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EZCORP
(NASDAQ:EZPW)
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Rating:74Outperform
Price Target:
$33.00
▲(11.71% Upside)
Action:Reiterated
Date:08/07/26
EZPW scores well primarily on improving financial performance (scaled revenue, higher margins, sharply reduced leverage, and strong FCF) and a constructive earnings-call outlook focused on strong core pawn trends and liquidity/capital allocation. The main drag is the current technical backdrop, with price below key moving averages and negative MACD, while valuation is supportive with a modest P/E.
Positive Factors
Scale & Margin Expansion
Sustained revenue scale and improved net margins reflect durable operating leverage across pawn lending and merchandise sales. Higher margins from merchandise and core pawn reduce sensitivity to cyclical scrap swings and support consistent earnings power as store footprint and PLO expand.
Negative Factors
Scrap/Gold Volatility
High scrap-driven margins are temporary and exposed to gold prices; normalization to historical levels would reduce a meaningful contributor to earnings. Reliance on scrap upsides can increase earnings volatility and makes forward profitability sensitive to commodity cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Margin Expansion
Sustained revenue scale and improved net margins reflect durable operating leverage across pawn lending and merchandise sales. Higher margins from merchandise and core pawn reduce sensitivity to cyclical scrap swings and support consistent earnings power as store footprint and PLO expand.
Read all positive factors
EZCORP (EZPW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.77B
Dividend YieldN/A
Average Volume (3M)1.05M
Price to Earnings (P/E)11.1
Beta (1Y)0.31
Revenue Growth28.61%
EPS Growth47.06%
CountryUS
Employees8,500
SectorFinancial
Sector Strength70
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)2.58
Shares Outstanding58,473,206
10 Day Avg. Volume883,704
30 Day Avg. Volume1,047,683
Financial Highlights & Ratios
PEG Ratio0.77
Price to Book (P/B)1.07
Price to Sales (P/S)0.86
P/FCF Ratio9.91
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$43.00Price Target Upside45.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.03
Revenue Forecast (FY)$1.67B
EZCORP Business Overview & Revenue Model
Company Description
EZCORP, Inc. operates primarily by offering collateralized loans, commonly known as pawn loans, to individuals in both the United States and various Latin American countries. These loans are secured by a wide array of personal items, including but...
How the Company Makes Money
EZCORP primarily makes money through (1) pawn lending and (2) retail merchandise sales. Pawn lending generates revenue from fees and/or interest (where permitted) charged on short-term loans secured by pledged personal property; if a customer repa...
EZCORP Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call emphasized a very strong operating quarter led by core pawn performance, robust PLO growth, impressive margin improvements and a successful move to full ownership of SMG. While near-term headwinds exist — primarily scrap/gold price normalization, a sizable inventory build, higher labor costs in Latin America, and integration work for SMG — management framed these as expected/managed issues and highlighted strong liquidity and disciplined capital allocation. Overall, the positive operating momentum and sizeable percent gains in key metrics outweigh the identified challenges.Positive Updates
Strong Adjusted Profitability and Margin Expansion
Adjusted EBITDA rose 48% to $65.6M and adjusted diluted EPS increased 47% to $0.47; consolidated EBITDA margin expanded 190 bps to 16%, driven by merchandise margin expansion, expense discipline and higher scrap gross profit.
Negative Updates
Scrap/Gold Price Volatility and Margin Normalization
Scrap sales were $55.7M (up $28.8M YoY) and scrap gross profit $14.5M (vs $7.9M prior year), but scrap gross margin declined sequentially to 26% (down from 38% prior quarter and 29% prior year). Management expects scrap margin to normalize toward historical 15–20% if gold does not increase, reducing scrap-driven earnings volatility.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Adjusted Profitability and Margin Expansion
Adjusted EBITDA rose 48% to $65.6M and adjusted diluted EPS increased 47% to $0.47; consolidated EBITDA margin expanded 190 bps to 16%, driven by merchandise margin expansion, expense discipline and higher scrap gross profit.
