Ezcorp Inc (EZPW)

Price$33.46Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkValuation is richer than recent years, but current earnings growth partly supports that premium.

EZCORP trades at about 16.6 times trailing earnings and roughly 14.8 times free cash flow, meaning operating cash left after capital spending, both above fiscal 2025 levels near 10.6 and 10.5 times. Enterprise value to free cash flow, which also reflects debt and cash, is about 18.3 times, close to its long-run median but above the broader credit-services industry median. Expectations are no longer cheap. Strong earnings momentum keeps the valuation defensible, yet the rerating leaves less room for operational disappointment.

Big pictureGrowth is strong and liquidity is adequate, though acquisitions and loan growth consume meaningful cash.

Third-quarter revenue rose 35%, net income attributable to EZCORP rose 44%, and adjusted EBITDA rose 48%; EBITDA means earnings before interest, taxes, depreciation and amortization. For the first nine fiscal months, operating cash flow was $130.4 million and capital spending was $27.8 million. Pawn principal flows sit in investing cash flow, where net pawn lending also used about $54 million. Cash was $311 million versus $530 million of gross debt. Management said liquidity, meaning available cash and funding capacity, should cover the next twelve months.

Business strengthPawn demand and store expansion are working, but gold prices, wages, and integration create cyclicality.

Pawn loans outstanding, or PLO, reached a record $387.2 million in the third quarter, with strong growth in both the United States and Latin America. The model earns service charges on collateralized, non-recourse loans and also sells forfeited or purchased merchandise, which diversifies revenue. Consumer financial pressure can support pawn demand and value-oriented resale, but results still swing with gold prices, merchandise margins, wages, currencies, and acquisition execution. Higher gold prices boosted scrap sales recently, so that tailwind may not persist.

What could change the storyExecution on acquisitions, gold normalization, and convertible-note settlement will determine future per-share returns.

The bull case assumes consolidated revenue can keep growing around 10% to 15%, margins hold, and SMG integration adds earnings without heavy new financing; then a mid-teens earnings multiple looks reasonable. The bear case assumes same-store loan growth slows to low single digits, gold benefits fade, wage and integration costs rise, and acquisitions absorb more cash. Only $8 million of a $50 million buyback authorization was used through June. The $230 million 2029 convertible notes were eligible for holder conversion; settlement can use cash or shares, so dilution, meaning a smaller ownership slice per existing share, remains a risk.

AI: News

Q3 earnings accelerateOn August 5, EZCORP reported record pawn loans and sharply higher profit across its expanded network.

For the quarter ended June 30, revenue increased 35% to $418.7 million, net income attributable to EZCORP increased 44% to $38.2 million, and adjusted EBITDA increased 48% to $65.6 million. Pawn loans outstanding rose 33% to a record $387.2 million. The company said gains were broad across geographies and activities, although higher gold prices materially helped jewelry scrap sales.

SMG becomes wholly ownedOn August 5, EZCORP disclosed that July purchases completed its buyout of the SMG pawn platform.

EZCORP said it had raised its SMG ownership to 97.4% by June 30 and then acquired the remaining 2.6% in July, making SMG wholly owned. The third-quarter filing treated the minority purchases as equity transactions because EZCORP already controlled the business. Full ownership gives management more direct control over integration and future economics, but it also concentrates more acquisition risk and capital in the expanded international platform.

Q2 sets recordsOn May 6, record revenue, pawn loans, and EBITDA showed both organic strength and acquisition contribution.

EZCORP reported second-quarter revenue growth of 46%, adjusted EBITDA growth of 76%, and net income attributable to the company up 93%. Pawn loans outstanding reached $349.4 million, while the store footprint expanded by 123 locations during the quarter, including the SMG transaction. Management credited sustained demand for immediate cash, affordable secondhand goods, favorable gold prices, and acquisitions, making the quarter a strong but partly externally aided growth comparison.

Founders deal expands footprintOn January 5, EZCORP announced control of Founders One, adding 105 pawn stores across 12 countries.

The transaction gave EZCORP a controlling interest in Founders One, whose SMG subsidiary operated 105 pawn stores in the United States and eleven other countries. The deal expanded EZCORP into markets including Florida and Puerto Rico and was expected by management to add earnings immediately. The acquisition used existing preferred equity and promissory-note investments plus cash, and later purchases increased EZCORP's ownership until SMG became wholly owned in July.

