FCFSFirstCash Holdings, Inc.
Retail-Miscellaneous Retail
- Revenue
- $1.7B
- 11% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $8.0B
- Employees
- 22,000
- $76K revenue each
- Net debt / EBITDA
- —
- $2.2B net debt
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$12M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo177% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo32% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo37% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$76K · 6th pctBottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 34th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$8.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$21M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.3B | $1.4B | $1.5B | $1.7B | 11% |
| Net income | $125M | $253M | $219M | $259M | $330M | 28% |
| Operating cash flow | $223M | $469M | $416M | $540M | $586M | 8.5% |
| Capex | $42M | $36M | $60M | $68M | $55M | 20% |
| Stock-based comp | $5M | $11M | $14M | $15M | $20M | 37% |
| Buybacks | $50M | $158M | $114M | $85M | $116M | 36% |
| Dividends | $48M | $60M | $62M | $66M | $71M | 7.8% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Dec 27, 2021 | Rippel Douglas Richard | SC 13D | 16.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $21M · 30
- Net
- −$21M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $16M | $35M | 244 | 187 |
| FY2024 | $12M | $9M | 157 | 174 |
| FY2023 | $12M | $20M | 162 | 139 |
| FY2022 | $10M | $15M | 128 | 128 |
| FY2021 | $7M | $7M | 109 | 133 |