Return on capital

10.7%

1.5 pts

Market cap

$7.6B

Oct 26 close

P/E

19.0x

On $9.23 EPS, 4 qtrs

Net margin is net 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.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 17.6% a year and net income 20.8% a year, as new shares raised the share count by 27% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value FirstCash yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What FirstCash says to expect

Full year 2026: effective income tax rateThe full year 2026 consolidated effective income tax rate is expected to range from 26% to 27% of income before income taxes.
Fourth quarter 2026: corporate costs and interestCorporate administrative expenses for the fourth quarter of 2026 are expected to remain at a run rate which is similar to the first three quarters of 2026, while interest expense for the fourth quarter of 2026 is expected to increase approximately 5% over the prior-year quarter assuming current interest rates.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 22, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from FirstCash's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from FirstCash's fiscal 2025 free cash flow of $531M, net cash of −$2.1B at December 31, 2025 and 44 million diluted shares, from its filings. The scenarios are fitted to FirstCash: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 10.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Consumer Finance), plus 1 point as a smaller company, worth $7.6B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to FirstCash's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 13% discount rate. Base: growth of 10.5% then 6.5% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 15.5% then 9% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $175.27
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from FirstCash's earnings per share of $9.23 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of FirstCash's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: OneMain, Dave, Virtu Financial, AGNC Investment.

Earnings growth in the years ahead (% a year) Starts at FirstCash's revenue growth over the last 3 years, 10.3% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $175.27
Value at this multiple, against the last close: —
FirstCash's P/E at the last close: 19.0×

Company	Last close	Earnings per share	P/E today
DaveDAVE	$323.01	$15.42	20.9×
FirstCashFCFS	$175.27	$9.23	19.0×
Virtu FinancialVIRT	$55.90	$6.02	9.3×
OneMainOMF	$56.36	$6.72	8.4×
AGNC InvestmentAGNC	$8.78	$1.94	4.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	120	117	127	175	125
Debt incl. finance leases	1,309	1,389	1,618	1,748	2,224
Net debt (negative means net cash)	1,189	1,272	1,491	1,573	2,099
Net debt to EBITDA	4.9x	2.9x	3.4x	3.2x	3.3x
Debt to equity	0.7x	0.7x	0.8x	0.8x	1.0x
Interest coverage	6.1x	5.6x	4.1x	4.8x	4.3x
Current ratio	2.9x	3.8x	3.9x	4.1x	4.5x
Quick ratio	2.2x	2.9x	3.0x	3.1x	3.4x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought FirstCash shares on the open market, and 8 insiders sold $20.6 million, $17.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	James H GravesDirector	Sold	3,750	$221.20	$829,500	Form 4
Aug 18, 2026	Howard F HambletonAFF President	Sold plan	2,000	$212.98	$425,960	Form 4
Aug 17, 2026	Thomas Brent StuartPresident and COO	Sold plan	5,348	$214.63	$1.1 million	Form 4
Aug 17, 2026	Orr R DouglasEVP & Chief Financial Officer	Sold plan	3,000	$216.00	$647,990	Form 4
Jun 5, 2026	Raul RamosSVP Latin American Operations	Sold	6,835	$225.23	$1.5 million	Form 4
May 28, 2026	Raul RamosSVP Latin American Operations	Sold	3,165	$231.13	$731,526	Form 4
May 19, 2026	Howard F HambletonAFF President	Sold plan	3,000	$226.41	$679,230	Form 4
May 18, 2026	Thomas Brent StuartPresident and COO	Sold plan	10,000	$228.49	$2.3 million	Form 4
May 18, 2026	Orr R DouglasEVP & Chief Financial Officer	Sold plan	3,000	$227.30	$681,910	Form 4
May 1, 2026	Paula K GarrettDirector	Sold	1,500	$217.40	$326,100	Form 4
Feb 18, 2026	Howard F HambletonAFF President	Sold plan	4,000	$185.12	$740,480	Form 4
Feb 17, 2026	Thomas Brent StuartPresident and COO	Sold plan	10,000	$182.53	$1.8 million	Form 4

The latest 12 of 20 trades. 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

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

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	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	7 of 9	7 of 9	8 of 9
Accruals ratio	−4.8%	−6.4%	−5.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put FirstCash 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
FirstCash	FY25	8.0%	—	14.5%	10.7%	3.3x	8
OneMain	FY25	8.9%	—	—	7.1%	8.6x	—	Compare
Dave	FY25	59.7%	—	52.3%	72.9%	−0.4x	6	Compare
Virtu Financial	FY25	26.2%	—	13.6%	37.9%	0.8x	—	Compare
AGNC Investment	FY25	19.5%	—	—	—	—	—	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 above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,088	1,780	1,781	1,864	1,631	1,699	2,729	3,152	3,388	3,661
Revenue growth	54.5%	63.5%	0.1%	4.7%	−12.5%	4.2%	60.6%	15.5%	7.5%	8.0%
Gross profit	605	948	967	1,018	911	919	1,265	1,507	1,630	1,841
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	60	144	153	165	107	125	254	219	259	330
Diluted EPS (US$)	1.72	3.00	3.41	3.81	2.56	3.04	5.36	4.80	5.73	7.42
Diluted shares (millions)	35	48	45	43	42	41	47	46	45	44
Cash flow
Cash from operations	97	220	243	232	222	223	469	416	540	586
Capital expenditure	20	26	36	44	38	42	36	60	68	55
Free cash flow	76	194	208	187	185	181	434	356	472	531
Dividends paid	20	37	41	44	45	48	60	62	66	71
Share buybacks	0	92	274	116	107	50	158	114	85	116
Acquisitions	8	0	0	0	0	462	25	0	0	0
Stock-based compensation	4	3	6	9	3	5	11	14	15	20
Balance sheet at fiscal year end
Cash and short-term investments	90	114	72	46	66	120	117	127	175	125
Debt incl. finance leases	460	407	595	635	623	1,309	1,389	1,618	1,748	2,224
Total assets	2,145	2,063	2,108	2,439	2,372	3,836	3,905	4,290	4,477	5,301
Total liabilities	695	588	790	1,089	1,088	2,028	2,025	2,294	2,423	3,024
Shareholders' equity	1,450	1,475	1,318	1,350	1,284	1,808	1,880	1,996	2,054	2,277
Margins and ratios
Gross margin	55.6%	53.2%	54.3%	54.6%	55.9%	54.1%	46.3%	47.8%	48.1%	50.3%
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	5.5%	8.1%	8.6%	8.8%	6.5%	7.3%	9.3%	7.0%	7.6%	9.0%
Free cash flow margin	7.0%	10.9%	11.7%	10.1%	11.3%	10.7%	15.9%	11.3%	13.9%	14.5%
Return on capital	6.0%	9.1%	9.7%	10.0%	6.8%	6.2%	10.1%	8.7%	9.2%	10.7%
Return on equity	6.4%	9.8%	11.0%	12.3%	8.1%	8.1%	13.8%	11.3%	12.8%	15.3%
Return on assets	4.2%	6.8%	7.3%	7.2%	4.4%	4.0%	6.5%	5.3%	5.9%	6.8%
Net debt to EBITDA	2.6x	1.2x	1.9x	2.0x	2.6x	4.9x	2.9x	3.4x	3.2x	3.3x

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