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$1.27B	$1.16B	$1.05B	$886.2M	$729.6M	$822.8M	$847.2M	$812.2M	$748.0M	$730.5M	$720.0M	$745.8M	$809.5M	$960.7M	$852.8M	$733.0M	$597.5M
Gross profit	$746.1M	$682.3M	$609.8M	$528.1M	$449.5M	$449.2M	$494.4M	$481.6M	$435.5M	$428.2M	$403.0M	$421.9M	$480.4M	$595.9M	$526.3M	$447.5M	$359.9M
Gross margin	58.55%	58.74%	58.13%	59.60%	61.61%	54.60%	58.36%	59.29%	58.23%	58.62%	55.97%	56.57%	59.35%	62.03%	61.71%	61.04%	60.24%
Operating expenses	$596.9M	$569.7M	$517.7M	$453.2M	$418.3M	$497.6M	$447.4M	$414.4M	$382.5M	$399.1M	$418.6M	$403.8M	$401.6M	$400.3M	$350.9M	$305.6M	$258.5M
Operating income	$149.2M	$112.5M	$92.2M	$74.9M	$31.2M	−$48.4M	$47.0M	$67.1M	$53.0M	$29.2M	−$15.6M	$18.1M	$78.9M	$195.6M	$175.4M	$141.9M	$101.5M
Operating margin	11.71%	9.69%	8.78%	8.45%	4.27%	−5.88%	5.55%	8.26%	7.09%	3.99%	−2.17%	2.43%	9.74%	20.36%	20.57%	19.36%	16.99%
EBITDA	$181.7M	$145.6M	$124.3M	$107.1M	$61.8M	−$17.6M	$75.8M	$92.6M	$76.7M	$57.8M	$21.4M	$56.7M	$113.8M	$220.9M	$193.8M	$156.5M	$114.3M
EBITDA margin	14.26%	12.53%	11.85%	12.08%	8.48%	−2.13%	8.95%	11.40%	10.25%	7.92%	2.98%	7.61%	14.05%	22.99%	22.72%	21.36%	19.12%
Net income	$109.6M	$83.1M	$38.5M	$50.2M	$8.6M	−$68.5M	$2.5M	$37.3M	$31.4M	−$80.7M	−$89.2M	−$67.7M	$22.3M	$136.8M	$122.2M	$97.3M	$68.5M
Net profit margin	8.60%	7.15%	3.67%	5.66%	1.18%	−8.32%	0.30%	4.59%	4.20%	−11.05%	−12.39%	−9.08%	2.76%	14.24%	14.32%	13.27%	11.46%
Basic EPSper basic share	$1.91	$1.51	$0.69	$0.89	$0.15	-$1.24	$0.05	$0.68	$0.58	-$1.49	-$1.64	-$1.25	$0.41	$2.69	$2.45	$1.98	$1.45
Diluted EPSper diluted share	$1.42	$1.10	$0.53	$0.70	$0.15	-$1.24	$0.05	$0.64	$0.58	-$1.49	-$1.64	-$1.25	$0.41	$2.67	$2.43	$1.96	$1.42

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.16%of listed shares

FMR LLC8.28M shares · Jun 30, 2026

View holders

Top 20 reported holders of EZPW
Holder	% owned
FMR LLC	14.16%8.28M shares
BlackRock, Inc.	11.64%6.81M shares
Capital Research Global Investors	6.03%3.53M shares
DIMENSIONAL FUND ADVISORS LP	5.24%3.06M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.28%2.5M shares
TWO SIGMA INVESTMENTS, LP	4.27%2.5M shares
RENAISSANCE TECHNOLOGIES LLC	3.42%2M shares
UBS Group AG	3.26%1.91M shares
MORGAN STANLEY	2.63%1.54M shares
Ophir Asset Management Pty Ltd	2.55%1.49M shares
Atlas FRM LLC	2.48%1.45M shares
STATE STREET CORP	2.31%1.35M shares
GOLDMAN SACHS GROUP INC	2.25%1.32M shares
Invesco Ltd.	2.03%1.18M shares
Given Lachlan P	≈1.83%1.07M shares
BNP PARIBAS FINANCIAL MARKETS	1.81%1.06M shares
Capital World Investors	1.80%1.05M shares
Stephens Investment Management Group LLC	1.78%1.04M shares
GEODE CAPITAL MANAGEMENT, LLC	1.76%1.03M shares
Qube Research & Technologies Ltd	1.65%966.84K shares

Percentages use 58.5M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)19$6.43M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4 · 10b5-1	ESPINOSA PABLO LAGOSDirector	SellClass A Non-Voting Common Stock · indirect	10.0K	$32.00	$320.0K	217.5K
May 20, 2026Form 4	APPEL MATTHEW WDirector	SellClass A Non-Voting Common Stock	15.0K	$33.25	$500.0K	125.0K
May 12, 2026Form 4	Kulas Jason A.Director	SellClass A Non-Voting Common Stock · indirect	20.0K	$33.56	$671.2K	172.9K
Mar 2, 2026Form 4	Sajnani SunilChief Audit/LP Executive	SellClass A Non-Voting Common Stock	18.4K	$26.76	$491.1K	85.2K
Feb 23, 2026Form 4/A	Tillett GaryDirector	SellClass A Non-Voting Common Stock	10.0K	$25.50	$255.0K	133.5K

Review ownership filings at SEC.gov ↗

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Ezcorp Inc (EZPW)

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