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ZYBERNO

Stock Report

Updated Aug 29, 2026

FIRSTCASH HOLDINGS, INC. (FCFS)

Consumer Discretionary • NASDAQ

$219.21

FirstCash Holdings Inc. is an American financial services company headquartered in Fort Worth, Texas, that operates pawn stores and provides buy now, pay later (BNPL) lease-to-own services through its American First Finance division. The company is the leading operator of retail pawn stores in the United States, Mexico, and Latin America, with approximately 3,000 pawn shops offering short-term collateralized loans and retail sales of pre-owned merchandise.

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

51.0/100

AVERAGE BUSINESS

FIRSTCASH HOLDINGS, INC. (FCFS) scores 51/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full FCFS quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-14.4%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full FCFS valuation analysis · → View full FCFS Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):GOOD (17.1%)

Debt-to-Equity (Solvency Risk):POOR (1.16x)

Operating Margin (Operational Efficiency):AVERAGE (12.8%)

Return on Capital (Capital Efficiency):POOR (8.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

FIRSTCASH HOLDINGS, INC. (FCFS) stock report — Zyberno Score 51/100 (AVERAGE BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, FIRSTCASH HOLDINGS, INC. (FCFS) shows a Brina Gap of -14.4%, which weakens the case: based on the company's ROIC (8.4%) and reinvestment rate (-14.7%), the business can fundamentally grow at -1.2% — but the current enterprise value implies the market expects 13.1%.

Over the trailing twelve months, FCFS generated $568.62M in Owner Earnings. Capital was deployed as follows: $50.00M returned via share buybacks, $73.94M paid as dividends, $44.31M invested in capital expenditures. Reinvestment rate: -14.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:219.21

Market Cap:$9.60B

Valuation Multiples (4)

P/E Ratio:

25.02x

📊 Click to view full FCFS P/E analysis →

P/B Ratio:4.14x

P/S Ratio:2.33x

Peg Ratio:0.72x

Enterprise Metrics (3)

Enterprise Value:$11.89B

Ev Ebitda Ratio:18.24x

Pfcf Ratio:18.08x

Price Action & Momentum (3)

12-1 Momentum:

+47.8% (85th pctile)

📈 Click to view full FCFS Momentum analysis →

Momentum Percentile:85 / 100

% of 52-Week High:91.7%

B. Profitability Assessment

Return Metrics (7)

ROE:

17.1%

📊 Click to view full FCFS ROE analysis →

ROA:7.3%

Roic:

8.4%

📊 Click to view full FCFS ROIC analysis →

Reinvestment Rate:-14.7%

Fundamental Growth Rate (g):-1.2%

Market-Implied Growth Rate:13.1%

Brina Gap:

-14.4%

☷ Click to view full FCFS Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:12.8%

Net Margin Ttm:9.4%

Ebitda Margin:15.8%

TTM Performance (3)

Gross Margin Ttm:50.5%

Operating Margin Ttm:12.8%

Net Margin Ttm:9.4%

Yield Metrics (3)

Earnings Yield:$4.00

Owner Earnings Yield:$5.92

Dividend Yield:0.8%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+1.05

📊 Click to view full FCFS Earnings Surprise analysis →

EPS Surprise vs Expected:27.4%

Latest Earnings Filed:2026-07-27

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):10.8%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):17.4%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):12.5%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):18.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:4.89x

Quick Ratio:3.51x

Cash Ratio:0.42x

Leverage Analysis (3)

Debt To Equity Ttm:1.16x

Debt-to-Equity Ratio:1.16x

Debt To Ebitda:3.77x

Coverage Ratios (2)

Interest Coverage Ratio:3.25x

Times Interest Earned:3.25

Capital Structure (4)

Working Capital:1,605,593,000.00

Cash And Cash Equivalents:172,298,000.00

Long Term Debt:$2.35B

Net Debt:$2.29B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $4.12B

Linear Growth: 10.8%

📊 Click to view full FCFS Revenue analysis & methodology →

Cost Of Revenue Ttm:$1.12B

Profitability Breakdown (2)

