公司概述
FirstCash Holdings, Inc. operates a network of retail pawn stores across the United States, Mexico, the rest of Latin America, and the United Kingdom, providing secured lending services and retail point-of-sale payment solutions through four distinct segments. The company functions within the Financial Services sector, specifically the Credit Services industry, positioning it as a specialized provider of consumer credit products that rely on collateral rather than traditional credit checks. With a market capitalization of $8.78B and annual revenue of $3.66B, FirstCash Holdings represents a significant entity within the consumer finance landscape, though its employee count is not publicly disclosed. These valuation and revenue figures indicate a substantial scale of operations, suggesting the company has established a dominant presence in the pawnbroking markets across multiple regions while maintaining a diversified geographic footprint.
财务健康
The company reported revenue of $3.66B over the trailing twelve months, generating net income of $330.38M and an EBITDA of $685.03M. The substantial gap between revenue and net income reveals a cost structure where approximately 91% of revenue is consumed by expenses, leaving a profit margin of 9.0%. Free cash flow stands at $232.38M, which indicates that the company generates sufficient cash from operations to cover capital expenditures and potentially fund internal growth initiatives or debt servicing. Gross margin is reported at 59.0%, reflecting the high-margin nature of the pawn business model where inventory costs are relatively low compared to lending fees. Operating margin reaches 17.3%, demonstrating efficient control over administrative and operational costs before interest and taxes. Profit margin sits at 9.0%, showing the final profitability after all expenses, including interest and taxes, have been deducted. The company holds $125.20M in cash against total debt of $2.57B, resulting in a debt-to-equity ratio of 112.82, which signifies a highly leveraged balance sheet typical for the lending industry but warranting close monitoring of interest rate sensitivity. The current ratio is 4.55, indicating a very strong short-term liquidity position where current assets significantly exceed current liabilities. Return on Equity is 15.3%, while Return on Assets is 7.3%, metrics that reveal management's effectiveness in generating returns for shareholders relative to the capital invested and the total asset base employed.
估值评估
FirstCash Holdings trades with a trailing P/E ratio of 26.81 and a forward P/E of 16.15, implying that the market expects earnings growth to accelerate significantly in the future to justify the lower forward multiple. The price-to-book ratio is 3.84, indicating that the stock trades at a significant premium to its book value, reflecting market confidence in the quality of its loan portfolio and brand value. The price-to-sales ratio stands at 2.40, and the EV/EBITDA is 16.34, suggesting that the company is valued highly relative to its sales and earnings power compared to peers with lower multiples. The stock's 52-week high is $202.25 and its low is $116.66, placing the current valuation context within a wide trading range that reflects recent market volatility. The beta value is 0.47, indicating that the stock price exhibits significantly lower volatility relative to the broader market, making it a potentially defensive holding during periods of market turbulence.
Growth & Income
Revenue growth year-over-year is 19.8%, while earnings growth is 27.0%, indicating that the company is expanding its profitability at a faster rate than its top line, which often suggests improving operational efficiency or favorable loan mix. As a dividend payer with a yield of 0.8% and a payout ratio of 21.6%, the company distributes a modest portion of earnings to shareholders, a low payout ratio that is highly sustainable given the robust earnings growth and provides flexibility to retain cash for deleveraging. The ability to reinvest retained earnings into expanding the pawn store network or enhancing technology platforms supports the observed revenue and earnings expansion. Overall, the growth and income profile presents a leveraged but profitable business with moderate dividend support and accelerating earnings momentum.