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FirstCash Holdings, Inc.

FCFS Financial Credit Services

FirstCash Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 8.04% from fiscal 2024.

Revenue
+17.7%
EPS
+25.3%
Free cash flow
−12.7%
Total debt
+10.6%

Quarter to September 2026, against a year earlier

187.48 0.07 −0.04%
Market cap
$8.0B
P/E
20.4×
Fwd P/E
18.5×
Dividend yield
0.89%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

FirstCash Holdings, Inc. (FCFS) valuation and DCF model

What the price implies · reverse DCF

At $187.48 the price implies 28.9% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 8.2% a year over the last five years. The price asks for about four times its five-year rate. Return on equity averaged 10.9% over ten years; the price implies 25.6% for good.

In December 2017 the price assumed 24.6% a year; FirstCash Holdings, Inc. went on to grow the dividend a share 12.1% a year to FY2025.

Price implies
28.9%
Last 5 years, reported
8.2%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
28.9% a year for ten years
$187.48
today’s price
Its base case
8.2% a year for five years, then 4.9%
$36.21
80.7% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record FirstCash Holdings, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 28.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against FirstCash Holdings, Inc.’s own cost of capital: risk-free 4.3% + beta 0.55 × equity premium 4.5% = 6.8% cost of equity; weighted, 6.8%.

Use 6.8%
Base case value per share $36.21 ten years discounted, and what follows
Current price $187.48 market price per share
Below today’s price 80.7% downside at the base case’s assumptions

How we got there$15.32 10 years of dividends+$20.89 terminal value=$36.21 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Credit Services).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 20.38× 19.72× 21.51× 5% below 8.96× 127% above
P/FCF 15.63× 14.33× 18.84× 17% below 2.55× 514% above
P/B 3.56× 2.72× 2.48× 44% above 1.23× 190% above
EV/EBITDA — 9.68× 11.81× — 3.38× —
EV/Sales — 2.18× 2.13× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
16.78×20.20×23.61×27.02×10Y avg 21.51×2017201820192020202120222023202420252026

FCFS trades at 20.38× P/E, against a 10-year average of 21.51× (range 16.39×–27.36×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $197.84 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.