Gross profit TTM: $2.08B

Linear Growth: 13.4%

📊 Click to view full FCFS Gross Profit analysis & methodology →

Operating income TTM: $527.40M

Linear Growth: 18.9%

📊 Click to view full FCFS Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $388.15M

Linear Growth: 17.4%

📊 Click to view full FCFS Net Income analysis & methodology →

Income Before Tax:$527.40M

Ebitda Ttm:651,793,000.00

Operating Expenses (5)

Operating Expenses:1,552,242,000.00

R And D Expense:0.00

Sga Expense:257,661,000.00

Income Tax Expense:$139.25M

Interest Expense:137,715,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:24.0%

Ebitda Margin:15.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$5.49B

Current Assets:$2.02B

Ppe Net:855,034,000.00

Goodwill:2,030,563,000.00

Intangible Assets:$200.25M

Liability Structure (4)

Total Liabilities:3,163,781,000.00

Current Liabilities:413,119,000.00

Long Term Debt:$2.35B

Short Term Debt:$111.51M

Equity & Capital (3)

Equity:$2.32B

Retained Earnings:$1.83B

Common Stock:575,000.00

Working Capital Items (3)

Accounts Receivable:115,854,000.00

Inventory:570,493,000.00

Accounts Payable:208,170,000.00

Special Items (2)

Contract Liabilities:93,437,000.00

Stock Based Compensation:5,375,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $612.93M

Linear Growth: 12.5%

$568.62M

Investment Activities (2)

Investing Cash Flow:-$115.87M

Capital Expenditures Ttm:44,311,000.00

Financing Activities (3)

Financing Cash Flow:-$31.60M

Dividends Paid Ttm:73,939,000.00

Stock Repurchase:50,000,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:124,396,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):8.81

Eps diluted TTM: $8.76

Linear Growth: 19.3%

📊 Click to view full FCFS EPS analysis & methodology →

Earnings Per Share Ttm:$8.86

Revenue & Cash Per Share (2)

Sales Per Share Ttm:94.07

Operating Cash Flow Per Share:$13.38

Book Value & Capital (2)

Book Value Per Share:$53.01

Cash Per Share:3.93

Dividend Policy (1)

Dividend Payout Ratio:19.31x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.77x

Working Capital Turnover Ttm:2.57x

Receivables Management (2)

Receivables Turnover Ttm:35.56x

Days Sales Outstanding Ttm:10.26

Inventory Management (2)

Inventory Turnover Ttm:1.96x

Days Inventory Outstanding Ttm:186.36

Payables & Cash Cycle (2)

Days Payable Outstanding:68.00

Cash Conversion Cycle:128.62

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:85.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

$568.62M

Owner Earnings Per Share:$12.98

Owner Earnings Yield:$5.92

Damodaran Growth Analysis (4)

Reinvestment Rate:-14.7%

Fundamental Growth Rate (g):-1.2%

Market-Implied Growth Rate:13.1%

Brina Gap:

-14.4%

☷ Click to view full FCFS Brina Gap analysis →

Return Scenarios (1)

Forward Expected Return (Yield + Growth):

4.7%

📊 Click to view full FCFS expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):10.8%

Net Income Growth Rate (Linear):17.4%

Operating Income Growth Rate (Linear):18.9%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):12.5%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):13.4%

Book Value Growth Rate (Linear):6.5%

C. Company Profile & Context

Corporate Information (6)

Symbol:FCFS

Company Name:FIRSTCASH HOLDINGS, INC.

Sector:Consumer Discretionary

Industry:Retail-Miscellaneous Retail

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:premium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:43.80M

Shares Outstanding Basic:43.80M

Shares Outstanding Diluted:44.04M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-29 13:51:18 UTC

Data Timestamp:2026-08-29T13:51:18.568915