Read all positive updates
Company Guidance
The company guided that core pawn metrics remain the best read on underlying performance while calling out several specific forward-looking metrics: if gold prices remain stable, consolidated scrap gross margin should normalize toward long‑term historical levels of roughly 15%–20% (scrap was 26% this quarter), and scrap-driven year‑over‑year earnings growth should moderate; expenses will continue to rise sequentially as the company grows existing stores, opens de novos and integrates acquisitions (including SMG), and Latin America seasonality (midyear July bonus) typically drives higher redemptions and a seasonal step‑down in PLO. Management reiterated priorities to grow PLO, improve inventory efficiency, build de novos, pursue disciplined M&A and opportunistic buybacks under the $50M repurchase authorization ( ~$8M used-to-date, ~$4M and ~132k shares repurchased this quarter), while closing with a liquid balance sheet ($311M cash) and no near‑term maturities before the $230M convertible in Dec‑2029 and $300M senior notes in Apr‑2032.EZCORP Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
78
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.58B | 1.27B | 1.16B | 1.05B | 886.23M | 729.55M |
| Gross Profit | 918.17M | 746.07M | 682.27M | 609.84M | 528.15M | 449.49M |
| EBITDA | 275.48M | 202.34M | 162.26M | 100.22M | 109.83M | 117.39M |
| Net Income | 158.31M | 109.61M | 83.09M | 38.46M | 50.16M | 8.61M |
Balance Sheet | ||||||
| Total Assets | 2.17B | 1.95B | 1.49B | 1.47B | 1.35B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 311.03M | 469.52M | 170.51M | 220.59M | 206.03M | 253.67M |
| Total Debt | 810.75M | 764.04M | 566.94M | 610.48M | 545.99M | 477.78M |
| Total Liabilities | 998.53M | 925.72M | 688.67M | 721.94M | 655.65M | 594.67M |
| Stockholders Equity | 1.16B | 1.03B | 804.57M | 745.77M | 692.23M | 672.24M |
Cash Flow | ||||||
| Free Cash Flow | 140.44M | 110.42M | 77.84M | 61.39M | 34.64M | 22.84M |
| Operating Cash Flow | 183.76M | 148.99M | 113.60M | 101.83M | 66.53M | 46.44M |
| Investing Cash Flow | -193.72M | -117.86M | -111.85M | -110.89M | -113.28M | -84.61M |
| Financing Cash Flow | -151.03M | 274.42M | -50.18M | 23.69M | -2.83M | -16.25M |
EZCORP Technical Analysis
Negative
29.54
Price Trends
31.22
Negative
31.21
Negative
26.59
Positive
Market Momentum
-0.75
Negative
43.60
Neutral
66.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EZPW, the sentiment is Negative. The current price of 29.54 is above the 20-day moving average (MA) of 29.16, below the 50-day MA of 31.22, and above the 200-day MA of 26.59, indicating a neutral trend. The MACD of -0.75 indicates Negative momentum. The RSI at 43.60 is Neutral, neither overbought nor oversold. The STOCH value of 66.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EZPW.
EZCORP Risk Analysis
EZCORP disclosed 30 risk factors in its most recent earnings report. EZCORP reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
EZCORP Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.77B | 11.15 | 14.45% | ― | 28.61% | 47.06% | |
72 Outperform | $9.19B | 23.45 | 17.07% | 0.86% | 21.61% | 34.84% | |
71 Outperform | $347.20M | 18.33 | 4.95% | ― | -2.34% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $860.59M | 21.36 | 11.00% | ― | 4.36% | -42.48% | |
63 Neutral | $309.62M | 6.69 | 12.49% | 2.88% | 9.63% | 40.75% | |
54 Neutral | $102.19M | -0.33 | -7.18% | 37.29% | -13.83% | -154.13% |
* Financial Sector Average
EZPW
EZCORP
28.76
12.76
79.75%
FCFS
FirstCash
205.91
62.79
43.88%
RM
Regional Management
33.33
-5.83
-14.88%
WRLD
World Acceptance
183.94
11.73
6.81%
YRD
Yiren Digital
1.14
-4.81
-80.85%
OPRT
Oportun Financial
7.33
1.33
22.17%
EZCORP Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
EZCORP Delivers Strong Q3 Results on Record Pawn Loans
Positive
Aug 5, 2026
For the third quarter ended June 30, 2026, EZCORP reported strong results driven by record pawn loans outstanding of $387.2 million, up 33%. Total revenue rose 35% to $418.7 million and gross profit climbed 34% to $246.2 million, with adjusted EBI...
Business Operations and StrategyM&A Transactions
EZCORP Gains Full Ownership of Founders and SMG
Positive
May 18, 2026
On January 5, 2026, EZCORP, Inc. announced it had acquired a controlling interest in Founders One, LLC and its subsidiaries, including Simple Management Group, Inc., which operates 107 pawn stores in the U.S. and 11 additional countries; this tran...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.