FirstCash Holdings, Inc (FCFS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+167.0%

$514.84

vs $192.79 price

Levered DCF

$244.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.42

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.48×	17.99×	22.49×	16.18×	24.53×	27.25×	21.05×	21.15×
P/B	3.12×	2.27×	2.45×	2.18×	1.7×	2.26×	2.57×	2.46×
P/S	1.94×	1.37×	1.55×	1.5×	1.8×	1.78×	1.86×	1.82×
EV / EBITDA	9.79×	6.62×	7.37×	6.64×	17.59×	17.39×	14.42×	13.56×
Gross margin	51.7%	48.1%	47.8%	46.3%	54.1%	55.9%	54.6%	54.3%
Operating margin	15.4%	13.3%	12.4%	10.4%	11.6%	12.0%	13.9%	13.5%
Net margin	9.0%	7.6%	7.0%	9.3%	7.4%	6.5%	8.8%	8.6%
Current ratio	4.55×	4.14×	3.89×	3.83×	2.88×	3.03×	3.65×	5.94×
Debt / equity	1.24×	1×	0.96×	0.89×	0.88×	0.7×	0.68×	0.45×
Interest coverage	4.64×	4.28×	4.18×	4.02×	6.09×	6.68×	7.6×	8.24×
Dividend yield	1.0%	1.4%	1.3%	1.5%	1.6%	1.5%	1.3%	1.3%
Payout ratio	21.5%	25.4%	28.2%	23.5%	38.1%	42.0%	26.7%	26.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	12.6%	11.0%	13.5%	6.9%	8.3%	12.2%	11.6%
Return on invested capital	8.3%	8.0%	7.2%	6.0%	4.2%	6.4%	8.2%	9.1%
Return on assets	6.2%	5.8%	5.1%	6.5%	3.3%	4.5%	6.7%	7.3%
Free cash flow yield	7.5%	10.1%	7.3%	10.6%	5.9%	6.4%	5.4%	6.4%
Earnings yield	4.7%	5.6%	4.5%	6.2%	4.1%	3.7%	4.7%	4.7%
Enterprise value	$9.8B	$6.5B	$6.7B	$5.7B	$4.5B	$3.7B	$4.3B	$3.8B
Net debt / EBITDA	2.69×	1.9×	1.98×	1.82×	5.69×	3.87×	2.88×	1.87×
Cash conversion cycle (days)	204	143	140	139	238	173	194	208